Document:

Exhibit 10.1

 

Certain identified information has been excluded from this exhibit
in accordance with Regulation S-K Item 601(a)(6) because it would constitute a clearly unwarranted invasion of personal privacy. [***]
indicates that information has been redacted.

 

Execution Version

 

AMENDED AND RESTATED LOAN AGREEMENT

 

Dated as of March 22, 2022

 

among

 

COLLEGIUM PHARMACEUTICAL, INC.

 

(as Borrower),

 

THE GUARANTORS PARTY HERETO

 

(as additional Credit Parties),

 

BIOPHARMA CREDIT PLC

 

(as Collateral Agent),

 

BPCR LIMITED PARTNERSHIP

 

(as a Lender)

 

and

 

BIOPHARMA CREDIT INVESTMENTS V (MASTER) LP

 

(as a Lender)

 

    	 	 	

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	ACCOUNTING AND OTHER TERMS	1
	 	 	 
	2.	LOANS AND TERMS OF PAYMENT	1
	 	 	 
	2.1.	Promise to Pay	1
	2.2.	Term Loans	1
	2.3.	Payment of Interest on the Credit Extensions	3
	2.4.	Expenses	5
	2.5.	Requirements of Law; Increased Costs	5
	2.6.	Taxes; Withholding, Etc.	6
	2.7.	Additional Consideration	9
	2.8.	Evidence of Debt; Register; Collateral Agent’s Books and Records; Term Loan Notes	9
	 	 	 
	3.	CONDITIONS TO TERM LOANS	9
	 	 	 
	3.1.	Conditions Precedent to Term Loans	9
	3.2.	Covenant to Deliver	13
	3.3.	Procedures for Borrowing	13
	 	 	 
	4.	REPRESENTATIONS AND WARRANTIES	13
	 	 	 
	4.1.	Due Organization, Existence, Power and Authority	13
	4.2.	Equity Interests	14
	4.3.	Authorization; No Conflict	14
	4.4.	Government Consents; Third Party Consents	14
	4.5.	Binding Obligation	14
	4.6.	Collateral	14
	4.7.	Adverse Proceedings; Specified Disputes; Compliance with Laws	19
	4.8.	Exchange Act Documents; Financial Statements; Financial Condition; No Material Adverse Change; Books and Records	20
	4.9.	Solvency	20
	4.10.	Payment of Taxes	21
	4.11.	Environmental Matters	21
	4.12.	Material Contracts	21
	4.13.	Regulatory Compliance	21
	4.14.	Margin Stock 	22
	4.15.	Subsidiaries	22
	4.16.	Employee Matters	22
	4.17.	Full Disclosure	22
	4.18.	FCPA; Patriot Act; OFAC; Export and Import Laws	22
	4.19.	Health Care Matters	23
	4.20.	Regulatory Approvals	26
	4.21.	Supply and Manufacturing	26
	4.22.	Cybersecurity; Data Protection	27
	4.23.	Additional Representations and Warranties	28

 

    	 	i	

     

    

 

	5.	AFFIRMATIVE COVENANTS	28
	 	 	 
	5.1.	Maintenance of Existence	28
	5.2.	Financial Statements, Notices	28
	5.3.	Taxes	30
	5.4.	Insurance	30
	5.5.	Operating Accounts	31
	5.6.	Compliance with Laws	31
	5.7.	Protection of Intellectual Property Rights	31
	5.8.	Books and Records	32
	5.9.	Access to Collateral; Audits	32
	5.10.	Use of Proceeds	33
	5.11.	Further Assurances	33
	5.12.	Additional Collateral; Guarantors	33
	5.13.	Formation or Acquisition of Subsidiaries	34
	5.14.	Post-Closing Requirements	34
	5.15.	Environmental	35
	5.16.	Inventory; Returns; Maintenance of Properties	35
	 	 	 
	6.	NEGATIVE COVENANTS	36
	 	 	 
	6.1.	Dispositions	36
	6.2.	Fundamental Changes; Location of Collateral	36
	6.3.	Mergers, Liquidations or Dissolutions	36
	6.4.	Indebtedness	37
	6.5.	Encumbrances	37
	6.6.	No Further Negative Pledges; Negative Pledge	37
	6.7.	Maintenance of Collateral Accounts	38
	6.8.	Distributions; Investments	38
	6.9.	No Restrictions on Subsidiary Distributions	38
	6.10.	Subordinated Debt	38
	6.11.	Amendments or Waivers of Organizational Documents	38
	6.12.	Compliance	38
	6.13.	Compliance with Sanctions and Anti-Money Laundering Laws	38
	6.14.	Amendments or Waivers of Current Company IP Agreements and Current Acquisition IP Agreements	39
	 	 	 
	7.	EVENTS OF DEFAULT	39
	 	 	 
	7.1.	Payment Default	39
	7.2.	Covenant Default	39
	7.3.	Material Adverse Change	39
	7.4.	Attachment; Levy; Restraint on Business	39
	7.5.	Insolvency	40
	7.6.	Other Agreements	40
	7.7.	Judgments	40
	7.8.	Misrepresentations	40
	7.9.	Loan Documents; Collateral	40
	7.10.	ERISA Event	41
	 	 	 
	8.	RIGHTS AND REMEDIES UPON AN EVENT OF DEFAULT	41
	 	 	 
	8.1.	Rights and Remedies	41
	8.2.	Power of Attorney	42
	8.3.	Application of Payments and Proceeds Upon Default	42
	8.4.	Collateral Agent’s Liability for Collateral	42
	8.5.	No Waiver; Remedies Cumulative	43
	8.6.	Demand Waiver; Makewhole Amount; Prepayment Premium	43
	 	 	 
	9.	NOTICES	43
	 	 	 
	10.	CHOICE OF LAW, VENUE, AND JURY TRIAL WAIVER	45

 

    	 	ii	

     

    

 

	11.	GENERAL PROVISIONS	45
	 	 	 
	11.1.	Successors and Assigns	45
	11.2.	Indemnification	46
	11.3.	Severability of Provisions	47
	11.4.	Correction of Loan Documents	47
	11.5.	Amendments in Writing; Integration	47
	11.6.	Counterparts	47
	11.7.	Survival	48
	11.8.	Confidentiality	48
	11.9.	Attorneys’ Fees, Costs and Expenses	48
	11.10.	Right of Set-Off	48
	11.11.	Marshalling; Payments Set Aside	49
	11.12.	Electronic Execution of Documents	49
	11.13.	Captions	49
	11.14.	Construction of Agreement	49
	11.15.	Third Parties	49
	11.16.	No Advisory or Fiduciary Duty	49
	 	 	 
	12.	COLLATERAL AGENT	50
	 	 	 
	12.1.	Appointment and Authority	50
	12.2.	Rights as a Lender	50
	12.3.	Exculpatory Provisions	50
	12.4.	Reliance by Collateral Agent	51
	12.5.	Delegation of Duties	51
	12.6.	Resignation of Collateral Agent	51
	12.7.	Non-Reliance on Collateral Agent and Other Lenders	51
	12.8.	Collateral and Guaranty Matters	52
	12.9.	Reimbursement by Lenders	52
	12.10.	Notices and Items to Lenders	53
	12.11.	Amendment and Restatement	53
	 	 	 
	13.	DEFINITIONS	54
	 	 	 
	13.1.	Definitions	54

 

	EXHIBITS:	 

 

	 	EXHIBIT A: Form of Loan Advance Request	 
	 	EXHIBIT B: Form of Term Loan Note	 
	 	EXHIBIT C: Form of Guaranty and Security Agreement	 
	 	EXHIBIT D: Form of Compliance Certificate	 
	 	EXHIBIT E: Commitments; Notice Addresses	 
	 	EXHIBIT F: Form of Solvency Certificate	 

 

    	 	iii	

     

    

 

AMENDED AND RESTATED LOAN AGREEMENT

 

THIS AMENDED AND RESTATED
LOAN AGREEMENT (this “Agreement”), dated as of March 22, 2022 by and among COLLEGIUM PHARMACEUTICAL, INC.,
a Virginia corporation (as “Borrower”), the Guarantors from time to time party hereto, BIOPHARMA CREDIT PLC, a public
limited company incorporated under the laws of England and Wales with company number 10443190 (as the “Collateral Agent”),
BPCR LIMITED PARTNERSHIP, a limited partnership established under the laws of England and Wales with registration number LP020944 (as
a “Lender”) and BIOPHARMA CREDIT INVESTMENTS V (MASTER) LP, a Cayman Islands exempted limited partnership acting by
its general partner, BioPharma Credit Investments V GP LLC (as a “Lender”), provides the terms on which each Lender
shall make, and Borrower shall repay, the Credit Extensions (as hereinafter defined). This Agreement amends and restates in its entirety,
and replaces, the terms of (and obligations outstanding under) that certain Loan Agreement, dated as of February 6, 2020 (the “Effective
Date”), among Borrower, Collegium Securities Corporation (as an additional Credit Party), the Collateral Agent and Lenders,
and amended as of February 24, 2020 and May 27, 2020 (the “Prior Loan Agreement”). The parties hereto agree
that the Prior Loan Agreement is hereby superseded and replaced in its entirety by this Agreement and the Prior Loan Agreement has no
further force or effect, and the parties hereto agree as follows:

 

1.            ACCOUNTING
AND OTHER TERMS

 

Except as otherwise expressly
provided herein, all accounting terms not otherwise defined in this Agreement shall have the meanings assigned to them in conformity
with Applicable Accounting Standards. Calculations and determinations must be made following Applicable Accounting Standards. If at any
time any change in Applicable Accounting Standards would affect the computation of any financial requirement set forth in any Loan Document,
and either Borrower or the Collateral Agent shall so request, the Collateral Agent and Borrower shall negotiate in good faith to amend
such requirement to preserve the original intent thereof in light of such change in Applicable Accounting Standards; provided,
that, until so amended, such requirement shall continue to be computed in accordance with Applicable Accounting Standards prior
to such change therein. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein
shall be construed, and all computations of amounts referred to herein, including in Article V and Article VI
shall be made, without giving effect to any (a) election under ASC 825-10 (or any other Financial Accounting Standards Board Accounting
Standards Codification (“ASC”) or Financial Accounting Standard having a similar result or effect) to value any Indebtedness
or other liabilities of any Credit Party or any Subsidiary of any Credit Party at “fair value” and (b) any treatment
of Indebtedness in respect of convertible debt instruments under ASC 470-20 (or any other ASC or Financial Accounting Standard having
a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness
shall at all times be valued at the full stated principal amount thereof. Notwithstanding anything to the contrary above or in the definition
of “Capital Lease Obligations”, all obligations of any Person that are or would have been treated as operating leases for
purposes of Applicable Accounting Standards prior to the effectiveness of ASC 842 shall continue to be accounted for as operating leases
for all purposes hereunder or under any other Loan Documents (whether or not such operating lease obligations were in effect on such
date) notwithstanding the fact that such obligations are required in accordance with ASC 842 (on a prospective or retroactive basis or
otherwise) to be treated as Capital Leases. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth
in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by
the Code to the extent such terms are defined therein. All references to “Dollars” or “$” are United States Dollars,
unless otherwise noted.

