Document:

Exhibit

Agreed Form

The annexes, exhibits and schedules hereto have been excluded from this exhibit because they are both not material and would likely cause competitive harm to the registrant if publicly disclosed.

ROSEHILL OPERATING COMPANY, LLC

	
	
	JUNIOR CONVERTIBLE SECURED DEBTOR-IN-POSSESSION CREDIT AGREEMENT

DATED AS OF [__], 2020
	
	
	 

Table of Contents
	
			
	 
	 
	Page

	Article I Definitions and Accounting Matters
	2

	Section 1.01
	Terms Defined Above
	2

	Section 1.02
	Certain Defined Terms
	2

	Section 1.03
	[Reserved]
	21

	Section 1.04
	Terms Generally; Rules of Construction
	21

	Section 1.05
	Accounting Terms and Determinations; GAAP
	22

	 
	 
	 

	Article II THE CREDITS
	22

	Section 2.01
	Commitments
	22

	Section 2.02
	Loans and Borrowings
	22

	Section 2.03
	Request for Borrowings
	23

	Section 2.04
	Evidence of Debt; Register; the Lender’s Books and Records; Loans
	23

	Section 2.05
	Funding of Borrowings
	23

	Section 2.06
	Termination and Reduction of Commitments
	24

	Section 2.07
	Priority and Liens; Lien and Payment Subordination; Standstill; Turnover Provisions
	24

	Section 2.08
	No Discharge; Survival of Claims
	26

	Section 2.09
	Grant of Security; Security for Obligations; Debtors Remain Liable
	26

	 
	 
	 

	Article III Payments of Principal and Interest; Prepayments; Fees
	26

	Section 3.01
	Repayment of the Loans
	27

	Section 3.02
	Interest; Fees
	27

	Section 3.03
	Voluntary Prepayments
	28

	Section 3.04
	[Reserved]
	28

	Section 3.05
	Application of Payments
	28

	Section 3.06
	General Provisions Regarding Payments
	28

	 
	 
	 

	Article IV Payments; Pro Rata Treatment; Sharing of Set‐offs
	29

	Section 4.01
	Payments Generally; Pro Rata Treatment; Sharing of Set‐offs
	29

	Section 4.02
	Certain Deductions by the Agent
	30

	Section 4.03
	Defaulting Lenders
	30

	 
	 
	 

	Article V Increased Costs; Taxes
	31

	Section 5.01
	Increased Costs
	31

	Section 5.02
	[Reserved]
	32

	Section 5.03
	Taxes
	32

	 
	 
	 

	Article VI Conditions Precedent
	34

	Section 6.01
	Closing Date
	34

	Section 6.02
	Each Credit Event
	36

	 
	 
	 

i

	
			
	Article VII Representations and Warranties
	36

	Section 7.01
	Organization; Powers
	36

	Section 7.02
	Authority; Enforceability
	37

	Section 7.03
	Approvals; No Conflicts
	37

	Section 7.04
	Financial Condition; No Material Adverse Change
	37

	Section 7.05
	Litigation
	37

	Section 7.06
	Environmental Matters
	37

	Section 7.07
	Compliance with the Laws and Agreements; No Defaults
	38

	Section 7.08
	Investment Company Act
	39

	Section 7.09
	Taxes
	39

	Section 7.10
	ERISA
	39

	Section 7.11
	Disclosure; No Material Misstatements
	39

	Section 7.12
	Insurance
	40

	Section 7.13
	Restriction on Liens
	40

	Section 7.14
	Loan Parties
	40

	Section 7.15
	Foreign Operations
	40

	Section 7.16
	Location of Business and Offices
	40

	Section 7.17
	Properties; Defensible Title, Etc.
	40

	Section 7.18
	Maintenance of Properties
	41

	Section 7.19
	Gas Imbalances; Prepayments
	41

	Section 7.20
	Marketing of Production
	41

	Section 7.21
	Security Interest
	42

	Section 7.22
	Swap Agreements and Eligible Contract Participant
	42

	Section 7.23
	Use of Proceeds
	42

	Section 7.24
	Chapter 11 Cases
	42

	Section 7.25
	Anti‐Corruption Laws; Sanctions; OFAC
	42

	Section 7.26
	EEA Financial Institution
	42

	 
	 
	 

	Article VIII Affirmative Covenants
	43

	Section 8.01
	Financial Statements; Other Information
	43

	Section 8.02
	Notices of Material Events
	45

	Section 8.03
	Existence; Conduct of Business
	46

	Section 8.04
	Payment of Obligations
	46

	Section 8.05
	Performance of Obligations under Loan Documents
	46

	Section 8.06
	Operation and Maintenance of Properties
	46

	Section 8.07
	Insurance
	46

	Section 8.08
	Books and Records; Inspection Rights
	47

	Section 8.09
	Compliance with Laws
	47

	Section 8.10
	Environmental Matters
	47

	Section 8.11
	Further Assurances
	48

	Section 8.12
	[Reserved]
	48

	Section 8.13
	[Reserved]
	48

	Section 8.14
	Additional Collateral; Additional Guarantors
	48

ii

	
			
	Section 8.15
	ERISA Compliance
	49

	Section 8.16
	Location of Proceeds of the Loans
	49

	Section 8.17
	EEA Financial Institution
	49

	Section 8.18
	Minimum Hedging Volumes
	49

	Section 8.19
	Milestones
	50

	Section 8.20
	Bankruptcy Covenants
	50

	Section 8.21
	Budget Updates, Weekly Calls and Approved Budget
	50

	Section 8.22
	Use of Proceeds
	51

	 
	 
	 

	Article IX Negative Covenants
	51

	Section 9.01
	[Reserved]
	51

	Section 9.02
	Debt
	52

	Section 9.03
	Liens
	52

	Section 9.04
	Restricted Payments
	53

	Section 9.05
	Investments, Loans and Advances
	53

	Section 9.06
	Nature of Business; No International Operations
	53

	Section 9.07
	Proceeds of the Loans
	54

	Section 9.08
	ERISA Compliance
	54

	Section 9.09
	Sale or Discount of Receivables
	54

	Section 9.10
	Mergers, Etc.
	54

	Section 9.11
	Sale of Properties and Termination of Hedging Transactions
	54

	Section 9.12
	Sales and Leasebacks
	55

	Section 9.13
	Environmental Matters
	55

	Section 9.14
	Transactions with Affiliates
	55

	Section 9.15
	Negative Pledge Agreements; Dividend Restrictions
	55

	Section 9.16
	Take‐or‐Pay or Other Prepayments
	55

	Section 9.17
	Swap Agreements
	56

	Section 9.18
	Amendments to Organizational Documents and Material Contracts
	56

	Section 9.19
	Changes in Fiscal Periods
	56

	Section 9.20
	No Subsidiaries
	57

	Section 9.21
	[Reserved]
	57

	Section 9.22
	Marketing Activities
	57

	Section 9.23
	Amendments to Senior Debt; Collateral
	57

	Section 9.24
	Negative Pledge; Restrictions on Guarantees
	57

	Section 9.25
	Compliance with Budget
	57

	Section 9.26
	Chapter 11 Claims
	57

	Section 9.27
	Revisions of Orders; Applications to Bankruptcy Court; Claims
	57

	Section 9.28
	Prepetition Obligations
	58

	 
	 
	 

	Article X Events of Default; Remedies
	58

	Section 10.01
	Events of Default
	58

	Section 10.02
	Remedies
	62

	 
	 
	 

iii

	
			
	Article XI The Agent
	63

	Section 11.01
	Appointment; Powers
	63

	Section 11.02
	Duties and Obligations of the Agent
	63

	Section 11.03
	General Immunity
	63

	Section 11.04
	Action by the Agent
	65

	Section 11.05
	[Reserved]
	66

	Section 11.06
	Successor Agent
	66

	Section 11.07
	Security Instruments
	66

	Section 11.08
	Posting of Approved Electronic Communications
	67

	Section 11.09
	Agent May File Proofs of Claim
	67

	 
	 
	 

	Article XII Miscellaneous
	68

	Section 12.01
	Notices
	68

	Section 12.02
	Waivers; Amendments
	68

	Section 12.03
	Expenses, Indemnity; Damage Waiver
	69

	Section 12.04
	Successors and Assigns
	71

	Section 12.05
	Survival; Revival; Reinstatement
	74

	Section 12.06
	Counterparts; Integration; Effectiveness
	74

	Section 12.07
	Severability
	74

	Section 12.08
	Right of Setoff
	75

	Section 12.09
	GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS
	75

	Section 12.10
	Headings
	75

	Section 12.11
	Confidentiality
	76

	Section 12.12
	Interest Rate Limitation
	76

	Section 12.13
	[Reserved]
	77

	Section 12.14
	No Third Party Beneficiaries
	77

	Section 12.15
	EXCULPATION PROVISIONS
	77

	Section 12.16
	USA Patriot Act Notice
	77

	Section 12.17
	Conflict with Orders
	78

	Section 12.18
	Releases
	78

	Section 12.19
	Disclosure
	78

	Section 12.20
	Appointment for Perfection
	78

	Section 12.21
	[Reserved]
	78

	Section 12.22
	[Reserved]
	78

	Section 12.23
	Acknowledgement and Consent to Bail‐In of EEA Financial Institutions
	78

iv

ANNEXES, EXHIBITS AND SCHEDULES
		
	Annex I
	Commitments

		
	Annex II
	Notice Addresses 

		
	Exhibit A
	Form of Borrowing Notice

		
	Exhibit B
	Form of Initial Budget

		
	Exhibit C
	Form of Note

		
	Exhibit D
	Form of Compliance Certificate

		
	Exhibit E
	Interim Order

		
	Exhibit F
	[Reserved]

		
	Exhibit G
	Form of Assignment Agreement

		
	Exhibit H‐1
	Form of U.S. Tax Compliance Certificate 
(Non-U.S. Lenders; non‐partnerships)

		
	Exhibit H‐2
	Form of U.S. Tax Compliance Certificate 
(Foreign Participants; non‐partnerships)

		
	Exhibit H‐3
	Form of U.S. Tax Compliance Certificate 
(Foreign Participants; partnerships)

		
	Exhibit H‐4
	Form of U.S. Tax Compliance Certificate 
(Non-U.S. Lenders; partnerships)

		
	Exhibit I
	[Reserved]

		
	Exhibit J
	[Reserved]

		
	Schedule 7.06
	Environmental Matters

		
	Schedule 7.12
	Insurance

		
	Schedule 7.14
	Loan Parties

		
	Schedule 7.19
	Gas Imbalances

		
	Schedule 7.20
	Marketing of Production

		
	Schedule 7.22
	Swap Agreements

		
	Schedule 9.02
	Existing Debt

		
	Schedule 9.03
	Existing Liens

		
	Schedule 9.05
	Investments

		
	Schedule 9.14
	Transactions with Affiliates

		
	Schedule 12.11
	Compliance Personnel 

v

THIS JUNIOR CONVERTIBLE SECURED DEBTOR-IN-POSSESSION CREDIT AGREEMENT dated as of [__], 2020, is among ROSEHILL OPERATING COMPANY, LLC, a limited liability company organized under the laws of the State of Delaware, as borrower (the “Borrower”), ROSEHILL RESOURCES INC., a Delaware corporation, as guarantor (“RRI”), each of the Lenders from time to time party hereto and U.S. BANK NATIONAL ASSOCIATION, as administrative agent and collateral agent for the Lenders (in such capacity, together with its successors in such capacity, the “Agent”).
R E C I T A L S

WHEREAS, on [__], 2020 (the “Petition Date”), the Borrower and the other Loan Parties (collectively, the “Debtors” and each individually, a “Debtor”) each commenced a chapter 11 case which are being jointly administered under Case No. [__] (each a “Chapter 11 Case” and collectively, the “Chapter 11 Cases”), by filing separate voluntary petitions for relief under the Bankruptcy Code (as defined below), with the United States Bankruptcy Court for the Southern District of Texas (together with any other court having jurisdiction over the Chapter 11 Cases or any proceeding therein from time to time, the “Bankruptcy Court”). Each Debtor continues to operate its businesses and manage its properties as a debtor and debtor in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code;
WHEREAS, prior to the Petition Date, the Lenders and/or certain of their affiliates or controlled funds provided financing to the Borrower pursuant to that certain Note Purchase Agreement dated as of December 8, 2017 (as amended, restated, amended and restated, modified or supplemented from time to time, the “Prepetition Note Purchase Agreement”);
WHEREAS, the Borrower has requested that the Lenders provide a junior convertible secured debtor-in-possession delayed-draw term loan facility to the Borrower in the maximum aggregate principal amount of $17,500,000 (the “DIP Facility”) as further set forth herein. The Loans will be made for the purposes set forth in Section 8.22.
WHEREAS, in order to secure the Obligations of the Borrower and the other Guarantors under the Loan Documents, the Borrower and the Guarantors will grant to the Agent and all other Secured Parties,  security interests in and DIP Liens upon substantially all of the now existing and hereafter acquired personal and real property of the Borrower and the Guarantors;
WHEREAS, the relative priority and subordination terms of the DIP Liens and security interests granted to secure the Obligations in relation to the Liens and security interests securing the Prepetition Obligations and certain other obligations will be set forth in the Interim Order and the Final Order;
WHEREAS, the Lenders are willing to extend such credit to the Borrower and the other Loan Parties on the terms and subject to the conditions set forth herein and the Interim Order and the Final Order, as applicable.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1

Article I 
Definitions and Accounting Matters

Section 1.01    Terms Defined Above. As used in this Agreement, each term defined above has the meaning indicated above.

Section 1.02    Certain Defined Terms. As used in this Agreement, the following terms have the meanings specified below:
“Account” means any securities, commodities, demand, time, savings, passbook or other deposit account maintained with a bank or other financial institution.
“Administrative Adequate Protection Claims” has the meaning assigned to such term in the Orders. 
“Administrative Adequate Protection Liens” has the meaning assigned to such term in the Orders.
“Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Agent.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.
“Agent” has the meaning set forth in the preamble hereto.
“Agent Fee Letter” means that certain Fee Letter dated as of [__], 2020 between the Borrower and the Agent.
“Agent’s Account” means an account designated by the Agent from time to time as the account into which Loan Parties shall make all payments to the Agent for the benefit of the Agent and the Lenders under this Agreement and the other Loan Documents.
“Agent’s Office” means the “Agent’s Office” as set forth on Annex II or such other office as the Agent may from time to time designate in writing to the Borrower and each Lender.
“Aggregate Amounts Due” has the meaning assigned to such term in Section 4.01(c).
“Agreement” means this Junior Convertible Secured Debtor-in-Possession Credit Agreement, including the Annexes, Schedules and Exhibits hereto, as the same may be amended, modified, supplemented, restated, replaced or otherwise modified from time to time. 
“Amended Revolving Credit Agreement” has the meaning assigned to such term in the RSA.
“Anti‐Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Applicable Office” means an office from which a Lender’s Loan is made.
“Applicable Rate” has the meaning assigned to such term in Section 3.02(a).
“Approved Budget” means the Initial Budget until so amended, supplemented or replaced in accordance with Section 8.21.
“Approved Counterparty” means, with respect to any Swap Agreement, any Prepetition First Lien Lender or any Affiliate of a Prepetition First Lien Lender.

2

“Approved Petroleum Engineers” means (a) Ryder Scott Company Petroleum Consultants, L.P., and (b) any other independent petroleum engineers proposed by the Borrower and reasonably acceptable to the Requisite Lenders (provided that any independent reserve engineer acceptable to the Prepetition First Lien Administrative Agent shall be deemed acceptable to the Requisite Lenders).
“Assignee” has the meaning assigned to such term in Section 12.04(b).
“Assignment Agreement” means an Assignment Agreement entered into by a Lender and an Assignee (with the consent of any party whose consent is required by Section 12.04(b)), and accepted by the Agent, substantially in the form of Exhibit G or any other form approved by the Requisite Lenders.
“Automatic Stay” shall mean the automatic stay imposed under Section 362 of the Bankruptcy Code.
“Avoidance Actions” shall have the meaning ascribed to such term in the Order then applicable.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail‐In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail‐In Legislation Schedule.
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute.
“Bankruptcy Court” shall have the meaning assigned to such term in the recitals to this Agreement.
“Bankruptcy Plan” means a plan of reorganization filed by the Debtors consistent with the RSA and in form and substance acceptable to the Requisite Lenders and, solely with respect to terms and provisions affecting the rights, protections, duties or obligations of the Agent, the Agent, in its sole discretion. 
“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Board” means the Board of Governors of the Federal Reserve System of the United States of America or any successor Governmental Authority.
“Borrower” has the meaning set forth in the preamble hereto.
“Borrower LLC Agreement” means that certain Second Amended and Restated Limited Liability Company Agreement of the Borrower, dated as of December 8, 2017 and as in effect on the Effective Date. 
“Borrower Preferred Units” means the Borrower Series A Preferred Units and the Borrower Series B Preferred Units.
“Borrower Series A Preferred Units” means the “Series A Preferred Units” as defined in the Borrower LLC Agreement, which shall at all times be issued and outstanding in a like number, and with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights, as the Series A Preferred Stock of RRI.
“Borrower Series B Preferred Units” means the “Series B Preferred Units” as defined in the Borrower LLC Agreement, which shall at all times be issued and outstanding in a like number, and with substantially the same rights 

3

to dividends and distributions (including distributions upon liquidation) and other economic rights, as the Series B Redeemable Preferred Stock of RRI.
“Borrowing” means the making of Loans on or after the Closing Date.
“Borrowing Date” means the date of any Borrowing, as the context requires.
“Borrowing Notice” means a written notice by the Borrower that it will borrow Loans hereunder, which Borrowing Notice (a) sets forth the principal amount of Loans to be made, (b) contains the information required by Section 2.03 and (c) is substantially in the form of Exhibit A or such other form satisfactory to the Requisite Lenders.
“Budget Approval Deadline” means the date that is the conclusion of the First Variance Testing Period and each two (2) week anniversary thereafter.
“Budget Update” shall have the meaning assigned to such term in Section 8.21.
“Business Combination Agreement” means the Business Combination Agreement by and among RRI and Tema, dated as of December 20, 2016 (as amended prior to April 27, 2017).
“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in Houston, Texas or New York, New York are authorized or required by law to remain closed.
“Capital Leases” means, in respect of any Person, all leases that are or should be, in accordance with GAAP, recorded as capital leases on the balance sheet of the Person liable (whether contingent or otherwise) for the payment of rent thereunder. Any lease that was treated as an operating lease under GAAP at the time it was entered into that later becomes a capital lease as a result of a change in GAAP during the life of such lease, including any renewals, shall be treated as an operating lease for all purposes under this Agreement, and any lease that was treated as a capital lease under GAAP at the time it was entered into that later becomes an operating lease as a result of a change in GAAP during the life of such lease, including any renewals, shall be treated as a capital lease for all purposes under this Agreement.
“Carve-Out” has the meaning assigned to such term in the then applicable Order.
“Cash” means money, currency or a credit balance in any demand or deposit account.
“Cash Equivalents” means, at any date, Investments permitted under Sections 9.05(c) through 9.05(f).
“Casualty Event” means any loss, casualty or other insured damage to, or any nationalization, taking under power of eminent domain or by condemnation or similar proceeding of, any Property of the Borrower or any of its Subsidiaries; provided, that any such event generating net proceeds of $10,000 or less shall not constitute a Casualty Event hereunder.
“Change in Control” means (a) Intermediate Holdco (i) shall cease to be the sole managing member of the Borrower or (ii) shall cease to own 100% of the Equity Interests in the Borrower, (b) RRI (i), directly or indirectly through the Intermediate Holdco, shall cease to Control the Borrower or (ii) shall cease to own 100% of the Equity Interests in Intermediate Holdco, (c) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group, other than Permitted Holders, (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of RRI, (d) the occupation of a majority of the seats (other than vacant seats) on the board of directors of RRI by Persons who were not (i) directors of RRI on the date of this Agreement or nominated by the board of directors of RRI or (ii) appointed by directors so nominated or (e) the occurrence of any “change in control” or equivalent term under (i) any Material Indebtedness, (ii) the Tax Receivables Agreement or (iii) documents governing any of RRI’s Equity Interests.

4

“Change in Law” means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of Law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd‐Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith (whether or not having the force of Law) and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States of America or foreign regulatory authorities (whether or not having the force of Law), in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued, promulgated or implemented.
“Chapter 11 Cases” shall have the meaning assigned to such term in the recitals to this Agreement.
“Claims” has the meaning assigned to such term in the RSA Term Sheet.
“Closing Date” means the date on which the conditions specified in Section 6.01 are satisfied (or waived in accordance with Section 12.02).
“Code” means the Internal Revenue Code of 1986 as amended from time to time and any successor statute, and the regulations promulgated thereunder.
“Commitments” means, as to any Lender, the commitment of such Lender to make Loans in the manner set forth in Section 2.01. “Commitments” means such commitments of all the Lenders in the aggregate. The amount of each Lender’s Commitment is set forth on Annex I.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute and any regulations promulgated thereunder.
“Communications” as defined in Section 11.08(a).
“Compliance Certificate” shall have the meaning set forth in Section 8.01(c).
“Confidential Information” has the meaning assigned to such term in Section 12.11(a).
“Confirmation Order” means an order, in form and substance satisfactory to the Requisite Lenders and, solely with respect to terms and provisions affecting the rights, protections, duties or obligations of the Agent, the Agent, confirming the Bankruptcy Plan.
“Consolidated Subsidiaries” means each Subsidiary of the Borrower (whether now existing or hereafter created or acquired) the financial statements of which shall be (or should have been) consolidated with the financial statements of the Borrower in accordance with GAAP.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. For the purposes of this definition, and without limiting the generality of the foregoing, any Person that owns directly or indirectly 10% or more of the Equity Interests having ordinary voting power for the election of the directors or other governing body of a Person (other than as a limited partner of such other Person) will be deemed to “control” such other Person. “Controlling” and “Controlled” have meanings correlative thereto.
“Credit Party” means the Agent or any Lender.
“Debt” means, for any Person, the sum of the following (without duplication): (a) all obligations of such Person for borrowed money or evidenced by bonds, bankers’ acceptances, debentures, Loans or other similar instruments; (b) all obligations of such Person (whether contingent or otherwise) in respect of letters of credit, surety 

5

or other bonds and similar instruments; (c) all accounts payable and all accrued expenses, liabilities or other obligations of such Person to pay the deferred purchase price of Property or services that are more than ninety (90) days past the date that the invoice therefor is received, other than those which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (d) all obligations of such Person under Capital Leases; (e) all obligations of such Person under synthetic leases; (f) all Debt (as defined in the other clauses of this definition) of others secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) a Lien on any Property of such Person, whether or not such Debt is assumed by such Person; (g) all Debt (as defined in the other clauses of this definition) of others guaranteed by such Person or in which such Person otherwise assures a creditor against loss of the Debt (howsoever such assurance shall be made) to the extent of the lesser of the amount of such Debt and the maximum stated amount of such guarantee or assurance against loss; (h) all obligations or undertakings of such Person to maintain or cause to be maintained the financial position or covenants of others and, to the extent entered into as a means of providing credit support for the obligations of others and not primarily to enable such Person to acquire any such Property, all obligations or undertakings of such Person to purchase the Debt or Property of others; (i) obligations to deliver commodities, goods or services, including Hydrocarbons, in consideration of one or more advance payments, made more than one month in advance of the month in which the commodities, goods or services are to be delivered other than (i) Swap Agreements and (ii) gas balancing arrangements in the ordinary course of business; (j) any Debt of a partnership for which such Person is liable either by agreement, by operation of law or by a Governmental Requirement but only to the extent of such liability; (k) the obligation of such Person in respect of any preferred Equity Interests; and (l) the undischarged balance of any production payment created by such Person or for the creation of which such Person directly or indirectly received payment. The Debt of any Person shall include all obligations of such Person of the character described above to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is not included as a liability of such Person under GAAP. Debt shall not include liabilities resulting from endorsements of instruments for collection in the ordinary course of business.
“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.
“Debtors” has the meaning assigned to such term in the recitals to this Agreement.
 “Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.
“Default Rate” means any interest payable pursuant to Section 3.02(c). 
“Defaulting Lender” means shall mean any Lender, that (a) has failed to fund (i) any portion of the Loans required to be funded by it hereunder on the date required to be funded by it hereunder unless such Lender notifies the Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied; it being understood that, if it is ultimately determined by a court of competent jurisdiction by a final and nonappealable judgment that such condition was in fact satisfied, such Lender shall be a Defaulting Lender from the date of such failure, or (ii) its equity contribution under the RSA on the date required to be funded by it thereunder unless such Lender notifies the Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied; it being understood that, if it is ultimately determined by a court of competent jurisdiction by a final and nonappealable judgment that such condition was in fact satisfied, such Lender shall be a Defaulting Lender from the date of such failure, (b) has notified the Agent, any other Lender and/or Borrower in writing that it does not intend to comply with any of its funding obligations under this Agreement or the RSA, or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or the RSA (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together 

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with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after request by the Agent or Borrower, to confirm in writing to the Agent and Borrower that it will comply with the terms of this Agreement or the RSA relating to its obligations to fund prospective Loans or equity contributions (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Agent and Borrower), (d) has otherwise failed to pay over to the Agent, any other Lender or any Loan Party any other amount required to be paid by it hereunder within one Business Day of the date when due or (e) in the case of a Lender that has a Commitment outstanding at such time, shall take (or its direct or indirect parent company has taken), any action or be (or is) the subject of any action or proceeding seeking relief under Title 11 of the United States Code, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law (or any comparable proceeding initiated by a regulatory authority having jurisdiction over such Lender or such person); provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. If a determination is made by the Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (e) above, such determination shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to Borrower and each Lender; provided that no such notice shall be required in order for a Lender to qualify as a Defaulting Lender under clauses (a) through (e) above.
“DIP Claim” has the meaning set forth in Section 8.20(b).
“DIP Collateral” means all assets, property and interests in assets and property and proceeds thereof now owned or hereafter acquired by any Loan Party in or upon which a DIP Lien is granted or purported to be granted by such Person in favor of the Agent, for the benefit of itself and the other Secured Parties, under any of the Loan Documents, including, without limitation, pursuant to the Orders, Section 2.08 and Section 2.09. 
“DIP Liens” shall have the meaning assigned to such term in the then applicable Order.
“DIP Facility” has the meaning assigned to such term in the recitals to this Agreement.
“DIP Proceeds” means the proceeds received by the Borrower from the Loans.
“DIP Termination Date” shall mean the date that all Obligations will be due and payable in full (except in the case of clause (v) below, as otherwise expressly provided herein), which such date shall be the earliest of (i) the date that is one hundred and eighty (180) days after the Petition Date, (ii) the Effective Date, (iii) the consummation of any sale of all or substantially all of the equity or assets of the Debtors pursuant to section 363 of the Bankruptcy Code (unless done pursuant to the Bankruptcy Plan), (iv) the date of Payment in Full of the Obligations in accordance with the terms of this Agreement and (v) the acceleration of the Loans and the termination of the Commitments pursuant to an Event of Default.
“Dollars” or “$” refers to lawful money of the United States of America.
“Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States of America or any state thereof or the District of Columbia other than (i) a Subsidiary substantially all of the assets of which consist of Equity Interests in a Foreign Subsidiary and (ii) a Subsidiary of a Foreign Subsidiary. 
“EEA Financial Institution” means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

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“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Effective Date” means the date of consummation of the Bankruptcy Plan.
“EIG” means one or more funds, accounts or Persons managed, advised, or sub-advised by or affiliated with EIG Management Company, LLC or its Affiliates. 
“Electronic Signature” has the meaning assigned to such term in Section 12.06(c) of this Agreement.
“Eligible Assignee” means (a) any Lender and (b) any Related Fund or Affiliate of a Lender.
“Environmental Laws” means any and all Governmental Requirements pertaining in any way to health and safety (insofar as either may be affected by a Release of, or exposure to, Hazardous Materials) the environment, the preservation or reclamation of natural resources, or the management, Release or threatened Release of any Hazardous Materials, in effect in any and all jurisdictions in which the Borrower or any Subsidiary is conducting, or at any time has conducted, business, or where any Property of the Borrower or any Subsidiary is located, including, the Oil Pollution Act of 1990, as amended, the Clean Air Act, as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980, as amended, the Federal Water Pollution Control Act, as amended, the Occupational Safety and Health Act of 1970, as amended, the Resource Conservation and Recovery Act of 1976 (“RCRA”), as amended, the Safe Drinking Water Act, as amended, the Toxic Substances Control Act, as amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, the Hazardous Materials Transportation Act, as amended, the Natural Gas Pipeline Safety Act of 1968, as amended, the Hazardous Liquid Pipeline Safety Act of 1979, as amended, and other environmental conservation or protection Governmental Requirements.
“Environmental Permit” means any permit, registration, license, notice, approval, consent, exemption, variance, or other authorization required under or issued pursuant to applicable Environmental Laws. 
“Equity Conversion” has the meaning assigned to such term in Section 3.01.
“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the Lender thereof to purchase or acquire any such Equity Interest.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute.
“ERISA Affiliate” means each trade or business (whether or not incorporated) which together with any Loan Party would be deemed to be a “single employer” within the meaning of Section 4001(b)(1) of ERISA or subsections (b), (c), (m) or (o) of Section 414 of the Code.
“ERISA Event” means (a) a Reportable Event with respect to any Plan, (b) the withdrawal of the Borrower or any of its Subsidiaries or ERISA Affiliates from a Plan during a plan year in which it was a “substantial employer” (as defined in Section 4001(a)(2) of ERISA), (c) the filing of a notice of intent to terminate a Plan or the treatment of an amendment to such a Plan as a termination under Section 4041(c) of ERISA, (d) the institution by the PBGC of proceedings to terminate a Plan under Section 4042 of ERISA, (e) any event or condition (i) that provides a basis under Section 4042(a)(1), (2), or (3) of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or (ii) that may result in termination of a Multiemployer Plan pursuant to Section 4041A of ERISA, or (f) the incurrence by the Borrower or any of its Subsidiaries or ERISA Affiliates of any liability with respect to the partial or complete 

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withdrawal within the meaning of Sections 4203 and 4205 of ERISA, of the Borrower, any of its Subsidiaries or ERISA Affiliates from a Multiemployer Plan.
“EU Bail‐In Legislation Schedule” means the EU Bail‐In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
“Event of Default” has the meaning assigned to such term in Section 10.01.
“Excepted Liens” means: 
(a)Liens for Taxes, assessments or other governmental charges or levies which are not delinquent or which are being contested in good faith by appropriate action and, in each case, for which adequate reserves have been maintained in accordance with GAAP;
(b)    Liens in connection with workers’ compensation, unemployment insurance or other social security, old age pension or public liability obligations which are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP;
(c)    statutory landlord’s liens, operators’, vendors’, carriers’, warehousemen’s, repairmen’s, mechanics’, suppliers’, workers’, materialmen’s, construction or other like Liens arising by operation of law or otherwise in the ordinary course of business or incident to the exploration, development, operation and maintenance of Oil and Gas Properties or Midstream Properties each of which is in respect of obligations that are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP;
(d)    contractual Liens which arise in the ordinary course of business under operating agreements, joint venture agreements, oil and gas partnership agreements, oil and gas leases, farm‐out agreements, division orders, contracts for the sale, transportation or exchange of oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements, overriding royalty agreements, marketing agreements, processing agreements, net profits agreements, development agreements, gas balancing or deferred production agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or other geophysical permits or agreements, and other agreements which are usual and customary in the oil and gas business and are for claims which are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP, provided that any such Lien referred to in this clause does not materially impair the use of the Property covered by such Lien for the purposes for which such Property is held by any Loan Party or materially impair the value of such Property subject thereto;
(e)    Liens arising solely by virtue of any statutory or common law provision or customary deposit account terms relating to banker’s liens, rights of set‐off or similar rights and remedies and burdening only deposit accounts or other funds maintained with a creditor depository institution, provided that no such deposit account is a dedicated cash collateral account or is subject to restrictions against access by the depositor in excess of those set forth by regulations promulgated by the Board and no such deposit account is intended by any Loan Party to provide collateral to the depository institution (other than pursuant to the Loan Documents);
(f)    zoning and land use requirements, easements, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations in any Property of any Loan Party for the purpose of roads, pipelines, transmission lines, transportation lines, distribution lines for the removal of gas, oil, coal or other minerals or timber, and other like purposes, or for the joint or common use of real estate, rights of way, facilities and equipment, that do not secure any monetary obligations and which in the aggregate do not materially impair the use of such Property for the purposes of which such Property is held by any Loan Party or materially impair the value of such Property subject thereto;
(g)    Liens on Cash or securities pledged to secure performance of tenders, surety and appeal bonds, government contracts, performance and return of money bonds, bids, trade contracts, asset sale agreements, 

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leases, statutory obligations, regulatory obligations and other obligations of a like nature incurred in the ordinary course of business and not in connection with the borrowing of money; 
(h)    judgment and attachment Liens not giving rise to an Event of Default, provided that any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceeding may be initiated shall not have expired and no action to enforce such Lien has been commenced; 
(i)    royalties, overriding royalties, reversionary interests, production payments and similar lease burdens which (i) are customarily granted in the ordinary course of business in the oil and gas industry, (ii) are deducted in the calculation of discounted present value in the Initial Reserve Report and (iii) with respect to each Oil and Gas Property, do not operate to reduce any Loan Party’s net revenue interest in production for such Oil and Gas Property (if any) below such interests reflected in the Initial Reserve Report or increase the working interest for such Oil and Gas Property (if any) as reflected or warranted in the Initial Reserve Report without a corresponding increase in the corresponding net revenue interest;
(j)    Liens to secure plugging and abandonment obligations which are not delinquent in the ordinary course of business and consistent with past practice; 
(k)    Liens securing Swap Agreements entered into with a Prepetition First Lien Lender or an Affiliate thereof in accordance with the Hedge Order and this Agreement;
(l)    Liens arising from precautionary UCC financing statement filings regarding operating leases entered into in the ordinary course of business covering only the Property under such lease;
provided, further, that Liens described in clauses (a) through (d) shall remain “Excepted Liens” only for so long as no action to enforce such Lien has been commenced, and no intention to subordinate the Lien granted in favor of the Agent and the Lenders is to be hereby implied or expressed by the permitted existence of such Excepted Liens.
“Excluded Property” means:
(a)    any lease, license, contract, property right, agreement or other document of the Loan Party to the extent that the grant of a security interest or other Lien by the Loan Party hereunder in such lease, license, contract, property right, agreement or other document is prohibited by any Law of a Governmental Authority; 
(b)    any lease, license, contract, property right or agreement to which a Loan Party is a party or any of its rights or interests thereunder, including any license hereunder that, if and for so long as the grant of such security interest or other Lien or license would constitute or result in the abandonment, termination pursuant to the terms of, or a breach or default under, any such lease, license, contract, property right or agreement (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9.406, 9.407, 9.408 or 9.409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable Law (including any Debtor Relief Law) or principles of equity); provided, however, that such security interest or other Lien shall attach immediately at such time as the condition causing such abandonment, invalidation or unenforceability shall be remedied and to the extent severable, shall attach immediately to any portion of such lease, license, contract, property right or agreement that does not result in any of the consequences specified above; provided, further, that (i) no such lease, license, contract or agreement shall have been entered into for the purpose of creating “Excluded Property” under this clause (b) and (ii) the total fair market value of all Property with an individual fair market value in excess of $50,000 excluded under this clause (b) shall not exceed $2,000,000 in the aggregate at any time; and 
(c)    Avoidance Actions (as defined in the Orders); provided that, subject to entry of the Final Order, the proceeds of Avoidance Actions shall not constitute Excluded Property.
provided, further, so long as any property of a Loan Party is excluded from the security interest or other Lien granted pursuant to the Security Instruments, such property shall be excluded from the term “DIP Collateral” for all purposes 

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hereunder and under any other Loan Document; provided, however, under no circumstances shall any property that constitutes collateral for the Prepetition First Lien Secured Obligations or Prepetition Note Purchase Secured Obligations constitute “Excluded Property” hereunder.
“Excluded Taxes” has the meaning assigned to such term in Section 5.03(b).
“Exposure” means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Loans and the Commitments held by such Lender.
“FATCA” means Sections 1471 through 1474 of the Code, as of the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing.
“Fee Letter” means that certain Fee Letter dated as of the Closing Date between the Borrower, EIG and the other parties named therein.
“Final Loan” has the meaning assigned to such term in Section 2.01.
“Final Order” means the final order entered by the Bankruptcy Court in the Chapter 11 Cases (as the same may be amended, supplemented or modified from time to time after entry thereof in a manner satisfactory to the Requisite Lenders in their sole discretion and consistent with the RSA), in form and substance satisfactory to the Requisite Lenders in their sole discretion, authorizing and approving, among other things, the DIP Facility and the Transactions, substantially in the form of the Interim Order (with only such modifications thereto as are necessary to convert the Interim Order to a final order and other modifications consistent with the RSA as are satisfactory in form and substance to the Agent (with respect to matters relevant to or affecting the Agent) and the Requisite Lenders in their sole discretion).
“Financial Officer” means, for any Person, the chief executive officer, chief financial officer, principal accounting officer, treasurer or controller of such Person. Unless otherwise specified, all references herein to a Financial Officer means a Financial Officer of the Borrower.
“First Variance Testing Date” means the first Wednesday following the conclusion of the First Variance Testing Period.
“First Variance Testing Period” means the period commencing on the first calendar day following the Petition Date through the second Friday thereafter. 
“Fiscal Quarter” means each fiscal quarter ending on the last day of each March, June, September and December.
“Fiscal Year” means each fiscal year of the Borrower and its Subsidiaries for accounting and tax purposes, ending on December 31 of each year.
“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.
“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time subject to the terms and conditions set forth in Section 1.05.
“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or 

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functions of or pertaining to government (including any supra‐national bodies such as the European Union or the European Central Bank).
“Governmental Requirement” means any law, statute, code, ordinance, order, determination, rule, regulation, judgment, decree, injunction, franchise, permit, certificate, license, rules of common law, authorization or other directive or requirement, whether now or hereinafter in effect, of any Governmental Authority.
“Guarantors” means RRI and each other Loan Party that guarantees the Obligations pursuant to Section 8.14(b).
“Guaranty Agreement” means a Guaranty Agreement in form and substance acceptable to the Agent and the Requisite Lenders made by the Loan Parties in favor of the Agent for the benefit of the Secured Parties, as the same may be amended, modified or supplemented from time to time.
“Hazardous Material” means any substance regulated or as to which liability might arise under any applicable Environmental Law including: (a) any chemical, compound, material, product, byproduct, substance or waste defined as or included in the definition or meaning of “hazardous substance,” “hazardous material,” “hazardous waste,” “solid waste,” “toxic waste,” “extremely hazardous substance,” “toxic substance,” “contaminant,” “pollutant,” or words of similar meaning or import found in any applicable Environmental Law; (b) Hydrocarbons, petroleum products, petroleum substances, natural gas, oil, oil and gas waste (including drilling fluids and any produced water), crude oil, and any components, fractions, or derivatives thereof; and (c) radioactive materials, explosives, asbestos or asbestos containing materials, polychlorinated biphenyls, radon, infectious materials or medical wastes. 
“Hedge Claims” has the meaning assigned to such term in the Orders.
“Hedge Order” means the final order of the Bankruptcy Court authorizing the Debtors to, among other things, maintain the Prepetition Interest Rate Swaps and enter into Postpetition Hedging Arrangements (as such terms are defined in the Hedge Order), in form and substance acceptable to the Requisite Lenders.
“Hedge Termination” means any final settlement, termination, unwinding or liquidation of any Swap Agreement in respect of commodities, excluding in any event any regularly scheduled settlement payments; provided, that any such transaction generating net proceeds of $10,000 or less shall not constitute a Hedge Termination hereunder.
“Highest Lawful Rate” means, with respect to each Lender, the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Loans or on other Obligations under laws applicable to such Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws allow as of the date hereof.
“Hydrocarbon Interests” means all rights, titles, interests and estates now or hereafter acquired in and to oil and gas leases, oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, mineral fee interests, overriding royalty and royalty interests, net profit interests and production payment interests, including any reserved or residual interests of whatever nature. Unless otherwise indicated herein, each reference to the term “Hydrocarbon Interests” shall mean Hydrocarbon Interests of the Borrower or any other Loan Party, as the context may require.
“Hydrocarbons” means oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all constituents, elements or compounds thereof and all products refined or separated therefrom.
“Indemnified Taxes” means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any Obligation of any Loan Party under any Loan Document.
“Indemnitee” has the meaning assigned to such term in Section 12.03(b).

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“Initial Budget” shall mean a 13-week operating budget setting forth line items of sufficient detail to reflect all forecasted receipts and disbursements on a weekly basis for such 13-week period beginning as of the week of the Petition Date, broken down by week, including the anticipated weekly uses of the DIP Proceeds for such period, which shall include, among other things, projected disbursements and projected cash receipts and all other information requested by the Requisite Lenders, which forecast shall be in form and substance satisfactory to the Agent and the Requisite Lenders in their sole discretion. Such Initial Budget shall be in the form set forth in Exhibit B hereto. Until amended, supplemented or replaced pursuant to Section 8.21, the Initial Budget shall constitute the “Approved Budget”. 
“Initial Loan” has the meaning assigned to such term in Section 2.01. 
“Initial Reserve Report” means the Reserve Report dated March 2, 2020 with an “as of” date of December 31, 2019.
“Interest” has the meaning assigned to such term in Section 3.02(a).
“Interest Payment Date” means the first Business Day of each calendar month.
“Interim Budget” shall have the meaning assigned to such term in Section 8.21.
“Interim Order” shall mean the interim order entered into by the Bankruptcy Court in the Chapter 11 Cases (as the same may be amended, supplemented or modified from time to time after entry thereof in a manner satisfactory to the Requisite Lenders in their sole discretion and consistent with the RSA) substantially in the form of Exhibit E authorizing and approving, among other things, the DIP Facility and the Transactions, which interim order is in form and substance satisfactory to the Agent (with respect to matters relevant to or affecting the Agent) and the Requisite Lenders in their sole discretion).
“Intermediate Holdco” means Rosehill Intermediate HoldCo, LLC.
“Investment” means, for any Person: (a) the acquisition (whether for Cash, Property, services or securities or otherwise) of Equity Interests of any other Person or any agreement to make any such acquisition (including any “short sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such short sale); (b) the making of any deposit with, or advance, loan or capital contribution to, assumption of Debt of, purchase or other acquisition of any other Debt of or equity participation or interest in, or other extension of credit to, any other Person (including the purchase of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such advance, loan or extension of credit having a term not exceeding ninety (90) days representing the purchase price of goods or services sold by such Person in the ordinary course of business); (c) the purchase or acquisition (in one or a series of transactions) of Property of another Person that constitutes a business unit or any agreement to make any such acquisition; (d) the entering into of any guarantee of, or other contingent obligation (including the deposit of any Equity Interests to be sold) with respect to, Debt or other liability of any other Person and (without duplication) any amount committed to be advanced, lent or extended to such Person or (e) the purchase or acquisition of Oil and Gas Properties.
“IRS” has the meaning assigned to such term in Section 5.03(e).
“Law” means any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance, release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any settlement arrangement, by agreement, consent or otherwise, with any Governmental Authority, foreign or domestic.
“Lenders” means each Person listed on the signature pages hereto as a Lender, and any other Person that becomes a party thereto as a Lender pursuant to an Assignment Agreement, other than any such Person that ceases to be a party hereto as a Lender pursuant to an Assignment Agreement.

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“Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including but not limited to (a) the lien or security interest arising from a mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes or (b) production payments and the like payable out of Oil and Gas Properties. The term “Lien” shall include easements, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations that burden Property to the extent they secure an obligation owed to a Person other than the owner of the Property. For the purposes of this Agreement, the Loan Parties shall be deemed to be the owner of any Property which they have acquired or hold subject to a conditional sale agreement, or leases under a financing lease or other arrangement pursuant to which title to the Property has been retained by or vested in some other Person in a transaction intended to create a financing.
“Loan Documents” means this Agreement, the Fee Letter, the Agent Fee Letter, the Security Instruments and all other certificates, documents, instruments or agreements executed and delivered by a Loan Party for the benefit of the Agent or any Lender in connection herewith or pursuant to any of the foregoing. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits and schedules thereto, and all amendments, restatements, waivers, supplements or other modifications thereto.
“Loan Party” means the Borrower and each Guarantor.
“Loans” has the meaning assigned to such term in Section 2.01.
“Material Adverse Effect” means any event, development or circumstance that has had or could reasonably be expected to have a material adverse effect on (a) the business, operations, Property, assets, liabilities (actual or contingent) or condition (financial or otherwise) of the Borrower and the other Loan Parties taken as a whole, (b) the ability of the Borrower or any other Loan Party to perform any of its obligations under any Loan Document to which it is a party, (c) the validity or enforceability of any Loan Document, or (d) the rights and remedies of or benefits available to the Agent, any other Agent or any Lender under any Loan Document (other than as a result of the events leading up to, and following, the commencement of the Chapter 11 Cases and the continuation and prosecution thereof).
“Material Indebtedness” means Debt (other than the Loans), or obligations in respect of one or more Swap Agreements, of any one or more of any Loan Party in an aggregate principal amount exceeding $250,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of any Loan Party in respect of any Swap Agreement at any time shall be the Swap Termination Value.
“Midstream Properties” means all tangible and intangible Property used in (a) gathering, compressing, treating, processing and transporting Hydrocarbons; (b) fractionating and transporting Hydrocarbons; (c) marketing Hydrocarbons; including, without limitation, gathering lines and gathering systems, pipelines and pipeline systems, storage facilities, liquid extraction plants, plant compressors, pumps, pumping units, field gathering systems, gas processing plants, saltwater disposal facilities; and (d) any other gathering, transportation, compression, storage, processing, treating, dehydration, fractionation, generation, disposal or other similar assets related to the handling of Hydrocarbons, and together with surface leases, rights-of-way, easements and servitudes related to each of the foregoing. Unless otherwise specified herein, “Midstream Properties” shall be deemed to refer to such properties owned by the Borrower, the Guarantors and their respective Subsidiaries.
“Milestone” has the meaning assigned to such term in Section 8.19.
“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized rating agency.
“Mortgaged Properties” means any Property owned by any Loan Party which is subject to the DIP Liens.
“Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, that is subject to Title IV of ERISA and to which any Loan Party, a Subsidiary or an ERISA Affiliate is making or accruing an obligation to make contributions or was obligated to make contributions within the last six (6) years.

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“Non-U.S. Lender” has the meaning assigned to such term in Section 5.03(e).
“Note” shall mean any promissory notes evidencing the Loans made pursuant to this Agreement, if any, in the form of Exhibit C. 
“NYMEX Pricing” shall mean, as of any date of determination with respect to any month (i) for crude oil, the closing settlement price for the WTI Light, Sweet Crude Oil futures contract for each month, and (ii) for natural gas, the closing settlement price for the Henry Hub Natural Gas futures contract for such month, in each case as published by New York Mercantile Exchange (NYMEX) on its website currently located at www.nymex.com or any successor thereto (as such pricing may be corrected or revised from time to time by the NYMEX in accordance with its rules and regulations).
“Obligations” means all liabilities and obligations of every type of each Loan Party from time to time owed to the Agent (including any former Agent), the Lenders, any Indemnitee, or any of them, in each case, under any Loan Document to which it is a party, whether for principal, interest (including, without limitation, interest accruing at any post-default rate and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), fees, expenses, penalties, make-whole amounts, repayment premiums, reimbursements, indemnification or otherwise and whether primary, secondary, direct, indirect, contingent, fixed or otherwise (including obligations of performance) and all renewals, extensions and/or rearrangements of any of the above.
“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.
“Oil and Gas Properties” means (a) Hydrocarbon Interests; (b) the Properties now or hereafter pooled or unitized with Hydrocarbon Interests; (c) all presently existing or future unitization agreements, pooling agreements and declarations of pooled units and the units created thereby (including all units created under orders, regulations and rules of any Governmental Authority) which may affect all or any portion of the Hydrocarbon Interests; (d) all operating agreements, contracts and other agreements, including production sharing contracts and agreements, which relate to any of the Hydrocarbon Interests or the production, sale, transportation, purchase, exchange or processing of Hydrocarbons from or attributable to such Hydrocarbon Interests; (e) all Hydrocarbons in and under and which may be produced and saved or attributable to the Hydrocarbon Interests, including all oil in tanks, and all rents, issues, profits, proceeds, products, revenues and other incomes from or attributable to the Hydrocarbon Interests; (f) all tenements, hereditaments, appurtenances and Properties in any manner appertaining, belonging, affixed or incidental to the Hydrocarbon Interests and (g) all Properties, rights, titles, interests and estates described or referred to above, including any and all Property, real or personal, now owned or hereafter acquired and situated upon, used, held for use or useful in connection with the operating, working or development of any of such Hydrocarbon Interests or Property (excluding drilling rigs, automotive equipment, rental equipment or other personal Property which may be on such premises for the purpose of drilling a well or for other similar temporary uses) and including any and all oil wells, gas wells, injection wells or other wells, buildings, structures, fuel separators, liquid extraction plants, plant compressors, pumps, pumping units, field gathering systems, gas processing plants and pipeline systems and any related infrastructure to any thereof, tanks and tank batteries, fixtures, valves, fittings, machinery and parts, engines, boilers, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface leases, rights‐of‐way, easements and servitudes together with all additions, substitutions, replacements, accessions and attachments to any and all of the foregoing; provided that the Oil and Gas Properties shall not include any “building” or “mobile home” (each as defined in Regulation H as promulgated by the Federal Reserve Board). Unless otherwise indicated herein, each reference to the term “Oil and Gas Properties” means Oil and Gas Properties of the Borrower or any other Loan Party, as the context may require.
“Orders” means, collectively, the Interim Order and the Final Order.
“Organizational Documents” means (a) with respect to any corporation, the certificate or articles of incorporation or designation and the bylaws (or equivalent or comparable constitutive documents with respect to such corporation’s jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of 

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business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.
“Other Connection Taxes” means with respect to any Credit Party, Taxes imposed as a result of a present or former connection between such Credit Party and the jurisdiction imposing such Tax (other than connections arising from such Credit Party having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.
“Participant” has the meaning assigned to such term in Section 12.04(c).
“Participant Register” has the meaning assigned to such term in Section 12.04(c).
“Patriot Act” has the meaning assigned to such term in Section 12.16.
“Payment in Full” means (a) the irrevocable payment in full in Cash or other satisfaction in accordance with the Bankruptcy Plan (including pursuant to the Equity Conversion) of all principal, interest (including interest accruing during the pendency of an insolvency or liquidation proceeding, regardless of whether allowed or allowable in such insolvency or liquidation proceeding) and premium, if any, on all Loans outstanding under this Agreement and (b) the irrevocable payment in full in Cash or (other than with respect to obligations arising under the Agent Fee Letter) other satisfaction in accordance with the Bankruptcy Plan (including pursuant to the Equity Conversion) in respect of all other obligations or amounts that are due and payable under this Agreement (other than indemnity obligations for which notice of potential claim has not been given). “Paid in Full” has the correlative meaning thereto. 
“PBGC” means the Pension Benefit Guaranty Corporation as defined in Title IV of ERISA, or any successor thereto.
“Permitted Holders” means (a) Tema, (b) KLR Energy Sponsor, LLC and (c) their respective Affiliates.
“Permitted Priority Lien” means “Permitted Prior Liens” as defined in the Orders.
“Permitted Recipients” has the meaning assigned to such term in Section 12.11(a).
“Permitted Variances” means any variance permitted under Section 9.25 (including cash expenses and disbursements excluded for purposes of determining compliance with the Approved Budget pursuant to the proviso under Section 9.25). 
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Petition Date” has the meaning assigned to such term in the recitals to this Agreement.
“Plan” means any employee pension benefit plan, as defined in Section 3(2) of ERISA that is subject to Title IV of ERISA but excluding any Multiemployer Plan, which (a) is currently or hereafter sponsored, maintained or contributed to by any Loan Party, a Subsidiary or an ERISA Affiliate or (b) was at any time during the six calendar years preceding the date hereof, sponsored, maintained or contributed to by any Loan Party, a Subsidiary or an ERISA Affiliate.

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“Prepetition Collateral” means all “Collateral” (as defined in the Prepetition Note Purchase Agreement) that secures obligations under the Prepetition Note Purchase Agreement.
“Prepetition Credit Agreement” means the Amended and Restated Credit Agreement, dated as of March 28, 2018, among the Borrower, as borrower, the Prepetition First Lien Lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, as amended, restated, modified or supplemented from time to time prior to the date hereof.
“Prepetition Credit Agreement Documents” has the meaning assigned to “Loan Documents” in the Prepetition Credit Agreement.
“Prepetition Credit Facility” means the first lien reserve-based revolving credit facility established pursuant to the Prepetition Credit Agreement.
 “Prepetition First Lien Administrative Agent” means JPMorgan Chase Bank, N.A., as “Administrative Agent” under the Prepetition Credit Agreement.
“Prepetition First Lien Lender” has the meaning assigned to “Lender” in the Prepetition Credit Agreement.
“Prepetition First Lien Secured Obligations” has the meaning assigned to “Secured Obligations” in the Prepetition Credit Agreement.
“Prepetition Note Agent” means the “Agent” (as defined in the Prepetition Note Purchase Agreement).
“Prepetition Note Holders” means the “Holders” (as defined in the Prepetition Note Purchase Agreement).
“Prepetition Note Purchase Agreement” has the meaning set forth in the recitals to this Agreement.
“Prepetition Note Purchase Documents” means the “Note Documents” (as defined in the Prepetition Note Purchase Agreement).
“Prepetition Note Purchase Secured Obligations” means the “Secured Obligations” (as defined in the Prepetition Note Purchase Agreement). 
“Prepetition Obligations” means, collectively, the “Prepetition First Lien Secured Indebtedness” and the “Prepetition Second Lien Secured Indebtedness”, in each case, as defined in the Orders.
“Pro Rata Share” means, as to any Lender, with respect to:
(a)    Section 2.01, the percentage obtained by dividing (i) the Commitments of that Lender by (ii) the aggregate Commitments of all the Lenders; and
(b)    all payments, computations and other matters relating to the Loans of any Lender, the percentage obtained by dividing (i) the Exposure of that Lender by (ii) the aggregate Exposure of all the Lenders.
“Production” has the meaning assigned to such term in Section 2.07(c).
“Prohibited Transaction” has the meaning assigned to such term in Section 406 of ERISA and Section 4975(c) of the Code.
“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including Cash, securities, accounts and contract rights.
“Proved Developed Non-Producing Reserves” has the meaning assigned such term in the SPE Definitions.

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“Proved Developed Producing Reserves” has the meaning assigned such term in the SPE Definitions.
“Proved Oil and Gas Properties” means, with respect to any Person at the time of determination, the Oil and Gas Properties of such Person constituting Proved Reserves.
“Proved Reserves” has the meaning assigned such term in the SPE Definitions.
“Proved Undeveloped Reserves” has the meaning assigned such term in the SPE Definitions.
“Public Company” has the meaning assigned to such term in Section 12.11(b).
“Public Company Information” has the meaning assigned to such term in Section 12.11(b).
“Purchase Money Security Interest” shall mean Liens upon tangible personal property securing loans to any Loan Party or Subsidiary of a Loan Party or deferred payments by such Loan Party or Subsidiary for the purchase of such tangible personal property.
“RCRA” has the meaning assigned to such term within the definition of “Environmental Laws.”
“Real Property” shall mean, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property (including, without limitation, Oil and Gas Properties) owned, leased or operated by any Person, whether by lease, license or other means, including easements and rights of way, together with, in each case, all improvements and fixtures located thereon. 
“Recipient” has the meaning assigned to such term in Section 12.11(a).
“Redemption” means with respect to any Debt, the repurchase, redemption, prepayment, repayment, defeasance or any other acquisition or retirement for value (or the segregation of funds with respect to any of the foregoing) of such Debt. “Redeem” has the correlative meaning thereto.
“Register” has the meaning assigned to such term in Section 2.04(b).
“Regulation D” means Regulation D of the Board, as the same may be amended, supplemented or replaced from time to time.
“Related Fund” means, with respect to any Lender that is an investment fund, any other investment fund that invests in similar commercial loans and that is managed, advised or sub-advised by or affiliated with the same investment advisor as such Lender or by an Affiliate of such investment advisor. Related Fund shall, with respect to any Lender, also include any swap, special purpose vehicles purchasing or acquiring security interests in collateralized loan obligations of such Lender or any other vehicle through which such Lender’s investment advisors may leverage its investments from time to time.
“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors (including attorneys, accountants and experts) of such Person and such Person’s Affiliates.
“Release” means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning, emptying, discharging, migrating, injecting, escaping, leaching, dumping, or disposing.
“Remedial Work” has the meaning assigned to such term in Section 8.10(a).
“Reportable Event” means any of the events described in Section 4043(c) of ERISA and the regulations issued thereunder with respect to a Plan other than a Reportable Event as to which the provision of 30 days’ notice to the PBGC has been waived.

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“Requisite Lenders” means the Lenders having or holding Exposure representing more than fifty percent (50%) of the sum of the aggregate Exposure of all the Lenders.
“Reserve Report” means, a report, in form, scope and content delivered under the Prepetition Note Purchase Agreement, setting forth the updated estimates of Proved Developed Producing Reserves, Proved Developed Non-Producing Reserves, Proved Undeveloped Reserves and projected production profiles and overall economics of the Loan Parties’ Oil and Gas Properties, together with a projection of the rate of production and future cash flows as of such date, based on the following pricing assumptions: (i) oil and gas prices will be reasonably determined by the Requisite Lenders based on the then current Strip Price, which pricing will be adjusted to reflect location, BTU content and quality differentials and hedging arrangements then in place; (ii) taking into account the Borrower’s or the applicable operator’s actual experiences with leasehold operating expenses and other costs in determining projected leasehold operating expenses and other costs; (iii) identifying and taking into account any “over-produced” or “under-produced” status under gas balancing arrangements; and (iv) the Borrower’s internally prepared Reserve Report will use similar means and methodologies as the Approved Petroleum Engineers.
“Responsible Officer” means, as to any Person, the chief executive officer, the president or any Financial Officer of such Person. Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the Borrower.
“Restricted Payment” means any dividend or other distribution or return of capital (whether in cash, securities or other Property) with respect to any Equity Interests in any Person, or any payment (whether in cash, securities or other Property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, conversion, cancellation or termination of any such Equity Interests.
“RRI” has the meaning set forth in the preamble hereto.
“RSA” has the meaning assigned to such term in Section 6.01(d).
“RSA Term Sheet” has the meaning assigned to such term in the RSA.
“S&P” means Standard & Poor’s Ratings Group, a division of The McGraw‐Hill Companies, Inc., and any successor thereto that is a nationally recognized rating agency.
“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (including, at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Syria and Venezuela).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).
“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State.
“SEC” means the Securities and Exchange Commission or any successor Governmental Authority.
“Secured Parties” means, collectively, the Agent, each Lender, each Indemnitee, each other Agent, and any other Person owed Obligations and “Secured Party” means any of them individually.
“Securities Act” means the Securities Act of 1933.

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“Security Instruments” means the Guaranty Agreement, the Orders, and all other instruments, documents and agreements delivered by any Loan Party pursuant to this Agreement or any of the other Loan Documents, as any of the foregoing may be amended, restated, supplemented or otherwise modified from time to time.
“Series A Preferred Stock” means the 8.000% Series A Cumulative Perpetual Convertible Preferred Stock of RRI.
“Series B Redeemable Preferred Stock” means “Series B Preferred Stock” as defined in the Series B Redeemable Preferred Stock Purchase Agreement.
“Series B Redeemable Preferred Stock Purchase Agreement” means that certain Series B Redeemable Preferred Stock Purchase Agreement among RRI and the purchasers party thereto, dated and as in effect as of the Effective Date.
“SPE Definitions” means, with respect to any term, the definition thereof adopted by the Board of Directors, Society for Petroleum Engineers (SPE) Inc., March 1997.
“Strip Price” shall mean, at any time, (a) for the remainder of the current calendar year, the average NYMEX Pricing for the remaining contracts in the current calendar year, (b) for each of the succeeding four complete calendar years, the average NYMEX Pricing for the twelve months in each such calendar year, and (c) for the succeeding fifth complete calendar year, and for each calendar year thereafter, the average NYMEX Pricing for the twelve months in such fifth calendar year. 
 “Subsidiary” means as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a direct or indirect Subsidiary or Subsidiaries of the Borrower. 
“Swap Agreement” means any agreement with respect to any swap, cap, collar, forward, future or derivative transaction or option or similar agreement, whether exchange traded, “over‐the‐counter” or otherwise, involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions (including any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act); provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of any Loan Party shall be a Swap Agreement.
 “Swap Termination Value” means, in respect of any one or more Swap Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark‐to‐market value(s) for such Swap Agreements, as determined by the counterparties to such Swap Agreements.
“Tax on the Overall Net Income” of a Person means any net income (however denominated), franchise or branch profits Tax imposed on a Person by the jurisdiction in which a Person is organized or in which that Person’s applicable principal office (and/or, in the case of a Lender, its Applicable Office) is located or in which that Person (and/or, in the case of a Lender, its Applicable Office) has a connection or is otherwise deemed to be doing business (other than a jurisdiction in which such Person is treated as having a connection or doing business solely as a result of its having executed, delivered, become a party to, performed its obligation under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

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“Tax Receivable Agreement” means that certain Tax Receivable Agreement dated as of April 27, 2017 by and among RRI, Tema and its successors and permitted assigns, as the “TRA Holders,” and Tema or such other Person designated as the agent under such agreement as the “Agent.”
“Tax Related Person” means any Person (including a beneficial owner of an interest in a pass through entity) who is required to include in income amounts realized (whether or not distributed) by the Agent, a Lender or any Tax Related Person of any of the foregoing.
“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed, collected or withheld by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Tema” means Tema Oil and Gas Company, a Maryland corporation or its Affiliates.
“Transaction Costs” means all premiums, fees, costs and expenses incurred or payable by or on behalf of the Borrower or any Subsidiary in connection with the Transactions or in connection with the negotiation, execution, delivery and performance of the Loan Documents and the transactions contemplated thereby, including to fund any upfront fees, agency fees, legal fees or fees of other advisors and to grant and perfect any security interests.
“Transactions” means, collectively, (a) the execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party, the Borrowings hereunder and the use of the proceeds thereof and the grant of the DIP Liens by the Loan Parties on the DIP Collateral pursuant to this Agreement, the Orders and the Security Instruments, (b) the commencement and filing of the Chapter 11 Cases and (c) the payment of the Transaction Costs (other than with respect to Transaction Costs owed pursuant to the Agent Fee Letter, to the extent permitted by the Bankruptcy Plan).
“U.S. Person” means a Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 5.03(e)(iii).
“Variance Testing Date” means the First Variance Testing Date and each two-week anniversary thereafter.
“Variance Testing Period” has the meaning set forth in Section 8.01(n).
“Wholly‐Owned Subsidiary” means any Subsidiary of which all of the outstanding Equity Interests (other than any directors’ qualifying shares mandated by applicable law), on a fully‐diluted basis, are owned by the Borrower, the Guarantors and/or one or more of the Wholly‐Owned Subsidiaries.
“Write‐Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write‐down and conversion powers of such EEA Resolution Authority from time to time under the Bail‐In Legislation for the applicable EEA Member Country, which write‐down and conversion powers are described in the EU Bail‐In Legislation Schedule.

Section 1.03    [Reserved].

Section 1.04    Terms Generally; Rules of Construction. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. 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 “without limitation”, and the word “or” is not exclusive. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, restated or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth in the Loan Documents), (b) any reference herein to any law shall be construed as referring to such law as amended, modified, codified or reenacted, in whole or 

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in part, and in effect from time to time, (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to the restrictions contained in the Loan Documents), (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) with respect to the determination of any time period, the word “from” means “from and including” and the word “to” and “until” means “to but excluding” and the word “through” means “to and including” and (f) any reference herein to Articles, Sections, Annexes, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Annexes, Exhibits and Schedules to, this Agreement. No provision of this Agreement or any other Loan Document shall be interpreted or construed against any Person solely because such Person or its legal representative drafted such provision.

Section 1.05    Accounting Terms and Determinations; GAAP. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements and certificates and reports as to financial matters required to be furnished to the Agent or the Lenders hereunder shall be prepared, in accordance with GAAP, applied on a basis consistent with the initial financial statements delivered under Section 8.01, except for changes in which RRI’s independent certified public accountants concur and which are disclosed to the Agent on the next date on which financial statements are required to be delivered to the Lenders pursuant to Section 8.01(a); provided that, unless the Borrower and the Requisite Lenders shall otherwise agree in writing, no such change shall modify or affect the manner in which compliance with the covenants contained herein is computed such that all such computations shall be conducted utilizing financial information presented consistently with prior periods. Notwithstanding anything in this Agreement or any other Loan Document to the contrary, for the purposes of calculating compliance with any covenant in this Agreement or any other Loan Document, no effect shall be given to any change in GAAP arising out of a change described in the Proposed Accounting Standards Update to Leases (Topic 840) dated August 17, 2010 or a substantially similar pronouncement.

ARTICLE II     
THE CREDITS

Section 2.01    Commitments. Subject to the terms and conditions set forth herein and in the Orders, and relying upon the representations and warranties set forth herein, each Lender severally and not jointly agrees to make loans (each such loan, a “Loan”, and collectively the “Loans”) to the Borrower in an aggregate amount not to exceed such Lender’s Commitment on the applicable date of Borrowing. The Borrower may request Borrowings of the Loans on two occasions, of which (i) the first shall be made on the Closing Date or within three (3) Business Days thereof, in an aggregate principal amount of $8,750,000 (the “Initial Loan”) and (ii) the second shall be made on the date of entry of the Final Order or within three (3) Business Days thereof, in an aggregate principal amount of $8,750,000, in each case subject to the terms and conditions set forth herein and in the Orders (such Loans, the “Final Loans”). Amounts borrowed under this Section 2.01 which are repaid or prepaid may not be reborrowed.

Section 2.02    Loans and Borrowings. 
(a)    All DIP Proceeds shall be deposited (and maintained until disbursed to a non-Debtor pursuant to a transaction permitted under this Agreement) in an Account of the Borrower subject to a perfected lien in favor of the Agent for the benefit of the Secured Parties as provided for in the Orders and with the junior priority provided for in the Orders and invested at all times in cash and Cash Equivalents.
(b)    Notes. If requested by a Lender, the Loans made by such Lender shall be evidenced by a single Note of the Borrower, dated, in the case of (i) any Lender party hereto as of the date of this Agreement, as of the date of this Agreement or (ii) any Lender that becomes a party hereto pursuant to an Assignment Agreement, as of the effective date of the Assignment Agreement, payable to such Lender in a principal amount equal to its Commitment as in effect on such date, and otherwise duly completed. Upon request from a Lender, in the event that any such Lender’s Commitment increases or decreases for any reason, the Borrower shall deliver or cause to be delivered on the effective date of such increase or decrease, a new Note payable to such Lender in a principal amount equal to its Commitment after giving effect to such increase or decrease, and otherwise duly completed. The date, amount and interest rate of each Loan made by such Lender, and all payments made on account of the principal thereof, may be recorded by such Lender on its books for its Note, and, prior to any transfer, may be endorsed by such Lender on a schedule attached to 

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such Note or any continuation thereof or on any separate record maintained by such Lender. Failure to make any such notation or to attach a schedule shall not affect any Lender’s or the Borrower’s rights or obligations in respect of such Loans or affect the validity of such transfer by any Lender of its Note.

Section 2.03    Request for Borrowings. To request a Borrowing, the Borrower must give to the Agent written or electronic notice in the form of the Borrowing Notice (or telephonic notice promptly confirmed in writing in the form of the Borrowing Notice) of the requested Loans to be made by the Lenders. Such Borrowing Notice must:
(a)    specify the aggregate amount of the requested Borrowing; 
(b)    the date of such Borrowing, which shall be a Business Day;
(c)    specify the location and number of the Borrower’s account to which funds are to be disbursed; and
(d)    be received by the Agent no later than 10:00 a.m., New York, New York time, (i) three (3) Business Days in the case of the Initial Loan and (ii) fifteen (15) Business Days, in the case of the Final Loans, prior to the requested Borrowing Date.
Such written request or confirmation must be made in the form and substance of the Borrowing Notice, duly completed. A telephonic request (if any) shall be deemed a representation, warranty, acknowledgment and agreement by the Borrower as to the matters that are required to be set out in such written confirmation. Upon receipt of such Borrowing Notice, the Agent shall give each Lender prompt notice of the terms thereof and of the amount of such Lender’s Pro Rata Share of the Borrowing. Each Lender will on the date requested promptly remit to the Agent, at the Agent’s Account, the amount of such Lender’s Loans in immediately available funds, and upon receipt of such funds, the Agent shall promptly make such funds available to the Borrower.

Section 2.04    Evidence of Debt; Register; the Lender’s Books and Records; Loans.
(a)    The Lender’s Evidence of Indebtedness. Each Lender shall maintain in its internal records an account or accounts evidencing the Obligations of the Borrower to such Lender, including the amounts of the Loans held by such Lender and each repayment and prepayment in respect thereof. The failure to make any such recordation, or any error in such recordation, shall not affect any Obligations in respect of any applicable Loans. In the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern.
(b)    Register. The Agent shall maintain at Agent’s Office a register for the recordation of the names and addresses of the Lenders and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The Register shall be available for inspection by the Borrower, and a redacted version of the Register showing the entries with respect to any Lender shall be available for inspection by such Lender, at any reasonable time and from time to time upon reasonable prior notice. The entries in the Register shall be conclusive and binding on the Loan Parties, the Agent and each Lender, absent manifest error; provided, failure to make any such recordation, or any error in such recordation, shall not affect the Loan Parties’ Obligations in respect of any Loan. The Borrower, the Agent and the Lenders shall treat each Person in whose name any Loan shall be registered as the owner and the Lender thereof for all purposes hereof. The Borrower hereby designates the entity serving as Agent to serve as the Borrower’s agent solely for purposes of maintaining the Register as provided in this Section 2.04(b), and the Agent shall be entitled to all of the rights, privileges and immunities afforded to it hereunder in the performance of such duties. 

Section 2.05    Funding of Borrowings.
(a)    Funding by the Lenders. Subject to the satisfaction of the conditions set forth in Article VI, each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 1:00 p.m., Houston, Texas time, to the account of the Agent most recently designated by it for such purpose by notice to the Lenders. The Agent will make such Loans available to the Borrower by promptly crediting 

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the amounts so received, in like funds, to one or more deposit accounts of the type described in Section 2.02(a). Notwithstanding anything to the contrary herein, any Lender may make any of its Loans to be made by it hereunder by wire transfer of immediately available funds directly to one or more deposit accounts of the type described in Section 2.02(a). Nothing in this Agreement or the other Loan Documents shall be deemed to require the Agent to advance funds on behalf of any Lender or to relieve any Lender from its obligations to fulfill its Commitments hereunder or to prejudice any rights that the Agent or the Borrower may have against any Lender as a result of any default by such Lender hereunder.
(b)    Presumption of Funding by the Lenders. Unless the Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Agent such Lender’s share of such Borrowing, the Agent may assume that such Lender has made such share available on such date in accordance with Section 2.05(a) and may, but shall not be obligated to, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Agent, then the applicable Lender and the Borrower severally agree to pay to the Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Agent, at (i) in the case of such Lender, the rate determined by the Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to the Loans. If such Lender pays such amount to the Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

Section 2.06    Termination and Reduction of Commitments. Commitments hereunder shall automatically terminate in full on the DIP Termination Date and in part on each Borrowing date, in an aggregate amount equal to the principal amount of the Loans made as of such date of Borrowing.

Section 2.07    Priority and Liens; Lien and Payment Subordination; Standstill; Turnover Provisions.   Notwithstanding anything else to the contrary contained herein or in any other Loan Document (other than the Orders),
(a)    Each of the Loan Parties hereby covenants, represents and warrants that, upon entry of the applicable Order and the delivery and execution of this Agreement, the Obligations of the Loan Parties under the Loan Documents shall at all times be entitled to the claim status, and be secured by Liens that are subject to the priority, in each case, as set forth in the Orders. 
(b)    All of the Liens described in this Section 2.07 shall be effective and perfected upon entry of the Interim Order or Final Order, as applicable, without the necessity of the execution, recordation of filings by the Debtors or any other Person of mortgages, security agreements, control agreements, pledge agreements, financing statements or other similar documents or notices, or the possession, control or other acts by any Agent or any other Person of, or over, any DIP Collateral, as set forth in the Interim Order or Final Order, as applicable.  The Requisite Lenders, or the Agent on behalf of the Lenders, shall be permitted, but not required, to make any filings, deliver any notices or take any other acts as may be desirable under state law in order to reflect the perfection and priority of the Secured Parties’ claims described herein and the Loan Parties shall as promptly as practicable after any such request take any and all actions to make or facilitate such filings, deliveries, notices and other actions.
(c)    Subject in all respects to the priorities and other reservations set forth in Section 2.07(a) above, and in furtherance of and not in limitation of the collateral granted pursuant to the Orders, the Loan Parties hereby grant to the Agent on behalf of the Secured Parties a security interest in, and mortgage on, and deed of trust in, all of the right, title and interest of the Loan Parties in all Real Property owned or leased by the Loan Parties, together in each case with (i) all as-extracted collateral and all oil, gas and other Hydrocarbons and minerals produced from or allocated to the Real Property, and any products processed or obtained therefrom (herein collectively called the “Production”), and all Liens in the Production securing payment of the proceeds of the Production, including those Liens provided under statutes enacted in the jurisdictions in which the Real Property is located, (ii) all equipment, inventory, improvements, fixtures, accessions, goods and other personal property of whatever nature now or hereafter located on or used or held for use in connection with the Real Property (or in connection with the operation thereof or the treating, handling, storing, transporting, processing or marketing of Production) and all renewals or replacements thereof or substitutions therefor, (iii) all contract rights, contractual rights and other general intangibles related to the 

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Real Property, the operation thereof (whether the respective Loan Party is operator or non-operator), or the treating, handling, storing, transporting, processing or marketing of Production, or under which the proceeds of Production arise or are evidenced or governed, (iv) all geological, geophysical, engineering and seismic data together with the applicable Loan Party’s proprietary interpretations thereof and all accounting, title, legal and other technical or business data and records, and logs, lease files, well files and other books and records (including computerized records and data) concerning the Real Property or the Production that are in possession of any Loan Party or are licensed to any Loan Party and/or in which any Loan Party can otherwise grant a security interest, and all books, files, records, magnetic media, computer records and other forms of recording or obtaining access to such data, (v) all money, documents, instruments, chattel paper, securities, accounts or general intangibles arising from or by virtue of any transaction related to the Real Property or the Production and (vi) all proceeds of the DIP Collateral or payments in lieu of Production (such as “take or pay” payments), whether such proceeds or payments are goods, money, documents, instruments, chattel paper, securities, accounts, general intangibles, fixtures, real property or other assets. The Loan Parties hereby acknowledge that, pursuant to the Orders, the DIP Liens in favor of the Agent on behalf of the Secured Parties in all of such Real Property owned or leased by the Loan Parties shall be perfected without the recordation of any instruments of mortgage or assignment and the Agent and the other Secured Parties shall have the benefit of the Orders.
(d)    Subject in all respects to the priorities and other reservations set forth in Section 2.07(a) above, and in furtherance of and not in limitation of the collateral granted pursuant to the Orders, each Debtor hereby grants to the Agent, for the benefit of the Secured Parties, a security interest in all of such Debtor’s right, title and interest in and to all of the following real and personal property, in each case whether now owned or existing or hereafter acquired, possessed or arising, whether tangible or intangible, wherever located, including any such property in which a security interest is granted to the Agent pursuant to, as applicable, the Loan Documents, the Orders, or any other order of the Bankruptcy Court to secure the Obligations:
(i)    all Accounts;
(ii)    all Chattel Paper;
(iii)    all Money and all Deposit Accounts, together with all amounts on deposit from time to time in such Deposit Accounts;
(iv)    all Documents;
(v)    all General Intangibles, including Payment Intangibles and all Intellectual Property;
(vi)    all Goods, including Inventory, Equipment and Fixtures;
(vii)    all Instruments;
(viii)    all Investment Property;
(ix)    all Letter-of-Credit Rights and other Supporting Obligations;
(x)    all Records;
(xi)    all Commercial Tort Claims;
(xii)    all books and records relating to any of the foregoing;
(xiii)    all leasehold interests in real property;
(xiv)    rights, claims or causes of action that the Loan Parties may have with respect to any DIP Collateral;

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(xv)    proceeds of all present and future claims, rights, interests, assets and properties recovered by or on behalf of the Loan Parties or any trustee of any Loan Party (whether in the Chapter 11 Cases or any subsequent case to which any Chapter 11 Case is converted), including, without limitation, all such property recovered as a result of transfers  or obligations avoided or actions maintained or taken pursuant to, inter alia, Sections 542, 544, 545, 547, 548, 549, 550, 552 and 553 of the Bankruptcy Code, subject to the terms of the Orders;
(xvi)    subject to entry of the Final Order, Proceeds of any Avoidance Actions; and
(xvii)    all Proceeds and Accessions with respect to any of the foregoing DIP Collateral.
Each category of DIP Collateral set forth above shall have the meaning set forth in the UCC (to the extent such term is defined in the UCC), it being the intention of Debtors that the description of the DIP Collateral set forth above be construed to include the broadest possible range of assets.

Section 2.08    No Discharge; Survival of Claims. Except as otherwise contemplated by the RSA, until Payment in Full, each of the Borrower and the Guarantors agrees that (a) the Obligations hereunder shall not be discharged by the entry of an order confirming a plan of reorganization or liquidation in any Chapter 11 Case (and each of the Borrower and the Guarantors, pursuant to Section 1141(d)(4) of the Bankruptcy Code, hereby waives any such discharge) and (b) the DIP Claims and the DIP Liens granted to the Agent pursuant to the Orders and described in Section 2.07(d) shall not be affected in any manner by the entry of an order confirming a plan of reorganization or liquidation in any Chapter 11 Case.

Section 2.09    Grant of Security; Security for Obligations; Debtors Remain Liable.
(a)    Notwithstanding anything herein to the contrary, and subject to the terms of the Orders, in no event shall the DIP Collateral include (nor shall any defined term used therein include), and no Debtor shall be deemed to have granted a security interest in, any of such Debtor’s rights or interests in any Excluded Property.
(b)    This Agreement secures, and the DIP Collateral is collateral security for, the prompt payment in full when due and owing, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, of all Obligations. It is the intention of the parties that if the Agent shall fail to have a perfected Lien in any particular property or assets of any Loan Party for any reason whatsoever, the provisions of this Agreement and/or the other Loan Documents, together with the Orders, all financing statements and other public financing relating to Liens filed or recorded by the Agent against the Loan Parties and, with respect to all Loan Parties, the Orders and any other order entered by the Bankruptcy Court to secure the Obligations, would be sufficient to create a perfected DIP Lien in any property or assets that such Loan Party may receive upon the sale, lease, license, exchange, transfer or disposition of such particular property or assets, then all such “proceeds” of such particular property or assets shall be included in the DIP Collateral.
(c)    Anything contained herein to the contrary notwithstanding, (a) each Debtor shall remain liable under any contracts and agreements included in the DIP Collateral, to the extent set forth therein, to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Agent of any of its rights hereunder or under any other Loan Document shall not release any Debtor from any of its duties or obligations under the contracts and agreements included in the DIP Collateral unless the Agent has expressly in writing assumed such duties and obligations and released the Debtors from such duties and obligations, and (c) none of the Secured Parties shall have any obligation or liability under any contracts, licenses, and agreements included in the DIP Collateral by reason of this Agreement, nor shall any Secured Party be obligated to perform any of the obligations or duties of any Debtor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder unless any such Secured Party has expressly in writing assumed such duties and obligations and released the Debtors from such duties and obligations.

ARTICLE III     
Payments of Principal and Interest; Prepayments; Fees

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Section 3.01    Repayment of the Loans. Subject to the next sentence, the Borrower hereby unconditionally promises to pay to the Agent for the ratable account of each Lender the then unpaid principal amount of, and unpaid and accrued interest on, each Loan of such Lender made to the Borrower on the DIP Termination Date, in cash without further application to or order of the Bankruptcy Court.  Notwithstanding the foregoing sentence or anything else to the contrary in this Article III, (a) the Borrower’s repayment obligations hereunder (including with respect to principal, interest, fees and expenses) shall be subject to the Bankruptcy Plan and (other than with respect to Obligations arising under the Agent Fee Letter) the payment subordination, equity conversion and turnover provisions in the Orders (including paragraphs 6(f), 6(g) and 6(h)) thereof) and (b) on the Effective Date, each Lender shall receive in full satisfaction of the Obligations owing to it (other than as described in the following proviso) certain non-cash consideration in the form of common equity in the reorganized Loan Parties (or an entity wholly owned by a Loan Party or directly owning all or substantially all of the assets of or equity in a Loan Party, in each case pursuant to the Bankruptcy Plan) in accordance with, and pursuant to, the Bankruptcy Plan  (the “Equity Conversion”); provided that, for the avoidance of doubt, (i) accrued but unpaid expenses of the Agent and the Lenders may be paid in cash as contemplated by (and, with respect to Tema, as permitted by) the Bankruptcy Plan and (ii) accrued but unpaid interest (including interest paid in kind)  payable to the Lenders and the Upfront Fees (as defined in the Fee Letter) payable to the entities designated as recipients of Upfront Fees in the Fee Letter and accrued, in each case, may be paid in cash to the extent permitted by the Bankruptcy Plan (with any portion of interest or Upfront Fees not permitted to be paid in cash on the Effective Date being deemed discharged or otherwise extinguished).

Section 3.02    Interest; Fees.
(a)    Interest. The Loans shall at all times bear interest at a rate equal to 8.00% per annum (the “Applicable Rate”) (as such amount may be increased pursuant to Section 3.02) (“Interest”). Interest on the Loans shall be automatically paid in kind by adding the amount of such interest payment to the principal amount of the Loans on such Interest Payment Date and shall thereafter bear Interest as provided under this clause (a); provided that any such accrued Interest that was paid-in-kind or otherwise is accrued and unpaid under this clause (a) shall be paid in cash on the Effective Date to the extent that (i) the Secured Notes Interest Payment (as defined in the Bankruptcy Plan) shall have been paid in full in cash and (ii) the sum of (A) unrestricted cash and Cash Equivalents of the Loan Parties (which shall include cash and Cash Equivalents subject to a Lien in favor of the secured parties under the Amended Revolving Credit Agreement) and (B) availability under the conforming tranche of the revolving credit facility to be documented pursuant to the Amended Revolving Credit Agreement is greater than or equal to $20,000,000 as of the Effective Date (after giving effect to (x) the payment of any portion of such Interest that is to be paid in accordance with this proviso (together with payment of any portion of the Upfront Fees then due and payable to the entities designated as recipients thereof in the Fee Letter on the Effective Date pursuant to the Fee Letter that is to be paid on such date) and (y) the consummation of the restructuring transactions contemplated by the RSA (other than payments of any amounts subordinated to the payment of the Interest pursuant to the terms of the RSA)).   Any portion of the Interest that is not permitted to be paid in cash on the Effective Date pursuant to the foregoing sentence shall be deemed discharged or otherwise extinguished on the Effective Date.
(b)    Interest Payment Dates. Subject to Section 3.02(a) above, interest on each Loan shall be due and payable in kind on each Interest Payment Date to the Lenders of record in the Register on such Interest Payment Date. All interest payable hereunder shall be computed on the basis of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
(c)    Default Interest. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, and if the Requisite Lenders so elect, the principal amount of all Loans outstanding and, to the extent permitted by applicable law, any due and unpaid interest payments on the Loans or any fees or other amounts due and owing hereunder  shall from the date of occurrence of such Event of Default bear interest at a rate that is two percent (2.0%) per annum in excess of the interest rate otherwise payable hereunder with respect to the Loans (without giving effect to this Section 3.02(c)) (which election may be revoked by the Requisite Lenders notwithstanding any provision of Section 12.02(b) requiring the consent of “each Lender that would be affected thereby” for reductions of interest rates on the Loans) and shall be payable in the same manner as other interest payments pursuant to Section 3.02(a). 

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Payment or acceptance of the increased rates of interest provided for in this Section 3.02(c) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of the Agent or any Lender.
(d)    Agent Fee. The Borrower will pay to the Agent for its own account, a fee as set forth in the Agent Fee Letter.
(e)    Calculations. The Agent shall as soon as practicable (but in any event no later than three (3) Business Days prior to any Interest Payment Date or the date of any other amount payable under this Section 3.02) notify the Borrower and the Lenders of the effective date and the amount of each Interest, fee or other payment under this Section 3.02. Each determination of an interest rate, interest payment amount or fee payment amount by the Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. Concurrent with each notice delivered pursuant to this Section 3.02(e), the Agent shall deliver to the Borrower and each Lender a statement showing the quotations used by the Agent in determining any interest rate, if applicable, and the calculations related to any interest payment amount or fee payment amount.
(f)    Other Fees. The Borrower agrees to pay directly to each Lender the fees set forth in the Fee Letter.

Section 3.03    Voluntary Prepayments. The Borrower shall be prohibited from making any voluntary prepayments of the Loans or voluntarily terminating the Commitments hereunder other than pursuant to the Equity Conversion or as permitted by the Orders.  

Section 3.04    [Reserved]  

Section 3.05    Application of Payments. Subject to the Orders and Section 2.07(a), any payment of any Loan made in Cash in compliance with Sections 3.01 or 3.03 shall be applied as follows:
(a)    first, to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to the Agent in its capacity as such;
(b)    second, pro rata to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to the Lenders and the other Indemnitees listed under Section 12.03 under the Loan Documents;
(c)    third, pro rata to payment of accrued Interest (including interest at the Default Rate, if any) on the Loans;
(d)    fourth, [reserved];
(e)    fifth, pro rata to payment of principal outstanding on the Loans which have not yet been reimbursed by or on behalf of the Borrower at such time;
(f)    sixth, pro rata to any other Obligations; and
(g)    seventh, any excess, after all of the Obligations shall have been Paid in Full in Cash, shall be paid to the Borrower or as otherwise required by any Governmental Requirement.

Section 3.06    General Provisions Regarding Payments. Subject to the Orders and Sections 2.07(a), 3.01 and 3.03:
(a)    Except payments made in accordance with Section 3.01 and Section 3.02, all payments by the Borrower of principal, interest, fees and other Obligations shall be made in Dollars in same day funds without recoupment, setoff, counterclaim or other defense, and delivered to the Agent not later than 12:00 p.m. (New York, 

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New York time) on the date due to the Agent’s Account for the account of the Lenders; funds received by the Agent after that time on such due date shall be deemed to have been paid by the Borrower on the next Business Day.
(b)    All prepayments in respect of the principal amount of any Loan shall be accompanied by payment of accrued interest on the principal amount being repaid or prepaid.
(c)    The Agent shall promptly distribute to each Lender at such address as such Lender shall indicate in writing, such Lender’s applicable Pro Rata Share of all payments and prepayments of principal and interest due hereunder, together with all other amounts due thereto, including all fees payable with respect thereto, to the extent received by the Agent.
(d)    Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder.
(e)    The Agent shall deem any payment by or on behalf of the Borrower hereunder that is not made in same day funds at or prior to 12:00 p.m. (New York, New York time) to be a non-conforming payment. Any such payment shall not be deemed to have been received by the Agent until the later of (i) the time such funds become available funds, and (ii) the next Business Day. Interest and fees shall continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the date of such payment to the next succeeding Business Day) at the applicable rate determined pursuant to Section 3.02(a) from the date such amount was due and payable until the date such amount is paid in full.
(f)    If an Event of Default shall have occurred and not otherwise been waived, all payments or proceeds received by the Agent hereunder in respect of any of the Obligations shall be applied first, to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to the Agent (including any costs and expenses related to foreclosure or realization upon, or protecting, DIP Collateral) in its capacity as such, second, pro rata to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to the Lenders and the other Indemnitees listed under Section 12.03 under the Loan Documents, third, pro rata to payment of accrued Interest (including interest at the Default Rate, if any) on the Loans, fourth, [reserved], fifth, pro rata to payment of principal outstanding on the Loans which have not yet been reimbursed by or on behalf of the Borrower at such time, sixth, pro rata to any other Obligations, and seventh, any excess, after all of the Obligations shall have been Paid in Full in cash, shall be paid to the Borrower or as otherwise required by any Governmental Requirement.

ARTICLE IV     
Payments; Pro Rata Treatment; Sharing of Set‐offs

Section 4.01    Payments Generally; Pro Rata Treatment; Sharing of Set‐offs. Subject to the Orders and Sections 2.07(a), 3.01 and 3.03:
(a)    Payments by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees, or of amounts payable under Section 5.01, Section 5.03 or otherwise) prior to 11:00 a.m. (New York, New York time) on the date when due, in immediately available funds, without defense, deduction, recoupment, set‐off or counterclaim. Fees, once paid, shall be fully earned and shall not be refundable under any circumstances. Any amounts received after such time on any date shall be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Agent at its offices specified in Section 12.01, except that payments pursuant to Section 5.01, Section 5.03 and Section 12.03 shall be made directly to the Persons entitled thereto. The Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars.

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(b)    Application of Insufficient Payments. If at any time insufficient funds are received by and available to the Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.
(c)    Ratable Sharing. The Lenders hereby agree among themselves that, except as otherwise provided in the Security Instruments with respect to amounts realized from the exercise of rights with respect to Liens on the DIP Collateral, if any of them shall, whether by voluntary payment (other than a voluntary prepayment of Loans purchased and applied in accordance with the terms hereof), through the exercise of any right of set off or banker’s lien, by counterclaim or cross action or by the enforcement of any right under the Loan Documents or otherwise, or as adequate protection of a deposit treated as cash collateral under the Bankruptcy Code, receive payment or reduction of a proportion of the aggregate amount of principal, interest, fees and other amounts then due and owing to such Lender hereunder or under the other Loan Documents (collectively, the “Aggregate Amounts Due” to such Lender) which is greater than the proportion received by any other Lender in respect of the Aggregate Amounts Due to such other Lender, then the Lender receiving such proportionately greater payment shall (a) notify Agent and each other Lender of the receipt of such payment and (b) apply a portion of such payment to purchase Loans (which it shall be deemed to have purchased from each seller of a Loan simultaneously upon the receipt by such seller of its portion of such payment) in the ratable Aggregate Amounts Due to the other Lenders so that all such recoveries of Aggregate Amounts Due shall be shared by all Lenders in proportion to the Aggregate Amounts Due to them; provided, that if all or part of such proportionately greater payment received by such purchasing Lender is thereafter recovered from such Lender upon the bankruptcy or reorganization of the Borrower or otherwise, those purchases to that extent shall be rescinded and the purchase prices paid for such Loans shall be returned to such purchasing Lender ratably to the extent of such recovery, but without interest. The Borrower expressly consents to the foregoing arrangement and agrees that any Lender may exercise any and all rights of banker’s lien, set off or counterclaim with respect to any and all monies owing by the Borrower to that Lender with respect thereto as fully as if that Lender were owed the amount of the Loan made by that Lender.

Section 4.02    Certain Deductions by the Agent. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(a) or Section 4.01 then the Agent shall (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Agent for the account of such lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. If at any time prior to the acceleration or maturity of the Loans, the Agent shall receive any payment in respect of principal of a Loan while one or more Defaulting Lenders shall be party to this Agreement, the Agent shall apply such payments first to the Borrowing(s) for which such Defaulting Lender(s) shall have failed to fund its pro rata share until such time as such Borrowing(s) are paid in full or each Lender (including each Defaulting Lender) is owed its Pro Rata Share of all Loans then outstanding. After acceleration or maturity of the Loans, all principal will be paid ratably as provided in Section 10.02(c). 

Section 4.03    Defaulting Lenders.
(a)    Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:
(i)    Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Requisite Lenders.
(ii)    Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X or otherwise) or received by the Agent from a Defaulting Lender pursuant to Section 12.08 shall be applied at such time or times as may be determined by the Agent (and subject to the stated conditions) as follows: first, to the payment of any amounts owing 

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by such Defaulting Lender to the Agent hereunder; second, as the Borrower may request in writing (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; third, if so determined by the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement as delivered to the Agent together with written instructions from the Borrower as to the required application of such funds in order to comply with such order, to the extent necessary; fifth, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement as delivered to the Agent together with written instructions from the Borrower as to the required application of such funds in order to comply with such order, to the extent necessary; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction in an order directed to the Agent; provided that if (x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made at a time when the conditions set forth in Article VI were satisfied or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the Commitments. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
(b)    Defaulting Lender Cure. If the Borrower and the Agent agree in writing that a Lender is no longer a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such actions as the Agent may determine to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with the commitments, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

ARTICLE V     
Increased Costs; Taxes

Section 5.01    Increased Costs. Subject to the provisions of Section 5.03 (which shall be controlling with respect to the matters covered thereby), in the event that any Lender shall determine (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that any Governmental Requirement, or any change therein or in the interpretation, administration or application thereof (including the introduction of any new law, treaty or governmental rule, regulation or order), or any determination of a court or Governmental Authority, in each case that becomes effective after the date hereof, or compliance by such Lender with any guideline, request or directive issued or made after the date hereof by any central bank or other Governmental Authority or quasi-Governmental Authority (whether or not having the force of law): (a) subjects such Lender (or its Applicable Office) to any additional Tax (other than any Indemnified Tax or any Excluded Tax) with respect to this Agreement or any of the other Loan Documents or any of its obligations hereunder or thereunder or any payments to such Lender (or its Applicable Office) of principal, interest, fees or any other amount payable hereunder or its deposits, reserves or capital attributable thereto; (b) imposes, modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit, compulsory loan, FDIC insurance or similar requirement against assets held by, or deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended 

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by, or any other acquisition of funds by, any office of such Lender; or (c) imposes any other condition (other than with respect to a Tax matter) on or affecting such Lender (or its Applicable Office) or its obligations hereunder; and the result of any of the foregoing is to increase the cost to such Lender of agreeing to purchase, purchasing or maintaining Loans hereunder or to reduce any amount received or receivable by such Lender (or its Applicable Office) with respect thereto; then, in any such case, Borrower shall promptly pay to such Lender, upon receipt of the statement referred to in the next sentence, such additional amount or amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Lender shall reasonably determine) as may be necessary to compensate such Lender for any such increased cost or reduction in amounts received or receivable hereunder. Such Lender shall deliver to Borrower (with a copy to the Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Lender under this Section 5.01, which statement shall be conclusive and binding upon all parties hereto absent manifest error.

Section 5.02    [Reserved]. 

Section 5.03    Taxes.
(a)    Payments Free of Taxes. All sums payable by or on account of any Loan Party hereunder and under the other Loan Documents shall (except to the extent otherwise required by law) be paid free and clear of, and without any deduction or withholding on account of, any Taxes.
(b)    Withholding of Taxes. If any Loan Party or the Agent is required by law to make any deduction or withholding for or on account of any Tax from any sum paid or payable under any of the Loan Documents: (i) any Loan Party shall notify the Agent of any such requirement or any change in any such requirement as soon as the Borrower becomes aware of it; (ii) any Loan Party or the Agent shall be entitled to make such deduction or withholding and shall pay (or cause to be paid) any such Tax to the relevant Governmental Authority before the date on which penalties attach thereto; (iii) if such Tax is an Indemnified Tax, the sum payable by such Loan Party in respect of which the relevant deduction or withholding is required shall be increased to the extent necessary to ensure that after any such deduction or withholding (including such deductions and withholding applicable to additional sums payable under this Section), Agent or such Lender, as the case may be, and each of their Tax Related Persons receives on the due date a net sum equal to what it would have received had no such deduction or withholding been made; and (iv) within thirty (30) days after making any such deduction or withholding, the Loan Party shall deliver to the Agent evidence satisfactory to the other affected parties of such deduction or withholding and of the proper remittance thereof to the relevant taxing or other Governmental Authority; provided, that for the avoidance of doubt, no such additional amount shall be required to be paid to any Lender or Agent under clause (iii) above for, and Indemnified Taxes shall not include, any of the following Taxes, (A) any U.S. federal withholding Tax imposed pursuant to a Law in effect and applicable as of the date hereof (in the case of each Lender listed on the signature pages hereof) or as of the effective date of the Assignment Agreement pursuant to which such Lender became a Lender (in the case of each other Lender) or on the date the Lender changes its Applicable Office, except, in each case, to the extent that, pursuant to Section 5.03, amounts with respect to such U.S. federal withholding Taxes were payable (1) to such Lender’s assignor (including each of their Tax Related Persons) immediately before such Lender becomes a party hereto or (2) such Lender immediately before such Lender changed its Applicable Office, (B) any Tax on the Overall Net Income of the Lender or its Tax Related Persons, (C) any U.S. federal withholding Tax imposed under FATCA or (D) any Tax attributable to the Lender’s failure to comply with Section 5.03(e) (all such amounts described in clause (A), (B), (C) and (D), “Excluded Taxes”).
(c)    Other Taxes. In addition, the Loan Parties shall pay all Other Taxes to the relevant Governmental Authorities in accordance with applicable law. The Loan Parties shall deliver to the Agent official receipts or other evidence of such payment reasonably satisfactory to the Requisite Lenders in respect of any Taxes or Other Taxes payable hereunder promptly after payment of such Taxes or Other Taxes.
(d)    Indemnification by the Loan Parties. The Loan Parties shall indemnify Agent and each Lender, within ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes paid or incurred by the Agent or such Lender or their respective Tax Related Persons, as the case may be, relating to, arising out of, or in connection with any Loan Document or any payment or transaction contemplated hereby or thereby, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority, and all 

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reasonable expenses and costs arising therefrom or with respect thereto; provided, however, that the Loan Parties shall not be required to indemnify Agent and Lenders in duplication of Indemnified Taxes covered by Section 5.03(b) or Section 5.03(c). Notwithstanding the foregoing, any indemnification under this Section 5.03(d) shall be made on an after-Tax basis (including any Tax on the Overall Net Income), such that after all required deductions and payments of all Taxes and any expenses and costs, each of the Agent, the Lenders and each of their respective Tax Related Persons receives and retains an amount equal to the sum it would have received and retained had it not paid or incurred or been subject to such Taxes or expenses and costs. A certificate as to the amount of such payment or liability delivered to the applicable Loan Party by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(e)    Administrative Requirements; Forms Provision. Each Lender that is a U.S. Person for U.S. federal income tax purposes shall deliver to the Borrower and the Agent, on or prior to the Closing Date (in the case of each Lender listed on the signature pages hereof on the Closing Date) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Lender (in the case of each other Lender), and at such other times as may be necessary in the determination of the Borrower or Agent (each in the reasonable exercise of its discretion), two executed copies of Internal Revenue Service (the “IRS”) Form W-9 establishing an exemption from a U.S. federal backup withholding Tax. Each Lender that is not a U.S. Person for U.S. federal income tax purposes (a “Non-U.S. Lender”) shall, to the extent it is legally entitled to do so, deliver to the Agent and the Borrower, on or prior to the Closing Date (in the case of each Lender listed on the signature pages hereof on the Closing Date) or on or prior to the date of the Assignment Agreement or joinder agreement pursuant to which it becomes a Lender (in the case of each other Lender), and at such other times as may be necessary in the determination of the Borrower or Agent (each in the reasonable exercise of its discretion), whichever of the following described in clauses (i) through (iv) below is applicable, accurately completed and in a manner reasonably acceptable to the Borrower:
(i)    in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, two executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty, and (y) with respect to any other applicable payments under any Loan Document, two executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(ii)    two executed copies of IRS Form W-8ECI;
(iii)    in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (1) a certificate substantially in the form of Exhibit H-1 to the effect that such Non-U.S. Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 ”percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (2) two executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or
(iv)    to the extent a Non-U.S. Lender is not the beneficial owner of a Loan, two executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender are eligible to claim the portfolio interest exemption, such Non-U.S. Lender shall provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-4 on behalf of each such direct and indirect partner.
Each Lender required to deliver any forms, certificates or other evidence with respect to U.S. federal income tax withholding matters pursuant to this Section 5.03(e) hereby agrees, from time to time after the initial delivery by such 

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Lender of such forms, certificates or other evidence, whenever a lapse in time or change in circumstances renders such forms certificates or other evidence obsolete or inaccurate in any material respect, that such Lender shall promptly deliver to the Agent and the Borrower two new executed copies of IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or IRS Form W-8ECI (or any successor form(s) of any of the foregoing), and as applicable, a U.S. Tax Compliance Certificate properly completed and duly executed by such Lender, and such other documentation required under the Code and reasonably requested by the Borrower to confirm or establish that such Lender is not subject to deduction or withholding of U.S. federal income Tax with respect to payments to such Lender under the Loan Documents or is subject to deduction or withholding at a reduced rate, or notify the Agent and the Borrower of its inability to deliver any such forms, certificates or other evidence. Nothing in this Section 5.03 shall be construed to require a Lender (or any Tax Related Person of any Lender) to provide any forms or documentation that, in the Lender’s reasonable judgment, would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
On or before the date on which Agent (and any successor replacement Agent) becomes the Agent, it shall deliver to the Borrower two executed copies of IRS Form W-9 establishing an exemption from U.S. federal backup withholding Tax. The Agent (or, upon assignment or replacement, any assignee or successor) agrees that if any form or certification it previously delivered expires or becomes obsolete, it shall update such form or certification or promptly notify the Borrower in writing of its inability to do so.
(f)    If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 5.03(f), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

ARTICLE VI     
Conditions Precedent

Section 6.01    Closing Date. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in writing (including by email) by the Agent acting at the direction of the Requisite Lenders (or, with respect to the conditions in paragraphs (a), (d), (f), (k), (l), (n), and (q) at the direction of all of the Lenders)):
(a)    The Agent shall have received from each party thereto counterparts (in such number as may be requested by the Agent) of this Agreement, the Fee Letter, the Agent Fee Letter and the Guaranty Agreement signed on behalf of such party.
(b)    The Agent shall have received a certificate of a Responsible Officer of each of RRI and each Loan Party setting forth (i) resolutions of its board of directors or other appropriate governing body with respect to the authorization of such Person to execute and deliver the Loan Documents to which it is a party and to enter into the transactions contemplated in those documents, (ii) the officers of such Person (y) who are authorized to sign the Loan Documents to which such Person is a party and (z) who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this Agreement and the transactions contemplated hereby, (iii) specimen signatures of such authorized officers, and (iv) the articles or certificate of incorporation and by‐laws or other applicable Organizational Documents of such Person, certified as being true and complete. The Agent and the Lenders may conclusively rely on such certificate until the Agent receives notice in writing from such Person to the contrary.

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(c)    The Agent shall have received certificates of the appropriate State agencies, as requested by the Requisite Lenders, with respect to the existence, qualification and good standing of RRI and each Loan Party in each jurisdiction where any such Person is organized.
(d)    The Restructuring Support Agreement dated as of June 30, 2020, among the Debtors, the Prepetition First Lien Administrative Agent, the requisite Prepetition First Lien Lenders, the Prepetition Note Holders and EIG in its capacity as holder of Series B Redeemable Preferred Stock and the other parties thereto (the “RSA”) shall continue to be in full force and effect according to its terms and shall not have been breached by any of the parties thereto (other than EIG or the Prepetition Note Holders) in a manner that gives rise to a termination event under the RSA.
(e)    The Agent and the Lenders shall have received the Initial Budget.
(f)    The Petition Date shall have occurred.
(g)     [Reserved.]
(h)    All first day motions, including those related to the DIP Facility, filed by the Loan Parties and related orders entered by the Bankruptcy Court in the Chapter 11 Cases shall be in form and substance reasonably satisfactory to the Requisite Lenders and all such orders shall not have been vacated stayed, reversed, modified or amended in any manner without the prior written consent of the Requisite Lenders (which shall not be unreasonably withheld).
(i)    [Reserved.]
(j)    All reasonable out-of-pocket fees, charges and expenses (including reasonable and documented fees and expenses of outside counsel and investment banker fees) of the Agent and the Requisite Lenders that have been properly submitted for payment to Borrower shall have been paid (or will be paid with the proceeds of the Loans authorized under the Interim Order).
(k)    Subject to entry of the Interim Order, the Agent, for the benefit of the Lenders, shall have a valid and perfected DIP Lien on and security interest in the DIP Collateral of the Debtors on the basis and with the priority set forth therein.
(l)    Other than the Chapter 11 Cases, there shall not exist any action, suit, investigation, litigation or proceeding pending or threatened in any court or before any Governmental Authority or facts or circumstances that, in the reasonable opinion of the Agent and the Requisite Lenders, materially and adversely affects any of the Transactions contemplated hereby, or that has or could be reasonably likely to result in a Material Adverse Effect.
(m)    [Reserved.]
(n)    The Agent shall have received a certificate of a Responsible Officer of the Borrower in form and substance reasonably satisfactory to the Requisite Lenders certifying that (i) all representations and warranties of the Loan Parties set forth in this Agreement are true and correct in all material respects, (ii) no Event of Default or Default exists and (iii) other than the Chapter 11 Cases, no Material Adverse Effect has occurred since June 30, 2020. 
(o)    The Agent shall have received UCC, tax and judgment lien searches in form and substance reasonably satisfactory to the Agent.
(p)    The Agent shall have received (for distribution to the Lenders) all documentation and other information (including Beneficial Ownership Certifications) about the Loan Parties as shall have been reasonably requested in writing by the Agent at least three (3) Business Days prior to the Closing Date and as is mutually agreed to be required by U.S. regulatory authorities under applicable “know your customer,” beneficial ownership and anti-money laundering rules and regulations, including the Patriot Act and Beneficial Ownership Regulation, and if the 

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Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in respect of the Borrower, in each case, that has been requested in writing by the Agent or any Lender not less than three (3) Business Days before the Closing Date. 
(q)    The Loan Parties shall have received all material consents and permits required by any Governmental Authority in connection with the consummation of the Transactions.
The Agent shall notify the Borrower and the Lenders of the Closing Date, and such notice shall be conclusive and binding. 

Section 6.02    Each Credit Event. The obligations of the Lenders to make any Loan hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in writing (including by email) by the Agent acting at the direction of the Requisite Lenders (or, with respect to the conditions in paragraphs (a), (b), (d) and (e) at the direction of all of the Lenders):
(a)    The representations and warranties of the Loan Parties contained in the Loan Documents shall be true and correct in all material respects (or, in the case of any representation or warranty that is qualified as to “Material Adverse Effect” or otherwise as to “materiality”, in all respects) as of the date of the Borrowing (or as of such earlier date if the representation or warranty specifically relates to an earlier date).
(b)    No Default or Event of Default shall have occurred or be continuing after giving effect to the Borrowing.
(c)    The Agent shall have received a Borrowing Notice by the time required under Section 2.03, provided, that the date of funding of the Final Loan requested therein may be extended as necessary to allow satisfaction of the condition described in clause (e) below.
(d)    In the case of an Initial Loan, (i) the Interim Order shall be in full force and effect and shall not have been vacated, stayed or reversed or modified or amended in any respect without the prior written consent of the Agent and the Requisite Lenders in their sole discretion and (ii) the Borrower shall be in compliance with the Interim Order in all material respects.
(e)    In the case of a Final Loan, (i) the Final Order shall be in full force and effect and shall not have been vacated, stayed or reversed or modified or amended in any respect without the prior written consent of the Agent and the Requisite Lenders in their sole discretion and (ii) the Borrower shall be in compliance with the Final Order in all material respects. 
(f)    The Borrower shall be in pro forma compliance with Section 9.25 after giving effect to the application of the DIP Proceeds.

ARTICLE VII     
Representations and Warranties
Each of the Loan Parties represents and warrants to the Lenders that:

Section 7.01    Organization; Powers. Each Loan Party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, subject to the entry by the Bankruptcy Court of the applicable Orders has all requisite power and authority, and has all governmental licenses, authorizations, consents and approvals necessary, to own its assets and to carry on its business as now conducted, and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where failure to have such licenses, authorizations, consents, approvals and foreign qualifications could not reasonably be expected to have a Material Adverse Effect.

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Section 7.02    Authority; Enforceability. Subject to the entry by the Bankruptcy Court of the applicable Orders, the Transactions are within each Loan Party’s corporate powers and have been duly authorized by all necessary corporate and, if required, owner action. Subject to the entry by the Bankruptcy Court of the applicable Orders, each Loan Document to which each Loan Party is a party has been duly executed and delivered by it and constitutes its legal, valid and binding obligation, as applicable, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

Section 7.03    Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including holders of its Equity Interests or any class of directors, managers or supervisors, as applicable, whether interested or disinterested, of any Loan Party and any other Person), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except such as have been obtained or made and are in full force and effect and other than (i) the recording and filing of financing statements as required by this Agreement, (ii) the Interim Order and the Final Order, as applicable and (iii) those third party authorizations, approvals or consents that are customarily obtained following closing, (b) will not violate (i) in any material respect, any applicable law or regulation or any order of any Governmental Authority or (ii) the Organizational Documents of any Loan Party, (c) will not violate or result in a default under any indenture, note, credit agreement or other similar instrument binding upon any Loan Party or its Properties, or give rise to a right thereunder to require any payment to be made by any Loan Party (other than the Prepetition First Lien Credit Documents and Prepetition Second Lien Note Documents, in each case, as defined in the Orders) and (d) will not result in the creation or imposition of any Lien on any Property of any Loan Party (other than the DIP Liens created by the Loan Documents and Orders and the Liens arising in respect of the Prepetition Credit Agreement and the Prepetition Note Purchase Agreement pursuant to the Orders and other Liens created pursuant to the Orders).

Section 7.04    Financial Condition; No Material Adverse Change; Budget.
(a)    Since June 30, 2020, (i) there has been no event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect and (ii) other than as resulting from the Transactions, the business of the Borrower and the Loan Parties has been conducted only in the ordinary course consistent with past business practices.
(b)    Neither the Borrower nor any other Loan Party has on the date of this Agreement, after giving effect to the Transactions, any material Debt or preferred Equity Interests (other than the Obligations, the Prepetition Obligations,  the Borrower Preferred Units, the Series A Preferred Stock and the Series B Redeemable Preferred Stock) or any contingent liabilities, off‐balance sheet liabilities or partnerships, liabilities for taxes, or unusual forward or long‐term commitments or unrealized or anticipated losses from any unfavorable commitments.
(c)    The Borrower has heretofore furnished to the Agent the Initial Budget. The Initial Budget and each Budget Update delivered thereafter are based on good faith estimates and assumptions believed by management of the Borrower to be reasonable and fair in light of current conditions and facts known to the Borrower at the time delivered.

Section 7.05    Litigation.    Other than as stayed upon the commencement of the Chapter 11 Cases, there are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened in writing against any Loan Party that (i) are not fully covered by insurance (except for normal deductibles) as to which there is a reasonable possibility of an adverse determination that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) involve any Loan Document or the Transactions.

Section 7.06    Environmental Matters. Except for such matters as set forth on Schedule 7.06 or that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect (or for each Loan Party’s Oil and Gas Properties where another party other than such Loan Party is the operator, to the knowledge of the Borrower could not reasonably be expected to have a Material Adverse Effect):

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(a)    While the Loan Parties have operated Properties, the Loan Parties and each of their respective Properties and operations thereon are, and within all applicable statute of limitation periods have been, in compliance with all applicable Environmental Laws;
(b)    the Loan Parties have obtained all Environmental Permits required for their respective operations and each of their Properties, with all such Environmental Permits being currently in full force and effect, and no Loan Party has received any written notice that any such existing Environmental Permit will be revoked or that any application for any new Environmental Permit or renewal of any existing Environmental Permit will be denied;
(c)    the Loan Parties have not received any written claims, demands, suits, orders, inquiries, or proceedings concerning any violation of, or any liability (including as a potentially responsible party) under, any applicable Environmental Laws that is pending or, to the Borrower’s knowledge, threatened against any Loan Party or any of their respective Properties or as a result of any operations at the Properties;
(d)    none of the Loan Parties owns or operates a treatment, storage, or disposal facility requiring a permit under the RCRA, regulations thereunder or any comparable state delegated Resource Conservation and Recovery Act program;
(e)    except as permitted under applicable laws, there has been no Release or, to the Borrower’s knowledge, threatened Release, of Hazardous Materials attributable to the operations of any Loan Party at, on, under or from any Loan Party’s Properties and there are no investigations, remediations, abatements, removals of Hazardous Materials required under applicable Environmental Laws relating to such Releases or threatened Releases or at such Properties and, to the knowledge of the Borrower, none of such Properties are adversely affected by any Release or threatened Release of a Hazardous Material originating or emanating from any other real property;
(f)    no Loan Party has received any written notice asserting an alleged liability or obligation under any Environmental Laws with respect to the investigation, remediation, abatement, removal, or monitoring of any Hazardous Materials, including at, under, or Released or threatened to be Released from any real properties offsite the Loan Party’s Properties and there are no conditions or circumstances that would reasonably be expected to result in the receipt of such written notice;
(g)    to the Loan Party’s knowledge, there has been no exposure of any Person or Property to any Hazardous Materials as a result of or in connection with the operations and businesses of any Loan Party or relating to any of their Properties that would reasonably be expected to form the basis for a claim against any Loan Party for damages or compensation and, to the Borrower’s knowledge, there are no conditions or circumstances that would reasonably be expected to result in the receipt of notice regarding such exposure; 
(h)    no Loan Party has assumed or retained any liability of another Person under Environmental Law or relating to Hazardous Materials, and, to the Borrower’s knowledge, no Loan Party otherwise has any liability under any Environmental Laws or relating to Hazardous Materials; and
(i)    the Loan Parties have provided to the Lenders complete and correct copies of all environmental site assessment reports, investigations, studies, analyses, and correspondence on environmental matters (including matters relating to any alleged non‐compliance with or liability under Environmental Laws) that are in any Loan Party’s possession or control and relating to their respective Properties or operations thereon.

Section 7.07    Compliance with the Laws and Agreements; No Defaults.
(a)    Subject to the entry of the Orders, as applicable, each Loan Party is in compliance with all Governmental Requirements applicable to it or its Property and all agreements and other instruments binding upon it or its Property, and possesses all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

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(b)    No Loan Party is in default nor has any event or circumstance occurred which, but for the expiration of any applicable grace period or the giving of notice, or both, would constitute a default or would require such Loan Party to Redeem or make any offer to Redeem all or any portion of any Debt outstanding under any indenture, note, credit agreement or other similar instrument pursuant to which any Material Indebtedness is outstanding or by which the Loan Parties or any of their Properties is bound (in each case, which is not stayed by the filing of the voluntary petition to commence the Chapter 11 Cases).
(c)    No Default has occurred and is continuing.

Section 7.08    Investment Company Act. No Loan Party is an “investment company” or a company “controlled” by an “investment company,” within the meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended.

Section 7.09    Taxes. Each Loan Party has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the applicable Loan Party has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect. To the knowledge of the Loan Parties, no material proposed Tax assessment is being asserted with respect any Loan Party.

Section 7.10    ERISA. Except for matters that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect:
(a)    Each Plan is, and has been, operated, administered and maintained in substantial compliance with, and the Borrower and each ERISA Affiliate have complied with ERISA, the terms of the applicable Plan and, where applicable, the Code.
(b)    No act, omission or transaction has occurred that could result in imposition on the Borrower or any ERISA Affiliate (whether directly or indirectly) of (i) either a civil penalty assessed pursuant to subsections (c), (i) or (l) of Section 502 of ERISA or a tax imposed pursuant to Chapter 43 of Subtitle D of the Code or (ii) breach of fiduciary duty liability damages under Section 409 of ERISA.
(c)    No liability to the PBGC (other than for the payment of current premiums which are not past due) by the Borrower or any ERISA Affiliate has been or is reasonably expected by any Loan Party or any ERISA Affiliate to be incurred with respect to any Plan.
(d)    No ERISA Event with respect to any Plan has occurred that has resulted or could reasonably be expected to result in liability of the Borrower under Title IV of ERISA to the Plan or the PBGC.
(e)    The actuarial present value of the benefit liabilities under each Plan does not, as of the end of the Borrower’s most recently ended Fiscal Year, exceed the current value of the assets (computed on a plan termination basis in accordance with Title IV of ERISA) of such Plan allocable to such benefit liabilities. The term “actuarial present value of the benefit liabilities” shall have the meaning specified in Section 4041 of ERISA.
(f)    Neither the Borrower nor any ERISA Affiliate sponsors, maintains or contributes to, or has at any time in the six‐year period preceding the date hereof sponsored, maintained or contributed to, or had any actual liability to any Multiemployer Plan.

Section 7.11    Disclosure; No Material Misstatements. The Loan Parties have disclosed to the Agent and the Lenders all agreements, instruments and corporate or other restrictions to which any Loan Party is subject, and all other existing facts and circumstances applicable to any Loan Party, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of any Loan Party to the Agent or any Lender or any of their Affiliates in connection with the negotiation of this Agreement or any other Loan Document or delivered hereunder or under any 

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other Loan Document (as modified or supplemented by other information so furnished) contain any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial or other information, the Loan Parties represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. There are no statements or conclusions in any Reserve Report delivered hereunder which are based upon or include misleading information or fail to take into account material information regarding the matters reported therein, it being understood that projections concerning volumes attributable to the Oil and Gas Properties and production and cost estimates contained in each Reserve Report are necessarily based upon professional opinions, estimates and projections and the Loan Parties do not warrant that such opinions, estimates and projections will ultimately prove to have been accurate.

Section 7.12    Insurance. For the benefit of each Loan Party, the Borrower has (a) all insurance policies sufficient for the compliance by the Loan Parties with all material Governmental Requirements and all material agreements and (b) insurance coverage, or self‐insurance, in at least such amounts and against such risk (including public liability) that are usually insured against by companies similarly situated and engaged in the same or a similar business for the assets and operations of the Loan Parties. Schedule 7.12, as of the date hereof, sets forth a list of all insurance maintained by the Borrower. 

Section 7.13    Restriction on Liens. Other than the Orders, neither the Borrower nor any Loan Party is a party to any material agreement or arrangement (other than (x) the Prepetition Credit Agreement Documents, (y) the Prepetition Note Purchase Documents and (z) Purchase Money Security Interests and Capital Leases creating Liens permitted by Section 9.03(c), but then only on the Property subject of such Purchase Money Security Interests or Capital Lease), or subject to any order, judgment, writ or decree, which either restricts or purports to restrict its ability to grant Liens to the Agent and the Lenders on or in respect of their Properties to secure the Obligations and the Loan Documents.

Section 7.14    Loan Parties. Except as set forth on Schedule 7.14 or as disclosed in writing to the Agent (which shall promptly furnish a copy to the Lenders), which shall be a supplement to Schedule 7.14, there are no other Loan Parties.

Section 7.15    Foreign Operations. The Borrower and the other Loan Parties do not own any Oil and Gas Properties not located within the geographical boundaries of the United States.

Section 7.16    Location of Business and Offices. The Borrower’s jurisdiction of organization is Delaware; the name of the Borrower as listed in the public records of its jurisdiction of organization is Rosehill Operating Company, LLC; and the organizational identification number of the Borrower in its jurisdiction of organization is 6199183 (or, in each case, as set forth in a notice delivered to the Agent pursuant to Section 8.01(l) in accordance with Section 12.01). The Borrower’s principal place of business and chief executive offices are located at the address specified in Section 12.01 (or as set forth in a notice delivered pursuant to Section 8.01(l) and Section 12.01(c)). Each Loan Party’s jurisdiction of organization, name as listed in the public records of its jurisdiction of organization, organizational identification number in its jurisdiction of organization, and the location of its principal place of business and chief executive office is stated on Schedule 7.14 (or as set forth in a notice delivered pursuant to Section 8.01(l)).

Section 7.17    Properties; Defensible Title, Etc.
(a)    Each Loan Party has good and defensible title to the Oil and Gas Properties evaluated in the most recently delivered Reserve Report under the Prepetition Note Purchase Agreement and good title to all its personal Properties other than (i) Properties sold in compliance with Section 9.11 from time to time and (ii) certain leases lost due to failure to drill in 2020, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to Liens permitted by Section 9.03, the Loan Party specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report under the Prepetition Note Purchase Agreement, and except as otherwise provided by statute, regulation or the standard and customary provisions of any applicable joint operating agreement, the ownership of such Properties shall not in any material respect obligate the Loan Party to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set 

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forth in the most recently delivered Reserve Report under the Prepetition Note Purchase Agreement that is not offset by a corresponding proportionate increase in the Loan Party’s net revenue interest in such Property.
(b)    All material leases and agreements necessary for the conduct of the business of the Loan Parties are valid and subsisting, in full force and effect, and there exists no default or event or circumstance which with the giving of notice or the passage of time or both would give rise to a default under any such lease or leases, which could reasonably be expected to have a Material Adverse Effect.
(c)    The rights and Properties presently owned, leased or licensed by the Loan Parties including all easements and rights of way, include all rights and Properties necessary to permit the Loan Parties to conduct their business in all material respects in the same manner as its business is conducted on the date hereof.
(d)    Each Loan Party owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual Property material to its business, and the use thereof by the Loan Party does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Loan Parties either own or have valid licenses or other rights to use all databases, geological data, geophysical data, engineering data, seismic data, maps, interpretations and other technical information used in their businesses as presently conducted, subject to the limitations contained in the agreements governing the use of the same, which limitations are customary for companies engaged in the business of the exploration and production of Hydrocarbons, with such exceptions as could not reasonably be expected to have a Material Adverse Effect.

Section 7.18    Maintenance of Properties. Except for such acts or failures to act as could not be reasonably expected to have a Material Adverse Effect, the Oil and Gas Properties (and Properties unitized therewith) of the Loan Parties have been maintained, operated and developed in a reasonably prudent manner and in conformity with all Governmental Requirements and in conformity with the provisions of all leases, subleases or other contracts comprising a part of the Hydrocarbon Interests and other contracts and agreements forming a part of the Oil and Gas Properties of the Loan Parties. Specifically in connection with the foregoing, except for those as could not be reasonably expected to have a Material Adverse Effect, (i) no Oil and Gas Property of the Loan Parties is subject to having allowable production reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) and (ii) none of the wells comprising a part of the Oil and Gas Properties (or Properties unitized therewith) of the Loan Parties is deviated from the vertical more than the maximum permitted by Governmental Requirements, and such wells are bottomed under and are producing from, and the well bores are wholly within, the Oil and Gas Properties (or in the case of wells located on Properties unitized therewith, such unitized Properties) of the Loan Parties. All pipelines, wells, gas processing plants, platforms and other material improvements, fixtures and equipment owned in whole or in part by the Loan Parties that are necessary to conduct normal operations are being maintained in a state adequate to conduct normal operations, and with respect to such of the foregoing which are operated by the Loan Parties, in a manner consistent with the Loan Parties’ past practices (other than those the failure of which to maintain in accordance with this Section 7.18 could not reasonably be expected to have a Material Adverse Effect).

Section 7.19    Gas Imbalances; Prepayments. Except as set forth on Schedule 7.19, on a net basis there are no gas imbalances take or pay or other prepayments which would require any Loan Party to deliver Hydrocarbons produced from their Oil and Gas Properties at some future time without then or thereafter receiving full payment therefor exceeding two percent (2.0%) of the aggregate volumes of natural gas (on an Mcf basis) listed in the Initial Reserve Report.

Section 7.20    Marketing of Production. Except for contracts listed and in effect on the date hereof on Schedule 7.20, and thereafter either disclosed in writing to the Agent or included in the most recently delivered Reserve Report delivered under the Prepetition Note Purchase Agreement, (a) the Loan Parties are receiving a price for all production sold thereunder which is computed substantially in accordance with the terms of the relevant contract and are not having deliveries curtailed substantially below the subject Property’s delivery capacity and (b) no material agreements exist which are not cancelable on 90 days’ notice or less without penalty or detriment for the sale of production from the Loan Parties’ Hydrocarbons (including calls on or other rights to purchase, production, whether 

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or not the same are currently being exercised) that (i) pertain to the sale of production at a fixed price and (ii) have a maturity or expiry date of longer than six (6) months from the date hereof.

Section 7.21    Security Interest. This Agreement and the Orders, subject to entry of the Orders, are effective to create in favor of the Agent, subject to the Carve-Out, for the benefit of the Secured Parties legal, valid, perfected and enforceable DIP Collateral and continuing Liens on, and security interests in, the DIP Collateral pledged hereunder or thereunder, in each case, with respect to priority, subject to no Liens other than Hedge Liens (as defined in the Orders), Administrative Adequate Protection Liens (as defined in the Orders), Prepetition First Liens (as defined in the Orders), Prepetition Second Liens (as defined in the Orders) and Permitted Priority Liens with the relative priorities granted pursuant to the terms of the Orders. Pursuant to the Interim Order and/or Final Order, no filing or other action will be necessary to perfect or protect such DIP Liens and security interests. Pursuant to and to the extent provided in the Interim Order and the Final Order, the Debt of the Debtors under this Agreement will constitute part of the DIP Claim. 

Section 7.22    Swap Agreements and Eligible Contract Participant. Schedule 7.22 sets forth a true and complete list of all Swap Agreements of the Loan Parties as of the date hereof. After the date hereof, each report required to be delivered by the Borrower pursuant to Section 8.01(d) sets forth a true and complete list of all Swap Agreements of the Loan Parties, the material terms thereof (including the type, term, effective date, termination date and notional amounts or volumes), the estimated net mark to market value thereof, all credit support agreements relating thereto (including any margin required or supplied, but excluding the Security Instruments) and the counterparty to each such agreement.

Section 7.23    Use of Proceeds . The proceeds of the Loans shall be used in accordance with the terms of the Approved Budget (subject to Permitted Variances). No Loan Party is engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.

Section 7.24    Chapter 11 Cases. The Chapter 11 Cases were commenced on the Petition Date in accordance with applicable law and proper notice has been or will be given of (i) the motion seeking approval of the Loan Documents, the Interim Order and the Final Order, (ii) the hearing for the entry of the Interim Order and (iii) the hearing for the entry of the Final Order, as applicable.

Section 7.25    Anti‐Corruption Laws; Sanctions; OFAC.
(a)    Each of the Loan Parties has implemented and maintains in effect policies and procedures designed to ensure compliance by each Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with applicable Anti‐Corruption Laws and applicable Sanctions.
(b)    Each Loan Party, their respective Subsidiaries, their respective officers and employees and, to the knowledge of each Loan Party, its directors and agents are in compliance with Anti‐Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in any Loan Party being designated as a Sanctioned Person.
(c)    None of (i) the Loan Parties, any Subsidiary or any of their respective directors, officers or employees, or (ii) to the knowledge of any Loan Party, any agent of any Loan Party that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. None of the Loan Parties will directly or, to its knowledge, indirectly use the proceeds from the Loans or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, for the purpose of financing the activities of any Person currently subject to any applicable Sanctions.

Section 7.26    EEA Financial Institution. No Loan Party is an EEA Financial Institution.

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ARTICLE VIII     
Affirmative Covenants
From and after the Closing Date and until the DIP Termination Date, the Borrower and each of the Loan Parties covenant and agree with the Lenders that:

Section 8.01    Financial Statements; Other Information. The Borrower will furnish to the Agent and each Lender:
(a)    Monthly LOS Reports. As soon as available, but in any event not later than 45 days after the end of each calendar month, commencing with the first full calendar month after the Closing Date, a report setting forth, for the trailing twelve month period, the volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for such trailing twelve month period from the Oil and Gas Properties, and setting forth the related ad valorem, severance and production taxes, lease operating expenses and capital expenditures attributable thereto and incurred for such trailing twelve month period.  
(b)    Quarterly Financial Statements. As soon as available, but in any event in accordance with then applicable law and not later than 60 days after the end of each of the first three Fiscal Quarters of each Fiscal Year of RRI, the unaudited consolidating and consolidated balance sheet for RRI and its Consolidated Subsidiaries and related statements of operations, members’ equity, as applicable, and cash flows as of the end of and for such Fiscal Quarter and the then elapsed portion of the Fiscal Year, setting forth in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year, all certified by a Responsible Officer of RRI as presenting fairly in all material respects the financial condition and results of operations of RRI and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year‐end audit adjustments and the absence of footnotes.
(c)    Certificate of Responsible Officer – Compliance. Concurrently with any delivery of financial statements under Section 8.01(b), a certificate of a Responsible Officer of each of RRI and the Borrower in substantially the form of Exhibit D hereto (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, and (ii) stating whether any change in GAAP or in the application thereof has occurred since the date of the most recently delivered financial statements referred to in  Section 8.01(b) and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate (the “Compliance Certificate”).
(d)    Certificate of Responsible Officer – Swap Agreements. Concurrently with any delivery of financial statements under Section 8.01(b), a certificate of a Responsible Officer, in form and substance satisfactory to the Requisite Lenders, setting forth as of the last Business Day of the period covered by such financial statements, a true and complete list of all Swap Agreements of each Loan Party, the material terms thereof (including the type, term, effective date, termination date and notional amounts or volumes), any new credit support agreements relating thereto (other than Security Instruments) not listed on Schedule 7.22, any margin required or supplied under any credit support document, and the counterparty to each such agreement.
(e)    Certificate of Insurer – Insurance Coverage. Within five (5) Business Days following each change in the insurance maintained in accordance with Section 8.07, certificates of insurance coverage with respect to the insurance required by Section 8.07, in form and substance satisfactory to the Requisite Lenders, and, if requested by the Agent or any Lender, all copies of the applicable policies.
(f)    Other Accounting Reports. Promptly upon receipt thereof, a copy of each other report or letter submitted to RRI or any Loan Party by independent accountants in connection with any annual, interim or special audit made by them of the books of any such Person, and a copy of any response by such Person, or the board of directors or other appropriate governing body of such Person, to such letter or report.

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(g)    SEC and Other Filings; Reports to Shareholders. Promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by RRI or any Loan Party with the SEC or with any national securities exchange.
(h)    Notices Under Material Instruments. Promptly after the furnishing thereof, copies of any financial statement, report or notice furnished to or by any Person pursuant to the terms of any preferred stock designation, indenture, loan or credit or other similar agreement, other than this Agreement and not otherwise required to be furnished to the Lenders pursuant to any other provision of this Section 8.01.
(i)    [Reserved].
(j)    Notice of Sales of Properties and Unwinds of Swap Agreements. In the event the Borrower or any of its Subsidiaries intends to sell, transfer, assign, or otherwise dispose of Oil and Gas Properties (or any Equity Interest of any Loan Party that owns Oil and Gas Properties) or terminate, unwind, cancel or otherwise dispose of or monetize Swap Agreements, prior written notice of such disposition, termination, unwind or cancellation, the price thereof and the anticipated date of closing and any other details thereof reasonably requested by the Agent or any Lender; provided that the foregoing are subject to the prior written consent of the Requisite Lenders in accordance with Section 9.11 herein.
(k)    Notice of Casualty Events. Prompt written notice, and in any event within ten Business Days, of the occurrence of any Casualty Event to any Property having a fair market value in excess of $250,000 or the commencement of any condemnation or eminent domain action or proceeding that could reasonably be expected to result in such a Casualty Event.
(l)    Information Regarding Borrower and Guarantors. Prompt written notice of (and in any event no later than ten (10) days prior thereto or such other time as the Requisite Lenders may agree) any change (i) in a Loan Party’s corporate name or in any trade name used to identify such Person in the conduct of its business or in the ownership of its Properties, (ii) in the location of the Loan Party’s chief executive office or principal place of business, (iii) in the Loan Party’s identity or corporate structure or in the jurisdiction in which such Person is incorporated or formed, (iv) in the Loan Party’s jurisdiction of organization or such Person’s organizational identification number in such jurisdiction of organization, and (v) in the Loan Party’s federal taxpayer identification number.
(m)    Production Report and Lease Operating Statements. Concurrently with the delivery of any financial statements pursuant to Section 8.01(b), a report setting forth, for each Fiscal Quarter during the then current Fiscal Year to date, the volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such Fiscal Quarter from the Oil and Gas Properties, and setting forth the related ad valorem, severance and production taxes, lease operating expenses and capital expenditures attributable thereto and incurred for each such Fiscal Quarter.
(n)    Variance Report. By 5:00 p.m. Houston time on each Variance Testing Date (beginning on the First Variance Testing Date), a variance report tested for the preceding two (2)-week period ended as of the immediately preceding Friday (the “Variance Testing Period”; provided that the first Variance Testing Period shall run from the day following the Petition Date through the second Friday thereafter), in form and substance satisfactory to the Agent and the Requisite Lenders in their reasonable discretion, detailing the following: (i) the aggregate disbursements of the Loan Parties and aggregate receipts, in each case, in respect of each line item during the applicable Variance Testing Period, (ii) any variance (whether positive or negative, expressed as a percentage) between the aggregate disbursements in respect of each line item made during such Variance Testing Period by the Loan Parties against the aggregate disbursements in respect of each line item for the Variance Testing Period as set forth in the Approved Budget applicable to such Variance Testing Period and (iii) any variance (whether positive or negative, expressed as a percentage) between the aggregate receipts received in respect of each line item during such Variance Testing Period by the Loan Parties against the aggregate receipts in respect of each line item for the Variance Testing Period as set forth in the Approved Budget applicable to such Variance Testing Period, in each case, with a detailed explanation of any such variance in form, substance and detail satisfactory to the Requisite Lenders in their reasonable discretion.

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(o)    Patriot Act. Promptly upon request, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti‐money laundering rules and regulations, including the USA Patriot Act.
(p)    Notices of Certain Changes. Promptly, but in any event no later than three (3) Business Days prior to the execution thereof, copies of any amendment, modification or supplement to any of the Organizational Documents of the Borrower or any Subsidiary.
(q)    Environmental, Social & Governance Reporting. Promptly upon request (and in any event within ten (10) Business Days of request), any reporting or information related to environmental, social and governance matters of the Loan Parties as the Agent or the Lenders may reasonably request from time to time.
(r)    Other Requested Information. Promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary (including any Plan or Multiemployer Plan and any reports or other information required to be filed under ERISA), or compliance with the terms of this Agreement or any other Loan Document, as the Agent or any Lender may reasonably request.
(s)    First Lien Loan Document Information. Concurrently with the furnishing or receipt thereof, copies of (i) any notice of default or any notice related to the exercise of remedies, in each case pursuant to the Prepetition Credit Facility, (ii) any amendment or other written modification of the Prepetition Credit Facility and (iii) any other notices, reports, reporting, deliverables or other written information provided under the terms of the Prepetition Credit Facility or the Orders, in each case not otherwise required to be furnished to the Agent or the Lenders pursuant to any other provisions of the Loan Documents or the Orders.
(t)    [Reserved]. 
(u)    Weekly Reporting Package. By 5:00 p.m. Houston time on the last Business Day of each week, commencing with the week following the week the Petition Date occurs, provide to the Lenders a reporting package that includes (i) current daily production by well (two-stream gross) provided seven days in arrears, (ii) current accounts payable aging report, including, but not limited to, accrued capital expenses, (iii) current corporate model as available (4+8 version or latest equivalent), (iv) current hedge mark-to-market detail, (v) final capitalization, including cash balance and Debt outstanding for such weekly period, (vi) all reporting and information to be delivered under the Orders, (vii) operations report, including current well status and anticipated capital needs, (viii) upon request, a six-week cash flow forecast and extended monthly liquidity budget and (ix) any other items reasonably requested by the Requisite Lenders, in each case under this clause (u) in form and detail reasonably satisfactory to the Requisite Lenders.

Section 8.02    Notices of Material Events. The Borrower will furnish to the Agent and each Lender prompt written notice of the following (and, in any case, no later than three (3) Business Days after knowledge thereof by any Loan Party):
(a)    the occurrence of any Default or Event of Default;
(b)    the filing or commencement of, or the threat in writing of, any action, suit, proceeding, investigation or arbitration by or before any arbitrator or Governmental Authority against or affecting the Loan Parties thereof not previously disclosed in writing to the Lenders or any material adverse development in any action, suit, proceeding, investigation or arbitration (whether or not previously disclosed to the Lenders) that, in either case, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;
(c)    the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; and
(d)    the occurrence of any Material Adverse Effect.

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Each notice delivered under this Section 8.02 shall be accompanied by a statement of a Responsible Officer setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

Section 8.03    Existence; Conduct of Business. The Borrower and each Loan Party will do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business and maintain, if necessary, its qualification to do business in each other jurisdiction in which its Oil and Gas Properties is located or the ownership of its Properties requires such qualification, except where the failure to so qualify could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 9.10.

Section 8.04    Payment of Obligations. Subject to the Approved Budget (and Permitted Variances), each Loan Party will pay its obligations, including the Tax liabilities of each Loan Party, in each case, before the same shall become delinquent or in default, except where the validity or amount thereof is being contested in good faith by appropriate proceedings, and the applicable Loan Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP.

Section 8.05    Performance of Obligations under Loan Documents. The Borrower will pay the Loans according to the terms hereof, and the Borrower and each Loan Party will do and perform every act and discharge all of the obligations to be performed and discharged by them under the Loan Documents, including this Agreement, at the time or times and in the manner specified.

Section 8.06    Operation and Maintenance of Properties. Subject to the Approved Budget (after giving effect to Permitted Variances), the Borrower and each Loan Party, at its own expense, will (in each case subject to any necessary order or authorization of the Bankruptcy Court):
(a)    operate its Oil and Gas Properties and other material Properties or cause such Oil and Gas Properties and other material Properties to be operated in as a reasonably prudent operator in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance with all applicable Governmental Requirements, including applicable pro ration requirements and Environmental Laws, and all applicable laws, rules and regulations of every other Governmental Authority from time to time constituted to regulate the development and operation of its Oil and Gas Properties and the production and sale of Hydrocarbons and other minerals therefrom, except, in each case, where the failure to comply could not reasonably be expected to have a Material Adverse Effect.
(b)    maintain and keep in good repair, working order and efficiency (ordinary wear and tear excepted) all of its material Oil and Gas Properties and other Properties necessary to the conduct of its business, including all equipment, machinery and facilities as would a reasonably prudent operator.
(c)    promptly pay and discharge, or use commercially reasonable efforts to cause to be paid and discharged, all material delay rentals, royalties, expenses and indebtedness accruing under the leases or other agreements affecting or pertaining to its Oil and Gas Properties and will do all other things necessary, in accordance with industry standards, to keep unimpaired their rights with respect thereto and prevent any forfeiture thereof or default thereunder.
(d)    promptly perform or use commercially reasonable efforts to cause to be performed, in accordance with industry standards, the obligations required by each and all of the assignments, deeds, leases, sub‐leases, contracts and agreements affecting its interests in its Oil and Gas Properties and other material Properties.

Section 8.07    Insurance. The Borrower will maintain, with financially sound and reputable insurance companies, insurance covering all Loan Parties, in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. Within ten (10) Business Days of the Closing Date (or such later date acceptable to the Requisite Lenders), the loss payable clauses or provisions in the applicable insurance policy or policies insuring any of the DIP Collateral for the Loans shall be 

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endorsed in favor of and made payable to the Agent as a “lender loss payee” or other formulation acceptable to the Requisite Lenders and such liability policies shall name the Agent, as the Agent for the benefit of the Secured Parties, as “additional insured”. The Borrower shall cause, within such ten (10) Business Day period, such policies to also provide that the insurer will endeavor to give at least 30 days prior notice of any cancellation to the Agent (or ten (10) days in the case of non-payment).

Section 8.08    Books and Records; Inspection Rights. The Loan Parties will keep proper books of record and account in accordance with GAAP.  The Loan Parties will permit any representatives designated by the Agent or the Requisite Lenders, upon reasonable prior notice, to visit and inspect its Properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested; provided that the Requisite Lenders shall provide the Borrower and the Agent with reasonable notice prior to any visit or inspection.  In the event the Requisite Lenders desire to conduct an audit of any Loan Party, such Lenders shall make a reasonable effort to conduct such audit contemporaneously with any audit to be performed by the Agent.  The Loan Parties shall reimburse the Agent and the Requisite Lenders for all costs incurred in connection with such visitations and inspections; provided, however that prior to the occurrence of an Event of Default, the Loan Parties shall only be obligated to reimburse the Agent and the Requisite Lenders for all costs incurred in connection with one (1) such visitation and inspection per year.

Section 8.09    Compliance with Laws. The Loan Parties will comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its Property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Loan Parties will maintain in effect and enforce policies and procedures designed to ensure compliance by the Loan Parties and their respective directors, officers, employees and agents with applicable Anti‐Corruption Laws and applicable Sanctions.

Section 8.10    Environmental Matters.
(a)    The Loan Parties shall: (i) comply, and shall cause its Properties and operations to comply, with all applicable Environmental Laws, except to the extent any breach thereof could not be reasonably expected to have a Material Adverse Effect; (ii) not dispose of or otherwise Release any Hazardous Material, or solid waste on, under, about or from any of the Borrower’s or the other Loan Parties’ Properties or any other Property to the extent caused by the Borrower’s or any of the other Loan Parties’ operations except in compliance with applicable Environmental Laws, the disposal or Release of which could reasonably be expected to have a Material Adverse Effect; (iii) timely obtain or file all notices, and Environmental Permits, if any, required under applicable Environmental Laws to be obtained or filed in connection with the operation or use of the Borrower’s or the other Loan Parties’ Properties, which failure to obtain or file could reasonably be expected to have a Material Adverse Effect; (iv) promptly commence and diligently prosecute to completion any assessment, evaluation, investigation, monitoring, containment, cleanup, removal, repair, restoration, remediation or other remedial obligations (collectively, the “Remedial Work”) in the event any Remedial Work is required or reasonably necessary under applicable Environmental Laws because of or in connection with the actual or suspected past, present or future disposal or other Release of any Hazardous Materials on, under, about or from any of the Borrower’s or the other Loan Parties’ Properties, which failure to commence and diligently prosecute to completion could reasonably be expected to have a Material Adverse Effect; (v) conduct their respective operations and businesses in a manner that will not expose any Property or Person to Hazardous Materials that could reasonably be expected to form the basis for a claim for damages or compensation, which claim could reasonably be expected to have a Material Adverse Effect; and (vi) establish and implement such procedures as may be necessary to continuously determine and assure that the Borrower’s and the other Loan Parties’ obligations under this Section 8.10(a) are timely and fully satisfied, which failure to establish and implement could reasonably be expected to have a Material Adverse Effect.
(b)    The Loan Parties will promptly, but in no event later than five Business Days of any Loan Party becoming aware thereof, notify the Agent and the Lenders in writing of any threatened action, investigation or inquiry by any Governmental Authority or any demand or lawsuit by any landowner or other third party threatened in writing against the Borrower or the other Loan Parties or their Properties of which the any Loan Party has knowledge in connection with any Environmental Laws (excluding routine testing and corrective action) if any Loan Party 

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reasonably anticipates that such action will result in liability (whether individually or in the aggregate) in excess of $250,000, not fully covered by insurance, subject to normal deductibles.
(c)    If an Event of Default has occurred and is continuing, the Agent may (but shall not be obligated to), at the expense of the Borrower and to the extent that any Loan Party has the right to do so, conduct such Remedial Work as it deems appropriate to determine the nature and extent of any noncompliance with applicable Environmental Laws, the nature and extent of the presence of any Hazardous Material and the nature and extent of any other environmental conditions that may exist at or affect any of the Mortgaged Properties, and the Loan Parties shall cooperate with the Agent in conducting such Remedial Work. Such Remedial Work may include a detailed visual inspection of the Mortgaged Properties, including all storage areas, storage tanks, drains and dry wells and other structures and locations, as well as the taking of soil samples, surface water samples, and ground water samples and such other investigations or analyses as the Agent deems appropriate. The Agent and its officers, employees, the Agents and contractors shall have and are hereby granted the right to enter upon the Mortgaged Properties for the foregoing purposes, provided that any such representative of the Agent shall comply with the Borrower’s safety, health and environmental policies and shall carry and maintain adequate insurance coverages appropriate or customary for the tasks to be performed.

Section 8.11    Further Assurances.
(a)    The Loan Parties at their sole expense will promptly execute and deliver to the Agent all such other documents, agreements and instruments reasonably requested by the Agent or the Requisite Lenders to comply with, cure any defects or accomplish the conditions precedent, covenants and agreements of any Loan Party in the Loan Documents or to further evidence and more fully describe the collateral intended as security for the Obligations, or to correct any omissions in this Agreement or the Security Instruments, or to state more fully the obligations secured therein, or to perfect, protect or preserve any DIP Liens created pursuant to this Agreement or any of the Security Instruments or the priority thereof, or to make any recordings, file any notices or obtain any consents, all as may be reasonably necessary or appropriate, in the sole discretion of the Requisite Lenders, in connection therewith.
(b)    The Loan Parties hereby authorize the Agent to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Mortgaged Property without the signature of the Borrower or any other Loan Party where permitted by law. A carbon, photographic or other reproduction of the Security Instruments or any financing statement covering the Mortgaged Property or any part thereof shall be sufficient as a financing statement where permitted by law.

Section 8.12    [Reserved].

Section 8.13    [Reserved].

Section 8.14    Additional Collateral; Additional Guarantors.
(a)    Upon request by the Agent or the Requisite Lenders, the Borrower and each Loan Party shall promptly as practicable execute and deliver to the Agent all such documents, agreements and instruments (including without limitation further Security Instruments, mortgages, deeds of trust, financing statements, continuation statements, and assignments of accounts and contract rights) necessary or desirable to evidence the perfection of the security interest in favor of the Agent for the benefit of the Secured Parties in the requested property with the priority required by the Orders.
(b)    The Loan Parties shall promptly (and, in any event, within five (5) Business Days of the creation or acquisition thereof) cause each newly created or acquired Subsidiary to guarantee the Obligations pursuant to the Guaranty Agreement. In connection with any such guaranty, the Loan Parties  shall, or shall cause (i) such Subsidiary to execute and deliver the Guaranty Agreement (or a supplement thereto, as applicable) and a security agreement (or a supplement thereto, as applicable) and (ii) the owners of the Equity Interests of such Subsidiary to pledge all of the Equity Interests of such new Subsidiary (including delivery of original stock certificates evidencing the Equity Interests of such Subsidiary, together with an appropriate undated stock powers for each certificate duly 

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executed in blank by the registered owner thereof) and to execute and deliver such other additional closing documents, legal opinions and certificates as shall reasonably be requested by the Requisite Lenders.
(c)    In the event that any Loan Party becomes the owner of a Subsidiary, then the Loan Party shall (within five (5) Business Days thereof) (i) pledge 100% of all the Equity Interests of such Subsidiary, in each case, that are owned by such Loan Party (including, in each case, delivery of original stock certificates, if any, evidencing such Equity Interests, together with appropriate stock powers for each certificate duly executed in blank by the registered owner thereof) and (ii) (along with such Subsidiary) execute and deliver such other additional closing documents and certificates as shall reasonably be requested by the Requisite Lenders.
(d)    The Borrower hereby guarantees the payment of all Obligations of each Loan Party (other than the Borrower) and absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time to each Loan Party (other than the Borrower) in order for such Loan Party to honor its obligations under its respective Guaranty Agreement and other Security Instruments including obligations with respect to Swap Agreements (provided, however, that the Borrower shall only be liable under this Section 8.14(d) for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 8.14(d), or otherwise under this Agreement or any Loan Document, as it relates to such other Loan Parties, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of the Borrower under this Section 8.14(d) shall remain in full force and effect until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder and all other amounts payable under the Loan Documents have been paid in full. 

Section 8.15    ERISA Compliance. The Loan Parties will promptly furnish and will cause its Subsidiaries and any ERISA Affiliate to promptly furnish to the Agent (i) upon becoming aware of the occurrence of any ERISA Event or of any Prohibited Transaction, in each case, that could reasonably be expected to result in a Material Adverse Effect, in connection with any Plan or any trust created thereunder, a written notice of such Loan Party or Subsidiary, as the case may be, specifying the nature thereof, what action such Person is taking or proposes to take with respect thereto, and, when known, any action taken or proposed by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto, and (ii) upon receipt thereof, copies of any notice of the PBGC’s intention to terminate or to have a trustee appointed to administer any Plan. Promptly following receipt of a reasonable request by the Agent, the Loan Parties will furnish and will cause each Subsidiary to promptly furnish to the Agent copies of any documents described in Sections 101(k) or 101(l) of ERISA that any Loan Party may request with respect to any Multiemployer Plan; provided, that if the Loan Parties have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Agent, the Loan Parties shall promptly make a request for such documents or notices from such administrator or sponsor and the Borrower shall provide copies of such documents and notices to the Agent promptly after receipt thereof.

Section 8.16    Location of Proceeds of the Loans.
(a)    No Loan Party will deposit the proceeds of the Loans in an Account that is not subject to a perfected lien in favor of the Agent for the benefit of the Secured Parties with the priority required by the Orders.

Section 8.17    EEA Financial Institution. No Loan Party is an EEA Financial Institution.

Section 8.18    Minimum Hedging Volumes. The Borrower and/or other Loan Parties will as soon as practical after the Petition Date (and in no case later than ten (10) Business Days after the Petition Date), enter into Swap Agreements satisfactory to the Requisite Lenders with Approved Counterparties pursuant to which the Loan Parties have hedged notional volumes of not less than 70% of the reasonably anticipated projected production (based on the Initial Reserve Report and updated by the Borrower to include wells brought into production and exclude wells permanently shut in (as determined by the Borrower in its reasonable discretion), in each case prior to the Closing Date) of crude oil and natural gas, calculated separately, from Proved Developed Producing Reserves of Oil and Gas Properties of the Loan Parties for each month during the subsequent twenty-four (24) calendar month period immediately following the Petition Date; provided that in each case, at least 50% of all such Swap Agreements shall be in the form of fixed for floating swaps and the remaining percentage may be in the form of costless collars or puts.

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Section 8.19    Milestones. Each of the Borrower and the Guarantors covenants and agrees with each Lender that, so long as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest on each Loan, all fees and all other expenses or amounts payable under any Loan Document have been Paid in Full, each of the Borrower and the other Guarantors shall and shall cause each of their Subsidiaries to ensure that each of the milestones (with each of clauses (a), (b), (c) and (d) of this Section 8.19 being referred to herein as a “Milestone” and collectively, the “Milestones”) set forth below  is achieved in accordance with the applicable timing referred to below (or such later dates as may be approved in writing by the Requisite Lenders in their sole discretion):
(a)    No later than three (3) Business Days after the Petition Date, the entry by the Bankruptcy Court of the Interim Order;
(b)    No later than forty-five (45) days after the Petition Date, the entry by the Bankruptcy Court of the Final Order;
(c)    No later than sixty (60) days after the Petition Date, the entry by the Bankruptcy Court of the Confirmation Order; and
(d)    No later than seventy-five (75) days after the Petition Date, the Effective Date shall have occurred.

Section 8.20    Bankruptcy Covenants. 
(a)    Notwithstanding anything in the Loan Documents (other than the Orders) to the contrary, the Loan Parties shall in all material respects comply with all covenants, terms and conditions and otherwise perform all obligations set forth in the Orders in all material respects.
(b)    The Orders shall provide that the Obligations shall be entitled, on a joint and several basis, to the benefits of section 364(c)(1) of the Bankruptcy Code, having and shall have superpriority administrative expense claim status in the Chapter 11 Cases, with priority over any and all unsecured claims and all administrative expenses against the Debtors, including administrative expenses of the kind that are specified in sections 105, 326, 328, 330, 331, 365, 503(a), 503(b), 506(c), 507(a), 507(b), 546(c), 726, 1114 or any other provisions of the Bankruptcy Code, subject only to the Carve-Out, the Administrative Adequate Protection Claims, the Hedge Claims and, until paid in full in cash, the Prepetition First Lien Secured Obligations (including adequate protection claims in respect thereof) and the Prepetition Note Purchase Secured Obligations (including adequate protection claims in respect thereof) to the extent set forth in the Orders (the “DIP Claim”).
(c)    At least two (2) Business Days prior to filing (or, if not practicable, as soon as reasonably practicable), the Borrower shall provide the Agent and Lenders copies of all pleadings and motions to be filed by or on behalf of any Debtor with the Bankruptcy Court in the Chapter 11 Cases, which such pleadings shall include the Agent and the Lenders as a notice party.

Section 8.21    Budget Updates, Weekly Calls and Approved Budget.  
(a)    By 5:00 p.m. Houston time on the third Business Day of each calendar week, commencing with the week following the week in which the Petition Date occurs, the Borrower shall deliver to the Lenders an updated budget, consistent with the form of the Initial Budget and containing line items of sufficient detail to reflect the Loan Parties’ projected disbursements and projected cash receipts for the then-upcoming thirteen (13) week period (the “Budget Update”). Within one (1) Business Day of the Requisite Lenders’ receipt of the Budget Update (or more frequent dates as may be requested by the Requisite Lenders), the Borrower and Opportune LLP will attend a teleconference with the Requisite Lenders and the Prepetition First Lien Administrative Agent (and, if elected by either the Requisite Lenders or the Prepetition First Lien Administrative Agent, their respective financial advisors) to update them about compliance with the Approved Budget and the Budget Update and any other matters reasonably requested by any Lender or the Prepetition First Lien Administrative Agent. 

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(b)    By 5:00 p.m. Houston time on the date that is two (2) days prior to each Budget Approval Deadline, the Borrower shall deliver to the Agent and the Lenders (A) an updated budget, consistent with the form of the Initial Budget and containing line items of sufficient detail to reflect the Loan Parties’ projected disbursements and projected cash receipts for the then upcoming thirteen (13) week period (the “Interim Budget”) and (B) all other information requested by the Requisite Lenders, in form and substance satisfactory to the Requisite Lenders in their reasonable discretion. The Loan Parties hereby acknowledge and agree that any Interim Budget provided to the Lenders shall not amend, supplement or replace the applicable Approved Budget until the Requisite Lenders deliver a notice (which may be delivered by electronic mail) to the Borrower stating that the Requisite Lenders have approved of such Interim Budget; provided, that if the Requisite Lenders do not provide such notice to the Borrower, then the existing Approved Budget shall continue to constitute the applicable Approved Budget until such time as either the Bankruptcy Court orders alternative relief pursuant to dispute procedures agreed by the Borrower and the Requisite Lenders or the subject Interim Budget is agreed to among the Borrower and the Requisite Lenders in accordance with this Section 8.21. Once such Interim Budget (or any alternate budget directed by the Bankruptcy Court) is so approved in writing by the Requisite Lenders, it shall amend, supplement and replace the prior Approved Budget and shall thereafter constitute the Approved Budget. For the avoidance of doubt, the Borrower’s failure to obtain the Requisite Lenders’ consent to an Interim Budget by the Budget Approval Deadline shall not constitute an Event of Default. 

Section 8.22    Use of Proceeds.
(a)    The Loan Parties shall use the proceeds of any Borrowing on or after the Closing Date to (i) pay certain costs, fees and expenses related to the Chapter 11 Cases, (ii) make payments pursuant to any interim or final order entered by the Bankruptcy Court pursuant to any “first day” motions permitting the payment by the Debtors of any prepetition amounts then due and owing (the “First Day Orders”), provided, that, the form and substance of such First Day Orders (other than the Orders) shall be acceptable to the Requisite Lenders in their reasonable discretion and the form and substance of the Orders shall be acceptable to the Requisite Lenders in their sole and absolute discretion, (iii) make the payments in respect of the Administrative Adequate Protection Claims, Hedge Claims and otherwise to the extent permitted by the Hedge Order and (iv) fund the working capital needs, including capital expenditure needs, of the Loan Parties from the Closing Date until entry of the Final Order; provided, further, that, in each case such payments, other than payments with respect to professional fees, shall be made in accordance with the Approved Budget, including any Permitted Variances.
(b)    The Loan Parties shall apply the proceeds of the Loans for uses solely to the extent that any such application of proceeds shall be in compliance with the Approved Budget, including any Permitted Variances.
(c)    Except as permitted pursuant to the Final Order, proceeds of the DIP Facility shall not be used (i) to permit the Loan Parties or any other party-in-interest or their representatives to challenge or otherwise contest or institute any proceeding to determine (x) the validity, perfection or priority of security interests in favor of or for the benefit of any of the Agent, the Lenders, the Prepetition First Lien Lenders, the Prepetition First Lien Administrative Agent, the Prepetition Note Agent or the Prepetition Note Holders or (y) the enforceability of the obligations of any Loan Party under the DIP Facility, the Prepetition Credit Facility or the Prepetition Note Purchase Agreement or (ii) to investigate, commence or prosecute any claim, motion, proceeding or cause of action against any of the Agent, the Lenders, the Prepetition First Lien Lenders, the Prepetition First Lien Administrative Agent, the Prepetition Note Agent or the Prepetition Note Holders and their respective agents, attorneys, advisors or representatives, including, without limitation, any lender liability claims or any claims attempting to invalidate the RSA.