 

2.            LOANS
AND TERMS OF PAYMENT

 

2.1.        Promise
to Pay. Borrower hereby unconditionally promises to pay Lenders the outstanding principal amount of the Term Loans advanced to Borrower
by Lenders and accrued and unpaid interest thereon and any other amounts due hereunder as and when due in accordance with this Agreement.

 

2.2.         Term
Loans.

 

(a)            Availability.
Subject to the terms and conditions of this Agreement (including Sections 3.1), each Lender severally agrees to make a term
loan to Borrower on the Closing Date in an original principal amount equal to such Lender’s Term Loan Commitment (collectively,
the “Term Loans”). After repayment or prepayment (in whole or in part), no Term Loan (or any portion thereof) may
be re-borrowed.

 

    1 

     

    

 

(b)           Repayment.

 

(i)            With
respect to each Term Loan, Borrower shall make quarterly payments of principal of such Term Loan commencing on the first Payment Date
immediately following the Closing Date and continuing on each subsequent Payment Date, in an amount equal to (A) $25,000,000.01
in each of the first four (4) quarters following the Closing Date and (B) $45,833,333.33 in each of the remaining twelve (12)
quarters thereafter; provided, that if any such Payment Date is not a Business Day, the applicable payment shall be due and payable
on the first Business Day immediately after such date.

 

(ii)           All
unpaid principal with respect to the Term Loans (and, for the avoidance of doubt, all accrued and unpaid interest, all due and unpaid
Lender Expenses and any and all other amounts payable under the Loan Documents) is due and payable in full on the Term Loan Maturity
Date. The Term Loans may be prepaid only in accordance with Section 2.2(c), except as provided in Section 8.1.

 

(c)           Prepayment
of Term Loans.

 

(i)            Borrower
shall have the option, at any time after the Closing Date, to prepay the Term Loans advanced by Lenders under this Agreement, in whole
but not in part; provided that (A) Borrower provides written notice to the Collateral Agent of its election (which shall
be irrevocable unless the Collateral Agent otherwise consents in writing) to prepay all of the Term Loans, which notice shall include
the amount of the outstanding aggregate principal amount of the Term Loans to be prepaid, at least five (5) Business Days prior
to such prepayment, and (B) the prepayment of such principal shall be accompanied by any and all accrued and unpaid interest thereon
through the date of prepayment and any amounts payable in connection with such prepayment pursuant to Section 2.2(e) and
Section 2.2(f) (as applicable), together with any and all other amounts payable or accrued and not yet paid under this
Agreement and the other Loan Documents. The Collateral Agent will promptly notify each Lender of its receipt of such notice and the amount
of such Lender’s Applicable Percentage of such prepayment.

 

(ii)           Upon
a Change in Control, Borrower shall promptly, and in any event no later than ten (10) days after the consummation of such Change
in Control, notify the Collateral Agent in writing of the occurrence of a Change in Control, which notice shall include reasonable detail
as to the nature, timing and other circumstances of such Change in Control (such notice, a “Change in Control Notice”).
Borrower shall prepay in full the Term Loans advanced by Lenders under this Agreement, no later than ten (10) Business Days after
delivery to the Collateral Agent of the Change in Control Notice, in an amount equal to the sum of (A) the outstanding aggregate
principal amount of the Term Loans and any and all accrued and unpaid interest with respect to the Term Loans to the date of prepayment,
(B) any applicable amounts payable solely with respect to the prepayment of such principal amount under this Section 2.2(c)(ii) pursuant
to Section 2.2(e) and Section 2.2(f) (as applicable) and (C) all other amounts payable or accrued
and not yet paid under this Agreement and the other Loan Documents. The Collateral Agent will promptly notify each Lender of its receipt
of the Change in Control Notice and the amount of such Lender’s Applicable Percentage of such prepayment.

 

(d)           Prepayment
Application. Any prepayment of the Term Loans pursuant to Section 2.2(c) (together with the applicable Makewhole
Amount and Prepayment Premium, if any, that is payable pursuant to Section 2.2(e) and Section 2.2(f)) shall
be paid to Lenders in accordance with their respective Applicable Percentages for application to the Obligations in the following order:
(i) first, to due and unpaid Lender Expenses; (ii) second, to accrued, unpaid and uncapitalized interest at the Default Rate
incurred pursuant to Section 2.3(b), if any; (iii) third, without duplication of amounts paid pursuant to clause
(ii) above, to accrued and unpaid interest at the Term Loan Rate; (iv) fourth, to the Prepayment Premium; (v) fifth,
to the Makewhole Amount (if any); (vi) sixth, to the outstanding principal amount of the Term Loans; and (vii) seventh, to
any remaining amounts then due and payable under this Agreement and the other Loan Documents.

 

    2 

     

    

 

(e)           Makewhole
Amount. Any prepayment of the Term Loans by Borrower (A) pursuant to Section 2.2(c)(i) or Section 2.2(c)(ii) or
(B) as a result of the acceleration of the maturity of the Term Loans pursuant to Section 8.1(a), in each case, occurring
prior to the 2nd-year anniversary of the Closing Date, shall be accompanied by payment of an amount equal to the Makewhole
Amount.

 

(f)            Prepayment
Premium. Any prepayment of the Term Loans by Borrower (A) pursuant to Section 2.2(c)(i) or Section 2.2(c)(ii) or
(B) as a result of the acceleration of the maturity of the Term Loans pursuant to Section 8.1(a) shall be accompanied
by payment of an amount equal to the Prepayment Premium. For the avoidance of doubt, no Prepayment Premium shall be due and owing for
any payment of principal of the Term Loans made on the Term Loan Maturity Date.

 

(g)           Any
Makewhole Amount or Prepayment Premium payable as a result of any prepayment of the Term Loans pursuant to Section 2.2(c) or
as a result of the acceleration of the maturity of the Term Loans pursuant to Section 8.1(a), shall be presumed to be the
liquidated damages sustained by each applicable Lender as the result of the early redemption and repayment of such Term Loan Notes and
Borrower agrees that it is reasonable under the circumstances currently existing. BORROWER EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT
MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE REQUIREMENTS OF LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION
OF ANY MAKEWHOLE AMOUNT OR PREPAYMENT PREMIUM IN CONNECTION WITH ANY SUCH PREPAYMENT OR ACCELERATION OR OTHERWISE. Borrower expressly
agrees that (to the fullest extent it may lawfully do so) that: (i) each Makewhole Amount and Prepayment Premium is reasonable and
is the product of an arm’s-length transaction among sophisticated business people, ably represented by counsel; (ii) each
Makewhole Amount and Prepayment Premium shall be payable notwithstanding the then-prevailing market rates at the time payment thereof
is made; (iii) there has been a course of conduct among Lenders and Borrower giving specific consideration in this transaction for
such agreement to pay each Makewhole Amount and Prepayment Premium; and (iv) Borrower shall be estopped hereafter from claiming
differently than as agreed to in this Section 2.2(g). Borrower expressly acknowledges that its agreement to pay the Makewhole
Amount and Prepayment Premium, as the case may be, to applicable Lenders as herein described is a material inducement to such Lenders
to make any Credit Extension.

 

2.3.        Payment
of Interest on the Credit Extensions.

 

(a)           Interest
Rate.

 

(i)            Subject
to Section 2.3(b), the principal amount outstanding under each Term Loan shall accrue interest at a per annum rate equal
to the LIBOR Rate plus seven and one half percent (7.50%) per annum (the “Term Loan Rate”), which interest shall be
payable quarterly in arrears in accordance with this Section 2.3.

 

(ii)           Interest
shall accrue on each Term Loan commencing on, and including, the day on which such Term Loan is made, and shall accrue on such Term Loan,
or any portion thereof, for the day on which such Term Loan or such portion is paid.

 

(iii)          Except
as otherwise expressly provided herein, interest is due and payable quarterly on each Interest Date; provided, that if any such
date is not a Business Day, the applicable interest shall be due and payable on the first Business Day immediately after such date.

 

(iv)          Notwithstanding
anything to the contrary herein or in any other Loan Document, upon the occurrence of a LIBOR Rate Transition Event or an Early Opt-in
Election, as applicable, the Collateral Agent, Borrower and Required Lenders shall amend this Agreement and the Term Loan Notes to replace
the LIBOR Rate with the Alternate Benchmark Rate, and such Alternative Benchmark Rate shall be effective from and after the Alternative
Benchmark Start Date. Any such amendments with respect to a LIBOR Rate Transition Event will become effective at 5:00 p.m. on the
third (3rd) Business Day after the Collateral Agent has delivered such proposed amendments to all Lenders and Borrower so
long as the Collateral Agent has not received, by such time, written notice of objection to such amendments from the Required Lenders.
Any such amendments with respect to an Early Opt-in Election will become effective on the date that the Required Lenders have delivered
to the Collateral Agent written notice that such Required Lenders accept such amendments. No replacement of the LIBOR Rate with the Alternate
Benchmark Rate pursuant to this Section 2.3(a)(iv) will occur prior to the applicable Alternate Benchmark Rate Start
Date.

 

    3 

     

    

 

(b)           Default
Rate. In the event Borrower fails to pay any of the Obligations when due or upon the commencement and during the continuance of an
Insolvency Proceeding of the Borrower or upon the occurrence and during the continuance of any other Event of Default, immediately (and
without notice to any Credit Party or demand by the Collateral Agent or any Lender for payment therefor), the Obligations shall bear
interest at a rate per annum which is three percentage points (3.00%) above the rate that is otherwise applicable thereto (the “Default
Rate”), and shall be payable on the date specified herein; provided, that in the case of any past due Obligations (if
any), such interest shall be payable entirely in cash on demand of the Collateral Agent or any Lender. Payment or acceptance of the increased
interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment of any Obligations and
shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of the Collateral Agent
or any Lender.