ARTICLE IX     
Negative Covenants
From and after the Closing Date and until the DIP Termination Date, each of the Loan Parties covenants and agrees with the Lenders that:

Section 9.01    [Reserved]. 

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Section 9.02    Debt. None of the Loan Parties will, nor will they permit any Subsidiary to, incur, create, assume or suffer to exist any Debt, except:
(a)    the Loans or other Obligations arising under the Loan Documents or any guaranty of or suretyship arrangement for the Loans or other Obligations arising under the Loan Documents;
(b)    Debt outstanding as of the Petition Date and set forth on Schedule 9.02;
(c)    Debt associated with worker’s compensation claims, bonds or surety obligations required by Governmental Requirements or by third parties in the ordinary course of business in connection with the operation of, or provision for the abandonment and remediation of, the Oil and Gas Properties;
(d)    [reserved];
(e)    endorsements of negotiable instruments for collection in the ordinary course of business;
(f)    obligations to royalty, overriding and working interest owners, joint interest obligations, trade payables and other lease operating expenses incurred in the ordinary course of business which are not more than ninety (90) days past due;
(g)    Debt associated with appeal bonds and bonds or sureties provided to any Governmental Authority or to any other Person in connection with the operation of the Oil and Gas Properties, including with respect to plugging, facility removal and abandonment of the Oil and Gas Properties;
(h)    Debt or other obligations of the type described under clause (c) of the definition thereof (whether or not then overdue by more than ninety (90) days as of the Closing Date) that are in existence as of the Closing Date; 
(i)    to the extent constituting Debt, obligations in respect of Swap Agreements in accordance with the Hedge Order and this Agreement;
(j)    other Debt that is not in respect of borrowed money since the Petition Date not to exceed $200,000 in the aggregate at any time outstanding;
(k)    any guarantee of any other Debt permitted to be incurred hereunder; and
(l)    Debt as of the Petition Date in respect of the Prepetition Credit Facility, the Prepetition Note Purchase Agreement, the Borrower Preferred Units, the Series A Preferred Stock and the Series B Redeemable Preferred Stock, together with interest accrued thereon.

Section 9.03    Liens. None of the Loan Parties will, nor will they permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any of its Properties (now owned or hereafter acquired), except:
(a)    Liens securing the payment of any Obligations;
(b)    Excepted Liens;
(c)    Liens outstanding as of the Petition Date and set forth on Schedule 9.03; 
(d)    Liens securing the Prepetition First Lien Secured Obligations and the Prepetition Note Purchase Secured Obligations; 

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(e)    landlord’s liens, operators’, vendors’, carriers’, warehousemen’s, repairmen’s, mechanics’, suppliers’, workers’, materialmen’s, construction or other like Liens filed during the Chapter 11 Case with respect to Debt incurred under Section 9.02(f), (h) or (j); and
(f)    other Liens securing obligations (other than Debt for borrowed money) since the Petition Date not to exceed $200,000 in the aggregate at any time outstanding.

Section 9.04    Restricted Payments. None of the Loan Parties will, nor will they permit any Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except Subsidiaries may declare and pay dividends and other Restricted Payments to the Borrower.

Section 9.05    Investments, Loans and Advances. None of the Loan Parties will, nor will they permit any Subsidiary to, make or permit to remain outstanding any Investments in or to any Person, except that the foregoing restriction shall not apply to:
(a)    Investments existing on the Petition Date as set forth on Schedule 9.05;
(b)    accounts receivable arising in the ordinary course of business;
(c)    direct obligations of the United States or any agency thereof, or obligations guaranteed by the United States or any agency thereof, in each case maturing within one year from the date of acquisition thereof;
(d)    commercial paper maturing within one year from the date of acquisition thereof rated in one of the two highest grades by S&P or Moody’s;
(e)    deposits maturing within one year from the date of creation thereof with, including certificates of deposit issued by, any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits aggregating at least $500,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Moody’s, respectively;
(f)    Investments in money market or similar funds with assets of at least $1,000,000,000 and rated Aaa by Moody’s or AAA by S&P;
(g)    Investments (i) made by the Borrower in or to its Subsidiaries that are Loan Parties or (ii) made by Loan Parties in or to each other or the Borrower; provided, that, as a condition thereto, the Borrower and Loan Parties have taken all such actions to the satisfaction of the Agent and Requisite Lenders necessary (if any) to maintain the Agent’s perfected lien on the Property subject to such Investment with the priority required by the Orders;
(h)    [reserved];
(i)    Investments pursuant to Swap Agreements or hedging agreements otherwise in accordance with the Hedge Order and permitted under this Agreement; 
(j)    Investments constituting immaterial deposits made in connection with the purchase of goods or services in the ordinary course of business and consistent with past practice; and
(k)    other Investments in the aggregate since the Petition Date not to exceed $200,000.

Section 9.06    Nature of Business; No International Operations. The Loan Parties will not allow any material change to be made in the character of their business as an independent oil and gas exploration and production company. The Loan Parties will not (i) acquire or make any other expenditures (whether such expenditure is capital, 

53

operating or otherwise) in or related to, any Oil and Gas Properties not located within the geographical boundaries of the United States or (ii) acquire or create any Foreign Subsidiary.

Section 9.07    Proceeds of the Loans. The Loan Parties will not permit the proceeds of the Loans to be used for any purpose other than those permitted by Section 7.23. No Loan Party nor any Person acting on behalf of any Loan Party has taken or will take any action which causes any of the Loan Documents to violate Regulations T, U or X or any other regulation of the Board or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereinafter be in effect. If requested by the Agent or the Requisite Lenders, the Borrower will furnish to the Agent and each Lender FR Form U‐1 or such other form referred to in Regulation U, Regulation T or Regulation X of the Board, as the case may be. The Loan Parties shall not use, and shall ensure that their Subsidiaries and their respective directors, officers, employees and agents shall not use, the proceeds of any Loan:
(a)    in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti‐Corruption Laws,
(b)    for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or,
(c)    in any manner that would result in the violation of any Sanctions applicable to any party hereto.

Section 9.08    ERISA Compliance. Except as could not reasonably be expected to result in a Material Adverse Effect, the Loan Parties will not, and will not permit any Subsidiary to, at any time: 
(a)    Allow any ERISA Event to occur; or
(b)    Contribute to or assume an obligation to contribute to, or permit any Subsidiary to contribute to or assume an obligation to contribute to, any Multiemployer Plan.

Section 9.09    Sale or Discount of Receivables. Except for receivables obtained by the Loan Parties out of the ordinary course of business or the settlement of joint interest billing accounts in the ordinary course of business or discounts granted to settle collection of accounts receivable or the sale of defaulted accounts arising in the ordinary course of business in connection with the compromise or collection thereof and not in connection with any financing transaction, none of the Loan Parties will, nor will they permit any Subsidiary to, discount or sell (with or without recourse) any of its account receivables.

Section 9.10    Mergers, Etc. No Loan Party will merge into or with or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its Property to any other Person, (whether now owned or hereafter acquired), or liquidate or dissolve.

Section 9.11    Sale of Properties and Termination of Hedging Transactions. None of the Loan Parties will, nor will they permit any Subsidiary to, sell, assign, farm‐out, convey or otherwise transfer any Property (subject to Section 9.10) or otherwise monetize any Swap Agreement in respect of commodities, in each case, except for:
(a)    the sale of inventory (including Hydrocarbons) in the ordinary course of business;
(b)    subject to the Orders, farmouts in the ordinary course of business of undeveloped acreage or undrilled depths to which no Proved Reserves were attributable to in the most recent Reserve Report delivered to the Agent and the Requisite Lenders and assignments in connection with such farmouts, in each case, approved by the Requisite Lenders in their sole discretion;

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(c)    the sale or transfer of immaterial equipment that is no longer necessary for the business of a Loan Party or are replaced by equipment of at least comparable value and use, in each case, in the ordinary course of business;
(d)    [reserved;]
(e)    the pooling or unitization of Oil and Gas Properties to which no Proved Reserves are attributed in the ordinary course of business, to the extent approved by the Requisite Lenders in their sole discretion;
(f)    the sale or transfer of other Property in an amount not to exceed $200,000 in the aggregate since the Petition Date; and 
(g)    Casualty Events.

Section 9.12    Sales and Leasebacks. None of the Loan Parties will, nor will they permit any Subsidiary to, enter into any arrangement with any Person providing for the leasing by any Loan Party of real or personal property that has been or is to be sold or transferred by such Loan Party to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of such Loan Party.

Section 9.13    Environmental Matters. None of the Loan Parties will, nor will they permit any Subsidiary to, (a) cause or knowingly permit any of its Property to be in violation of, or (b) do anything or knowingly permit anything to be done which will subject any such Property to any Remedial Work (other than Remedial Work done in the ordinary course of business) under, any Environmental Laws that could reasonably be expected to have a Material Adverse Effect; it being understood that clause (b) above will not be deemed as limiting or otherwise restricting any obligation to disclose any relevant facts, conditions and circumstances pertaining to such Property to the appropriate Governmental Authority.

Section 9.14    Transactions with Affiliates. None of the Loan Parties will, nor will they permit any Subsidiary to, enter into any transaction, including any purchase, sale, lease or exchange of Property or the rendering of any service, with any Affiliate; provided that the foregoing shall not apply to (a) transactions as in effect as of the Petition Date and set forth on Schedule 9.14, (b) transactions among or between the Loan Parties,  and (c) transactions among the Loan Parties and their Affiliates entered into in connection with the Crude Oil Gathering Agreement and the Gas Gathering Agreement (in each case as defined in the Business Combination Agreement).

Section 9.15    Negative Pledge Agreements; Dividend Restrictions. None of the Loan Parties will, nor will they permit any Subsidiary to, create, incur, assume or suffer to exist any contract, agreement or understanding which in any way prohibits or restricts (a) the granting, conveying, creation or imposition of any Lien on any of its Property to secure the Obligations or which requires the consent of other Persons in connection therewith or (b) any Loan Party from paying dividends or making distributions to any Loan Party or receiving any money in respect of Debt or other obligations owed to it, or which requires the consent of or notice to other Persons in connection therewith; provided that (i) the foregoing shall not apply to restrictions and conditions under the Loan Documents, the Prepetition Credit Agreement Documents, the Prepetition Note Purchase Documents or the Orders and (ii)  clause (a) of the foregoing shall not apply to (A)  customary provisions in leases restricting the assignment thereof, (B) customary provisions restricting assignment of any licensing agreement (in which a Loan Party or its Subsidiaries are the licensee) with respect to a contract entered into by a Loan Party or its Subsidiaries in the ordinary course of business, (C) customary provisions restricting subletting, sublicensing or assignment of any intellectual property license or any lease governing any Oil and Gas Properties of a Loan Party and its Subsidiaries and (D) provisions in agreements related to Capital Leases and purchase money Debt permitted to be incurred and outstanding under the Prepetition Note Purchase Agreement and the Prepetition Credit Agreement, in each case as in effect at the time of incurrence of such Debt.

Section 9.16    Take‐or‐Pay or Other Prepayments. None of the Loan Parties will, nor will they permit any Subsidiary to, allow take‐or‐pay or other prepayments with respect to the Oil and Gas Properties of any Loan Party 

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that would require any Loan Party to deliver Hydrocarbons at some future time without then or thereafter receiving full payment therefor.

Section 9.17    Swap Agreements. None of the Loan Parties will, nor will they permit any Subsidiary to, enter into any Swap Agreements with any Person other than:
(a)    Swap Agreements in respect of commodities (i) with an Approved Counterparty, (ii) which have a tenor not greater than five (5) years and (iii) the notional volumes for which (when aggregated and netted with other commodity Swap Agreements then in effect other than basis differential swaps on volumes already hedged pursuant to other Swap Agreements) do not exceed, as of the date such Swap Agreement is executed and at any time thereafter (such notional volumes to be based upon the projections contained in the then‐most recently delivered Reserve Report), for the sixty (60) month period from the date such Swap Agreement (including each trade or transaction) is executed, 100% of the reasonably anticipated projected production (as such production is projected in the most recent Reserve Report (which may be the Initial Reserve Report) delivered pursuant to the terms of this Agreement) from Proved Oil and Gas Properties of the Loan Parties for each of crude oil, natural gas and natural gas liquids, calculated separately; provided that (1) in each case, at least 50% of all commodity hedge transactions shall be in the form of fixed for floating swaps and the remaining percentage may be in the form of costless collars or puts, (2) in no event shall any Swap Agreement contain any requirement, agreement or covenant for any Loan Party to post collateral or margin to secure their obligations under such Swap Agreement or to cover market exposures (other than under the Security Instruments, the Hedge Order, and/or the Prepetition Credit Agreement Documents), (3) Swap Agreements shall only be entered into in the ordinary course of business (and not for speculative purposes, as reasonably determined by the Requisite Lenders), and (4) no Swap Agreement in respect of commodities shall be terminated, unwound, cancelled or otherwise disposed of except to the extent permitted by Section 9.11;
(b)    Swap Agreements in respect of interest rates with an Approved Counterparty, the notional amounts of which, when aggregated with all other interest rate Swap Agreements of the Loan Parties then in effect, do not exceed 75% of the then outstanding principal amount of the Loan Party’s aggregate Debt for borrowed money; provided that in no event shall any Swap Agreement contain any requirement, agreement or covenant for any Loan Party to post collateral or margin to secure their obligations under such Swap Agreement or to cover market exposures other than collateral provided for in, and upon the terms and conditions set forth in, this Agreement, the relevant Security Instruments, the Hedge Order, and the Prepetition Credit Agreement Documents.

Section 9.18    Amendments to Organizational Documents and Material Contracts. None of the Loan Parties will, nor will they permit any Subsidiary to, other than as contemplated by the RSA, (a) amend, supplement or otherwise modify (or permit to be amended, supplemented or modified) its Organizational Documents, the Crude Oil Gathering Agreement, the Gas Gathering Agreement, and the Tax Receivable Agreement, in any material respect that could reasonably be expected to be adverse to the interests of the Agent or the Lenders in their capacity as such without the consent of the Requisite Lenders, other than (i) amendments that delete or reduce any fees payable by any Loan Party to a Person other than the Agent or any Lender, (ii) the termination of services provided under the Transition Services Agreement as contemplated therein or (iii) the extension of services under the Transition Services Agreements on substantially similar commercial terms, or (b) (i) amend, supplement or otherwise modify (or permit to be amended, supplemented or modified) any agreement to which it is a party, (ii) terminate, replace or assign any of the Loan Party’s interests in any agreement or (iii) permit any agreement not to be in full force and effect and binding upon and enforceable against the parties thereto, in each case if such occurrence could be reasonably expected to result in a Material Adverse Effect. Notwithstanding the foregoing, none of the Loan Parties will, nor will they permit any Subsidiary to, amend, supplement or otherwise modify (or permit to be amended, supplemented or modified) any provision of its Organizational Documents with respect to preferred Equity Interests, including ownership, issuance or distributions with respect thereto, without the consent of the Requisite Lenders.

Section 9.19    Changes in Fiscal Periods. None of the Loan Parties will, nor will they permit any Subsidiary to, have its Fiscal Year end on a date other than December 31 or change its method of determining Fiscal Quarters.

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Section 9.20    No Subsidiaries. None of the Loan Parties will, nor will they permit any Subsidiary to, own or create directly or indirectly any Subsidiaries other than any Subsidiary formed after the Closing Date that joins this Agreement as a Guarantor in accordance with Section 8.14(b).

Section 9.21    [Reserved].

Section 9.22    Marketing Activities. None of the Loan Parties will, nor will they permit any Subsidiary to, engage in marketing activities for any Hydrocarbons or enter into any contracts related thereto other than (i) contracts for the sale of Hydrocarbons scheduled or reasonably estimated to be produced from their Proved Oil and Gas Properties during the period of such contract, (ii) contracts for the sale of Hydrocarbons scheduled or reasonably estimated to be produced from Proved Oil and Gas Properties of third parties during the period of such contract associated with the Oil and Gas Properties of the Loan Parties that any of the Loan Parties has the right to market pursuant to joint operating agreements, unitization agreements or other similar contracts that are usual and customary in the oil and gas business and (iii) other contracts for the purchase and/or sale of Hydrocarbons of third parties (A) which have generally offsetting provisions (i.e. corresponding pricing mechanics, delivery dates and points and volumes) such that no “position” is taken and (B) for which appropriate credit support has been taken to alleviate the material credit risks of the counterparty thereto.

Section 9.23    Amendments to Senior Debt; Collateral. The Loan Parties shall not amend, waive, modify or supplement and shall not consent to any amendment, waiver, modification or supplement to the Prepetition Credit Agreement Documents, the Prepetition Note Purchase Documents, or incur, create, assume or suffer to exist any Prepetition First Lien Secured Obligations or any Prepetition Note Purchase Secured Obligations (other than as expressly contemplated by the Orders).

Section 9.24    Negative Pledge; Restrictions on Guarantees. Neither RRI nor Intermediate Holdco will create, incur or permit to exist any Lien or claim on, in or to its Equity Interests in the Borrower or the Intermediate Holdco, as applicable. Both RRI and Intermediate Holdco will defend its Equity Interests in the Borrower and the Intermediate Holdco, as applicable against, and take all such other action as is necessary to remove any Lien or claim on, in or to its Equity Interests in the Borrower and the Intermediate Holdco, as applicable, at its sole cost and expense. 

Section 9.25    Compliance with Budget.  Except as approved by the Requisite Lenders, the Loan Parties shall not permit, as of any Variance Testing Date, commencing with the First Variance Testing Date, the actual cash disbursements made by the Loan Parties in respect of any line-item during such Variance Testing Period to be greater than fifteen-percent (15%) of the corresponding line-item for the Loan Parties set forth in the Approved Budget for such Variance Testing Period; provided, that the cash expenses and disbursements considered for determining compliance with the Approved Budget for purposes of this Agreement shall exclude (i) royalty payments, production and ad valorem taxes, or other disbursements calculated based on the volume or amount of oil, gas, or natural gas liquid production, (ii) the Loan Parties’ disbursements and expenses in respect of professional fees during such Variance Testing Period, (iii) interest, financing fees and bank fees and service charges paid during such Variance Testing Period to the extent such interest and fees are permitted to be paid in cash by the Bankruptcy Plan, and (iv) net hedge settlements or termination payments during such Variance Testing Period.  For the avoidance of doubt, any reference to “written consent” hereunder shall include consent granted by email.  Any additional variances will be subject to the written consent of the Requisite Lenders in their sole discretion. 

Section 9.26    Chapter 11 Claims. Except for the Carve-Out, the adequate protection liens under the Orders of the Prepetition First Lien Lenders or their Affiliates, the Prepetition First Lien Administrative Agent, the Prepetition Note Agent and the Prepetition Note Holders, the Permitted Priority Liens and the claims in respect of Swap Agreements set forth in the Hedge Order, the Loan Parties shall not directly or indirectly incur, create, assume, suffer to exist, permit, petition for or fail to object to any administrative expense claim or Lien that is pari passu with or senior to the claims or DIP Liens granted under the Loan Documents or Orders, as the case may be, of the Agent and the Lenders against the Loan Parties, or seek authority from the Bankruptcy Court to do so.

Section 9.27    Revisions of Orders; Applications to Bankruptcy Court; Claims. The Loan Parties shall not directly or indirectly, (a) seek, support, consent to or suffer to exist any modifications, stay, vacation or amendment of 

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any Order or any other order of the Bankruptcy Court except for (i) modifications and amendments that do not affect the interests of the Agent, the Lenders, the Prepetition Note Agent or the Prepetition Note Holders, as determined by the Requisite Lenders and (ii) any modifications and amendments agreed to in writing by the Requisite Lenders, in their sole discretion, and consistent with the RSA or (b) apply to the Bankruptcy Court for authority to take any action prohibited by Article VIII, this Article IX or Article X (except to the extent such application and the taking of such action is conditioned upon receiving the written consent of the Requisite Lenders, in their sole discretion, and consistent with the RSA).

Section 9.28    Prepetition Obligations. Until Payment in Full, no Loan Party shall use the proceeds of the Loans to pay prepetition obligations, except as permitted by the Hedge Order, the Orders or any other order of the Bankruptcy Court in form and substance satisfactory to the Requisite Lenders in their sole discretion, in compliance with the Approved Budget (subject to Permitted Variances) and consistent with the RSA.

ARTICLE X     
Events of Default; Remedies

Section 10.01    Events of Default. One or more of the following events shall constitute an “Event of Default”:
(a)    any Loan Party shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof, by acceleration, mandatory prepayment or otherwise;
(b)    any Loan Party shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in Section 10.01(a)) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of two (2) Business Days;
(c)    any representation or warranty made or deemed made by or on behalf of any Loan Party in or in connection with any Loan Document or any amendment or modification of any Loan Document or waiver under such Loan Document, or in any report, notice, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made (or, to the extent that any such representation and warranty is qualified by materiality, such representation and warranty (as so qualified) shall prove to have been incorrect in any respect when made or deemed made);
(d)    any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 8.01(n), (s) or (u), Section 8.02, Section 8.03, Section 8.14, Section 8.15, Section 8.16, Section 8.17, Section 8.18, Section 8.20, Section 8.21, Section 8.22 or in Article IX or (ii) Section 8.01 (other than clauses (n), (s) or (u)) and, in the case of this clause (ii), such failure shall continue unremedied for a period of five (5) days after the earlier to occur of (A) notice thereof from the Agent to the Borrower (which notice will be given at the request of any Lender) or (B) a Responsible Officer of the Borrower or such other Loan Party otherwise becoming aware of such default;
(e)    any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in Section 10.01(a), Section 10.01(b), Section 10.01(c) or Section 10.01(d)) or any other Loan Document, and such failure shall continue unremedied for a period of fifteen (15) days after the earlier to occur of (A) notice thereof from the Agent to the Borrower (which notice will be given at the request of any Lender) or (B) a Responsible Officer of any Loan Party otherwise becoming aware of such default;
(f)    any Loan Party shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any grace periods applicable thereto, which is not stayed by the filing of the voluntary petition to commence the Chapter 11 Cases and which is otherwise permitted to not be paid under the Orders;

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(g)    any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the Lender or Lenders of such Material Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the Redemption thereof or any offer to Redeem to be made in respect thereof, prior to its scheduled maturity or require any Loan Party to make an offer in respect thereof, which is not stayed by the filing of the voluntary petition to commence the Chapter 11 Cases;
(h)    other than with respect to the Chapter 11 Cases, an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Loan Party, or its or their debts, or of a substantial part of its or their assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any other Loan Party or for a substantial part of its or their assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;
(i)    other than with respect to the Chapter 11 Cases, any Loan Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in Section 10.01(h), (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or for a substantial part of its or their assets, (iv) file an answer admitting the material allegations of a petition filed against it or them in any such proceeding, (v) make a general assignment for the benefit of creditors, (vi) take any action for the purpose of effecting any of the foregoing; or (vii) become unable, admit in writing its inability or fail generally to pay its debts as they become due;
(j)    one or more judgments for the payment of money in an aggregate amount in excess of $250,000 (to the extent not covered by independent third party insurance as to which the insurer does not dispute coverage and is not subject to an insolvency proceeding) shall be rendered against any Loan Party or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Loan Party to enforce any such judgment;
(k)    the Loan Documents after delivery thereof shall for any reason, except to the extent permitted by the terms thereof, cease to be in full force and effect and valid, binding and enforceable in accordance with their terms against any Loan Party thereto or shall be repudiated by any of them or cease to create valid and perfected Liens of the priority required thereby on the DIP Collateral purported to be covered thereby, except to the extent permitted by the terms of this Agreement, or any Loan Party or any of their Affiliates shall so state in writing; 
(l)    (i) an ERISA Event occurs with respect to a Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect; 
(m)    a Change in Control shall occur other than as a result of the transactions contemplated by the RSA; or
(n)    the occurrence of any of the following in any Chapter 11 Case:
(i)    termination of the RSA or the occurrence of any event, occurrence or default under the RSA that gives any party to the RSA a right to terminate the RSA (unless waived in accordance with the RSA);

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(ii)    filing of a plan of reorganization under Chapter 11 of the Bankruptcy Code by the Debtors (other than the Bankruptcy Plan) that has not been consented to by the Requisite Lenders or is not consistent with the RSA or that does not propose to indefeasibly repay the Obligations and the Prepetition Note Purchase Secured Obligations in full in cash upon the effectiveness thereof, other than as provided in the Bankruptcy Plan, unless otherwise consented to by the Requisite Lenders;
(iii)    any of the Debtors shall file a pleading seeking to vacate or modify any of the Orders without the prior written consent of the Requisite Lenders;
(iv)    entry of an order without the prior written consent of the Requisite Lenders or, if required, consent required under the RSA, amending, supplementing or otherwise modifying the Orders (other than, in respect of the Interim Order, the entry of the Final Order);
(v)    reversal, vacatur or stay of the effectiveness of the Orders (other than, in respect of the Interim Order, the entry of the Final Order), unless consented to in writing by the Requisite Lenders or, if required, consent required under the RSA;
(vi)    a failure by the Loan Parties to comply with any provision of the Orders;
(vii)    dismissal of the Chapter 11 Case of a Debtor or conversion of the Chapter 11 Case of any Loan Party to a case under Chapter 7 of the Bankruptcy Code (or the filing of any pleading by a Debtor seeking, consenting to or otherwise supporting such action);
(viii)    appointment of a Chapter 11 trustee or responsible officer or examiner with enlarged powers relating to the operation of the business of any Debtor (or the filing of any pleading by a Debtor seeking, consenting to or otherwise supporting such action);
(ix)    any sale of all or substantially all assets of the Debtors pursuant to section 363 of the Bankruptcy Code, unless (i) the proceeds of such sale indefeasibly satisfy the Obligations and the Prepetition Note Purchase Secured Obligations in full in cash upon the consummation thereof or (ii) such sale is consented to by the Requisite Lenders;
(x)    failure to meet a Milestone, unless extended or waived pursuant to a prior written consent of the Requisite Lenders;
(xi)    granting of relief from the Automatic Stay in the Chapter 11 Cases to permit foreclosure or enforcement on any assets of the Borrower or any other Loan Party, unless consented to in writing by the Requisite Lenders;
(xii)    the Debtors’ filing of (or supporting another party in the filing of) a motion seeking entry of, or the entry of an order by the Bankruptcy Court, granting any superpriority claim or lien (except as contemplated by the Hedge Order and the Orders) which is senior to or pari passu with the Lenders’ claims under the DIP Facility;
(xiii)    the Debtors’ filing of (or supporting another party in the filing of) a motion seeking entry of an order approving any key employee incentive plan, employee retention plan or comparable plan, without the prior written consent of the Requisite Lenders;
(xiv)    the Debtors shall seek, or shall support any other person’s motion seeking (including, in any such case, verbally in any court of competent jurisdiction or by way of any motion or pleading with the Bankruptcy Court, or any other writing to another party in interest by the Loan Parties) to challenge the extent, validity, perfection, priority or enforceability of any of the Liens or obligations of the parties under the Prepetition Note Purchase Documents or the Loan Documents;

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(xv)    payment of or granting of adequate protection, other than as expressly provided herein or in the Orders or consented to by the Requisite Lenders;
(xvi)    expiration or termination of the period provided by section 1121 of the Bankruptcy Code for the exclusive right to file a plan, with respect to any Loan Party;
(xvii)    cessation of the DIP Liens or the DIP Claims to be valid, perfected and enforceable in all respects with the priority required by the Orders;
(xviii)    Permitted Variances under the Approved Budget are exceeded for any period of time without consent of or waiver by the Requisite Lenders;
(xix)    any uninsured judgments are entered with respect to any post-petition non-ordinary course claims against any of the Debtors or any of their respective affiliates in a combined aggregate amount in excess of $250,000 unless stayed;
(xx) any Loan Party asserting any right of subrogation or contribution against any other Loan Party until all borrowings under the DIP Facility are paid in full in cash and the commitments are terminated;
(xxi)    an order shall be entered in any of the Chapter 11 Cases, without the prior written consent of the Requisite Lenders (i) to permit any administrative expense or any claim (now existing or hereafter arising of any kind or nature whatsoever) to have administrative priority equal or superior to the DIP Claim (other than the Carve-Out or as otherwise expressly provided for in the Hedge Order and/or the Orders) or (ii) granting or permitting the grant of a Lien that is equal in priority or senior to the DIP Liens (other than the Carve-Out or as otherwise expressly provided for in the Hedge Order and/or the Orders), or the filing by any Loan Party of a motion or application seeking entry of such an order;
(xxii)    other than the Confirmation Order confirming the Bankruptcy Plan in accordance with the RSA, an order shall be entered by the Bankruptcy Court confirming a plan of reorganization or liquidation in any of the Chapter 11 Cases which does not indefeasibly pay in full in cash the Obligations and the Prepetition Note Purchase Secured Obligations upon the effective date of such plan, unless consented to in writing by the Requisite Lenders;
(xxiii)    the payment of any prepetition claim other than (i) as consented to by the Requisite Lenders, (ii) as expressly identified in and authorized by the Approved Budget, (iii) permitted under the terms of this Agreement or (iv) as authorized by the Bankruptcy Court pursuant to the “first day” or “second day” orders or the Hedge Order or the Orders and reflected in the Approved Budget;
(xxiv)    any Person shall obtain a judgment or similar determination under Section 506(a) of the Bankruptcy Code with respect to the Prepetition Note Purchase Secured Obligations; 
(xxv)    any of the Loan Parties or any of their Subsidiaries, or any person claiming by or through any of the Loan Parties or their Subsidiaries, shall obtain court authorization to commence, or shall commence, join in, assist, support or otherwise participate as an adverse party in any suit or other proceeding against (x) the Agent or the Lenders or (y) the Prepetition Note Agent or the Prepetition Note Holders;
(xxvi)    the entry of a final non-appealable order in the Chapter 11 Cases charging any of the Collateral under the Prepetition Note Purchase Agreement or the DIP Collateral under Section 506(c) of the Bankruptcy Code against the Prepetition Note Holders or the Lenders or the commencement of any other actions by the Loan Parties, that challenges the rights and remedies of 

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the Prepetition Note Agent or the Prepetition Note Holders in any of the Chapter 11 Cases or that is inconsistent with the Loan Documents;
(xxvii)    the entry of an order (other than the Hedge Order and the Orders) in any of the Chapter 11 Cases seeking authority to use cash collateral (other than with the prior written consent of the Requisite Lenders) or to obtain financing under Section 364 of the Bankruptcy Code;
(xxviii)    the entry of an order modifying or terminating any of the rights of the Agent, the Lenders, the Prepetition Note Agent or the Prepetition Note Holders under any Order (except with respect to the entry of the Final Order), unless consented to in writing by the Requisite Lenders; or
(xxix)    the termination of the consensual use of Cash Collateral (as defined in the Orders) or the occurrence of any other Termination Event (as defined in the Orders).

Section 10.02    Remedies.
(a)    In the case of an Event of Default, at any time thereafter during the continuance of such Event of Default and subject to the Orders and Section 2.07(a), the Agent may with the consent of the Requisite Lenders or shall at the request of the Requisite Lenders, by notice to the Borrower, take any of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, (ii) by written notice to the Borrower, declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees, (including the Upfront Fee and Backstop Fee) premiums and other obligations of the Loan Parties accrued and payable hereunder and under the Loans and the other Loan Documents, shall become due and payable in cash immediately, without presentment, demand (other than written notice), protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of which are hereby waived by each Loan Party, charge the Default Rate under the DIP Facility, (iii) charge the Default Rate and (iv) subject to the Orders, take any other action or exercise any other right or remedy (including without limitation, with respect to the DIP Collateral and the Liens in favor of the Agent on behalf of the Secured Parties) permitted under the Loan Documents, the Orders or applicable law.
(b)    [Reserved].
(c)    In the case of the occurrence of an Event of Default, the Agent (at the direction of the Requisite Lenders) will have all other rights and remedies available at law and equity, subject to the Orders and Section 2.07(a).
(d)    All proceeds realized from the liquidation or other disposition of collateral or otherwise received after maturity of the Loans, whether by acceleration or otherwise, shall, subject to the Orders and Section 2.07(a), be applied:
(i)    first, to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to the Agent in its capacity as such (including any costs and expenses related to foreclosure or realization upon, or protecting, DIP Collateral);
(ii)    second, pro rata to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to the Lenders and the other Indemnitees under Section 12.03;
(iii)    third, pro rata to payment of accrued Interest (including interest at the Default Rate, if any) on the Loans;
(iv)    fourth, pro rata to payment of principal outstanding on the Loans which have not yet been reimbursed by or on behalf of the Borrower at such time;

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(v)    fifth, pro rata to any other Obligations; and
(vi)    sixth, any excess, after all of the Obligations shall have been Paid in Full in cash, shall be paid to the Borrower or as otherwise required by any Governmental Requirement.

ARTICLE XI     
The Agent

Section 11.01    Appointment; Powers. U.S. Bank National Association is hereby appointed the Agent hereunder and under the other Loan Documents and each Lender hereby authorizes U.S. Bank National Association, in such capacity, to act as its agent (including as collateral agent) in accordance with the terms hereof and the other Loan Documents. The Agent hereby agrees to act upon the express conditions contained herein and the other Loan Documents, as applicable. The provisions of this Section 11.01 are solely for the benefit of the Agent and the Lenders and no Loan Party shall have any rights as a primary or third party beneficiary of any of the provisions thereof, except as expressly set forth herein. In performing its functions and duties hereunder, the Agent shall act solely as an agent of the Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for any Loan Party or any Affiliate thereof.

Section 11.02    Duties and Obligations of the Agent. Each Lender irrevocably authorizes the Agent to take such action on such Lender’s behalf and to exercise such powers, rights and remedies and perform such duties hereunder and under the other Loan Documents as are specifically delegated or granted to the Agent by the terms hereof and thereof, together with such actions, powers, rights and remedies as are reasonably incidental thereto. The Agent shall have only those duties and responsibilities that are expressly specified herein and the other Loan Documents. Without limiting the generality of the foregoing, the Agent shall not have or be deemed to have, by reason hereof or any of the other Loan Documents, a fiduciary relationship in respect of any Lender; and nothing herein or any of the other Loan Documents, expressed or implied, is intended to or shall be so construed as to impose upon the Agent any obligations in respect hereof or any of the other Loan Documents except as expressly set forth herein or therein.

Section 11.03    General Immunity.
(a)    No Responsibility for Certain Matters. The Agent shall not be responsible to any Lender for the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency hereof or any other Loan Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certificates or any other documents furnished or made by the Agent to the Lenders or by or on behalf of any Loan Party to the Agent or any Lender in connection with the Loan Documents and the transactions contemplated thereby or for the financial condition or business affairs of any Loan Party or any other Person liable for the payment of any Obligations, nor shall Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Loan Documents or as to the use of the proceeds of the Loans or as to the existence or possible existence of any Event of Default or Default or to make any disclosures with respect to the foregoing. The Agent shall not be responsible for the satisfaction of any condition set forth in Article VI or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Agent. The Agent will not be required to take any action that is contrary to applicable law or any provision of this Agreement or any Loan Document. Anything contained herein to the contrary notwithstanding, the Agent shall not have any liability arising from confirmations of the amount of outstanding Loans or the component amounts thereof.
(b)    Exculpatory Provisions. Subject to clause (b)(ii) hereof further limiting the liability of the Agent, neither the Agent nor any of its officers, partners, directors, employees or agents shall be liable to the Lenders for any action taken or omitted by the Agent under or in connection with any of the Loan Documents, except to the extent caused by the Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, nonappealable order. The Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith or any of the other Loan Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder, except powers and authority expressly contemplated hereby or thereby, unless and until the Agent shall have received written instructions in respect thereof from Requisite 

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Lenders (or the Lenders as may be required to give such instructions under Section 12.02) or in accordance with the applicable Security Instrument, and, upon receipt of such instructions from Requisite Lenders (or the Lenders, as the case may be), or in accordance with the other applicable Security Instrument, as the case may be, the Agent shall act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions. Without prejudice to the generality of the foregoing, (i) Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected and free from liability in relying on opinions and judgments of attorneys (who may be attorneys for the Loan Parties), accountants, experts and other professional advisors selected by it; and (ii) no Lender shall have any right of action whatsoever against Agent as a result of the Agent acting or (where so instructed) refraining from acting hereunder or any of the other Loan Documents in accordance with the instructions of Requisite Lenders (or the Lenders as may be required to give such instructions under Section 12.02) or in accordance with the applicable Security Instrument. The Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless Agent shall first receive such advice or concurrence of the Lenders (as required by this Agreement) and until such instructions are received, the Agent shall act, or refrain from acting, as it deems advisable. If the Agent so requests, it shall first be indemnified to its reasonable satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Requisite Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders. No provision of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby shall require Agent to: (i) expend or risk its own funds or provide indemnities in the performance of any of its duties hereunder or the exercise of any of its rights or power or (ii) otherwise incur any financial liability in the performance of its duties or the exercise of any of its rights or powers. The Agent shall not be responsible for (i) perfecting, maintaining, monitoring, preserving or protecting the security interest or lien granted under this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, (ii) the filing, re-filing, recording, re- recording or continuing of any document, financing statement, mortgage, assignment, notice, instrument of further assurance or other instrument in any public office at any time or times, or (iii) providing, maintaining, monitoring or preserving insurance on or the payment of taxes with respect to any of the DIP Collateral. The actions described in items (i) through (iii) of the immediately preceding sentence shall be the responsibility of the Lenders and the Loan Parties. The Agent shall not be required to qualify in any jurisdiction in which it is not presently qualified to perform its obligations as the Agent. The Agent has accepted and is bound by the Loan Documents executed by the Agent as of the date of this Agreement and, as directed in writing by the Requisite Lenders, the Agent shall execute additional Loan Documents delivered to it after the date of this Agreement; provided, however, that such additional Loan Documents do not adversely affect the rights, privileges, benefits and immunities of the Agent. The Agent will not otherwise be bound by, or be held obligated by, the provisions of any loan agreement, indenture or other agreement governing the Obligations (other than this Agreement and the other Loan Documents to which such Agent is a party). No written direction given to the Agent by the Requisite Lenders or any Loan Party that in the sole judgment of the Agent imposes, purports to impose or might reasonably be expected to impose upon Agent any obligation or liability not set forth in or arising under this Agreement and the other Loan Documents will be binding upon Agent unless Agent elects, at its sole option, to accept such direction. The Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement or the other Loan Documents arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; business interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action. Beyond the exercise of reasonable care in the custody of the DIP Collateral in the possession or control of the Agent or its bailee, the Agent will not have any duty as to any other DIP Collateral or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto. The Agent will be deemed to have exercised reasonable care in the custody of the DIP Collateral in its possession if the DIP Collateral is accorded treatment substantially equal to that which it accords its own property, and Agent will not be liable or responsible for any loss or diminution in the value of any of the DIP Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Agent in good faith. The Agent will not be responsible for the existence, genuineness or value of any of the DIP Collateral or for the validity, perfection, priority or enforceability of the DIP Liens in any of the DIP Collateral, whether impaired by operation of law or by reason of any action or omission to act 

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on its part hereunder, except to the extent such action or omission constitutes gross negligence or willful misconduct on the part of the Agent, as determined by a court of competent jurisdiction in a final, nonappealable order, for the validity or sufficiency of the DIP Collateral or any agreement or assignment contained therein, for the validity of the title of any grantor to the DIP Collateral, for insuring the DIP Collateral or for the payment of taxes, charges, assessments or DIP Liens upon the DIP Collateral or otherwise as to the maintenance of the DIP Collateral. The Agent hereby disclaims any representation or warranty to the present and future Lenders of the Obligations concerning the perfection of the DIP Liens granted hereunder or in the value of any of the DIP Collateral. In the event that Agent is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in Agent’s sole discretion may cause Agent to be considered an “owner or operator” under any Environmental Laws or otherwise cause Agent to incur, or be exposed to, any environmental liability or any liability under any other federal, state or local law, the Agent reserves the right, instead of taking such action, either to resign as the Agent or to arrange for the transfer of the title or control of the asset to a court appointed receiver. As between the Borrower and the Agent, or with respect to any matters related to this agreement, the Borrower agrees that the Agent should not be liable to any person for any environmental liability or any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of Release or threatened Release of any Hazardous Materials into the environment. Each Lender authorizes and directs Agent to enter into this Agreement and the other Loan Documents to which it is a party. Each Lender agrees that any action taken by the Agent or Requisite Lenders in accordance with the terms of this Agreement or the other Loan Documents and the exercise by the Agent or Requisite Lenders of their respective powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Lenders. 
(c)    Notice of Default. The Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, except with respect to Events of Default in the payment of principal, interest and fees required to be paid to the Agent for the account of the Lenders, unless Agent shall have received written notice from a Lender or the Borrower in accordance with the notice requirements of Section 12.01 herein referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” Agent will notify the Lenders of its receipt of any such notice, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable or in the best interest of the Lenders.

Section 11.04    Action by the Agent. The Agent shall have no duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise in writing as directed by the Requisite Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) and in all cases the Agent shall be fully justified in failing or refusing to act hereunder or under any other Loan Documents unless it shall (a) receive written instructions from the Requisite Lenders or the Lenders, as applicable, (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) specifying the action to be taken and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions as aforesaid and any action taken or failure to act pursuant thereto by the Agent shall be binding on all of the Lenders. If a Default has occurred and is continuing, then the Agent shall take such action with respect to such Default as shall be directed by the Requisite Lenders in the written instructions (with indemnities) described in this Section 11.04 provided that, unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Agent be required to take any action which, in its opinion, or the opinion of its counsel, exposes the Agent to liability or which is contrary to this Agreement, the Loan Documents or applicable law, including, for the avoidance of doubt, any action that may be in violation of the automatic stay under any Debtor Relief Law. If a Default has occurred and is continuing, no Agent shall have any obligation to perform any act in respect thereof. The Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Requisite Lenders or the Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02), and otherwise the Agent shall not be liable for any action taken or not taken by it hereunder or under any other Loan Document or under any other document or instrument referred to or 

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provided for herein or therein or in connection herewith or therewith INCLUDING ITS OWN ORDINARY NEGLIGENCE, except for its own gross negligence or willful misconduct.

Section 11.05    [Reserved]. 

Section 11.06    Successor Agent. 
(a)    Subject to the appointment and acceptance of a successor Agent as provided in this Section 11.06, the Agent may resign at any time by giving thirty (30) days’ prior written notice thereof to the Requisite Lenders. The Agent may be removed as the Agent at the request of the Requisite Lenders. Upon any such notice of resignation or removal, Requisite Lenders shall have the right, to appoint a successor Agent. If no successor shall have been so appointed by the Requisite Lenders and shall have accepted such appointment within thirty (30) days after the retiring Agent gives notice of its resignation, then the retiring Agent’s resignation shall nevertheless thereupon become effective and the Requisite Lenders shall perform all of the duties of the Agent, as applicable, hereunder until such time, if any, as the Requisite Lenders appoint a successor Agent as provided for above. In such case, the Requisite Lenders shall appoint one Person to act as the Agent for purposes of any communications with the Borrower, and until the Borrower shall have been notified in writing of such Person and such Person’s notice address as provided for in Section 12.01, the Borrower shall be entitled to give and receive communications to/from the resigning Agent. Upon the acceptance of any appointment as the Agent hereunder by a successor Agent and the payment of the outstanding fees and expenses of the resigning or removed Agent, that successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Agent and the retiring or removed Agent shall promptly (i) transfer to such successor Agent all sums and other items of DIP Collateral held under the Security Instruments, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Agent under the Loan Documents, and (ii) execute and deliver to such successor Agent such amendments to financing statements, and take such other actions, as may be reasonably requested in connection with the assignment to such successor Agent of the security interests created under the Security Instruments (the reasonable out-of-pocket expenses of which shall be borne by the Borrower), whereupon such retiring or removed Agent shall be discharged from its duties and obligations hereunder. After any retiring Agent’s resignation or any Agent’s removal hereunder as Agent, the provisions of this Section 11.06 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Agent hereunder.
(b)    The Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Loan Document by or through any one or more sub-agents appointed by the Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The Agent shall not be responsible for the acts or omissions of its sub-agents so long as they are appointed with due care. The exculpatory, indemnification and other provisions of Section 11.03 shall apply to any Affiliates of the Agent and shall apply to their respective activities in connection with the syndication of the Loans made hereby. All of the rights, benefits and privileges (including the exculpatory and indemnification provisions) of Section 12.11(a) shall apply to any such sub-agent and to the Affiliates of any such sub-agent, and shall apply to their respective activities as sub-agent.

Section 11.07    Security Instruments. 
(a)    Agent under Security Instruments; Releases. Each Lender and other Secured Party hereby irrevocably authorizes the Agent, on behalf of and for the benefit of the Lenders and the other Secured Parties, to be the agent for and representative of the Lenders and the other Secured Parties with respect to the Security Instruments and to enter into such other agreements with respect to the DIP Collateral as it may deem necessary with the consent of the Requisite Lenders. The Agent is expressly authorized to execute any documents or instruments or take other actions necessary to (i) release any DIP Lien (x) encumbering any item of DIP Collateral that is the subject of a sale or other disposition of assets permitted hereby or (y) with respect to which release the Requisite Lenders (or the Lenders as may be required to give such consent under Section 12.02) have consented to, or (ii) release any Guarantor from the guarantee pursuant to the Guaranty Agreement with respect to (x) any Person that no longer constitutes a Subsidiary as a result of a transaction permitted hereby or (y) which release the Requisite Lenders (or such other Lenders as may be required to give such consent under Section 12.02) have consented to.

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(b)    Right to Realize on Collateral and Enforce Guaranty. Anything contained in any of the Loan Documents to the contrary notwithstanding, the Borrower, the Agent and each Lender hereby agree that (i) no Lender shall have any right individually to realize upon any of the DIP Collateral or to enforce any guaranty or exercise any other remedy provided under the Loan Documents (other than the right of set-off), it being understood and agreed that all powers, rights and remedies hereunder may be exercised solely by the Agent (acting at the written direction of the Requisite Lenders), on behalf of the Lenders in accordance with the terms hereof and all powers, rights and remedies under this Agreement and the Security Instruments may be exercised solely by the Agent (acting at the written direction of the Requisite Lenders), and (ii) in the event of a foreclosure by the Agent on any of the DIP Collateral pursuant to a public or private sale, the Agent or its nominee may be the purchaser of any or all of such DIP Collateral at any such sale and Agent, as the Agent for and representative of the Lenders (but not any Lender or the Lenders in its or their respective individual capacities unless the Requisite Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the DIP Collateral sold at any such public sale, to use and apply any of the Obligations arising under the Loan Documents as a credit on account of the purchase price for any collateral payable by the Agent at such sale. 

Section 11.08    Posting of Approved Electronic Communications. 
(a)    Delivery of Communications. Each Loan Party hereby agree, unless directed otherwise by the Agent or unless the electronic mail address referred to below has not been provided by the Agent to such Person, that it will provide to the Agent all information, documents and other materials that it is obligated to furnish to the Agent or to the Lenders pursuant to the Loan Documents, including all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) [reserved], (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default under this Agreement or any other Loan Document, or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any Loan hereunder (all such non-excluded communications being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium that is properly identified in a format acceptable to the Borrower and Agent to an electronic mail address as directed by the Agent. In addition, each Loan Party agrees to continue to provide the Communications to the Agent or the Lenders, as the case may be, in the manner specified in the Loan Documents.
(b)    No Prejudice to Notice Rights. Nothing herein shall prejudice the right of the Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

Section 11.09    Agent May File Proofs of Claim. The Lenders and each Loan Party hereby agree that after the occurrence of an Event of Default pursuant to Section 10.01(h) or Section 10.01(i), in case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Agent shall have made any demand on any Loan Party) shall be entitled and empowered, by intervention in such proceeding or otherwise:
(a)    to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Loans and any other Obligations that are owing and unpaid and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Lenders, the Agent and other agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Agent and other agents and their agents and counsel and all other amounts due the Lenders, the Agent and other agents hereunder) allowed in such judicial proceeding; and
(b)    to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, interim trustee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Agent and, in the event 

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that Agent shall consent to the making of such payments directly to the Lenders, to pay to the Agent any amount due for the compensation, expenses, disbursements and advances of the Agent and its agents and counsel, and any other amounts due Agent and other agents hereunder. Nothing herein contained shall be deemed to authorize Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lenders or to authorize Agent to vote in respect of the claim of any Lender in any such proceeding. Further, nothing contained in this Section 11.09 shall affect or preclude the ability of any Lender to (i) file and prove such a claim in the event that Agent has not acted within ten (10) days prior to any applicable bar date and (ii) require an amendment of the proof of claim to accurately reflect such Lender’s outstanding Obligations.

ARTICLE XII     
Miscellaneous

Section 12.01    Notices.
(a)    Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to Section 12.01(b)), all notices and other communications provided for herein shall be in writing, in English (provided, any such notice or other communication sent to the Agent must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to the Agent) and may be sent by email in legible format, in addition to the delivery methods identified herein), and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows:
(i)    if to the Borrower or any Loan Party, as set forth on Annex II;
(ii)    if to the Agent, as set forth on Annex II;
(iii)    if to any other Lender, as set forth on Annex II.
(b)    Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Agent; provided that the foregoing shall not apply to notices pursuant to Article II, Article III, Article IV and Article V unless otherwise agreed by the Agent and the applicable Lender. The Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. The Borrower and the Lenders agree to assume all risks arising out of their use of digital signatures and electronic methods to submit communications to the Agent, including without limitation the risk of the Agent  acting on unauthorized instructions, and the risk of interception and misuse by third parties.
(c)    Any party hereto may change its address or fax number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt or upon confirmed receipt of fax transmission (which confirmation shall be made by telephone call by the sender to the Agent, confirmation by electronic messaging shall not be deemed to be confirmation of receipt).

Section 12.02    Waivers; Amendments.
(a)    No failure on the part of the Agent, any other Agent or Lender to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege, or any abandonment or discontinuance of steps to enforce such right, power or privilege, under any of the Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under any of the Loan Documents preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the Agent, each other Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or 

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any other Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by Section 12.02(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Agent, any other Agent or any Lender may have had notice or knowledge of such Default at the time.
(b)    Neither this Agreement nor any provision hereof nor any Loan Document nor any provision thereof may be waived, amended or modified except in compliance with the Orders and pursuant to an agreement or agreements in writing entered into by the Borrower and/or the other applicable Loan Parties and the Requisite Lenders or by the Borrower and/or the other applicable Loan Parties and the Agent with the consent of the Requisite Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) [reserved], (iii) reduce the principal amount of any Loan or reduce the rate or amount of interest thereon, or reduce any fees payable hereunder, or reduce any other Obligations hereunder or under any other Loan Document, without the written consent of each Lender affected thereby, (iv) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or any other Obligations hereunder or under any other Loan Document, or reduce the amount of, waive or excuse any such payment, or change Section 3.01 with respect to the Equity Conversion set forth therein or the definition thereof, or postpone or extend the DIP Termination Date without the written consent of each Lender affected thereby, (v) change Section 4.01(b) or Section 4.01(c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (vi) waive or amend Section 6.01, or Section 12.18 without the written consent of each Lender affected thereby, (vii) release all or substantially all the value of the Guarantors (except as set forth in Section 11.07 or the Guaranty Agreement) or release all or substantially all of the collateral (other than as provided in Section 11.10 of the Guaranty Agreement), or subordinate or change the priority of any Lien on the collateral without the written consent of each Lender, (viii) change any of the provisions of this Section 12.02(b) or the definitions of “Requisite Lenders” or “Pro Rata Share” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan Documents or make any determination or grant any consent hereunder or any other Loan Documents, without the written consent of each Lender; (ix) change Section 10.02(c) without the consent of each Person to whom an Obligation is owed; or (x) amend, waive, or modify any provision of any Loan Document that requires the consent of Tema or any other Lender pursuant to the terms of the RSA (including, without limitation, Section 4.04 thereof) without obtaining the consent of Tema or such Lender, as applicable; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Agent hereunder or under any other Loan Document without the prior written consent of the Agent. Notwithstanding the foregoing, the Borrower and the Agent may amend this Agreement or any other Loan Document without the consent of the Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any typographical error or other manifest error in any Loan Document.

Section 12.03    Expenses, Indemnity; Damage Waiver.
(a)    Subject to the Orders, the Borrower shall pay (i) all reasonable out‐of‐pocket expenses incurred by the Agent, the Lenders and their respective Affiliates, including the reasonable fees, charges and disbursements of Shipman & Goodwin, LLP as counsel for the Agent, Kirkland and Ellis LLP as counsel for EIG, McDermott Will & Emery LLP as counsel for Tema and their respective Affiliates and to the extent necessary as determined by the Agent or Requisite Lenders, other outside consultants and financial advisors for the Agent or EIG, the reasonable travel, photocopy, mailing, courier, telephone and other similar expenses, and the cost of environmental assessments and audits and surveys and appraisals, in connection with the preparation, negotiation, execution, delivery and administration (both before and after the execution hereof and including advice of a counsel to each of the Agent and Requisite Lenders as to the rights and duties of the Agent and the Lenders with respect thereto) of this Agreement and the other Loan Documents and any amendments, modifications or waivers of or consents related to the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all costs, expenses, Taxes, assessments and other charges incurred by the Agent in connection with any filing, registration, recording or perfection of any security interest contemplated by this Agreement or any Security Instrument or any other document referred to therein and (iii) all out‐of‐pocket expenses incurred by the Agent, any other Agent or EIG, including the fees, charges and disbursements of any external counsel and financial advisors for the Agent, any other Agent or the Requisite Lenders in connection with the enforcement or protection of its rights in connection with this Agreement 

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or any other Loan Document, including its rights under this Section 12.03 in connection with the Loans made hereunder, including all such out‐of‐pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.
(b)    THE BORROWER SHALL INDEMNIFY EACH AGENT AND EACH LENDER, AND EACH RELATED PARTY OF ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND DEFEND AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, PENALTIES, LIABILITIES AND RELATED EXPENSES, INCLUDING THE FEES, CHARGES AND DISBURSEMENTS OF ONE OUTSIDE COUNSEL FOR EACH INDEMNITEE AND, IF REASONABLY NECESSARY, OF A SINGLE LOCAL COUNSEL IN EACH APPROPRIATE JURISDICTION (WHICH MAY INCLUDE A SINGLE SPECIAL COUNSEL ACTING IN MULTIPLE JURISDICTIONS) FOR ALL SUCH INDEMNITEES, TAKEN AS A WHOLE (AND, IN THE CASE OF AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST, ONE ADDITIONAL COUNSEL FOR SUCH AFFECTED INDEMNITEE(S)), INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (i) THE EXECUTION OR DELIVERY OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, (ii) THE PERFORMANCE BY THE PARTIES HERETO OR THE PARTIES TO ANY OTHER LOAN DOCUMENT OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR BY ANY OTHER LOAN DOCUMENT, (iii) THE FAILURE OF ANY LOAN PARTY TO COMPLY WITH THE TERMS OF ANY LOAN DOCUMENT, INCLUDING THIS AGREEMENT, OR WITH ANY GOVERNMENTAL REQUIREMENT, (iv) ANY INACCURACY OF ANY REPRESENTATION OR ANY BREACH OF ANY WARRANTY OR COVENANT OF THE BORROWER OR ANY LOAN PARTIES SET FORTH IN ANY OF THE LOAN DOCUMENTS OR ANY INSTRUMENTS, DOCUMENTS OR CERTIFICATIONS DELIVERED IN CONNECTION THEREWITH, (v) ANY LOAN OR THE USE OF THE PROCEEDS THEREFROM, (vi) ANY OTHER ASPECT OF THE LOAN DOCUMENTS, (vii) THE OPERATIONS OF THE BUSINESS OF ANY LOAN PARTY BY SUCH PERSONS, (viii) ANY ASSERTION THAT THE LENDERS WERE NOT ENTITLED TO RECEIVE THE PROCEEDS RECEIVED PURSUANT TO THE SECURITY INSTRUMENTS, (ix) ANY ENVIRONMENTAL LAW APPLICABLE TO THE BORROWER OR ANY OTHER LOAN PARTY OR ANY OF THEIR PROPERTIES OR OPERATIONS, INCLUDING THE ACTUAL OR ALLEGED PRESENCE, GENERATION, STORAGE, RELEASE, THREATENED RELEASE, USE, TRANSPORT, DISPOSAL, ARRANGEMENT OF DISPOSAL OR TREATMENT OF OIL, OIL AND GAS WASTES, SOLID WASTES OR HAZARDOUS MATERIALS ON OR AT ANY OF THEIR PROPERTIES OR ANY ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO THE BORROWER OR ANY OF ITS SUBSIDIARIES, (x) THE BREACH OR NON‐COMPLIANCE BY THE BORROWER OR ANY OTHER LOAN PARTY WITH ANY ENVIRONMENTAL LAW APPLICABLE TO THE BORROWER OR ANY OTHER LOAN PARTY, (xi) THE PAST OWNERSHIP BY THE BORROWER OR ANY OTHER LOAN PARTY OF ANY OF THEIR PROPERTIES OR PAST ACTIVITY ON ANY OF THEIR PROPERTIES WHICH, THOUGH LAWFUL AND FULLY PERMISSIBLE AT THE TIME, COULD RESULT IN PRESENT LIABILITY, (xii) THE PRESENCE, USE, RELEASE, STORAGE, TREATMENT, DISPOSAL, GENERATION, THREATENED RELEASE, TRANSPORT, ARRANGEMENT FOR TRANSPORT OR ARRANGEMENT FOR DISPOSAL OF OIL, OIL AND GAS WASTES, SOLID WASTES OR HAZARDOUS MATERIALS ON OR AT ANY OF THE PROPERTIES OWNED OR OPERATED BY THE BORROWER OR ANY OTHER LOAN PARTY OR ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON OR FROM ANY PROPERTY OWNED OR OPERATED BY THE BORROWER OR ANY OTHER LOAN PARTY, (xiii) ANY ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO THE BORROWER OR ANY OTHER LOAN PARTY, (xiv) ANY OTHER ENVIRONMENTAL, HEALTH OR SAFETY CONDITION IN CONNECTION WITH THE LOAN DOCUMENTS, OR (xv) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY, WHETHER BROUGHT BY A THIRD PARTY OR BY ANY LOAN PARTY, AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO, AND SUCH INDEMNITY SHALL EXTEND TO EACH INDEMNITEE NOTWITHSTANDING THE SOLE OR CONCURRENT NEGLIGENCE OF EVERY KIND OR CHARACTER WHATSOEVER, WHETHER ACTIVE OR PASSIVE, WHETHER AN AFFIRMATIVE ACT OR AN OMISSION, INCLUDING ALL TYPES OF NEGLIGENT CONDUCT IDENTIFIED IN THE RESTATEMENT (SECOND) OF TORTS OF ONE OR MORE OF THE INDEMNITEES OR BY REASON OF STRICT LIABILITY 

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IMPOSED WITHOUT FAULT ON ANY ONE OR MORE OF THE INDEMNITEES INCLUDING ORDINARY NEGLIGENCE; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO (X) HAVE RESULTED FROM (1) THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE OR (2) THE MATERIAL BREACH OF SUCH INDEMNITEE’S OBLIGATIONS UNDER THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR (Y) RELATE TO TAXES, WHICH SHALL BE SUBJECT TO INDEMNIFICATION PURSUANT TO SECTION 5.03, OTHER THAN TAXES THAT REPRESENT LOSSES, CLAIMS, DAMAGES, ETC. ARISING FROM ANY NON-TAX CLAIM.
(c)    To the extent that the Borrower fails to pay any amount required to be paid by it to the Agent or any Agent under Section 12.03(a) or (b), each Lender severally agrees to pay to the Agent or such Agent, as the case may be, such Lender’s Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Agent or such Agent in its capacity as such.
(d)    To the extent permitted by applicable law, (i) the Borrower shall not assert, and the Borrower hereby waives, any claim against any Indemnitee for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet), and (ii) the Borrower shall not, and shall cause each Loan Party not to, assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof; provided that, nothing in this clause (d)(ii) shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.
(e)    Subject to the Orders, all amounts due under this Section 12.03 shall be payable not later than ten (10) days after written demand and invoice therefor.

Section 12.04    Successors and Assigns. 
(a)    The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) none of the Loan Parties may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Agent and each Lender (and any attempted assignment or transfer by any Loan Party without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 12.04. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in Section 12.04(c)) and, to the extent expressly contemplated hereby, the Related Parties of each of the Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)    Subject to the conditions set forth in Section 12.04(b)(i), any Lender may assign to one or more assignees (each, an “Assignee”) any Loans and all or a portion of its rights and obligations under this Agreement with the prior written consent of the Borrower (such consent not to be unreasonably withheld), provided that no consent of the Borrower shall be required if (1) an Event of Default has occurred and is continuing or (2) at any other time, such assignment is to an Eligible Assignee; provided further, that the Borrower shall be deemed to have consented to any such assignment unless the Borrower shall object thereto by written notice to the Agent within ten (10) Business Days after having received written notice thereof.
(i)    Assignments shall be subject to the following additional conditions:

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(A)    except in the case of an assignment to a Lender, an Affiliate of a Lender, a Related Fund or an assignment of the entire remaining amount of the assigning Lender’s Loans, the amount of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment Agreement with respect to such assignment is delivered to the Agent) shall not be less than $100,000 unless each of the Borrower and the Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;
(B)    each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement;
(C)    the parties to each assignment shall execute and deliver to the Agent an Assignment Agreement, together with a processing and recordation fee of $3,500 (other than in the case of an assignment from a Lender to its Affiliate or to a Related Fund); 
(D)    the assignee, if it shall not be a Lender, shall deliver to the Agent an Administrative Questionnaire; and
(E)    the assignee must not be a natural person, a Loan Party, a Defaulting Lender or an Affiliate or Subsidiary of the Borrower (other than Tema).
(ii)    Subject to Section 12.04(b)(iv) and the acceptance and recording thereof, from and after the effective date specified in each Assignment Agreement the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment Agreement, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment Agreement covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Section 5.01, Section 5.03 and Section 12.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.04(c).
(iii)    The Agent, acting solely for this purpose as a non‐fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment Agreement delivered to it and the Register. The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. In connection with any changes to the Register, if necessary, the Agent will reflect the revisions on Annex I and forward a copy of such revised Annex I to the Borrower and each Lender.
(iv)    Upon its receipt of a duly completed Assignment Agreement executed by an assigning Lender and an assignee, the Assignee’s completed Administrative Questionnaire and, if required hereunder, applicable tax forms (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in this Section 12.04(b) and any written consent to such assignment required by this Section 12.04(b), the Agent shall accept such Assignment Agreement and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this Section 12.04(b).
(v)    [reserved].

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(vi)    Notwithstanding the foregoing, no assignment or participation shall be made to a natural person, a Loan Party, a Defaulting Lender or an Affiliate or Subsidiary of the Borrower (other than Tema).
(c)    (i) A Lender may at any time, without the consent of, or notice to, the Borrower, the Agent or any other Person, sell participations to any Person (other than a natural Person or the Borrower or any of the Borrower’s Affiliates (other than Tema) or Subsidiaries) (a “Participant”) in all or a portion of such Lender’s rights and obligations under the Loans owing to it and this Agreement; provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) the Borrower, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement, and (D) the selling Lender shall maintain the Participant Register. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 12.02(b) that affects such Participant. In addition such agreement must provide that the Participant be bound by the provisions of Section 12.03. Subject to Section 12.04(c)(ii), the Borrower agrees that each Participant shall be entitled to the benefits of Section 5.01, Section 5.02 and Section 5.03 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.04(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.08 as though it were a Lender, provided such Participant agrees to be subject to Section 4.01(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non‐fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Treasury Regulation Section 5f.103‐1(c), proposed Treasury Regulation 1.163-5 or any applicable temporary, final or other successor regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.
(i)    A Participant shall not be entitled to receive any greater payment under Section 5.01 or Section 5.03 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the entitlement to a greater payment results from a Change in Law after such Participant acquired its participation. A Participant that shall not be entitled to the benefits of Section 5.03 unless such Participant agrees, for the benefit of the Borrower, to comply with the requirements and limitations under Section 5.03(e) as though it were a Lender (it being understood the documentation required under Section 5.03(e) shall be provided only to the selling Lender).
(d)    Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under Loans owing to it and this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or a central bank, and this Section 12.04(d) shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto.
(e)    Notwithstanding any other provisions of this Section 12.04, no transfer or assignment of the interests or obligations of any Lender or any grant of participations therein shall be permitted if such transfer, assignment or grant would require the Borrower and the other Loan Parties to file a registration statement with the SEC or to qualify the Loans under the “blue sky” laws of any state.

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Section 12.05    Survival; Revival; Reinstatement.
(a)    All covenants, agreements, representations and warranties made by RRI or the Loan Parties herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the other Loan Documents and the making of any Loan, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Agent, any other Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid. The provisions of Section 5.01, Section 5.02, Section 5.03 and Section 12.03 and Article XI shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, or the termination of this Agreement, any other Loan Document or any provision hereof or thereof.
(b)    To the extent that any payments on the Obligations or proceeds of any collateral are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other Person under any bankruptcy law, common law or equitable cause, then to such extent, the Obligations shall be revived and continue as if such payment or proceeds had not been received and the Agent’s and the Lenders’ Liens, security interests, rights, powers and remedies under this Agreement and each Loan Document shall continue in full force and effect. In such event, each Loan Document shall be automatically reinstated and the Borrower shall, and shall cause each other Loan Party to, take such action as may be reasonably requested by the Agent and the Lenders to effect such reinstatement.

Section 12.06    Counterparts; Integration; Effectiveness.
(a)    This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
(b)    This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Agent constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
(c)    Except as provided in Section 6.01, this Agreement shall become effective when it shall have been executed by the Agent and when the Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by fax or other similar electronic means (including by email of a “pdf” signature page) shall be effective as delivery of a manually executed counterpart of this Agreement. Delivery of an executed counterpart of a signature page of this Agreement that is an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record (an "Electronic Signature") transmitted by telecopy, emailed pdf or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement shall be deemed to include Electronic Signatures, which shall have the same legal effect, validity and enforceability as a manually executed signature.

Section 12.07    Severability. Any provision of this Agreement or any other Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions 

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hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 12.08    Right of Setoff. [Reserved.]

Section 12.09    GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS.
(a)    THIS AGREEMENT AND THE LOANS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK EXCEPT TO THE EXTENT THAT UNITED STATES FEDERAL LAW PERMITS ANY LENDER TO CONTRACT FOR, CHARGE, RECEIVE, RESERVE OR TAKE INTEREST AT THE RATE ALLOWED BY THE LAWS OF THE STATE WHERE SUCH LENDER IS LOCATED.
(b)    EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH IT IS A PARTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE JURISDICTION OF THE BANKRUPTCY COURT AND IF THE BANKRUPTCY COURT DOES NOT HAVE (OR ABSTAINS FROM) JURISDICTION, THE STATE DISTRICT COURTS OF NEW YORK COUNTY, NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND APPELLATE COURTS FROM ANY THEREOF; PROVIDED, THAT NOTHING CONTAINED HEREIN OR IN ANY OTHER LOAN DOCUMENT WILL PREVENT ANY PARTY FROM BRINGING ANY ACTION TO ENFORCE ANY AWARD OR JUDGMENT OR EXERCISE ANY RIGHT UNDER THE LOAN DOCUMENTS IN ANY OTHER FORUM IN WHICH JURISDICTION CAN BE ESTABLISHED. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.
(c)    EACH PARTY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT THE ADDRESS SPECIFIED IN SECTION 12.01 OR SUCH OTHER ADDRESS AS IS SPECIFIED PURSUANT TO SECTION 12.01 (OR ITS ASSIGNMENT AGREEMENT), SUCH SERVICE TO BECOME EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF A PARTY OR ANY LENDER OF A LOAN TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANOTHER PARTY IN ANY OTHER JURISDICTION.
(d)    EACH PARTY HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE LOAN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION 12.09.

Section 12.10    Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

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Section 12.11    Confidentiality. 
(a)    All information furnished from time to time (either before, on or after the date hereof) by or on behalf of the Borrower or any other Loan Party to the Agent or a Lender or any of their representatives or advisors (each, a “Recipient”) (other than any such information that is available to the Agent or a Lender on a nonconfidential basis prior to disclosure by such Loan Party) is so furnished on a confidential basis (such information, the “Confidential Information”) and the Recipients will maintain the confidentiality thereof in accordance with the terms hereof; provided however, that a Recipient may disclose such information (i) to its Affiliates, partners, prospective partners, members and prospective members and its and their respective directors, managers, officers, employees, attorneys, accountants, advisors, auditors, consultants, agents or representatives with a need to know such Confidential Information (collectively “Permitted Recipients”) (provided that such potential assignee or transferee shall have been advised of and agree to be bound by the provisions of this Section 12.11(a)), (ii) to any potential assignee or transferee of any of its rights or obligations hereunder (including without limitation, in connection with a sale of any or all of the Loans) or any of their agents and advisors (provided that such potential assignee or transferee shall have been advised of and agree to be bound by the provisions of this Section 12.11(a)), (iii) if such information (x) becomes publicly available other than as a result of a breach of this Section 12.11(a), (y) becomes available to a Recipient or any of its Permitted Recipients on a non-confidential basis from a source other than the Loan Parties or (z) is independently developed by the Recipient or any of its Permitted Recipients without the use of or reliance on such information, (iv) to enable it to enforce or otherwise exercise any of its rights and remedies under any Loan Document, (v) in accordance with the Orders or (vi) as consented to by the Borrower. Notwithstanding anything to the contrary set forth in this Section 12.11(a) or otherwise, nothing herein shall prevent a Recipient or its Permitted Recipients from complying with any legal requirements (including, without limitation, pursuant to any rule, regulation, stock exchange requirement, self-regulatory body, supervisory authority, other applicable judicial or governmental order, legal process, fiduciary or similar duties or otherwise) to disclose any Confidential Information. In addition, the Recipient and its Permitted Recipients may disclose Confidential Information if so requested by a governmental, self-regulatory or supervisory authority. Each Loan Party hereby acknowledges and agrees that, subject to the restrictions on disclosure of Confidential Information as provided in this Section 12.11(a), the Recipient and their respective Affiliates are in the business of making investments in and otherwise engaging in businesses which may or may not be in competition with the Loan Parties or otherwise related to their and their Affiliates’ respective business and that nothing herein shall, or shall be construed to, limit the Lenders’ or their Affiliates’ ability to make such investments or engage in such businesses. Notwithstanding any other provision of this Section 12.11(a), the parties (and each employee, representative, or other agent of the parties) may disclose to any and all Persons, without limitation of any kind, the Tax treatment and any facts that may be relevant to the Tax structure of the transactions contemplated by this Agreement and the other Loan Documents; provided, however, that no party (and no employee, representative, or other agent thereof) shall disclose any other information that is not relevant to an understanding of the Tax treatment and Tax structure of the transaction (including the identity of any party and any information that could lead another to determine the identity of any party), or any other information to the extent that such disclosure could reasonably result in a violation of any applicable securities law. 
(b)    The Borrower understands and acknowledges that in the regular course of a Lender’s business, such Lender may invest in companies that have issued securities that are publicly traded (each, a “Public Company”). Accordingly, Borrower covenants and agrees that before providing material non-public information about any Public Company (other than material non-public information in respect of RRI and its Subsidiaries) (“Public Company Information”), the Borrower will use reasonable best efforts to provide prior written notice to the applicable compliance personnel indicated in Schedule 12.11. The Borrower shall not disclose Public Company Information to such Lender without written authorization from such compliance personnel; provided that any failure to comply with this Section 12.11(b) shall not constitute a Default or an Event of Default hereunder.

Section 12.12    Interest Rate Limitation. It is the intention of the parties hereto that each Lender shall conform strictly to usury laws applicable to it. Accordingly, if the transactions contemplated hereby would be usurious as to any Lender under laws applicable to it (including the laws of the United States of America and the State of Texas or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in any of the Loan Documents or any agreement entered into in connection with or as security for the Loans, it is agreed as follows: (a) the aggregate of all consideration which constitutes interest under law applicable to any Lender that is contracted for, taken, reserved, 

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charged or received by such Lender under any of the Loan Documents or agreements or otherwise in connection with the Loans shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall be canceled automatically and if theretofore paid shall be credited by such Lender on the principal amount of the Obligations (or, to the extent that the principal amount of the Obligations shall have been or would thereby be paid in full, refunded by such Lender to the Borrower); and (b) in the event that the maturity of the Loans is accelerated by reason of an election of the Lender thereof resulting from any Event of Default under this Agreement or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under law applicable to any Lender may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise shall be canceled automatically by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Debt (or, to the extent that the principal amount of the Debt shall have been or would thereby be paid in full, refunded by such Lender to the Borrower). All sums paid or agreed to be paid to any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable to such Lender, be amortized, prorated, allocated and spread throughout the stated term of the Loans until payment in full so that the rate or amount of interest on account of any Loans hereunder does not exceed the maximum amount allowed by such applicable law. If at any time and from time to time (i) the amount of interest payable to any Lender on any date shall be computed at the Highest Lawful Rate applicable to such Lender pursuant to this Section 12.12 and (ii) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Lender would be less than the amount of interest payable to such Lender computed at the Highest Lawful Rate applicable to such Lender, then the amount of interest payable to such Lender in respect of such subsequent interest computation period shall continue to be computed at the Highest Lawful Rate applicable to such Lender until the total amount of interest payable to such Lender shall equal the total amount of interest which would have been payable to such Lender if the total amount of interest had been computed without giving effect to this Section 12.12. To the extent that Chapter 303 of the Texas Finance Code is relevant for the purpose of determining the Highest Lawful Rate applicable to any Lender, such Lender elects to determine the applicable rate ceiling under such Chapter by the weekly ceiling from time to time in effect. Chapter 346 of the Texas Finance Code does not apply to the Borrower’s obligations hereunder.

Section 12.13    [Reserved].

Section 12.14    No Third Party Beneficiaries. There are no third party beneficiaries to this Agreement.

Section 12.15    EXCULPATION PROVISIONS. EACH OF THE PARTIES HERETO SPECIFICALLY AGREES THAT IT HAS A DUTY TO READ THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND AGREES THAT IT IS CHARGED WITH NOTICE AND KNOWLEDGE OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; THAT IT HAS IN FACT READ THIS AGREEMENT AND IS FULLY INFORMED AND HAS FULL NOTICE AND KNOWLEDGE OF THE TERMS, CONDITIONS AND EFFECTS OF THIS AGREEMENT; THAT IT HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL OF ITS CHOICE THROUGHOUT THE NEGOTIATIONS PRECEDING ITS EXECUTION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND HAS RECEIVED THE ADVICE OF ITS ATTORNEY IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND THAT IT RECOGNIZES THAT CERTAIN OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS RESULT IN ONE PARTY ASSUMING THE LIABILITY INHERENT IN SOME ASPECTS OF THE TRANSACTION AND RELIEVING THE OTHER PARTY OF ITS RESPONSIBILITY FOR SUCH LIABILITY. EACH PARTY HERETO AGREES AND COVENANTS THAT IT WILL NOT CONTEST THE VALIDITY OR ENFORCEABILITY OF ANY EXCULPATORY PROVISION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS ON THE BASIS THAT THE PARTY HAD NO NOTICE OR KNOWLEDGE OF SUCH PROVISION OR THAT THE PROVISION IS NOT “CONSPICUOUS.”

Section 12.16    USA Patriot Act Notice. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107‐56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act.

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Section 12.17    Conflict with Orders. In the event of any conflict or inconsistency between the terms hereof or terms of any Loan Document, on the one hand, and the terms of the Orders, on the other, the terms of the Orders (including with respect to lien subordination, payment subordination, equity conversion, standstill and other enforcement limitations and turnover provisions in paragraph 6(f), 6(g), 6(h) and 17) shall control.

Section 12.18    Releases.
(a)    Release Upon Payment in Full. Upon the complete payment or other satisfaction of the Obligations (other than (A) indemnity obligations not yet due and payable of which the Borrower has not received a notice of potential claim) in accordance with the terms hereof and the Orders, the Agent, at the written request and expense of the Borrower, will promptly release, reassign and transfer the DIP Collateral to the Loan Parties.
(b)    Further Assurances. If any of the DIP Collateral shall be sold, transferred or otherwise disposed of by any Loan Party in a transaction permitted by the Loan Documents, then the Agent, at the request and sole expense of the applicable Loan Party, shall promptly execute and deliver to such Loan Party all releases or other documents reasonably necessary or desirable for the release of the Liens created by the applicable Security Instrument on such DIP Collateral. At the request and sole expense of the Borrower, a Loan Party shall be released from its obligations under the Loan Documents in the event that all the capital stock or other Equity Interests of such Loan Party shall be sold, transferred or otherwise disposed of in a transaction permitted by the Loan Documents; provided that the Borrower shall have delivered to the Agent, at least five Business Days prior to the date of the proposed release, a written request for release identifying the relevant Loan Party and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Borrower stating that such transaction is in compliance with this Agreement and the other Loan Documents.

Section 12.19    Disclosure. Each Loan Party and each Lender hereby acknowledge and agree that the Agent and/or its Affiliates and their respective Related Funds from time to time may hold investments in, and make loans to, or have other relationships with any of the Loan Parties and their respective Affiliates, including the ownership, purchase and sale of Equity Interest in any Loan Party and their respective Affiliates and each Lender hereby expressly consents to such relationships.

Section 12.20    Appointment for Perfection. Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Agent and the Lenders, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by control or possession. Should any Lender obtain control or possession of any such DIP Collateral, such Lender shall notify the Agent thereof, and, in the case of possession, promptly upon Agent’s request therefor shall deliver such DIP Collateral to the Agent or otherwise deal with such DIP Collateral in accordance with the Agent’s instructions.

Section 12.21    [Reserved]. 

Section 12.22    [Reserved]. 

Section 12.23    Acknowledgement and Consent to Bail‐In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the Write‐Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write‐Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)    the effects of any Bail‐In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;

78

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the Write‐Down and Conversion Powers of any EEA Resolution Authority.
[SIGNATURES BEGIN NEXT PAGE]

79

The parties hereto have caused this Agreement to be duly executed as of the day and year first above written.
	
				
	Borrower:
	 
	 
	 

	 
	 
	ROSEHILL OPERATING COMPANY, LLC

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	 
	R. Craig Owen

	 
	 
	 
	Chief Financial Officer

	
				
	RRI:
	 
	 
	 

	 
	 
	ROSEHILL RESOURCES INC.

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	 
	R. Craig Owen

	 
	 
	 
	Chief Financial Officer

	
				
	AGENT:
	 
	 
	 

	 
	 
	U.S. BANK NATIONAL ASSOCIATION,

	 
	 
	as Agent

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	Name:
	 

	 
	 
	Title:
	 

	
				
	LENDER:
	 
	 
	 

	 
	 
	 

	 
	 
	as Lender

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	Name:
	 

	 
	 
	Title:EX-10.1

 Exhibit 10.1 

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and
would likely cause competitive harm to the registrant if publicly disclosed. 
 Execution Version 

 
  

 
 CREDIT AGREEMENT 

dated as of January 9, 2020 

among 
 HARMONY BIOSCIENCES, LLC,

 as the Borrower, 
 THE
LENDERS FROM TIME TO TIME PARTY HERETO 
 and 

ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP, 

as the Administrative Agent 
  

 
  

THE LOANS ARE DEEMED TO BE MADE WITH ORIGINAL ISSUE DISCOUNT FOR U.S. FEDERAL INCOME TAX PURPOSES. REQUESTS FOR INFORMATION REGARDING THE ISSUE
PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY ON THE LOANS MAY BE DIRECTED TO THE BORROWER CARE OF CHIEF FINANCIAL OFFICER OF HARMONY BIOSCIENCES, LLC AT 630 W GERMANTOWN PIKE, PLYMOUTH MEETING, PA 19462. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
			
	 SECTION 1.1
	 	 Defined Terms
	  	 	1	 
	 SECTION 1.2
	 	 Use of Defined Terms
	  	 	26	 
	 SECTION 1.3
	 	 Cross-References
	  	 	26	 
	 SECTION 1.4
	 	 Accounting and Financial Determinations
	  	 	26	 
		
	 ARTICLE II COMMITMENT AND BORROWING PROCEDURES
	  	 	27	 
			
	 SECTION 2.1
	 	 Commitment
	  	 	27	 
	 SECTION 2.2
	 	 Borrowing Procedure
	  	 	27	 
	 SECTION 2.3
	 	 Funding
	  	 	27	 
	 SECTION 2.4
	 	 Reduction of the Commitment Amounts
	  	 	27	 
	 SECTION 2.5
	 	 Incremental Commitments
	  	 	27	 
		
	 ARTICLE III REPAYMENTS, PREPAYMENTS, INTEREST AND FEES
	  	 	27	 
			
	 SECTION 3.1
	 	 Repayments and Prepayments; Application
	  	 	27	 
	 SECTION 3.2
	 	 Repayments and Prepayments
	  	 	28	 
	 SECTION 3.3
	 	 [Reserved]
	  	 	29	 
	 SECTION 3.4
	 	 Interest Rate
	  	 	29	 
	 SECTION 3.5
	 	 Default Rate
	  	 	29	 
	 SECTION 3.6
	 	 Payment Dates
	  	 	29	 
	 SECTION 3.7
	 	 Repayment Premium
	  	 	29	 
	 SECTION 3.8
	 	 Exit Fee.
	  	 	29	 
	 SECTION 3.9
	 	 [Reserved]
	  	 	30	 
	 SECTION 3.10
	 	 [Reserved]
	  	 	30	 
	 SECTION 3.11
	 	 Administration Fee
	  	 	30	 
		
	 ARTICLE IV LIBO RATE AND OTHER PROVISIONS
	  	 	30	 
			
	 SECTION 4.1
	 	 Increased Costs, Etc
	  	 	30	 
	 SECTION 4.2
	 	 Increased Capital Costs
	  	 	30	 
	 SECTION 4.3
	 	 Taxes
	  	 	31	 
	 SECTION 4.4
	 	 Payments, Computations; Proceeds of Collateral, Etc
	  	 	35	 
	 SECTION 4.5
	 	 Setoff
	  	 	37	 
	 SECTION 4.6
	 	 LIBO Rate Not Determinable
	  	 	37	 
		
	 ARTICLE V CONDITIONS TO MAKING THE LOANS
	  	 	38	 
			
	 SECTION 5.1
	 	 Credit Extensions
	  	 	38	 
	 SECTION 5.2
	 	 Secretary’s Certificate, Etc
	  	 	38	 
	 SECTION 5.3
	 	 Closing Date Certificate
	  	 	39	 
	 SECTION 5.4
	 	 Payment of Outstanding Indebtedness, Etc
	  	 	39	 
	 SECTION 5.5
	 	 Delivery of Note
	  	 	39	 
	 SECTION 5.6
	 	 Financial Information, Etc
	  	 	39	 

  
 - i - 

							
	 SECTION 5.7
	 	 Compliance Certificate
	  	 	40	 
	 SECTION 5.8
	 	 Solvency, Etc
	  	 	40	 
	 SECTION 5.9
	 	 Guarantee
	  	 	40	 
	 SECTION 5.10
	 	 Security Agreements
	  	 	40	 
	 SECTION 5.11
	 	 Intellectual Property Security Agreements
	  	 	41	 
	 SECTION 5.12
	 	 Opinions of Counsel
	  	 	41	 
	 SECTION 5.13
	 	 Insurance
	  	 	41	 
	 SECTION 5.14
	 	 Closing Fees, Expenses, Etc
	  	 	41	 
	 SECTION 5.15
	 	 Anti-Terrorism Laws
	  	 	41	 
	 SECTION 5.16
	 	 Investment Documents
	  	 	41	 
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	42	 
			
	 SECTION 6.1
	 	 Organization, Etc
	  	 	42	 
	 SECTION 6.2
	 	 Due Authorization, Non-Contravention, Etc
	  	 	42	 
	 SECTION 6.3
	 	 Government Approval, Regulation, Etc
	  	 	42	 
	 SECTION 6.4
	 	 Validity, Etc
	  	 	42	 
	 SECTION 6.5
	 	 Financial Information
	  	 	42	 
	 SECTION 6.6
	 	 No Material Adverse Change
	  	 	43	 
	 SECTION 6.7
	 	 Litigation, Labor Matters and Environmental Matters
	  	 	43	 
	 SECTION 6.8
	 	 Subsidiaries
	  	 	43	 
	 SECTION 6.9
	 	 Ownership of Properties
	  	 	43	 
	 SECTION 6.10
	 	 Taxes
	  	 	44	 
	 SECTION 6.11
	 	 Benefit Plans, Etc
	  	 	44	 
	 SECTION 6.12
	 	 Accuracy of Information
	  	 	44	 
	 SECTION 6.13
	 	 Regulations U and X
	  	 	44	 
	 SECTION 6.14
	 	 Solvency
	  	 	45	 
	 SECTION 6.15
	 	 Intellectual Property
	  	 	45	 
	 SECTION 6.16
	 	 Material Agreements
	  	 	47	 
	 SECTION 6.17
	 	 Permits
	  	 	47	 
	 SECTION 6.18
	 	 Regulatory Matters
	  	 	47	 
	 SECTION 6.19
	 	 Transactions with Affiliates
	  	 	51	 
	 SECTION 6.20
	 	 Investment Company Act
	  	 	51	 
	 SECTION 6.21
	 	 OFAC
	  	 	52	 
	 SECTION 6.22
	 	 Deposit and Disbursement Accounts
	  	 	52	 
	 SECTION 6.23
	 	 Customer and Trade Relations
	  	 	52	 
	 SECTION 6.24
	 	 Holdings
	  	 	52	 
		
	 ARTICLE VII AFFIRMATIVE COVENANTS
	  	 	52	 
			
	 SECTION 7.1
	 	 Financial Information, Reports, Notices, Etc
	  	 	53	 
	 SECTION 7.2
	 	 Maintenance of Existence; Compliance with Contracts, Laws, Etc
	  	 	56	 
	 SECTION 7.3
	 	 Maintenance of Properties
	  	 	56	 
	 SECTION 7.4
	 	 Insurance
	  	 	57	 
	 SECTION 7.5
	 	 Books and Records
	  	 	57	 
	 SECTION 7.6
	 	 Environmental Law Covenant
	  	 	57	 
	 SECTION 7.7
	 	 [Reserved]
	  	 	58	 

  
 - ii - 

							
	 SECTION 7.8
	 	 Future Guarantors, Security, Etc
	  	 	58	 
	 SECTION 7.9
	 	 Obtaining of Permits, Etc
	  	 	58	 
	 SECTION 7.10
	 	 Post-Closing
	  	 	58	 
	 SECTION 7.11
	 	 Maintenance of Regulatory Authorizations, Contracts, Intellectual Property, Etc
	  	 	59	 
	 SECTION 7.12
	 	 Inbound Licenses
	  	 	60	 
	 SECTION 7.13
	 	 Cash Management
	  	 	61	 
		
	 ARTICLE VIII NEGATIVE COVENANTS
	  	 	61	 
			
	 SECTION 8.1
	 	 Business Activities
	  	 	61	 
	 SECTION 8.2
	 	 Indebtedness
	  	 	62	 
	 SECTION 8.3
	 	 Liens
	  	 	63	 
	 SECTION 8.4
	 	 Minimum Liquidity
	  	 	66	 
	 SECTION 8.5
	 	 Investments
	  	 	66	 
	 SECTION 8.6
	 	 Restricted Payments, Etc
	  	 	67	 
	 SECTION 8.7
	 	 Consolidation, Merger; Permitted Acquisitions, Etc
	  	 	68	 
	 SECTION 8.8
	 	 Permitted Dispositions
	  	 	68	 
	 SECTION 8.9
	 	 Modification of Certain Agreements
	  	 	70	 
	 SECTION 8.10
	 	 Transactions with Affiliates
	  	 	70	 
	 SECTION 8.11
	 	 Restrictive Agreements, Etc
	  	 	71	 
	 SECTION 8.12
	 	 Sale and Leaseback
	  	 	71	 
	 SECTION 8.13
	 	 Product Agreements
	  	 	71	 
	 SECTION 8.14
	 	 Change in Name, Location or Executive Office or Executive Management; Change in Fiscal
Year
	  	 	72	 
	 SECTION 8.15
	 	 Benefit Plans and Agreements
	  	 	72	 
	 SECTION 8.16
	 	 Holdings
	  	 	72	 
	 SECTION 8.17
	 	 Use of Proceeds
	  	 	72	 
		
	 ARTICLE IX EVENTS OF DEFAULT
	  	 	73	 
			
	 SECTION 9.1
	 	 Listing of Events of Default
	  	 	73	 
	 SECTION 9.2
	 	 Action if Bankruptcy
	  	 	76	 
	 SECTION 9.3
	 	 Action if Other Event of Default
	  	 	76	 
	 SECTION 9.4
	 	 Application of Funds
	  	 	77	 
		
	 ARTICLE X MISCELLANEOUS PROVISIONS
	  	 	78	 
			
	 SECTION 10.1
	 	 Waivers, Amendments, Etc
	  	 	78	 
	 SECTION 10.2
	 	 Notices; Time
	  	 	79	 
	 SECTION 10.3
	 	 [Reserved]
	  	 	80	 
	 SECTION 10.4
	 	 Indemnification; Expenses; and Damage Waiver
	  	 	80	 
	 SECTION 10.5
	 	 Survival
	  	 	82	 
	 SECTION 10.6
	 	 Severability
	  	 	82	 
	 SECTION 10.7
	 	 Headings
	  	 	82	 
	 SECTION 10.8
	 	 Execution in Counterparts, Effectiveness, Etc.
	  	 	82	 
	 SECTION 10.9
	 	 Governing Law; Entire Agreement
	  	 	82	 
	 SECTION 10.10
	 	 Successors and Assigns
	  	 	83	 
	 SECTION 10.11
	 	 Other Transactions
	  	 	85	 

  
 - iii - 

							
	 SECTION 10.12
	 	 Forum Selection and Consent to Jurisdiction
	  	 	85	 
	 SECTION 10.13
	 	 Waiver of Jury Trial
	  	 	86	 
	 SECTION 10.14
	 	 Confidentiality
	  	 	87	 
	 SECTION 10.15
	 	 Exceptions to Confidentiality
	  	 	87	 
	 SECTION 10.16
	 	 No Waiver; Cumulative Remedies; Enforcement
	  	 	88	 
	 SECTION 10.17
	 	 Payments Set Aside
	  	 	88	 
	 SECTION 10.18
	 	 Electronic Execution of Assignments and Certain Other Documents
	  	 	89	 
			
	 ARTICLE XI
	 	 ADMINISTRATIVE AGENT
	  	 	89	 
			
	 SECTION 11.1
	 	 Appointment and Authority
	  	 	89	 
	 SECTION 11.2
	 	 Rights as a Lender
	  	 	90	 
	 SECTION 11.3
	 	 Exculpatory Provisions
	  	 	90	 
	 SECTION 11.4
	 	 Reliance by Administrative Agent
	  	 	91	 
	 SECTION 11.5
	 	 Delegation of Duties
	  	 	92	 
	 SECTION 11.6
	 	 Resignation or Removal of Administrative Agent
	  	 	92	 
	 SECTION 11.7
	 	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	93	 
	 SECTION 11.8
	 	 Administrative Agent May File Proofs of Claim
	  	 	93	 
	 SECTION 11.9
	 	 Collateral and Guarantee Matters
	  	 	94	 

 SCHEDULES: 
  

					
	 Schedule 1
	 		    	 LatAm Transaction

			
	 Schedule 2.1
	 		    	 Commitments and Applicable Percentages

			
	 Schedule 6.7(a)
	 		    	 Litigation

			
	 Schedule 6.8
	 		    	 Existing Subsidiaries

			
	 Schedule 6.15(a)
	 		    	 Intellectual Property

			
	 Schedule 6.15(j)
	 		    	 Infringement Notices

			
	 Schedule 6.16
	 		    	 Material Agreements and Key Contracts

			
	 Schedule 6.19
	 		    	 Transactions with Affiliates

			
	 Schedule 6.22
	 		    	 Deposit and Disbursement Accounts

			
	 Schedule 8.2(b)
	 		    	 Indebtedness to be Paid

			
	 Schedule 8.2(c)
	 		    	 Existing Indebtedness

			
	 Schedule 8.3(c)
	 		    	 Existing Liens

			
	 Schedule 8.5(a)
	 		    	 Investments

			
	 Schedule 8.10
	 		    	 Existing Affiliate Transactions

			
	 Schedule 10.2
	 		    	 Notice Information

  
 - iv - 

					
	EXHIBITS:
			
	Exhibit A	 	-	    	Form of Promissory Note
	Exhibit B	 	-	    	Form of Loan Request
	Exhibit C	 	-	    	Form of Compliance Certificate
	Exhibit D	 	-	    	Form of Guarantee
	Exhibit E	 	-	    	Form of Security Agreement
	Exhibit F	 	-	    	Form of Assignment and Assumption
	Exhibit G	 	-	    	Form of Warrant

  
 - v - 

 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT dated as of January 9, 2020 (as amended, supplemented or otherwise modified from time to time, this
“Agreement”), is among HARMONY BIOSCIENCES, LLC, a Delaware limited liability company (the “Borrower”), the Lenders (defined herein) and ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP, a Delaware limited
partnership (together with its Affiliates, successors, transferees and assignees), as Administrative Agent. The Borrower, the Administrative Agent and each Lender are sometimes referred to herein individually as a “Party” and
collectively as the “Parties”. 
 W I T N E S S E T H:

 WHEREAS, the Borrower has requested that the Lenders provide a senior term loan facility to the Borrower in an aggregate principal amount
of $200,000,000 available at the Closing, subject to the terms and conditions set forth herein); and 
 WHEREAS, the Lenders are willing, on
the terms and subject to the conditions hereinafter set forth, to extend the Commitment and make the Loans to the Borrower; 
 NOW,
THEREFORE, the parties hereto agree as follows. 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

SECTION 1.1 Defined Terms. The following terms (whether or not underscored) when used in this Agreement, including its
preamble and recitals, shall, except where the context otherwise requires, have the following meanings (such meanings to be equally applicable to the singular and plural forms thereof): 

“Acquisition” is defined in the definition of “Permitted Acquisition”. 

“Administrative Agent” means OrbiMed Royalty & Credit Opportunities III, LP, in its capacity as administrative agent
under any of the Loan Documents, or any successor administrative agent. 
 “Administrative Agent’s Office” means the
Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.2 or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders. 

“Administration Fee” is defined in Section 3.11. 

“Affiliate” of any Person means any other Person which, directly or indirectly, Controls, is Controlled by or is under common
Control with such Person. “Control” (and its correlatives) by any Person means (i) the power of such Person, directly or indirectly, (x) to vote 15% or more of the Voting Securities (determined on a fully diluted basis) of
another Person, or (y) to direct or cause the direction of the management and policies of such other Person (whether by contract or otherwise), and/or (ii) the ownership by such Person of 15% or more of the Capital Securities of another
Person. 

 “Agreement” is defined in the preamble. 

“Applicable Margin” means 11.00%. 

“Applicable Percentage” means, with respect to any Lender at any time, with respect to such Lender’s portion of the
outstanding Loans at any time, the percentage of the outstanding principal amount of the Loans held by such Lender at such time. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.1 or
in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 
 “Approved Fund”
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the
consent of any party whose consent is required by Section 10.10(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit F hereto or any other form approved by the Administrative Agent. 

“Assignment Effective Date” is defined in Section 10.10(a). 

“Authorized Officer” means, relative to Holdings, the Borrower or any of the Subsidiaries, those of its officers, general
partners or managing members (as applicable) whose signatures and incumbency shall have been certified to the Administrative Agent and the Lenders pursuant to Section 5.2. 

“Benefit Plan” means any employee benefit plan, as defined in section 3(3) of ERISA, that either: (i) is a
“multiemployer plan,” as defined in section 3(37) of ERISA, (ii) is subject to section 412 of the Code, section 302 of ERISA or Title IV of ERISA, (iii) provides welfare benefits to terminated employees, other than to the extent
required by section 4980B(f) of the Code and the corresponding provisions of ERISA, or (iv) provides medical, dental, vision, or long-term disability benefits and is not fully insured by a third-party insurance company. 

“Bioprojet” means Bioprojet Société Civile de Recherche, an independent (privately owned) research company
organized under the laws of France, together with its Affiliates, including Bioprojet Pharma SARL and Bioprojet Europe Ltd. 
 “Bona
Fide Debt Fund” means any bona fide debt fund, investment vehicle, regulated banking entity or non-regulated lending entity that is primarily engaged in, or advises funds or other investment vehicles that are primarily engaged in, making,
purchasing, holding or otherwise investing in commercial loans or bonds and/or similar extensions of credit in the ordinary course of business. 

“Borrower” is defined in the preamble. 

“Business Day” means any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or
required to be closed in New York, New York. 

  
 - 2 - 

 “Capital Securities” means, with respect to any Person, all shares of,
interests or participations in, or other equivalents in respect of (in each case however designated, whether voting or non-voting), of such Person’s capital stock, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any such capital stock, in each case, whether now outstanding or issued after the Closing Date. 
 “Capitalized
Lease Liabilities” means, with respect to any Person, all monetary obligations of such Person and its Subsidiaries under any leasing or similar arrangement which have been (or, in accordance with GAAP, should be) classified as capitalized
leases, and for purposes of each Loan Document the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP, and the stated maturity thereof shall be the date of the last payment of rent or any other
amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a premium or a penalty; provided, that for all purposes of this Agreement (other than with respect to the preparation
of audited or unaudited financial statements), all obligations of any Person that are or would have been treated as operating leases for purposes of GAAP but for the effectiveness of FASB ASC 842 shall continue to be accounted for as operating
leases for purposes of all financial definitions and calculations for purpose of this Agreement (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance
with FASB ASC 842 (on a prospective or retroactive basis or otherwise) to be treated as Capitalized Lease Liabilities in the financial statements. 

“Cash Equivalent Investment” means, at any time: 

(a) any direct obligation of (or unconditionally guaranteed by) the United States (or any agency or political subdivision
thereof, to the extent such obligations are supported by the full faith and credit of the United States) maturing not more than one year after such time; 

(b) commercial paper maturing not more than one year from the date of issue, which is issued by a corporation (other than an
Affiliate of Holdings, the Borrower or any of its Subsidiaries) organized under the laws of any state of the United States or of the District of Columbia and rated A-1 or higher by S&P or P-1 or higher by Moody’s; 

(c) any certificate of deposit, demand or time deposit, overnight bank deposit or bankers’ acceptance, maturing not more
than one year after its date of issuance, which is issued by or placed with any bank or trust company organized under the laws of the United States (or any state thereof) and which has (x) a credit rating of A2 or higher from Moody’s or A
or higher from S&P and (y) a combined capital and surplus greater than $500,000,000; 
 (d) investments in money
market mutual funds at least 95% of the assets of which are comprised of securities of the types described in clauses (a) through (c) of this definition; or 

  
 - 3 - 

 (e) in the case of Foreign Subsidiaries only, instruments equivalent to
those referred to in clauses (a) through (d) above, in each case, denominated in any foreign currency comparable in credit quality and tenor to those referred to in such clauses above and customarily used by Persons for cash management
purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Foreign Subsidiary organized in such jurisdiction. 

“Casualty Event” means the damage, destruction or condemnation, as the case may be, of property of any Person or any of its
Subsidiaries. 
 “cGCP” means the then current Good Clinical Practices that establish the national and international
ethical and scientific quality standards for designing, conducting, recording and reporting clinical trials that are promulgated or endorsed for the United States by the FDA (including through ICH E6 and 21 CFR Parts 50, 54, 56 and 312 and
applicable guidance documents) and for outside the United States by comparable Governmental Authorities. 
 “cGMP” means
the then current good manufacturing practices and regulatory requirements for or concerning manufacturing practices for pharmaceutical and biological products (and components thereof) that are promulgated or endorsed for the United States by the FDA
(including through 21 CFR Parts 210 and 211) and for outside the United States by comparable Governmental Authorities. 
 “Change in
Control” means and shall be deemed to have occurred if (i) (A) Holdings shall cease to directly own, beneficially and of record, 100% of the issued and outstanding Capital Securities of the Borrower, (B) prior to the
occurrence of a Qualified IPO, any “person” or “group” (within the meaning of Rule 13d-5 of the Exchange Act) other than the Valor Investors or the Paragon Investors, shall own, directly or indirectly, beneficially or of record,
determined on a fully diluted basis, more than 35% of the Voting Securities of Holdings, (C) either the Valor Investors or the Paragon Investors, shall own, directly or indirectly, beneficially or of record, determined on a fully diluted basis,
more than 45% of the Voting Securities of Holdings or (D) after the occurrence of a Qualified IPO, any “person” or “group” (within the meaning of Rule 13d-5 of the Exchange Act) other than the Valor Investors or the Paragon
Investors shall own, directly or indirectly, beneficially or of record, determined on a fully diluted basis, more than 45% of the Voting Securities of Holdings; (ii) a majority of the seats (other than vacant seats) on the board of directors
(or equivalent) of Holdings shall at any time be occupied by persons who were not directors on the Closing Date and who were neither (x) nominated by the board of directors of Holdings nor (y) appointed pursuant to and in accordance with
the terms of the Voting Agreement, or (iii) any Subsidiary shall cease to be a wholly owned Subsidiary of the Borrower (except pursuant to a Disposition of all of the Capital Securities of a Subsidiary otherwise permitted hereunder);
provided that the occurrence of a Qualified IPO shall not be deemed a Change in Control. 
 “Change in Law” means
the occurrence, after the date of this Agreement, of any of the following: (i) the adoption or taking effect of any law, rule, regulation or treaty, (ii) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority or (iii) the making or issuance of any 

  
 - 4 - 

 
request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that, notwithstanding anything herein to the contrary, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a
“Change in Law”, regardless of the date enacted, adopted or issued. 
 “Closing Date” means the date of the
making of the Loans hereunder, which in no event shall be later than January 9, 2020. 
 “Closing Date Certificate”
means a closing date certificate executed and delivered by an Authorized Officer of the Borrower in form and substance reasonably satisfactory to the Administrative Agent. 

“CMS” means the U.S. Center for Medicare and Medicaid Services. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral” is defined in the Security Agreement. 

“Commitment” means, as to each Lender, such Lender’s obligation (if any) to make Loans hereunder. 

“Commitment Amount” as to each Lender, means its obligation to make a portion of the Loans to the Borrower pursuant to
Section 2.1, in the principal amount set forth opposite such Lender’s name on Schedule 2.1. The aggregate principal amount of the Commitment Amount of all of the Lenders as in effect on the Closing Date is $200,000,000. 

“Competitor” means any Person that is an operating company engaged in substantially similar business operations as Holdings,
Borrower or any of their Subsidiaries. 
 “Compliance Certificate” means a certificate duly completed and executed by an
Authorized Officer of the Borrower, substantially in the form of Exhibit C hereto, together with such changes thereto as the Administrative Agent may from time to time reasonably request for the purpose of monitoring the Borrower’s
compliance with the financial covenant contained herein. 
 “Confidential Information” means any and all information or
material (whether written or oral, or in electronic or other form) that, at any time before, on or after the Closing Date, has been or is provided or communicated to the Receiving Party by or on behalf of the Disclosing Party pursuant to this
Agreement or in connection with the transactions contemplated hereby, and shall include the existence and terms of this Agreement. 

“Contingent Liability” means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise
becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or 

  
 - 5 - 

 
otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the Indebtedness of any other Person (other than by endorsements of instruments in the course of collection), or
guarantees the payment of dividends or other distributions upon the Capital Securities of any other Person. The amount of any Person’s obligation under any Contingent Liability shall (subject to any limitation set forth therein) be deemed to be
the outstanding amount of the debt, obligation or other liability guaranteed thereby. 
 “Control” is defined within the
definition of “Affiliate”. 
 “Controlled Account” is defined in Section 7.13. 

“Controlled Investment Affiliate” shall mean, with respect to any Person, any other Person that (a) directly or
indirectly, is in control of, is controlled by, or is under common control with, such Person, and (b) is organized primarily for the purpose of making equity or debt investments in one or more companies. For purposes of this definition,
“control” means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management and policies of a Person, whether through the ownership of Capital Securities, by contract, or otherwise. 

“Copyrights” means all copyrights, whether statutory or common law, and all exclusive licenses from third parties or rights
to use copyrights owned by such third parties, along with any and all (i) renewals, revisions, extensions, derivative works, enhancements, modifications, updates and new releases thereof, (ii) income, royalties, damages, claims and
payments now and hereafter due and/or payable with respect thereto, including, without limitation, damages and payments for past, present or future infringements thereof, (iii) rights to sue for past, present and future infringements thereof,
and (iv) foreign copyrights and any other rights corresponding thereto throughout the world. 
 “Copyright Security
Agreement” means any Copyright Security Agreement executed and delivered to the Administrative Agent by Holdings, the Borrower or any of the Subsidiaries in substantially the form of Exhibit C to the Security Agreement, as amended,
supplemented, amended and restated or otherwise modified from time to time. 
 “Debtor Relief Laws” means the Bankruptcy
Code of the United States and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or
other applicable jurisdictions from time to time in effect. 
 “Default” means any Event of Default or any condition,
occurrence or event which, after notice or lapse of time or both, would constitute an Event of Default. 
 “Designated
Jurisdiction” means any country or territory to the extent that such country or territory is the subject of any Sanction. 

“Designated Key Contracts” means those Key Contracts defined in clauses (a) through (h) of the definition thereof,
including any replacements of such Key Contracts. 
 “Disclosing Party” means the Party disclosing Confidential
Information. 

  
 - 6 - 

 “Disposition” (or similar words such as “Dispose”) means
any sale, transfer, lease, license, contribution or other conveyance (including by way of merger) of, or the granting of options, warrants or other rights to, any of Holdings, the Borrower’s or the Subsidiaries’ assets (including accounts
receivable and Capital Securities of Subsidiaries) to any other Person (other than by Holdings, the Borrower or any of its Subsidiaries to Holdings, the Borrower or any of its Subsidiaries) in a single transaction or series of transactions. For the
avoidance of doubt, (i) the granting or incurrence of a Lien by Holdings, the Borrower or any Subsidiary on any of its property permitted under Section 8.3 or (ii) the making of any Restricted Payment in cash, Capital
Securities of Holdings or any combination thereof permitted under Section 8.6, the making of any Restricted Payment by the Borrower or Subsidiaries to Holdings, the Borrower or any Subsidiaries permitted under Section 8.6 or
the making of any Restricted Payment by Holdings under Section 8.6(b) shall not constitute a “Disposition” for any purpose under this Agreement or under any other Loan Document. 

“Disqualified Capital Securities” shall mean any Capital Securities that, by their terms (or by the terms of any security or
other Capital Securities into which they are convertible or for which they are exchangeable) or upon the happening of any event or condition, (a) mature or are mandatorily redeemable (other than solely for Qualified Capital Securities),
pursuant to a sinking fund obligation or otherwise (except as a result of a Change in Control or asset sale so long as any rights of the holders thereof upon the occurrence of a Change in Control or asset sale event shall be subject to the prior
repayment in full of the Loans and all other Obligations that are accrued and payable and the termination of the Commitment), (b) are redeemable at the option of the holder thereof (other than solely for Qualified Capital Securities) (except as
a result of a Change in Control or asset sale so long as any rights of the holders thereof upon the occurrence of a Change in Control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are
accrued and payable and the termination of the Commitment), in whole or in part, (c) provide for the scheduled payment of dividends in cash or (d) are or become convertible into or exchangeable for Indebtedness or any other Capital
Securities that would constitute Disqualified Capital Securities, in each case, prior to the date that is one hundred and eighty-one (181) days after the Maturity Date; provided that if such Capital Securities are issued pursuant to a
plan for the benefit of employees of Holdings, the Borrower or any of its Subsidiaries, or by any such plan to such employees, such Capital Securities shall not constitute Disqualified Capital Securities solely because they may be required to be
repurchased by Holdings, the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 

“Disqualified Institutions” means any Person that is (a) designated by Borrower, by written notice delivered to
Administrative Agent on or prior to the date hereof, as a (i) disqualified institution or (ii) Competitor or (b) clearly identifiable, solely on the basis of such Person’s name, as an Affiliate of any Person referred to in clause
(a)(i) or (a)(ii) above; provided, however, Disqualified Institutions shall (A) exclude any Person that Borrower has designated as no longer being a Disqualified Institution by written notice delivered to Administrative Agent from time to time
and (B) include (I) any Person that is added as a Competitor and (II) any Person that is clearly identifiable, solely on the basis of such Person’s name, as an Affiliate of any Person referred to in clause (B)(I), pursuant to a
written supplement to the list of Competitors that are Disqualified Institutions, that is delivered by Borrower after the date hereof to Administrative Agent, such supplement shall become effective five (5) Business Days after 

  
 - 7 - 

 
the date that such written supplement is delivered to Administrative Agent, but which shall not apply retroactively to disqualify any Persons that have previously acquired an assignment or
participation interest in the Loans and/or Commitments as permitted herein. In no event shall a Bona Fide Debt Fund be a Disqualified Institution unless such Bona Fide Debt Fund is identified under clause (a)(i) above. 

“Division/ Series Transaction” means, with respect to any Person that is a limited liability company organized under the Laws
of the State of Delaware, that any such Person (a) divides into two or more Persons (whether or not the original Person survives such division) or (b) creates, or reorganizes into, one or more series, in each case, as contemplated under
the Laws of the State of Delaware. 
 “EBITDA” shall mean, for any period, with respect Holdings, the Borrower and the
Subsidiaries, calculated on a consolidated basis, (a) net income for such period plus (b) without duplication and to the extent deducted in computing such net income for such period (other than in the case of clause (x) below), the
sum of (i) interest expense for such period, (ii) the amount of federal, state, local and foreign taxes accrued or paid in cash during such period, (iii) depreciation and amortization expense for such period, (iv) fees and
expenses incurred in connection with the negotiation, execution and delivery on the Closing Date of the Investment Documents and the consummation of the transactions contemplated thereby, (v) fees, costs and expenses incurred in connection with
any amendments, restatements, supplements, modifications, extensions, consents, waivers, joinders or other changes to this Agreement or any other Investment Documents (in each case, whether or not consummated), (vi) fees, costs and expenses
incurred in connection with the consummation of any transaction, or any transaction proposed and not consummated, in each case, that is a financing transaction (including, without limitation, an initial public offering of the Capital Securities of
Holdings or the issuances of Capital Securities for financing purposes), acquisition, Disposition or Investment outside the ordinary course of business that is permitted under the Loan Documents (including any amendments, restatements, supplements,
modifications, extensions, consents, waivers, joinders of other changes of any documents, agreements or instruments, in each case relating to the foregoing and that are permitted under the Loan Documents), (vii) extraordinary, unusual or
non-recurring losses or expenses or legal settlements outside the ordinary course of business (including all fees and expenses relating thereto) in an aggregate amount not to exceed 20% of EBITDA with respect to such period (after giving effect to
the addbacks pursuant to this clause (b)(vii)) or as otherwise approved by the Administrative Agent, in its sole discretion, (viii) all non-cash items, expenses or charges reducing net income for such period and (ix) losses, expenses and
payments that are covered by insurance, indemnification, reimbursement, guaranty or purchase price adjustment provisions in any document, agreement or instrument entered into by such Persons to the extent such losses, expenses and payments have been
(or are reasonably anticipated to be) reimbursed pursuant to the applicable third party insurance, indemnity, guaranty or acquisition agreement in (A) such period, (B) an earlier period if not previously added back to EBITDA in such
earlier period or (C) within one year of the date such losses, expenses or payments are incurred; provided that, with respect to this clause (b)(ix), any amounts added back to EBITDA pursuant to clause (b)(ix)(C) in a prior
period that was not actually reimbursed or paid to such Persons during such one-year period may not be added back pursuant to this clause (b)(ix) during any later period after such one-year period if such amount is actually reimbursed or paid
to such Persons in such later period, minus (c) without duplication and to the 

  
 - 8 - 

 
extent included in computing such net income for such period, (i) all non-cash income or gains increasing net income for such period and (ii) extraordinary, unusual or non-recurring income
or gains or legal settlements outside the ordinary course of business increasing net income for such period, in each case of clauses (a) through (c) for such Persons on a consolidated basis as determined in accordance with GAAP. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 10.10(b)(iii)
and (v) (subject to such consents, if any, as may be required under Section 10.10(b)(iii)). 

“EMA” means the European Medicines Agency or any successor entity. 

“Environmental Laws” means all federal, state, local or international laws, statutes, rules, regulations, codes, directives,
treaties, requirements, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, natural resources, Hazardous
Material or health and safety matters. 
 “Environmental Liability” means any liability, loss, claim, suit, action,
investigation, proceeding, damage, commitment or obligation, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of or affecting Holdings, the Borrower or any Subsidiary
directly or indirectly arising from, in connection with or based upon (i) any Environmental Law or Environmental Permit, (ii) the generation, use, handling, transportation, storage, treatment, recycling, presence, disposal, Release or
threatened Release of, or exposure to, any Hazardous Materials, or (iii) any contract, agreement, penalty, order, decree, settlement, injunction or other arrangement (including operation of law) pursuant to which liability is assumed, entered
into, inherited or imposed with respect to any of the foregoing. 
 “Environmental Permit” is defined in
Section 6.7. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time. 
 “ERISA Affiliate” means, as applied to any Person, (i) any corporation that is a member of a controlled group
of corporations within the meaning of section 414(b) of the Code of which that Person is a member, (ii) any trade or business (whether or not incorporated) that is a member of a group of trades or businesses under common control within the
meaning of section 414(c) of the Code of which that Person is a member, or (iii) any member of an affiliated service group within the meaning of section 414(m) or 414(o) of the Code of which that Person, any corporation described in clause
(i) above or any trade or business described in clause (ii) above is a member. 
 “Event of Default” is defined
in Section 9.1. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Account” is defined in Section 7.13. 

  
 - 9 - 

 “Existing Debt Refinancing” is defined in Section 5.4. 

“Exit Fee” is defined in Section 3.8. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the Closing Date (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any applicable agreements entered into pursuant to Section 1471(b)(1) of the Code, any applicable
intergovernmental agreements with respect to the implementation of Sections 1471 through 1474 of the Code, and any fiscal or regulatory legislation, rules or official administrative practices adopted pursuant to any such intergovernmental agreement,
or treaty or convention among Governmental Authorities, and implementing such Sections of the Code. 
 “FDA” means the U.S.
Food and Drug Administration and any successor entity. 
 “FD&C Act” means the U.S. Federal Food, Drug, and Cosmetic
Act (or any successor thereto), as amended from time to time, and the rules, regulations, guidelines, guidance documents and compliance policy guides issued or promulgated thereunder. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that if such day is not a
Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day. 

“Fiscal Quarter” means a quarter ending on the last day of March, June, September or December. 

“Fiscal Year” means any period of twelve consecutive calendar months ending on December 31; references to a Fiscal Year
with a number corresponding to any calendar year (e.g., the “2019 Fiscal Year”) refer to the Fiscal Year ending on December 31 of such calendar year. 

“Foreign Lender” means a Lender that is not organized under the laws of the United States (excluding territories and
possessions), any state thereof, or the District of Columbia. 
 “Foreign Subsidiary” means a Subsidiary of Borrower that
is not organized under the laws of the United States, any state thereof, or the District of Columbia. 
 “F.R.S. Board”
means the Board of Governors of the Federal Reserve System or any successor thereto. 
 “FTC Act” means the Federal Trade
Commission Act. 
 “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

  
 - 10 - 

 “GAAP” means generally accepted accounting principles in the United States.

 “Governmental Authority” means any national, supranational, federal, state, county, provincial, local, municipal or
other government or political subdivision thereof (including any Regulatory Agency), whether domestic or foreign, and any agency, authority, commission, ministry, instrumentality, regulatory body, court, tribunal, arbitrator, central bank or other
Person exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to any such government. 

“Guarantee” means the guarantee executed and delivered by an Authorized Officer of each Subsidiary, substantially in the form
of Exhibit D hereto, as amended, supplemented, amended and restated or otherwise modified from time to time. 

“Guarantors” means, collectively, Holdings and the Subsidiaries. 

“Hazardous Material” means any material, substance, chemical, mixture or waste which is capable of damaging or causing harm
to any living organism, the environment or natural resources, including all explosive, special, hazardous, polluting, toxic, industrial, dangerous, biohazardous, medical, infectious or radioactive substances, materials or wastes, noise, odor,
electricity or heat, and including petroleum or petroleum products, byproducts or distillates, asbestos or asbestos-containing materials, urea formaldehyde, polychlorinated biphenyls, radon gas, ozone-depleting substances, greenhouse gases, and all
other substances or wastes of any nature regulated pursuant to any Environmental Law or as to which any Governmental Authority requires investigation, reporting or remedial action. 

“Hedging Obligations” means, with respect to any Person, all liabilities of such Person under currency exchange agreements,
interest rate swap agreements, interest rate cap agreements and interest rate collar agreements, and all other agreements or arrangements designed to protect such Person against fluctuations in interest rates or currency exchange rates. 

“herein”, “hereof”, “hereto”, “hereunder” and similar terms contained in
any Loan Document refer to such Loan Document as a whole and not to any particular Section, paragraph or provision of such Loan Document. 

“Holdings” means Harmony Biosciences II, Inc., a Delaware corporation. 

“Impermissible Qualification” means any qualification or exception to the opinion or certification of any independent public
accountant as to any financial statement of Holdings, the Borrower or any Subsidiary (i) which is of a “going concern” or similar nature (except as may be required as a result of the impending maturity of any Indebtedness, including
the Loans and Obligations under the Loan Documents) (ii) which relates to the limited scope of examination of matters relevant to such financial statement, or (iii) which relates to the treatment or classification of any item in such
financial statement and which, as a condition to its removal, would require an adjustment to such item the effect of which would be to cause the Borrower to be in Default. 

“including” and “include” means including without limiting the generality of any description preceding such
term, and, for purposes of each Loan Document, the parties hereto agree that the rule of ejusdem generis shall not be applicable to limit a general statement, which is followed by or referable to an enumeration of specific matters, to matters
similar to the matters specifically mentioned. 

  
 - 11 - 

 “Indebtedness” of any Person means: 

(a) all obligations of such Person for borrowed money or advances and all obligations of such Person evidenced by bonds,
debentures, notes or similar instruments; 
 (b) all obligations, contingent or otherwise, relative to the face amount of all
letters of credit, whether or not drawn, and banker’s acceptances issued for the account of such Person; 
 (c) all
Capitalized Lease Liabilities of such Person and all obligations of such Person arising under Synthetic Leases; 
 (d) net
Hedging Obligations of such Person; provided that the amount of any net Hedging Obligation on any date shall be deemed to be the Swap Termination Value thereof as of such date; 

(e) all obligations of such Person in respect of Disqualified Capital Securities; 

(f) whether or not so included as liabilities in accordance with GAAP, all obligations of such Person to pay the deferred
purchase price of property or services (excluding (i) trade accounts payable in the ordinary course of business which are not overdue for a period of more than 90 days or, if overdue for more than 90 days, as to which a dispute exists and
adequate reserves in conformity with GAAP have been established on the books of such Person, (ii) accruals for payroll and other similar employee liabilities accrued in the ordinary course of business and (iii) royalty or milestone
payments not yet due and payable (and not paid when due)), in the case of earnouts or any other similar contingent obligations, to the extent due and payable but not yet paid if the same would be required to be shown as a liability on the balance
sheet prepared in accordance with GAAP; 
 (g) Indebtedness secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) a Lien on property owned or being acquired by such Person (including Indebtedness arising under conditional sales or other title retention agreements), whether or not such Indebtedness shall
have been assumed by such Person or is limited in recourse; provided that the amount of any non-recourse Indebtedness shall be limited to the fair market value of any property securing such Indebtedness if less than the aggregate outstanding
amount of such Indebtedness; and 
 (h) all Contingent Liabilities of such Person in respect of any of the foregoing. 

The Indebtedness of any Person shall include the Indebtedness of any other Person (including any partnership in which such Person is a general partner) to the
extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such Person, 

  
 - 12 - 

 
except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Notwithstanding anything to the contrary contained herein, Indebtedness shall not include
obligations in respect of customary retention or stay bonuses and severance arrangements. 
 “Indemnified Liabilities” is
defined in Section 10.4. 
 “Indemnified Parties” is defined in Section 10.4. 

“Infringement” and “Infringes” mean the misappropriation or other violation of any Intellectual Property.

 “Intellectual Property” means all (i) Patents and all patent applications of any type, registrations and renewals,
reissues, reexaminations and patent rights in any lawful form thereof; (ii) Trademarks and all applications, registrations and renewals thereof; (iii) Copyrights and other works of authorship (registered or unregistered), and all
applications, registrations and renewals therefor; (iv) computer software, databases, data and documentation; (v) trade secrets and confidential business information, whether patentable or unpatentable and whether or not reduced to
practice, know-how, inventions, manufacturing processes and techniques, research and development information, data and other information, including any such information included in or supporting Key Permits; (vi) proprietary financial,
marketing and business data, pricing and cost information, business, finance and marketing plans, customer and prospective customer lists and information, and supplier and prospective supplier lists and information; (vii) other intellectual
property or similar proprietary rights; (viii) copies and tangible embodiments of any of the foregoing (in whatever form or medium); and (ix) any and all improvements, developments, refinements, additions or subtractions to any of the
foregoing. 
 “Interest Period” means, (a) initially, the period beginning on (and including) the date on which the
Loans are made hereunder pursuant to Section 2.3 and ending on (and including) the last day of the month in which the Loans were made, and (b) thereafter, the period beginning on (and including) the first day of each succeeding
month and ending on the earlier of (and including) (x) the last day of such month and (y) the Maturity Date. 

“Investment” means, relative to any Person, (i) any loan, advance or extension of credit made by such Person to any
other Person, including the purchase by such Person of any bonds, notes, debentures or other debt securities of any other Person, (ii) Contingent Liabilities in favor of any other Person, and (iii) any Capital Securities held by such
Person in any other Person. The amount of any Investment shall be the original principal or capital amount thereof less all returns of principal or equity thereon and shall, if made by the transfer or exchange of property other than cash, be deemed
to have been made in an original principal or capital amount equal to the fair market value of such property at the time of such Investment. For the avoidance of doubt, the granting or incurrence of a Lien by any Person in favor of any other Person
shall not constitute an “Investment” for any purpose hereunder or under any other Loan Document. 
 “Investment
Documents” means, collectively, the Loan Documents and the Lender Warrants. 

  
 - 13 - 

 “Key Contracts” means (a) the License Agreement, (b) that certain
Trademark License Agreement, dated as of August 2018, among Bioprojet Europe, Ltd., Bioprojet Société Civile de Recherche and the Borrower, (c) that certain Contract Manufacturing Agreement, dated as of December 19, 2019, by
and between the Borrower and Corden Pharma Chenove SAS (as may be terminated and, in connection with such termination, replaced from time to time by Borrower or its Subsidiaries in their reasonable business judgment), (d) that certain Packaging
Agreement, dated as of December 3, 2018, by and between the Borrower and Carton Service, Inc. (d.b.a Pharma Packaging Solutions) (as may be terminated and, in connection with such termination, replaced from time to time by Borrower or its
Subsidiaries in their reasonable business judgment), (e) that certain Commercial Outsourcing Services Agreement, dated as of February 8, 2019, by and between the Borrower and Integrated Commercialization Solutions, LLC (as may be
terminated and, in connection with such termination, replaced from time to time by Borrower or its Subsidiaries in their reasonable business judgment), (f) that certain Contract Manufacturing Agreement, dated as of April 5, 2019, by and
between the Borrower and Interor SA (as may be terminated and, in connection with such termination, replaced from time to time by Borrower or its Subsidiaries in their reasonable business judgment), (g) that certain Manufacturing Services
Agreement, dated as of March 13, 2018, by and between Patheon UK Limited and Bioprojet Pharma SAS (as may be terminated and, in connection with such termination, replaced from time to time by Borrower or its Subsidiaries in their reasonable
business judgment), (h) that certain Deed of Novation, dated as of January 31, 2019, by and among Patheon UK Limited, Bioprojet Pharma SAS and the Borrower (as may be terminated and, in connection with such termination, replaced from time
to time by Borrower or its Subsidiaries in their reasonable business judgment) and (i) any other agreement between Bioprojet Société Civile de Recherche, Bioprojet Pharma SAS or Bioprojet Europe, Ltd. or any of their Affiliates,
on the one hand, and Holdings, the Borrower or any Subsidiary, on the other hand, the absence of, or breach or default under, which would reasonably be expected to result in a material adverse consequence under any Designated Key Contract (excluding
any agreements (including investment agreements) to which Bioprojet Société Civile de Recherche, Bioprojet Pharma SAS or Bioprojet Europe, Ltd. or any of their Affiliates is a party with Holdings, the Borrower and/or one or more of its
direct or indirect shareholders, solely in their respective capacities as holders of the Capital Securities of Holdings, including, without limitation, agreements with respect to the issuances thereof), in each case as amended, supplemented or
otherwise modified from time to time. For the avoidance of doubt, any replacement of a Designated Key Contract listed in this definition shall be a Key Contract. 

“Key Permits” means all Permits relating to the Products, including all Regulatory Authorizations. 

“knowledge” of the Borrower means the knowledge of, so long as he or she is employed by Borrower, the Chief Executive
Officer, the Chief Financial Officer, the Chief Commercial Officer, the Chief Business Officer, Chief Medical Officer or General Counsel of Borrower. 

“LatAm Transaction” means the transactions described on Schedule 1; provided that the total cash and non-cash
consideration paid or payable by or on behalf of Holdings, the Borrower and its Subsidiaries (including any milestone payments not yet due and payable, but excluding any royalty payments to the extent based on net sales of products) for such
transaction shall not exceed an aggregate cumulative amount of $5,000,000. 

  
 - 14 - 

 “LatAm Transaction Documents” means any license, agreement, instrument or
other document entered into by Holdings, the Borrower or any Subsidiary in connection with the LatAm Transaction. 
 “Laws”
means all applicable U.S. federal, state, local or foreign laws, statutes, ordinances, rules, regulations, guidances, judgments, orders, injunctions, decrees, arbitration awards and Key Permits issued by any Governmental Authority, including Privacy
Laws. 
 “Lender” means each Person identified as a “Lender” on the signature pages hereto and its successors and
permitted assigns. 
 “Lender Warrants” means those certain warrants to purchase Shares issued to the Lenders on the
Closing Date and substantially in the form of Exhibit G. 
 “LIBO Rate” means the one-month London Interbank Offered
Rate for deposits in U.S. Dollars at approximately 11:00 a.m. (London, England time), quoted by the Administrative Agent from the appropriate Bloomberg or Telerate page selected by the Administrative Agent (or any successor thereto or similar source
determined by the Administrative Agent from time to time), which shall be that one-month London Interbank Offered Rate for deposits in U.S. Dollars in effect two Business Days prior to the first Business Day of the relevant calendar month, adjusted
for any reserve requirement and any subsequent costs arising from a change in governmental regulation, such rate to be rounded up to the nearest 1/16 of 1% and such rate to be reset monthly as of the first Business Day of each calendar month;
provided that if the LIBO Rate shall be less than 2.00%, such rate shall be deemed to be 2.00% for the purposes of this Agreement. If the Loans are advanced other than on the first Business Day of a calendar month, the initial LIBO Rate shall
be that one-month London Interbank Offered Rate for deposits in U.S. Dollars in effect two Business Days prior to the date of the Loans, which rate shall be in effect until (and including) the last Business Day of the calendar month next ending. The
Administrative Agent’s internal records of applicable interest rates shall be determinative in the absence of manifest error. 

“License Agreement” means that certain License and Commercialization Agreement, dated as of July 27, 2018, between
Bioprojet and the Borrower, (a) as amended by that certain Amendment No. 1 to License and Commercialization Agreement, dated as of August 27, 2018, (b) as modified by that certain Limited Waiver of License and Commercialization
Agreement, dated as of March 27, 2019 (as amended by (i) that certain Amendment to Limited Waiver of License and Commercialization Agreement, dated as of April 5, 2019 and (ii) that Second Amendment to Limited Waiver of License
and Commercialization Agreement, dated as of April 9, 2019) and (c) as may be further amended, supplemented, amended and restated or otherwise modified from time to time after the date hereof in accordance with the terms thereof and
hereof. 
 “Licensed Intellectual Property” means all Intellectual Property that is not Owned Intellectual Property,
which is licensed to, or otherwise used or held for use, by Holdings, the Borrower or any Subsidiary. 
 “Lien” means any
security interest, mortgage, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge against or interest in property, or other priority or preferential arrangement of any kind or nature
whatsoever, to secure payment of a debt or performance of an obligation. 

  
 - 15 - 

 “Liquidity” means, at any time, an amount determined for Holdings, the
Borrower and the Subsidiaries equal to the sum of unrestricted cash-on-hand and Cash Equivalent Investments of Holdings, the Borrower and such Subsidiaries, to the extent held in a Controlled Account located in the United States. 

“Loans” is defined in Section 2.1. 

“Loan Documents” means, collectively, this Agreement, the Notes, the Security Agreement, each other agreement pursuant to
which the Secured Parties are granted a Lien to secure the Obligations (including any mortgages entered into pursuant to Section 7.8), the Guarantee, and each other agreement, certificate, document or instrument delivered in connection
with any Loan Document, whether or not specifically mentioned herein or therein. 
 “Loan Request” means a Loan request and
certificate duly executed by an Authorized Officer of the Borrower substantially in the form of Exhibit B hereto. 

“Material Adverse Effect” means a material adverse effect on (i) the business, financial condition, operations,
performance or properties of the Borrower or of Holdings, the Borrower and the Subsidiaries taken as a whole, (ii) the rights and remedies (taken as a whole) of any Secured Party under any Loan Document or (iii) the ability of Holdings,
the Borrower and the Subsidiaries, taken as a whole, to perform their Obligations under any Loan Document. 
 “Material
Agreements” means (i) each contract or agreement to which Holdings, the Borrower or any Subsidiary is a party involving aggregate payments of more than $1,000,000 per Fiscal Year, whether such payments are being made by Holdings, the
Borrower or any Subsidiary to a non-Affiliated Person, or by a non-Affiliated Person to Holdings, the Borrower or any Subsidiary (excluding, in all cases, any contract or agreement solely among one or more of Holdings and its Subsidiaries); and
(ii) all other contracts or agreements entered into by Holdings, the Borrower or any Subsidiary, the absence or termination of which would reasonably be expected to have a Material Adverse Effect, including, for the avoidance of doubt, the
LatAm Transaction Documents; provided, however, that “Material Agreements” excludes all (i) licenses implied by the sale of a product and (ii) paid-up licenses for commonly available software programs under which Holdings,
the Borrower or a Subsidiary is the licensee. 
 “Maturity Date” means January 9, 2026. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Net Asset Sales Proceeds” means, with respect to a Disposition (other than Dispositions permitted by Sections 8.8(a)
– (k) and (m) – (n) after the Closing Date by Holdings, the Borrower or any Subsidiary to any Person of any assets of Holdings, the Borrower or any Subsidiary, the excess of gross cash proceeds received
by Holdings, the Borrower or any Subsidiary from such Disposition, other than proceeds that are, or will be, (a) reinvested within 180 days of receipt of such proceeds in similar assets of a kind that are then used or useful in the conduct of
the business of Holdings or any of its Subsidiaries (or, to the extent that Holdings, 

  
 - 16 - 

 
Borrower or any Subsidiary enters into a binding commitment thereof within said one hundred eighty (180) day period and subsequently makes such reinvestment within an additional one hundred
eighty (180) days thereafter, such proceeds that are, or will be, so reinvested) or (b) required to be paid to a creditor (other than to the Lenders) which holds a first priority Lien securing Indebtedness permitted by
Section 8.2(e) or (j) on the property which is the subject of such Disposition, over all reasonable and customary costs and expenses, and including Taxes paid or payable or required to be paid or payable by the recipient of
such proceeds, incurred in connection with such Disposition which have not been paid to Affiliates of the Borrower in connection therewith, in excess of $500,000 in the aggregate. 

“Net Casualty Proceeds” means, with respect to any Casualty Event, any insurance proceeds or condemnation awards received by
Holdings, the Borrower, or any Subsidiary in connection with such Casualty Event, other than proceeds that are, or will be, (a) reinvested within 180 days of receipt of such proceeds in similar assets of a kind that are then used or useful in
the conduct of the business of Holdings or any of its Subsidiaries (or, to the extent that Holdings, the Borrower or any Subsidiary enters into a binding commitment thereof within said one hundred eighty (180) day period and subsequently makes
such reinvestment within an additional one hundred eighty (180) days thereafter, such proceeds that are, or will be, so reinvested) or (b) required to be paid to a creditor (other than to the Lenders) which holds a first priority Lien
securing Indebtedness permitted by Section 8.2(e) or (j) on the property which is the subject of such Casualty Event, over all reasonable and customary costs and expenses, and including Taxes paid or payable or required to be
paid or payable by the recipient of such proceeds, incurred in connection with the receipt of such proceeds which have not been paid to Affiliates of the Borrower in connection therewith, in excess of $500,000 in the aggregate. 

“Net Revenue” means, with respect to any period and any Product, net revenue of Holdings, the Borrower, and its Subsidiaries
on account of sales of such Product for such period in the United States, as determined in accordance with GAAP. Net Revenue shall not include any royalty payments, milestone payments, distribution income, service payments, license income, and other
similar forms of consideration received by Holdings, the Borrower, and its Subsidiaries. Net Revenue shall be determined in a manner consistent with the methodologies, practices and procedures used in developing Holdings and the Borrower’s
audited financial statements. 
 “Non-Excluded Taxes” means any Taxes imposed on or with respect to any payment made by or
on account of any obligation of the Borrower under any Loan Document, other than (a) Taxes imposed on or measured by a Person’s net income, and franchise Taxes, in both cases with respect to any Lender or the Administrative Agent and that
are (x) imposed by any Governmental Authority under the laws of which such Lender or the Administrative Agent is organized or in which it maintains its applicable lending office, or (y) imposed as a result of a present or former connection
between such Lender or the Administrative Agent and the jurisdiction imposing such Tax (other than connections solely arising from such Lender or Administrative Agent having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document), (b) branch profits taxes
imposed by the United States or any similar tax imposed by any other jurisdiction described in paragraph (a) above, and (c) (i) any 

  
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withholding tax that is imposed by the United States on amounts payable to a Lender at the time such Lender first becomes a party to this Agreement (or designates a new lending office), except to
the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to
Section 4.3(a), (ii) Taxes attributable to such Lender’s or Administrative Agent’s failure to comply with Section 2.19(g), or (iii) any withholding Taxes or other amounts imposed or payable under FATCA. 

“Note” means a promissory note of the Borrower payable to a Lender, in the form of Exhibit A hereto (as such
promissory note may be amended, endorsed or otherwise modified from time to time), evidencing the aggregate Indebtedness of the Borrower to such Lender resulting from the outstanding amount of the Loans, and also means all other promissory notes
accepted from time to time in substitution therefor or renewal thereof. 
 “Obligations” means all obligations (monetary or
otherwise, whether absolute or contingent, matured or unmatured) of Holdings, the Borrower and each Subsidiary arising under or in connection with a Loan Document and the principal of and premium, if any, and interest (including interest accruing
during the pendency of any proceeding of the type described in Section 9.1(h), whether or not allowed in such proceeding) on the Loans. 

“Observer” is defined in Section 7.14. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Organic Document” means, relative to Holdings, the Borrower or any Subsidiary, its certificate of incorporation, by-laws,
certificate of partnership, partnership agreement, certificate of formation, limited liability agreement, operating agreement and all shareholder agreements, voting trusts and similar arrangements applicable to Holdings’, the Borrower’s or
any Subsidiary’s Capital Securities. 
 “Other Administrative Proceeding” means any administrative proceeding relating
to a dispute involving a patent office or other relevant intellectual property registry which relates to validity, opposition, revocation, ownership or enforceability of the relevant Intellectual Property. 

“Other Taxes” means any and all stamp, court or documentary, intangible, recording, filing or similar Taxes that arise on
account of any payment made or required to be made under any Loan Document or from the execution, delivery, registration, recording or enforcement of any Loan Document (excluding, for the avoidance of doubt, Taxes described in clauses (a),
(b) or (c) of the definition of Non-Excluded Taxes, and any such Taxes imposed with respect to an assignment (other than an assignment at the request of the Borrower). 

“Owned Intellectual Property” means all Intellectual Property that is owned or purported to be owned (solely or jointly with
others) by Holdings, the Borrower or any Subsidiary. 
 “Paragon” means Paragon Biosciences, LLC, a Delaware limited
liability company. 
 “Paragon Investors” means (a) Marshman Fund Trust I U/A/D 5/1/08, (b) Marshman Fund Trust
II U/A/D 5/1/08 or (c) any Controlled Investment Affiliate of any of the foregoing. 

  
 - 18 - 

 “Paragon Management Agreements” means that certain (a) Management
Services Agreement, dated as of September 22, 2017, by and among Paragon, Borrower and, solely with respect to Section 6 therein, Jeffrey S. Aronin and (b) Right of Use Agreement, dated as of November 1, 2019, by and between
Paragon and Borrower, in each case, as amended, supplemented, amended and restated or otherwise modified from time to time after the date hereof in accordance with the terms thereof and hereof. 

“Party” and “Parties” have the meanings set forth in the preamble hereto. 

“Patent” means any patent, any type of patent application or invention disclosure, including all divisions, continuations,
continuations in-part, provisionals, continued prosecution applications, substitutions, reissues, reexaminations, inter partes review, post-grant review by any Governmental Authority, renewals, extensions, adjustments, restorations, supplemental
protection certificates and patent rights in any form and other additions in connection therewith, whether in or related to the United States or any foreign country or other jurisdiction. 

“Patent Security Agreement” means any Patent Security Agreement executed and delivered to the Administrative Agent by
Holdings, the Borrower or any of the Subsidiaries in substantially the form of Exhibit A to the Security Agreement, as amended, supplemented, amended and restated or otherwise modified from time to time. 

“Permits” means all permits, licenses, registrations, certificates, orders, approvals, authorizations, consents, clearances,
waivers, franchises, variances and similar rights issued by or obtained from any Governmental Authority or any other Person, including, without limitation, those relating to Environmental Laws and Regulatory Authorizations. 

“Permitted Acquisition” means the purchase or other acquisition of all of the Capital Securities (other than qualifying
directors’ shares) in, or all or substantially all of the property of any Person (or any division, business unit or line of business thereof, including any geographic subset thereof, other than any joint venture owned by another Person that is
purchased or acquired), including through an exclusive lease or license (such purchase or acquisition, an “Acquisition”), that, upon the consummation thereof, will be wholly owned directly by the Borrower or one or more of its
wholly owned Subsidiaries (including as a result of a merger or consolidation); provided that, with respect to each Permitted Acquisition: 

(a) any such newly-created or acquired Subsidiary shall comply with the requirements of Section 7.8 and the Secured
Parties shall have received (or shall receive in connection with the closing of such acquisition) a first priority perfected security interest, subject only to Liens permitted under Section 8.3, in the property (including, without
limitation, Capital Securities) acquired with respect to the entity acquired; 
 (b) the lines of business of the Person to
be (or the property of which is to be) so purchased or otherwise acquired shall be permitted pursuant to Section 8.1; 

  
 - 19 - 

 (c) in the case of a purchase or other acquisition of the Capital Securities
of another Person, the board of directors (or other comparable governing body) of such other Person shall have duly approved such purchase or other acquisition; 

(d) the total cash and non-cash consideration paid by or on behalf of Holdings, the Borrower and its Subsidiaries for any such
purchase or other acquisition, when aggregated with the consideration paid by or on behalf of Holdings, the Borrower and its Subsidiaries for all other Permitted Acquisitions after the Closing Date shall not exceed the aggregate amount of $3,000,000
in any Fiscal Year and an aggregate cumulative amount of $5,000,000; provided that, such calculation of total cash and non-cash consideration for any Permitted Acquisition shall exclude any consideration (x) to the extent financed with
the issuance of Qualified Capital Securities issued on or up to sixty (60) days prior to the date of consummation of such transaction and not used to consummate Investments permitted under Section 8.5(l) so long as EBITDA,
calculated both before, and on a pro forma basis after, giving effect to such purchase or other acquisition, is no less than $10,000,000 or (y) paid in connection with the LatAm Transaction. 

(e) immediately before and after giving effect to any such purchase or other acquisition, no Default or Event of Default, shall
exist or result therefrom; and 
 (f) the Borrower shall have delivered to the Administrative Agent and the Lenders, at least seven
(7) Business Days prior to the date on which any such purchase or other acquisition is to be consummated (or such later date as may be agreed to by the Administrative Agent), a written notice describing such transaction, and thereafter, if
requested by any Lender for any such transaction involving consideration in excess of $500,000, (i) to the extent available, historical financial statements of or related to the Person or assets to be acquired, (ii) twelve month
projections for such Person or assets to be acquired and for the Borrower after giving effect to such transaction, and (iii) material documentation and other information relating to such transaction and reasonably requested by any Lender. 

“Permitted Refinancing” means, with respect to any Indebtedness, any extensions, renewals, refinancings and replacements of
such Indebtedness; provided that such extension, renewal, refinancing or replacement (a) shall not increase the outstanding principal amount of such Indebtedness, except by an amount equal to unpaid accrued interest and premium
(including tender premiums) thereon plus other reasonable amounts paid (including original issue discount and upfront fees), and fees and expenses reasonably incurred, in connection with such renewals, refinancing or replacement and by an amount
equal to any existing commitments unutilized thereunder, (b) contains terms relating to outstanding principal amount, amortization, maturity, collateral (if any) and subordination (if any) taken as a whole no less favorable in any material
respect to Holdings and its Subsidiaries or the Secured Parties than such terms of any agreement or instrument governing such existing Indebtedness, (c) shall have an applicable interest rate which does not exceed a market rate of interest at
the time such Indebtedness is replaced and (d) shall not contain any new requirement to grant any lien or security or to give any guarantee that was not an existing requirement of such Indebtedness, except with respect to any new Subsidiary or
assets acquired on or after the date such Indebtedness is incurred that is also Collateral under the Loan Documents. 

  
 - 20 - 

 “Permitted Subordinated Indebtedness” means Indebtedness incurred after the
Closing Date by Holdings, the Borrower or the Subsidiaries that is (i) subordinated to the Obligations and all other Indebtedness owing from Holdings, the Borrower or the Subsidiaries to the Secured Parties pursuant to a written subordination
agreement satisfactory to the Administrative Agent in its sole discretion and (ii) in an amount and on terms approved by the Administrative Agent in its sole discretion. 

“Person” means any natural person, corporation, limited liability company, partnership, joint venture, association, trust or
unincorporated organization, Governmental Authority or any other legal entity, whether acting in an individual, fiduciary or other capacity. 

“PHSA” means the Public Health Service Act (or any successor thereto), as amended from time to time, and the rules,
regulations, guidelines, guidance documents and compliance policy guides issued or promulgated thereunder. 
 “Prime Rate”
means (a) the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the per annum interest rate published by the Federal Reserve
Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or
any similar release by the Federal Reserve Board (as determined by the Administrative Agent), minus (b) 1.00%; provided that if the Prime Rate shall be less than 2.00%, such rate shall be deemed to be 2.00% for the purposes of this Agreement.

 “Privacy Laws” means all applicable security and privacy standards regarding protected health information under
(i) the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009, including the regulations promulgated thereunder (collectively
“HIPAA”) and (ii) any applicable state privacy Laws. 
 “Product” means (i) Wakix and
(ii) any current or future service or product researched, designed, developed, manufactured, licensed, marketed, sold, performed, distributed or otherwise commercialized by the Borrower or any of its Affiliates, including any such product in
development or which may be developed. 
 “Product Agreement” means each agreement, license, document, instrument, interest
(equity or otherwise) or the like under which one or more parties grants or receives any right, title or interest with respect to any Product Development and Commercialization Activities in respect of one or more Products specified therein or to
exclude third parties from engaging in, or otherwise restricting any right, title or interest as to any Product Development and Commercialization Activities with respect thereto, including each contract or agreement with suppliers (including human
tissue supply agreements), manufacturers, pharmaceutical companies, distributors, clinical research organizations, hospitals, group purchasing organizations, wholesalers, pharmacies or any other Person related to any such entity. 

“Product Authorizations” means any and all approvals, licenses, notifications, registrations, clearances or authorizations or
other Permits of any Governmental Authority 

  
 - 21 - 

 
necessary for the testing, manufacture, development, distribution, use, storage, import, export, transport, promotion, marketing, sale or other commercialization of a Product in any country or
jurisdiction, including without limitation registration and listing, INDs, New Drug Applications (including the Wakix NDA or any other New Drug Application directed to pitolisant hydrochloride and any moeity thereof), any related orphan drug
exclusivity designation and approval (including the Wakix ODE), any related new chemical entity designation and approval (including the Wakix NCE), and similar applications. 

“Product Development and Commercialization Activities” means, with respect to any Product, any combination of research,
development, manufacture, import, use, sale, importation, storage, labeling, marketing, promotion, supply, distribution, testing, packaging, purchasing or other commercialization activities, receipt of payment in respect of any of the foregoing, or
like activities the purpose of which is to commercially exploit such Product. 
 “Purchase Money Indebtedness” means
Indebtedness (1) consisting of the deferred purchase price for equipment incurred in connection with the acquisition of such equipment, where the amount of such Indebtedness does not exceed the greater of (a) the cost of the equipment
being financed and (b) the fair market value of such equipment; and (2) incurred to finance such acquisition by Holdings, the Borrower or a Subsidiary of such equipment. 

“Qualified Capital Securities” shall mean any Capital Securities that are not Disqualified Capital Securities. 

“Qualified IPO” means an underwritten initial public offering of the Capital Securities of Holdings which generates cash
proceeds of at least $75,000,000 and results in a listing of such entity’s Capital Securities on a public securities exchange. 

“Receiving Party” means the Party receiving Confidential Information. 

“Recipient” is defined in Section 10.14. 

“Regulatory Agencies” means any Governmental Authority that is concerned with the use, control, safety, efficacy,
reliability, manufacturing, testing, marketing, distribution, sale or other Product Development and Commercialization Activities relating to any Product of Holdings, the Borrower or any of the Subsidiaries, including CMS, FDA, and all similar
agencies in other jurisdictions, and includes Standard Bodies. 
 “Regulatory Authorizations” means all approvals,
clearances, notifications, authorizations, orders, exemptions, registrations, listings, certifications, licenses and Permits granted by, submitted to or filed with any Regulatory Agencies, including all Product Authorizations. 

“Related Parties” means the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors
and representatives of Holdings, the Borrower and the Subsidiaries. 
 “Release” means any releasing, disposing,
discharging, injecting, spilling, leaking, leaching, pumping, pouring, dumping, depositing, emitting, escaping, emptying, seeping, dispersal, migrating or placing, including movement through, into or upon the environment or any natural or man-made
structure. 

  
 - 22 - 

 “Repayment Premium” means a premium of 

(a) eight percent (8.0%) of the principal amount of any prepayment or repayment of the Borrower on the Loans, if such
prepayment or repayment is made or required to be made on or prior to the 12-month anniversary of the Closing Date; 
 (b)
four percent (4.0%) of the principal amount of any prepayment or repayment of the Borrower on the Loans, if such prepayment or repayment is not made or required to be made prior to, and is made or required to be made after, the 12-month
anniversary of the Closing Date, but on or prior to the 24-month anniversary of the Closing Date; 
 (c) two percent
(2.0%) of the principal amount of any prepayment or repayment of the Borrower on the Loans, if such prepayment or repayment is not made or required to be made prior to, and is made or required to be made after, the 24-month anniversary of the
Closing Date, but on or prior to the 36-month anniversary of the Closing Date; or 
 (d) zero percent (0%) of the principal
amount of any prepayment or repayment of the Borrower on the Loans, if such prepayment or repayment is not made or required to be made on or prior to, and is made or required to be made after, the 36- month anniversary of the Closing Date. 

“Required Lenders” means Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of
all Lenders. 
 “Restricted Payment” means (i) the declaration or payment of any dividend on, or the making of any
payment or distribution on account of, or setting apart assets for a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of, any class of Capital Securities of Holdings, the Borrower or any
Subsidiary or any warrants, options or other right or obligation to purchase or acquire any such Capital Securities, whether now or hereafter outstanding, (ii) the making of any other distribution in respect of such Capital Securities, in each
case either directly or indirectly, whether in cash, property or obligations of Holdings, the Borrower or any Subsidiary or otherwise or (iii) the payment of any management fees, transaction fees, expense reimbursement or other indemnities to
any holder of the Capital Securities of Holdings, the Borrower or any Subsidiary or any warrants, options or other right or obligation to purchase or acquire any such Capital Securities in respect of such Capital Securities or in respect of
management, sponsoring, structuring, arranging or other services, other than any customary compensation and indemnification of, and other employment arrangement with, directors, officers and employees of Holdings or any of its Subsidiaries in the
ordinary course of business. 
 “S&P” means Standard & Poor’s Rating Services, a division of The
McGraw-Hill Companies, Inc. 

  
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 “Sanctions” means any international economic sanction administered or
enforced by the United States Government (including, without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority. 

“SEC” means the Securities and Exchange Commission. 

“Secured Parties” means the Lenders and the Administrative Agent. 

“Security Agreement” means the Pledge and Security Agreement executed and delivered by each of the parties thereto,
substantially in the form of Exhibit E hereto, as amended, supplemented, amended and restated or otherwise modified from time to time. 

“Solvent” means, with respect to any Person on a particular date, that on such date (i) the fair value of the property
of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (ii) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the
probable liability of such Person on its debts as they become absolute and matured, (iii) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay as such debts and liabilities
mature, (iv) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which the property of such Person would constitute an unreasonably small capital and (v) such Person has
not executed this Agreement or any other Loan Document, or made any transfer or incurred any obligations hereunder or thereunder, with actual intent to hinder, delay or defraud either present or future creditors. The amount of Contingent Liabilities
at any time shall be computed as the amount that, in light of all the facts and circumstances existing at such time, can reasonably be expected to become an actual or matured liability. 

“Standard Bodies” means any of the organizations that create, sponsor or maintain safety, quality or other standards for any
Product, including ISO, ANSI, CEN and SCC and the like. 
 “Subsidiary” means, with respect to any Person, any other Person
of which more than 50% of the outstanding Voting Securities of such other Person (irrespective of whether at the time Capital Securities of any other class or classes of such other Person shall or might have voting power upon the occurrence of any
contingency) is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more other Subsidiaries of such Person, or by one or more other Subsidiaries of such Person. Unless the context otherwise specifically
requires, the term “Subsidiary” shall be a reference to a Subsidiary of Borrower. 
 “Swap Termination Value”
means, in respect of any one or more Hedging Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Hedging Agreements, (a) for any date on or after the date such Hedging Agreement
has been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s)
for such Hedging Agreement, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedging Agreements. 

  
 - 24 - 

 “Synthetic Lease” means, as applied to any Person, any lease (including
leases that may be terminated by the lessee at any time) of any property (whether real, personal or mixed) (i) that is not a capital lease in accordance with GAAP and (ii) in respect of which the lessee retains or obtains ownership of the
property so leased for federal income tax purposes, other than any such lease under which that Person is the lessor. 

“Taxes” means all income, stamp or other taxes, duties, levies, imposts, charges, assessments, fees, deductions or
withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, and all interest, penalties or similar liabilities with respect thereto. 

“Termination Date” means the date on which all Obligations (other than contingent indemnification obligations and expenses
reimbursement obligations for which no claim has been made) have been paid in full in cash and the Commitment shall have terminated. 

“Third Party” means any Person other than Holdings, the Borrower or any of its Subsidiaries. 

“Total Credit Exposure” means, as to any Lender on any date, the aggregate outstanding principal amount of the Loans of such
Lender after giving effect to any borrowings and prepayments or repayments of any Loans occurring on such date. 

“Trademark” means any trademark, service mark, trade name, logo, symbol, trade dress, domain name, corporate name or other
indicator of source or origin, and all applications and registrations therefor, together with all of the goodwill associated therewith. 

“Trademark Security Agreement” means any Trademark Security Agreement executed and delivered to the Administrative Agent by
Holdings, the Borrower or any of the Subsidiaries substantially in the form of Exhibit B to any Security Agreement, as amended, supplemented, amended and restated or otherwise modified from time to time. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if,
with respect to any financing statement or by reason of any provisions of law, the perfection or the effect of perfection or non-perfection of the security interests granted to any Secured Party pursuant to the applicable Loan Document is governed
by the Uniform Commercial Code as in effect in a jurisdiction of the United States other than New York, then “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions
of each Loan Document and any financing statement relating to such perfection or effect of perfection or non-perfection. 
 “United
States” or “U.S.” means the United States of America, its fifty states and the District of Columbia. 

“Valor Investors” means (a) Valor IV Pharma Holdings, LLC or (b) any Controlled Investment Affiliate of any of the
foregoing. 
 “Voting Agreement” means the Second Amended and Restated Voting Agreement, dated as of August 9, 2019,
by and among the Company and certain of its stockholders, as amended, 

  
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supplemented, amended and restated or otherwise modified from time to time prior to the date hereof and as may be further amended, supplemented, amended and restated or otherwise modified from
time to time after the date hereof in accordance with the terms thereof and hereof. 
 “Voting Securities” means, with
respect to any Person, Capital Securities of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person. 

“Wakix” means the product known as of the date hereof as Wakix® that
contains the active pharmaceutical ingredient pitolisant hydrochloride as its sole active ingredient. 
 “Wakix NCE” means
the designation and approval by the FDA of Wakix as a new chemical entity in connection with the Wakix NDA. 
 “Wakix NDA”
means New Drug Application Number N211150. 
 “Wakix Net Revenue” means, for any period, Net Revenue in respect of Wakix
for such period. 
 “Wakix ODE” means the designation and approval by the FDA of Wakix as an orphan drug indicated for the
treatment of excessive daytime sleepiness in adult patients with narcolepsy in connection with the Wakix NDA. 
 “wholly owned
Subsidiary” means any direct or indirect Subsidiaries of Borrower, all of the outstanding Capital Securities of which (other than any director’s qualifying shares or investments by foreign nationals mandated by applicable laws) is
owned directly or indirectly by Borrower. 
 SECTION 1.2 Use of Defined Terms. Unless otherwise defined or the context
otherwise requires, terms for which meanings are provided in this Agreement shall have such meanings when used in each other Loan Document and the schedules attached hereto. 

SECTION 1.3 Cross-References. Unless otherwise specified, references in a Loan Document to any Article or Section are
references to such Article or Section of such Loan Document, and references in any Article, Section or definition to any clause are references to such clause of such Article, Section or definition. 