 

(c)           360-Day
Year. Interest shall be computed on the basis of a year of 360 days and the actual number of days elapsed.

 

(d)           Payments.
Except as otherwise expressly provided herein, Borrower shall make (or shall cause to be made on its behalf) all loan payments and any
other payments hereunder on the date specified herein to the bank account of each Lender or the Collateral Agent, as applicable, as such
Lender or the Collateral Agent shall have designated in a written notice to Borrower delivered on or before the Closing Date (which such
notice may be updated by such Lender or the Collateral Agent from time to time after the Closing Date). Any payment of principal or interest
received after 11:00 a.m. on the date such payment is due and payable is considered received at the opening of business on the next
Business Day. When any payment is due and payable on a day that is not a Business Day, such payment is due and payable on the immediately
next Business Day and additional fees or interest, as applicable, shall continue to accrue until actually paid. Any and all payments
to be made by (or on behalf of) Borrower hereunder or under any other Loan Document, including payments of principal, interest, fees,
expenses, indemnities and reimbursements, shall be made without set-off, recoupment or counterclaim, in lawful money of the United States
and in immediately available funds.

 

(e)           Benchmark
Replacement Setting. Notwithstanding anything to the contrary herein or in any other Loan Document:

 

(i)            Replacing
USD LIBOR. On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of USD LIBOR’s
administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot
Next, 1-month, 3-month, 6-month and 12-month USD LIBOR tenor settings. On the earlier of (A) the date that all Available Tenors
of USD LIBOR have either permanently or indefinitely ceased to be provided by IBA or have been announced by or on behalf of the FCA pursuant
to public statement or publication of information to be no longer representative and (B) the Early Opt-in Effective Date, if the
then-current Benchmark is USD LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan
Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action
or consent of any other party to, this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest
payments will be payable on a quarterly basis.

 

(ii)           Replacing
Future Benchmarks. Upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace the then-current Benchmark
for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5th)
Business Day after the date notice of such Benchmark Replacement is provided to Borrower and the Lenders without any amendment to, or
further action or consent of any other party to, this Agreement or any other Loan Document so long as the Collateral Agent has not received,
by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. At any time that
the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has
been announced by or on behalf of the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication
of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure
and that representativeness will not be restored, Borrower, with respect to any request (pursuant to Section 3.7) for a borrowing
of Term Loans to be made that would bear interest by reference to such Benchmark, will be deemed to have converted such request into
a request for a borrowing of Term Loans to be made that will bear interest by reference to the Benchmark Replacement that has replaced
such Benchmark.

 

    4 

     

    

 

(iii)          Benchmark
Replacement Conforming Changes. In connection with the implementation and administration of a Benchmark Replacement, the Collateral
Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective
without any further action or consent of any other party to this Agreement.

 

(iv)          Notices;
Standards for Decisions and Determinations. The Collateral Agent will promptly notify Borrower and the Lenders of (A) the implementation
of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision
or election that may be made by the Collateral Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.3(e),
including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made
in its or their sole discretion and without consent from any other party to this Agreement.

 

(v)           Unavailability
of Tenor of Benchmark. At any time (including in connection with the implementation of a Benchmark Replacement), (i) if the
then-current Benchmark is a term rate (including Term SOFR or USD LIBOR), then the Collateral Agent may remove any tenor of such Benchmark
that is unavailable or non-representative tenor for Benchmark (including Benchmark Replacement) settings and (ii) the Collateral
Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings.

 

2.4.        Expenses.
Borrower shall pay to or reimburse (or pay directly on behalf of) the Collateral Agent and, as applicable, each Lender, all of such Person’s
Lender Expenses incurred through and after the Closing Date, promptly after receipt of a written demand therefor by such Lender or the
Collateral Agent (with, in the case of any Lender, a copy of such demand to the Collateral Agent), setting forth in reasonable detail
such Person’s Lender Expenses; provided, however, that for purposes of this Section 2.4 and solely in
the case of satisfying the condition precedent in Section 3.1(q), the parties hereto agree that the funds flow memo prepared
and delivered by the Collateral Agent in advance of the Closing Date for attachment to the Loan Advance Request for the Term Loans shall
constitute such written demand so long as reasonable detail of the Lender Expenses set forth therein are delivered to Borrower no later
than two (2) Business Days following the Closing Date.

 

2.5.        Requirements
of Law; Increased Costs. In the event that any applicable Change in Law:

 

(a)           Does
or shall subject any Lender to any Tax of any kind whatsoever with respect to this Agreement or the Term Loans (except Indemnified Taxes,
Taxes described in clause (b) through (d) of the definition of Excluded Taxes, and Connection Income Taxes);

 

(b)           Does
or shall impose, modify or hold applicable any reserve, capital requirement, special deposit, compulsory loan, insurance charge or similar
requirements against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit
extended by, or any other acquisition of funds by, any Lender; or

 

(c)           Does
or shall impose on any Lender any other condition (other than Taxes); and the result of any of the foregoing is to increase the cost
to such Lender (as determined by such Lender in good faith using calculation methods customary in the industry) of making, renewing or
maintaining the Term Loans or to reduce any amount receivable in respect thereof or to reduce the rate of return on the capital of such
Lender or any Person controlling such Lender,

 

    5 

     

    

 

then, in any such case, Borrower
shall promptly pay to the applicable Lender, within thirty (30) days of its receipt of the certificate described below, any additional
amounts necessary to compensate such Lender for such additional cost or reduced amounts receivable or rate of return as reasonably determined
by such Lender with respect to this Agreement or the Term Loans made hereunder. If any Lender becomes entitled to claim any additional
amounts pursuant to this Section 2.5, it shall promptly notify Borrower in writing of the event by reason of which it has
become so entitled (with a copy of such notice to the Collateral Agent), and a certificate as to any additional amounts payable pursuant
to the foregoing sentence containing the calculation thereof in reasonable detail submitted by such Lender to Borrower (with a copy of
such certificate to the Collateral Agent) shall be conclusive in the absence of manifest error. The provisions hereof shall survive the
termination of this Agreement and the payment of the outstanding Term Loans and all other Obligations. Failure or delay on the part of
any Lender to demand compensation for any increased costs or reduction in amounts received or receivable or reduction in return on capital
under this Section 2.5 shall not constitute a waiver of such Lender’s right to demand such compensation; provided
that Borrower shall not be under any obligation to compensate such Lender under this Section 2.5 with respect to increased
costs or reductions with respect to any period prior to the date that is 180 days prior to the date of the delivery of the notice required
pursuant to the foregoing provisions of this paragraph; provided, further, that if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive
effect thereof.

 

2.6.        Taxes;
Withholding, Etc.

 

(a)           All
sums payable by any Credit Party hereunder and under the other Loan Documents shall (except to the extent required by Requirements of
Law) be paid free and clear of, and without any deduction or withholding on account of, any Tax imposed, levied, collected, withheld
or assessed by any Governmental Authority. In addition, Borrower agrees to pay, and shall indemnify and hold each Lender harmless from,
Other Taxes, and as soon as practicable after the date of paying such sum, Borrower shall furnish to each Lender (as applicable, with
a copy to the Collateral Agent) the original or a certified copy of a receipt evidencing payment thereof or other evidence reasonably
satisfactory to the Collateral Agent of such payment and of the remittance thereof to the relevant taxing or other Governmental Authority.

 

(b)           If
any Credit Party or any other Person (“Withholding Agent”) is required by Requirements of Law to make any deduction
or withholding on account of any Tax (as determined in the good faith discretion of such Withholding Agent) from any sum paid or payable
by any Credit Party to any Lender under any of the Loan Documents: (i) such Withholding Agent shall notify such Lender in writing
(with a copy to the Collateral Agent) of any such requirement or any change in any such requirement promptly after such Withholding Agent
becomes aware of it; (ii) such Withholding Agent shall make any such withholding or deduction; (iii) such Withholding Agent
shall pay any such Tax before the date on which penalties attach thereto in accordance with Requirements of Law; (iv) if the Tax
is an Indemnified Tax, the sum payable by such Withholding Agent in respect of which the relevant deduction, withholding or payment of
Indemnified Tax is required shall be increased to the extent necessary to ensure that, after the making of that deduction, withholding
or payment (including any deductions for Indemnified Taxes applicable to additional sums payable under this Section 2.6(b)),
such Lender receives on the due date a net sum equal to what it would have received had no such deduction, withholding or payment of
Indemnified Tax been required or made; and (v) as soon as practicable after paying any sum from which it is required by Requirements
of Law to make any deduction or withholding, Borrower shall (or shall cause such Withholding Agent, if not Borrower, to) deliver to such
Lender (with a copy to the Collateral Agent) the original or a certified copy of a receipt evidencing payment thereof or other evidence
reasonably satisfactory to such Lender of such deduction, withholding or payment and of the remittance thereof to the relevant taxing
or other Governmental Authority.

 

(c)           Borrower
shall indemnify each Lender for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section 2.6(c)) paid by such Lender and any liability (including any reasonable expenses) arising
therefrom or with respect thereto whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. Any indemnification payment pursuant to this Section 2.6(c) shall be made to the applicable
Lender within thirty (30) days from written demand therefor.

 

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(d)           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 Borrower and the Collateral Agent, at the time or times reasonably requested in writing by Borrower or the Collateral Agent,
such properly completed and executed documentation as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, such Lender, if reasonably requested in writing by Borrower or the Collateral Agent, shall deliver such other
documentation prescribed by Requirements of Law or otherwise required by Borrower or the Collateral Agent to enable Borrower or the Collateral
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 Section 2.6(d)(i), (ii) or (iv) below) shall not be required if in such
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 (it being acknowledged and agreed that providing
any information currently required by any U.S. federal income tax withholding form is not considered on the Closing Date prejudicial
to the position of such Lender). For the avoidance of doubt, for the purposes of this Section 2.6(d), the term “Lender”
shall include each applicable assignee thereof. Without limiting the generality of the foregoing:

 

(i)            If
any Lender is a U.S. Person, such Lender shall deliver to Borrower and the Collateral Agent, on or prior to the Closing Date and the
date on which a Lender Transfer involving such Lender occurs, as applicable, and at such other times as may be necessary in the determination
of Borrower (in the reasonable exercise of its discretion) two (2) executed copies of Internal Revenue Service (“IRS”)
Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax.