SECTION 1.4 Accounting and Financial Determinations. Unless otherwise specified, all accounting terms used in each Loan
Document shall be interpreted, and all accounting determinations and computations thereunder (including under Section 8.4 and the definitions used in such calculations) shall be made, in accordance with GAAP, as in effect from time to
time; provided that, if either the Borrower or the Required Lenders request an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or the application thereof on the operation of such
provision, regardless of whether any such notice is given before or after such change in GAAP or the application thereof, then such provision shall be interpreted on the basis of GAAP in effect and applied immediately before

  
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such change shall have become effective until such request shall have been withdrawn or such provision amended in accordance herewith (it being understood and agreed that the provisions of this
proviso shall not apply to any requirement regarding the preparation or delivery of audited or unaudited financial statements under Sections 7.1(b) and 7.1(c)). Unless otherwise expressly provided, all financial covenants and defined
financial terms shall be computed on a consolidated basis for Holdings, the Borrower and the Subsidiaries, in each case without duplication. 

ARTICLE II 
 COMMITMENT AND
BORROWING PROCEDURES 
 SECTION 2.1 Commitment. On the terms and subject to the conditions of this Agreement, each
Lender severally agrees to make its portion of a term loan (the “Loans”) on the Closing Date in an amount equal to (but not less than) such Lender’s Commitment Amount. No amounts paid or prepaid with respect to the Loans may be
reborrowed. 
 SECTION 2.2 Borrowing Procedure. The Borrower may irrevocably request that the Loans be made by
delivering to the Administrative Agent a Loan Request on or before 10:00 a.m. on a Business Day at least three Business Days prior to the proposed Closing Date. 

SECTION 2.3 Funding. After receipt of the Loan Request for the Loans, the Administrative Agent shall promptly notify
each Lender of the amount of such Lender’s portion of the Loans. Each Lender shall, on the Closing Date and subject to the terms and conditions hereof, make the requested proceeds of such Lender’s portion of the Loans available to or as
instructed by the Administrative Agent. Upon satisfaction of the applicable conditions set forth in Article V, the Administrative Agent shall make all funds so received available to the Borrower by wire transfer to the account the Borrower
shall have specified in its Loan Request in an amount equal to (but not less than) the Lenders’ Commitment Amount. 

SECTION 2.4 Reduction of the Commitment Amounts. The Commitment Amount shall automatically and permanently be reduced to
zero upon the Lenders funding of the Loans to Borrower on the Closing Date. 
 SECTION 2.5 Incremental Commitments.
The Borrower, the Administrative Agent and the Lenders may agree, in their sole discretion, that one or more Lenders shall make, obtain or increase the amount of, its loans and commitments hereunder, in one or more series or tranches, on mutually
agreed terms, pursuant to an amendment hereto agreed by the Borrower, the Administrative Agent and the Lenders. 
 ARTICLE III 

REPAYMENTS, PREPAYMENTS, INTEREST AND FEES 

SECTION 3.1 Repayments and Prepayments; Application. The Borrower agrees that the Loans, and any fees or interest
accrued or accruing thereon, shall be repaid and prepaid solely in U.S. dollars pursuant to the terms of this Article III. 

  
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 SECTION 3.2 Repayments and Prepayments. The Borrower shall pay to the
Administrative Agent for the benefit of the Lenders a portion of the then aggregate unpaid principal balance of the Loans as follows within 45 days of the end of each Fiscal Quarter; provided that, with respect to each repayment shown below,
no such repayment shall be required to the extent one or both of the conditions (unless such condition is labelled as N/A) set forth in the corresponding columns are met as of such date: 

 

													
	 Fiscal Quarter

Ending            
	  	Amount of Loan
Payment (as a
percentage of the
original principal
amount thereof)	 	 	Wakix Net Revenue
for such Fiscal
Quarter as of the
end of such Fiscal
Quarter equals
or
exceeds	 	  	Wakix Net Revenue
for the twelve-
month period
ending as of the end
of such
Fiscal
Quarter equals or
exceeds	 
	March 31, 2020	  	 	15	% 	 	$	1,380,257	 	  	$	1,380,257	 
	June 30, 2020	  	 	15	% 	 	$	4,701,758	 	  	$	6,082,015	 
	September 30, 2020	  	 	15	% 	 	$	9,528,646	 	  	$	15,610,661	 
	December 31, 2020	  	 	15	% 	 	$	15,195,337	 	  	$	30,805,998	 
	March 31, 2021	  	 	15	% 	 	$	20,433,421	 	  	$	49,859,162	 
	June 30, 2021	  	 	15	% 	 	$	30,748,185	 	  	$	75,905,590	 
	September 30, 2021	  	 	15	% 	 	$	40,216,550	 	  	$	106,593,494	 
	December 31, 2021	  	 	15	% 	 	$	50,871,677	 	  	$	142,269,834	 
	For each Fiscal Quarter thereafter	  	 	15	% 	 	$	50,871,677	 	  	 	N/A	 

 The Borrower shall also repay in full the unpaid principal amount of the Loans on the Maturity Date;
provided that, at any time prior to the Maturity Date, payments and prepayments of the Loans shall or may (with respect to clause (a) below) also be made as set forth below: 

(a) The Borrower shall have the right, with at least three Business Days’ notice to the Administrative Agent, at any time
and from time to time to prepay any unpaid principal amount of the Loans, in whole or in part. 
 (b) Within three Business
Days of receipt by Holdings, the Borrower or any Subsidiary of any (i) Net Casualty Proceeds or (ii) Net Asset Sales Proceeds, the Borrower shall notify the Administrative Agent and the Lenders thereof. If requested by the Required
Lenders, the Borrower shall within three Business Days of such request make a mandatory prepayment of the Loans, in an amount equal to 100% of such proceeds (or such lesser amount as the Required Lenders may specify on the date of such request).

  
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 (c) The Borrower shall repay the Loans in full immediately upon any
acceleration of the Maturity Date thereof pursuant to Section 9.2 or Section 9.3, unless, pursuant to Section 9.3, only a portion of the Loans is so accelerated (in which case the portion so accelerated shall be
so repaid). 
 SECTION 3.3 [Reserved]. 

SECTION 3.4 Interest Rate. 

(a) During any applicable Interest Period, Interest payable in cash by the Borrower shall accrue on the Loans during such
Interest Period at a rate per annum equal to the LIBO Rate for such Interest Period, plus the Applicable Margin. 

(b) The interest rate shall be recalculated and, if necessary, adjusted for each Interest Period, in each case pursuant to the
terms hereof. 
 SECTION 3.5 Default Rate. At all times commencing upon the date any Event of Default occurs, and
continuing until such Event of Default is no longer continuing, the Applicable Margin shall be increased by 3.00% per annum. 

SECTION 3.6 Payment Dates. Interest accrued on the Loans shall be payable in cash, without duplication: 

(a) on the Maturity Date therefor; 

(b) on the date of any payment or prepayment, in whole or in part, of principal outstanding on such Loan on the principal
amount so paid or prepaid; 
 (c) on the last day of each month; provided that if such day is not a Business Day, then
such payment shall be made on the next succeeding Business Day; and 
 (d) on that portion of the Loans that is accelerated
pursuant to Section 9.2 or Section 9.3, immediately upon such acceleration. 
 Interest accrued on the Loans or other monetary
Obligations after the date such amount is due and payable (whether on the Maturity Date, upon acceleration or otherwise) shall be payable upon demand. 

SECTION 3.7 Repayment Premium. Any repayment or prepayment of principal pursuant to this Article III (other than any
repayments of principal made on the Maturity Date), shall be accompanied by the Repayment Premium. 
 SECTION 3.8 Exit
Fee. Upon the prepayment or repayment of all or any portion of the principal of any Loans (or upon the date any such prepayment or repayment is required to be paid), whether on the Maturity Date, or pursuant to Section 3.2,
Section 9.2, Section 9.3 or otherwise, the Borrower shall pay to the Administrative Agent for the ratable account of each Lender, in cash, on the date on 

  
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which such prepayment or repayment is paid or required to be paid, as the case may be, a fee (the “Exit Fee”) in an amount equal to seven percent (7.00%) of the principal
amount of the Loans prepaid, repaid, or required to be prepaid or repaid, as the case may be, on such date. 
 SECTION 3.9
[Reserved]. 
 SECTION 3.10 [Reserved]. 

SECTION 3.11 Administration Fee. The Borrower will pay to the Administrative Agent, for the account of each Lender, a
quarterly loan administration fee of $10,000 (the “Administration Fee”) payable in advance, with the first payment due and payable upon the Closing Date prorated with respect to the Fiscal Quarter in which the Closing Date occurs
and successive payments payable on the last day of each Fiscal Quarter; provided that if such day is not a Business Day, then such payment shall be made on the next succeeding Business Day. 

ARTICLE IV 
 LIBO RATE AND OTHER
PROVISIONS 
 SECTION 4.1 Increased Costs, Etc. The Borrower agrees to reimburse the Lenders for any increase in the
cost to the Lenders of, or any reduction in the amount of any sum receivable by the Lenders in respect of, the Lenders’ Commitments and the making, continuation or maintaining of the Loans hereunder that may arise in connection with any Change
in Law, except for such changes with respect to increased capital costs and Taxes which are governed by Section 4.2 and Section 4.3, respectively. The Administrative Agent shall notify the Borrower in writing of the
occurrence of any such event, stating the reasons therefor and the additional amount required fully to compensate the Lenders for such increased cost or reduced amount. Such additional amounts shall be payable by the Borrower directly to the
Administrative Agent for the accounts of the Lenders within thirty (30) days of its receipt of such notice, and such notice shall, in the absence of manifest error, be conclusive and binding on the Borrower; provided that the Borrower
shall not be required to compensate any Lender pursuant to this Section 4.1 for any such increased cost or reduced amount incurred by any Lender more than 180 days prior to the date the Borrower receives such notice from the
Administrative Agent. 
 SECTION 4.2 Increased Capital Costs. If any Change in Law affects or would affect the amount
of capital required or expected to be maintained by any Lender or any Person controlling such Lender, and such Lender determines (in good faith but in its sole and absolute discretion) that the rate of return on its or such controlling Person’s
capital as a consequence of the Commitments or the Loans made by it hereunder is reduced to a level below that which such Lender or such controlling Person could have achieved but for the occurrence of any such circumstance, then upon notice from
time to time by such Lender to the Borrower, the Borrower shall within thirty (30) days following receipt of such notice pay directly to the Administrative Agent for the account of such Lender additional amounts sufficient to 

  
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compensate such Lender or any such controlling Person for such reduction in rate of return; provided that the Borrower shall not be required to compensate any Lender or such controlling
Person pursuant to this Section 4.2 for any such reduction in rate of return incurred by any Lender or any such controlling Person more than 180 days prior to the date the Borrower receives such notice from the Administrative Agent. A
statement of such Lender as to any such additional amount or amounts shall, in the absence of manifest error, be conclusive and binding on the Borrower. In determining such amount, such Lender may use any method of averaging and attribution that it
(in its reasonable discretion) shall deem applicable. 
 SECTION 4.3 Taxes. The Borrower covenants and agrees as
follows with respect to Taxes. 
 (a) Except as required by applicable Laws, any and all payments by the Borrower under each
Loan Document shall be made without setoff, counterclaim or other defense, and free and clear of, and without deduction or withholding for or on account of, any Taxes. In the event that any Taxes are imposed and required to be deducted or withheld
from any payment required to be made by Holdings, the Borrower or any of the Subsidiaries to or on behalf of the Lenders under any Loan Document, then: 

(i) if such Taxes are Non-Excluded Taxes, the amount of such payment shall be increased as may be necessary so that such
payment is made, after withholding or deduction for or on account of such Non-Excluded Taxes, in an amount that is not less than the amount provided for in such Loan Document; and 

(ii) the Borrower or other applicable withholding agent shall withhold the full amount of such Taxes from such payment (as
increased pursuant to clause (a)(i)) and shall pay such amount to the Governmental Authority imposing such Taxes in accordance with applicable Laws. 

(b) In addition, the Borrower shall pay all Other Taxes imposed to the relevant Governmental Authority imposing such Other
Taxes in accordance with applicable Laws. 
 (c) As promptly as practicable after the payment of any Taxes or Other Taxes
required to be paid by the Borrower under Section 4.3(a) or (b), and in any event within 45 days of any such payment being made, the Borrower shall furnish to the Administrative Agent a copy of an official receipt (or a certified
copy thereof), a copy of the return reporting such payment, or other evidence of such payment reasonably satisfactory to the Administrative Agent evidencing the payment of such Taxes or Other Taxes. 

(d) Without duplication for amounts paid under Section 4.3(a), the Borrower shall indemnify each Lender for any
Non-Excluded Taxes and Other Taxes levied, imposed or assessed on (and whether or not paid directly by) such Lender 

  
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whether or not such Non-Excluded Taxes or Other Taxes are correctly or legally asserted by the relevant Governmental Authority. In addition, the Borrower shall indemnify each Lender for any
incremental Taxes that may become payable by such Lender as a result of any failure of the Borrower to pay any Taxes required to be withheld or paid by the Borrower pursuant to clauses (a) and (b) when due to the appropriate
Governmental Authority or to deliver to such Lender, pursuant to clause (c), documentation evidencing the payment of Taxes or Other Taxes. With respect to indemnification for Non-Excluded Taxes and Other Taxes actually paid by each Lender or
the indemnification provided under this Section 4.3(d), such indemnification shall be made within 30 days after the date such Lender makes written demand therefor. The Borrower acknowledges that any payment made to any Lender or to any
Governmental Authority in respect of the indemnification obligations of the Borrower provided in this clause (d) shall constitute a payment in respect of which the provisions of clause (a) and this clause
(d) shall apply. 
 (e) Each party’s obligations under this Section 4.3 shall survive the
resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. 

(f) The Lenders and the Borrower agree that the Loans are part of investment units issued within the meaning of
Section 1273(c)(2) of the Code, which also includes the Lender Warrants. For all applicable income Tax purposes, the issue price of the investment units and the fair market value of the Lender Warrants in connection with the Loans of the
Lenders shall be determined collectively by the Borrower and the Lenders, acting in good faith, at the time such Loans are issued to the Borrower. The “issue price” for the interest in the Loan of each Lender issued pursuant to this
Agreement (and any Note issued in connection therewith) shall equal (i) the issue price of the investment units, minus (ii) the fair market value of the Lender Warrants issued in connection with such Lender’s Loans. The Lenders and
the Borrower agree that the allocation determined pursuant to this Section 4.3(f) will be used for purposes of Section 1273(c)(2) of the Code. The Borrower and the Lenders agree to make any determinations under Treasury Regulations
§1.1273-2(h)(2) consistent with the foregoing and to file all required tax returns consistently with the foregoing, as applicable, except as otherwise required by applicable Laws. 

(g) Original Issue Discount. The Loans are deemed to be made with original issue discount for U.S. federal income tax
purposes. Requests for information regarding the issue price, amount of original issue discount, issue date, and yield to maturity on the Loans shall be directed to the Borrower care of the Chief Financial Officer of the Borrower at 630 W Germantown
Pike, Plymouth Meeting, PA 19462. 
 (h) (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax
with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed
documentation reasonably requested by the Borrower or the Administrative 

  
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Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative
Agent, shall deliver such other documentation prescribed by applicable Laws or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is
subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
paragraphs (h)(ii)(1), (ii)(2) and (ii)(4) of this Section) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the
foregoing, 
 (1) any Lender that is not a Foreign Lender shall deliver to the Borrower and the Administrative Agent on or about the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is not subject to U.S.
federal backup withholding tax; 
 (2) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and
the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), whichever of the following is applicable: 
 (a) in the case of a Foreign Lender claiming the
benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of,
U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or
reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(b) executed copies of IRS Form W-8ECI; 

  
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 (c) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio
interest under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and
(y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or 
 (d) to the extent a Foreign Lender is not the beneficial owner,
executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided
that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each such
direct and indirect partner; 
 (3) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable Laws to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(4) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time
or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such

  
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additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (4), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification it previously
delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(i) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to
which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments
made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (i) (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (i), in no event will the indemnified party
be required to pay any amount to an indemnifying party pursuant to this paragraph (i) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed
to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

SECTION 4.4 Payments, Computations; Proceeds of Collateral, Etc. 

(a) Unless otherwise expressly provided in a Loan Document, all payments by the Borrower pursuant to each Loan Document shall
be made without setoff, deduction or counterclaim not later than 2:00 p.m. on the date due in same day or immediately available funds, marked for attention as indicated, or in such other manner or to such other account in any United States bank as
the Administrative Agent may from time to time direct in writing. Funds received after 2:00 p.m. on any day shall be deemed to have been received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. All
interest and fees shall be 

  
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computed on the basis of the actual number of days occurring during the period for which such interest or fee is payable over a year comprised of 360 days. Payments due on other than a Business
Day shall be made on the next succeeding Business Day and such extension of time shall be included in computing interest and fees in connection with that payment. 

(b) All amounts received as a result of the exercise of remedies under the Loan Documents (including from the proceeds of
collateral securing the Obligations) or under applicable law shall be applied upon receipt to the Obligations in accordance with Section 9.4. 

(c) The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 10.4(c) are
several and not joint. The failure of any Lender to make any Loan or to make any payment under Section 10.4(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and
no Lender shall be responsible for the failure of any other Lender to so make its Loan or to make its payment under Section 10.4(c). 

(d) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or
to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

(e) If any Lender shall, by exercising any right of setoff or otherwise, obtain payment in respect of any principal of or
interest on its portion of any of the Loans or any Repayment Premium in connection therewith resulting in such Lender’s receiving payment of a proportion of the aggregate amount of the Loans and accrued interest thereon and any Repayment
Premium in connection therewith greater than its Applicable Percentage thereof as provided herein, then such Lender shall (x) notify the Administrative Agent of such fact and (y) purchase (for cash at face value) participations in the
portions of the Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of, accrued
interest on and any Repayment Premium in connection with their respective portions of the Loans and other amounts owing them; provided that: 

(i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this Section 4.4(e) shall not be construed to apply to (x) any payment made by or on behalf of
the Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its portion of the Loans to any assignee or
participant, other than an assignment to a Borrower or any Guarantor (as to which the provisions of this Section shall apply). 

  
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 The Borrower, on behalf of itself and the Guarantors, hereby consents to the foregoing and
agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower or such Guarantor rights of setoff and counterclaim with respect
to such participation as fully as if such Lender were a direct creditor of the Borrower or such Guarantor in the amount of such participation. Each participant agrees to provide the documentation required by Section 4.3 to the Borrower
and the Administrative Agent as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each
participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”). The entries in the Participant Register shall
be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the
avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

SECTION 4.5 Setoff. Each Lender shall, upon the occurrence and during the continuance of any Default described in
clauses (i) through (iv) of Section 9.1(h) or, upon the occurrence and during the continuance of any other Event of Default, have the right to appropriate and apply to the payment of the Obligations owing to it
(whether or not then due), and (as security for such Obligations) the Borrower hereby grants to each Lender a continuing security interest in, any and all balances, credits, deposits, accounts or moneys of the Borrower then or thereafter maintained
with or on behalf of such Lender. Each Lender agrees promptly to notify the Borrower after any such appropriation and application made by such Lender; provided that, the failure to give such notice shall not affect the validity of such setoff
and application. The rights of each Lender under this Section 4.5 are in addition to other rights and remedies (including other rights of setoff under applicable law or otherwise) which such Lender may have. 

SECTION 4.6 LIBO Rate Not Determinable. 

(a) If prior to the commencement of any Interest Period for a Loan, the Administrative Agent reasonably determines (which
determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBO Rate for such Interest Period, then the Administrative Agent shall give notice thereof to the Borrower as promptly as
practicable and, until the Administrative Agent notifies the Borrower that the circumstances giving rise to such notice no longer exist, (i) the Loans shall bear interest calculated pursuant to Section 3.4 but using the Prime Rate
instead of the LIBO Rate and (ii) the continuation of any outstanding Loan or the extension of a new Loan hereunder shall be made with interest calculated pursuant to Section 3.4 but using the Prime Rate instead of the LIBO Rate.

  
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 (b) If at any time the Administrative Agent determines (which determination
shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 4.6(a) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 4.6(a)
have not arisen but the supervisor for the administrator of the LIBO Rate has made a public statement identifying a specific date after which the LIBO Rate shall no longer be used for determining interest rates for loans, then the Administrative
Agent and the Borrower shall, acting in good faith, mutually establish an alternate rate of interest to that based on the LIBO Rate that gives due consideration to the then-prevailing market convention for determining a rate of interest for loans in
the United States at such time, and the Administrative Agent and the Borrower shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes as the Administrative Agent and the Borrower may
reasonably determine to be appropriate. Until an alternate rate of interest shall be determined in accordance with this Section 4.6(b) (but, in the case of the circumstances described in clause (ii) of the first sentence of this
Section 4.6(b), only to the extent the LIBO Rate for such Interest Period is not available or published at such time on a current basis), Section 4.6(a) shall be applicable. 

ARTICLE V 
 CONDITIONS TO MAKING
THE LOANS 
 SECTION 5.1 Credit Extensions. The obligation of each Lender to make its portion of the Loans shall be
subject to the execution and delivery of this Agreement by the parties hereto, the delivery of a Loan Request as requested pursuant to Section 2.3, and the satisfaction of each of the conditions precedent set forth below in this Article.

 SECTION 5.2 Secretary’s Certificate, Etc. The Administrative Agent and each Lender shall have received from
Holdings, the Borrower and each Subsidiary party to an Investment Document, (i) a copy of a good standing certificate, dated a date reasonably close to the Closing Date, for each such Person and (ii) a certificate, dated as of the Closing
Date, duly executed and delivered by such Person’s Secretary or Assistant Secretary, managing member or general partner, as applicable, certifying as to 

(a) resolutions of each such Person’s board of directors (or other managing body, in the case of a Person other than a
corporation) and any other corporate resolutions required by applicable Law or pursuant to such Person’s Organic Documents, each of which shall be then in full force and effect, authorizing the execution, delivery and performance of each
Investment Document to be executed by such Person and the transactions contemplated hereby and thereby; 

  
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 (b) the incumbency and signatures of those of its officers, managers,
managing member or general partner, as applicable, authorized to act with respect to each Investment Document to be executed by such Person; and 

(c) the full force and validity of each Organic Document of such Person and copies thereof; 

upon which certificates the Administrative Agent and each Lender may conclusively rely until it shall have received a further certificate of
the Secretary, Assistant Secretary, managing member or general partner, as applicable, of any such Person canceling or amending the prior certificate of such Person. 

SECTION 5.3 Closing Date Certificate. The Administrative Agent and each Lender shall have received a Closing Date
Certificate, dated as of the Closing Date and duly executed and delivered by an Authorized Officer of the Borrower, in which certificate the Borrower shall agree and acknowledge that the statements made therein shall be deemed to be true and correct
representations and warranties of the Borrower as of such date, and, at the time such certificate is delivered, such statements shall in fact be true and correct, and such statements shall include that (a) the representations and warranties set
forth in each Investment Document shall, in each case, be true and correct, (b) no Default shall have then occurred and be continuing, or would result from the Loans to be advanced on the Closing Date and (c) all of the conditions set
forth in this Article V have been satisfied. 
 SECTION 5.4 Payment of Outstanding Indebtedness, Etc. All Indebtedness
identified in Schedule 8.2(b), together with all interest, all prepayment premiums and all other amounts due and payable with respect thereto (collectively, shall have been paid in full from the proceeds of the Loans and the commitments in
respect of such Indebtedness shall have been terminated, and all Liens securing payment of any such Indebtedness shall have been released and the Administrative Agent and each Lender shall have received all UCC Form UCC-3 termination statements or
other instruments (including customary payoff letters) as may be suitable or appropriate in connection therewith (the “Existing Debt Refinancing”). 

SECTION 5.5 Delivery of Note. Each Lender shall have received a Note duly executed and delivered by an Authorized
Officer of the Borrower. 
 SECTION 5.6 Financial Information, Etc. The Administrative Agent and each Lender shall
have received 
 (a) audited consolidated financial statements of Holdings, the Borrower and the Subsidiaries for each of the
fiscal years ended December 31, 2017, and December 31, 2018; and 
 (b) unaudited consolidated balance sheets of
Holdings, the Borrower and the Subsidiaries for each fiscal quarter ended after December 31, 2018, together with the related consolidated statement of operations, shareholder’s equity and cash flows for the twelve months then ended. 

  
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 SECTION 5.7 Compliance Certificate. The Lenders and the
Administrative Agent shall have received an initial Compliance Certificate as of the Closing Date and as to such items therein as any Lender reasonably requests, dated the Closing Date, duly executed (and with all schedules thereto duly completed)
and delivered by the chief financial or accounting Authorized Officer of the Borrower. 
 SECTION 5.8 Solvency, Etc.
The Lenders and the Administrative Agent shall have received a solvency certificate duly executed and delivered by the chief financial or accounting Authorized Officer of Holdings and the Borrower, dated as of the Closing Date, in form and substance
reasonably satisfactory to the Lenders and the Administrative Agent. 
 SECTION 5.9 Guarantee. The Lenders and the
Administrative Agent shall have received executed counterparts of the Guarantee, dated as of the date hereof, duly executed and delivered by Holdings and each Subsidiary. 

SECTION 5.10 Security Agreements. The Lenders and the Administrative Agent shall have received executed counterparts of
the Security Agreement, dated as of the date hereof, duly executed and delivered by Holdings, the Borrower and each Subsidiary, together with 

(a) certificates (in the case of Capital Securities that are securities (as defined in the UCC)) evidencing all of the issued
and outstanding Capital Securities owned by Holdings, the Borrower or any Subsidiary in the Subsidiaries, which certificates in each case shall be accompanied by undated instruments of transfer duly executed in blank, or, in the case of Capital
Securities that are uncertificated securities (as defined in the UCC), confirmation and evidence reasonably satisfactory to the Administrative Agent and the Lenders that the security interest therein has been (or will be) perfected by the
Administrative Agent for the benefit of the Secured Parties in accordance with Articles 8 and 9 of the UCC; 
 (b) financing
statements suitable in form for naming Holdings, the Borrower and each Subsidiary as a debtor and the Administrative Agent as the secured party, or other similar instruments or documents to be filed under the UCC of all jurisdictions as may be
necessary or, in the opinion of the Administrative Agent or any Lender, desirable to perfect the security interests of the Administrative Agent and the other Secured Parties pursuant to the Security Agreement; 

(c) UCC Form UCC-3 termination statements, if any, necessary to release all Liens and other rights of any Person (i) in
any assets of Holdings, the Borrower or any Subsidiary, or (ii) securing any of the Indebtedness identified in Schedule 8.2(b), together with such other UCC Form UCC-3 termination statements as the Administrative Agent or any Lenders may
reasonably request from Holdings, the Borrower or any Subsidiary; and 

  
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 (d) evidence that all deposit accounts, lockboxes, disbursement accounts,
investment accounts or other similar accounts of Holdings, the Borrower and each Subsidiary are Controlled Accounts (other than Excluded Accounts). 

SECTION 5.11 Intellectual Property Security Agreements. The Administrative Agent and the Lenders shall have received a
Patent Security Agreement, a Copyright Security Agreement and a Trademark Security Agreement, as applicable, each dated as of the Closing Date, duly executed and delivered by Holdings, the Borrower or any Subsidiary that, pursuant to the Security
Agreement, is required to provide such intellectual property security agreements to the Administrative Agent for the benefit of the Secured Parties. 

SECTION 5.12 Opinions of Counsel. The Administrative Agent and the Lenders shall have received an opinion, dated the
Closing Date and addressed to the Secured Parties, from Katten Muchin Rosenman LLP, counsel to Holdings, the Borrower and the Subsidiaries, in form and substance satisfactory to the Administrative Agent and the Lenders. 

SECTION 5.13 Insurance. The Administrative Agent and the Lenders shall have received certified copies of the insurance
policies (or binders in respect thereof), from one or more insurance companies reasonably satisfactory to the Administrative Agent and the Lenders, evidencing coverage required to be maintained pursuant to Section 7.4, with the
Administrative Agent named as loss payee or additional insured, as applicable. 
 SECTION 5.14 Closing Fees, Expenses,
Etc. Each Lender and the Administrative Agent shall have received for its own account all fees, costs and expenses due and payable pursuant to Section 10.4. 

SECTION 5.15 Anti-Terrorism Laws. Each Lender and the Administrative Agent shall have received, as applicable, all
documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the U.S.A. Patriot Act. 

SECTION 5.16 Investment Documents. The Administrative Agent shall have received executed counterparts of this Agreement,
the Lender Warrants and the other Investment Documents, each properly executed by Holdings or the Borrower, as applicable, and each other party to such Investment Documents. 

  
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 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 

In order to induce the Lenders and the Administrative Agent to enter into this Agreement and to make the Loans hereunder, the Borrower
represents and warrants to the Lenders and the Administrative Agent that: 
 SECTION 6.1 Organization, Etc. Holdings,
the Borrower and each Subsidiary (a) is validly organized and existing and in good standing under the laws of the jurisdiction of its incorporation or organization, is duly qualified to do business and is in good standing as a foreign entity in
each jurisdiction where the nature of its business requires such qualification (unless the failure to so qualify as a foreign entity would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect), and
(b) has full power and authority and holds all requisite governmental licenses, permits and other material approvals required (i) to enter into and perform its Obligations under each Investment Document to which it is a party, and
(ii) to own and hold under lease its material property and to conduct its business substantially as currently conducted by it. 

SECTION 6.2 Due Authorization, Non-Contravention, Etc. The execution, delivery and performance by Holdings, the Borrower
and each Subsidiary of each Investment Document executed or to be executed by it are in each case within such Person’s corporate or organizational powers, have been duly authorized by all necessary corporate or organizational action, and do not

 (a) contravene (i) Holdings’, the Borrower’s or any Subsidiary’s Organic Documents, (ii) in any
material respect, any court decree or order binding on or affecting Holdings, the Borrower or any Subsidiary or (iii) in any material respect, any law or governmental regulation binding on or affecting Holdings, the Borrower or any Subsidiary;
or 
 (b) result in (i) or require the creation or imposition of any Lien on Holdings’, the Borrower’s or any
Subsidiary’s properties (except as permitted by this Agreement) or (ii) a material default under any material contract, agreement, or instrument binding on or affecting Holdings, the Borrower or any Subsidiary. 

SECTION 6.3 Government Approval, Regulation, Etc. No authorization, approval, clearance or other action by, and no
notice to or filing with, any Governmental Authority or other Person (other than those that have been, or on the Closing Date will be, duly obtained or made and which are, or on the Closing Date will be, in full force and effect) is required for the
due execution, delivery or performance by Holdings, the Borrower or any Subsidiary of any Investment Document to which it is a party. 

SECTION 6.4 Validity, Etc. Each Investment Document to which Holdings, the Borrower or any Subsidiary is a party
constitutes the legal, valid and binding obligations of such Person enforceable against such Person in accordance with its respective terms (except, in any case, as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally and by principles of equity). 
 SECTION 6.5
Financial Information. The financial statements of Holdings, the Borrower and the Subsidiaries furnished to the Administrative Agent and the Lenders pursuant to Sections 5.6 and 7.1 have been prepared in accordance with 

  
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GAAP, consistently applied, and present fairly the consolidated financial condition of the Persons covered thereby as at the dates thereof and the results of their operations for the periods then
ended, subject to customary year-end adjustments and the absence of footnotes in the case of the previously-delivered statements of the type described in Section 5.6(b). 

SECTION 6.6 No Material Adverse Change. There has been no material adverse change in the business, financial condition,
operations (including the results thereof), performance or properties of Holdings, the Borrower or any Subsidiary since December 31, 2018. 

SECTION 6.7 Litigation, Labor Matters and Environmental Matters. 

(a) Except as described on Schedule 6.7(a), there are no actions, suits or proceedings by or before any arbitrator or
Governmental Authority pending against or, to the knowledge of the Borrower, threatened, against or affecting Holdings, the Borrower or any Subsidiary (i) as to which there is a reasonable likelihood of an adverse determination and that, if
adversely determined, would reasonably be expected, individually or in the aggregate, to result in liabilities in excess of $1,000,000 or (ii) that would reasonably be likely to materially and adversely affect this Agreement or the transactions
contemplated hereby. 
 (b) There are no labor controversies pending against or, to the knowledge of the Borrower, threatened
against or affecting Holdings, the Borrower or any Subsidiary (i) that would reasonably be expected, individually or in the aggregate, to result in liabilities in excess of $1,000,000 or (ii) that would reasonably be likely to adversely
affect this Agreement or the transactions contemplated hereby. 
 (c) None of Holdings, the Borrower or any Subsidiary
(i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any Permit under or in connection with any Environmental Law (“Environmental Permit”), (ii) is or has been subject to any
Environmental Liability, (iii) has received notice of any Environmental Liability, or (iv) knows of any basis for any Environmental Liability, in each case of clauses (i) through (iv) above, which would reasonably
be expected to have a Material Adverse Effect. 
 SECTION 6.8 Subsidiaries. As of the Closing Date, the Borrower has
no Subsidiaries except those Subsidiaries that are identified in Schedule 6.8 (which Schedule also identifies the direct and indirect owners of the Capital Securities of such Subsidiaries). 

SECTION 6.9 Ownership of Properties. Holdings, the Borrower and each Subsidiary owns (i) in the case of owned real
property, good and marketable fee title to, and (ii) in the case of owned personal property, good and valid title to, or, in the case of leased real or personal property, valid and enforceable leasehold interests (as the case may be) in, all of
its material properties and assets, tangible and intangible, of any nature whatsoever, free and clear in each case of all Liens or claims, except for Liens permitted pursuant to Section 8.3. 

  
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 SECTION 6.10 Taxes. Holdings, the Borrower and each Subsidiary has
filed all U.S. federal income and all other material tax returns and reports required by applicable Laws to have been filed by it and has paid all Taxes reported thereon as due and payable and all other material Taxes due and owing by it, except any
such Taxes which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books. 

SECTION 6.11 Benefit Plans, Etc. Except as would not reasonably be expected to result in a Material Adverse Effect:
(a) none of Holdings, the Borrower or any of the Subsidiaries or any of their respective ERISA Affiliates sponsors, maintains, contributes to, is required to contribute to, or has any actual or potential liability with respect to, any Benefit
Plan, (b) none of Holdings, the Borrower or any of the Subsidiaries is a party to any collective bargaining agreement, and none of the employees of Holdings, the Borrower or any of the Subsidiaries are subject to any collective bargaining
agreement, (c) each “employee benefit plan” as defined in section 3(3) of ERISA that provides retirement benefits, is sponsored by Holdings, the Borrower or any of their ERISA Affiliates, and is intended to be tax qualified under
section 401 of the Code has a determination letter or opinion letter from the Internal Revenue Service on which it is entitled to rely, and no assets of any such plan are invested in Capital Securities of Holdings or the Borrower and (d) each
employee benefit plan, program or arrangement sponsored, maintained, contributed to or required to be contributed to by Holdings, the Borrower or any Subsidiary has complied, both in form and in operation, with its terms and applicable Law. 

SECTION 6.12 Accuracy of Information. None of the information heretofore or contemporaneously furnished in writing to
the Administrative Agent or any Lender by or on behalf of Holdings, the Borrower or any Subsidiary in connection with any Investment Document or any transaction contemplated hereby contains any material misstatement of a material fact, or omits to
state any material fact necessary to make any information, in light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information and other forward-looking information,
(i) Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time, (ii) such information is not to be viewed as facts, is not a guarantee of financial performance,
and is subject to significant uncertainties and contingencies, many of which are beyond the control of Holdings, the Borrower and the Subsidiaries; (iii) no assurance can be given that any particular projections will be realized; and
(iv) actual results during the periods covered thereby may differ from the results set forth in such information and such differences may be material. 

SECTION 6.13 Regulations U and X. None of Holdings, the Borrower or any Subsidiary is engaged in the business of
extending credit for the purpose of buying or carrying margin stock, and no proceeds of the Loans will be used to purchase or carry 

  
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margin stock or otherwise for a purpose which violates, or would be inconsistent with, F.R.S. Board Regulation U or Regulation X. Terms for which meanings are provided in F.R.S. Board Regulation
U or Regulation X or any regulations substituted therefor, as from time to time in effect, are used in this Section with such meanings. 

SECTION 6.14 Solvency. The Borrower, individually, and Holdings, the Borrower and its Subsidiaries taken as a whole, on
a consolidated basis, both before and after giving effect to the Loans, are Solvent. 
 SECTION 6.15 Intellectual
Property. 
 (a) Schedule 6.15(a)(1) sets forth a complete and accurate list as of the Closing Date of all
(i) issued Patents and any Patent applications,( ii) registered and material unregistered Trademarks (including domain names) and any pending registrations for Trademarks, and (iii) any other registered Intellectual Property, in each case
owned by Holdings, the Borrower or any of the Subsidiaries. For each item of Intellectual Property listed on Schedule 6.15(a)(1), the Borrower has, where relevant, indicated (A) the countries in each case in which such item is
registered, (B) the application numbers, (C) the registration or patent numbers, (D) with respect to the Patents, the expected expiration date of the issued Patents and (E) the owner of such item of Intellectual Property. Schedule
6.15(a)(2) sets forth a list as of the Closing Date of all material license agreements pursuant to which Holdings, the Borrower or any Subsidiary licenses any Intellectual Property from any Third Party. 

(b) The Owned Intellectual Property and Licensed Intellectual Property together constitute all Intellectual Property necessary
for the operation of the business of Holdings, the Borrower and the Subsidiaries as currently conducted in all material respects. 

(c) Holdings, the Borrower or a Subsidiary owns, has a valid license or rights in any other form to all rights associated with
the Owned Intellectual Property and Licensed Intellectual Property (as applicable), and Holdings, the Borrower or a Subsidiary owns the Owned Intellectual Property and holds, to the knowledge of the Borrower, its rights under the Licensed
Intellectual Property free and clear of any and all Liens other than Liens permitted pursuant to Section 8.3 and all Owned Intellectual Property and, to the knowledge of the Borrower, Licensed Intellectual Property, is in full force and
effect, and has not expired, lapsed or been forfeited, cancelled or abandoned. 
 (d) Each of Holdings, the Borrower and the
Subsidiaries, as applicable, has taken commercially reasonable actions to maintain and protect the Owned Intellectual Property and the Licensed Intellectual Property and there are no unpaid maintenance or renewal fees payable by Holdings, the
Borrower or any of the Subsidiaries that are currently overdue for any of such registered Intellectual Property. 

  
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 (e) There is no actual or threatened (in writing or, to the knowledge of
Borrower, orally) proceeding in any court, patent office, Governmental Authority, arbitral body or elsewhere challenging the validity or enforceability of any Owned Intellectual Property or, to the knowledge of the Borrower, any Licensed
Intellectual Property, none of Holdings, the Borrower or any of the Subsidiaries is involved in any such proceeding with any Person and none of the Owned Intellectual Property or, to the knowledge of the Borrower, the Licensed Intellectual Property
is the subject of any material Other Administrative Proceeding. 
 (f) To the knowledge of the Borrower, (A) the Owned
Intellectual Property and the Licensed Intellectual Property is valid, enforceable and subsisting and (B) no event has occurred, and nothing has been done or omitted to have been done, that would affect the validity or enforceability of such
Intellectual Property. 
 (g) Each of Holdings, the Borrower and each Subsidiary, as applicable, is the sole and exclusive
owner of all right, title and interest in and to all Owned Intellectual Property that is owned by it. 
 (h) To the knowledge
of the Borrower, no Third Party is committing any act of Infringement of any Intellectual Property listed, or required to be listed, on Schedule 6.15(a)(1) or Schedule 6.15(a)(2). 

(i) With respect to each license agreement listed on Schedule 6.15(a)(2), such license agreement (i) is in full
force and effect and is binding upon and enforceable against Holdings, the Borrower and the Subsidiaries party thereto and, to the knowledge of the Borrower, all other parties thereto in accordance with its terms, (ii) has not been amended or
otherwise modified, except as set forth on Schedule 6.15(a)(2), and (iii) has not, to the knowledge of the Borrower, suffered a default or breach thereunder. To the knowledge of the Borrower, none of Holdings, the Borrower or any of the
Subsidiaries has taken or omitted to take any action that would permit any other Person party to any such license agreement to have, and no such Person otherwise has, any defenses, counterclaims, termination rights or rights of setoff thereunder.

 (j) Except as set forth on Schedule 6.15(j), none of Holdings, the Borrower or any of the Subsidiaries has received
written notice from any Third Party alleging that the conduct of its business (including the development, manufacture, use, sale or other commercialization of any Product) Infringes any Intellectual Property of that Third Party and, to the knowledge
of the Borrower, the conduct of its business and the business of the Subsidiaries (including the development, manufacture, use, sale or other commercialization of any Product) does not Infringe any Intellectual Property of any Third Party. 

(k) Holdings, the Borrower and the Subsidiaries have used commercially reasonable efforts and precautions to protect their
respective commercially significant unregistered Intellectual Property. 

  
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 SECTION 6.16 Material Agreements and Key Contracts. 

(a) Set forth on Schedule 6.16 is a complete and accurate list as of the Closing Date of all Material Agreements and Key
Contracts (other than Designated Key Contracts), in each case of Holdings, the Borrower or any of the Subsidiaries, with an adequate description of the parties thereto and amendments and modifications thereto. Each such Material Agreement and each
Key Contract (i) is in full force and effect and the legal, valid and binding obligation of the parties thereto, enforceable against Holdings, the Borrower and the Subsidiaries party thereto and, in the case of any Material Agreement or Key
Contract, to the knowledge of Borrower (other than in respect of the License Agreement), all other parties thereto in accordance with its terms and (ii) has not been amended or otherwise modified. (A) None of Holdings, the Borrower or any
of the Subsidiaries is, in any material respect, in breach or in default (after giving effect to any grace or cure periods) under any Material Agreement or Key Contract, nor has any of Holdings, the Borrower or any of the Subsidiaries taken any
action that would permit any other Person party to any Material Agreement or Key Contract to have, and no such Person otherwise has, any defenses, counterclaims, termination rights or rights of setoff thereunder and (B) to the knowledge of the
Borrower, no such other Person party to such Material Agreement or Key Contract is, in any material respect, in breach or in default (after giving effect to any grace or cure periods) thereunder. 

(b) The Borrower has provided to the Administrative Agent and the Lenders full, complete and correct copies of the Key
Contracts (including all exhibits and schedules thereto). 
 SECTION 6.17 Permits. Except as would not reasonably be
expected to result in a Material Adverse Effect, (i) Holdings, the Borrower and the Subsidiaries have all Permits, including Key Permits and Environmental Permits, necessary or required for the ownership, operation and conduct of their business
and the distribution of the Product and (ii) all such Permits are validly held and there are no defaults thereunder. 

SECTION 6.18 Regulatory Matters. 

(a) All Key Permits held by Holdings, the Borrower and the Subsidiaries are (i) legally and beneficially owned exclusively
by Holdings, the Borrower or such Subsidiary, free and clear of all Liens other than Liens permitted pursuant to Section 8.3, and (ii) validly registered and on file with the applicable Governmental Authority, in compliance with
all filing and maintenance requirements (including any fee requirements) thereof, and are in good standing, valid and enforceable with the applicable Governmental Authority. All notices, registrations and listings, supplemental applications or
notifications, reports (including reports of adverse experiences) and other filings required to be filed by Holdings, the Borrower, the Subsidiaries or, to the knowledge of the Borrower, received from any of their respective suppliers with respect
to any Product have been filed with the FDA and all other applicable Governmental Authorities. To the knowledge of the Borrower, the factual basis for the application to the FDA in respect of, and leading to, the Wakix 

  
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ODE was true, correct and complete in all material respects as of the date such factual basis was represented to the FDA and as of the date such factual basis was required to be represented to
the FDA, and no misstatements or omissions in such factual basis have arisen between such dates and the date hereof. None of Holdings, the Borrower or any of the Subsidiaries has received any written notice that any Key Permits have been or are
being revoked, withdrawn, suspended, limited or challenged. 
 (b) (i) Except where the failure to do so would not
reasonably be expected to result in a Material Adverse Effect, the Products, as well as the business of Holdings, the Borrower and the Subsidiaries, comply with (A) all applicable Laws, including, without limitation, all applicable requirements
of the FD&C Act, the PHSA and similar state Laws and (B) all Product Authorizations and other Key Permits; (ii) none of Holdings, the Borrower and the Subsidiaries, nor, to the knowledge of the Borrower, their respective suppliers, have
received any inspection reports, warning letters or untitled letters with respect to any Product of Holdings, the Borrower and the Subsidiaries, from any Governmental Authority that assert a lack of compliance with the FD&C Act, the PHSA and
similar state Laws; (iii) none of Holdings, the Borrower or any of the Subsidiaries has received any written notice of, or otherwise have knowledge of, any pending regulatory enforcement action, investigation or inquiry against Holdings, the
Borrower or any of the Subsidiaries, or any of their respective suppliers with respect to the Products, and, to the knowledge of the Borrower, there is no basis for any adverse regulatory action against Holdings, the Borrower or any of the
Subsidiaries or their respective suppliers, with respect to the Products; and (iv) without limiting the foregoing, (A) to the knowledge of the Borrower (1) there have been no Product recalls, safety alerts, withdrawals, clinical
holds, marketing suspensions or removals, undertaken or issued by any Person, whether or not at the request, demand or order of any Governmental Authority or otherwise, with respect to any Product, (2) no such Product recalls, safety alerts,
corrections, withdrawals, marketing suspensions or removals have been requested, demanded or ordered by any Governmental Authority, and, to the knowledge of the Borrower, there is no basis for the issuance of any such product recalls, safety alerts,
corrections, withdrawals, marketing suspensions or removals by any Person with respect to any Products, and (B) none of Holdings, the Borrower or any of the Subsidiaries has received any written notice of, and does not otherwise have knowledge
of, any criminal, injunctive, seizure, detention or civil penalty actions that have at any time been commenced or threatened in writing by any Governmental Authority with respect to or in connection with any Products, or any consent decrees
(including plea agreements) which relate to any Products, and, to the knowledge of the Borrower, there is no basis for the commencement for any criminal injunctive, seizure, detention or civil penalty actions by any Governmental Authority relating
to the Products or for the issuance of any consent decrees. None of Holdings, the Borrower and the Subsidiaries nor, to the knowledge of the Borrower, any of their respective suppliers is employing or utilizing the services of any individual who has
been debarred under any FDA regulations. 
 (c) All clinical trials conducted by or, to the knowledge of Borrower, on behalf
of Holdings, the Borrower and the Subsidiaries with respect to any Product 

  
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have been conducted in compliance with cGCPs. None of Holdings, the Borrower and the Subsidiaries has received any written notice from FDA or any other Governmental Authority alleging any
non-compliance with cGCPs or otherwise terminating or suspending any clinical trial (in-whole or in-part) conducted by or on behalf of Holdings, the Borrower and the Subsidiaries with respect to any Product. No clinical trial conducted by or, to the
knowledge of the Borrower, on behalf of Holdings, the Borrower and the Subsidiaries with respect to any Product has used any clinical investigator who has been disqualified under FDA regulations. 

(d) With respect to Products, (i) all design, manufacturing, storage, distribution, packaging, labeling, sale,
recordkeeping and other activities by Holdings, the Borrower or any of its Subsidiaries and, to the knowledge of the Borrower, their respective suppliers relating to the Products have been conducted, and are currently being conducted, in compliance
with the applicable requirements of the FD&C Act, the PHSA and other requirements of the FDA and all other applicable Governmental Authorities, including, without limitation, cGMPs and adverse event reporting requirements, and (ii) none of
Holdings, the Borrower or any of its Subsidiaries, or, to the knowledge of the Borrower, any of their respective suppliers, has received written notice or threat of commencement of action by any Governmental Authority to withdraw its approval of to
enjoin production of the Products at any facility, or otherwise to seize any Product. To the knowledge of Borrower, no Product in the inventory of Holdings, the Borrower or any of its Subsidiaries, or otherwise currently in commercial distribution
is adulterated or misbranded. All advertising or other promotion of all Products by Holdings, the Borrower or any of its Subsidiaries has been conducted in compliance with applicable FDA requirements for advertising and promotion of pharmaceuticals.

 (e) All manufacturing facilities owned or operated by Holdings, the Borrower or any of the Subsidiaries, or, to the
knowledge of the Borrower, used in the production of any Product, are and have been operated in compliance with cGMPs and all other applicable Laws. To the knowledge of the Borrower, the FDA has not issued any written Form 483, Warning Letter, or
untitled letter with respect to any such facility, or otherwise alleged any non-compliance with cGMPs. 
 (f) The Borrower
has made available to the Lenders all written material adverse event reports and communications to or from FDA (if any) and other relevant Governmental Authorities of which it has or had a copy, including written inspection reports, warning letters,
untitled letters, and material reports and studies, other than opinions of counsel that are attorney-client privileged, with respect to regulatory matters relating to Holdings, the Borrower and the Subsidiaries, the conduct of their business, the
operation of any manufacturing facilities owned or operated by Holdings, the Borrower or any of the Subsidiaries, and the Products. The Borrower has made available to the Lenders all Key Permits and material written correspondence submitted to or
received from FDA, CMS or other Governmental Authority (including minutes and official contact reports relating to any material communications with any Governmental Authority) of which it has or had a copy. 

  
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 (g) All studies, tests and preclinical and clinical trials conducted
relating to the Products by or, to the knowledge of Borrower, on behalf of Holdings, the Borrower or any of and the Subsidiaries and, to the knowledge of the Borrower, their respective licensees, licensors and third party services providers and
consultants, have been conducted, and are currently being conducted, in full compliance with all applicable Laws, including, but not limited to, the FD&C Act, the PHSA, current good clinical practices and, to the extent required by FDA guidances
and regulations, current good laboratory practices, except to the extent that the failure to do so would not reasonably be expected to result in a Material Adverse Effect. Material written summaries related to such studies, tests and trials have
been made available to the Lenders. To the knowledge of the Borrower, the summaries and descriptions of any of the foregoing provided to the Lenders are accurate in all material respects and contain no material omissions. None of Holdings, the
Borrower and the Subsidiaries, or, to the knowledge of the Borrower, any of their respective licensees, licensors or third party services providers or consultants, has received from the FDA or other applicable Governmental Authority any written
notices or correspondence requiring the termination, suspension, material modification or clinical hold of any studies, tests or clinical trials with respect to or in connection with the Products. 

(h) There has been no material untrue statement of fact and no fraudulent statement made by Holdings, the Borrower or any of
the Subsidiaries, or, to the Borrower’s knowledge, any of their respective agents or representatives to the FDA or any other Governmental Authority, and there has been no failure to disclose any material fact required to be disclosed to the FDA
or any other Regulatory Agency. 
 (i) There is no arrangement relating to Holdings, the Borrower or the Subsidiaries
providing for any rebates, kickbacks or other forms of compensation that are unlawful to be paid to any Person in return for the referral of business or for the arrangement for recommendation of such referrals. All billings by Holdings, the Borrower
and the Subsidiaries for their services have been true and correct in all material respects and are in compliance in all material respects with all applicable Laws, including the Federal False Claims Act or any applicable state false claim or fraud
law. None of Holdings, the Borrower and the Subsidiaries has received any written notice from the United States Department of Justice, any U.S. Attorney, any State Attorney General, or other similar Governmental Authority alleging any violation of
the Federal Anti-kickback Statute, the Federal False Claims Act, the Foreign Corrupt Practices Act, any applicable federal Laws, or similar state or foreign Laws. 

(j) The transactions contemplated by the Investment Documents (or contemplated by the conditions to effectiveness of any
Investment Document) will not impair Holdings’, the Borrower’s or any of the Subsidiaries’ ownership of or rights under (or the license or other right to use, as the case may be) any Key Permits relating to the Products. 

(k) No right of Holdings, the Borrower or any of the Subsidiaries to receive reimbursements pursuant to any government program
or private program has ever 

  
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been terminated or otherwise adversely affected as a result of any investigation or enforcement action, whether by any Governmental Authority or other Third Party, and none of Holdings, the
Borrower or any Subsidiary has been the subject of any inspection, investigation, or audit, by any Governmental Authority for the purpose of any alleged improper activity. 

(l) None of Holdings, the Borrower or any of the Subsidiaries, nor, to the Borrower’s knowledge, any individual who is an
officer, director, manager, employee, agent or managing agent of Holdings, the Borrower or any of the Subsidiaries has been convicted of, or, to the Borrower’s knowledge, charged with or investigated for any federal or state health
program-related offense or any other offense related to healthcare or been excluded or suspended from participation in any such program; or, to the Borrower’s knowledge, within the past five (5) years, has been convicted of, or, to the
Borrower’s knowledge, charged with or investigated for a violation of Laws related to fraud, theft, embezzlement, breach of fiduciary responsibility, financial misconduct, obstruction of an investigation or controlled substances, or has been
subject to any judgment, stipulation, order or decree of, or criminal or civil fine or penalty imposed by, any Governmental Authority related to fraud, theft, embezzlement, breach of fiduciary responsibility, financial misconduct, obstruction of an
investigation or controlled substances. None of Holdings, the Borrower or any of the Subsidiaries, nor, to the Borrower’s knowledge, any individual who is an officer, director, employee, agent or managing agent of Holdings, the Borrower or any
of the Subsidiaries has been convicted of any crime that has resulted or would reasonably be expected to result in a debarment under 21 U.S.C. Section 335a. No debarment proceedings under any FDA regulation in respect of the business of
Holdings, the Borrower or any of the Subsidiaries are pending or, to the Borrower’s knowledge, threatened against Holdings, the Borrower, any of the Subsidiaries or, to the knowledge of the Borrower, any individual who is an officer, director,
manager, employee, agent or managing agent of Holdings, the Borrower or any of the Subsidiaries. 
 SECTION 6.19
Transactions with Affiliates. As of the Closing Date, none of Holdings, the Borrower or any Subsidiary is a party to any contract or agreement (including the purchase, sale, lease, transfer or exchange of property or assets of any kind or the
rendering of services of any kind) with any of its Affiliates, except any contract or agreement (a) set forth on Schedule 6.19, (b) with respect to any customary compensation and indemnification of, and other employment arrangement
with, directors, officers and employees of Holdings or any of its Subsidiaries in the ordinary course of business or (c) any contract or agreement solely among one or more of Holdings and its Subsidiaries. 

SECTION 6.20 Investment Company Act. None of Holdings, the Borrower or any Subsidiary is an “investment
company” or is “controlled” by an “investment company,” as such terms are defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 

  
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 SECTION 6.21 OFAC. None of Holdings, the Borrower, any Subsidiary or,
to the knowledge of the Borrower, any Related Party (a) is currently the subject of any Sanctions, (b) is located, organized or residing in any Designated Jurisdiction, or (c) is or has been (within the previous five years) engaged in
any transaction with any Person who is now or was then the subject of Sanctions or who is located, organized or residing in any Designated Jurisdiction. No Loan, nor the proceeds from any Loan, has been or will be used, directly or, to the knowledge
of the Borrower, indirectly, to lend, contribute or provide to, or has been or will be otherwise made available to fund, any activity or business in any Designated Jurisdiction or to fund any activity or business of any Person located, organized or
residing in any Designated Jurisdiction or who is the subject of any Sanctions, or in any other manner that will result in any violation by any Person (including the Administrative Agent, any Lender and any of their respective Affiliates) of
Sanctions. 
 SECTION 6.22 Deposit and Disbursement Accounts. Set forth on Schedule 6.22 is a
complete and accurate list as of the Closing Date of all banks and other financial institutions at which Holdings, the Borrower or any Subsidiary maintains deposit accounts, lockboxes, disbursement accounts, investment accounts or other similar
accounts, such Schedule correctly identifies the name in which each such account is held, the type of each such account, and the complete account number for each such account, and each such account is a Controlled Account to the extent required
pursuant to Section 7.13. 
 SECTION 6.23 Customer and Trade Relations. There exists no actual or, to the
knowledge of the Borrower, threatened termination or cancellation of, or any material adverse modification or change in (a) the business relationship of Holdings, the Borrower or any Subsidiary with any customer or group of customers whose
purchases during the preceding 12 calendar months caused such customer or group of customers to be ranked among the ten largest customers of Holdings, the Borrower or such Subsidiary, as applicable, or (b) the business relationship of Holdings,
the Borrower or any Subsidiary with any supplier material to its operations. 
 SECTION 6.24 Holdings. Holdings is a
passive holding company with no operations (other than such operations as are incidental to its status as a holding company), no assets (other than ownership of Capital Securities of the Borrower and such immaterial assets as are incidental to its
status as a holding company), no liabilities (other than the Obligations under the Loan Documents, obligations under the Lender Warrants and such immaterial liabilities as are incidental to its status as a holding company) and no Subsidiaries (other
than the Borrower). 
 ARTICLE VII 

AFFIRMATIVE COVENANTS 
 The Borrower covenants and
agrees with the Administrative Agent and the Lenders that until the Termination Date has occurred, the Borrower will, and will cause Holdings and the Subsidiaries to, perform or cause to be performed the obligations set forth below. 

  
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 SECTION 7.1 Financial Information, Reports, Notices, Etc. The
Borrower will furnish the Administrative Agent and the Lenders copies of the following financial statements, reports, notices and information: 

(a) as soon as available and in any event within 30 days after the end of each calendar month (or solely with respect to any
month ending on a Fiscal Quarter end on or before December 31, 2020, on or before the date that is five (5) Business Days after such 30-day period), in each case with supporting detail and certified as complete and correct by the chief
financial or accounting Authorized Officer of the Borrower (subject to normal year-end audit adjustments), unaudited reports of (w) the Net Revenue for each Product for such calendar month and for the twelve-month period ending with the end of
such calendar month, and including in comparative form the figures for the corresponding calendar month in the immediately preceding twelve-month period, (x) the Liquidity of the Borrower at the end of such calendar month and at the end of the
corresponding calendar month in the preceding Fiscal Year, in comparative form, (y) the number of employees of Holdings, the Borrower and its Subsidiaries as of the end of such period, including any changes thereto and (z) prescription
data of Holdings, the Borrower and its Subsidiaries with respect to each Product; 
 (b) (i) as soon as available and in any
event within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal Year, an unaudited consolidated balance sheet of Holdings, the Borrower and the Subsidiaries as of the end of such Fiscal Quarter and consolidated
statements of income and cash flow of Holdings, the Borrower and the Subsidiaries for such Fiscal Quarter and for the period commencing at the end of the previous Fiscal Year and ending with the end of such Fiscal Quarter and (ii) as soon as
available and in any event within 45 days after the end of each Fiscal Quarter of each Fiscal Year, the Net Revenue for each Product for such Fiscal Quarter and for the twelve-month period ending with the end of such Fiscal Quarter, and including in
comparative form the figures for the corresponding Fiscal Quarter in the immediately preceding twelve-month period, certified as complete and correct by the chief financial or accounting Authorized Officer of the Borrower (subject to normal year-end
audit adjustments); 
 (c) as soon as available and in any event within 120 days after the end of each Fiscal Year beginning
with the Fiscal Year ended December 31, 2019, (i) a copy of the consolidated balance sheet of Holdings, the Borrower and the Subsidiaries, and the related consolidated statements of income, shareholders’ equity and cash flow of
Holdings, the Borrower and the Subsidiaries for such Fiscal Year, setting forth in comparative form the figures for the immediately preceding Fiscal Year, audited (without any Impermissible Qualification) by independent public accountants reasonably
acceptable to the Required Lenders (it being understood that Deloitte & Touche LLP or any other “Big Four” accounting firm are reasonably acceptable to the Required Lenders) and (ii) the Net Revenue for each Product for such
Fiscal Year and including in comparative form the figures for the immediately preceding Fiscal Year; 

  
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 (d) concurrently with the delivery of the financial information pursuant to
clauses (a), (b) and (c), a Compliance Certificate, executed by the chief financial or accounting Authorized Officer of the Borrower, and, in the case of a Compliance Certificate delivered concurrently with the delivery of
the financial information pursuant to clauses (b) and (c), (i) showing compliance with the financial covenant set forth in Section 8.4 and stating that no Event of Default has occurred and is continuing (or, if an
Event of Default has occurred, specifying the details of such Event of Default and the action that Holdings, the Borrower or any of the Subsidiaries has taken or proposes to take with respect thereto), (ii) stating that no Subsidiary has been
formed or acquired since the delivery of the last Compliance Certificate pursuant to clause (b) or (c) (or, if a Subsidiary has been formed or acquired since the delivery of the last Compliance Certificate pursuant to
clause (b) or (c), a statement that such Subsidiary has complied with Section 7.8) and (iii) stating that no real property has been acquired by Holdings, the Borrower or any of the Subsidiaries since the delivery of
the last Compliance Certificate pursuant to clause (b) or (c) (or, if any real property has been acquired since the delivery of the last Compliance Certificate pursuant to clause (b) or (c), a statement
that the Borrower has complied with Section 7.8 with respect to such real property); 
 (e) as soon as possible
and in any event within five (5) Business Days after the Borrower obtains knowledge of the occurrence of an Event of Default, a statement of an Authorized Officer of the Borrower setting forth details of such Event of Default and the action
which Holdings, the Borrower or any of the Subsidiaries has taken or proposes to take with respect thereto; 
 (f) as soon as
possible and in any event within five (5) Business Days after the Borrower obtains knowledge of (i) the occurrence of any material adverse development with respect to any litigation, action, proceeding or labor controversy described in
Schedule 6.7(a) or (ii) the commencement of any litigation, action, proceeding or labor controversy of the type and materiality described in Section 6.7, notice thereof and, to the extent any Lender requests, copies of all
documentation relating thereto; 
 (g) as soon as possible and in any event within three days after the Borrower obtains
knowledge of any (i) return related to any Product or inventory that involves more than $3,000,000 or (ii) dispute or claim (other than matters subject to the preceding clause (i)) related to any Product or inventory that involves more
than $1,000,000; 
 (h) as soon as possible and in any event within three days after the Borrower obtains knowledge of
(i) any claim that Holdings, the Borrower, any of the Subsidiaries or one of their ERISA Affiliates has actual or potential liability in excess of $1,000,000 under a Benefit Plan, (ii) any effort to unionize the employees of Holdings, the
Borrower or any Subsidiary, or (iii) correspondence with the Internal Revenue Service regarding the qualification of a retirement plan under section 401(a) of the Code; 

  
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 (i) promptly after the sending or filing thereof, copies of all reports,
notices, prospectuses and registration statements which Holdings, the Borrower or any of the Subsidiaries files with the SEC or any national securities exchange; 

(j) within five (5) Business Day of delivery thereof to the board of directors of Holdings and the Borrower or any
committees thereof, copies of all written notices and any written materials delivered to the board of directors of Holdings and the Borrower or any committees thereof in connection with a meeting of such board or committee, or with any action to be
taken by written consent, including drafts of any material resolutions or actions proposed to be adopted by written consent; provided that Holdings and the Borrower may withhold any such information and materials to the extent:
(i) access thereto would adversely affect the attorney-client privilege between Holdings or the Borrower and its counsel; or (ii) the board of directors of Holdings or the Borrower, as applicable, in the exercise of its fiduciary
obligations and with the advice of counsel, determines that (A) it is in the best interest of Holdings or the Borrower to do so because any Lender or any of its respective Affiliates has an interest in the subject matter under discussion,
including discussions pertaining to this Agreement or the other Investment Documents or (B) doing so is necessary to discharge the directors’ fiduciary duties; 

(k) promptly upon receipt thereof, copies of all “management letters” (or equivalent) submitted to Holdings, the
Borrower or any of the Subsidiaries by the independent public accountants referred to in clause (c) in connection with each audit made by such accountants; 

(l) promptly upon receipt thereof, copies of all written subpoenas, requests for information and other notices regarding any
active or potential investigation that could reasonably be expected to result in liabilities of $1,000,000 (or its equivalent in another currency or currencies) or more or that is otherwise material of, or claim or litigation against, Holdings, the
Borrower or any of the Subsidiaries by any Governmental Authority, and, except to the extent prohibited by Law or contract, the results of any inspections of any manufacturing facilities of Holdings, the Borrower or any of the Subsidiaries or any
Third Party suppliers of Holdings, the Borrower or any of the Subsidiaries by any Governmental Authority (including any Form FDA 483s); 

(m) (i) within 45 days after the end of each Fiscal Quarter, a report listing (A) all Material Agreements and Key Contracts
entered into during such Fiscal Quarter, (B) all existing Material Agreements or Key Contracts amended or terminated during such Fiscal Quarter and (C) all Permits, including all Regulatory Authorizations, issued to Holdings, the Borrower
or any of the Subsidiaries during such Fiscal Quarter; and (ii) as soon as possible, and in any event within three days, after the Administrative Agent or any Lender so reasonably requests, copies of any such Material Agreement, Key Contract,
amendment or termination instrument, Permit, Regulatory Authorization, notice or registration, in each case as are listed in such report; 

  
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 (n) [reserved]; 

(o) as soon as possible and in any event within five (5) Business Days after receipt by, or delivery by, Holdings, the
Borrower or any of the Subsidiaries, as the case may be, copies of any material written notice of material written correspondence relating to, or directly involving, any Key Contract, including any notice alleging breach or default under any Key
Contract by any party thereto; 
 (p) as soon as available, but in any event not later than March 31 of each Fiscal
Year, the Borrower’s financial and business projections and budget for such Fiscal Year, with reasonable evidence of approval thereof by the Borrower’s board of directors; and 

(q) such other financial and other information as any Lender or the Administrative Agent may from time to time reasonably
request (including information and reports in such detail as such Lender or the Administrative Agent may reasonably request with respect to the terms of and information provided pursuant to the Compliance Certificate). 

SECTION 7.2 Maintenance of Existence; Compliance with Contracts, Laws, Etc. Except as would not reasonably be expected
to result in a Material Adverse Effect, each of Holdings, the Borrower and each Subsidiary will (a) preserve and maintain its legal existence (except as otherwise permitted by Section 8.7), (b) perform in its obligations under
Material Agreements and Key Contracts, in each case to which Holdings, the Borrower or any of the Subsidiaries is a party and (c) comply with all applicable Laws, rules, regulations and orders, including the payment (before the same become
delinquent), of all Taxes, imposed upon Holdings, the Borrower or any of the Subsidiaries or upon their property except to the extent being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance
with GAAP have been set aside on the books of Holdings, the Borrower or any of the Subsidiaries, as applicable. 
 SECTION
7.3 Maintenance of Properties. Each of Holdings, the Borrower and the Subsidiaries will, in all material respects, maintain, preserve, protect and keep its and their respective material properties in good repair, working order and condition
(ordinary wear and tear excepted), and make necessary repairs, renewals and replacements so that the business carried on by Holdings, the Borrower or any of the Subsidiaries may be properly conducted at all times, unless Holdings, the Borrower or
any of the Subsidiaries determines in good faith that the continued maintenance of such property is no longer economically desirable, necessary or useful to the business of Holdings, the Borrower or any of the Subsidiaries or the Disposition of such
property is otherwise permitted by Section 8.7 or Section 8.8. 

  
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 SECTION 7.4 Insurance. Each of Holdings, the Borrower and each of the
Subsidiaries will maintain: 
 (a) insurance on its property with financially sound and reputable insurance companies in at
least the amounts (and with only those deductibles) and against such risks as are customarily maintained by Persons of comparable size engaged in the same or similar business and location as Holdings, the Borrower and the Subsidiaries; and 

(b) all worker’s compensation, employer’s liability insurance or similar insurance as may be required under the laws
of any state or jurisdiction in which it may be engaged in business. 
 Without limiting the foregoing, the Borrower shall cause all
insurance policies required pursuant to this Section to name the Administrative Agent as mortgagee and loss payee (in the case of property insurance) and additional insured (in the case of liability insurance), as applicable, and use commercially
reasonable efforts to cause such insurance policies to provide that no cancellation or modification as to the amount or scope of coverage of the policies will be made without at least thirty (30) days’ prior written notice (or ten
(10) days’ prior written notice in the case of the failure to pay any premiums thereunder) to Administrative Agent. 

SECTION 7.5 Books and Records. Each of Holdings, the Borrower and each of the Subsidiaries will (a) keep books and
records in accordance with GAAP which accurately reflect all of its business affairs and transactions, (b) permit the Administrative Agent, any Lender or any of their respective representatives, at reasonable times and intervals upon reasonable
notice to the Borrower, to visit Holdings’, the Borrower’s or any of the Subsidiaries’ offices, to discuss Holdings’, the Borrower’s or any of the Subsidiaries’ financial or other matters with its officers and employees
and to examine (and photocopy extracts from) any of its books and records and (c) use commercially reasonable efforts to permit the Administrative Agent, any Lender or any of their respective representatives, at reasonable times and intervals
upon reasonable notice to the Borrower, to discuss financial or other matters with its independent public accountants. The Borrower shall pay any fees of such independent public accountant incurred in connection with the Administrative Agent’s
or any Lender’s exercise of its rights pursuant to this Section. 
 SECTION 7.6 Environmental Law Covenant.
Except as would not reasonably be expected to result in a Material Adverse Effect, each of Holdings, the Borrower and each of the Subsidiaries will (i) use and operate all of its and their businesses, facilities and properties in material
compliance with all Environmental Laws, and keep and maintain all Environmental Permits and remain in compliance therewith, and (ii) promptly notify the Administrative Agent of, and provide the Administrative Agent with copies of all material
claims, complaints, notices or inquiries relating to, any actual or alleged non-compliance with any Environmental Laws or Environmental Permits or any actual or alleged Environmental Liabilities. Holdings, the Borrower and each of the Subsidiaries
will promptly resolve, remedy and mitigate any such non-compliance or Environmental Liabilities, and shall keep the Lenders informed as to the progress of same. 

  
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 SECTION 7.7 [Reserved]. 

SECTION 7.8 Future Guarantors, Security, Etc. Holdings, the Borrower and each Subsidiary will execute any documents,
financing statements, agreements and instruments, and take all further action that may be required under applicable law, or that the Administrative Agent or the Required Lenders may reasonably request, in order to effectuate the transactions
contemplated by the Loan Documents and in order to grant, preserve, protect and perfect the validity and first priority (subject to Liens permitted by Section 8.3) of the Liens created or intended to be created by the Loan Documents. The
Borrower will cause any subsequently acquired or organized Subsidiary to execute a supplement (in form and substance satisfactory to the Administrative Agent) to the Guarantee and each other applicable Loan Document in favor of the Secured Parties,
effective upon its acquisition or formation. The Borrower will promptly notify the Administrative Agent of any subsequently acquired ownership interest in real property and will provide the Administrative Agent with a description of such real
property, the acquisition date thereof and the purchase price therefor. In addition, from time to time, each of Holdings, the Borrower and each of the Subsidiaries will, at its cost and expense, promptly secure the Obligations by pledging or
creating, or causing to be pledged or created, perfected Liens with respect to such of its assets and properties that constitute Collateral as the Administrative Agent or the Required Lenders shall designate, it being agreed that it is the intent of
the parties that the Obligations shall be secured by substantially all of the assets of Holdings, the Borrower and the Subsidiaries (including owned real property and personal property acquired subsequent to the Closing Date) (with respect to any
Subsidiary that is not a Foreign Subsidiary, subject to and in accordance with the limitations under the Security Agreement). Such Liens will be created under the Loan Documents in form and substance reasonably satisfactory to the Administrative
Agent and the Required Lenders, and Holdings, the Borrower and each of the Subsidiaries shall deliver or cause to be delivered to the Administrative Agent all such instruments and documents (including mortgages, legal opinions, title insurance
policies and lien searches) as the Administrative Agent or the Required Lenders shall reasonably request in writing to evidence compliance with this Section. 

SECTION 7.9 Obtaining of Permits, Etc. With respect to Products, each of Holdings, the Borrower and each of the
Subsidiaries will obtain, maintain and preserve, and take all necessary action to timely renew all material Permits which are necessary in the conduct of its business. 

SECTION 7.10 Post-Closing. (a) Use commercially reasonable efforts to deliver (i) landlord access agreements
in form and substance reasonably satisfactory to the Administrative Agent from each landlord to Holdings, the Borrower or any Subsidiary on the Closing Date and (ii) bailee letters in form and substance reasonably satisfactory to the
Administrative Agent from (A) Integrated Commercialization Solutions, LLC and (B) Summit Access Solutions, LLC, dba RareMed Solutions and (b) deliver, no later than thirty (30) days following the Closing Date (or such later date
as may be agreed to by the Administrative Agent, in its sole discretion), the insurance endorsements required under Section 7.4. 

  
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 SECTION 7.11 Maintenance of Regulatory Authorizations, Contracts,
Intellectual Property, Etc. 
 (a) With respect to the Products, each of Holdings, the Borrower and each of the
Subsidiaries will (i) except as would not reasonably be expected to result in a Material Adverse Effect, maintain in full force and effect all Key Permits and contract rights, authorizations or other rights necessary for the operations of its
business, including filing any notice or registration required in order to design, manufacture, store, label, sell, promote, import or distribute the Products; (ii) notify the Administrative Agent, promptly after learning thereof, of any
material Product recalls, safety alerts, corrections, withdrawals, marketing suspensions, removals or the like conducted, to be undertaken or issued, by Holdings, the Borrower, any of the Subsidiaries or their respective suppliers whether or not at
the request, demand or order of any Governmental Authority or otherwise with respect to any Product or manufacturing facility owned or operated by Holdings, the Borrower or any of the Subsidiaries, or any basis for undertaking or issuing any such
action or item; (iii) except as would not reasonably be expected to result in a Material Adverse Effect, design, manufacture, store, label, sell, promote, import and distribute all Products in compliance with cGMPs, the FD&C Act, the PHSA,
the Controlled Substances Act, and other applicable laws, rules and regulations; (iv) conduct all studies, tests and preclinical and clinical trials relating to the Products in accordance, in all material respects, with all cGCPs, and other
applicable laws, rules and regulations; (v) operate and use commercially reasonable efforts to cause its suppliers to operate all manufacturing facilities in all material respects in compliance with cGMPs, the Controlled Substances Act, and all
other applicable Laws, rules and regulations; (vi) maintain in full force and effect or pursue the prosecution of, as the case may be, and pay all costs and expenses relating to, all Owned Intellectual Property, all Key Contracts and all
Material Agreements, except, in each case, in the event that the Borrower determines in its reasonable business judgment (as determined by the Borrower in good faith) not to do so; (vii) notify the Administrative Agent, reasonably promptly
after obtaining knowledge thereof (and to the extent permitted by applicable Law), of any material Infringement or other material violation of any Owned Intellectual Property and pursue any such Infringement or other violation as Borrower determines
in its reasonable commercial judgment; (viii) use commercially reasonable efforts, and subject to Borrower’s reasonable business judgment, to pursue and maintain in full force and effect legal protection in all material respects for, and
protect against material Infringement with respect to, all Owned Intellectual Property, including Patents; and (ix) notify the Administrative Agent, reasonably promptly after obtaining knowledge thereof (and to the extent permitted by
applicable Law), of any material claim by any Person that the conduct of Holdings’, the Borrower’s or any of the Subsidiaries’ business (including the development, manufacture, use, sale or other commercialization of any Product)
Infringes any Intellectual Property of that Person and use commercially reasonable efforts to resolve such claim, except where the Borrower determines in its reasonable commercial judgment not to do so. 

(b) Each of Holdings, the Borrower and its Subsidiaries will furnish to the Administrative Agent prompt written notice of the
following, and, with respect to clauses 

  
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(i) and (ii) below, copies of any material written notices from, or written responses to, the FDA or other Governmental Authority: 

(i) any written notice that the FDA or other Governmental Authority is limiting, suspending or revoking any Key Permit,
changing the market classification or labeling of or otherwise restricting in any material respect the Products of the Borrower or any of its Subsidiaries, or considering any of the foregoing; 

(ii) Holdings, the Borrower or any of its Subsidiaries, or to the Borrower’s knowledge any of its or their suppliers,
becoming subject to any administrative or regulatory action, any FDA or EMA inspection, receipt of inspectional observations (e.g., on FDA Form 483), warning letter, untitled letter, or notice of violation letter, or any Product of the Borrower or
any of its Subsidiaries being seized, withdrawn, recalled, detained, or subject to a suspension of manufacturing or import alert, or the commencement of any proceedings in the United States or any other jurisdiction seeking the withdrawal, recall,
suspension, import detention or refusal, or seizure of any Product are pending or, to Borrower’s knowledge, threatened against the Borrower or any of its Subsidiaries; or 

(iii) copies of any written recommendation from any Governmental Authority that Holdings, the Borrower or any of its
Subsidiaries should have its licensure, provider or supplier number, or accreditation suspended, revoked, or limited in any way, or any penalties or sanctions imposed. 

SECTION 7.12 Inbound Licenses. Each of Holdings, the Borrower and the Subsidiaries will, promptly after entering into or
becoming bound by any inbound license or agreement for Intellectual Property (other than over-the-counter or “open-source” software that is commercially available to the public, or non-exclusive immaterial license entered into in the
ordinary course of business) (i) provide written notice to the Administrative Agent of the material terms of such license or agreement with a description of its anticipated and projected impact on Holdings, the Borrower’s and the
Subsidiaries’ business and financial condition; and (ii) except to the extent that the Borrower determines in its reasonable commercial judgment that it is not in the best interest of Holdings, the Borrower or the Subsidiaries to do so,
take such commercially reasonable actions as the Administrative Agent or the Required Lenders may reasonably request to obtain the consent of, or waiver by, any Person whose consent or waiver is necessary for the Secured Parties to be granted and
perfect a valid security interest in such license or agreement and to fully exercise its rights under any of the Loan Documents in the event of a disposition or liquidation of the rights, assets or property that is the subject of such license or
agreement. 
  