 

(ii)           If
any Lender is a Foreign Lender, such Lender shall deliver, and shall cause each applicable assignee thereof to deliver, to Borrower and
the Collateral Agent, on or prior to, the Closing Date and, the date on which a Lender Transfer involving such Lender
occurs, as applicable, and at such other times as may be necessary in the determination of Borrower (in the reasonable exercise of its
discretion):

 

(1)            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, two (2) properly completed and duly 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, a properly completed and
duly executed copy 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;

 

(2)            two
(2) completed and duly executed copies of IRS Form W-8ECI;

 

(3)            to
the extent that such Foreign Lender is not the beneficial owner, two (2) properly completed and duly executed copies of IRS W-8IMY
and a withholding statement, along with IRS Form W-9, W-8BEN-E, W-8BEN, W-8ECI 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 certificate referenced in Section 2.6(d)(ii)(4) below
on behalf of each such direct and indirect partner; or

 

(4)            in
the case of a Foreign Lender claiming the benefits of the exemption for “portfolio interest” under Section 881(c) of
the IRC, it shall provide Borrower with two (2) properly completed and duly executed copies of IRS Form W-8BEN-E or IRS Form W-8BEN,
as applicable, and a certificate reasonably satisfactory to Borrower to the effect that any interest received by such Foreign Lender
is not received by a “bank” on “extension of credit made pursuant to a loan agreement entered into in the ordinary
course of its trade or business” within the meaning of 881(c)(3)(A) of the IRC, a “10 percent shareholder” of
Borrower within the meaning of Section 871(h)(3)(B) of the IRC, or a “controlled foreign corporation” related to
Borrower as described in Section 881(c)(3)(C) of the IRC.

 

    7 

     

    

 

(iii)          If
any Lender is a Foreign Lender it shall, to the extent it is legally entitled to do so, deliver to Borrower (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such its becomes a party to this Agreement (and from time to
time thereafter upon the reasonable request of Borrower), executed copies of any other form prescribed by applicable law 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 law to permit Borrower to determine the withholding or deduction required to be made.

 

(iv)          If
a payment made to any 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 IRC, as applicable), such Lender shall deliver to Borrower and the Collateral Agent at the time or times prescribed
by law and at such time or times reasonably requested by Borrower or the Collateral Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the IRC) and such additional documentation reasonably requested
by Borrower or the Collateral Agent as may be necessary for Borrower (and, to the extent applicable, the Collateral Agent) to comply
with their obligations under FATCA and to determine that Lender has complied with its obligations under FATCA or to determine the amount
to deduct and withhold from such payment. Solely for purposes of this clause (iv), “FATCA” shall include any amendments
made to FATCA after the date of this Agreement.

 

(v)           If
any Lender is required to deliver any forms, statements, certificates or other evidence with respect to United States federal Tax or
backup withholding matters pursuant to this Section 2.6(d), such Lender hereby agrees, from time to time after the initial
delivery by such Lender of such forms, certificates or other evidence, whenever a lapse in time, change in circumstances or law, or additional
guidance by a Governmental Authority renders such forms, certificates or other evidence obsolete or inaccurate in any material respect,
to promptly deliver to Borrower two (2) new original copies of updated or successor forms, certificates or evidence, as applicable.

 

(e)           If
any party hereto determines, in its discretion exercised in good faith, that it has received a refund of any Taxes or a credit or offset
for any Taxes as to which it has been indemnified pursuant to this Section 2.6 (including by the payment of additional amounts
pursuant to this Section 2.6), it shall pay to the indemnifying party an amount equal to such refund, credit or offset (but
only to the extent of indemnity payments made, or additional amounts paid, under this Section 2.6 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 clause (e) in the
event that such indemnified party is required to repay, credit or offset such refund to such Governmental Authority and the requirement
to repay such refund to such Governmental Authority is not due to the indemnified party’s failure to timely provide complete and
accurate IRS forms and other documentation required pursuant to Section 2.6(d) or Section 2.8. Notwithstanding
anything to the contrary in this clause (e), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this clause (e) if the payment of such amount would place the indemnified party in a less favorable net
after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts 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 clause (e) 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.

 

    8 

     

    

 

(f)            If
any Lender requests compensation under Section 2.5, or requires Borrower to pay any Indemnified Taxes or additional amounts
to any Lender or any Governmental Authority for the account of any Lender pursuant to this Section 2.6, then such Lender
shall (at the written request of Borrower) use commercially reasonable efforts to designate a different lending office for funding or
booking its Term Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates,
if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.5
or 2.6, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense
and would not otherwise be disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by
any Lender in connection with any such designation or assignment.

 

2.7.        Additional
Consideration. As additional consideration for the obligations of each Lender to fund its Applicable Percentage of the Term Loan
Amount pursuant to Section 2.2 and Section 3.4, on the Closing Date, Borrower shall pay to each Lender an amount
equal to the product of (a) the amount of the Term Loan advanced by such Lender on the Closing Date, multiplied by (b) 0.01
(such product, individually or collectively as the context dictates, the “Additional Consideration”). The Additional
Consideration shall be fully earned when paid and shall not be refundable for any reason whatsoever and such Additional Consideration
shall be treated as original issue discount for U.S. federal income tax purposes.

 

2.8.        Evidence
of Debt; Register; Collateral Agent’s Books and Records; Term Loan Notes.

 

(a)           Evidence
of Debt; Register. Notwithstanding anything herein to the contrary, Borrower hereby designates the Collateral Agent to serve as Borrower’s
agent solely for purposes of maintaining at all times at the Collateral Agent’s principal office a “book entry system”
as described in Treasury Regulations Section 5f.103-1(c)(1)(ii) that identifies each beneficial owner that is entitled to a
payment of principal and stated interest on each Term Loan (the “Register”) so that each Term Loan is at all times
in “registered form” as described in IRC Treasury Regulations Section 5f.103-1(c) or Proposed Section 1.163-5(b) (or
any amended or successor version). The Collateral Agent is hereby authorized by Borrower to record in the manual or data processing records
of the Collateral Agent, the date and amount of each advance and the amount of the outstanding Obligations and the date and amount of
each repayment of principal and each payment of interest or otherwise on account of the Obligations. Absent manifest error, such records
of the Collateral Agent shall be conclusive as to the outstanding principal amount of the total outstanding Obligations, and the payment
of interest, principal and other sums due hereunder; provided, however, that the failure of the Collateral Agent to make
any such record entry with respect to any payment shall not limit or otherwise affect the obligations of Borrower under the Loan Documents.
Each Term Loan: (i) shall, pursuant to this clause (a), be also registered as to both principal and any stated interest with
Borrower or its agent, and (ii) may be transferred by any Lender only by (1) surrender of the old instrument and either (x) the
reissuance by Borrower of the old instrument to the new Lender or (y) the issuance by Borrower of a new instrument to the new Lender,
or (2) confirmation with Borrower that the right to the principal and stated interest on such Term Loan is maintained through the
book entry system kept by the Collateral Agent. Each Lender, severally and not jointly with any other Lender, represents that any interest
that may become due and owing under this Agreement qualifies for the portfolio interest exception from withholding on interest payments
pursuant to IRC Sections 871(h) and 881(c).

 

(b)           Term
Loan Notes. Borrower shall execute and deliver to each Lender to evidence such Lender’s Term Loan, a Term Loan Note.

 

3.            CONDITIONS
TO TERM LOANS

 

3.1.        Conditions
Precedent to Term Loans. The obligation of each Lender to advance its Applicable Percentage of the Term Loan Amount on the Closing
Date is subject to the satisfaction (or waiver in accordance with Section 11.5 hereof) of the following conditions (it being
understood that by their respective execution and delivery of this Agreement, the Collateral Agent and Lenders hereby confirm that the
conditions described in this Section 3.1 have been satisfied or waived in accordance with Section 11.5 hereof):

 

(a)           the
Collateral Agent’s and each Lender’s receipt of copies of the Loan Agreement, the Disclosure Letter to the Loan Agreement,
the Perfection Certificate and the Loan Advance Request, in each case dated as of the Closing Date, executed and delivered by each applicable
Credit Party and in form and substance reasonably satisfactory to the Collateral Agent;

 

    9 

     

    

 

(b)           the
Collateral Agent’s and each Lender’s receipt of copies of (i) the Term Loan Notes dated the Closing Date and executed
by Borrower, (ii) a solvency certificate of Borrower in the form attached hereto as Exhibit F dated the Closing Date and executed
by the Chief Financial Officer of Borrower, and (iii) the Collateral Documents, in each case dated the Closing Date and executed
and delivered by each applicable Credit Party (excluding, for the avoidance of doubt, any Control Agreements and any other Loan Document
described in Schedule 5.14 of the Disclosure Letter to be delivered after the Closing Date), all in form and substance reasonably satisfactory
to the Collateral Agent; provided that, to the extent any lien on any Collateral (including the creation or perfection of any security
interest therein) purported to be granted (or created) under any Collateral Document is not or cannot be granted (or created or perfected)
on the Closing Date (other than (i) the Equity Interests in each Credit Party’s direct U.S. Wholly Owned Subsidiaries that
are purported to be granted or created pursuant to this Agreement or any other Loan Document, and (ii) each of the other assets
or properties of Borrower and each Guarantor to the extent that a lien on and security interest in such Collateral may be perfected by
means of (A) the filing of a Uniform Commercial Code financing statement or such other financing statement, (B) taking delivery
and possession of certificated securities or uncertificated stock control agreements, or (C) the filing of IP Security Agreements
with the United States Patent and Trademark Office or the United States Copyright Office (as applicable), it being understood that such
financing statements and IP Security Agreements shall be delivered on or before the Closing Date, but pre-filing thereof shall not be
a condition to funding of the Term Loan), after the Credit Parties’ use of commercially reasonable efforts to do so, then the grant
(or creation or perfection) of such lien thereon and security interest therein shall not constitute a condition precedent to the availability
of the Term Loans on the Closing Date hereunder, but, instead, shall be required to be granted, created or perfected (as applicable)
within thirty (30) days after the Closing Date (or such later date after the Closing Date as the Collateral Agent may agree in its sole
discretion); provided, further, that the Loan Documents shall not contain any conditions to the availability and funding of the Term
Loans hereunder other than as explicitly set forth in Section 3 hereof (the “Funds Certain Provisions”);

 

(c)           the
Collateral Agent’s receipt of (A) true, correct and complete copies of (i) the Operating Documents of each Credit Party,
Acquisition Target and any Subsidiary of Acquisition Target and (ii) completed Borrowing Resolutions with respect to the Loan Documents
and Term Loans for each Credit Party, Acquisition Target and any Subsidiary of Acquisition Target and (B) a Secretary’s Certificate
for each Credit Party, Acquisition Target and any Subsidiary of Acquisition Target, dated the Closing Date and signed by such Credit
Party’s, Acquisition Target’s, or such Subsidiary’s Secretary (or similar officer), certifying that the foregoing copies
are true, correct and complete (such Secretary’s Certificate(s) to be in form and substance reasonably satisfactory to the
Collateral Agent);

 

(d)           the
Collateral Agent’s receipt of true, correct and complete copies of (i) the Purchase Agreement, executed and delivered by all
parties thereto, (ii) the Purchaser Stockholder Consent, executed and delivered by Borrower in accordance with the Purchase Agreement
and (iii) a certificate of merger in respect of the merger described in such Purchase Agreement as filed (or in the form to be submitted
for filing as early as practicable on the Closing Date) with the Secretary of State of the State of Delaware, in each case in form and
substance reasonably satisfactory to the Collateral Agent and Lenders;

 

(e)           the
Collateral Agent’s receipt of a good standing certificate for (i) each Credit Party (where applicable), certified by the Secretary
of State (or the equivalent thereof) of the jurisdiction of incorporation or formation of such Credit Party and (ii) the Acquisition
Target and any Subsidiaries of the Acquisition Target, certified by the Secretary of State (or the equivalent thereof) of the jurisdiction
of incorporation or formation of the Acquisition Target, in each case as of a date no earlier than thirty (30) days prior to the Closing
Date;

 

(f)            the
Collateral Agent’s receipt of an Officer’s Certificate, dated the Closing Date and signed by a Responsible Officer of Borrower,
certifying that each Credit Party shall have obtained any and all Governmental Approvals and consents of other Persons that are necessary
in connection with the transactions contemplated by the Loan Documents, each of which (if any) shall be in full force and effect (and
in form and substance reasonably satisfactory to the Collateral Agent);

 

(g)           subject
to Section 5.14, the Collateral Agent’s receipt of (i) evidence that any products liability and general liability
insurance policies maintained in the United States regarding any Collateral are in full force and effect and (ii) appropriate evidence
showing the Collateral Agent, in such capacity for the benefit of Lenders and the other Secured Parties, having been named as additional
insured or loss payee, as applicable (such evidence to be in form and substance reasonably satisfactory to the Collateral Agent);

 

    10 

     

    

 

(h)           the
Collateral Agent’s receipt, no later than three (3) Business Days prior to the Closing Date, of 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 (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”) and including, for the avoidance of doubt, a certification regarding beneficial ownership as required by 31 C.F.R. §1010.230,
in form and substance reasonably satisfactory to the Collateral Agent; and

 

(i)            the
Collateral Agent’s receipt of an Officer’s Certificate, dated the Closing Date and signed by a Responsible Officer of Borrower,
confirming there is no Adverse Proceeding pending or, to the Knowledge of Borrower, threatened, that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Change, except as set forth on Schedule 4.7 of the Disclosure Letter
(such Officer’s Certificate to be in form and substance reasonably satisfactory to the Collateral Agent).

 

(j)            the
Collateral Agent’s receipt of an opinion of Troutman Pepper Hamilton Sanders LLP, counsel to all of the Credit Parties, duly executed,
dated the Closing Date and addressed to the Collateral Agent and each Lender (such opinion to be in form and substance reasonably satisfactory
to the Collateral Agent);

 

(k)           subject
to the Funds Certain Provisions, the Collateral Agent’s receipt of all documents and instruments necessary to grant a first priority
security interest in and Lien upon, and pledge to the Collateral Agent for the benefit of Lenders and the other Secured Parties, free
and clear of all Liens other than Permitted Liens, the Collateral shall have been executed (to the extent applicable) and delivered to
the Collateral Agent and, if applicable, be in appropriate form for filing (in form and substance reasonably satisfactory to the Collateral
Agent);

 

(l)            the
Collateral Agent’s receipt of an Officer’s Certificate, dated the Closing Date and signed by a Responsible Officer of Borrower,
confirming that each of the representations and warranties made by the Credit Parties (the “Specified Representations”)
(i) in Section 4.1(a), Section 4.1(b)(ii), Section 4.3(a), Section 4.3(b)(i) Section 4.5,
Section 4.9, Section 4.13(a), Section 4.14, and Sections 4.18(a)-(d), and (ii) subject
to the Funds Certain Provisions and solely to the extent that a breach thereof is (or would be) materially adverse to the interests of
the Collateral Agent or Lenders with respect to any lien on any of the assets or properties described therein (including the creation
or perfection of any security interest therein), Section 4.6(s), is true and correct in all material respects on the Closing
Date (both with and without giving effect to the Term Loans and the consummation of the transactions contemplated by the Acquisition
Agreement), unless such representation or warranty is expressly stated to relate to a specific earlier date, in which case such representation
or warranty shall be true and correct in all material respects as of such earlier date (it being understood that any such representation
or warranty that is qualified as to “materiality,” “Material Adverse Change,” or similar language shall be true
and correct in all respects, in each case, on the Closing Date (both with and without giving effect to the Term Loans and the consummation
of the transactions contemplated by the Acquisition Agreement) or as of such earlier date, as applicable) (such Officer’s Certificate
to be in form and substance reasonably satisfactory to the Collateral Agent);

 

(m)          the
Collateral Agent’s receipt of an Officer’s Certificate, dated the Closing Date and signed by a Responsible Officer of Borrower
(to be in form and substance reasonably satisfactory to the Collateral Agent), confirming that:

 

(i)            concurrently
with the funding of the Term Loans hereunder, the transactions contemplated by the Acquisition Agreement shall be consummated in accordance
in all material respects with the terms and conditions of the Acquisition Agreement delivered to the Collateral Agent on the Closing
Date, without giving effect to any waiver or consent thereunder or any amendment or modification thereto that, taken as a whole, is materially
adverse to the interests of the Lenders; provided, however, that for purposes of determining satisfaction of the condition
precedent contained in this sub-clause (i), (A) any increase in the Offer Price shall be deemed to be materially adverse
to the interests of the Lenders unless such increase is funded solely with the proceeds of any additional Equity Interests issued by
Borrower; (B) any decrease in the Offer Price shall be deemed to be materially adverse to the interests of the Lenders unless such
decrease shall reduce on a dollar-for-dollar basis the aggregate principal amount of the Term Loans (to be effected through a reduction
of the quarterly amortization payments of principal set forth in Section 2.2(b)(i)); and (C) any amendment, modification,
waiver or consent to the definition of “Material Adverse Effect” (or similar term) as used in the Acquisition Agreement shall
be deemed to be materially adverse to the interests of the Lenders (and shall require the consent of Lenders, not to be unreasonably
withheld, delayed or conditioned);

 

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(ii)           since
the Agreement Date (as defined in the Purchase Agreement), there shall have been no events or occurrences that have resulted in any Material
Adverse Effect (as defined in the Purchase Agreement);

 

(iii)          all
of the conditions to completion of the transactions contemplated by the Acquisition Agreement, other than payment of the Offer Price,
have been satisfied, and that upon funding of the Term Loans and application of the proceeds thereof in accordance with the closing funds
flow for such transactions, the transactions contemplated by the Acquisition Agreement have been consummated by the parties thereto on
the Closing Date in accordance with their respective terms (for the avoidance of doubt, after giving effect to the making of the Term
Loans and the use of the proceeds thereof); and

 

(iv)          each
of the Specified Acquisition Agreement Representations is true and correct in all material respects on the Closing Date (both with and
without giving effect to the consummation of the transactions contemplated by the Acquisition Agreement and the Term Loans), unless such
representation or warranty is expressly stated to relate to a specific earlier date, in which case such representation or warranty shall
be true and correct in all material respects as of such earlier date (it being understood that any such representation or warranty that
is qualified as to “materiality,” “material adverse effect”, “Material Adverse Effect,” or similar
language shall be true and correct in all respects on the Closing Date (both with and without giving effect to the consummation of the
transactions contemplated by the Acquisition Agreement and the Term Loans) or as of such earlier date, as applicable);

 

(n)           the
Collateral Agent’s receipt of evidence, in form and substance reasonably satisfactory to the Collateral Agent, of the repayment
in full of all Indebtedness outstanding under the Prior Loan Documents and all other amounts outstanding pursuant thereto concurrent
with the funding of the Term Loans in accordance with the Prior Loan Payoff Letter (which repayment shall be effected by deduction of
all such amounts from the proceeds of the Term Loans on the Closing Date);

 

(o)           payment
of the Additional Consideration in accordance with Section 2.7, which such payment shall be deducted from the proceeds of
the Term Loans concurrent with the funding of the Term Loans;

 

(p)           the
Collateral Agent’s receipt of (i) a payoff letter in respect of the Indebtedness outstanding under the BDSI Existing Loan
Agreement from BPCR Limited Partnership, as lender thereunder, and (ii) evidence, in form and substance reasonably satisfactory
to the Collateral Agent, of the repayment in full of all Indebtedness outstanding under the BDSI Existing Loan Agreement and all other
amounts outstanding pursuant thereto prior to or concurrent with the funding of the Term Loans in accordance with such payoff letter
(which repayment shall be effected by deduction of all such amounts from the proceeds of the Term Loans on the Closing Date);

 

(q)           payment
of any and all accrued Lender Expenses as specified in Section 2.4 hereof (to the extent invoiced at least three (3) Business
Days prior to the Closing Date) concurrent with the funding of the Term Loans (which such payment shall be made by deduction of such
Lender Expenses from the proceeds of the Term Loans on the Closing Date);

 

(r)            the
Collateral Agent’s receipt of evidence, in form and substance reasonably satisfactory to the Collateral Agent, of the payment of
(i) any and all expenses incurred in connection with the prepayment and repayment by Borrower of all amounts outstanding under the
Prior Loan Documents, and (ii) any and all expenses incurred in connection with the prepayment and repayment by Acquisition Target
of all amounts outstanding under the BDSI Existing Loan Agreement;

 

    12 

     

    

 

(s)           the
Collateral Agent’s receipt of an Officer’s Certificate, dated the Closing Date and signed by a Responsible Officer of Borrower,
confirming that immediately following the consummation of the transactions occurring on the Closing Date, neither Borrower nor any of
its Subsidiaries shall have any outstanding Indebtedness other than Permitted Indebtedness set forth on Schedule 12.2 of the Disclosure
Letter; and

 

(t)            the
Collateral Agent’s receipt of an Officer’s Certificate, dated the Closing Date and signed by a Responsible Officer of Borrower,
confirming satisfaction of the conditions precedent set forth in Section 3.1 (but not, for the avoidance of doubt, the satisfaction
of the Collateral Agent or any Lender with respect to any document or action specified in any such condition precedent as being subject
to the satisfaction of the Collateral Agent or any Lender), to be in form and substance reasonably satisfactory to the Collateral Agent.