  
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 SECTION 7.13 Cash Management. Each of Holdings, the Borrower and the
Subsidiaries will: 
 (a) maintain a current and complete list of all accounts (of the type initially set forth on
Schedule 6.22) and (other than accounts (i) exclusively used for payroll, payroll taxes and other employee wage and benefit programs to or for the benefit of Holdings’, the Borrower’s or a Subsidiary’s employees, which
shall in no event hold in the aggregate more than the amount reasonably expected to meet such payroll expenses for the following calendar month, including bonuses and other payments to be paid within the following calendar month,
(ii) exclusively used for the receipt of receivables solely funded by Medicare or Medicaid, which shall in no event hold in the aggregate more than $5,000 and whose total cash balances shall be automatically swept to a Controlled Account (as
defined below), on at least a monthly basis, (iii) exclusively used to hold cash or Cash Equivalents that serves as collateral or security permitted under Section 8.3(g), (h), (m), (o), (p) or
(q) whereby the applicable secured party prohibits the creation of a Lien on such account in favor of Administrative Agent, (iv) located in a jurisdiction other than the United States, any state, territory or municipality thereof or
the District of Columbia where an account control agreement or similar agreement is not required for the perfection of a security interest in such account under the applicable Law of such jurisdiction and (v) with balances or assets which do
not exceed $1,000,000 in the aggregate at any one time (collectively, the “Excluded Accounts”)) promptly deliver any updates to such list to the Administrative Agent; execute and maintain an account control agreement for each such
account (other than the Excluded Accounts), in form and substance reasonably acceptable to the Administrative Agent (each such account, a “Controlled Account”); and 

(b) deposit promptly after the date of receipt thereof in accordance with prudent business practices all cash, checks, drafts
or other similar items of payment relating to or constituting payments made in respect of any and all accounts and other rights and interests into Controlled Accounts except to the extent permitted to be kept in Excluded Accounts. 

SECTION 7.14 Lender Meetings. To the extent requested by the Administrative Agent no more frequently than once per
Fiscal Quarter, the Chief Executive Officer of the Borrower shall participate in a telephonic conference call with the Lenders at such time as may be agreed upon by the Borrower and the Administrative Agent. 

ARTICLE VIII 
 NEGATIVE COVENANTS

 The Borrower covenants and agrees with the Administrative Agent and the Lenders that until the Termination Date has occurred, Holdings, the Borrower and
the Subsidiaries will perform or cause to be performed the obligations set forth below. 
 SECTION 8.1 Business
Activities. None of Holdings, the Borrower or any of the Subsidiaries will engage in any business activity except those business activities engaged in on the date of this Agreement and activities reasonably incidental thereto. 

  
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 SECTION 8.2 Indebtedness. None of Holdings, the Borrower or any of
the Subsidiaries will create, incur, assume or permit to exist any Indebtedness, other than: 
 (a) Indebtedness in respect
of the Obligations; 
 (b) until the Closing Date, Indebtedness that is to be repaid in full as further identified in
Schedule 8.2(b); 
 (c) Indebtedness existing as of the Closing Date which is identified in Schedule 8.2(c),
and Permitted Refinancings thereof; 
 (d) unsecured Indebtedness in respect of performance, stay, customs, surety or appeal
bonds provided in the ordinary course of business; 
 (e) Purchase Money Indebtedness and Capitalized Lease Liabilities
(excluding any Indebtedness permitted in reliance on Section 8.2(j)) in a principal amount not to exceed $2,000,000 in the aggregate outstanding at any time; 

(f) Permitted Subordinated Indebtedness; 

(g) Indebtedness of Holdings, any Subsidiary or the Borrower owing to Holdings, the Borrower or any Subsidiary; 

(h) letters of credit and banker’s acceptances issued on behalf of Holdings, the Borrower or any Subsidiary in the
ordinary course of business; 
 (i) Indebtedness consisting of guarantees resulting from endorsement of negotiable
instruments for collection by Holdings, the Borrower or any Subsidiary in the ordinary course of business; 
 (j) Capitalized
Lease Liabilities that constitute automobile leases in a principal amount not to exceed $3,500,000 in the aggregate outstanding at any time; 

(k) Indebtedness incurred in connection with corporate credit cards in an aggregate principal amount at any time outstanding
not to exceed $2,000,000; 
 (l) cash management obligations and other Indebtedness in respect of netting services, overdraft
protections and similar arrangements and Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; 

(m) Indebtedness consisting of financing of insurance premiums; 

(n) Indebtedness in respect of earnouts and other similar contingent obligations, in each case, incurred in connection with a
Permitted Acquisition or the LatAm Transaction; 

  
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 (o) customary indemnification obligations in favor of purchasers in
connection with Dispositions permitted hereunder; 
 (p) obligations in respect of customary working capital adjustment
requirements in connection with any Permitted Acquisition, the LatAm Transaction or any other Investment permitted hereunder; 

(q) Indebtedness consisting of promissory notes issued to former officers, directors, employees, members of management or
consultants (or their respective estates, heirs, family members, spouses, former spouses, domestics partners or former domestic partners) to finance the purchase or redemption of Capital Securities of Holdings or any direct or indirect parent of
Holdings permitted by Section 8.6; 
 (r) [reserved]; 

(s) Indebtedness in respect of obligations arising under a Hedging Agreements entered into in the ordinary course of
Holdings’ financial planning solely to hedge currency and interest rate risks (and not for speculative purposes) 
 (t)
to the extent constituting Indebtedness, any obligations arising under the Lender Warrants; and 
 (u) other Indebtedness of
Holdings, the Borrower and the Subsidiaries in an aggregate amount at any time outstanding not to exceed $2,000,000; 
 provided that
no Indebtedness otherwise permitted by clauses (f) or (n) shall be assumed, created or otherwise incurred on or after the date any Event of Default first occurred until such Event of Default is no longer continuing or at any
time that an Event of Default would result from such assumption creation or incurrence. 
 SECTION 8.3 Liens. None of
Holdings, the Borrower or any of the Subsidiaries will create, incur, assume or permit to exist any Lien upon any of its property (including Capital Securities of any Person), revenues or assets, whether now owned or hereafter acquired, except: 

(a) Liens securing payment of the Obligations; 

(b) until the Closing Date, Liens securing payment of Indebtedness of the type described in clause (b) of
Section 8.2; 
 (c) Liens existing as of the Closing Date and disclosed in Schedule 8.3(c) securing
Indebtedness described in clause (c) of Section 8.2, and Permitted Refinancings of such Indebtedness; provided that, no such Lien shall encumber any additional property and the amount of Indebtedness secured by such
Lien is not increased from that existing on the Closing Date or any Permitted Refinancings thereof; 

  
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 (d) Liens securing payment of Permitted Subordinated Indebtedness that are
(i) subordinate to the Liens securing payment of the Obligations and all other Indebtedness owing from Holdings, the Borrower or the Subsidiaries to the Secured Parties and (ii) subject to a written subordination agreement satisfactory to
the Secured Parties in their sole discretion; 
 (e) Liens securing Indebtedness of Holdings, the Borrower or the
Subsidiaries permitted pursuant to Sections 8.2(e) or (j) (provided that (i) such Liens shall be created within 180 days of the acquisition or lease of the assets financed with such Indebtedness and (ii) such
Liens do not at any time encumber any property other than the property so financed and the proceeds thereof); 
 (f) Liens in
favor of carriers, warehousemen, mechanics, materialmen and landlords granted in the ordinary course of business (x) which do not in the aggregate materially detract from the value of the Property subject thereto or materially impair the use
thereof in the operations of the business of such Person or (y) for amounts not overdue or being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on
its books; 
 (g) Liens incurred or deposits made in the ordinary course of business in connection with worker’s
compensation, unemployment insurance or other forms of governmental insurance or benefits, or to secure performance of tenders, statutory obligations, bids, leases or other similar obligations (other than for borrowed money) entered into in the
ordinary course of business or to secure obligations on surety and appeal bonds or performance bonds; 
 (h) Liens securing
judgments which do not result in an Event of Default under Section 9.1(f); 
 (i) easements, rights-of-way,
zoning restrictions, minor defects or irregularities in title and other similar encumbrances not interfering in any material respect with the value or use of the property to which such Lien is attached; 

(j) Liens for Taxes not at the time delinquent or thereafter payable without penalty or being diligently contested in good
faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books; 

(k) non-exclusive (other than with respect to territories or regions outside of the United States or in connection with
licenses granted with respect to specific states or regions in the United States solely in connection with customary manufacturing arrangements) licenses and/or sublicenses of Intellectual Property entered into in the ordinary course of business;

 (l) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

  
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 (m) Liens and cash deposits for obligations of landlords and sublandlords
and in connection with any obligations and Indebtedness permitted by Section 8.2(h); 
 (n) Leases and subleases
granted to others in the ordinary course of business which do not interfere in any material respect with the business of Holdings, the Borrower and the Subsidiaries; 

(o) Liens on specific items of inventory or other goods and proceeds thereof of any Person securing such Person’s
obligations in respect of bankers’ acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or such goods or products in the ordinary course of business;

 (p) Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment or other
acquisition permitted pursuant to this Agreement or any other Loan Document to be applied against the purchase price for such Investment or other acquisition or (ii) on the escrowed cash portion of any earnest moneys paid or the purchase price
received in connection with any Investment, acquisition or Disposition permitted by this Agreement or any other Loan Document to secure guarantees, indemnities, or obligations in an aggregate principal amount at any time outstanding not to exceed
$1,000,000 in respect of earnouts or other purchase price adjustments or similar obligations incurred in connection with such Investment, acquisition or Disposition; 

(q) Liens solely on any cash earnest money deposits made by any Holdings, the Borrower or any Subsidiaries in connection with
any letter of intent or purchase agreement permitted under this Agreement or any other Loan Document; 
 (r) Liens arising
out of conditional sale, title retention, consignment or similar arrangements for sale of goods or products entered into by Holdings, the Borrower or any Subsidiary in the ordinary course of business; 

(s) Liens arising from precautionary UCC financing statement or similar filings regarding operating leases entered into in the
ordinary course of business; 
 (t) any condemnation or eminent domain proceedings affecting any real property; 

(u) banker’s liens, rights of setoff and Liens in favor of financial institutions incurred in the ordinary course of
business arising in connection with Holdings’, the Borrower’s or any Subsidiary’s deposit accounts or securities accounts held at such institutions to secure solely payment of fees and similar costs and expenses; provided such
accounts are maintained in compliance with Section 7.13(a); and 
 (v) other Liens on assets securing
Indebtedness or other obligations in an aggregate principal amount at any time outstanding not to exceed $2,000,000. 

  
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 Each Secured Party agrees to execute and deliver such collateral subordination agreements
and related documents as reasonably requested of it to confirm the priority of the Liens permitted pursuant to clause (e) of Section 8.3. 

SECTION 8.4 Minimum Liquidity. The Liquidity of the Borrower shall not at any time be less than $12,500,000. 

SECTION 8.5 Investments. None of Holdings, the Borrower or any of the Subsidiaries will purchase, make, incur, assume or
permit to exist any Investment in any other Person, except: 
 (a) Investments existing on the Closing Date and identified in
Schedule 8.5(a); 
 (b) (x) Cash Equivalent Investments and (y) Investments consisting of deposit accounts and
securities accounts maintained in accordance with the terms of this Agreement and the other Loan Documents containing cash and such Cash Equivalent Investments; 

(c) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and
disputes with, customers and suppliers, in each case in the ordinary course of business; 
 (d) Investments consisting of any
deferred portion of the sales price received by Holdings, the Borrower or any of the Subsidiaries in connection with any Disposition permitted under Section 8.8; 

(e) Investments constituting (i) accounts receivable arising, (ii) trade debt granted, or (iii) deposits made,
in each case of clauses (i) through (iii) in connection with the purchase price of goods or services, in each case in the ordinary course of business; 

(f) Permitted Acquisitions and the LatAm Transaction; 

(g) Investments by the Borrower or any Guarantor in the Borrower or any Guarantor; 

(h) Hedging Agreements entered into in the ordinary course of financial planning solely to hedge currency and interest rate
risks (and not for speculative purposes); 
 (i) employee loans, travel advances and guarantees in accordance with usual and
customary practices with respect thereto (if permitted by applicable law) which in the aggregate shall not exceed $500,000 outstanding at any time; 

(j) Investments consisting of promissory notes issued by officers, directors and employees the proceeds of which are used by
such Persons to simultaneously purchase Capital Securities of Holdings or its direct or indirect equity holders; 

  
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 (k) advances of payroll payments to employees and consultants in the
ordinary course of business; 
 (l) Investments (other than Acquisitions) to the extent that payment for such Investments is
made solely with issuances of Qualified Capital Securities of Holdings (or any direct or indirect parent thereof) issued on or up to sixty (60) days prior to the date of consummation of such transaction and not used to consummate Permitted
Acquisitions so long as EBITDA, calculated both before, and on a pro forma basis after, giving effect to such Investment, is no less than $10,000,000; and 

(m) other Investments in an aggregate amount not to exceed $2,000,000 over the term of this Agreement. 

SECTION 8.6 Restricted Payments, Etc. None of Holdings, the Borrower or any of the Subsidiaries will declare or make a
Restricted Payment, or make any deposit for any Restricted Payment, other than: 
 (a) Restricted Payments made by the
Borrower or Subsidiaries to Holdings, the Borrower or any Subsidiaries; 
 (b) Holdings may declare and pay dividends with
respect to its capital stock and its Capital Securities payable solely in additional shares of its common stock and its Qualified Capital Securities (other than any common stock or other Qualified Capital Securities constituting tracking stock);

 (c) Holdings may make Restricted Payments pursuant to and in accordance with restricted stock agreements, stock option
plans or other benefit plans for management, directors or employees of Holdings and its Subsidiaries in an aggregate amount not to exceed $250,000 in any Fiscal Year; 

(d) Holdings may make Restricted Payments for the purpose of redeeming from former directors, officers, employees, members of
management, managers or consultants of Holdings, Borrower or any Subsidiary (or their respective family members, former spouses or estate) Capital Securities of Holdings or its direct or indirect parent Persons (and/or making payments on promissory
notes issued by Holdings or its Subsidiaries pursuant to Section 8.2) and any tax payments related thereto, so long as the Borrower, after giving effect to such Restricted Payment, is in compliance with the covenant set forth in
Section 8.4; 
 (e) Holdings may make repurchases of Capital Securities deemed to occur upon the cash-less or net
exercise of stock options, warrants or other convertible or exchangeable securities; 
 (f) Holdings may make repurchases of
Capital Securities deemed to occur upon the withholding of a portion of the Capital Securities granted or awarded to a current or former officer, director, employee or consultant to pay for the taxes payable by such Person upon such grant or award
(or upon vesting or exercise thereof); 

  
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 (g) Holdings may pay cash in lieu of the issuance of fractional shares by
Holdings or any of its direct or indirect parent Persons, in an aggregate amount not to exceed $100,000; 
 (h) to the extent
such payments would constitute Restricted Payments, so long as no Event of Default has occurred and is continuing or would immediately result after giving effect thereto, Borrower may make payments to Paragon that are required to be made pursuant to
any Paragon Management Agreement; provided that (i) any such payments prohibited due to the occurrence and continuance of an Event of Default may be accrued and subsequently paid at any time so long as no Event of Default has occurred
and is continuing or would immediately result from such payment and (ii) indemnities or expense reimbursements that are required to be paid under any Paragon Management Agreement may be made notwithstanding the occurrence and continuation of an
Event of Default; and 
 (i) Holdings may declare or make, or agree to pay or make Restricted Payments which are contingent
upon either (i) the prior consent of Administrative Agent or the Required Lenders or (ii) the repayment in full of the Obligations (other than contingent indemnification and expense reimbursement obligations for which no claims have been
made) and the termination of the Commitments. 
 SECTION 8.7 Consolidation, Merger; Permitted Acquisitions, LatAm
Transaction, Etc. (a) None of Holdings, the Borrower or any of the Subsidiaries will liquidate or dissolve, consolidate with, or merge into or with, any other Person, or (b) purchase or otherwise acquire all or substantially all of the
assets of any Person (or any division, business unit or line of business thereof, including any geographic subset thereof), including through an exclusive lease or license, other than in the case of clause (b) to consummate a Permitted
Acquisition, the LatAm Transaction or a Disposition permitted under Section 8.8, except that, in the case of each of clauses (a) and (b), so long as no Event of Default has occurred and is continuing (or would occur), any Subsidiary
may liquidate or dissolve voluntarily into, and may merge with and into, Holdings, the Borrower or any Subsidiary; and provided that, in connection with any Permitted Acquisition, the Borrower or any Subsidiary of the Borrower may merge into
or consolidate with any other Person or permit any other Person to merge into or consolidate with it, so long as (i) the Person surviving such merger with any Subsidiary shall be a direct or indirect wholly owned Subsidiary of the Borrower and
a Guarantor, and (ii) in the case of any such merger to which the Borrower is a party, the Borrower is the surviving Person. 

SECTION 8.8 Permitted Dispositions. None of Holdings, the Borrower or any of the Subsidiaries will Dispose of any of its
assets (including accounts receivable of Holdings, the Borrower or Subsidiaries) to any Person in one transaction or series of transactions, except as follows: 

(a) Dispositions of inventory or obsolete, damaged, worn out or surplus property in the ordinary course of its business; 

  
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 (b) transfers of cash and Cash Equivalent Investments in the ordinary course
of business for equivalent value; 
 (c) non-exclusive (other than with respect to territories or regions outside of the
United States or in connection with licenses granted with respect to specific states or regions in the United States solely in connection with customary manufacturing arrangements) licenses and non-exclusive (other than with respect to territories
or regions outside of the United States or in connection with licenses granted with respect to specific states or regions in the United States solely in connection with customary manufacturing arrangements) sublicenses of Intellectual Property, in
each case entered into in the ordinary course of business; 
 (d) leases and subleases of real property and other property
(other than Intellectual Property) and licenses or sublicenses of personal property (other than Intellectual Property) to third parties in the ordinary course of business, in each case, not interfering with the material business of the Borrower or
Guarantors; 
 (e) the lapse, abandonment, cancellation or other Disposition of Intellectual Property that is, in the good
faith judgment of the Borrower or a Guarantor, no longer economically practicable or commercially desirable to maintain or useful in the conduct of the business of the Borrower or such Guarantor; 

(f) the sale, forgiveness or discounting, in each case without recourse and in the ordinary course of business, of accounts
receivable in connection with resolving any dispute relating thereto or in connection with the bankruptcy or reorganization of suppliers or customers; 

(g) the sale, transfer, disposition or other Disposition of the Capital Securities of any Foreign Subsidiary to qualified
directors where required by applicable Laws; 
 (h) Dispositions to landlords of improvements made to leased real property
pursuant to customary terms of leases entered into in the ordinary course of business; 
 (i) Dispositions of equipment in
the ordinary course of business to the extent that (x) such equipment is exchanged for credit against the purchase price of similar replacement equipment or (y) the proceeds of such Disposition are promptly applied to the purchase price of
such replacement equipment; 
 (j) the unwinding of any Hedging Agreement or similar arrangement; 

(k) the exercise by the Borrower, Holdings or any Subsidiary of termination rights under any lease, sublease, license,
sublicense, concession or other agreements; 

  
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 (l) any other Disposition in an aggregate amount not to exceed $1,000,000;
provided that (i) at least 75% of the consideration received in such Disposition is in the form of cash or Cash Equivalent Investments (it being understood and agreed that any contingent or deferred consideration payable in cash or Cash
Equivalent Investments shall be excluded from the calculation of whether 75% of the consideration is in the form of cash or Cash Equivalent Investments), and (ii) the consideration received is at least equal to the fair market value of the property
Disposed of 
 (m) any licenses or sublicenses constituting part of the LatAm Transaction; and 

(n) Dispositions of property as a result of a Casualty Event. 

SECTION 8.9 Modification of Certain Agreements. None of Holdings, the Borrower or any of the Subsidiaries will consent
to any amendment, supplement, waiver or other modification of, or enter into any forbearance from exercising any rights with respect to, the terms or provisions contained in (a) any Organic Documents of Holdings, the Borrower or any of the
Subsidiaries, if the result would have a material adverse effect on the rights or remedies of the Administrative Agent or the Lenders under this Agreement or any Investment Document, (b) any agreement governing any Permitted Subordinated
Indebtedness, if the result would shorten the maturity date thereof or advance the date on which any cash payment is required to be made thereon or would otherwise change any terms thereof in a manner adverse to the Administrative Agent or the
Lenders (unless otherwise permitted by the applicable subordination agreement) or (c) any Key Contract, if the result could reasonably be expected to have a material and adverse effect on the Administrative Agent or the Lenders. Other than in a
transaction contemplated under Section 8.3(a) or (k) or Section 8.8(c) or (m) (including, in each case, any transfer of obligations in connection therewith) and solely to the extent that Holdings, the
Borrower or a Subsidiary has an express contractual consent or approval right under a Designated Key Contract with respect to, or would otherwise be required to consent to or approve such transaction for it to be effective, the assignment or
transfer of such Designated Key Contract, or any material rights or obligations thereunder, by a party thereto, none of Holdings, the Borrower or such Subsidiary will agree to any such assignment or transfer by such party. 

SECTION 8.10 Transactions with Affiliates. None of Holdings, the Borrower or any of the Subsidiaries will enter into or
cause or permit to exist any arrangement, transaction or contract (including for the purchase, lease or exchange of property or the rendering of services) with any of its Affiliates (other than Holdings, the Borrower or any Subsidiary), unless such
arrangement, transaction or contract (i) is on fair and reasonable terms no less favorable to Holdings, the Borrower or any Subsidiary than it could obtain in an arm’s-length transaction with a Person that is not one of its Affiliates,
(ii) is the customary compensation and indemnification of, and other employment arrangement with, directors, officers and employees of Holdings or any of its Subsidiaries in the ordinary course of business, (iii) the transactions set forth
on 

  
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Schedule 8.10 (and any amendment thereto or replacement thereof to the extent such an amendment or replacement is not materially adverse to the Lenders), (iv) is among Holdings, the
Borrower and/or one or more of its direct or indirect shareholders, solely in their respective capacities as holders of the Capital Securities of Holdings, including, without limitation, agreements with respect to the issuances thereof and
investment agreements, (v) is a Restricted Payment permitted under Section 8.6 or (vi) is of the kind which would be entered into by a prudent Person in its position with a Person that is not one of its Affiliates. 

SECTION 8.11 Restrictive Agreements, Etc. None of Holdings, the Borrower or any of the Subsidiaries will enter into any
agreement prohibiting (x) the creation or assumption of any Lien upon its properties, revenues or assets, whether now owned or hereafter acquired, in favor of the Administrative Agent and the Secured Parties, or (y) the ability of
Holdings, the Borrower or any Subsidiary to make any payments, directly or indirectly, to the Borrower, including by way of dividends, advances, repayments of loans, reimbursements of management and other intercompany charges, expenses and accruals
or other returns on investments. The foregoing prohibitions shall not apply to (a) restrictions contained in any Investment Document, (b) in the case of clause (x), (i) restrictions contained in any agreement governing any
Indebtedness permitted by clauses (e) or (j) of Section 8.2 as to the assets financed with the proceeds of such Indebtedness, (ii) prohibitions, restrictions and conditions imposed by Requirements of Law and
(iii) customary provisions in contracts (including leases, subleases, licenses and sublicenses of Intellectual Property and/or other property) restricting the assignment thereof and (c) in the case of clause (y), (i) those imposed
by Requirements of Law and (ii) prohibitions, restrictions and conditions contained in any agreement or document relating to the consummation of a transaction which is conditioned upon (A) the amendment, restatement, modification or
replacement of this Agreement which would have the effect of consenting to such prohibition, restriction or condition or (B) the repayment in full (other than contingent indemnification and expense reimbursement obligations for which no claim
has been made) of Obligations owing under this Agreement and the termination of the Commitments. 
 SECTION 8.12 Sale and
Leaseback. None of Holdings, the Borrower or any of the Subsidiaries will directly or indirectly enter into any agreement or arrangement providing for the sale or transfer by it of any property (now owned or hereafter acquired) to a Person and
the subsequent lease or rental of such property or other similar property from such Person. 
 SECTION 8.13 Product
Agreements. None of Holdings, the Borrower or any of the Subsidiaries will enter into any amendment with respect to any existing Product Agreement or enter into any new Product Agreement (other than any Product Agreement related to the LatAm
Transaction) that contains any provision that permits any counterparty other than Holdings, the Borrower or any of the Subsidiaries to terminate such Product Agreement for any reason related to the insolvency or change of control of Holdings, the
Borrower or any of the Subsidiaries or assignment of such Product Agreement by Holdings, the Borrower or any of the Subsidiaries. 

  
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 SECTION 8.14 Change in Name, Location or Executive Office or Executive
Management; Change in Fiscal Year. None of Holdings, the Borrower or any of the Subsidiaries will (i) change its legal name or any trade name used to identify it in the conduct of its business or ownership of its properties,
(ii) change its jurisdiction of organization or legal structure (other than the conversion of the Borrower from a Delaware limited liability company to a Delaware corporation in connection with a Qualified IPO), (iii) relocate its chief
executive office, principal place of business or any office in which it maintains books or records relating to its business (including the establishment of any new office or facility), (iv) change its federal taxpayer identification number or
organizational number (or equivalent) or (v) replace its chief executive officer or chief financial officer, in the case of each of clauses (i) and (iii) through (v), without written notification to the Administrative
Agent within 30 days thereafter. None of Holdings, the Borrower or any of the Subsidiaries will (x) change its Fiscal Year or any of its Fiscal Quarters or (y) enter into any Division/Series Transaction, or permit any of its Subsidiaries
to enter into, any Division/Series Transaction (it being understood that none of the provisions in this Agreement nor any other Investment Document shall be deemed to permit any Division/Series Transaction). 

SECTION 8.15 Benefit Plans and Agreements. Except as would not reasonably be expected to result in a Material Adverse
Effect, none of Holdings, the Borrower or any Subsidiary will (i) become the sponsor of, incur any responsibility to contribute to or otherwise incur actual or potential liability with respect to, any Benefit Plan, (ii) allow any
“employee benefit plan” as defined in section 3(3) of ERISA that provides retirement benefits, is sponsored by Holdings, the Borrower, any Subsidiary or any of their ERISA Affiliates, and is intended to be tax qualified under section 401
of the Code to cease to be tax qualified, (iii) allow the assets of any tax qualified retirement plan to become invested in Capital Securities of Holdings, the Borrower or any Subsidiary, or (iv) allow any employee benefit plan, program or
arrangement sponsored, maintained, contributed to or required to be contributed to by Holdings, the Borrower or any Subsidiary to fail to comply in all material respects with its terms and applicable law. 

SECTION 8.16 Holdings. Holdings shall not have any operations (other than such operations as are incidental to its
status as a holding company), own any assets (other than ownership of Capital Securities of the Borrower and such immaterial assets as are incidental to its status as a holding company), incur any liabilities (other than the Obligations under the
Loan Documents, obligations under the Lender Warrants and such immaterial liabilities as are incidental to its status as a holding company) or form any Subsidiaries; provided that Holdings may engage in transactions it is expressly authorized
to undertake under the terms of this Article VIII. 
 SECTION 8.17 Use of Proceeds. The Borrower shall not use
the proceeds of the Loans for any purpose other than (a) for general working capital purposes and corporate purposes, including, without limitation, the payment of any milestone payments required under the Key Contracts and expenditures made in
support of the U.S. commercialization of the Product, (b) to finance of any Permitted Acquisition, the 

  
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LatAm Transaction or other Investment permitted hereunder, including the payment of any fees, costs and expenses incurred in connection therewith, (c) to fund the Existing Debt Refinancing
and pay any fees, costs or expenses incurred in connection therewith and (d) to pay fees, costs and expenses incurred in connection with the execution, delivery and performance of this Agreement and the other Investment Documents. 

ARTICLE IX 
 EVENTS OF DEFAULT 

SECTION 9.1 Listing of Events of Default. Each of the following events or occurrences described in this Article
IX shall constitute an “Event of Default”. 
 (a) Non-Payment of Obligations. The Borrower shall
default in the payment or prepayment when due of (i) any principal of any Loan, or (ii) any interest on any Loan or any fee described in Article III or any other monetary Obligation, and in the case of clause (ii) such
default shall continue unremedied for a period of three (3) Business Days after such amount was due. 
 (b) Breach of
Warranty. Any representation or warranty made or deemed to be made by Holdings, the Borrower or any of the Subsidiaries in any Loan Document (including any certificates delivered pursuant to Article V) is or shall be incorrect in any
material respect when made or deemed to have been made. 
 (c) Non-Performance of Certain Covenants and Obligations.
Holdings, the Borrower or any Subsidiary shall default in the due performance or observance of any of its obligations under Sections 7.1(a) - (e) or Article VIII. 

(d) Non-Performance of Other Covenants and Obligations. Holdings, the Borrower or any Subsidiary shall default in the
due performance and observance of any other covenant, obligation or agreement contained in any Loan Document executed by it, and such default shall continue unremedied for a period of 30 days after the earlier to occur of (i) notice thereof
given to the Borrower by the Lenders or (ii) the date on which Holdings, the Borrower or any Subsidiary has knowledge of such default. 

(e) Default on Other Indebtedness. A default shall occur in the payment of any amount when due (subject to any
applicable grace period), whether by acceleration or otherwise, of any principal or stated amount of, or interest or fees on, any Indebtedness of Holdings, the Borrower or any of the Subsidiaries having a principal or stated amount, individually or
in the aggregate, in excess of $2,000,000, or a default shall occur in the performance or observance of any obligation or condition with respect to such Indebtedness if the effect of such default is to accelerate the maturity of any such
Indebtedness or such default shall continue unremedied for any applicable period of time sufficient to permit the holder or holders of such Indebtedness, or any trustee or agent for such holders, to cause or declare such Indebtedness to become due
and payable or to require such Indebtedness to be prepaid, redeemed, purchased or defeased, or require an offer to purchase or 

  
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defease such Indebtedness to be made, prior to its expressed maturity; provided that any Default or Event of Default under this Section 9.1(e) caused by such default shall be
automatically waived and cured under this Agreement and the other Loan Documents without any action on the part of any Secured Party immediately following the waiver and/or cure of such default under such agreement, instrument or document governing
or evidencing such Indebtedness. 
 (f) Judgments. Any judgment or order for the payment of money individually or in
the aggregate in excess of $2,000,000 (exclusive of any amounts fully covered by insurance (less any applicable deductible) and as to which the insurer has acknowledged its responsibility to cover such judgment or order) shall be rendered against
Holdings, the Borrower or any of the Subsidiaries and such judgment shall not have been vacated or discharged or stayed or bonded pending appeal within sixty (60) days after the entry thereof or enforcement proceedings shall have been commenced
by any creditor upon such judgment or order. 
 (g) Change in Control. Any Change in Control shall occur. 

(h) Bankruptcy, Insolvency, Etc. Holdings, the Borrower or (except as permitted pursuant to Section 8.7) any
of the Subsidiaries shall 
 (i) become insolvent or generally fail to pay, or admit in writing its inability or
unwillingness generally to pay, debts as they become due; 
 (ii) apply for, consent to, or acquiesce in the appointment of a
trustee, receiver, sequestrator or other custodian for any substantial part of the property of any thereof, or make a general assignment for the benefit of creditors; 

(iii) in the absence of such application, consent or acquiescence in or permit or suffer to exist the appointment of a trustee,
receiver, sequestrator or other custodian for a substantial part of the property of any thereof, and such trustee, receiver, sequestrator or other custodian shall not be discharged within 60 days; provided that, Holdings, the Borrower and
each Subsidiary hereby expressly authorizes the Administrative Agent and the Lenders to appear in any court conducting any relevant proceeding during such 60-day period to preserve, protect and defend its rights under the Investment Documents; 

(iv) permit or suffer to exist the commencement of any bankruptcy, insolvency, reorganization, debt arrangement, arrangement
(including any plan of compromise or arrangement or other corporate proceeding involving or affecting its creditors) or other case or proceeding under any bankruptcy or insolvency law or any dissolution, winding up or liquidation proceeding, in
respect thereof (each, an “Insolvency Event”), and, if any such case or proceeding is not commenced by Holdings, the Borrower or any Subsidiary, such case or proceeding shall be consented to or acquiesced in by Holdings, the
Borrower or such Subsidiary, as the case may be, or shall result in the entry of an order for relief or shall remain for 60 days undismissed; provided that Holdings, the Borrower and each 

  
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Subsidiary hereby expressly authorizes the Administrative Agent and the Lenders to appear in any court conducting any such case or proceeding during such 60-day period to preserve, protect and
defend its rights under the Investment Documents; or 
 (v) take any action authorizing, or in furtherance of, any of the
foregoing. 
 (i) Impairment of Security, Etc. Any Loan Document or any Lien granted under a Loan Document shall
(except in accordance with its terms or due to the action or inaction of any Secured Party that is solely within such Secured Party’s control), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and
enforceable obligation of Holdings, the Borrower or any Subsidiary subject thereto; Holdings, the Borrower, any Subsidiary or any other party shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or
enforceability; or, except as permitted under any Loan Document or due to the action or inaction of any Secured Party that is solely within such Secured Party’s control, any Lien securing any Obligation shall, in whole or in part, cease to be a
perfected first priority Lien. 
 (j) Key Permit Events. Except as would not reasonably be expected to have a Material
Adverse Effect, any Key Permit or any of Holdings’, the Borrower’s or any Subsidiary’s material rights or interests thereunder is terminated or amended in any manner adverse to Holdings, the Borrower or any Subsidiary in any material
respect. 
 (k) Material Adverse Change. Any circumstance occurs that has had or would reasonably be expected to have
a Material Adverse Effect. 
 (l) License Agreement. A CoC Transaction (as defined in the License Agreement on the
date hereof) or an event of the type described in the last paragraph of Section 20.09 of the License Agreement (as in existence on the date hereof and subject to any exceptions contained therein but without regard to whether Bioprojet has
provided its consent to such CoC Transaction or event (to the extent such consent is required under the terms thereof), unless such consent shall have been obtained without the payment of any consideration in excess of $1,000,000 with respect
thereto) shall occur, unless the Administrative Agent has provided its prior written consent to such CoC Transaction or event. 

(m) Regulatory Matters. If any of the following occurs: (i) the FDA, CMS, EMA or any other Governmental Authority
(A) delivers a letter or other written communication to Holdings, the Borrower or its Subsidiaries asserting that any Product lacks a required Regulatory Authorization, which assertion is not withdrawn or otherwise resolved within 45 days after
such Person’s receipt of such letter or other written communication or (B) initiates enforcement action against or issues a warning letter with respect to Holdings, the Borrower or any of the Subsidiaries, or any of their Products or the
manufacturing facilities therefor, that causes Holdings, the 

  
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Borrower or such Subsidiary to discontinue or suspend the sale of, or withdraw, any of its Products or causes a delay in the offering of any of its Products, which discontinuance, withdrawal or
delay would reasonably be expected to last for more than 45 days; (ii) a recall that would reasonably be expected to result in a Material Adverse Effect; or (iii) Holdings, the Borrower or any of the Subsidiaries enters into a settlement
agreement with the FDA, CMS, EMA or any other Governmental Authority that results in aggregate liability as to any single or related series of transactions, incidents or conditions in excess of $2,000,000. 

(n) Key Contracts. (i) Any material default or material breach by Holdings, the Borrower or any of the Subsidiaries
occurs and is continuing under any of the Key Contracts, which material default or material breach is not cured or waived within any express grace period therein provided and would permit any Person (other than Holdings, the Borrower or any
Subsidiary) party to any Designated Key Contract to have any termination right thereunder; provided that any Default or Event of Default under this Section 9.1(n)(i) caused by such material breach shall be automatically waived and
cured under this Agreement and the other Loan Documents without any action on the part of any Secured Party immediately following the waiver and/or cure of the breach or default under the applicable Designated Key Contract or (ii) any of the
Designated Key Contracts is terminated for any reason, other than (A) as a result of any expiration of such Designated Key Contract in accordance with its own terms or (B) with respect to the Designated Key Contracts described in clauses
(c) – (h) in the definition of “Key Contracts,” in connection with the replacement or termination of such Designated Key Contracts by the Borrower or the applicable Subsidiary in accordance with its reasonable business
judgment and so long as the replacement or termination thereof does not result in a material and adverse diminution or deterioration of the business of the Borrower and its Subsidiaries (taken as a whole) relative to the business as was in effect
immediately prior to such replacement or termination. 
 SECTION 9.2 Action if Bankruptcy. If any Event of Default
described in clauses (i) through (iv) of Section 9.1(h) with respect to the Borrower shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of the Loans
and all other Obligations shall automatically be and become immediately due and payable, without notice or demand to any Person. 

SECTION 9.3 Action if Other Event of Default. If any Event of Default (other than any Event of Default described in
clauses (i) through (iv) of Section 9.1(h)) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Administrative Agent may, and shall at the direction of the Required Lenders, by
notice to the Borrower declare all or any portion of the outstanding principal amount of the Loans and other Obligations to be due and payable and the Commitments (if not theretofore terminated) to be terminated, whereupon the full unpaid amount of
the Loans and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment, and the Commitments shall terminate; provided that, in the case of an
Event of Default 

  
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under Section 9.1(k), Administrative Agent shall provide five (5) Business Days’ prior written notice to the Borrower before exercising any right or remedy, whereby during
such five (5) Business Day period, Administrative Agent shall make itself available to discuss in good faith any proposed solution to such circumstance and the Borrower may take any action otherwise permitted under the Loan Documents
(x) as required so that such circumstances no longer exist (to the extent curable), (y) to show evidence that no such circumstance has occurred or (z) to provide a plan detailing how the Borrower will mitigate the effect of such
circumstance, which, in each case, at such time as such evidence or plans are provided to Administrative Agent, Administrative Agent shall promptly re-determine in good faith whether an Event of Default still exists with respect to Section
9.1(k) and if, as a result of such re-determination, no Event of Default under Section 9.1(k) remains existing, any proposed or expected Event of Default under Section 9.1(k) will immediately be deemed to be waived and
cured, without any further action by any Person 
 SECTION 9.4 Application of Funds. After the exercise of remedies
provided for in Section 9.3 (or after the Loans have automatically become immediately due and payable as set forth in Section 9.2), any amounts received by any Lender or the Administrative Agent on account of the Obligations
shall be applied in the following order: 
 First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and
interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders) arising under the Loan Documents and amounts payable under Section 4.3, ratably among them in proportion to the respective
amounts described in this clause Second payable to them; 
 Third, to payment of that portion of the Obligations constituting
accrued and unpaid interest on the Loans and amounts payable under Sections 3.7, 3.8 and 3.11, ratably among the Lenders in proportion to the respective amounts described in this clause Third held by them; 

Fourth, to payment of that portion of the Obligations constituting accrued and unpaid principal of the Loans, ratably among the Lenders
in proportion to the respective amounts described in this clause Fourth held by them; and 
 Last, the balance, if any, after
all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by law. 

  
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 ARTICLE X 

MISCELLANEOUS PROVISIONS 

SECTION 10.1 Waivers, Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan
Document, and no consent to any departure by the Borrower or any Guarantor therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Guarantor, as the case may be, and acknowledged by the
Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, further, that 

(a) no such amendment, waiver or consent shall: 

(i) extend or increase the Commitment of a Lender (or reinstate any Commitment terminated pursuant to Section 9.2)
without the written consent of such Lender whose Commitment is being extended or increased (it being understood and agreed that a waiver of any condition precedent set forth in Article V or a waiver of any Default or a mandatory reduction in
Commitments is not considered an extension or increase in Commitments of any Lender); 
 (ii) postpone any date fixed by this
Agreement or any other Loan Document for any payment of principal (excluding mandatory prepayments), interest, Repayment Premiums, fees or other amounts due to the Lenders (or any of them) without the written consent of each Lender entitled to
receive such payment (it being understood that a waiver of any Default or Event of Default shall not constitute such a postponement); 

(iii) reduce the principal of, the rate of interest specified herein on or any Repayment Premium specified herein on any Loan,
or any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender entitled to receive such payment of principal, interest, fees or other amounts (other than any such reduction in connection
with a waiver of any Default, Event of Default, mandatory prepayment or amendment to any financial covenant); 
 (iv)
(x) amend or waive any provision of Section 9.4, or (y) amend or waive any provision providing for the pro rata treatment of the Lenders, in each case without the written consent of each Lender directly affected thereby; 

(v) change any provision of this Section 10.1(a) or the definition of “Required Lenders” without the written
consent of all the Lenders; 
 (vi) reduce any percentage specified in the definition of Required Lenders, consent to the
assignment or transfer by the Borrower of any of their rights and obligations under this Agreement and the other Loan Documents, or release all or substantially all of the Collateral or release all or substantially all of the Guarantors from their
obligations under the Guarantee, in each case without the written consent of all the Lenders; 

  
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 (vii) (x) amend, waive or modify Section 11.6 hereof, without
the consent of the Required Lenders; and 
 (b) unless also signed by the Administrative Agent, no amendment, waiver or
consent shall affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; 
 provided,
however, that notwithstanding anything to the contrary herein, (i) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of
Section 1126(c) of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth herein and (ii) the Required Lenders shall determine whether or not to allow the Borrower or any Guarantor to use cash
collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of the Lenders. 
 Any
payments, fees or other consideration (other than reimbursements for out-of-pocket expenses) received by or on behalf of the Administrative Agent or any of the Lenders in respect of any amendment, waiver or consent under the Loan Documents shall be
distributed to the Lenders on a pro rata basis. 
 SECTION 10.2 Notices; Time. 

(a) All notices and other communications provided under any Loan Document shall be in writing or by facsimile and addressed,
delivered or transmitted, if to the Borrower or the Lenders, to the applicable Person at its address or facsimile number set forth on Schedule 10.2 hereto, or at such other address or facsimile number as may be designated by such party in a
notice to the other parties. Any notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if transmitted by facsimile, shall be
deemed given when the confirmation of transmission thereof is received by the transmitter. Unless otherwise indicated, all references to the time of a day in a Loan Document shall refer to New York City time. 

(b) The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic or
electronic loan notices) purportedly given by or on behalf of the Borrower or any Guarantor even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice
specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower and each Guarantor shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them
from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower and each Guarantor; provided that such indemnity shall not, as to any Person be
available to the extent that such losses, costs, expenses or liabilities are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such 

  
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Person. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to
such recording. 
 SECTION 10.3 [Reserved]. 

SECTION 10.4 Indemnification; Expenses; and Damage Waiver. 

(a) In consideration of the execution and delivery of this Agreement by the Lenders and the Administrative Agent, the Borrower
hereby indemnifies, agrees to defend, exonerates and holds each Lender and the Administrative Agent (and any sub-agent thereof) and each Related Party of any of the foregoing Persons (collectively, the “Indemnified Parties”) free
and harmless from and against any and all actions, causes of action, suits, losses, costs, liabilities, obligations and damages, claims and expenses incurred in connection therewith (irrespective of whether any such Indemnified Party is a party to
the action for which indemnification hereunder is sought), including reasonable and documented out-of-pocket attorneys’ (but limited, in the case of such fees and expenses, to the reasonable and documented out-of-pocket fees and expenses of one
counsel to all Indemnified Parties taken as a whole in each applicable jurisdiction, one special counsel if necessary and, in the case of an actual or potential conflict of interest, one additional counsel in each relevant jurisdiction to each group
of similarly situated affected Indemnified Parties) and professionals’ fees and disbursements (collectively, the “Indemnified Liabilities”), (including, without limitation, Indemnified Liabilities arising out of or relating to
(i) the entering into and performance of any Loan Document by any of the Indemnified Parties (including any action brought by or on behalf of the Borrower as the result of any determination by any Lender pursuant to Article V not to fund
any Loan), and (ii) any Environmental Liability), except to the extent such Indemnified Liabilities are found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted (x) from any Indemnified Party’s
gross negligence or willful misconduct or (y) out of or in connection with any Indemnified Liabilities that do not involve an act or omission of Holdings, the Borrowers, the Subsidiaries or their Affiliates and that is brought by an Indemnified
Party against another Indemnified Party. If and to the extent that the foregoing indemnification may be unenforceable for any reason, the Borrower agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable Law. 
 (b) Costs and Expenses. Borrower and the Guarantors shall
pay (i) all reasonable and documented out-of-pocket expenses incurred by each Lender and the Administrative Agent (including the reasonable and documented out-of-pocket fees, charges and disbursements of counsel for the Administrative Agent and
the Lenders and due diligence expenses incurred by the Administrative Agent and the Lenders), in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Investment Documents or any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all reasonable and documented out-of-pocket expenses incurred by the
Administrative 

  
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Agent or any Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, which shall be limited to the reasonable and documented out-of-pocket
fees and expenses of one counsel to all the Administrative Agent and the Lenders taken as a whole in each applicable jurisdiction, one special counsel if necessary and, in the case of an actual or potential conflict of interest, one additional
counsel in each relevant jurisdiction to each group of similarly situated affected Administrative Agent or the Lenders), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other
Investment Documents, including its rights under this Section 10.4, or (B) in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans. 
 (c) Reimbursement by Lenders. To the extent that the Borrower and the Guarantors for any reason fail
to indefeasibly pay any amount required under subsection (a) or (b) of this Section 10.4 to be paid by them to the Administrative Agent (or any sub-agent thereof) or any Related Party thereof, each Lender
severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is
sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such
Lenders’ Applicable Percentages (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought); provided, further, that the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), or against any Related Party thereof acting for the Administrative Agent (or any such sub-agent) in connection with such
capacity. 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, none of the
Borrower, any Guarantor or any Indemnified Party shall assert, and such Persons hereby waives, and acknowledges that no other Person shall have, any claim against any the Borrower, any Guarantor or any Indemnified Party, on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Investment Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. None of the Borrower, any Guarantor or any Indemnified Party shall be liable for any damages arising from the use by unintended recipients of any
information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Investment Documents or the transactions contemplated hereby or thereby.

 (e) Payments. All amounts due under this Section 10.4 shall be payable not later than ten Business Days
after demand therefor. 

  
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 SECTION 10.5 Survival. The obligations of the Borrower under
Section 4.1, Section 4.2, Section 4.3 and Section 10.4, shall in each case survive any assignment by any Lender and the occurrence of the Termination Date. The representations and warranties made by
the Borrower in each Loan Document shall survive the execution and delivery of such Loan Document. The agreements in this Section 10.5 and the indemnity provisions of Section 10.4(c) shall survive the resignation of the
Administrative Agent, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations. All representations and warranties made hereunder and in any other Loan Document or
other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent
and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any
Borrowing, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied. 

SECTION 10.6 Severability. Any provision of any Loan Document which is prohibited or unenforceable in any jurisdiction
shall, as to such provision and such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions of such Loan Document affecting the validity or enforceability of such
provision in any other jurisdiction. 
 SECTION 10.7 Headings. The various headings of each Loan Document are inserted
for convenience only and shall not affect the meaning or interpretation of such Loan Document or any provisions thereof. 

SECTION 10.8 Execution in Counterparts, Effectiveness, Etc. This Agreement may be executed by the parties hereto in
several counterparts, each of which shall be an original and all of which shall constitute together but one and the same agreement. This Agreement shall become effective when counterparts hereof executed on behalf of the Borrower and the Lenders,
shall have been received by the Lenders. Delivery of an executed counterpart of a signature page to this Agreement by email (e.g., “pdf” or “tiff”) or telecopy shall be effective as delivery of a manually executed counterpart of
this Agreement. 
 SECTION 10.9 Governing Law; Entire Agreement. EACH LOAN DOCUMENT AND ANY CLAIMS, CONTROVERSY,
DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). The Loan Documents constitute the entire understanding among the parties hereto with respect to
the subject matter thereof and supersede any prior agreements, written or oral, with respect thereto. 

  
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 SECTION 10.10 Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding
upon and inure to the benefit of the Parties hereto and thereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder or thereunder
without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection
(b) of this Section or (ii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (d) of this Section (and any other attempted assignment or transfer by any party hereto shall be
null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby,
the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. No assignment or transfer of any Commitment or Loan shall be effective until receipt and
acceptance into the Register by the Administrative Agent of a fully executed Assignment and Assumption effecting the assignment or transfer thereof, together with the required forms and certificates regarding tax matters and any fees payable in
connection with such assignment, in each case, as provided in subsection (b). The date of such assignment shall be referred to herein as the “Assignment Effective Date.” 

(b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights
and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

A. in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time owing to
it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an
Approved Fund, no minimum amount need be assigned; and 
 B. in any case not described in subsection (b)(i)(A) of this
Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the 

  
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applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $1,000,000 unless each of the
Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all of the
assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned; 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by subsection
(b)(i)(B) of this Section and, in addition, the consent of the Administrative Agent, the Required Lenders and, so long as no Event of Default has occurred and is continuing, the Borrower (in each case, such consent not to be unreasonably
withheld or delayed) shall be required for assignments to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund. 

(iv) Assignment and Assumption. Assignments and assumptions of Loans and Commitments by Lenders shall be effected by
manual execution and delivery to the Administrative Agent of an Assignment and Assumption. Assignments made pursuant to the foregoing provision shall be effective as of the Assignment Effective Date, subject to acceptance and recording thereof in
the Register by the Administrative Agent pursuant to Section 10.10(c). In connection with all assignments there shall be delivered to the Administrative Agent such forms, certificates or other evidence, if any, with respect to Taxes as
the assignee under such Assignment and Assumption may be required to deliver pursuant to Section 4.3, together with payment to the Administrative Agent of a registration and processing fee of $3,500, which may be waived or reduced at the
sole discretion of the Administrative Agent. 
 (v) No Assignment to Certain Persons. No such assignment shall be made
to any Disqualified Institution (except if an Event of Default has occurred or is continuing at the time of such assignment), the Borrower or any Guarantor or any Affiliate or Subsidiary of the Borrower or any Guarantor, or any Person who, upon
becoming a Lender hereunder, would constitute any of the foregoing Persons (other than to the Lenders on the date hereof and their respective Affiliates). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does
not comply with this Section 10.10(b) shall be absolutely void ab initio. 

  
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 (vi) Subject to acceptance and recording thereof by the Administrative Agent
pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the
benefits of Sections 4.3 and 10.4 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.

 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower (and such agency
being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and
addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be
conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The
Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall
(i) release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto or (ii) be to any Disqualified Institution (except if an Event of Default has occurred or is
continuing at the time of such) and any prohibited pledge or assignment shall be absolutely void ab initio. 
 SECTION 10.11
Other Transactions. Nothing contained herein shall preclude any Lender or any of its Affiliates from engaging in any transaction, in addition to those contemplated by the Investment Documents, with the Borrower or any of its Affiliates in
which the Borrower or such Affiliate is not restricted hereby from engaging with any other Person. 
 SECTION 10.12 Forum
Selection and Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN 

  
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CONNECTION WITH, ANY LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE ADMINISTRATIVE AGENT, ANY LENDER OR THE BORROWER IN
CONNECTION HEREWITH OR THEREWITH SHALL BE BROUGHT AND MAINTAINED IN THE COURTS OF THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED
THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE ADMINISTRATIVE AGENT’S OR THE LENDERS’ OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH
PARTY HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK AT THE ADDRESS FOR NOTICES SPECIFIED IN SECTION 10.2. EACH PARTY HERETO HEREBY
EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH
LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY PARTY HERETO HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO
JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, SUCH PARTY HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS. 

SECTION 10.13 Waiver of Jury Trial. THE ADMINISTRATIVE AGENT, THE LENDERS AND THE BORROWER HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, EACH LOAN DOCUMENT, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE ADMINISTRATIVE AGENT, ANY LENDER OR THE BORROWER IN CONNECTION THEREWITH. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR
THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE OTHER PARTIES HERETO ENTERING INTO THE LOAN DOCUMENTS. 

  
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 SECTION 10.14 Confidential Information. Subject to the provisions of
Section 10.15, at all times prior to the Termination Date, the Receiving Party shall keep confidential and shall not publish or otherwise disclose any Confidential Information furnished to it by the Disclosing Party, except to those of
the Receiving Party’s employees, advisors or consultants who have a need to know such information to assist such Party in the performance of such Party’s obligations or in the exercise of such Party’s rights hereunder and who are
subject to reasonable obligations of confidentiality consistent with this Section 10.14 (collectively, “Recipients”). Notwithstanding anything to the contrary set forth herein, (a) any Lender may disclose this
Agreement and the terms and conditions hereof and any information related hereto, to (i) its Affiliates, (ii) potential and actual assignees of any of such Lender’s rights hereunder and (iii) potential and actual investors in, or
lenders to, such Lender (including, in each of the foregoing cases, such Person’s employees, advisors or consultants); provided that in each case, unless an Event of Default has occurred and is continuing, each such Recipient shall be subject
to reasonable obligations of confidentiality; and (b) upon receiving consent from the Lenders, which consent shall not be unreasonably withheld, delayed or conditioned, the Borrower may disclose this Agreement and the terms and conditions
hereof and information related hereto, to potential or actual permitted acquirers or assignees, collaborators and other (sub)licensees, permitted subcontractors, investment bankers, investors, lenders (including, in each of the foregoing cases, such
Person’s employees, advisors or consultants who have a need to receive and review such information); provided that in each case, each such Recipient shall be subject to reasonable obligations of confidentiality. In addition to the foregoing,
the Receiving Party may disclose Confidential Information belonging to the Disclosing Party to the extent (and only to the extent) such disclosure is reasonably necessary in order to comply with applicable Laws (including any securities law or
regulation or the rules of a securities exchange) and with judicial process, if in the reasonable opinion of the Receiving Party’s counsel, such disclosure is necessary for such compliance, provided that the Receiving Party (x) will only
disclose those portions of the Confidential Information that are necessary or required to be so disclosed, and (y) to the extent legally permissible, will notify the Disclosing Party of the Receiving Party’s intent to make any disclosure
pursuant thereto sufficiently prior to making such disclosure so as to allow the Disclosing Party time to take whatever action it may deem appropriate to protect the confidentiality of the information to be disclosed. 

SECTION 10.15 Exceptions to Confidentiality. The Receiving Party’s obligations set forth in this Agreement shall
not extend to any Confidential Information of the Disclosing Party: 
 (a) that is or hereafter becomes part of the public
domain (other than as a result of a disclosure by the Receiving Party or its Recipients in violation of this Agreement); 

(b) that is received from a Third Party without restriction on disclosure and without, to the knowledge of the Receiving Party,
breach of any agreement between such Third Party and the Disclosing Party; 

  
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 (c) that the Receiving Party can demonstrate by competent evidence was
already in its possession without any limitation on disclosure prior to its receipt from the Disclosing Party; 
 (d) that is
generally made available to Third Parties by the Disclosing Party without restriction on disclosure; or 
 (e) that the
Receiving Party can demonstrate by competent evidence was independently developed by the Receiving Party without use of or reference to the Confidential Information. 

SECTION 10.16 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender or the Administrative Agent to exercise, and no
delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law. 
 Notwithstanding anything to the contrary contained herein or in any other
Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Borrower and the Guarantors or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with
such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 11.1 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit
(a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising
setoff rights in accordance with Section 4.5 (subject to the terms of Section 4.4(e)), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to the Borrower or any Guarantor under any Debtor Relief Law or any proceedings arising out of or in connection with an Insolvency Event; and provided, further, that if at any time there is no Person acting as
Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 11.1 and (ii) in addition to the matters
set forth in clauses (b) and (c) of the preceding proviso and subject to Section 4.4(e), any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized
by the Required Lenders. 
 SECTION 10.17 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower or any
Guarantor is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver, receiver, manager, monitor or any other party, in
connection with any proceeding under any Debtor Relief Law, any proceedings arising out of or in connection with an Insolvency Event or otherwise, 

  
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then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not
been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent,
plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause (b) of the preceding
sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 
 SECTION 10.18 Electronic
Execution of Assignments and Certain Other Documents. The words “execute,” “execution,” “signed,” “signature” and words of like import in any Assignment and Assumption or in any amendment or other
modification hereof (including waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in
any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

ARTICLE XI 
 ADMINISTRATIVE AGENT

 SECTION 11.1 Appointment and Authority. 

(a) Each of the Lenders hereby irrevocably appoints OrbiMed Royalty & Credit Opportunities III, LP to act on its
behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any Guarantor shall have rights as a
third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to
connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship
between contracting parties. 
 (b) The Administrative Agent shall also act as the “collateral agent” under the
Loan Documents, and each of the Lenders hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the
Borrower and the Guarantors to secure any of the Obligations, together with such powers and discretion as are incidental thereto. In this connection, the Administrative Agent, as “collateral agent”

  
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(and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 11.5 for purposes of holding or enforcing any Lien on the Collateral (or
any portion thereof) granted under the Security Agreement, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all provisions of Article X (including
Section 10.4(c)), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) and this Article XI as if set forth in full herein with respect thereto. 

SECTION 11.2 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with the Borrower, any Guarantor or any Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

SECTION 11.3 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth
herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has
occurred and is continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of
the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law; and 

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

 The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of
any Default or Event of Default unless and until notice describing such Default or Event of Default is given in writing to the Administrative Agent by the Borrower, or a Lender. 

  
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 The Administrative Agent shall not be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in
connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 SECTION 11.4 Reliance by Administrative
Agent. 
 (a) The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed,
sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for
relying thereon. In determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such
Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for Holdings, the Borrower or its
Subsidiaries), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

(b) Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and
act upon any notices (including telephonic or electronic loan notices) purportedly given by or on behalf of the Borrower or any of the Guarantors even if (i) such notices were not made in a manner specified herein, were incomplete or were not
preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower and the Guarantors shall indemnify the Administrative Agent, each
Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower or any Guarantor; provided that such
indemnity shall not, as to any Person be available to the extent that such losses, costs, expenses or liabilities are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or
willful misconduct of such Person or its Related Parties. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such
recording. 

  
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 SECTION 11.5 Delegation of Duties. The Administrative Agent may perform any and all
of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of
its duties and exercise its rights and powers by or through their respective Related Parties. The rights, benefits and privileges (including the exculpatory and indemnification provisions) of Article X and this Article XI shall apply
to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities
as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the
Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. Notwithstanding anything herein to the contrary, with respect to each sub-agent appointed by the Administrative Agent, (i) such sub-agent shall be a third party beneficiary under this Agreement with respect to all such rights, benefits and privileges (including exculpatory rights and rights to indemnification) and shall have all of the
rights and benefits of a third party beneficiary, including an independent right of action to enforce such rights, benefits and privileges (including exculpatory rights and rights to indemnification) directly, without the consent or joinder of any
other Person, against any or all of the Borrower, the Guarantors and the Lenders, (ii) any modification to such rights, benefits and privileges (including exculpatory rights and rights to indemnification) shall not be effective as against such
sub-agent without its written consent thereto, and (iii) such sub-agent shall only have obligations to the Administrative Agent and not to the Borrower or any Guarantor, Lender or any other Person and none of the Borrower, the Guarantors, the
Lenders or any other Person shall have any rights, directly or indirectly, as a third party beneficiary or otherwise, against such subagent. 

SECTION 11.6 Resignation or Removal of Administrative Agent. The Administrative Agent may resign as Administrative Agent at any time by
giving thirty (30) days advance notice thereof to the Lenders and the Borrower and, thereafter, the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. Upon any such resignation, the Required Lenders
shall have the right to appoint a successor Administrative Agent. No less than thirty (30) days’ following the delivery of such written notice, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a
successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States, with whom the Lenders shall be dealing on an arm’s length basis. Upon the acceptance of any appointment
as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all rights, powers, privileges and duties of the retiring Administrative Agent. After any
retiring Administrative Agent’s resignation hereunder as Administrative Agent or upon a removal of the Administrative Agent, the provisions of this Section 11.6 shall continue in effect for its benefit in respect of any actions
taken or omitted to be taken by it while it was acting as Administrative Agent. If no successor has accepted appointment as Administrative Agent by the date which is thirty (30) days following a retiring Administrative Agent’s notice of
resignation or removal, the 

  
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retiring Administrative Agent’s resignation or removal shall nevertheless thereupon become effective and the Required Lenders shall perform all of the duties of the Administrative Agent
hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. 
 SECTION 11.7 Non-Reliance
on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as
it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their
Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder. 
 SECTION 11.8 Administrative Agent May File Proofs of Claim. In case
of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Borrower or any Guarantor, the Administrative Agent (irrespective of whether
the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by
intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of the principal and
interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under
Section 10.4) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, receiver-manager, monitor, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Section 10.4. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to
authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect
of the claim of any Lender in any such proceeding. 

  
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 SECTION 11.9 Collateral and Guarantee Matters. The Lenders irrevocably authorize the
Administrative Agent, at its option and in its discretion, 
 (a) to release any Lien on any Collateral granted to or held by
the Administrative Agent under any Loan Document (i) upon payment in full of all Obligations, (ii) that is sold or otherwise disposed of to a Person that is not the Borrower or any Guarantor as part of or in connection with any sale or
other Disposition permitted hereunder and under the other Loan Document or any Casualty Event, or (iii) as approved in accordance with Section 10.1; and 

(b) to release any Guarantor from its obligations under the Guarantee if such Person ceases to be a Subsidiary as a result of a
transaction permitted under the Loan Documents. 
 Upon request by the Administrative Agent at any time, the Required Lenders will confirm
in writing the Administrative Agent’s authority to release its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guarantee, pursuant to this Section 11.9. 

The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the
existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by the Borrower or any Guarantor in connection therewith, nor shall the
Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

[Signature Pages Follow] 

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

					
	 HARMONY BIOSCIENCES, LLC,
 as the
Borrower

		
	By:	 	 /s/ John Jacobs

		 	Name:	 	John Jacobs
		 	Title:	 	Chief Executive Officer

  
 [Signature Page
to Credit Agreement] 

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

					
	ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP,
	as the Administrative Agent and as a Lender
	
	 By: OrbiMed ROF III LLC,
 its
General Partner

		
		 	 By: OrbiMed Advisors LLC,
 its
Managing Member

		
	By:	 	 /s/ W. Carter Neild

		 	Name:	 	W. Carter Neild
		 	Title:	 	Member
	
	 ORBIMED ROYALTY OPPORTUNITIES II, LP,

as a Lender

	
	 By: OrbiMed ROF II LLC,
 its General
Partner

		
		 	 By: OrbiMed Advisors LLC,
 its
Managing Member

		
	By:	 	 /s/ W. Carter Neild

		 	Name:	 	W. Carter Neild
		 	Title:	 	Member

  
 [Signature Page to
Credit Agreement] 

 SCHEDULE 1 

[***] 

 SCHEDULE 2.1 

COMMITMENTS AND APPLICABLE PERCENTAGES 
  

									
	 Lender
	  	Applicable
Percentage	 	 	Commitment Amount	 
	 OrbiMed Royalty & Credit Opportunities III, LP
	  	 	75.0	% 	 	$	150,000,000.00	 
	 OrbiMed Royalty Opportunities II, LP
	  	 	25.0	% 	 	$	50,000,000.00	 
	 Total
	  				 	$	200,000,000.00	 

 SCHEDULE 6.7(a) 

LITIGATION 
 None. 

 SCHEDULE 6.8 

EXISTING SUBSIDIARIES 
 None. 

 SCHEDULE 6.15(a) 

INTELLECTUAL PROPERTY 
 (1) 

(i) Patents: None 
 (ii)
Trademarks: 
  

																	
	 Owner
	  	 Trademark
	  	Appl. #	  	Reg. #	 	  	 Status
	  	Country
of Reg.	  	Appl. Dt	  	Reg. Dt
	 Harmony Biosciences, LLC
	  	

	  	87954316	  	 	N/A	 	  	 Published
 (Pending) Intent to Use
	  	USA	  	6/8/19	  	N/A
	 Harmony Biosciences, LLC
	  	

	  	87954324	  	 	N/A	 	  	 Published
 (Pending)

Intent to
 Use
	  	USA	  	6/8/19	  	N/A
	 Harmony

Biosciences, LLC
	  	

	  	87830683	  	 	5588181	 	  	Registered	  	USA	  	3/12/18	  	10/16/18
	 Harmony Biosciences, LLC
	  	

	  	87759175	  	 	N/A	 	  	 Published (Pending) Intent to
 Use
	  	USA	  	1/17/18	  	N/A
	 Harmony

Biosciences, LLC
	  	

	  	87759246	  	 	N/A	 	  	 Published
 (Pending) Intent to

Use
	  	USA	  	1/17/18	  	N/A
	 Harmony

Biosciences, LLC
	  	

	  	87759250	  	 	N/A	 	  	 Published
 (Pending)

Intent to
 Use
	  	USA	  	1/17/18	  	N/A

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 (iii) None. 

Schedule 6.15(a)(2) 
 1. License Agreements

 a. License and Commercialization Agreement, dated as of July 27, 2018, between Bioprojet and the Borrower, (a) as amended by
that certain Amendment No. 1 to License and Commercialization Agreement, dated as of August 27, 2018, (b) as modified by that certain Limited Waiver of License and Commercialization Agreement, dated as of March 27, 2019 (as amended by
(i) that certain Amendment to Limited Waiver of License and Commercialization Agreement, dated as of April 5, 2019 and (ii) that Second Amendment to Limited Waiver of License and Commercialization Agreement, dated as of April 9,
2019). 
 b. Trademark and License Agreement, dated as of August 2018 between Bioprojet and the Borrower. 

 2. Licenses Trademarks: 
  

							
	 Licensee
	  	Mark	  	Application/Registration
Number	  	Application/Registration
Date
	 Harmony Biosciences, LLC
	  	WAKIX	  	4680400	  	03-Feb-2015
	 Harmony Biosciences, LLC
	  	WAKIREM	  	5338731	  	21-Nov-2017

 3. Licensed Patents: 
  

			
	 Licensee
	  	 Patent No. and Issue Date

	 Harmony Biosciences, LLC
	  	8,207,197 / 26-Jun-2012
	 Harmony Biosciences, LLC
	  	8,354,430 / 15-Jan-2013
	 Harmony Biosciences, LLC
	  	8,486,947 / 16-Jul-2013
	 Harmony Biosciences, LLC
	  	7,169,928 / 30-Jan-2007
	 Harmony Biosciences, LLC
	  	7,910,605 / 22-Mar-2011

 SCHEDULE 6.15(j) 

INFRINGEMENT NOTICES 
 None. 

 SCHEDULE 6.16 

MATERIAL AGREEMENTS AND KEY CONTRACTS 
  

									
	 Agreement

type           
	  	 Holdings,

Borrower or
 Subsidiary
	  	 Counterparty
	  	 Description
	  	 Effective Date

	Services Agreement	  	Borrower	  	Symphony Health Solutions Corporation	  	Electronic data platform including: licensing data, data analysis & storage	  	1-May-2018
					
	CRO Agreement	  	Borrower	  	PPD Development LLP	  	CRO services for clinical research program	  	20-Aug-2019
					
	CRO Agreement	  	Borrower	  	Parexel International	  	CRO services for Expanded Access Program	  	03-Dec-2017
					
	Master Services Agreement	  	Borrower	  	Synchrony Group	  	Marketing and advertising (Commercial)	  	13-Nov-2017 (new agreement to be executed Jan 2020)
					
	Master Services Agreement	  	Borrower	  	Synchrony Group	  	Scientific and medical communications (Medical Affairs)	  	13-Nov-2017 (new agreement to be executed Jan 2020)
					
	Master Services Agreement	  	Borrower	  	Zeno Group, Inc	  	Corporate communications and public relations agency	  	19-Dec-2019
					
	Master Services Agreement	  	Borrower	  	Deerfield Agency, Inc.	  	Marketing and advertising	  	01-Jun-2018
					
	Master Software License & Services Agreement(s)	  	Borrower	  	Accenture LLP	  	FDA submissions and support for Regulatory Affairs	  	14-May-2018
					
	Master Services Agreement	  	Borrower	  	Evoke Group	  	Marketing and advertising (digital)	  	20-Sep-2018
					
	Leasing & Services Agreement(s)	  	Borrower	  	Wheels LT	  	National fleet vehicle leasing and vehicle maintenance services	  	08-May-2018

 SCHEDULE 6.19 

TRANSACTIONS WITH AFFILIATES 
  

	1.	 The Paragon Management Agreements 

 

	2.	 Series A Preferred Stock Purchase Agreement, dated September 22, 2017, by and among Harmony Biosciences
II, Inc. and the Purchasers named therein, as amended. 

  

	3.	 Preferred Stock Purchase Agreement, dated January 8, 2018, by and among Harmony Biosciences II, Inc. and
the Purchasers named therein, as amended. 

  

	4.	 Series C Preferred Stock Purchase Agreement, dated August 9, 2018, by and among Harmony Biosciences II, Inc.
and the Purchasers named therein, as amended. 

  

	5.	 Second Amended and Restated Voting Agreement, entered into as of August 9, 2019, by and among Harmony
Biosciences II, Inc. and the other parties thereto, as amended. 

  

	6.	 Second Amended and Restated Investors Rights Agreement, dated as of August 9, 2019, by and among Harmony
Biosciences II, Inc. and the other parties thereto, as amended. 

  

	7.	 Second Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of August 9, 2019, by
and among Harmony Biosciences II, Inc. and the other parties thereto, as amended. 

 SCHEDULE 6.22 

DEPOSIT AND DISBURSEMENT ACCOUNTS 

[Account information] 

 SCHEDULE 8.2(b)  

INDEBTEDNESS TO BE PAID 
 That
certain Term Loan Agreement, dated as of February 28, 2019, among Holdings, Borrower and CRG Servicing LLC. 

 SCHEDULE 8.2(c) 

EXISTING INDEBTEDNESS 
 None. 

 SCHEDULE 8.3(c) 

EXISTING LIENS 
 None. 

 SCHEDULE 8.5(a) 

INVESTMENTS 
 None. 

 SCHEDULE 8.10 

EXISTING AFFILIATE TRANSACTIONS 
 The
Paragon Management Agreements, as in existence on the date hereof. 

 SCHEDULE 10.2 

NOTICE INFORMATION 
 If to Holdings, the
Borrower or any Subsidiary: 
 Harmony Biosciences, LLC 

[Address] 
 and 

Paragon Biosciences, LLC 
 [Address] 

With a copy to (such copy shall not be deemed to constitute notice): 

Address: 
 Katten Muchin Rosenman LLP 

[Address] 
 If to Administrative Agent or any Lender: 

OrbiMed Royalty & Credit Opportunities III, LP 

[Address] 

 With a copy to (such copy shall not be deemed to constitute notice): 

Address: 
 Covington & Burling LLP 

[Address] 

 EXHIBIT A 

FORM OF PROMISSORY NOTE 
 $[●]
            [DATE] 
 FOR VALUE RECEIVED, HARMONY BIOSCIENCES, LLC, a Delaware
limited liability company (the “Borrower”), hereby promises to pay to [●], a [●] (together with its Affiliates, successors, transferees and assignees, the “Holder”), on the Maturity Date or as otherwise
required under the Credit Agreement (as defined below) the principal sum of (a) [●] DOLLARS ($[●]) or (b) in any case if less or more, the aggregate unpaid principal amount of the Loans made (or continued) by the Holder
pursuant to the Credit Agreement, dated as of January 9, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and between the Borrower, the Lenders party
thereto and ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP, as the Administrative Agent. Unless otherwise defined herein or the context otherwise requires, terms used in this Note have the meanings provided in the Credit Agreement. 

The Borrower also promises to pay interest on the unpaid principal amount hereof from time to time outstanding from the date hereof until
maturity (whether by acceleration or otherwise) and, after maturity upon demand, until paid in full, at the rates per annum and on the dates specified in the Credit Agreement, as well as any other amounts that may be due to the Holder upon maturity
(whether by acceleration or otherwise) under or in respect of this Note pursuant to, and in accordance with, the terms of the Credit Agreement. 

Pursuant to, and in accordance with, Section 3.2, Section 3.4 and Section 3.6 of the Credit Agreement, payments of both
principal and interest are to be made by Borrower in U.S. Dollars in same day or immediately available funds to the account designated by the Holder pursuant to the Credit Agreement. 

This Note is referred to in, and evidences Indebtedness incurred under, the Credit Agreement, to which reference is made for a description of
the security and guarantee for this Note and for a statement of the terms and conditions on which the Borrower is permitted and required to make prepayments and repayments of the unpaid principal amount of the Indebtedness evidenced by this Note and
on which such Indebtedness may be declared to be immediately due and payable. Any prepaid principal of this Note may not be reborrowed. 

All parties hereto, whether as makers, endorsers or otherwise, severally waive presentment for payment, demand, protest and notice of
dishonor. 
 THIS NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR U.S. FEDERAL INCOME TAX PURPOSES. REQUESTS FOR INFORMATION REGARDING
THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY WITH RESPECT TO THIS NOTE MAY BE DIRECTED TO THE BORROWER CARE OF CHIEF FINANCIAL OFFICER OF HARMONY BIOSCIENCES, LLC AT 630 W GERMANTOWN PIKE, PLYMOUTH MEETING, PA
19462 

 THIS NOTE HAS BEEN DELIVERED IN NEW YORK, NEW YORK, AND SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

[Signature Page Follows.] 

  
 2 

 
			
	HARMONY BIOSCIENCES, LLC
		
	By:	 	
                     

		 	Name:
		 	Title:

 [Signature Page to Promissory Note] 

 EXHIBIT B 

FORM OF LOAN REQUEST 
 [DATE] 

OrbiMed Royalty & Credit Opportunities III, LP 

[Address] 
 Ladies and Gentlemen: 

Reference is hereby made to that certain Credit Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from
time to time and in effect on the date hereof, the “Credit Agreement”), by and among HARMONY BIOSCIENCES, LLC, a Delaware limited liability company (the “Borrower”), the Lenders party thereto, and ORBIMED
ROYALTY & CREDIT OPPORTUNITIES III, LP, a Delaware limited partnership, as administrative agent (together with its, successors, transferees and assignees, the “Administrative Agent”). 

Unless otherwise defined herein or the context otherwise requires, terms used herein have the meanings provided in the Credit Agreement. 

Pursuant to the provisions of Section 2.2 of the Credit Agreement, the Borrower hereby requests the Loans of $200,000,000.00 to be made
on the date hereof (the “Proposed Disbursement Date”), which Loans shall be evidenced by those certain Promissory Notes dated as of the date hereof, issued to the Lenders in the aggregate original principal amount of
$200,000,000.00. 
 The Borrower hereby represents and warrants to the Administrative Agent, for the benefit of the Secured Parties, that:

 (a) the proceeds of the proposed Loans are to be used for the purposes set forth in Section 8.17 of the Credit Agreement; and 

(b) bank account details and wire transfer instructions for disbursement of the proceeds of the proposed Loans are set forth on Schedule
A hereto. 
 The Borrower hereby irrevocably authorizes and directs the Administrative Agent (or its sub-agent) to disburse the proceeds
of the Loans requested hereby as set forth in Schedule A hereto. 
 The Borrower hereby agrees that the payments made in accordance
with the wire transfer instructions set forth on Schedule A hereto are made for the administrative convenience of the Borrower and that the legal effect thereof is the same as if the proceeds of the Loans requested hereby were transferred
directly to the Borrower by the Lenders and distributed by the Borrower. 

 The Borrower hereby acknowledges that the Administrative Agent (or its sub-agent) shall wire
the amounts set forth on Schedule A hereto strictly on the basis of the information set forth on Schedule A hereto without making any investigation as to the accuracy thereof. In the event that any of such information is
incorrect, the Borrower agrees that the Lenders and the Administrative Agent (and its sub-agent) shall not have any liability for any losses, costs, taxes, fees and expenses arising strictly therefrom. 

The Borrower acknowledges that any amounts disbursed by the Administrative Agent pursuant to the instructions set forth below are made
entirely on behalf of the Borrower; the Lenders and the Administrative Agent (or its sub-agent) will not be responsible for calculating taxes, reporting taxes or deducting withholding taxes owing in respect of such disbursements; and the Borrower
will indemnify the Lenders and the Administrative Agent (and its sub-agent), pursuant to the Credit Agreement, for any withholding taxes owing on such disbursements. 

The officer signing below is an Authorized Officer of the Borrower and is authorized to request the Loans contemplated hereby and issue this
Loan Request on behalf of the Borrower. 
 [Signature Page Follows] 

  
 2 

 
			
	Very truly yours,
	
	 HARMONY BIOSCIENCES, LLC,
  

as the Borrower

		
	By:	 	
                     
                                         
               

		 	Name:
		 	Title:

 [Signature Page to Loan Request] 

 Schedule A 

Disbursement / Wire Instructions 

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 

HARMONY BIOSCIENCES, LLC 

COMPUTATION DATE:              , 20     

This Compliance Certificate (this “Certificate”) is delivered pursuant to [Section 5.7][Section 7.1(d)] of the Credit
Agreement, dated as of January 9, 2020 (the “Credit Agreement”), by and among HARMONY BIOSCIENCES, LLC, a Delaware limited liability company (the “Borrower”), the Lenders party thereto and ORBIMED
ROYALTY & CREDIT OPPORTUNITIES III, LP, a Delaware limited partnership, as administrative agent (together with its, successors, transferees and assignees, the “Administrative Agent”). Unless otherwise defined herein or the
context otherwise requires, terms used in this Certificate have the meanings provided in the Credit Agreement. 
 This Certificate relates
to the [Calendar Month][Fiscal Quarter][Fiscal Year] commencing on                  , 20     and ending on
                 , 20     (such latter date being the “Computation Date”). 