 

3.2.        Covenant
to Deliver. The Credit Parties agree to deliver to the Collateral Agent and each Lender each item required to be delivered to the
Collateral Agent or all Lenders under this Agreement as a condition precedent to any Credit Extension; provided, however,
that any such items set forth on Schedule 5.14 of the Disclosure Letter shall be delivered to the Collateral Agent within the
time period prescribed therefor on such schedule. The Credit Parties expressly agree that a Credit Extension made prior to the receipt
by the Collateral Agent and Lenders of any such item shall not constitute a waiver by the Collateral Agent or any Lender of the Credit
Parties’ obligation to deliver such item, and the making of any Credit Extension in the absence of any such item required to have
been delivered to the Collateral Agent and Lenders by the date of such Credit Extension shall be in each Lender’s sole discretion.

 

3.3.        Procedures
for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of the Term Loans set forth in
this Agreement, to obtain the Term Loans, Borrower shall deliver to the Collateral Agent and Lenders by electronic mail or facsimile
a completed Loan Advance Request for the Term Loans, executed by a Responsible Officer of Borrower (which notice shall be irrevocable
on and after the date on which such notice is given and Borrower shall be bound to make a borrowing in accordance therewith), in which
case each Lender agrees to advance its Applicable Percentage of the Term Loan Amount to Borrower on the Closing Date by wire transfer
of same day funds in Dollars, to such account in the United States as may be designated in writing to the Collateral Agent by Borrower
prior to the Closing Date.

 

4.            REPRESENTATIONS
AND WARRANTIES

 

In order to induce each Lender
and the Collateral Agent to enter into this Agreement and for each Lender to make the Credit Extensions to be made on the Closing Date,
each Credit Party, jointly and severally with each other Credit Party, represents and warrants to each Lender and the Collateral Agent
that the following statements are true and correct as of the Closing Date (including giving pro forma effect to the Term Loans
and the consummation of the transactions contemplated by the Acquisition Agreement) and, solely with respect to each of the Specified
Representations, as of the Closing Date (both with and without giving effect to the Term Loans and the consummation of the transactions
contemplated by the Acquisition Agreement); provided, that solely as to the Acquisition Target and the Acquired Business and solely
in respect of all periods occurring prior to the Closing Date, each of the representations and warranties in this Article 4
are made to the Knowledge of Borrower:

 

4.1.        Due
Organization, Existence, Power and Authority. Each of Borrower, Acquisition Target and each of its Subsidiaries: (a) is duly
incorporated, organized or formed, and validly existing and, where applicable, in good standing under the laws of its jurisdiction of
incorporation, organization or formation identified on Schedule 4.15 of the Disclosure Letter; (b) has all requisite power
and authority to (i) own, lease, license and operate its assets and properties and to carry on its business as currently conducted
in the ordinary course of business and (ii) execute and deliver the Loan Documents to which it is a party and to perform its obligations
thereunder and otherwise carry out the transactions contemplated thereby; (c) is duly qualified and, where applicable, in good standing
under the laws of each jurisdiction where its ownership, lease, license or operation of assets or properties or the conduct of its business
requires such qualification; and (d) has all requisite Governmental Approvals to operate its business as currently conducted; except
in each described in clauses (a) (other than with respect to Borrower and any other Credit Party), (b)(i), (c) or
(d) above, to the extent that failure to do so could not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Change.

 

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4.2.        Equity
Interests. All of the outstanding Equity Interests in each Subsidiary of the Borrower, the Equity Interests in which are required
to be pledged pursuant to the Collateral Documents, have been duly authorized and validly issued, are fully paid and, in the case of
Equity Interests representing corporate interests, are non-assessable and, on the Closing Date, all such Equity Interests owned directly
by Borrower or any other Credit Party are owned free and clear of all Liens except for Permitted Liens. Schedule 4.2 of the Disclosure
Letter identifies each Person, the Equity Interests in which are required to be pledged on the Closing Date pursuant to the Collateral
Documents.

 

4.3.        Authorization;
No Conflict. Except as set forth on Schedule 4.3 of the Disclosure Letter, the execution, delivery and performance by each
Credit Party of the Loan Documents to which it is a party, and the consummation of the transactions contemplated thereby, (a) have
been duly authorized by all necessary corporate or other organizational action and (b) do not and will not (i) contravene the
terms of any of such Credit Party’s Operating Documents, (ii) conflict with or result in any breach or contravention of, or
require any payment to be made under (A) any provision of any security issued by such Credit Party or of any agreement, instrument
or other undertaking to which such Credit Party is a party or affecting such Credit Party or the assets or properties of such Credit
Party or any of its Subsidiaries or (B) any order, writ, judgment, injunction, decree, determination or award of any Governmental
Authority by which such Credit Party or any of its properties or assets are subject, (iii) result in the creation of any Lien (other
than under the Loan Documents) or (iv) violate any Requirements of Law, except, in the cases of clauses (b)(ii) and
(b)(iv) above, to the extent that such conflict, breach, contravention, payment or violation could not, individually or in
the aggregate, reasonably be expected to result in a Material Adverse Change. With respect to the Operating Documents of Borrower, there
has been no amendment, restatement, supplement or other modification to the Articles of Incorporation of Borrower since December 11,
2015, other than to change the address of Borrower’s registered agent in the state of Virginia.

 

4.4.        Government
Consents; Third Party Consents. Except as set forth on Schedule 4.4 of the Disclosure Letter, no Governmental Approval or
other approval, consent, exemption or authorization, or other action by, or notice to, or filing with, any Governmental Authority or
any other Person (including any counterparty to any Material Contract) is necessary or required in connection with (a) the execution,
delivery or performance by, or enforcement against, any Credit Party of this Agreement or any other Loan Document, or for the consummation
of the transactions contemplated hereby or thereby, (b) the grant by any Credit Party of the Liens granted by it pursuant to the
Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents (including the priority
thereof), or (d) the exercise by the Collateral Agent or any Lender of its rights under the Loan Documents or the remedies in respect
of the Collateral pursuant to the Collateral Documents, except, in each case of clause (a) through (d) above,
for (i) filings necessary to perfect the Liens on the Collateral granted by the Credit Parties to the Collateral Agent for the benefit
of Lenders and the other Secured Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings
which have been duly obtained, taken, given or made and are in full force and effect, (iii) filings under state or federal securities
laws and (iv) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to
obtain or make could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change.

 

4.5.        Binding
Obligation. Each Loan Document has been duly executed and delivered by each Credit Party that is a party thereto and constitutes
a legal, valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its respective terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by general principles of equity.

 

4.6.        Collateral.
In connection with this Agreement, the Credit Parties have delivered to the Collateral Agent a completed, omnibus certificate, duly signed
by each Credit Party (the “Perfection Certificate”). Each Credit Party, jointly and severally, represents and warrants
to the Collateral Agent and each Lender that:

 

(a)           (i)  its
exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; (ii) it is an organization
of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (iii) the Perfection Certificate accurately
sets forth its organizational identification number or accurately states that it has none; (iv) the Perfection Certificate accurately
sets forth its place of business, or, if more than one, its chief executive office as well as its mailing address (if different than
its chief executive office); (v) except as disclosed on the Perfection Certificate, it (and each of its predecessors) has not, in
the five (5) years prior to the Closing Date, changed its jurisdiction of formation, organizational structure or type, or any organizational
number assigned by its jurisdiction; and (vi) all other information set forth on the Perfection Certificate pertaining to it and
each of its Subsidiaries is accurate and complete in all material respects. If any Credit Party is not now a Registered Organization
but later becomes one, it shall promptly notify the Collateral Agent of such occurrence and provide the Collateral Agent with such Credit
Party’s organizational identification number.

 

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(b)           (i)  it
has good title to, has rights in, and subject to Permitted Subsidiary Distribution Restrictions, the power to transfer (or, with respect
to any Collateral to be acquired pursuant to the Acquisition Agreement, following the consummation of the transactions contemplated by
the Acquisition Agreement, will have good title to, rights in and, subject to Permitted Subsidiary Distribution Restrictions, the power
to transfer) each item of the Collateral upon which it purports to grant a Lien under any Collateral Document, free and clear of any
and all Liens except Permitted Liens, except for such minor irregularities or defects in title as could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change, and (ii) it has no deposit accounts maintained at a bank or other
depository or financial institution located in the United States other than the deposit accounts described in the Perfection Certificate
delivered to the Collateral Agent in connection herewith.

 

(c)       (i)            A true, correct and complete list of each pending, registered, or issued Patent, Copyright and Trademark that, individually or taken
together with any other such Patents, Copyrights or Trademarks, is material to the business of Borrower and its Subsidiaries, taken
as a whole, relating to the research, development, manufacture, production, use, commercialization, marketing, importing, storage,
transport, offer for sale, distribution or sale of any Product in the Territory, that is owned or co-owned by or exclusively or
non-exclusively licensed to any Credit Party or any of its Subsidiaries, excluding any Current Acquisition IP set forth on Schedule
4.6(c)(ii)(A) of the Disclosure Letter (collectively, the “Current Company IP”), including its
name/title, current owner or co-owners, registration, patent or application number and registration or application date, issued or
filed in the Territory, is set forth on Schedule 4.6(c)(i)(A) of the Disclosure Letter. Except as set forth on Schedule
4.6(c)(i)(B) of the Disclosure Letter, (A) to the Knowledge of Borrower, (1) each item of Current Company IP
owned or co-owned by a Credit Party or any of its Subsidiaries is valid, subsisting and enforceable (or will be enforceable, upon
issuance) and no such item of Current Company IP owned or co-owned by a Credit Party or any of its Subsidiaries has lapsed, expired,
been cancelled or invalidated or become abandoned or unenforceable, and (2) no written notice has been received challenging the
inventorship or ownership, or relating to any lapse, expiration, invalidation, abandonment or unenforceability of any such item of
Current Company IP owned or co-owned by a Credit Party or any of its Subsidiaries, and (B) to the Knowledge of Borrower,
(1) each item of Current Company IP which is licensed by a Credit Party or any of its Subsidiaries from another Person is
valid, subsisting and enforceable and no such item of Current Company IP which is licensed by a Credit Party or any of its
Subsidiaries has lapsed, expired, been cancelled or invalidated, or become abandoned or unenforceable, and (2) no written
notice has been received challenging the inventorship or ownership, or relating to any lapse, expiration, invalidation, abandonment
or unenforceability, of any such item of Current Company IP which is licensed by a Credit Party or any of its Subsidiaries. Except
as set forth on Schedule 4.6(c)(i)(C) of the Disclosure Letter, (x) each Person who has or has had any rights in or
to Current Company IP or any trade secrets owned, co-owned or licensed by any Credit Party or any of its Subsidiaries, including
each inventor named on the Patents within such Current Company IP filed by any Credit Party or any of its Subsidiaries, has executed
an agreement assigning his, her or its entire right, title and interest in and to such Current Company IP or trade secrets (as
applicable), and the inventions, improvements, ideas, discoveries, writings, works of authorship, information and other intellectual
property embodied, described or claimed therein, to the stated owner(s) thereof, and (y) to the Knowledge of Borrower, no
such Person has any contractual or other obligation that would preclude or conflict with such assignment or the exploitation of any
Company Product in the Territory or entitle such Person to ongoing payments;

 

    15 

     

    

 

(ii)           A
true, correct and complete list of each pending, registered or issued Patent, Copyright and Trademark that, directly or indirectly, through
the acquisition of the Acquisition Target and the Acquired Business by any Credit Party or any of its Subsidiaries pursuant to the Acquisition
Agreement, will be owned or co-owned by or exclusively or non-exclusively licensed to any Credit Party or any of its Subsidiaries and,
individually or taken together with any other such Patents, Copyrights or Trademarks, is material to the business of Borrower and its
Subsidiaries, taken as a whole, including after giving effect to the acquisition, directly or indirectly, of the Acquisition Target and
the Acquired Business pursuant to the Acquisition Agreement, relating to the research, development, manufacture, production, use, commercialization,
marketing, importing, storage, transport, offer for sale, distribution or sale of the Acquisition Product in the Territory (collectively,
the “Current Acquisition IP”), including its name/title, current owner or co-owners (immediately after giving effect
to the acquisition thereof, directly or indirectly through the acquisition of the Acquisition Target and the Acquired Business), registration,
patent or application number and registration or application date, is set forth on Schedule 4.6(c)(ii)(A) of the Disclosure
Letter. Immediately after giving effect to the acquisition of the Current Acquisition IP, directly or indirectly through the acquisition
of the Acquisition Target and the Acquired Business, except as set forth on Schedule 4.6(c)(ii)(B) of the Disclosure Letter:
(A) to the Knowledge of Borrower, (1) each item of Current Acquisition IP owned or co-owned by any Credit Party or any of its
Subsidiaries is valid, subsisting and enforceable (or will be enforceable, upon issuance) and no such item of Current Acquisition IP
has lapsed, expired, been cancelled or invalidated or become abandoned or unenforceable, and (2) no written notice has been received
by any Credit Party or any of its Subsidiaries or by the Acquisition Target or any of its Affiliates challenging the inventorship or
ownership, or relating to any lapse, expiration, invalidation, abandonment of, or scope, validity or enforceability of, any such item
of Current Acquisition IP; and (B) to the Knowledge of Borrower, (1) each item of Current Acquisition IP that is licensed by
a Credit Party or any of its Subsidiaries from another Person is valid, subsisting and enforceable and no such item of Current Acquisition
IP has lapsed, expired, been cancelled or invalidated or become abandoned or unenforceable, and (2) no written notice has been received
by any Credit Party or any of its Subsidiaries or by the Acquisition Target, or any of its Affiliates challenging the inventorship or
ownership, or relating to any lapse, expiration, invalidation, abandonment of, or scope, validity or enforceability of, any such item
of Current Acquisition IP. Immediately after giving effect to the acquisition of the Current Acquisition IP, directly or indirectly through
the acquisition of the Acquisition Target and the Acquired Business, except as set forth on Schedule 4.6(c)(ii)(C) of the
Disclosure Letter, to the Knowledge of Borrower, (x) each Person who has or has had any rights in or to Current Acquisition IP or
any trade secrets owned, co-owned or licensed by any Credit Party or any of its Subsidiaries, including each inventor named on the Patents
within such Current Acquisition IP, has executed an agreement assigning his, her or its entire right, title and interest in and to such
Current Acquisition IP or trade secrets (as applicable), and the inventions, improvements, ideas, discoveries, writings, works of authorship,
information and other intellectual property embodied, described or claimed therein, to the stated owner(s) or licensor thereof,
and (y) no such Person has any contractual or other obligation that would preclude or conflict with such assignment or the exploitation
of any Acquisition Product in the Territory or entitle such Person to ongoing payments. Immediately after giving effect to the acquisition
of the Current Acquisition IP, directly or indirectly through the acquisition of the Acquisition Target and the Acquired Business, except
for Permitted Licenses and as set forth on Schedule 4.6(c)(ii)(D) of the Disclosure Letter, no Person other than a Credit
Party will have any right under the Current Acquisition IP Agreements to commercialize an Acquisition Product in the Territory; and

 

(iii)          Except
as set forth on Schedule 4.6(c)(iii), to the Knowledge of Borrower, there are no published Patents, Patent applications, articles
or prior art references that could reasonably be expected to materially adversely affect the exploitation of any Product in the Territory.

 

(d)       (i)            (A) Each Credit Party or any of its Subsidiaries possesses valid title to the Current Company IP for which it is listed as the
owner or co-owner on Schedule 4.6(c)(i)(A) of the Disclosure Letter, and (B) there are no Liens on any Current
Company IP, other than Permitted Liens; and

 

(ii)           Immediately
after giving effect to the acquisition of the Current Acquisition IP, directly or indirectly through the acquisition of the Acquisition
Target and the Acquired Business, to the Knowledge of Borrower, each Credit Party or any of its Subsidiaries possesses valid title to
the Current Acquisition IP for which it is listed as the owner or co-owner on Schedule 4.6(c)(ii)(A) of the Disclosure
Letter, and (B) there are no Liens on any Current Acquisition IP, other than Permitted Liens.

 

(e)       (i)            There are no maintenance, annuity or renewal fees that are currently overdue beyond their allotted grace period for any of the
Current Company IP which is owned or co-owned by or exclusively or non-exclusively licensed to any Credit Party or any of its
Subsidiaries, except as could not reasonably be expected to have a materially adverse impact on such Credit Party’s or
Subsidiary’s rights to such Current Company IP, nor have any applications or registrations therefor lapsed or become
abandoned, been cancelled or expired. There are no maintenance, annuity or renewal fees that are currently overdue beyond their
allotted grace period for any of the Current Company IP which is non-exclusively licensed to any Credit Party or any of its
Subsidiaries, except as could not reasonably be expected to have a materially adverse impact on such Credit Party’s or
Subsidiary’s rights to such Current Company IP; and

 

    16 

     

    

 

(ii)           Immediately
after giving effect to the acquisition of the Current Acquisition IP, directly or indirectly through the acquisition of the Acquisition
Target and the Acquired Business: (A) there are no maintenance, annuity or renewal fees that are overdue beyond their allotted grace
period for any of the Current Acquisition IP which is owned or co-owned by or exclusively or non-exclusively licensed to any Credit Party
or any of its Subsidiaries, except, as could not reasonably be expected to have a materially adverse impact on such Credit Party’s
or Subsidiary’s rights to such Current Acquisition IP, nor have any applications or registrations therefor lapsed or become abandoned,
been cancelled or expired; and (B) there are no maintenance, annuity or renewal fees that are currently overdue beyond their allotted
grace period for any of the Current Acquisition IP which is non-exclusively licensed to any Credit Party or any of its Subsidiaries,
except as could not reasonably be expected to have a materially adverse impact on such Credit Party’s or Subsidiary’s rights
to such Current Acquisition IP.

 

(f)        (i)            There are no unpaid fees, royalties or indemnification payments owing by Borrower or any of its Subsidiaries under any Current
Company IP Agreement that have become due, as of the Closing Date, or are or will have become due or overdue, as of the Closing
Date. As of the Closing Date, each Current Company IP Agreement or any provision thereof (other than provisions solely with respect
to confidentiality) is or will be in full force and effect or is or will be legal, valid and binding on or enforceable against
Borrower or any of its Subsidiaries in accordance with its terms (except for confidentiality terms). Neither Borrower nor any of its
Subsidiaries, as applicable, is in breach of or default under any Current Company IP Agreement to which it is a party or may
otherwise be bound and no circumstances or grounds exist that would give rise to a claim of breach or right of rescission,
termination, non-renewal, revision or amendment of any Current Company IP Agreement, including the execution, delivery and
performance of the Acquisition Agreement, this Agreement and the other Loan Documents; and

 

(ii)           There
are no unpaid fees, royalties or indemnification payments under any Current Acquisition IP Agreement that have become due, or are reasonably
expected to become overdue. Each Current Acquisition IP Agreement is in full force and effect and is legal, valid, binding and enforceable
in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating
to or limiting creditors’ rights generally or by equitable principles relating to enforceability. Immediately after giving effect
to the acquisition of the Current Acquisition IP, directly or indirectly through the acquisition of the Acquisition Target and the Acquired
Business, except as set forth on Schedule 4.6(f)(ii) of the Disclosure Letter, neither Borrower nor any of its Subsidiaries,
as applicable, is in breach of or default under any Current Acquisition IP Agreement to which it is a party or may otherwise be bound
and no circumstances or grounds exist that would give rise to a claim of breach or right of rescission, termination, non-renewal, revision
or amendment of any Current Acquisition IP Agreement, including the execution, delivery and performance of the Acquisition Agreement,
this Agreement and the other Loan Documents.