The undersigned is duly authorized to execute and deliver this Certificate on behalf of the Borrower. By executing this Certificate, the
undersigned hereby certifies to the Administrative Agent and each Lender that as of the Computation Date: 
 (a) [Attached
hereto as Annex I are the unaudited reports of (i) the Net Revenue for each Product for such calendar month and for the twelve-month period ending with the end of such calendar month, and including in comparative form the figures for the
corresponding calendar month in the immediately preceding twelve-month period, (ii) the Liquidity of Borrower at the end of such calendar month and at the end of the corresponding calendar month in the preceding Fiscal Year, in comparative
form, (iii) the number of employees of Holdings, the Borrower and its Subsidiaries as of the end of such period, including any changes thereto and (iv) prescription data of Holdings, the Borrower and its Subsidiaries with respect to each
Product.]1 
 (b) [Attached hereto as Annex [II] are [(i) the
unaudited consolidated balance sheet of Holdings, Borrower and the Subsidiaries as of the end of such Fiscal Quarter and consolidated statements of income and cash flow of Holdings, the Borrower and the Subsidiaries for such Fiscal Quarter and for
the period commencing at the end of the previous Fiscal Year and ending with the end of such Fiscal Quarter and (ii)]2 the Net Revenue for each Product for such Fiscal Quarter and for the
twelve-month period ended with the end of such Fiscal Quarter, and including in comparative form the figures for the corresponding Fiscal Quarter in the immediately preceding twelve-month period, all of which are complete and correct (subject to the
absence of footnotes and normal year-end audit adjustments).]3 
  

 

	1 	 INCLUDE ONLY FOR MONTHLY FINANCIAL DELIVERABLES 

	2 	 INCLUDE ONLY FOR FIRST THREE FISCAL QUARTERS OF EACH FISCAL YEAR 

	3 	 INCLUDE FOR QUARTERLY FINANCIAL DELIVERABLES ONLY. 

 [Attached hereto as Annex [II] are (i) the consolidated balance
sheet of Holdings, the Borrower and the Subsidiaries, and the related consolidated statements of income and cash flow of Holdings, the Borrower and the Subsidiaries for such Fiscal Year, setting forth in comparative form the figures for the
immediately preceding Fiscal Year, audited (without any Impermissible Qualification) by independent public accountants reasonably acceptable to the Required Lenders and (ii) the Net Revenue for each Product for such Fiscal Year and including in
comparative form the figures for the corresponding immediately preceding Fiscal Year.]4 

(c) [The financial statements delivered with this Certificate in accordance with Section 7.1(b) or (c) of the Credit
Agreement, as applicable, fairly present in all material respects the financial condition of Holdings, the Borrower and the Subsidiaries (subject to the absence of footnotes and to normal year-end audit adjustments in the case of unaudited financial
statements).]5 
 (d) During such [Fiscal Quarter][Fiscal Year] and as
of the Computation Date, Holdings, the Borrower and the Subsidiaries have at all times been in compliance in all respects with the financial covenant set forth in Section 8.4 of the Credit Agreement. Set forth on Attachment [1]
hereto are calculations showing compliance with such financial covenant as of the Computation Date. 6 

(e) No Event of Default has occurred and is continuing[ except as set forth on Attachment [2] hereto, which includes a
description of the nature and period of existence of such Event of Default and what action Holdings, the Borrower or any of the Subsidiaries has taken, is taking or proposes to take with respect thereto]. 7 
 (f) Subsequent to the date of the most recent Compliance Certificate
submitted by the undersigned pursuant to Section 7.1(d) of the Credit Agreement prior to the date hereof in respect of Section 7.1(b) or (c), none of Holdings, the Borrower or any Subsidiary has formed or acquired any new Subsidiary[
except as set forth on Attachment [3] hereto, in which case such new Subsidiary has complied with the requirements of Section 7.8 of the Credit Agreement]. 8 

(g) Subsequent to the date of the most recent Compliance Certificate submitted by the undersigned pursuant to
Section 7.1(d) of the Credit Agreement prior to the date hereof in respect of Section 7.1(b) or (c), none of Holdings, the Borrower or any Subsidiary has acquired any real property[ except as set forth on Attachment [4] hereto, in
which case the Borrower has complied with the requirements of Section 7.8 of the Credit Agreement with respect to such real property]. 9 

 
  

	4 	 INCLUDE FOR ANNUAL FINANCIAL DELIVERABLES ONLY. 

	5 	 INCLUDE ONLY FOR ANNUALS OR FIRST THREE FISCAL QUARTERS OF EACH FISCAL YEAR 

	6 	 INCLUDE FOR QUARTERLY AND ANNUAL FINANCIAL DELIVERABLES ONLY. 

	7 	 INCLUDE FOR QUARTERLY AND ANNUAL FINANCIAL DELIVERABLES ONLY. 

	8 	 INCLUDE FOR QUARTERLY AND ANNUAL FINANCIAL DELIVERABLES ONLY. 

	9 	 INCLUDE FOR QUARTERLY AND ANNUAL FINANCIAL DELIVERABLES ONLY. 

 (h) [Attached hereto as Attachment [5] is a report listing
(i) all Material Agreements and Key Contracts entered into during such Fiscal Quarter, (ii) all existing Material Agreements or Key Contracts amended or terminated during such Fiscal Quarter and (iii) all Permits, including all
Regulatory Authorizations, issued to Holdings, the Borrower or any of the Subsidiaries during such Fiscal Quarter.]10 

(i) [Attached hereto as Attachment [6] is a report listing all applications for the registration of any Intellectual
Property Collateral with the USPTO or any similar office or agency in any other country or any political subdivision thereof filed during such Fiscal Quarter.]11 

[Signature Page Follows] 
  

 

	10 	 INCLUDE FOR QUARTERLY FINANCIAL DELIVERABLES ONLY — TO BE DELIVERED ON A STANDALONE BASIS WHEN REQUIRED
FOR THE FINAL QUARTER OF THE FISCAL YEAR. 

	11 	 INCLUDE FOR QUARTERLY FINANCIAL DELIVERABLES ONLY. 

 IN WITNESS WHEREOF, the undersigned has caused this Certificate to be executed and
delivered, and the certification and warranties contained herein to be made, by its chief financial or accounting Authorized Officer as of the date first above written. 

 

			
	HARMONY BIOSCIENCES, LLC
		
	By:	 	
                     

		 	Name:
		 	Title:

 [Signature Page to Compliance Certificate] 

 Annex I 

 [Annex II] 

 [Attachment 1] 

 [Attachment 2] 

 [Attachment 3] 

 [Attachment 4] 

 [Attachment 5] 

 [Attachment 6] 

 EXHIBIT D 

GUARANTEE 
 This GUARANTEE, dated
as of January 9, 2020 (as amended, restated, supplemented or otherwise modified from time to time, this “Guarantee”), is made by Harmony Biosciences II, Inc., a Delaware corporation (“Holdings”) (together with
any additional Persons named pursuant to Section 5.5 below, each, a “Guarantor”, and collectively, the “Guarantors”), in favor of the Secured Parties (as defined below). 

W I T N E S S E T H: 

WHEREAS, pursuant to the Credit Agreement, dated as of January 9, 2020 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), by and among the Borrower, the Lenders party thereto, and OrbiMed Royalty & Credit Opportunities III, LP, a Delaware limited partnership, as administrative agent (together with its
successors, transferees and assignees, the “Administrative Agent”), the Lenders have extended a Commitment to make Loans to the Borrower; and 

WHEREAS, as a condition precedent to the making of the Loans and as an inducement for the Lenders to make the Loans, in each case, under the
Credit Agreement, the Guarantors are required to execute and deliver this Guarantee; 
 NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and in order to induce the Lenders to make the Loans to the Borrower, each Guarantor hereby agrees, for the benefit of the Secured Parties, as follows. 

ARTICLE I 
 DEFINITIONS 

SECTION 1.1. Certain Terms. The following terms (whether or not underscored) when used in this Guarantee, including its preamble and
recitals, shall have the following meanings (such definitions to be equally applicable to the singular and plural forms thereof): 

“Administrative Agent” is defined in the first recital. 

“Credit Agreement” is defined in the first recital. 

“Guarantee” is defined in the preamble. 

“Guarantor” is defined in the preamble. 

“Holdings” is defined in the preamble. 

“Obligor” is defined in Section 2.1(a). 

“Secured Parties” means, collectively, the Administrative Agent and the Lenders, and “Secured Party” means
any one of them. 

 SECTION 1.2. Credit Agreement Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Guarantee, including its preamble and recitals, have the meanings provided in the Credit Agreement. 

ARTICLE II 
 GUARANTEE PROVISIONS

 SECTION 2.1. Guarantee. Each Guarantor jointly and severally, absolutely, unconditionally and irrevocably: 

(a) guarantees the full and punctual payment when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand
or otherwise, and performance of all Obligations of the Borrower, Holdings and the other Guarantors (each, an “Obligor”) now or hereafter existing, whether for principal, interest (including interest accruing at the then applicable
Default rate as provided in Section 3.5 of the Credit Agreement, whether or not a claim for post-filing or post-petition interest is allowed under applicable Law following the institution of a proceeding under bankruptcy, insolvency or similar
Laws), fees, expenses or otherwise (including all such amounts which would become due but for the operation of the automatic stay under Section 362(a) of the United States Bankruptcy Code, 11 U.S.C. §362(a), and the operation of Sections
502(b) and 506(b) of the United States Bankruptcy Code, 11 U.S.C. §502(b) and §506(b)); and 
 (b) indemnifies and holds harmless
each Secured Party solely to the extent required by (and subject to the limitations set forth in) Section 10.04 of the Credit Agreement with the references to the Borrower therein being changed to references to such Guarantor, mutatis
mutandis; 
 provided that each Guarantor shall only be liable under this Guarantee for the maximum amount of such liability that can be hereby
incurred without rendering this Guarantee, as it relates to such Guarantor, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount. This Guarantee constitutes a guarantee of payment
when due and not of collection, and each Guarantor specifically agrees that it shall not be necessary or required that the Secured Parties exercise any right, assert any claim or demand or enforce any remedy whatsoever against such Guarantor or any
other Person before or as a condition to the obligations of such Guarantor becoming due hereunder. 
 SECTION 2.2. Reinstatement,
Etc. Each Guarantor agrees that this Guarantee shall continue to be effective or be reinstated (including on or after the Termination Date), as the case may be, if at any time any payment (in whole or in part) of any of the Obligations is
invalidated, declared to be fraudulent or preferential, set aside, rescinded or must otherwise be restored by any Secured Party, including upon the occurrence of any Event of Default set forth in Section 9.1(h) of the Credit Agreement or otherwise,
all as though such payment had not been made. 
 SECTION 2.3. Guarantee Absolute, Etc. This Guarantee shall in all respects be a
continuing, absolute, unconditional and irrevocable guarantee of payment, and shall remain in full force and effect until (unless reinstated pursuant to Section 2.2 above) the Termination Date has occurred. Each Guarantor guarantees that
the Obligations shall be paid strictly in accordance 

  
 2 

 
with the terms of each Loan Document under which they arise, regardless of any Law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of
the Secured Parties with respect thereto. The liability of each Guarantor under this Guarantee shall be absolute, unconditional and irrevocable irrespective of: 

(a) any lack of validity, legality or enforceability of any Loan Document; 

(b) the failure of any Secured Party (i) to assert any claim or demand or to enforce any right or remedy against such Guarantor or any
other Person (including any other guarantor) under the provisions of any Loan Document or otherwise, or (ii) to exercise any right or remedy against any other guarantor (including such Guarantor and any other Guarantor) of, or collateral
securing, any Obligations; 
 (c) any change in the time, manner or place of payment of, or in any other term of, all or any part of the
Obligations, or any other extension, compromise or renewal of any Obligation, or any amendment to, rescission, waiver, or other modification of, or any consent to or departure from, any of the terms of any Loan Document; 

(d) any reduction, limitation, impairment or termination of any Obligations for any reason, including any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to (and each Guarantor hereby waives any right to or claim of) any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality, irregularity,
compromise, unenforceability of, or any other event or occurrence affecting, any Obligations or otherwise, other than the defense that (i) payment has already been made to and received by the Secured Party and (ii) payment is not yet due
and payable (the “Permissible Defenses”); 
 (e) any addition, exchange or release of any collateral or of any Person that is (or
will become) a guarantor of the Obligations, or any surrender or non-perfection of any collateral, or any amendment to, or waiver or release of, or addition to, or consent to or departure from, any other guarantee held by the Secured Parties
securing any of the Obligations; or 
 (f) any other circumstance which might otherwise constitute a defense (other than the Permissible
Defenses) available to, or a legal or equitable discharge of, any Obligor, any surety or any guarantor (including any Guarantor). 
 SECTION
2.4. Setoff. Each Guarantor hereby irrevocably authorizes each Secured Party, without the requirement that any notice be given to such Guarantor (such notice being expressly waived by such Guarantor), upon the occurrence and during the
continuance of any Event of Default, to appropriate and apply to the payment of the Obligations owing to it (whether or not then due), and (as security for such Obligations) each Guarantor hereby grants to each Secured Party a continuing security
interest in, any and all balances, credits, deposits, accounts or moneys of such Guarantor then or thereafter maintained with or on behalf of such Secured Party. Each Secured Party agrees to notify such Guarantor after any such set-off and
application made by such Secured Party; provided that the failure to give such notice shall not affect the validity of such setoff and application. The rights of the Secured Parties under this Section 2.4 are in addition to other
rights and remedies (including other rights of setoff under applicable Law or otherwise) which the Secured Parties may have. 

  
 3 

 SECTION 2.5. Waiver, Etc. Each Guarantor waives promptness, diligence, notice of
acceptance and any other notice with respect to any of the Obligations and this Guarantee and any requirement that the Secured Parties protect, secure, perfect or insure any Lien, or any property subject thereto, or exhaust any right or take any
action against any Obligor or any other Person (including any Guarantor) or entity or any collateral securing the Obligations, as the case may be. 

SECTION 2.6. Postponement of Subrogation, Etc. Each Guarantor agrees that it will not exercise any rights which it may acquire by way
of rights of subrogation under any Loan Document to which it is a party, nor shall such Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Obligor or Guarantor, in respect of any payment made under
any Loan Document or otherwise, until following the Termination Date. Any amount paid to such Guarantor on account of any such subrogation rights prior to the Termination Date shall be held in trust for the benefit of the Secured Parties and shall
immediately be paid and turned over to the Administrative Agent, for the benefit of the Secured Parties, in the exact form received by such Guarantor (duly endorsed in favor of the Administrative Agent, if required), to be credited and applied
against the Obligations, whether matured or unmatured, in accordance with Section 2.7; provided that, if such Guarantor has made payment to the Administrative Agent of all or any part of the Obligations and the Termination Date has
occurred, then, at such Guarantor’s request, the Administrative Agent will, at the expense of such Guarantor, execute and deliver to such Guarantor appropriate documents (without recourse and without representation or warranty) necessary to
evidence the transfer by subrogation to such Guarantor of an interest in the Obligations resulting from such payment. In furtherance of the foregoing, at all times prior to the Termination Date, such Guarantor shall refrain from taking any action or
commencing any proceeding against the Borrower or any other Obligor or Guarantor (or their successors or assigns, whether in connection with a bankruptcy proceeding or otherwise) to recover any amounts in respect of payments made under this
Guarantee to the Administrative Agent. 
 SECTION 2.7. Payments; Application. Each Guarantor agrees that all obligations of such
Guarantor hereunder shall be paid solely in U.S. Dollars to the Administrative Agent and the Lenders in immediately available funds, without set-off, counterclaim or other defense and in accordance with the Credit Agreement, including Article III,
Article IV and Article X thereof, free and clear of and without deduction for any Non-Excluded Taxes, such Guarantor hereby agreeing to comply with and be bound by the provisions of the Credit Agreement in respect of all payments and application of
such payments made by it hereunder, including Article III, Article IV and Article X thereof, and the provisions of which Articles and Sections are hereby incorporated into and made a part of this Guarantee by this reference as if set forth herein;
provided that references to the “Borrower” in such Articles and Sections shall be deemed to be references to such Guarantor, and references to “this Agreement” in such Articles and Sections shall be deemed to be references
to this Guarantee. 

  
 4 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

In order to induce the Secured Parties to enter into the Credit Agreement and make the Loans thereunder, each Guarantor represents and
warrants to the Administrative Agent, for the benefit of the Secured Parties, as set forth below. 
 SECTION 3.1. Credit Agreement
Representations and Warranties. The representations and warranties contained in Article VI of the Credit Agreement, insofar as the representations and warranties contained therein are applicable to such Guarantor and its properties, are true and
correct in all material respects as of the Closing Date, with each such representation and warranty set forth in such Article VI of the Credit Agreement (insofar as applicable as aforesaid) and all other terms of the Credit Agreement to which
reference is made therein, together with all related definitions and ancillary provisions, being hereby incorporated into this Guarantee by this reference as though specifically set forth in this Article III. 

SECTION 3.2. Financial Condition, Etc. Each Guarantor has knowledge of the Borrower’s and each other Guarantor’s
financial condition and affairs and has adequate means to obtain from each such Person on an ongoing basis information relating thereto and to each such Person’s ability to pay and perform the Obligations, and agrees to assume the
responsibility for keeping, and to keep, so informed for so long as this Guarantee is in effect. Each Guarantor acknowledges and agrees that the Secured Parties shall have no obligation to investigate the financial condition or affairs of the
Borrower or any other Guarantor for the benefit of such Guarantor nor to advise such Guarantor of any fact respecting, or any change in, the financial condition or affairs of each such Person that might become known to the Secured Parties at any
time, whether or not the Secured Parties know or believe or have reason to know or believe that any such fact or change is unknown to such Guarantor, or might (or does) materially increase the risk of such Guarantor as guarantor, or might (or would)
affect the willingness of such Guarantor to continue as a guarantor of the Obligations. 
 SECTION 3.3. Best Interests. It is in the
best interests of each Guarantor to execute this Guarantee inasmuch as each Guarantor will, as a result of being an Affiliate of the Borrower, derive substantial direct and indirect benefits from the Loans made to the Borrower by the Lenders
pursuant to the Credit Agreement, and each Guarantor agrees that the Lenders are relying on this representation in agreeing to make the Loans to the Borrower. 

ARTICLE IV 
 COVENANTS, ETC. 

SECTION 4.1. Covenants. Each Guarantor covenants and agrees that, at all times prior to the Termination Date, it will perform, comply
with and be bound by all of the agreements, covenants and obligations contained in the Credit Agreement (including Articles VII and VIII of the Credit Agreement) which are applicable to such Guarantor or its properties, with each such agreement,
covenant and obligation contained in the Credit Agreement and all other terms of the Credit Agreement to which reference is made in this Article IV, together with all related definitions and ancillary provisions, being hereby incorporated
into this Guarantee by this reference as though specifically set forth in this Article IV. 

  
 5 

 ARTICLE V 

MISCELLANEOUS PROVISIONS 
 SECTION
5.1. Loan Document. This Guarantee is a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions
thereof, including Article X thereof. 
 SECTION 5.2. Binding on Successors, Transferees and Assigns; Assignment. This Guarantee
shall remain in full force and effect until the Termination Date has occurred, shall be binding upon each Guarantor and its successors, transferees and assigns and shall inure to the benefit of and be enforceable by the Secured Parties;
provided that such Guarantor may not (unless otherwise permitted under the terms of the Credit Agreement) assign any of its obligations hereunder without the prior written consent of the Secured Parties. Without limiting the generality of the
foregoing, to the extent permitted by the Credit Agreement, a Lender may assign or otherwise transfer (in whole or in part) its Commitment, Note or Loans held by it to any other Person, and such other Person shall thereupon become vested with all
rights and benefits in respect thereof granted to that Lender under each Loan Document (including this Guarantee) or otherwise. 
 SECTION
5.3. Amendments, Etc. No amendment to or waiver of any provision of this Guarantee, nor consent to any departure by any Guarantor from its obligations under this Guarantee, shall in any event be effective unless the same shall be in writing
and signed by the Administrative Agent and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

SECTION 5.4. Notices. All notices and other communications provided for hereunder shall be given or made as set forth in
Section 10.2 of the Credit Agreement. 
 SECTION 5.5. Additional Guarantors. Upon the execution and delivery by any other Person
of a supplement in the form of Annex I hereto, such Person shall become a “Guarantor” hereunder with the same force and effect as if it were originally a party to this Guarantee and named as a “Guarantor” hereunder. The
execution and delivery of such supplement shall not require the consent of any other Guarantor hereunder, and the rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new
Guarantor as a party to this Guarantee. 
 SECTION 5.6. No Waiver; Remedies. In addition to, and not in limitation of,
Section 2.3 and Section 2.5, no failure on the part of any Secured Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right
hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by Law. 

SECTION 5.7. Further Assurances. Each Guarantor agrees, upon the written request of the Administrative Agent, to execute and deliver to
the Secured Parties, from time to time, any additional instruments or documents deemed to be reasonably necessary by the Administrative Agent to cause this Guarantee to be, become or remain valid and effective in accordance with its terms. 

  
 6 

 SECTION 5.8. Section Captions. Section captions used in this Guarantee are for
convenience of reference only and shall not affect the construction of this Guarantee. 
 SECTION 5.9. Severability. Any provision of
this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions of
this Guarantee or affecting the validity or enforceability of such provision in any other jurisdiction. 
 SECTION 5.10. Governing Law,
Entire Agreement, Etc. THIS GUARANTEE AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS GUARANTEE OR ANY OTHER LOAN DOCUMENT CONTEMPLATED HEREBY
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). This Guarantee, along with the other
Loan Documents, constitutes the entire understanding among the parties hereto with respect to the subject matter hereof and supersedes any prior agreements, written or oral, with respect hereto. 

SECTION 5.11. Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH, THIS GUARANTEE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE SECURED PARTIES OR ANY GUARANTOR IN CONNECTION HEREWITH SHALL BE BROUGHT AND MAINTAINED IN THE COURTS OF THE BOROUGH OF
MANHATTAN IN THE CITY OF NEW YORK IN THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT
THE ADMINISTRATIVE AGENT’S OR THE LENDERS’ OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. THE SECURED PARTIES, BY ACCEPTANCE OF THIS GUARANTEE, AND EACH GUARANTOR IRREVOCABLY CONSENTS TO THE
SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK AT THE ADDRESS FOR NOTICES SPECIFIED IN SECTION 10.2 OF THE CREDIT AGREEMENT. THE SECURED PARTIES, BY ACCEPTANCE OF THIS
GUARANTEE, AND EACH GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO
ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT THE SECURED PARTIES, BY ACCEPTANCE OF THIS 

  
 7 

 
GUARANTEE, OR ANY GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT,
ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE SECURED PARTIES, BY ACCEPTANCE OF THIS GUARANTEE, AND SUCH GUARANTOR, EACH ON ITS OWN BEHALF, HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW
SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS GUARANTEE. 
 SECTION 5.12. Counterparts. This Guarantee may be executed by
the parties hereto in several counterparts, each of which shall be an original and all of which shall constitute together but one and the same agreement. This Guarantee shall become effective when counterparts hereof executed on behalf of each
Guarantor shall have been received by the Secured Parties. Delivery of an executed counterpart of a signature page to this Guarantee by email (in “pdf” or “tiff” or similar format) or telecopy shall be effective as delivery of a
manually executed counterpart of this Guarantee. 
 SECTION 5.13. Waiver of Jury Trial. THE SECURED PARTIES, BY ACCEPTANCE OF THIS
GUARANTEE, AND EACH GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN
CONNECTION WITH, THIS GUARANTEE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY SECURED PARTY OR ANY GUARANTOR IN CONNECTION HEREWITH. EACH GUARANTOR ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED
FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE SECURED PARTIES TO ENTER INTO THE LOAN DOCUMENTS. 

[Signature Page Follows] 

  
 8 

 IN WITNESS WHEREOF, each Guarantor has caused this Guarantee to be duly executed and
delivered by its Authorized Officer as of the date first above written. 
  

			
	HARMONY BIOSCIENCES II, INC.

 
			
		
	By:	 	
                    

		 	Name:
		 	Title:

  
 [Signature Page to
Guarantee] 

 ANNEX I 

to Guarantee 
 SUPPLEMENT TO 

 GUARANTEE 
 This
SUPPLEMENT, dated as of              ,          (this “Supplement”), is to the Guarantee, dated as of January 9, 2020 (as
amended, supplemented, amended and restated or otherwise modified from time to time, the “Guarantee”), by the Guarantors (such term, and other terms used in this Supplement, to have the meanings set forth in Article I of the
Guarantee, unless otherwise defined herein or if the context otherwise requires) from time to time party thereto, in favor of the Secured Parties (as defined in the Guarantee). 

W I T N E S S E T H: 

WHEREAS, pursuant to a Credit Agreement, dated as of January 9, 2020 (as amended, supplemented, or otherwise modified from time to time,
the “Credit Agreement”), by and among HARMONY BIOSCIENCES, LLC, a Delaware limited liability company (the “Borrower”), the Lenders party thereto and ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP, a
Delaware limited partnership, as administrative agent (together with its successors, transferees and assignees, the “Administrative Agent”), the Lenders have extended a Commitment to make the Loans to the Borrower; and 

WHEREAS, pursuant to the provisions of Section 5.5 of the Guarantee, each of the undersigned is becoming a Guarantor under the Guarantee;
and 
 WHEREAS, each of the undersigned desires to become a “Guarantor” under the Guarantee in order to induce the Lenders to
continue to extend the Loans under the Credit Agreement; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, each of the undersigned agrees, for the benefit of the Secured Parties, as follows. 
 SECTION 1. Party
to Guarantee, Etc. In accordance with the terms of the Guarantee, by its signature below, each of the undersigned hereby irrevocably agrees to become a Guarantor under the Guarantee with the same force and effect as if it were an original
signatory thereto and each of the undersigned hereby (a) agrees to be bound by and comply with all of the terms and provisions of the Guarantee applicable to it as a Guarantor and (b) represents and warrants that the representations and
warranties made by it as a Guarantor thereunder are true and correct as of the date hereof, unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date. In
furtherance of the foregoing, each reference to a “Guarantor” or “Guarantors” in the Guarantee shall be deemed to include each of the undersigned. 

SECTION 2. Representations. Each of the undersigned hereby represents and warrants that this Supplement has been duly authorized,
executed and delivered by it and that this Supplement and the Guarantee constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

 SECTION 3. Full Force of Guarantee. Except as expressly supplemented hereby, the
Guarantee shall remain in full force and effect in accordance with its terms. 
 SECTION 4. Severability. Wherever possible each
provision of this Supplement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Supplement shall be prohibited by or invalid under such Law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Supplement or the Guarantee. 

SECTION 5. Governing Law, Entire Agreement, Etc. THIS SUPPLEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN
CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY DOCUMENT CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR
SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). This Supplement, along with the other Loan Documents, constitutes the entire understanding among the parties hereto with respect to the subject matter
thereof and supersedes any prior agreements, written or oral, with respect thereto. 
 SECTION 6. Effectiveness. This Supplement
shall become effective with respect to a Guarantor when a counterpart hereof executed by such undersigned Guarantor shall have been received by the Secured Parties. Delivery of an executed counterpart of a signature page to this Supplement by email
(in “pdf” or “tiff” or similar format) or telecopy shall be effective as delivery of a manually executed counterpart of this Supplement. 

[Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Supplement to be duly
executed and delivered by its Authorized Officer as of the date first above written. 
  

			
	[NAME OF ADDITIONAL SUBSIDIARY]
		
	By:	 	
                     
                   

		 	Name:
		 	Title:
	
	[NAME OF ADDITIONAL SUBSIDIARY]
		
	By:	 	
                     
                                       

		 	Name:
		 	Title:

  
 [Signature Page to
Guarantee Supplement] 

 EXHIBIT E 

PLEDGE AND SECURITY AGREEMENT 

This PLEDGE AND SECURITY AGREEMENT, dated as of January 9, 2020 (as amended, restated, supplemented or otherwise modified from time to time,
this “Security Agreement”), is made by HARMONY BIOSCIENCES LLC, a Delaware limited liability company (the “Borrower”), HARMONY BIOSCIENCES II, INC., a Delaware corporation, (“Holdings” ) (the
Borrower and Holdings, together with any other entity that may become a party hereto as provided herein, are referred to each as a “Grantor” and, collectively as the “Grantors”), in favor of ORBIMED
ROYALTY & CREDIT OPPORTUNITIES III, LP, a Delaware limited partnership (together with its successors, transferees and assignees, as Administrative Agent (the “Administrative Agent”) for the Secured Parties (defined below).

 W I T N E S S E T H : 

WHEREAS, pursuant to the Credit Agreement, dated as of January 9, 2020 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), by and among the Borrower, the Lenders party thereto and the Administrative Agent, the Lenders have extended a Commitment to make Loans to the Borrower; and 

WHEREAS, as a condition precedent to the making of the Loans and as an inducement for the Lenders to make the Loans, in each case, under the
Credit Agreement, each Grantor is required to execute and deliver this Security Agreement; 
 WHEREAS, it is required under the terms of the
Credit Agreement that the Grantors shall have granted, pledged and assigned the security interests and undertaken the obligations contemplated by this Security Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor agrees, for
the benefit of the Secured Parties, as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1.
Certain Terms. The following terms (whether or not underscored) when used in this Security Agreement, including its preamble and recitals, shall have the following meanings (such definitions to be equally applicable to the singular and plural
forms thereof): 
 “Administrative Agent” is defined in the preamble. 

“Bioprojet Agreements” means the Key Contracts listed in clauses (a) through (b) of the definition thereof as of
the date hereof, including any replacement thereof. 
 “Borrower” is defined in the preamble. 

“Collateral” is defined in Section 2.1. 

“Collateral Accounts” is defined in Section 4.3(b). 

 “Computer Hardware and Software Collateral” means (a) all of the
Grantors’ owned computer and other electronic data processing hardware, integrated computer systems, central processing units, memory units, display terminals, printers, features, computer elements, card readers, tape drives, hard and soft disk
drives, cables, electrical supply hardware, generators, power equalizers, accessories and all peripheral devices and other related computer hardware, including all operating system software, utilities and application programs in whatsoever form;
(b) all software programs (including both source code, object code and all related applications and data files) designed for use on the computers and electronic data processing hardware described in clause (a) above;
(c) all firmware associated therewith; (d) all documentation (including flow charts, logic diagrams, manuals, guides, specifications, training materials, charts and pseudo codes) with respect to such hardware, software and firmware
described in the preceding clauses (a) through (c); and (e) all rights with respect to all of the foregoing, including copyrights, licenses, options, warranties, service contracts, program services, test rights, maintenance
rights, support rights, improvement rights, renewal rights and indemnifications and any substitutions, replacements, improvements, error corrections, updates, additions or model conversions of any of the foregoing. 

“Control Agreement” means an authenticated record in form and substance reasonably satisfactory to the Administrative Agent,
that provides for the Administrative Agent to have “control” (as defined in the UCC) over certain Collateral. 

“Copyright Collateral” means all Copyrights, including: (a) the Copyrights referred to in Item A of Schedule
V, and registrations and recordings thereof and all applications for registration thereof, whether pending or in preparation; (b) all Copyright licenses, including each material Copyright license referred to in Item B of Schedule
V; (c) the right to sue for past, present and future infringements of any of the foregoing, all rights corresponding thereto, all extensions and renewals of any thereof; and (d) all Proceeds of the foregoing, including licenses,
royalties, income, payments, claims, damages and Proceeds of suit, which are owned or licensed by the Grantors. 
 “Credit
Agreement” is defined in the first recital. 
 “Distributions” means all dividends paid on Capital
Securities, liquidating dividends paid on Capital Securities, shares (or other designations) of Capital Securities resulting from (or in connection with the exercise of) stock splits, reclassifications, warrants, options, non-cash dividends,
mergers, consolidations, and all other distributions (whether similar or dissimilar to the foregoing) on or with respect to any Capital Securities constituting Collateral. 

“Financing Statements” is defined in Section 3.7(b). 

“General Intangibles” means all “general intangibles” and all “payment intangibles”, each as defined in
the UCC and shall include all interest rate or currency protection or hedging arrangements, all tax refunds, all licenses, permits, concessions and authorizations and all Intellectual Property Collateral (in each case, regardless of whether
characterized as general intangibles under the UCC). 
 “Grantor” and “Grantors” are defined in the
preamble. 

  
 2 

 “Holdings” is defined in the preamble. 

“Intellectual Property Collateral” means, collectively, the Computer Hardware and Software Collateral, the Copyright
Collateral, the Patent Collateral, the Trademark Collateral and the Trade Secrets Collateral. 
 “Intercompany Note” means
any promissory note evidencing loans made by any Grantor to any other Grantor. 
 “Investment Property” means,
collectively, (a) all “investment property” as such term is defined in Section 9-102(a)(49) of the UCC and (b) whether or not constituting “investment property” as so defined, all Pledged Notes. 

“Motor Vehicles” means motor vehicles, tractors, trailers and other like property, if the title thereto is governed by a
certificate of title or ownership. 
 “Patent Collateral” means: 

(a) all of the Patents, including all Patent applications in preparation for filing and each Patent and Patent application referred to in
Item A of Schedule III; 
 (b) all Patent licenses, and other agreements providing any Grantor with the right to use any items
of the type referred to in clause (a) above, including each Patent license referred to in Item B of Schedule III (excluding any licenses to any Grantor for commercially available off-the-shelf software); and 

(c) all Proceeds of, and rights associated with, the foregoing (including licenses, royalties income, payments, claims, damages and Proceeds
of infringement suits) and the right to sue third parties for past, present or future infringements of any Patent and for breach or enforcement of any patent license. 

“Permitted Liens” means all Liens permitted by Section 8.3 of the Credit Agreement. 

“Pledged Notes” means all promissory notes listed on Item J of Schedule II (as such schedule may be
amended or supplemented from time to time), all Intercompany Notes at any time issued to any Grantor and all other promissory notes issued to or held by any Grantor. 

“Secured Parties” means, collectively, the Administrative Agent and the Lenders and 

“Secured Party” means any one of them. 

“Securities Act” is defined in Section 6.2(a). 

“Security Agreement” is defined in the preamble. 

“Trade Secrets” is defined in the definition of “Trade Secrets Collateral.” 

“Trade Secrets Collateral” means (a) all of the Grantors’ common Law and statutory trade secrets and all other
confidential and proprietary information, and all know-how obtained by or 

  
 3 

 
used in the business of any Grantor (all of the foregoing being collectively called a “Trade Secret”), whether or not such Trade Secret has been reduced to a writing or other
tangible form, including all documents and things embodying, incorporating or referring in any way to such Trade Secret; (b) all Trade Secret licenses, including each Trade Secret license referred to in Schedule VI (excluding any
licenses to any Grantor for commercially available off-the-shelf software); and (c) including the right to sue for and to enjoin and to collect damages for the actual or threatened misappropriation of any Trade Secret and for the breach or
enforcement of any such Trade Secret license. 
 “Trademark Collateral” means: 

(a) (i) all of the Grantors’ Trademarks and all goodwill of the business associated therewith, now existing or hereafter adopted or
acquired including those referred to in Item A of Schedule IV, whether currently in use or not, all registrations and recordings thereof and all applications in connection therewith, whether pending or in preparation for filing,
including registrations, recordings and applications in the United States Patent and Trademark (the “USPTO”) or in any office or agency of the United States of America, or any state thereof or any other country or political
subdivision thereof or otherwise, and all common-law rights relating to the foregoing, and (ii) the right to obtain all reissues, extensions or renewals of the foregoing; 

(b) all Trademark licenses for the grant by or to any Grantors of any right to use any Trademark, including each Trademark license referred to
in Item B of Schedule IV (excluding any licenses to any Grantor for commercially available off-the-shelf software); 
 (c) the
right to sue third parties for past, present and future infringements of any Trademark Collateral described in clause (a) and, to the extent applicable, clause (b); and 

(d) all Proceeds of, and rights associated with, the foregoing, including any claim by any Grantor against third parties for past, present or
future infringement or dilution of any Trademark, Trademark registration or Trademark license, or for any injury to the goodwill associated with the use of any such Trademark or for breach or enforcement of any Trademark license and all rights
corresponding thereto throughout the world. 
 SECTION 1.2. Credit Agreement Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Security Agreement, including its preamble and recitals, have the meanings provided in the Credit Agreement. 

SECTION 1.3. UCC Definitions. When used herein the terms “Account”, “Certificated Securities”, “Chattel
Paper”, “Commercial Tort Claim”, “Commodity Account”, “Commodity Contract”, “Deposit Account”, “Document”, “Electronic Chattel Paper”, “Equipment”, “Goods”,
“Instrument”, “Inventory”, “Letter of Credit Rights”, “Payment Intangibles”, “Proceeds”, “Promissory Notes”, “Securities Account”, “Security Entitlement”,
“Supporting Obligations” and “Uncertificated Securities” have the meaning provided in Article 8 or Article 9, as applicable, of the UCC. “Letters of Credit” has the meaning provided in Section 5-102 of the UCC.

  
 4 

 ARTICLE II 

SECURITY INTEREST 
 SECTION 2.1.
Grant of Security Interest. Each Grantor hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a continuing security interest in all of such Grantor’s right, title and interest in and to the following
property, whether now or hereafter existing, owned or acquired by such Grantor, and wherever located (collectively, the “Collateral”): 

(a) Accounts; 
 (b) Chattel
Paper; 
 (c) Commercial Tort Claims, including those listed on Item I of Schedule II (as such schedule may be amended or
supplemented from time to time); 
 (d) Deposit Accounts; 

(e) Documents; 
 (f) General
Intangibles; 
 (g) Goods (including Goods held on consignment with third parties); 

(h) Instruments; 
 (i)
Investment Property; 
 (j) Letter of Credit Rights and Letters of Credit; 

(k) Supporting Obligations; 

(l) all books, records, writings, databases, information and other property relating to, used or useful in connection with, evidencing,
embodying, incorporating or referring to, any of the foregoing in this Section 2.1; 
 (m) all Proceeds of any of the foregoing
and, to the extent not otherwise included, (i) all payments under insurance (whether or not the Administrative Agent is the loss payee thereof) in respect of Collateral and (ii) all tort claims; and 

(n) all other property and rights of every kind and description and interests therein. 

Notwithstanding anything to the contrary, the term “Collateral” shall not include: 

(i) any General Intangibles or other rights, in each case arising under any contracts, instruments, lease, licenses or other documents as to
which the grant of a security interest would (A) constitute or result in a violation, breach, termination, default or invalidity thereunder or thereof in favor of a third party, unless and until any required consents shall have been obtained or
(B) give any other party to such contract, instrument, license or other document the right to terminate its obligations thereunder, including any Key Contract or Material Agreement to the extent described in this clause (i); 

  
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 (ii) Trademark applications filed in the USPTO on the basis of such Grantor’s
“intent to use” such trademark, unless and until acceptable evidence of use of the Trademark has been filed with the USPTO pursuant to Section 1(c) or Section 1(d) of the Lanham Act (15 U.S.C. 1051, et seq.), to the extent that
granting a Lien in such Trademark application prior to such filing would adversely affect the enforceability or validity of such Trademark application; 

(iii) any asset, the granting of a security interest in which would be void, materially restricted or illegal under any applicable Law
(including, without limitation, any requirement made under applicable Law to obtain the consent or approval of any Governmental Authority), or pursuant thereto would result in, or permit the termination of, such asset; or 

(iv) any asset subject to a Permitted Lien (other than Liens in favor of the Secured Parties) securing obligations permitted under the Credit
Agreement to the extent that the grant of other Liens on such asset (A) would result in a breach, termination, invalidity or violation of, or constitute a default under, the agreement or instrument governing such Permitted Lien (or the
transaction or obligations secured thereby), (B) would result in the loss of use of such asset or (C) would permit the holder of such Permitted Lien to terminate the Grantor’s use of such asset; 

(v) the Excluded Accounts, as that term is defined in Section 7.13 of the Credit Agreement; 

(vi) any assets with respect to which the Administrative Agent determines, in its reasonable discretion, that the cost of obtaining a security
interest therein, or Lien thereon exceed the practical benefits to the Secured Parties of the security afforded thereby; 
 (vii) any
leasehold or subleasehold interests in any real property; and 
 (viii) any Motor Vehicles. 

provided that the property described in each of clauses (i), (iii) and (iv) above shall only be excluded from the term
“Collateral” to the extent the conditions stated in such clauses are not rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC or any other applicable Law; 

provided further that the property described in each of clauses (i) through (vii) above shall not include any Proceeds,
products, substitutions or replacements thereof (unless such Proceeds, products, substitutions or replacements would otherwise constitute property described in any of clauses (i) through (vii) above). 

SECTION 2.2. Security for Obligations. This Security Agreement and the Collateral in which the Administrative Agent, for the benefit of
the Secured Parties, is granted a security interest hereunder by the Grantors to secure the payment and performance of all of the Obligations. 

  
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 SECTION 2.3. Grantors Remain Liable. Anything herein to the contrary notwithstanding:

 (a) the Grantors will remain liable under the contracts and agreements included in the Collateral to the extent set forth therein, and
will perform all of their duties and obligations under such contracts and agreements to the same extent as if this Security Agreement had not been executed; 

(b) the exercise by any Secured Party of any of its rights hereunder will not release any Grantor from any of its duties or obligations under
any such contracts or agreements included in the Collateral; and 
 (c) the Secured Parties will not have any obligation or liability under
any contracts or agreements included in the Collateral by reason of this Security Agreement, nor will the Secured Parties be obligated to perform any of the obligations or duties of any Grantor thereunder or to take any action to collect or enforce
any claim for payment assigned hereunder. 
 SECTION 2.4. Distributions on Capital Securities; Payments on Pledged Notes. In the
event that any (a) Distribution with respect to any Capital Securities or (b) payment with respect to any Pledged Notes, in each case pledged hereunder, is not prohibited under Section 8.6 of the Credit Agreement, such Distribution or
payment may be paid directly to the applicable Grantor. If any Distribution or payment is made in contravention of Sections 8.5 or 8.6 of the Credit Agreement, such Grantor shall hold the same segregated and in trust for the Administrative Agent,
for the benefit of the Secured Parties, until paid to the Administrative Agent in accordance with Section 4.1.5. 
 SECTION 2.5.
Security Interest Absolute, Etc. This Security Agreement shall in all respects be a continuing, absolute, unconditional and irrevocable grant of security interest and shall remain in full force and effect, in each case, until the Termination
Date. All rights of the Secured Parties and the security interests granted to the Administrative Agent, for the benefit of the Secured Parties, hereunder, and all obligations of the Grantors hereunder, shall, to the fullest extent permitted by
applicable Law, in each case, be absolute, unconditional and irrevocable irrespective of: 
 (a) any lack of validity, legality or
enforceability of any Loan Document (other than this Security Agreement); 
 (b) the failure of any Secured Party (i) to assert any
claim or demand or to enforce any right or remedy against the Borrower, Holdings or any of the Subsidiaries or any other Person (including any other Grantor) under the provisions of any Loan Document or otherwise, or (ii) to exercise any right
or remedy against any other guarantor (including any other Grantor) of, or Collateral securing, any Obligations; 
 (c) any change in the
time, manner or place of payment of, or in any other term of, all or any part of the Obligations, or any other extension, compromise or renewal of any Obligations; 

(d) any reduction, limitation, impairment or termination of any Obligations for any reason, including any claim of waiver, release, surrender,
alteration or compromise and shall not be subject to (and each Grantor hereby waives, until payment of all Obligations, any right to or claim of) any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity,
illegality, nongenuineness, irregularity, compromise, unenforceability of, or any other event or occurrence affecting, any Obligations or otherwise; 

  
 7 

 (e) any amendment to, rescission, waiver, or other modification of, or any consent to or
departure from, any of the terms of any Loan Document; 
 (f) any addition, exchange or release of any Collateral or of any Person that is
(or will become) a Grantor (including the Grantors hereunder), or any surrender or non-perfection of any Collateral, or any amendment to or waiver or release or addition to, or consent to or departure from, any other guaranty held by the
Administrative Agent, for the benefit of the Secured Parties, securing any of the Obligations; or 
 (g) any other circumstance which might
otherwise constitute a defense available to, or a legal or equitable discharge of the Borrower, Holdings or any of the Subsidiaries, any surety or any guarantor. 

SECTION 2.6. Postponement of Subrogation. Each Grantor agrees that it will not exercise any rights against another Grantor which it may
acquire by way of rights of subrogation under any Loan Document to which it is a party until following the Termination Date. No Grantor shall seek or be entitled to seek any contribution or reimbursement from the Borrower, Holdings or any other
Grantor, in respect of any payment made under any Loan Document or otherwise, until following the Termination Date. Any amount paid to any Grantor on account of any such subrogation rights prior to the Termination Date shall be held in trust for the
benefit of the Secured Parties and shall immediately be paid and turned over to the Administrative Agent, for the benefit of the Secured Parties, in the exact form received by such Grantor (duly endorsed in favor of the Administrative Agent, if
required), to be credited and applied against the Obligations, whether matured or unmatured, in accordance with Section 6.1(b); provided that if such Grantor has made payment to the Administrative Agent of all or any part of the
Obligations and the Termination Date has occurred, then at such Grantor’s request, the Administrative Agent will, at the expense of such Grantor, execute and deliver to such Grantor appropriate documents (without recourse and without
representation or warranty) necessary to evidence the transfer by subrogation to such Grantor of an interest in the Obligations resulting from such payment. In furtherance of the foregoing, at all times prior to the Termination Date, such Grantor
shall refrain from taking any action or commencing any proceeding against the Borrower, Holdings or any other Grantor (or their successors or assigns, whether in connection with a bankruptcy proceeding or otherwise) to recover any amounts in respect
of payments made under this Security Agreement to the Administrative Agent or any other Secured Party. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

In order to induce the Secured Parties to enter into the Credit Agreement and make the Loans thereunder, the Grantors represent and warrant to
the Administrative Agent, for the benefit of the Secured Parties, as set forth below. 

  
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 SECTION 3.1. As to Capital Securities of the Subsidiaries, Investment Property. 

(a) With respect to any Subsidiary of any Grantor that is: 

(i) a corporation, business trust, joint stock company or similar Person, all Capital Securities issued by such Subsidiary are duly
authorized and validly issued, fully paid and non-assessable, and represented by a certificate or certificates; and 
 (ii) a partnership
or limited liability company, no Capital Securities issued by such Subsidiary (including the Borrower) (A) is dealt in or traded on securities exchanges or in securities markets, (B) expressly provides that such Capital Securities is a
security governed by Article 8 of the UCC or (C) is held in a Securities Account, except, with respect to this clause (a)(ii), Capital Securities (x) for which the Administrative Agent is the registered owner or (y) with
respect to which the issuer has agreed in an authenticated record with such Grantor and the Administrative Agent to comply with any instructions of the Administrative Agent without the consent of such Grantor. 

(b) Each Grantor has delivered all Certificated Securities constituting Collateral held by such Grantor in a Subsidiary (including the
Borrower) on the Closing Date (or, solely with respect to a Grantor that becomes a party to this Security Agreement after the Closing Date, on the date such Grantor becomes a party to this Security Agreement) to the Administrative Agent, together
with duly executed undated blank stock powers, or other equivalent instruments of transfer acceptable to the Administrative Agent. 
 (c)
[Reserved] 
 (d) The percentage of the issued and outstanding Capital Securities of each Subsidiary (including the Borrower) pledged on the
Closing Date (or, solely with respect to a Grantor that becomes a party to this Security Agreement after the Closing Date, on the date such Grantor becomes a party to this Security Agreement) by each Grantor hereunder is as set forth on Schedule
I. All shares of such Capital Securities have been duly and validly issued and are fully paid and non-assessable (in the case of any Capital Securities issued by a corporation) or duly issued and outstanding (in the case of any Capital
Securities in any partnership or limited liability company). 
 (e) Each of the Intercompany Notes constitutes the legal, valid and binding
obligation of the obligor with respect thereto, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws relating to or affecting
creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at Law) and an implied covenant of good faith and fair dealing. 

SECTION 3.2. Grantor Name, Location, Etc. In each case as of the Closing Date (or, solely with respect to a Grantor that becomes a
party to this Security Agreement after the Closing Date, on the date such Grantor becomes a party to this Security Agreement): 

(a) (i) The jurisdiction in which each Grantor is located for purposes of Sections 9-301 and 9-307 of the UCC and (ii) the address
of each Grantor’s executive office and principal place of business is set forth in Item A of Schedule II. 
 (b) The
Grantors do not have any trade names other than those set forth in Item C of Schedule II hereto. 

  
 9 

 (c) During the twelve (12) months preceding the date hereof (or, solely with respect to
a Grantor that becomes a party to this Security Agreement after the Closing Date, preceding the date such Grantor becomes a party to this Security Agreement), no Grantor has been known by any legal name different from the one set forth on the
signature page hereto, nor has such Grantor been the subject of any merger or other corporate reorganization, except as set forth in Item D of Schedule II hereto. 

(d) Each Grantor’s federal taxpayer identification number (or foreign equivalent) is (and, during the twelve (12) months preceding
the date hereof (or, solely with respect to a Grantor that becomes a party to this Security Agreement after the Closing Date, preceding the date such Grantor becomes a party to this Security Agreement), such Grantor has not had a federal taxpayer
identification number (or equivalent) different from that) set forth in Item E of Schedule II hereto. 
 (e) No Grantor is a
party to any federal, state or local government contract except as set forth in Item F of Schedule II hereto. 
 (f) No
Grantor maintains any Deposit Accounts, Securities Accounts or Commodity Accounts with any Person, in each case, except as set forth on Item G of Schedule II. 

(g) No Grantor is the beneficiary of any Letters of Credit in excess of $500,000, except as set forth on Item H of Schedule II.

 (h) No Grantor has Commercial Tort Claims in favor of such Grantor in excess of $500,000 except as set forth on Item I of
Schedule II. 
 (i) The name set forth on the signature page attached hereto (or the signature page of the supplement hereto by which
such Grantor has become a party to this Security Agreement, as applicable) is the true and correct legal name (as defined in the UCC) of each Grantor. 

SECTION 3.3. Ownership, No Liens, Etc. Each Grantor owns its Collateral free and clear of any Lien, except for (a) any security
interest created by this Security Agreement and (b) Permitted Liens. No effective UCC financing statement or other filing similar in effect covering all or any part of the Collateral is on file in any recording office, except those filed in
favor of the Administrative Agent relating to this Security Agreement, Permitted Liens or as to which a duly authorized termination statement relating to such UCC financing statement or other instrument has been delivered to the Administrative Agent
on the Closing Date. No Grantor has granted a Lien (other than non-consensual Permitted Liens and Permitted Liens described in clauses (a) and (k) of Section 8.3 of the Credit Agreement) in any Bioprojet Agreement to any Person, other
than the Secured Parties to the extent contemplated under this Agreement. 
 SECTION 3.4. Possession of Inventory, Control, Etc. 

(a) Each Grantor has, and agrees that it will maintain, exclusive possession of its Documents, Instruments, Promissory Notes, Goods, Equipment
and Inventory, other than (i) Equipment or Inventory that is in transit in the ordinary course of business, (ii) Equipment or Inventory that in the ordinary course of business is in the possession or control of a warehouseman, 

  
 10 

 
bailee agent or other Person (other than a Person controlled by or under common control with such Grantor), with respect to any such assets with an aggregate value in excess of $2,000,000, that
has been notified of the security interest created in favor of the Administrative Agent, for the benefit of the Secured Parties, pursuant to this Security Agreement and with respect to which such Grantor has exercised commercially reasonable efforts
to have authenticated a record acknowledging that such warehouseman, bailee agent or other Person holds possession of such Collateral for the benefit of the Secured Parties and waives any Lien held by it against such Collateral, (iii) Inventory
that is in the possession of any Person in connection with a conditional sale, title retention, consignment or similar arrangements for sale of goods or products in the ordinary course of business and (iv) any Documents, Instruments, Promissory
Notes, Goods, Equipment and Inventory that have been delivered to the Administrative Agent. 
 (b) Each Grantor is the sole entitlement
holder of its Deposit Accounts, and no other Person (other than the Administrative Agent pursuant to this Security Agreement or any other Person with respect to Permitted Liens) has control or possession of, or any other interest in, any of its
Deposit Accounts or any other securities or property credited thereto, in each case, except as otherwise expressly permitted under the Credit Agreement. 

SECTION 3.5. Negotiable Instruments and Chattel Paper. Each Grantor has delivered to the Administrative Agent possession of all
originals of all Instruments, Promissory Notes and tangible Chattel Paper (other than any Intercompany Note, any Instrument, Promissory Note or tangible Chattel Paper held in a Securities Account or any Instrument, Promissory Note or tangible
Chattel Paper not exceeding $500,000 in principal amount individually or $1,000,000 in principal amount in the aggregate) held by such Grantor on the Closing Date (or, solely with respect to a Grantor that becomes a party to this Security Agreement
after the Closing Date, on the date such Grantor becomes a party to this Security Agreement). 
 SECTION 3.6. Intellectual Property
Collateral. Except as disclosed on Schedules III through VI, with respect to any Intellectual Property Collateral: 
 (a)
any material Intellectual Property Collateral owned by any Grantor is, to the knowledge of such Grantor, valid, subsisting, unexpired and enforceable and has not been abandoned or adjudged invalid or unenforceable, in whole or in part; 

(b) such Grantor is the sole and exclusive owner of the entire and unencumbered right, title and interest in and to all Intellectual Property
Collateral owned by such Grantor and to the knowledge of such Grantor, no claim has been made that the use of such Intellectual Property Collateral by such Grantor does or may, conflict with, infringe, misappropriate, dilute, misuse or otherwise
violate in any material respect, any of the rights of any third party; 
 (c) such Grantor has made all necessary filings and recordations
to protect its interest in any Intellectual Property Collateral owned by such Grantor to the extent such filing or recordation is necessary for the conduct of the business substantially in the manner presently conducted, including recordations of
all of its interests in the Patent Collateral and Trademark Collateral in the USPTO or foreign equivalent, and its claims to the Copyright Collateral in the United States Copyright Office (the “USCO”) or foreign equivalent, and, to
the extent necessary, has used proper statutory notice in connection with its use of any material Patent, Trademark and Copyright in any of such Intellectual Property Collateral; 

  
 11 

 (d) such Grantor has taken all reasonable steps to safeguard its Trade Secrets and to its
knowledge (i) none of the Trade Secrets of such Grantor has been used, divulged, disclosed or appropriated for the benefit of any other Person other than a Grantor; (ii) no employee, independent contractor or agent of such Grantor has
misappropriated any Trade Secrets of any other Person in the course of the performance of his or her duties as an employee, independent contractor or agent of such Grantor; and (iii) no employee, independent contractor or agent of such Grantor
is in default or breach of any material term of any employment agreement, non-disclosure agreement, assignment of inventions agreement or similar agreement or contract relating in any material way to the protection, ownership, development, use or
transfer of such Grantor’s Intellectual Property Collateral; 
 (e) to such Grantor’s knowledge, no third party is infringing upon
any Intellectual Property owned or used by such Grantor in any material respect, or any of its respective licensees in any material respect; 

(f) no written settlement or consents, covenants not to sue, nonassertion assurances, or releases have been entered into by such Grantor or to
which such Grantor is bound that adversely affects its rights to own or use any Intellectual Property in any material respect; 
 (g) such
Grantor has not granted a Lien in any Intellectual Property Collateral owned by such Grantor that has not been terminated or released except Permitted Liens; 

(h) such Grantor has executed and delivered to the Administrative Agent Intellectual Property Collateral security agreements for all
applications and registrations for all Copyrights, Patents and Trademarks owned by such Grantor; 
 (i) such Grantor uses commercially
reasonable efforts designed to ensure the quality of the manufacture, distribution and sale of all products sold by the Grantor and in the provision of all services rendered under or in connection with all Trademarks and has taken all commercially
reasonable actions necessary to ensure that all licensees of the Trademarks owned by such Grantor use such adequate standards of quality; 

(j) the consummation of the transactions contemplated by the Credit Agreement and this Security Agreement will not result in the termination
or material impairment of any material portion of the Intellectual Property Collateral; and 
 (k) to such Grantor’s knowledge, such
Grantor owns or is entitled to use by license, lease or other agreement, all Patents, Trademarks, Trade Secrets, Copyrights, mask works, licenses, technology, know-how, processes and rights with respect to any of the foregoing as necessary to
conduct the business and operations of such Grantor substantially in the manner presently conducted. 

  
 12 

 SECTION 3.7. Validity, Etc. 

(a) This Security Agreement creates a valid security interest in the Collateral securing the payment of the Obligations to the extent such
security interest may be created pursuant to Article 9 of the UCC. 
 (b) Upon the filing of a UCC-1 financing statement naming the
applicable Grantor as debtor, the Administrative Agent as secured party and listing all personal property as the collateral (collectively, the “Financing Statements”) in the jurisdiction of organization of each Grantor set forth
in Item A of Schedule II with the appropriate agencies therefor, the security interests created under this Security Agreement shall constitute a perfected security interest in the Collateral described on such Financing Statements in
favor of the Administrative Agent to the extent that a security interest therein may be perfected by filing a financing statement pursuant to the relevant UCC, prior to all other Liens, except for Permitted Liens. 

SECTION 3.8. Authorization, Approval, Etc. Except as have been obtained or made and are in full force and effect or except with respect
to the Financing Statements or, with respect to Intellectual Property Collateral, the recordation of any agreements with the USPTO or the USCO, no authorization, approval or other action by, and no notice to or filing with, any Governmental
Authority is required for the grant by the Grantors of the security interest granted hereby or for the execution, delivery and performance of this Security Agreement by the Grantors. 

SECTION 3.9. Best Interests. It is in the best interests of each Grantor (other than the Borrower) to execute this Security Agreement
inasmuch as such Grantor will, as a result of being an Affiliate of the Borrower, derive substantial direct and indirect benefits from the Loans made to the Borrower by the Lenders pursuant to the Credit Agreement, and each Grantor agrees that the
Lenders are relying on this representation in agreeing to make such Loans pursuant to the Credit Agreement to the Borrower. 
 ARTICLE IV

 COVENANTS 
 Each Grantor
covenants and agrees that, until the Termination Date, such Grantor will perform, comply with and be bound by the obligations set forth below. 

SECTION 4.1. As to Investment Property, Etc. 

SECTION 4.1.1. Capital Securities of Subsidiaries. No Grantor will allow any of its Subsidiaries (including the Borrower): 

(a) that is a corporation, business trust, joint stock company or similar Person, to issue Uncertificated Securities; 

(b) that is a partnership or limited liability company, to (i) issue Capital Securities that are to be dealt in or traded on securities
exchanges or in securities markets, (ii) expressly provide in its Organic Documents that its Capital Securities are securities governed by Article 8 of the UCC or (iii) place such Subsidiary’s Capital Securities in a Securities
Account; and 

  
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 (c) to issue Capital Securities in addition to or in substitution for the Capital Securities
pledged hereunder, except to such Grantor (and such Capital Securities are immediately pledged and delivered to the Administrative Agent pursuant to the terms of this Security Agreement). 

SECTION 4.1.2. Investment Property (other than Certificated Securities). 

(a) Upon (or such later date as Administrative Agent may agree to) a Grantor’s acquisition or creation of any Deposit Accounts or
Securities Accounts (other than Excluded Accounts), such Grantor will cause the bank or securities intermediary maintaining such deposit Accounts or Securities Account to execute a Control Agreement relating thereto. 

(b) With respect to any Uncertificated Securities (other than Uncertificated Securities credited to a Securities Account) issued by a Person
other than the Borrower or a Subsidiary constituting Investment Property owned or held by any Grantor, such Grantor will, upon written request from Administrative Agent, cause the issuer of such securities to either (i) register the
Administrative Agent as the registered owner thereof on the books and records of the issuer or (ii) execute a Control Agreement relating to such Investment Property pursuant to which the issuer agrees to comply with the Administrative
Agent’s instructions with respect to such Uncertificated Securities without further consent by such Grantor. With respect to Uncertificated Securities of the Borrower or any Subsidiary, the Grantor issuer of such Securities hereby agrees to
comply with the Administrative Agent’s instructions with respect to such Uncertificated Securities without further consent by such Grantor, and the Administrative Agent hereby agrees not to give such instructions unless an Event of Default has
occurred and is continuing. 
 (c) Except as otherwise permitted under the Credit Agreement (including Permitted Liens), no Grantor shall
cause or permit any Person other than Administrative Agent or the Secured Parties to have “control” (as defined in Section 9-104, 9-105, 9-106 or 9-107 of the UCC) of any Investment Property constituting part of the Collateral. 

SECTION 4.1.3. Certificated Securities (Stock Powers). Each Grantor agrees that all Certificated Securities constituting Collateral,
including the Capital Securities delivered by such Grantor pursuant to this Security Agreement, will be accompanied by duly executed undated blank stock powers, or other equivalent instruments of transfer reasonably acceptable to the Administrative
Agent. 
 SECTION 4.1.4. Continuous Pledge. Each Grantor will (subject to the terms of the Credit Agreement) deliver to the
Administrative Agent all Investment Property and all Payment Intangibles that constitute Collateral to the extent that such Investment Property or Payment Intangibles are evidenced by a Document, Instrument, Promissory Note or Chattel Paper (other
than any Intercompany Notes, any Document, Instrument, Promissory Note or Chattel Paper held in a Securities Account or any Document, Instrument, Promissory Note or Chattel Paper not exceeding $500,000 in principal amount individually or $1,000,000
in principal amount in the aggregate). 

  
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 SECTION 4.1.5. Voting Rights, Dividends, Etc. Each Grantor agrees: 

(a) upon receipt of notice of the occurrence and continuance of an Event of Default from the Administrative Agent and request therefor by the
Administrative Agent, so long as such Event of Default shall continue, to deliver (properly endorsed where required hereby or requested by the Administrative Agent) to the Administrative Agent all dividends and Distributions with respect to
Investment Property constituting Collateral; all interest, principal, other cash payments on Payment Intangibles; and all Proceeds of the Collateral, in each case thereafter received by such Grantor, all of which shall be held by the Administrative
Agent as additional Collateral, except for payments made in accordance with Section 8.6 of the Credit Agreement; and 
 (b) immediately upon
the occurrence and during the continuance of an Event of Default and so long as the Administrative Agent has notified such Grantor of the Administrative Agent’s intention to exercise its voting power under this clause (b), 

(i) with respect to Collateral consisting of general partner interests or limited liability company interests, to promptly modify its Organic
Documents to admit the Administrative Agent as a general partner or member, as applicable; 
 (ii) that the Administrative Agent may
exercise (to the exclusion of such Grantor) the voting power and all other incidental rights of ownership with respect to any Investment Property constituting Collateral, and such Grantor hereby grants the Administrative Agent an irrevocable proxy,
exercisable under such circumstances, to vote such Investment Property; and 
 (iii) to promptly deliver to the Administrative Agent such
additional proxies and other documents as are reasonably requested by Administrative Agent which are necessary to allow the Administrative Agent to exercise such voting power. 

All dividends, Distributions, interest, principal, cash payments, Payment Intangibles and Proceeds constituting Collateral that may at any time and from time
to time be held by such Grantor, but which such Grantor is then obligated to deliver to the Administrative Agent, shall, until delivery to the Administrative Agent, be held by such Grantor separate and apart from its other property in trust for the
Administrative Agent. The Administrative Agent agrees that unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall have given the notice referred to in this clause (b), such Grantor will have the
exclusive voting power with respect to any Investment Property and the Administrative Agent will, upon the written request of such Grantor, promptly deliver such proxies and other documents, if any, as shall be reasonably requested by such Grantor
which are necessary to allow such Grantor to exercise that voting power; provided that no vote shall be cast, or consent, waiver or ratification given, or action taken by such Grantor that would impair any such Collateral or be inconsistent
with or violate any provision of any Loan Document. 
 SECTION 4.2. Change of Name, Etc. No Grantor will change its name or place of
incorporation or organization or federal taxpayer identification number except as otherwise permitted by the Credit Agreement. 

  
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 SECTION 4.3. As to Accounts. 

(a) Each Grantor shall have the right to collect all Accounts so long as no Event of Default shall have occurred and be continuing. 

(b) Upon (i) the occurrence and continuance of an Event of Default and (ii) the delivery of notice by the Administrative Agent to
each Grantor, all Proceeds of Collateral received by such Grantor shall be delivered in kind to the Administrative Agent and, until delivered to Administrative Agent, shall be deposited in a Deposit Account of such Grantor maintained with the
Administrative Agent or that otherwise is a Controlled Account (such Deposit Accounts or Controlled Accounts, collectively, the “Collateral Accounts”), and such Grantor shall not commingle any such Proceeds and shall hold, separate
and apart from all other property, all such Proceeds in express trust for the benefit of the Administrative Agent until delivery thereof is made to the Administrative Agent. 

(c) Following the delivery of notice pursuant to clause (b)(ii) above, the Administrative Agent shall have the right to apply any
amount in the Collateral Accounts to the payment of any Obligations which are then due and payable in accordance with Section 9.4 of the Credit Agreement. 

SECTION 4.4. As to Grantors’ Use of Collateral. 

(a) Subject to clause (b) below, each Grantor: (i) may in the ordinary course of its business, at its own expense, sell, lease
or furnish under contracts of service any of the Inventory normally held by such Grantor for such purpose, and use and consume, in the ordinary course of its business, any raw materials, work in process or materials normally held by such Grantor for
such purpose, (ii) will, at its own expense, endeavor to collect, as and when due, all amounts due with respect to any of the Collateral, including the taking of such action with respect to such collection as the Administrative Agent may
reasonably request following the occurrence and during the continuance of an Event of Default or, in the absence of such request, as such Grantor may deem advisable, (iii) may grant, in the ordinary course of business, to any party obligated on
any of the Collateral, any rebate, refund or allowance to which such party may be lawfully entitled, and may accept, in connection therewith, the return of Goods, the sale or lease of which shall have given rise to such Collateral, or (iv) may
make Dispositions permitted under the Credit Agreement. 
 (b) At any time following the occurrence and during the continuance of an Event
of Default, whether before or after the maturity of any of the Obligations until the Termination Date, the Administrative Agent may: (i) revoke any or all of the rights of each Grantor set forth in clause (a) above, (ii) notify
any parties obligated on any of the Collateral to make payment to the Administrative Agent of any amounts due or to become due thereunder and (iii) enforce collection of any of the Collateral by suit or otherwise and surrender, release or
exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder or evidenced thereby. 

(c) Upon the request of the Administrative Agent following the occurrence and during the continuance of an Event of Default, each Grantor
will, at its own expense, notify any parties obligated on any of the Collateral to make payment to the Administrative Agent of any amounts due or to become due thereunder. 

  
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 (d) At any time following the occurrence and during the continuance of an Event of Default,
the Administrative Agent may endorse, in the name of such Grantor, any item, howsoever received by the Administrative Agent, representing any payment on or other Proceeds of any of the Collateral. 

(e) No Grantor may grant a Lien (other than non-consensual Permitted Liens and Permitted Liens described in clauses (a) and (k) of
Section 8.3 of the Credit Agreement) on any Bioprojet Agreement to any Person, other than the Secured Parties. 
 SECTION 4.5. As to
Intellectual Property Collateral. Each Grantor covenants and agrees to comply with the following provisions as such provisions relate to any Intellectual Property Collateral material to the operations or business of such Grantor: 

(a) such Grantor will not (i) do or fail to perform any act whereby any of the Patent Collateral may lapse or become abandoned or
dedicated to the public or unenforceable, (ii) authorize any of its licensees to (A) fail to continue to use any of the Trademark Collateral in order to maintain all of the Trademark Collateral in full force free from any claim of
abandonment for non-use, (B) fail to maintain the quality of products and services offered under all of the Trademark Collateral at a level substantially consistent with the quality of products and services offered under such Trademark as of
the date hereof, (C) [reserved], (D) [reserved], (E) [reserved] or (F) do or permit any act or knowingly omit to do any act whereby any of the Trademark Collateral may become invalid or unenforceable or (iii) do or permit
any act or knowingly omit to do any act whereby any of the Copyright Collateral or any of the Trade Secrets Collateral may lapse or become invalid or unenforceable or placed in the public domain except upon expiration of the end of an unrenewable
term of a registration thereof, unless, in the case of any of the foregoing requirements in clauses (i), (ii) and (iii), such Grantor reasonably and in good faith determines that either (x) such Intellectual Property Collateral is of
negligible economic value to such Grantor or (y) the loss of such Intellectual Property Collateral would not be material to such Grantor; 

(b) such Grantor shall promptly notify the Administrative Agent if it knows that any application or registration relating to any material item
of the Intellectual Property Collateral may, in the Grantor’s reasonable commercial judgment, become abandoned or dedicated to the public or placed in the public domain or invalid or unenforceable, or of any adverse determination (including the
institution of, or any such determination in, any proceeding in the USPTO, the USCO or any foreign counterpart thereof or any court) regarding such Grantor’s ownership of any of the Intellectual Property Collateral, its right to register the
same or to keep and maintain and enforce the same; 
 (c) deliver, on a quarterly basis, together with the delivery of the applicable
Compliance Certificate for such quarter, a report listing all applications for the registration of any Intellectual Property Collateral with the USPTO or any similar office or agency in any other country or any political subdivision thereof filed
during such quarter, and upon the request of the Administrative Agent (subject to the terms of the Credit Agreement and this Security Agreement), the applicable Grantor shall execute and deliver all agreements, instruments and documents as the
Administrative Agent may reasonably request to evidence the Administrative Agent’s security interest in any Intellectual Property Collateral; 

  
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 (d) [reserved] 

(e) such Grantor will take all reasonable and necessary steps (in such Grantor’s reasonable business judgement), including in any
proceeding before the USPTO, the USCO or any similar office or agency in any other country or any political subdivision thereof (subject to the terms of the Credit Agreement), to maintain and pursue any material application (and to obtain the
relevant registration) filed with respect to, and to maintain any registration of, material Intellectual Property Collateral, including the filing of applications for renewal, affidavits of use, affidavits of incontestability and opposition,
interference and cancellation proceedings and the payment of fees and taxes (except to the extent that dedication, abandonment or invalidation is permitted under the foregoing clause (a) or (b)); and 

(f) such Grantor will promptly (but no less than quarterly and sooner if requested by Administrative Agent) execute and deliver to the
Administrative Agent (as applicable) a Patent Security Agreement, Trademark Security Agreement and/or Copyright Security Agreement, as the case may be, in the forms of Exhibit A, Exhibit B and Exhibit C hereto following its
obtaining an interest in any such Intellectual Property and shall execute and deliver to the Administrative Agent any other document reasonably required to evidence the Administrative Agent’s interest in any part of such item of Intellectual
Property Collateral unless such Grantor shall determine in good faith (with the consent of the Administrative Agent, such consent not to be unreasonably withheld) that any Intellectual Property Collateral is of negligible economic value to such
Grantor. 
 SECTION 4.6. As to Letter of Credit Rights. 

(a) Each Grantor, by granting a security interest in its Letter of Credit Rights to the Administrative Agent, intends to (and hereby does)
collaterally assign to the Administrative Agent its rights (including its contingent rights ) to the Proceeds of all Letter of Credit Rights of which it is or hereafter becomes a beneficiary or assignee. 

(b) Upon the occurrence of an Event of Default, such Grantor will, promptly upon request by the Administrative Agent, (i) notify (and
such Grantor hereby authorizes the Administrative Agent to notify) the issuer and each nominated person with respect to each of the Letters of Credit that the Proceeds thereof have been assigned to the Administrative Agent hereunder and any payments
due or to become due in respect thereof are to be made directly to the Administrative Agent and (ii) arrange for the Administrative Agent to become the transferee beneficiary of such Letter of Credit. 

SECTION 4.7. As to Commercial Tort Claims. Each Grantor covenants and agrees that, until the Termination Date, with respect to any
Commercial Tort Claim exceeding $500,000 hereafter arising, it shall deliver to the Administrative Agent a reasonably detailed description of 

any such new Commercial Tort Claim. 

SECTION 4.8. Electronic Chattel Paper and Transferable Records. If any Grantor at any time holds or acquires an interest in any
Electronic Chattel Paper or any “transferable record,” as that term is defined in Section 201 of the U.S. Federal Electronic Signatures in Global and National Commerce Act or in Section 16 of the U.S. Uniform Electronic
Transactions Act, as in effect in 

  
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any relevant jurisdiction, with a value in excess of $500,000, such Grantor shall promptly notify the Administrative Agent thereof and, at the request of the Administrative Agent, shall take such
action as the Administrative Agent may reasonably request to vest in the Administrative Agent control under Section 9-105 of the UCC of such Electronic Chattel Paper or control under Section 201 of the Federal Electronic Signatures in Global
and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. The Administrative Agent agrees with such Grantor that the
Administrative Agent will arrange, pursuant to procedures reasonably satisfactory to the Administrative Agent and so long as such procedures will not result in the Administrative Agent’s loss of control, for the Grantor to make alterations to
the Electronic Chattel Paper or transferable record permitted under Section 9-105 of the UCC or, as the case may be, Section 201 of the U.S. Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the U.S.
Uniform Electronic Transactions Act for a party in control to allow without loss of control, unless an Event of Default has occurred and is continuing or would occur after taking into account any action by such Grantor with respect to such
Electronic Chattel Paper or transferable record. 
 SECTION 4.9. Further Assurances, Etc. Each Grantor agrees that, from time to time
at its own expense, it will, subject to the terms of this Security Agreement, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or that the Administrative Agent may reasonably
request, in order to perfect, preserve and protect any security interest granted hereby or to enable the Administrative Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality
of the foregoing, such Grantor will: 
 (a) from time to time upon the written request of the Administrative Agent, promptly deliver to the
Administrative Agent such stock powers, instruments and similar documents, reasonably satisfactory in form and substance to the Administrative Agent, with respect to Capital Securities constituting Collateral as are necessary to perfect the security
interest created hereunder and will, from time to time upon the prior written request of the Administrative Agent, after the occurrence and during the continuance of any Event of Default, promptly transfer any Capital Securities constituting
Collateral into the name of any nominee designated by the Administrative Agent; if any Collateral shall be evidenced by an Instrument, negotiable Document, Promissory Note or tangible Chattel Paper, deliver and pledge to the Administrative Agent
hereunder such Instrument, negotiable Document, Promissory Note or tangible Chattel Paper (other than any Intercompany Note, any Instrument, negotiable Document, Promissory Note or tangible Chattel Paper held in a Securities Account subject to a
Control Agreement or any Instrument, negotiable Document, Promissory Note or tangible Chattel Paper not exceeding $500,000 in principal amount individually) duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in
form and substance reasonably satisfactory to the Administrative Agent; 
 (b) file (and hereby authorize the Administrative Agent to file)
such Financing Statements or continuation statements, or amendments thereto, and such other instruments or notices (including any assignment of claim form under or pursuant to the federal assignment of claims statute, 31 U.S.C. § 3727, any
successor or amended version thereof or any regulation promulgated under or pursuant to any version thereof), as may be necessary or that the Administrative Agent may reasonably request in order to perfect and preserve the security interests and
other rights granted or purported to be granted to the Administrative Agent, for the benefit of the Secured Parties, hereby; 

  
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 (c) [reserved]; 

(d) not take or omit to take any action the taking or the omission of which would result in any impairment or alteration of any obligation of
the maker of any Payment Intangible or other Instrument constituting Collateral, except as provided in Section 4.4; and 
 (e)
not create any tangible Chattel Paper with a value in excess of $500,000 individually or $1,000,000 in the aggregate, without placing a legend on such tangible Chattel Paper reasonably acceptable to the Administrative Agent indicating that the
Administrative Agent has a security interest in such Chattel Paper. 
 With respect to the foregoing and the grant of the security interest
hereunder, each Grantor hereby authorizes the Administrative Agent to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral as may be necessary or desirable to create, preserve,
perfect or maintain the perfection of or validate the security interest granted hereunder. Each Grantor agrees that a carbon, photographic or other reproduction of this Security Agreement or any UCC financing statement covering the Collateral or any
part thereof shall be sufficient as a UCC financing statement where permitted by Law. Each Grantor hereby authorizes the Administrative Agent to file financing statements describing as the collateral covered thereby “all of the debtor’s
personal property or assets” or words to that effect, notwithstanding that such wording may be broader in scope than the Collateral described in this Security Agreement. 

ARTICLE V 
 THE ADMINISTRATIVE
AGENT 
 SECTION 5.1. Agent Appointed Attorney-in-Fact. Each Grantor hereby designates and appoints the Administrative Agent, on
behalf of the Secured Parties, and each of its designees or agents, as attorney-in-fact of such Grantor, irrevocably and with power of substitution, with authority to take any or all of the following actions upon the occurrence and during the
continuance of an Event of Default until the Termination Date in accordance with the terms hereof: 
 (a) to demand, collect, settle,
compromise and adjust, and give discharges and releases concerning the Collateral, all as the Administrative Agent may deem reasonably appropriate; 

(b) to commence and prosecute any actions at any court for the purposes of collecting any of the Collateral and enforcing any other right in
respect thereof; 
 (c) to defend, settle or compromise any action brought in respect of the Collateral and, in connection therewith, give
such discharge or release as the Administrative Agent may deem reasonably appropriate; 

  
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 (d) to pay or discharge taxes, liens, security interests or other encumbrances levied or
placed on or threatened against the Collateral; 
 (e) to direct any parties liable for any payment in connection with any of the Collateral
to make payment of any and all monies due and to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; 

(f) to receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect of or
arising out of any Collateral; 
 (g) to sign and endorse any drafts, assignments, proxies, stock powers, verifications, notices and other
documents relating to the Collateral; 
 (h) to execute and deliver all assignments, conveyances, statements, financing statements, renewal
financing statements, security and pledge agreements, affidavits, notices and other agreements, instruments and documents that the Administrative Agent may deem reasonably appropriate in order to perfect and maintain the security interests and liens
granted in this Agreement and in order to fully consummate all of the transactions contemplated therein; 
 (i) to exchange any of the
Collateral or other property upon any merger, consolidation, reorganization, recapitalization or other readjustment of the issuer thereof and, in connection therewith, deposit any of the Collateral with any committee, depository, transfer agent,
registrar or other designated agency upon such terms as the Administrative Agent may deem reasonably appropriate; 
 (j) to vote for a
shareholder or member resolution, or to sign an instrument in writing, sanctioning the transfer of any or all of the Collateral into the name of the Administrative Agent or one or more of the Secured Parties or into the name of any transferee to
whom the Collateral or any part thereof may be sold pursuant to Article VI hereof; and 
 (k) to perform the affirmative obligations
of such Grantor hereunder. 
 This power of attorney is a power coupled with an interest and shall be irrevocable for so long as any of the
Obligations (other than contingent indemnification obligations for which no claim has been asserted) shall remain outstanding and until all of the commitments relating thereto shall have been terminated. The Administrative Agent shall be under no
duty to exercise or withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted to the Administrative Agent in this Agreement, and shall not be liable for any failure to do so or any delay in doing so.
The Administrative Agent shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross
negligence or willful misconduct. This power of attorney is conferred on the Administrative Agent solely to protect, preserve and realize upon its security interest in the Collateral. 

SECTION 5.2. Assignment by the Administrative Agent. The Administrative Agent may from time to time assign its security interest in the
Collateral to a successor agent in accordance with the Credit Agreement, and the assignee shall be entitled to all of the rights and remedies of the Administrative Agent under this Agreement in relation thereto. 

  
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 SECTION 5.3. The Administrative Agent’s Duty of Care. Other than the exercise of
reasonable care to assure the safe custody of the Collateral while being held by the Administrative Agent hereunder and to account for all proceeds thereof, the Administrative Agent shall have no duty or liability to preserve rights pertaining
thereto, it being understood and agreed that the Grantors shall be responsible for preservation of all rights in the Collateral, and the Administrative Agent shall be relieved of all responsibility for the Collateral upon surrendering it or
tendering the surrender of it to the Grantors. The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if such Collateral is accorded treatment substantially
equal to that which the Administrative Agent accords its own property, which shall be no less than the treatment employed by a reasonable and prudent agent in the industry, it being understood that the Administrative Agent shall not have
responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not the Administrative Agent has or is deemed to have knowledge of
such matters or (ii) taking any necessary steps to preserve rights against any parties with respect to any of the Collateral. The provisions of Article XI of the Credit Agreement, including the rights, privileges, protections, benefits,
indemnities and immunities of the Administrative Agent are incorporated herein, mutatis mutandis, as if a part hereof, and shall also apply to the Administrative Agent acting under or in connection with this Agreement. 

SECTION 5.4. Release of Collateral. The Administrative Agent, upon the direction of the Required Lenders, may release any of the
Collateral from this Security Agreement or may substitute any of the Collateral for other Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Agreement as to any Collateral not
expressly released or substituted, and this Agreement shall continue as a first priority (subject to Permitted Liens) lien on all Collateral not expressly released or substituted. 

SECTION 5.5. Application of Proceeds. Upon the occurrence and during the continuation of an Event of Default, any payments in respect
of the Obligations and any proceeds of the Collateral, when received by the Administrative Agent or any of the Secured Parties in cash or its equivalent, will be applied in reduction of the Obligations in the order set forth in Section 9.4 of
the Credit Agreement, and each Grantor irrevocably waives the right to direct the application of such payments and proceeds and acknowledges and agrees that the Administrative Agent shall have the continuing and exclusive right to apply and reapply
any and all such payments and proceeds in accordance with Section 9.4 of the Credit Agreement. 
 ARTICLE VI 

REMEDIES 
 SECTION 6.1. Certain
Remedies. If any Event of Default shall have occurred and be continuing: 
 (a) The Administrative Agent may exercise in respect of the
Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights 

  
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and remedies of the Administrative Agent on default under the UCC (whether or not the UCC is in effect in the jurisdiction where the rights and remedies are asserted) and also may: 

(i) take possession of any Collateral not already in its possession without demand and without legal process; 

(ii) require each Grantor to, and each Grantor hereby agrees that it will, at its expense and upon request of the Administrative Agent
forthwith, assemble all or part of the Collateral as reasonably directed by the Administrative Agent and make it available to the Administrative Agent at a place to be designated by the Administrative Agent that is reasonably convenient to both the
Administrative Agent and such Grantor; 
 (iii) enter onto the property where any Collateral is located and take possession thereof without
demand and without legal process; and 
 (iv) without notice except as specified below, lease, license, sell or otherwise dispose of the
Collateral or any part thereof in one or more parcels at any public or private sale, at any of the Administrative Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Administrative Agent
may deem commercially reasonable. Each Grantor agrees that, to the extent notice of sale shall be required by Law, at least ten (10) days’ prior notice to such Grantor of the time and place of any public sale or the time after which any
private sale is to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or
private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 

(b) All cash Proceeds received by the Administrative Agent in respect of any sale of, collection from, or other realization upon, all or any
part of the Collateral shall be applied by the Administrative Agent against all or any part of the Obligations as set forth in Section 9.4 of the Credit Agreement. 

(c) The Administrative Agent may: 

(i) transfer all or any part of the Collateral into the name of the Administrative Agent or its nominee, with or without disclosing that such
Collateral is subject to the Lien hereunder; 
 (ii) notify the parties obligated on any of the Collateral to make payment to the
Administrative Agent of any amount due or to become due thereunder; 
 (iii) withdraw, or cause or direct the withdrawal, of all funds with
respect to any Collateral Account; 
 (iv) enforce collection of any of the Collateral by suit or otherwise, and surrender, release or
exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto; 

  
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 (v) endorse any checks, drafts, or other writings in any Grantor’s name to allow
collection of the Collateral; 
 (vi) take control of any Proceeds of the Collateral; and 

(vii) execute (in the name, place and stead of any Grantor) endorsements, assignments, stock powers and other instruments of conveyance or
transfer with respect to all or any of the Collateral. 
 SECTION 6.2. Securities Laws. If the Administrative Agent shall determine
to exercise its right to sell all or any of the Collateral that are Capital Securities pursuant to Section 6.1(a)(iv), each Grantor agrees that, upon written request of the Administrative Agent, such Grantor will, at its own expense:

 (a) execute and deliver, and cause (or, with respect to any issuer which is not a Subsidiary of such Grantor, use its best efforts to
cause) each issuer of the Collateral contemplated to be sold and the directors and officers thereof to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts and things, as may be necessary or, in the
opinion of the Administrative Agent, advisable to register such Collateral under the provisions of the Securities Act of 1933, as from time to time amended and the rules and regulations of the SEC thereunder (the “Securities Act”),
and cause the registration statement relating thereto to become effective and to remain effective for such period as prospectuses are required by Law to be furnished, and to make all amendments and supplements thereto and to the related prospectus
which, in the opinion of the Administrative Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the SEC applicable thereto; 

(b) use its best efforts to exempt the Collateral under the state securities or “Blue Sky” laws and to obtain all necessary
governmental approvals for the sale of the Collateral, as requested by the Administrative Agent; 
 (c) cause (or, with respect to any
issuer that is not a Subsidiary of such Grantor, use its best efforts to cause) each such issuer to make available to its security holders, as soon as practicable, an earnings statement that will satisfy the provisions of Section 11(a) of the
Securities Act; and 
 (d) do or cause to be done all such other acts and things as may be necessary to make such sale of the Collateral or
any part thereof valid and binding and in compliance with applicable Law. 
 SECTION 6.3. Compliance with Restrictions. Each Grantor
agrees that in any sale of any of the Collateral whenever an Event of Default shall have occurred and be continuing, the Administrative Agent is hereby authorized to comply with any limitation or restriction in connection with such sale as it may be
advised by counsel is necessary in order to avoid any violation of applicable Law (including compliance with such procedures as may restrict the number of prospective bidders and purchasers, require that such prospective bidders and

  
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purchasers have certain qualifications, and restrict such prospective bidders and purchasers to Persons who will represent and agree that they are purchasing for their own account for investment
and not with a view to the distribution or resale of such Collateral), or in order to obtain any required approval of the sale or of the purchaser by any Governmental Authority or official, and such Grantor further agrees that such compliance shall
not result in such sale being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Administrative Agent be liable nor accountable to such Grantor for any discount allowed by the reason of the fact that such
Collateral is sold in compliance with any such limitation or restriction. 
 SECTION 6.4. Protection of Collateral. The
Administrative Agent may from time to time, at its option, upon the occurrence and continuance of an Event of Default, perform and take any action which the Administrative Agent deems reasonably necessary for the maintenance, preservation or
protection of any of the Collateral or of its security interest therein. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 
 SECTION
7.1. Loan Document. This Security Agreement is a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and
provisions thereof, including Article X thereof. 
 SECTION 7.2. Binding on Successors, Transferees and Assigns; Assignment. This
Security Agreement shall remain in full force and effect until the Termination Date has occurred, shall be binding upon the Grantors and their successors, permitted transferees and permitted assigns and shall inure to the benefit of and be
enforceable by the Administrative Agent and the Secured Parties; provided that no Grantor may assign or transfer any of its rights or obligations hereunder without the prior consent of the Administrative Agent. 

SECTION 7.3. Amendments, Etc. No amendment or modification to or waiver of any provision of this Security Agreement, nor consent to any
departure by any Grantor from its obligations under this Security Agreement, shall in any event be effective unless the same shall be in writing and signed by the Administrative Agent and the Grantors and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given. 
 SECTION 7.4. Notices. All notices and other
communications provided for hereunder shall be delivered or made as provided in Section 10.2 of the Credit Agreement. 
 SECTION 7.5.
Release of Liens. Upon (a) the Disposition of Collateral to a Person that is not a Grantor or a Subsidiary of a Grantor in accordance with the Credit Agreement and (b) the occurrence of the Termination Date, the security interests
granted herein shall automatically terminate with respect to (i) such Collateral (in the case of clause (a)) or (ii) all Collateral (in the case of clause (b)). Upon any such Disposition or termination, the
Administrative Agent will, at the Grantors’ sole expense, deliver to the Grantors, without any representations, warranties or recourse of any kind whatsoever, all Collateral held by the Administrative Agent hereunder, and execute and deliver to
the Grantors such documents as the Grantors shall reasonably request to evidence such termination. Upon the occurrence of the Termination Date, this Security Agreement shall automatically terminate. 

  
 25 

 SECTION 7.6. Additional Grantors. Upon the execution and delivery by any other Person
of a supplement in the form of Annex I hereto, such Person shall become a “Grantor” hereunder with the same force and effect as if it were originally a party to this Security Agreement and named as a “Grantor”
hereunder. The execution and delivery of such supplement shall not require the consent of any other Grantor hereunder, and the rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any
new Grantor as a party to this Security Agreement. Any schedules delivered by any additional Grantor pursuant to such supplement shall supplement the relevant schedules to this Security Agreement. 

SECTION 7.7. No Waiver; Remedies. In addition to, and not in limitation of Section 2.5, no failure on the part of the
Administrative Agent to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of
any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by Law. 
 SECTION 7.8.
Severability. Any provision of this Security Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability
without invalidating the remaining provisions of this Security Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 

SECTION 7.9. Governing Law, Entire Agreement, Etc. THIS SECURITY AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION
(WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY DOCUMENT CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK
(INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). This Security Agreement, along with the other Loan Documents, constitutes the entire understanding among the parties hereto with respect
to the subject matter thereof and supersedes any prior agreements, written or oral, with respect thereto. 
 SECTION 7.10.
Counterparts. This Security Agreement may be executed by the parties hereto in several counterparts, each of which shall be an original and all of which shall constitute together but one and the same agreement. This Security Agreement shall
become effective when counterparts hereof executed on behalf of all of the signatories hereto, shall have been received by the Administrative Agent. Delivery of an executed counterpart of a signature page to this Security Agreement by email (in
“pdf” or “tiff” or similar format) or telecopy shall be effective as delivery of a manually executed counterpart of this Security Agreement. 

SECTION 7.11. Rights of Required Lenders. If the Administrative Agent has resigned and no successor agent has been appointed pursuant
to Section 10.10 of the Credit Agreement, all rights of the Administrative Agent hereunder may be exercised by the Required Lenders. 

  
 26 

 [Signature Page Follows] 

  
 27 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Security Agreement to be duly
executed and delivered by its Authorized Officer as of the date first above written. 
  

					
	HARMONY BIOSCIENCES, LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	HARMONY BIOSCIENCES II, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP

as the Administrative Agent

		
	By:	 	 OrbiMed ROF III LLC,
its General Partner

		
	By:	 	 OrbiMed Advisors LLC,
its Managing Partner

		
	By:	 	  

		 	Name:	 	                                      
                              
		 	Title:	 	Member

  
 [Signature Page
to Security Agreement] 

 SCHEDULE I 

to Security Agreement 
  

					
	 Name of Grantor:
	  	 	Interest:	 

 SCHEDULE II 

to Security Agreement 
  

	Item A.	 Location of each Grantor. 

 

					
	 Name of Grantor:
	  	Location for purposes of UCC:	 
		  			

  

	Item B.	 Filing locations last five years. 

 

	Item C.	 Trade names. 

 

					
	 Name of Grantor:
	  	Trade Names:	 
		  			

  

	Item D.	 Merger or other corporate reorganization. 

 

	Item E.	 Grantor’s federal taxpayer ID numbers. 

 

					
	 Name of Grantor:
	  	Taxpayer ID numbers:	 
		  			

	Item F.	 Government Contracts. 

 

	Item G.	 Deposit Accounts, Securities Accounts and Commodity Accounts. 

 

					
	 Name of Grantor:
	  	Description of Deposit Accounts, Securities Accounts and
Commodity Accounts:	 
		  			

  

	Item H.	 Letter of Credit Rights. 

 

	Item I.	 Commercial Tort Claims. 

 

	Item J.	 Pledged Notes. 

 

					
	 Name of Grantor:
	  	Description of Pledged Notes:	 
		  			

 SCHEDULE III 

to Security Agreement 
  

	Item A.	 Patents. 

  

	Item B.	 Patent Licenses. 

 SCHEDULE IV 

to Security Agreement 
  

	Item A.	 Trademarks. 

  

	Item B.	 Trademark Licenses. 

 SCHEDULE V 

to Security Agreement 
  

	Item A.	 Copyrights/Mask Works. 

 

	Item B.	 Copyright/Mask Work Licenses. 

 SCHEDULE VI 

to Security Agreement 
 Trade
Secret or Know-How Licenses 

 EXHIBIT A 

to Security Agreement 
 PATENT
SECURITY AGREEMENT 
 This PATENT SECURITY AGREEMENT, dated as of         
    , 20    (this “Agreement”), is made by [NAME OF GRANTOR], a                    
                     (the “Grantor”), in favor of ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP, a Delaware limited
partnership (together with its successors, transferees and assignees, the “Administrative Agent”) for the Secured Parties. 

W I T N E S S E T H : 

WHEREAS, pursuant to the Credit Agreement, dated as of January 9, 2020 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), by and among HARMONY BIOSCIENCES, LLC, a Delaware limited liability company (the “Borrower”), the Lenders (as defined therein) and the Administrative Agent, the Lenders have
extended Commitments to make Loans to the Borrower; 
 WHEREAS, in connection with the Credit Agreement, the Grantor and its Affiliates have
executed and delivered a Pledge and Security Agreement in favor of the Administrative Agent, for the benefit of the Secured Parties, dated as of January 9, 2020 (as amended, supplemented or otherwise modified from time to time, the
“Security Agreement”); 
 WHEREAS, pursuant to the Credit Agreement and pursuant to clause (f) of Section 4.5 of
the Security Agreement, the Grantor is required to execute and deliver this Agreement and to grant to the Administrative Agent, for the benefit of the Secured Parties, a continuing security interest in all of the Patent Collateral (as defined below)
to secure all of the Obligations; and 
 WHEREAS, the Grantor has duly authorized the execution, delivery and performance of this Agreement;

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor agrees,
for the benefit of the Secured Parties, as follows: 
 SECTION 1. Definitions. Unless otherwise defined herein or the context
otherwise requires, terms used in this Agreement, including its preamble and recitals, have the meanings provided (or incorporated by reference) in the Security Agreement. 

SECTION 2. Grant of Security Interest. The Grantor hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a
continuing security interest in all of the Grantor’s right, title and interest in and to the Patent Collateral, including each Patent and Patent application referred to in Item A of Schedule I attached hereto and each Patent
license referred to in Item B of Schedule I attached hereto (excluding any licenses to the Grantor for commercially available off-the-shelf software). 

 SECTION 3. Security Agreement. This Agreement has been executed and delivered by the
Grantor for the purpose of registering the security interest of the Administrative Agent in the Patent Collateral with the USPTO. The security interest granted hereby has been granted in furtherance of, and not in limitation of, the security
interest granted to the Administrative Agent for the benefit of the Secured Parties under the Security Agreement. The Security Agreement (and all rights and remedies of the Secured Parties thereunder) shall remain in full force and effect in
accordance with its terms. 
 SECTION 4. Release of Liens. Upon (a) the Disposition of Patent Collateral in accordance with the
Credit Agreement or (b) the occurrence of the Termination Date, the security interests granted herein shall automatically terminate with respect to (i) such Patent Collateral (in the case of clause (a)) or (ii) all Patent
Collateral (in the case of clause (b)). Upon any such Disposition or termination, the Administrative Agent will, at the Grantor’s sole expense, deliver to the Grantor, without any representations, warranties or recourse of any kind
whatsoever, all Patent Collateral held by the Administrative Agent hereunder, and execute and deliver to the Grantor such documents as the Grantor shall reasonably request to evidence such termination. 

SECTION 5. Acknowledgment. The Grantor does hereby further acknowledge and affirm that the rights and remedies of the Secured Parties
with respect to the security interest in the Patent Collateral granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which (including the remedies provided for therein) are incorporated by reference herein as
if fully set forth herein. 
 SECTION 6. Loan Document. This Agreement is a Loan Document executed pursuant to the Credit Agreement
and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof, including Article X thereof. 

SECTION 7. Effectiveness. This Agreement shall become effective when a counterpart hereof executed by the Grantor, shall have been
received by the Administrative Agent. Delivery of an executed counterpart of a signature page to this Agreement by email (in “pdf” or “tiff” or similar format) or telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement. 
 [Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the Grantor hereto has caused this Agreement to be duly executed and
delivered by its Authorized Officer as of the date first above written. 
  

			
	[NAME OF GRANTOR]
		
	By:	 	
                     
                            

Name:

		 	Title:

  
 [Signature Page to
Patent Security Agreement] 

 SCHEDULE I 

to Patent Security Agreement 
  

	Item A.	 Patents. 

  

																	
	 Issued
Patents
	 
	 Country
	  	Patent No.	 	  	Issue Date	 	  	Inventor(s)	 	  	Title	 
		  				  				  				  			
	
	
Pending Patent Applications
	 
	 Country
	  	Serial No.	 	  	Filing Date	 	  	Inventor(s)	 	  	Title	 
		  				  				  				  			

  

	Item B.	 Patent Licenses (excluding any licenses to the Grantor for commercially available off- the-shelf
software) 

  

																					
	 Country or

Territory
	  	Licensor	 	  	Licensee	 	  	Effective
Date	 	  	Expiration
Date	 	  	Subject
Matter	 
		  				  				  				  				  			

 EXHIBIT B 

to Security Agreement 
 TRADEMARK
SECURITY AGREEMENT 
 This TRADEMARK SECURITY AGREEMENT, dated as of         
    , 20     (this “Agreement”), is made by [NAME OF GRANTOR], a                     
                     (the “Grantor”), in favor of ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP, a Delaware limited
partnership (together with its successors, transferees and assignees, the “Administrative Agent”) for the Secured Parties. 

W I T N E S S E T H : 

WHEREAS, pursuant to the Credit Agreement, dated as of January 9, 2020 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), by and among HARMONY BIOSCIENCES, LLC, a Delaware limited liability company (the “Borrower”), the Lenders (as defined therein) and the Administrative Agent, the Lenders have
extended Commitments to make Loans to the Borrower; 
 WHEREAS, in connection with the Credit Agreement, the Grantor and its Affiliates have
executed and delivered a Pledge and Security Agreement in favor of the Administrative Agent, dated as of January 9, 2020 (as amended, supplemented, or otherwise modified from time to time, the “Security Agreement”); 

WHEREAS, pursuant to the Credit Agreement and pursuant to clause (f) of Section 4.5 of the Security Agreement, the Grantor is
required to execute and deliver this Agreement and to grant to the Administrative Agent, for the benefit of the Secured Parties, a continuing security interest in all of the Trademark Collateral (as defined below) to secure all of the Obligations;
and 
 WHEREAS, the Grantor has duly authorized the execution, delivery and performance of this Agreement; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor agrees, for the
benefit of the Secured Parties, as follows: 
 SECTION 1. Definitions. Unless otherwise defined herein or the context otherwise
requires, terms used in this Agreement, including its preamble and recitals, have the meanings provided (or incorporated by reference) in the Security Agreement. 

SECTION 2. Grant of Security Interest. The Grantor hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a
continuing security interest in all of Grantor’s right, title and interest in and to the Trademark Collateral, including those Trademarks referred to in Item A of Schedule I hereto and each Trademark license referred to in Item
B of Schedule I hereto (excluding any licenses to the Grantor for commercially available off-the-shelf software). 
 SECTION 3.
Security Agreement. This Agreement has been executed and delivered by the Grantor for the purpose of registering the security interest of the Administrative Agent in the 

 
Trademark Collateral with the USPTO. The security interest granted hereby has been granted in furtherance of, and not in limitation of, the security interest granted to the Administrative Agent
for the benefit of the Secured Parties under the Security Agreement. The Security Agreement (and all rights and remedies of the Secured Parties thereunder) shall remain in full force and effect in accordance with its terms. 

SECTION 4. Release of Liens. Upon (a) the Disposition of Trademark Collateral in accordance with the Credit Agreement or
(b) the occurrence of the Termination Date, the security interests granted herein shall automatically terminate with respect to (i) such Trademark Collateral (in the case of clause (a)) or (ii) all Trademark Collateral (in the
case of clause (b)). Upon any such Disposition or termination, the Administrative Agent will, at the Grantor’s sole expense, deliver to the Grantor, without any representations, warranties or recourse of any kind whatsoever, all
Trademark Collateral held by the Administrative Agent hereunder, and execute and deliver to the Grantor such documents as the Grantor shall reasonably request to evidence such termination. 

SECTION 5. Acknowledgment. The Grantor does hereby further acknowledge and affirm that the rights and remedies of the Secured Parties
with respect to the security interest in the Trademark Collateral granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which (including the remedies provided for therein) are incorporated by reference herein
as if fully set forth herein. 
 SECTION 6. Loan Document. This Agreement is a Loan Document executed pursuant to the Credit
Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof, including Article X thereof. 

SECTION 7. Effectiveness. This Agreement shall become effective when a counterpart hereof executed by the Grantor, shall have been
received by the Administrative Agent. Delivery of an executed counterpart of a signature page to this Agreement by email (in “pdf” or “tiff” or similar format) or telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement. 
 [Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the Grantor hereto has caused this Agreement to be duly executed and
delivered by Authorized Officer as of the date first above written. 
  

			
	[NAME OF GRANTOR]
		
	By:	 	
                     
                            

		 	Name:
		 	Title:

  
 [Signature Page to
Trademark Security Agreement] 

 SCHEDULE I 

to Trademark Security Agreement 
  

	Item A.	 Trademarks. 

  

													
	Registered Trademarks	 
	 Country
	  	Trademark	 	  	Registration No.	 	  	Registration Date	 
		  				  				  			
	Pending Trademark Applications	 
	 Country
	  	Trademark	 	  	Serial No.	 	  	Filing Date	 
		  				  				  			

  

	Item B.	 Trademark Licenses. 

 

																					
	 Country or

Territory
	  	Trademark	 	  	Licensor	 	  	Licensee	 	  	Effective
Date	 	  	Expiration
Date	 
		  				  				  				  				  			

 EXHIBIT C 

to Security Agreement 
 COPYRIGHT
SECURITY AGREEMENT 
 This COPYRIGHT SECURITY AGREEMENT, dated as of         
    , 20     (this “Agreement”), is made by [NAME OF GRANTOR], a             
                     (the “Grantor”), in favor of ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP, a Delaware limited
partnership (together with its successors, transferees and assignees, the “Administrative Agent”) for the Secured Parties. 

W I T N E S S E T H : 

WHEREAS, pursuant to the Credit Agreement, dated as of January 9, 2020 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), by and among HARMONY BIOSCIENCES, LLC, a Delaware limited liability company (the “Borrower”), the Lenders (as defined therein) and the Administrative Agent, the Lenders have
extended Commitments to make Loans to the Borrower; 
 WHEREAS, in connection with the Credit Agreement, the Grantor and its Affiliates have
executed and delivered a Pledge and Security Agreement in favor of the Administrative Agent, dated as of January 9, 2020 (as amended, supplemented or otherwise modified from time to time, the “Security Agreement”); 

WHEREAS, pursuant to the Credit Agreement and pursuant to clause (f) of Section 4.5 of the Security Agreement, the Grantor is
required to execute and deliver this Agreement and to grant to the Administrative Agent, for the benefit of the Secured Parties, a continuing security interest in all of the Copyright Collateral (as defined below) to secure all of the Obligations;
and 
 WHEREAS, the Grantor has duly authorized the execution, delivery and performance of this Agreement; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor agrees, for the
benefit of the Secured Parties, as follows: 
 SECTION 1. Definitions. Unless otherwise defined herein or the context otherwise
requires, terms used in this Agreement, including its preamble and recitals, have the meanings provided (or incorporated by reference) in the Security Agreement. 

SECTION 2. Grant of Security Interest. The Grantor hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a
continuing security interest in all of the Grantor’s right, title and interest in and to the Copyright Collateral, including the Copyrights referred to in Item A of Schedule I hereto and the exclusive Copyright licenses referred
to in Item B of Schedule I hereto (excluding any licenses to the Grantor for commercially available off-the-shelf software). 

SECTION 3. Security Agreement. This Agreement has been executed and delivered by the Grantor for the purpose of registering the
security interest of the Administrative Agent in the 

 
Copyright Collateral with the USCO. The security interest granted hereby has been granted in furtherance of, and not in limitation of, the security interest granted to the Administrative Agent
for the benefit of the Secured Parties under the Security Agreement. The Security Agreement (and all rights and remedies of the Secured Parties thereunder) shall remain in full force and effect in accordance with its terms. 

SECTION 4. Release of Liens. Upon (a) the Disposition of Copyright Collateral in accordance with the Credit Agreement or
(b) the occurrence of the Termination Date, the security interests granted herein shall automatically terminate with respect to (i) such Copyright Collateral (in the case of clause (a)) or (ii) all Copyright Collateral (in the
case of clause (b)). Upon any such Disposition or termination, the Administrative Agent will, at the Grantor’s sole expense, deliver to the Grantor, without any representations, warranties or recourse of any kind whatsoever, all
Copyright Collateral held by the Administrative Agent hereunder, and execute and deliver to the Grantor such documents as the Grantor shall reasonably request to evidence such termination. 

SECTION 5. Acknowledgment. The Grantor does hereby further acknowledge and affirm that the rights and remedies of the Secured Parties
with respect to the security interest in the Copyright Collateral granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which (including the remedies provided for therein) are incorporated by reference herein
as if fully set forth herein. 
 SECTION 6. Loan Document. This Agreement is a Loan Document executed pursuant to the Credit
Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof, including Article X thereof. 

SECTION 7. Effectiveness. This Agreement shall become effective when a counterpart hereof executed by the Grantor, shall have been
received by the Administrative Agent. Delivery of an executed counterpart of a signature page to this Agreement by email (in “pdf” or “tiff” or similar format) or telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement. 
 [Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the Grantor hereto has caused this Agreement to be duly executed and
delivered by its Authorized Officer as of the date first above written. 
  

			
	[NAME OF GRANTOR]
		
	By:	 	
                     
                            

		 	Name:
		 	Title:

  
 [Signature Page to
Copyright Security Agreement] 

 SCHEDULE I 

to Copyright Security Agreement 
  

	Item A.	 Copyrights/Mask Works. 

 

																	
	 Registered Copyrights/Mask
Works
	 
	 Country
	  	Registration No.	 	  	Registration Date	 	  	Author(s)	 	  	Title	 
		  				  				  				  			
	
	 Copyright/Mask Work Pending
Registration Applications
	 
	 Country
	  	Serial No.	 	  	Filing Date	 	  	Author(s)	 	  	Title	 
		  				  				  				  			

  

	Item B.	 Exclusive Copyright/Mask Work Licenses. 

 

																	
	 Country or

Territory
	  	Licensor	 	  	Licensee	 	  	Effective
Date	 	  	Expiration
Date	 
		  				  				  				  			

 ANNEX I 

to Security Agreement 
 SUPPLEMENT
TO 
 PLEDGE AND SECURITY AGREEMENT 

This SUPPLEMENT, dated as of [●], 20     (this “Supplement”), is to the Pledge and Security
Agreement, dated as of January 9, 2020 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Security Agreement”), among the Grantors (such term, and other terms used in this Supplement,
to have the meanings set forth in Article I of the Security Agreement, unless otherwise defined herein or if the context otherwise requires) from time to time party thereto, in favor of ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP, a
Delaware limited partnership (together with its successors, transferees and assignees, the “Administrative Agent”) for the Secured Parties (as defined below). 

W I T N E S S E T H : 

WHEREAS, pursuant to the Credit Agreement, dated as of January 9, 2020 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), by and among HARMONY BIOSCIENCES, LLC, a Delaware limited liability company (the “Borrower”), the Lenders and the Administrative Agent, the Lenders have extended Commitments to
make Loans to the Borrower; 
 WHEREAS, pursuant to the provisions of Section 7.6 of the Security Agreement, each of the undersigned is
becoming a Grantor under the Security Agreement; and 
 WHEREAS, each of the undersigned desires to become a “Grantor” under the
Security Agreement in order to induce the Lenders to continue to extend Loans under the Credit Agreement; 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the undersigned agrees, for the benefit of the Secured Parties, as follows. 

SECTION 1. Party to Security Agreement, Etc. In accordance with the terms of the Security Agreement, by its signature below, each of
the undersigned hereby irrevocably agrees to become a Grantor under the Security Agreement with the same force and effect as if it were an original signatory thereto and each of the undersigned hereby (a) agrees to be bound by and comply with
all of the terms and provisions of the Security Agreement applicable to it as a Grantor and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct as of the date hereof,
unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date. In furtherance of the foregoing, each reference to a “Grantor” or “Grantors”
in the Security Agreement shall be deemed to include each of the undersigned. 
 SECTION 2. Schedules. Each of the undersigned hereby
authorizes the Administrative Agent to add the information set forth on the Schedules to this Supplement to the correlative Schedules attached to the Security Agreement. 

 SECTION 3. Representations. Each of the undersigned hereby represents and warrants
that this Supplement has been duly authorized, executed and delivered by it and that this Supplement and the Security Agreement constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

SECTION 4. Full Force of Security Agreement. Except as expressly supplemented hereby, the Security Agreement shall remain in full force
and effect in accordance with its terms. 
 SECTION 5. Severability. Wherever possible each provision of this Supplement shall be
interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Supplement shall be prohibited by or invalid under such Law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Supplement or the Security Agreement. 

SECTION 6. Governing Law, Entire Agreement, Etc. THIS SUPPLEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN
CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY DOCUMENT CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR
SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). This Supplement, along with the other Loan Documents, constitutes the entire understanding among the parties hereto with respect to the subject matter
thereof and supersedes any prior agreements, written or oral, with respect thereto. 
 SECTION 7. Effectiveness. This Supplement
shall become effective with respect to a Grantor when a counterpart hereof executed by such undersigned Grantor shall have been received by the Administrative Agent. Delivery of an executed counterpart of a signature page to this Supplement by email
(in “pdf” or “tiff” or similar format) or telecopy shall be effective as delivery of a manually executed counterpart of this Supplement. 

[Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Supplement to be duly
executed and delivered by its Authorized Officer as of the date first above written. 
  

			
	[NAME OF ADDITIONAL SUBSIDIARY]
		
	By:	 	
                     
                    

		 	Name:
		 	Title:
	
	[NAME OF ADDITIONAL SUBSIDIARY]
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  
 [Signature Page to
Security Agreement Supplement] 

 [COPY SCHEDULES FROM SECURITY AGREEMENT] 

 EXHIBIT F 

FORM OF ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are
several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are
hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and
[the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] and (ii) to the
extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person,
whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing,
including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and
obligations sold and 
  

	1	 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a
single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. 

	2 	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a
single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	3 	 Select as appropriate. 

	4 	 Include bracketed language if there are either multiple Assignors or multiple Assignees. 

 
assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”).
Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 

 

	1.	
Assignor[s]:                    
                                         
    

  

	 	
                       
                                         
                     

  

	2.	
Assignee[s]:                    
                                         
    

  

	 	
                       
                                         
                     

[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]] 

 

	3.	 Borrower(s): Harmony Biosciences, LLC 

 

	4.	 Administrative Agent: OrbiMed Royalty & Credit Opportunities III, LP, as the Administrative
Agent under the Credit Agreement 

  

	5.	 Credit Agreement: Credit Agreement, dated as of January 9, 2020, by and among Harmony Biosciences,
LLC, the Lenders party thereto, and OrbiMed Royalty & Credit Opportunities III, LP, as Administrative Agent 

  

	6.	 Assigned Interest[s]: 

 

																	
	
Assignor[s]5
	  	Assignee[s]6	 	  	Aggregate
Amount of
Loans for all Lenders7	 	  	Amount of
Loans Assigned	 	  	Percentage Assigned
of Loans8	 
		  				  	$	         	 	  	$	         	 	  	 	    	% 
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  	$	         	 	  	$	         	 	  	 	    	% 
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  	$	         	 	  	$	         	 	  	 	    	% 
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	5 	 List each Assignor, as appropriate. 

	6 	 List each Assignee, as appropriate. 

	7 	 Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take
into account any payments or prepayments made between the Trade Date and the Effective Date. 

	8 	 Set forth, to at least9 decimals , as a percentage of the Loans of all Lenders thereunder.

  
 2 

 [7. Trade Date:
                    ]9 

Effective Date:             , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT
AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 [SIGNATURE PAGES FOLLOW] 

 
  

	9 	 To be completed if the Assignor(s) and the Assignee(s) intend that the minimum as signment amount is to be
determined as of the Trade Date. 

  
 3 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

					
	ASSIGNOR [NAME OF ASSIGNOR]
		
	By:	 	
                    

		 	Name:	 	
		 	Title:	 	
	
	ASSIGNEE [NAME OF ASSIGNEE]
		
	By:	 	
                    

		 	Name:	 	
		 	Title:	 	

  
 [Signature Page to
Assignment and Assumption] 

					
	Consented to:11
	
	ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP, as Administrative Agent
		
	By:	 	
                    

		 	Name:	 	
		 	Title:	 	
	
	Consented to:12
	
	HARMONY BIOSCIENCES, LLC
		
	By:	 	
                    

		 	Name:	 	
		 	Title:	 	

  
  

	11	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

	12	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

  
 [Signature Page to
Assignment and Assumption] 

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1. Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is
the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or
in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition
of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of
their respective obligations under any Loan Document. 
 1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants that
(i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement,
(ii) it meets all the requirements to be an assignee under Section 10.10(b) of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.10(b)(i)(B) and Section 10.10(b)(iii) of the Credit Agreement),
(iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder,
(iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is
experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to
Section 7.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest and
(vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment
and Assumption and to purchase [the][such] Assigned Interest; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the
terms of the Loan Documents are required to be performed by it as a Lender. 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the
relevant] Assignee for amounts which have accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and
Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption
shall be governed by, and construed in accordance with, the law of the State of New York. 

 EXHIBIT G 

THIS WARRANT AND THE SECURITIES PURCHASABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS, UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. 

HARMONY BIOSCIENCES II, INC. 

WARRANT 
 dated as of
January 9, 2020 (the “Issue Date”) 
 THIS CERTIFIES THAT, for value received,
[                    ] or its permitted successors or assigns (such Person and such permitted successors and assigns, each being the “Warrant
Holder” with respect to the Warrant held by it), at any time and from time to time on any Business Day on or prior to 5:00 p.m. (New York City time), on the Expiration Date (as herein defined), is entitled (a) to subscribe for the purchase
from Harmony Biosciences II, Inc., a Delaware corporation (the “Company”), [                    ] Shares at a price per Share equal to the
Exercise Price (as herein defined), and (b) to the other rights set forth herein; provided that the number of Shares issuable upon any exercise of this Warrant and the Exercise Price shall be adjusted and readjusted from time to time in
accordance with Section 5. By accepting delivery hereof, the Warrant Holder agrees to be bound by the provisions hereof. 
 IN
FURTHERANCE THEREOF, the Company irrevocably undertakes and agrees for the benefit of Warrant Holder as follows: 
 Section 1.
Definitions and Construction. 
 (a) Certain Definitions. As used herein (the following definitions being applicable in both
singular and plural forms): 
 “Affiliate” means, with respect to any Person, any other Person that directly or
indirectly controls, is controlled by, or is under common control with such Person. 
 “Appraised Value” means at
any time the fair market value thereof determined in good faith by the Board of Directors of the Company as of a date which is within ten (10) days of the date as of which the determination is to be made, subject to Section 5(n). 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York
and Chicago, Illinois are authorized by law to close. 
 “Charter” means the Company’s Third Amended and
Restated Certificate of Incorporation, as amended, or other constitutional document, as may be amended and restated or further amended from time to time. 

“Closing Price” means, for any trading day with respect to an Equity Security, (a) the last reported sale price
on such day on the principal national securities exchange on which the Equity Securities are listed or admitted to trading or, if no such reported sale takes place on any such day, the average of the closing bid and asked prices thereon, as reported
in The Wall Street Journal, or (b) if such Equity Securities shall not be listed or admitted to trading on a national securities exchange, the last reported sales price on the Nasdaq National Market System or, if no such reported sale takes
place on any such day, the average of the closing bid and asked prices thereon, as reported in The Wall Street Journal, or (c) if such Equity Securities shall not be quoted on such National Market System nor listed or admitted to trading on a
national securities exchange, then the average of the closing bid and asked prices, as reported by The Wall Street Journal for the over-the-counter market; provided that if clause (a), (b), or (c) 

  
 1 

 applies and no price is reported in The Wall Street Journal for any trading day, then the price reported in
The Wall Street Journal for the most recent prior trading day shall be deemed to be the price reported for such trading day. 

“Commission” means the Securities and Exchange Commission or any other Federal agency administering the Securities Act
at the time. 
 “Common Stock” means the Company’s currently authorized common stock, $0.00001 par value per
share, and stock of any other class or other consideration into which such currently authorized capital stock may hereafter have been changed. 

“Convertible Security” has the meaning given to such term in the Charter. 

“Corporate Reorganization” means any (i) merger, consolidation or reorganization or other similar transaction or
series of related transactions which results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by being converted into voting securities and/or other
Equity Securities of the surviving or acquiring entity) 20% or less of the combined voting power of the voting securities of and economic interests in the Company or such surviving or acquiring entity outstanding immediately after such merger,
consolidation or reorganization; (ii) sale, lease, exclusive license, transfer, conveyance or other disposition of all or substantially all of the assets of the Company; or (iii) sale of shares of Equity Securities of the Company by
then-existing stockholders of the Company, in a single transaction or series of related transactions to a single person or entity, representing at least 80% of the voting power of the voting securities of and economic interests in the Company;
provided, that with respect to subsections (i) and (iii) hereof, Options and value appreciation or similar rights shall be excluded from such calculations for all purposes. 

“Equity Security” means any (i) common, preferred or other capital stock or similar security; (ii) warrants,
options or other rights to, directly or indirectly, acquire any security described in clause (i) above; (iii) other security containing equity features or profit participation features; or (iv) security or instrument convertible or
exchangeable, directly or indirectly, with or without consideration, into or for any security described in clauses (i) through (iii) above or any similar security 

“Exchange Act” means the Securities Exchange Act of 1934, or any successor Federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Exercise Amount” means
for any number of Warrant Shares as to which this Warrant is being exercised the product of (i) such number of Warrant Shares times (ii) the Exercise Price. 

“Exercise Price” means $1.96 per Share, as adjusted from time to time pursuant to Section 5. 

“Expiration Date” means the earlier of (i) January 9, 2027 and (ii) the closing date of a Corporate
Reorganization. 
 “Initial Holder” means
[                    ]. 

“IRA” means that certain Second Amended and Restated Investors’ Rights Agreement, dated as of August 9,
2019, by and among the Company and each of the investors listed on Schedule A thereto, as may be amended from time to time. 

“Market Price” on any day means (a) the unweighted average of the daily Closing Prices per Equity Security for
the 20 consecutive trading days prior to such date or (b) if clauses (a), (b) and (c) of the definition of “Closing Price” are inapplicable, then the Appraised Value as of such day shall apply. 

“Option” has the meaning given to such term in the Charter. 

  
 2 

 “Person” means an individual, a corporation, a partnership, an
association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Requisite Holders” means at any time holders of Warrant Shares and Warrants representing at least a majority of the
Warrant Shares outstanding or issuable upon the exercise of all the outstanding Warrants. 
 “Securities Act” means
the Securities Act of 1933, or any successor Federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 

“Series C Stock” means the Company’s Series C Preferred Stock, $0.00001 par value per share, as presently
constituted under the Charter. 
 “Shares” means the Company’s currently authorized Series C Stock, and
following the applicable event pursuant to which a class or other form of consideration is issuable pursuant hereto, such stock of any other class or other consideration. 

“Voting Agreement” means the Second Amended and Restated Voting Agreement, dated as of August 9, 2019, by and
among the Company and certain of its stockholders, as may be amended from time to time. 
 “Warrant” means, as the
context requires, this warrant and any successor warrant or warrants issued upon a whole or partial transfer or assignment of any such Share purchase warrant or of any such successor warrant. 

“Warrant Shares” means the number of Shares issued or issuable upon exercise of this Warrant as set forth in the
introduction hereto, as adjusted from time to time pursuant to Section 5, or in the case of other Warrants, issuable upon exercise of those Warrants. 

(b) Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all
accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with generally accepted accounting principles. When used herein, the term “financial
statements” shall include the notes and schedules thereto. References to fiscal periods are to fiscal periods of the Company. 
 (c)
Computation of Time Periods. With respect to the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until”
each mean “to but excluding.” Periods of days shall be counted in calendar days unless otherwise stated. 
 (d)
Construction. Unless the context requires otherwise, references to the plural include the singular and to the singular include the plural, references to any gender include any other gender, the part includes the whole, the term
“including” is not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,”
“hereunder,” and similar terms in this Warrant refer to this Warrant as a whole and not to any particular provision of this Warrant. Section, subsection, clause, exhibit and schedule references are to this Warrant, unless otherwise
specified. Any reference to this Warrant includes any and all permitted alterations, amendments, changes, extensions, modifications, renewals, or supplements thereto or thereof, as applicable. 

(e) Exhibits and Schedules. All of the exhibits and schedules attached hereto shall be deemed incorporated herein by reference. 

  
 3 

 (f) No Presumption Against Any Party. Neither this Warrant nor any uncertainty or
ambiguity herein or therein shall be construed or resolved using any presumption against any party hereto or thereto, whether under any rule of construction or otherwise. On the contrary, this Warrant has been reviewed by each of the parties and
their counsel and, in the case of any ambiguity or uncertainty, shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of all parties hereto. 

Section 2. Exercise of Warrant. 

(a) Exercise and Payment. The Warrant Holder may exercise this Warrant in whole or in part, at any time or from time to time on any
Business Day on or prior to the Expiration Date, by delivering to the Company a duly executed notice (a “Notice of Exercise”) in the form of Exhibit A and (1) by payment to the Company of the Exercise Price per
Warrant Share, at the election of the Warrant Holder, either (i) by wire transfer of immediately available funds to the account of the Company in an amount equal to the Exercise Amount, (ii) by receiving from the Company, in lieu of the
entirety of the number of Warrant Shares for which the Warrant is being exercised, the number of Warrant Shares equal to (A) the number of Warrant Shares as to which this Warrant is being exercised minus (B) the number of Warrant Shares
having a value, based on the Closing Price on the trading day immediately prior to the date of such exercise (or if there is no such Closing Price, then based on the Appraised Value as of such day), equal to the Exercise Amount, or (iii) any
combination of the foregoing and (2) by surrender of this Warrant in accordance with Section 2(c). The Company acknowledges that the provisions of clause (ii) are intended, in part, to ensure that a full or partial exchange of this
Warrant pursuant to such clause (ii) will qualify as a conversion, within the meaning of paragraph (d)(3)(ii) of Rule 144 under the Securities Act. At the request of any Warrant Holder, the Company will accept reasonable modifications to the
exchange procedures provided for in this Section in order to accomplish such intent. For all purposes of this Warrant (other than this Section 2(a)), any reference herein to the exercise of this Warrant shall be deemed to include a reference to
the exchange of this Warrant into Shares in accordance with the terms of clause (ii). 
 (b) Effectiveness and Delivery. As soon as
practicable but not later than five Business Days after the Company shall have received such Notice of Exercise and payment, the Company shall execute and deliver or cause to be executed and delivered, in accordance with such Notice of Exercise, a
certificate or certificates representing the number of Shares specified in such Notice of Exercise, issued in the name of the Warrant Holder or in such other name or names of any Person or Persons designated in such Notice of Exercise so long as
such transferor and transferee have complied with all transfer provisions contained herein. This Warrant shall be deemed to have been exercised and such Share certificate or certificates shall be deemed to have been issued, and the Warrant Holder or
other Person or Persons designated in such Notice of Exercise shall be deemed for all purposes to have become a holder of record of Shares, all as of the date that such Notice of Exercise and payment shall have been received by the Company. 

(c) Surrender of Warrant. The Warrant Holder shall surrender this Warrant to the Company when it delivers the Notice of Exercise, and
in the event of a partial exercise of the Warrant, the Company shall execute and deliver to the Warrant Holder, at the time the Company delivers the Share certificate or certificates issued pursuant to such Notice of Exercise, a new Warrant for the
unexercised portion of the Warrant, but in all other respects identical to this Warrant. 

  
 4 

 (d) Legend. Each certificate for Warrant Shares issued upon exercise of this Warrant,
unless at the time of exercise such Warrant Shares are registered under the Securities Act, shall bear the following legend: 
 THIS SECURITY
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS, UNLESS AN
EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. 
 Any certificate for Warrant Shares issued at any time in exchange or substitution for any
certificate bearing such legend (unless at that time such Warrant Shares are registered under the Securities Act) shall also bear such legend unless, in the written opinion of counsel selected by the holder of such certificate (who may be an
employee of such holder), which counsel and opinion shall be reasonably acceptable to the Company, the Warrant Shares represented thereby need no longer be subject to restrictions on resale under the Securities Act. 

(e) Fractional Shares. The Company shall not be required to issue fractions of Shares upon an exercise of the Warrant. If any fraction
of a Share would, but for this restriction, be issuable upon an exercise of the Warrant, in lieu of delivering such fractional Share, the Company shall pay to the Warrant Holder, in cash, an amount equal to the same fraction times the Closing Price
on the trading day immediately prior to the date of such exercise (or if there is no such Closing Price, then based on the Appraised Value as of such day). 

(f) Expenses and Taxes. The Company shall pay all expenses, taxes and owner charges payable in connection with the preparation,
issuance and delivery of certificates for the Warrant Shares and any new Warrants, except that if the certificates for the Warrant Shares or the new Warrants are to be registered in a name or names other than the name of the Warrant Holder, funds
sufficient to pay all transfer taxes payable as a result of such transfer shall be paid by the Warrant Holder at the time of its delivery of the Notice of Exercise or promptly upon receipt of a written request by the Company for payment. 

(g) Automatic Cashless Exercise. To the extent that there has not been an exercise by the Warrant Holder pursuant to Section 2(a)
hereof, any portion of the Warrant that remains unexercised shall be exercised automatically in whole (not in part), upon the Expiration Date. Payment by the Warrant Holder upon such automatic exercise shall be in the form of the Warrant Holder
receiving from the Company, in lieu of the full number of Warrant Shares, the number of Warrant Shares equal to (i) the number of Warrant Shares as to which this Warrant is being automatically exercised minus (ii) the number of Warrant
Shares having a value, based on the Closing Price on the trading day immediately prior to the date of such automatic exercise (or if there is no such Closing Price, then based on the Appraised Value as of such day), equal to the Exercise Amount.

  
 5 

 Section 3. Investment Representation. By accepting the Warrant, the Warrant
Holder represents that (a) it is acquiring the Warrant for its own account for investment purposes and not with the view to any sale or distribution, (b) the Warrant Holder will not offer, sell or otherwise dispose of the Warrant or the
Warrant Shares except under circumstances as will not result in a violation of applicable securities laws, (c) the Warrant Holder is an “accredited investor” as that term is defined in Rule 501 under the Securities Act, (d) the
Warrant Holder has had such opportunity as it has deemed adequate to ask questions of the Company and its representatives and to otherwise obtain from the Company such information regarding the Company, along with copies of all information from the
Company that the Warrant Holder deems necessary to permit it to evaluate the merits of accepting this Warrant, (e) the Warrant Holder has such knowledge, sophistication and experience in business and financial matters to be able to evaluate the
merits, risks and other considerations relating to the acquisition of this Warrant; (f) the Warrant Holder understands and acknowledges that this Warrant involves a high degree of risk; and (g) the Warrant Holder understands that this Warrant
and the Shares issuable upon exercise hereof have not been registered under the Securities Act, or the securities or similar laws of any jurisdiction and are offered in reliance on exemptions therefrom, which reliance depends upon, among other
things, the bona fide nature of the investment intent and the truth and accuracy of Warrant Holder’s representations as expressed herein. Immediately upon acceptance of this Warrant, the Warrant Holder shall execute and deliver to the Company a
counterpart to the IRA and acknowledges and agrees that the Warrant Holder shall be an “Investor” for all purposes thereunder and shall be bound thereby. Upon any exercise of this Warrant or other issuance of Warrant Shares (including,
without limitation, pursuant to Section 2(g) or 5(e)), the Warrant Holder shall execute and deliver to the Company a counterpart to the Voting Agreement and agrees that the Warrant Holder shall be an “Investor” and a
“Stockholder” for all purposes thereunder and shall be bound thereby; provided that, notwithstanding the foregoing, the Warrant Holder shall not be required to become a party to the Voting Agreement if the Voting Agreement
(i) does not provide for the Warrant Holder to become a party to such agreement in accordance with its terms (and without the need to obtain the consent of any other person or entity) at the time of such exercise or conversion or (ii) has
been amended since the date hereof in a manner that would have a disproportionate adverse effect on the Warrant Holder as compared to other parties thereto. 

Section 4. Validity of Warrant and Issuance of Shares. 

(a) The Company represents and warrants that this Warrant has been duly authorized, is validly issued, and constitutes the valid and binding
obligation of the Company. 
 (b) The Company further represents and warrants that on the date hereof it has duly authorized and reserved,
and the Company hereby agrees that it will at all times until the Expiration Date have duly authorized and reserved, such number of Shares as will be sufficient to permit the exercise in full of the Warrant, and that all such Shares are and will be
duly authorized and, when issued upon exercise of the Warrant, will be validly issued, fully paid and non-assessable, and free and clear of all security interests, claims, liens, equities and other encumbrances. 

Section 5. Antidilution Provisions; Other Significant Events. 

(a) Share Reorganization. If prior to exercise of this Warrant and the Expiration Date, the Company shall subdivide its outstanding
Shares into a greater number of Shares, by way of a stock split, stock dividend or otherwise, or consolidate its outstanding Shares into a smaller number of Shares (any such event being herein called a “Share Reorganization”), then
(i) the Exercise Price shall be adjusted, effective immediately after the effective date of such Share Reorganization, to a price determined by multiplying the Exercise Price in effect immediately prior to such effective date by a fraction, the
numerator of which shall be the number of Shares outstanding on such effective date before giving effect to such Share Reorganization and the denominator of which shall be the number of Shares outstanding

  
 6 

 after giving effect to such Share Reorganization, and (ii) the number of Shares subject to purchase
upon exercise of this Warrant shall be adjusted, effective at such time, to a number determined by multiplying the number of Shares subject to purchase immediately before such Share Reorganization by a fraction, the numerator of which shall be the
number of Shares outstanding after giving effect to such Share Reorganization and the denominator of which shall be the number of Shares outstanding immediately before giving effect to such Share Reorganization. 

(b) Antidilution Rights Under the Charter. The Shares are subject to antidilution rights as set forth in the Charter. The Company shall
promptly provide the Warrant Holder with any restatement, amendment or modification to, or waiver of, the Charter; provided that no such restatement, amendment, modification or waiver shall impair or reduce the antidilution rights applicable
to the Shares under the Charter as of the date hereof unless such restatement, amendment, modification or waiver affects the rights of the Warrant Holder with respect to the Shares in the same manner as it affects all other holders of such Shares.

 (c) “Pay to Play” Rights. In the event that any terms or conditions that require a holder of the Shares to purchase
securities in a future round of Equity Security financing or else lose the benefit of antidilution protections or other rights applicable to the Shares or have such Shares automatically convert into Common Stock or another class or series of capital
stock in the Charter are triggered in connection with any future round of Equity Security financing (a “Trigger Event”), then, in each such event, the purchase rights under this Warrant shall automatically adjust to provide
the Warrant Holder, upon the later exercise hereof, with the same securities and/or rights that the Warrant Holder would have received had the Warrant Holder (x) exercised this Warrant prior to such Trigger Event pursuant to Section 2(a)(ii),
and (y) participated in the applicable Equity Security financing in an amount sufficient to be deemed to have fully participated for purposes of such “pay to play” provision. 

(d) Special Distributions; Above Market Purchases of Securities. 

(i) If the Company shall issue or distribute to any holder or holders of Shares evidences of indebtedness, any other securities of the Company
or any cash, property or other assets (excluding (x) a Share Reorganization and (y) another issuance, sale or other distribution of Shares), whether or not accompanied by a purchase, redemption or other acquisition of Shares (any such
nonexcluded event being herein called a “Special Distribution”), then (A) upon any exercise of this Warrant, the Warrant Holder shall be entitled to a pro-rata share of such Special Distribution as though the Warrant
Holder had exercised this Warrant to such extent immediately prior to the record date for such Special Distribution or (B) upon the closing of a Corporate Reorganization, the Warrant Holder shall be entitled to such Special Distribution as
though the Warrant Holder had exercised this Warrant pursuant to Section 2(a)(ii) immediately prior to the record date for such Special Distribution. A reclassification of the Shares (other than a change in par value, or from par value to no
par value or from no par value to par value) into shares of any other class of stock shall be deemed to be a distribution by the Company to the holders of its Shares of such class of stock and, if the outstanding Shares shall be changed into a
larger or smaller number of Shares as part of such reclassification, a Share Reorganization. 
 (ii) If, at any time after the date hereof,
the Company or any subsidiary of the Company shall repurchase (a “Repurchase”), by self-tender offer or otherwise, any securities of the Company at an aggregate repurchase price that exceeds the aggregate Market Price for the
securities repurchased determined as of the Business Day immediately prior to the earliest of (x) the date of such Repurchase, (y) the commencement of an offer to repurchase or (z) the public announcement of either

  
 7 

 
(such date being referred to as the “Determination Date”), then the Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant shall be
adjusted as follows: 
 (A) The Exercise Price shall be reduced to an amount equal to the product of (I) the Exercise Price in effect
immediately prior to such issuance or sale times (II) a fraction, (aa) the numerator of which shall be (x) the product of (1) the aggregate Market Price for the Equity Securities of the Company as of the Determination Date times
(2) the number of Equity Securities of the Company outstanding immediately following the consummation of the Repurchase (on an as-converted to Common Stock basis) less (y) the Repurchase Premium (as defined below), and (bb) the denominator
of which shall be (x) the product of (1) the aggregate Market Price for the Equity Securities of the Company as of the Determination Date times (2) the number of Equity Securities of the Company outstanding immediately following the
consummation of the Repurchase (on an as-converted to Common Stock basis). 
 (B) The number of Warrant Shares issuable upon exercise of
this Warrant shall be increased to the number of Shares determined by multiplying (x) the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such distribution times (y) a fraction (1) the numerator of
which shall be the Exercise Price in effect immediately prior to the adjustment in clause (A) of this Section 5(d)(ii) and (2) the denominator of which shall be the Exercise Price in effect immediately after such adjustment. 

The amount by which the aggregate repurchase price for all securities repurchased in any Repurchase (including for such purposes any fees or
other direct or indirect consideration payable in connection therewith) exceeds the aggregate Market Price for such securities is referred to as the “Repurchase Premium.” Notwithstanding the foregoing, the provisions of this
Section 5(d)(ii) shall not apply to any purchase of any securities of the Company that (x) are expressly authorized pursuant to the Charter or (y) are in connection with the termination of employment of an employee of the Company or a
subsidiary thereof or the termination of service of a board member, consultant or advisor of the Company or a subsidiary thereof pursuant to the terms and conditions of the applicable award or other agreement or an equity incentive plan, agreement
or arrangement approved by the Board of Directors of the Company; provided, that any such repurchase pursuant to the preceding clause (y) (i) is not for an amount in excess of the fair market value of such Equity Securities, as determined
by the Company’s Board of Directors or a committee thereof, based on a third-party valuation that was given on or since the end of the most recent calendar quarter and (ii) the Warrant Holder may not contest or dispute the repurchase price
associated therewith, so long as the other requirements of this clause (y) were complied with. 
 (e) Corporate Reorganization.
In connection with a Corporate Reorganization, the Company shall cause this Warrant to be exchanged for the consideration that Warrant Holder would have received if Warrant Holder had chosen to exercise its right to have Shares issued pursuant to
Section 2(a)(ii) without actually exercising such right, acquiring such Shares and exchanging such Shares for such consideration. 

(f) Adjustment Rules. 

(i) Any adjustments pursuant to this Section 5 shall be made successively whenever any event referred to herein shall occur. 

(ii) No adjustments shall be made pursuant to this Section 5 in respect of the issuance of Warrant Shares upon exercise of the Warrant.

 (iii) If the Company shall take a record of the holders of its Shares for any purpose referred to in this Section 5, then
(x) such record date shall be deemed to be the date of the issuance, sale, distribution or grant in question and (y) if the Company shall legally abandon such action prior to effecting such action, no adjustment shall be made pursuant to
this Section 5 in respect of such action. 

  
 8 

 (iv) In computing adjustments under this Section 5, (A) fractional interests in
Shares shall be taken into account to the nearest one-thousandth of a Share, and (B) calculations of the Exercise Price shall be carried to the nearest one-thousandth of one cent. 

(g) Redemption or Conversion of Shares. 

(i) If all of the Shares are redeemed by the Company at any time prior to the exercise of this Warrant or the Expiration Date, the Company
shall, at the closing of such redemption, exchange this Warrant for the consideration that Warrant Holder would have received if Warrant Holder had chosen to exercise its right to have Shares issued pursuant to Section 2(a)(ii) immediately
prior to such redemption without actually exercising such right, acquiring such Shares and having such Shares redeemed and the Warrant Holder shall accept such amount as payment in full for its rights under this Warrant. 

(ii) If the Series C Stock is converted into Common Stock, this Warrant shall automatically convert into the right to receive the number of
shares of Common Stock that the Warrant Holder would have received if it had exercised this Warrant in full immediately prior to the conversion of Series C Stock into Common Stock (such number of shares of Common Stock issuable upon on such
exercise, the “Common Stock Number”) and the Exercise Price per share of Common Stock shall be an amount equal to the Exercise Amount divided by the Common Stock Number, in each case, subject to further adjustment pursuant to
this Section 5 (other than Section 5(b)). The provisions of Section 5 (other than this Section 5(g)) shall not apply to the conversion of Series C Stock into Common Stock and the provisions of Section 5(b) shall not apply to
any transaction or event thereafter. 
 (h) Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to the
taking of any action which would require an adjustment or readjustment pursuant to this Section 5, the Company shall take any action which may be necessary, including obtaining regulatory approvals or exemptions (in each case, other than any
such approvals or exemptions necessitated by the Warrant Holder’s regulatory status), in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all Shares which the Warrant Holder is entitled to receive
upon exercise of the Warrant. 
 (i) Notice of Adjustment. Not less than 10 days prior to the record date or effective date, as the
case may be, of any action which requires or might require an adjustment pursuant to this Section 5, the Company shall give notice to the Warrant Holder of such event, describing such event in reasonable detail and specifying the record date or
effective date, as the case may be, and, if determinable, the required adjustment and computation thereof. If the required adjustment is not determinable as of the time of such notice, the Company shall give notice to the Warrant Holder of such
adjustment and computation as soon as reasonably practicable after such adjustment becomes determinable. 
 (j) Subsequent Warrants.
Irrespective of any adjustments in the Exercise Price or the number of Warrant Shares issuable upon exercise of this Warrant, any successor or replacement warrants issued theretofore or thereafter may continue to express the same Exercise Price per
Share and number and kind of Warrant Shares as are stated in this Warrant. 
 (k) Disputes. If the Requisite Holders dispute the
calculation of the adjusted Exercise Price or adjusted Warrant Shares issuable upon exercise, the Requisite Holders shall deliver prompt written notice thereof to the Company (in any event, within 20 calendar days of notice from the Company of the
calculation of adjusted Exercise Price or adjusted Warrant Shares), together with the Requisite Holders’ calculation of the adjusted Exercise Price or adjusted Warrant Shares, as applicable. Such disputed item shall be determined by the
independent auditors of the Company, and such determination shall be binding 

  
 9 

 upon the Company and the holders of the Warrants and the Warrant Shares if made in good faith and without
manifest error. The fees of the independent auditors of the Company in connection with any such dispute shall be paid by the Company, unless the Company’s calculation of the disputed item(s) was accurate, in which case the fees of the
independent auditors of the Company shall be paid by the Requisite Holders. 
 (l) Other Actions Affecting Shares. 

(i) Equitable Equivalent. In case any event shall occur as to which the provisions of this Section 5 set forth above hereof are not
strictly applicable but the failure to make any adjustment would not, in the opinion of the Warrant Holder, fairly protect the purchase rights represented by this Warrant in accordance with the essential intent and principles of this Section 5,
then, in each such case, at the request of the Warrant Holder, the Company shall appoint a firm of independent investment bankers of recognized national standing (which shall be completely independent of the Company and shall be reasonably
satisfactory to the Warrant Holder or the Requisite Holders), which shall give their opinion upon the adjustment, if any, on a basis consistent with the essential intent and principles established in this Section 5, necessary to preserve,
without dilution, the purchase rights represented by this Warrant. Upon receipt of such opinion, the Company will promptly mail a copy thereof to the holder of this Warrant and shall make the adjustments described therein. The fees of the
independent investment bankers in connection with any such dispute shall be paid by the Company, unless the independent investment banker determines that no adjustment is necessary, in which case the fees of such independent investment banker shall
be paid by such Warrant Holder. 
 (ii) No Avoidance. The Company shall not, by amendment of its Charter or by-laws or through any
consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against dilution or other impairment as if the holder was a
shareholder of the Company entitled to the benefit of fiduciary duties afforded to shareholders under Delaware law. 
 (m) Adjustment of
Par Value. If for any reason (including the operation of the adjustment provisions set forth in this Warrant), the Exercise Price on any date of exercise of this Warrant shall not be lawful and adequate consideration for the issuance of the
relevant Warrant Shares, then the Company shall take such steps as are necessary (including the amendment of its Charter so as to reduce the par value of the Shares) to cause such Exercise Price to be adequate and lawful consideration on the date
the payment thereof is due, but if the Company shall fail to take such steps, then the Company acknowledges that the Warrant Holder shall have been damaged by the Company in an amount equal to an amount, which, when added to the total Exercise Price
for the relevant Warrant Shares, would equal lawful and adequate consideration for the issuance of such Warrant Shares, and the Company irrevocably agrees that if the Warrant Holder shall then forgive the right to recover such damages from the
Company, such forgiveness shall constitute, and Company shall accept such forgiveness as, additional lawful consideration for the issuance of the relevant Warrant Shares. 

(n) Appraisal. 
 (i) If
the Requisite Holders shall, for any reason whatsoever, disagree with the Company’s determination of the Appraised Value of a Share, then such holders shall by notice to the Company (an “Appraisal Notice”) given within
sixty (60) days after the Company notifies the holders of such determination, elect to dispute such determination, and such dispute shall be resolved as set forth in clause (ii) of this Section. 

  
 10 

 (ii) The Company shall within ten (10) days after an Appraisal Notice shall have been
given, select and engage an independent investment bank of national repute (the “Appraiser”) (which shall be completely independent of the Company and shall be reasonably satisfactory to the holder or the Requisite Holders),
pursuant to an engagement letter between the Company and the Appraiser with respect to such valuation in form and substance reasonably acceptable to Requisite Holders, to make an independent determination of the Appraised Value of a Share; such
value shall be determined without deduction for (a) liquidity considerations, (b) minority shareholder status, or (c) any liquidation or other preference or any right of redemption in favor of any other equity securities of the
Company. The costs of engagement of such investment bank for any such determination of Appraised Value shall be paid by the Company unless the Appraiser concurs with the Company’s determination of Appraised Value, in which case, the Requisite
Holders shall pay the costs of engagement of such investment bank related to the determination of Appraised Value. 
 Section 6.
Transfer of Warrant. The Warrant Holder may only transfer this Warrant or any Shares issued with respect hereto (a) to an Affiliate of such Warrant Holder (and if such transferee fails at any time to remain an Affiliate of the original
Warrant Holder, such transferee shall be obligated to transfer the Warrant or the Shares issued with respect thereto, as applicable, to the original Warrant Holder or an Affiliate thereof absent consent of the Company’s Board of Directors) or
(b) in compliance with the provisions of the IRA. The Warrant Holder upon transfer of the Warrant must deliver to the Company a duly executed Warrant Assignment in the form of Exhibit B and upon surrender of this Warrant to the Company,
the Company shall execute and deliver a new Warrant with appropriate changes to reflect such assignment, in the name or names of the assignee or assignees specified in the Warrant Assignment or other instrument of assignment and, if the Warrant
Holder’s entire interest is not being transferred or assigned, in the name of the Warrant Holder, and upon the Company’s execution and delivery of such new Warrant, this Warrant shall promptly be cancelled; and provided that any
assignee shall have all of the rights of an Initial Holder hereunder. The Warrant Holder shall pay any transfer tax imposed in connection with such assignment (if any). Any transfer or exchange of this Warrant shall be without charge to the Warrant
Holder (except as provided above with respect to transfer taxes, if any) and any new Warrant issued shall be dated the date hereof. 

Section 7. Assistance in Disposition of Warrant or Warrant Shares. Notwithstanding any other provision herein, in the event that
it becomes unlawful for the Warrant Holder to continue to hold the Warrant, in whole or in part, or some or all of the Shares held by it, or restrictions are imposed on any the Warrant Holder by any statute, regulation or governmental authority
which, in the judgment of the Warrant Holder, make it unduly burdensome to continue to hold the Warrant or such Shares, the Warrant Holder may sell or otherwise dispose of the Warrant (subject to the restrictions on transfer provided in the IRA) or
its Shares, and the Company agrees to provide reasonable assistance to the Warrant Holder in disposing of the Warrant and such Shares in a prompt and orderly manner and, at the request of the Warrant Holder, to provide (and authorize the Warrant
Holder to provide) financial and other information concerning the Company to any prospective purchaser of the Warrant or Shares owned by the Warrant Holder, subject to a customary confidentiality agreement. 

Section 8 Covenants. The Company agrees that: 

(a) Amendments of Organizational Documents. Upon request of the Warrant Holder in connection with any proposed registration hereunder
of Warrant Shares held by the Warrant Holder and for purposes of complying with any law or regulation applicable to the Warrant Holder which shall be confirmed by an opinion of counsel for the Warrant Holder, the Company will amend its Charter or
other organizational documents (such amendment to be satisfactory in form and substance to the Warrant Holder), and take such other action as is necessary, to provide for the issuance of a class of non-voting Shares, the holders of which will have
identical rights to those of the holders of the Shares, except for 

  
 11 

 voting rights, and to the effect that the Warrant Holder or any of its Affiliates, as holders of such
non-voting Shares shall not have the right to exchange and convert such units for Shares but that any transferee of the Warrant Holder or any of its Affiliates shall have the right to exchange and convert such units for Shares. If the Charter or
other organizational documents of the Company so amended upon the request of the Warrant Holder, any Warrants still held by the Warrant Holder after the registration of any of its Warrant Shares shall be deemed to be Warrants for the purchase of
such Shares but otherwise shall have the same rights and benefits as the original Warrant. 
 (b) Structural Dilution. So long as
this Warrant remains outstanding, the Company shall not permit any of its subsidiaries to issue, sell, distribute or otherwise grant in any manner (including by assumption) any rights to subscribe for or to purchase, or any warrants or options for
the purchase of any equity securities of such subsidiary or any securities convertible into or exchangeable for such equity securities (or any rights to subscribe for or to purchase, or any warrants or options for the purchase of any such
convertible or exchangeable securities), whether or not immediately exercisable or exercisable prior to the Expiration Date or thereafter. 

(c) Notices Of Corporate Action or Notice to or from Holders of Series C Stock. In the event of: 

(i) any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are
entitled to receive any distribution, or any right to subscribe for, purchase or otherwise acquire any Shares or any other securities or property, or to receive any other right, or 

(ii) any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company, any
consolidation or merger involving the Company and any other Person or any transfer of all or substantially all the assets of the Company to any other Person, or any Corporate Reorganization, or 

(iii) any voluntary or involuntary dissolution, liquidation or winding-up of the Company, 

(iv) any issuance of any Equity Securities, Shares, Convertible Security or Option by the Company, or 

(v) any notice given by the Company to the holders of Series C Stock or given by the holders of Series C Stock to the Company 

the Company will mail to the Warrant Holder a notice specifying (i) the date or expected date on which any such record is to be taken for
the purpose of such dividend, distribution or right, and the amount and character of such dividend, distribution or right, (ii) the date or expected date on which any such reorganization, reclassification, recapitalization, consolidation,
merger, transfer, dissolution, liquidation or winding-up is to take place, (iii) the time, if any such time is to be fixed, as of which the holders of record of Shares (or other securities under Section 5(d)) shall be entitled to exchange
their Shares (or other securities under Section 5(d)) for the securities or other property deliverable upon such reorganization, reclassification, recapitalization, consolidation, merger, transfer, dissolution, liquidation or winding-up and a
description in reasonable detail of the transaction, (iv) the date of such issuance, together with a description of the security so issued and the consideration received by the Company therefor and (v) the date on which the notice was
given or received by the Company. Other than with respect to notices given to the holders of Series C Stock or given by the holders of Series C Stock, which shall be provided concurrently with such distributions, such notice shall be mailed at least
ten (10) days prior to the date therein specified. 

  
 12 

 Section 9. Lost, Mutilated or Missing Warrants. Upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of any Warrant, and, in the case of loss, theft or destruction, upon receipt of indemnification satisfactory to the Company (in the case of an Initial Holder its
unsecured, unbonded agreement of indemnity shall be sufficient) or, in the case of mutilation, upon surrender and cancellation of the mutilated Warrant, the Company shall execute and deliver a new Warrant of like tenor and representing the right to
purchase the same aggregate number of Warrant Shares (subject to adjustment pursuant to Section 5). 
 Section 10. Waivers;
Amendments. Any provision of this Warrant may be amended or waived with (but only with) the written consent of the Company and the Requisite Holders; provided that no such amendment or waiver shall, without the written consent of the
Company and the Warrant Holder, (a) change the number of Warrant Shares issuable upon exercise of the Warrant or the Exercise Price, (b) shorten the Expiration Date, or (c) amend, modify or waive the provisions of this Section or the
definition of “Requisite Holders.” Any amendment or waiver effected in compliance with this Section shall be binding upon the Company and the Warrant Holder. The Company shall give prompt notice to the Warrant Holder of any amendment or
waiver effected in compliance with this Section. No failure or delay of the Company or the Warrant Holder in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereon or the exercise of any other right or power. No notice or demand on the Company in any case shall entitle the
Company to any other or future notice or demand in similar or other circumstances. The rights and remedies of the Company and the Warrant Holder hereunder are cumulative and not exclusive of any rights or remedies which it would otherwise have. 

Section 11. Miscellaneous. 

(a) Shareholder Rights. The Warrant shall not entitle any Warrant Holder, prior to the exercise of the Warrant, to any voting rights as
a shareholder of the Company. 
 (b) Expenses. The Company shall pay all reasonable expenses of the Warrant Holder, including
reasonable fees and disbursements of counsel, in connection with the preparation of the Warrant, or any waiver, consent, amendment or modification hereof if such waiver, consent, amendment or modification is proposed by the Company (regardless of
whether the same becomes effective), or the successful enforcement of the provisions hereof; provided that the Company shall not be required to pay any expenses of the Warrant Holder arising solely in connection with a transfer of the
Warrant. 
 (c) Successors and Assigns. All the provisions of this Warrant by or for the benefit of the Company or the Warrant Holder
shall bind and inure to the benefit of their respective successors and assigns. 
 (d) Severability. In case any one or more of the
provisions contained in this Warrant shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties
shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

  
 13 

 (e) Notices. Any notice or other communication hereunder shall be in writing and
shall be sufficient if sent by first-class mail or courier, postage prepaid, and addressed as follows: (a) if to the Company, addressed to the Company at its address for notices as set forth below its signature hereon or any other address as
the Company may hereafter notify to the Warrant Holder and (b) if to the Warrant Holder, addressed to such address as the Warrant Holder may hereafter from time to time notify to the Company for the purposes of notice hereunder. 

(f) Equitable Remedies. Without limiting the rights of the Company and the Warrant Holder to pursue all other legal and equitable
rights available to such party for the other parties’ failure to perform its obligations hereunder, the Company and the Warrant Holder each hereto acknowledge and agree that the remedy at law for any failure to perform any obligations hereunder
would be inadequate and that each shall be entitled to specific performance, injunctive relief or other equitable remedies in the event of any such failure. 

(g) Governing Law. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, EXCEPT
AS OTHERWISE REQUIRED BY MANDATORY PROVISIONS OF LAW. 
 (h) Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED
HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THE WARRANT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE COMPANY OR ANY WARRANT HOLDER IN CONNECTION HEREWITH OR THEREWITH SHALL BE
BROUGHT AND MAINTAINED IN THE DELAWARE COURT OF CHANCERY OR IN THE UNITED STATES DISTRICT COURT FOR THE STATE OF DELAWARE. EACH PARTY HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE
WITHIN OR WITHOUT THE STATE OF DELAWARE AT THE ADDRESS FOR NOTICES SPECIFIED IN SECTION 11(E). EACH PARTY HERETO HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY
HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY PARTY HERETO HAS OR HEREAFTER MAY ACQUIRE ANY
IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, SUCH PARTY HEREBY IRREVOCABLY
WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE WARRANT. 
 (i) WAIVER OF JURY
TRIAL. THE COMPANY AND THE WARRANT HOLDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF,
UNDER, OR IN CONNECTION WITH, THE WARRANT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE COMPANY OR ANY WARRANT HOLDER IN CONNECTION THEREWITH. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT
HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF THE WARRANT) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE OTHER PARTIES HERETO ENTERING INTO THE WARRANT. 

  
 14 

 (j) Section Headings. The section headings used herein are for convenience of
reference only and shall not be construed in any way to affect the interpretation of any provisions of the Warrant. 
 (k) Execution in
Counterparts. This Warrant may be executed by the parties hereto in several counterparts, each of which shall be an original and all of which shall constitute together but one and the same agreement. Delivery of an executed counterpart of a
signature page to this Warrant by email (e.g., “pdf” or “tiff”) or telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

[signature page follows] 

  
 15 

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

			
	Harmony Biosciences II, Inc., a Delaware corporation
		
	By	 	
                    

	Name:
	Title:
	
	Address for Notices:
	
	 Telephone:
 Facsimile:

	
	 [WARRANT HOLDER]
  

	By	 	  

	Name:
	Title:
	
	Address for Notices:
	
	 Telephone:
 Facsimile:

  
 1 

 Exhibit A to Warrant 

Form of Notice of Exercise 

            , 20     

To: [                    ] 

Reference is made to the Warrant dated             ,
20    . Terms defined therein are used herein as therein defined. 
 The undersigned, pursuant to the provisions
set forth in the Warrant, hereby irrevocably elects and agrees to purchase                  Shares, and makes payment herewith in full therefor at the Exercise
Price of $         in the following form: 
 [If the number of Shares as to which the Warrant
is being exercised is less than all of the Shares purchasable thereunder, the undersigned hereby requests that a new Warrant representing the remaining balance of the Shares be registered in the name of
            , whose address is: 

                          
              .] 
 The undersigned hereby represents that it is
exercising the Warrant for its own account or the account of an Affiliate for investment purposes and not with the view to any sale or distribution and that the Warrant Holder will not offer, sell or otherwise dispose of the Warrant or any
underlying Warrant Shares in violation of applicable securities laws. 
  

			
	[NAME OF WARRANT HOLDER]
		
	By	 	
                    

	Name:	 	
	Title:	 	
	
	[ADDRESS OF WARRANT HOLDER]

 Exhibit B to Warrant 

Form of Warrant Assignment 

Reference is made to the Warrant dated            , 20    ,
issued by Harmony Biosciences II, Inc. Terms defined therein are used herein as therein defined. 
 FOR VALUE RECEIVED in accordance with
Section 6 of the Warrant,                      (the “Assignor”) hereby sells, assigns and transfers all of the rights of the Assignor
as set forth in such Warrant, with respect to the number of Warrant Shares covered thereby as set forth below, to the Assignee(s) as set forth below: 

Number of Warrant Shares 
  

									
	 Name(s) of Assignee(s)
	  	Address(es)	 	  	Number of Warrant
Shares	 
		  				  			
		  				  			
		  				  			

 All notices to be given by the Company to the Assignor as Warrant Holder shall be sent to the Assignee(s) at
the above listed address(es), and, if the number of Shares being hereby assigned is less than all of the Shares covered by the Warrant held by the Assignor, then also to the Assignor. 

In accordance with Section 6 of the Warrant, the Assignor requests that the Company execute and deliver a new Warrant or Warrants in the
name or names of the assignee or assignees, as is appropriate, or, if the number of Shares being hereby assigned is less than all of the Shares covered by the Warrant held by the Assignor, new Warrants in the name or names of the assignee or the
assignees, as is appropriate, and in the name of the Assignor. 
 The undersigned represents that the Assignee has represented to the
Assignor that the Assignee is acquiring the Warrant for its own account or the account of an Affiliate for investment purposes and not with the view to any sale or distribution, and that the Assignee will not offer, sell or otherwise dispose of the
Warrant or the Warrant Shares except under circumstances as will not result in a violation of applicable securities laws. 

Dated:            , 20     

 

			
	[NAME OF ASSIGNOR]
		
	By	 	
                    

	Name:	 	
	Title:	 	
	
	[ADDRESS OF ASSIGNOR]

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