 

(g)           No
payments by any Credit Party or any of its Subsidiaries are due to any other Person in respect of the Current Company IP, other than
pursuant to any Current Company IP Agreement and those fees payable to patent offices in connection with the prosecution and maintenance
of the Current Company IP (including any associated attorney fees). To the Knowledge of Borrower, no payments by any Credit Party or
any of its Subsidiaries are due to any other Person in respect of the Current Acquisition IP, other than pursuant to any Current Acquisition
IP Agreements and those fees payable to patent offices in connection with the prosecution and maintenance of the Current Acquisition
IP (including any associated attorney fees).

 

(h)       (i)            No Credit Party or any of its Subsidiaries has undertaken or omitted to undertake any acts, and, to the Knowledge of Borrower, no
circumstance or grounds exist, that would invalidate or reduce, in whole or in part, any enforceability or scope of (A) the
Current Company IP in any manner that could reasonably be expected to materially adversely affect the exploitation of any Company
Product in the Territory, or (B) in the case of Current Company IP owned or co-owned by, or exclusively or non-exclusively
licensed to, any Credit Party or any of its Subsidiaries, other than with respect to Permitted Licenses and except as set forth on Schedule
4.6(h)(i) of the Disclosure Letter, a Credit Party’s or Subsidiary’s entitlement to own or license and exploit
such Current Company IP in any manner that could reasonably be expected to materially adversely affect the exploitation of any
Company Product in the Territory; and

 

    17 

     

    

 

(ii)           Immediately
after giving effect to the acquisition of the Current Acquisition IP, directly or indirectly through the acquisition of the Acquisition
Target and the Acquired Business, no Credit Party or any of its Subsidiaries has undertaken or omitted to undertake any acts, and, to
the Knowledge of Borrower, no circumstance or grounds exist, that would invalidate or reduce, in whole or in part, any enforceability
or scope of (A) the Current Acquisition IP in any manner that could reasonably be expected to materially adversely affect the exploitation
of any Acquisition Product in the Territory, (B) in the case of Current Acquisition IP owned or co-owned by, or exclusively or non-exclusively
licensed to, any Credit Party or any of its Subsidiaries, other than with respect to Permitted Licenses and except as set forth on Schedule
4.6(h)(ii) of the Disclosure Letter, a Credit Party’s or Subsidiary’s entitlement to own or license and exploit
such Current Acquisition IP in any manner that could reasonably be expected to materially adversely affect the exploitation of any Acquisition
Product in the Territory.

 

(i)            Except
as set forth on Schedule 4.6(i) of the Disclosure Letter, to the Knowledge of Borrower, there is no product or other technology
of any third party that could reasonably be expected to infringe a Patent within the Current Company IP or the Current Acquisition IP
in a manner that would result in a material adverse effect on any Product in the Territory.

 

(j)            Except
as described on Schedule 4.6(j) of the Disclosure Letter, no Credit Party is a party to or bound by (and, immediately after
giving effect to the consummation of the transactions contemplated by the Acquisition Agreement, is or shall be a party to or is or shall
be bound by) any Excluded License or any Restricted License.

 

(k)       (i)            In each case where an issued Patent within the Current Company IP is owned or co-owned by any Credit Party or any of its
Subsidiaries by assignment, the assignment has been duly recorded with the U.S. Patent and Trademark Office; and

 

(ii)           Immediately
after giving effect to the acquisition of the Current Acquisition IP, directly or indirectly through the acquisition of the Acquisition
Target and the Acquired Business, in each case where an issued Patent within the Current Acquisition IP is owned or co-owned by any Credit
Party or any of its Subsidiaries by assignment, to the Knowledge of Borrower, the assignment has been duly recorded with the U.S. Patent
and Trademark Office.

 

(l)            [Reserved].

 

(m)          Except
as set forth on Schedule 4.6(m) of the Disclosure Letter: (i) the manufacture, production, use, commercialization, marketing,
importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory, does not and will not, to the Knowledge
of Borrower, infringe or violate (or in the past infringed or violated), or form a reasonable basis for a claim of infringement or violation
of, any of the rights of any third parties in or to any issued or registered Intellectual Property (“Third Party IP”)
or, to the Knowledge of Borrower, constitutes a misappropriation of (or in the past constituted a misappropriation of) any Third Party
IP; and (ii) immediately after giving effect to the acquisition of the Current Acquisition IP, directly or indirectly through the
acquisition of the Acquisition Target and the Acquired Business, to the Knowledge of Borrower, the manufacture, production, use, commercialization,
marketing, importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory, does not and will not
infringe or violate (or in the past infringed or violated), or form a reasonable basis for a claim of infringement or violation of, any
Third Party IP or constitutes a misappropriation of (or in the past constituted a misappropriation of) any Third Party IP.

 

(n)           Except
as set forth on Schedule 4.6(n) of the Disclosure Letter, there are no settlements, covenants not to sue, consents, judgments,
orders or similar obligations which (i) restrict the rights of any Credit Party or any of its Subsidiaries to use any Current Company
IP or, to the Knowledge of Borrower, any Acquisition IP to the research, development, manufacture, production, use, commercialization,
marketing, importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory (in order to accommodate
any Third Party IP or otherwise), or (ii) permit any third parties to use any Current Company IP or, to the Knowledge of Borrower,
any Acquisition IP.

 

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(o)           Except
as set forth on Schedule 4.6(o) of the Disclosure Letter, (i) there is no, nor has there been any, infringement or violation
by any Person of any of the Current Company IP or the rights therein or, to the Knowledge of Borrower, any of the Current Acquisition
IP or the rights therein, and (ii) there is no, nor has there been any, misappropriation by any Person of any of the Current Company
IP or the subject matter thereof or, to the Knowledge of Borrower, any of the Current Acquisition IP or the subject matter thereof.

 

(p)           Immediately
after giving effect to the acquisition of the Current Acquisition IP, directly or indirectly through the acquisition of the Acquisition
Target and the Acquired Business, to the Knowledge of Borrower, each Credit Party and each of its Subsidiaries has taken all commercially
reasonable measures customary in the pharmaceutical industry to protect the confidentiality and value of all trade secrets owned by such
Credit Party or Subsidiary or used or held for use by such Credit Party or Subsidiary, in each case, in any way relating to the research,
development, manufacture, production, use, commercialization, marketing, importing, storage, transport, offer for sale, distribution
or sale of any Product in the Territory.

 

(q)           Except
as set forth on Schedule 4.6(q), to the Knowledge of Borrower, any Product made, used or sold under the Patents within the Current
Company IP or the Current Acquisition IP has been marked with the proper patent notice.

 

(r)            Except
as set forth on Schedule 4.6(r) of the Disclosure Letter, to the Knowledge of Borrower, at the time of any shipment of Product
in the Territory occurring prior to the Closing Date, the units thereof so shipped complied with their relevant specifications and were
developed and manufactured in all material respects in accordance with current FDA Good Manufacturing Practices, FDA Good Clinical Practices
and FDA Good Laboratory Practices (as applicable).

 

(s)           The
Collateral Documents create in favor of the Collateral Agent, for the benefit of Lenders and the other Secured Parties, a valid and,
upon the making of the filings and the taking of the actions required under the terms of the Loan Documents (except to the extent not
required to be perfected pursuant to the terms of the Loan Documents), perfected Lien on and security interest in the Collateral (in
each case, solely to the extent perfection is available under applicable Law through the making of such filings and taking of such actions),
securing the payment of the Obligations, and having priority over all other Liens on and security interests in the Collateral (except
Permitted Liens).

 

4.7.        Adverse
Proceedings; Specified Disputes; Compliance with Laws.

 

(a)            Except
as has been disclosed in the Exchange Act Documents or as set forth on Schedule 4.7(a) of the Disclosure Letter, both before
and immediately after giving effect to the consummation of the transactions contemplated by the Acquisition Agreement, there are no Adverse
Proceedings pending or, to the Knowledge of Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental
Authority, by or against Borrower or any of its Subsidiaries or against any of their respective assets or properties or revenues (including
involving allegations of sexual harassment or misconduct by any officer of Borrower or any of its Subsidiaries) that, either individually
or in the aggregate, could reasonably be expected to materially adversely affect the Collateral (including by imposing a Lien thereon)
or result in a Material Adverse Change;

 

(b)           Except
as has been disclosed in the Exchange Act Documents or as set forth on Schedule 4.7(b) of the Disclosure Letter: (i) there
is no pending, decided or settled opposition, interference proceeding, reissue proceeding, reexamination proceeding, inter-partes
review proceeding, post grant review proceeding, cancellation proceeding, injunction, litigation, paragraph IV patent certification
or lawsuit under the Hatch-Waxman Act, hearing, investigation, complaint, arbitration, mediation, demand, International Trade Commission
investigation or decree, or any other dispute, disagreement or claim, alleged in writing to Borrower or any of its Subsidiaries (collectively
referred to hereinafter as “Specified Disputes”), nor has any Specified Dispute been threatened in writing, challenging
the legality, validity, enforceability or ownership of any Current Company IP; and (ii) to the Knowledge of Borrower, there is no
pending, decided or settled Specified Dispute, nor has any Specified Dispute been threatened in writing, challenging the legality, validity,
enforceability or ownership of any Current Acquisition IP; and

 

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(c)           Neither
Borrower nor any of its Subsidiaries (i) is in violation of any Requirements of Law (including Environmental Laws), except for such
violations that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change, or (ii) is
subject to or in default with respect to any final judgments, orders, writs, injunctions, decrees, rules or regulations of any court
or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or
foreign, that, individually or in the aggregate, could reasonably be expected to materially adversely affect the Collateral (including
by imposing a Lien thereon) or result in a Material Adverse Change.

 

4.8.         Exchange
Act Documents; Financial Statements; Financial Condition; No Material Adverse Change; Books and Records.

 

(a)           The
documents filed by Borrower with the SEC pursuant to the Exchange Act since January 1, 2022 (the “Exchange Act Documents”),
when they were filed with the SEC, conformed in all material respects to the requirements of the Exchange Act, and as of the time they
were filed with the SEC, none of such documents contained any untrue statement of a material fact or omitted to state a material fact
necessary to make the statements therein (excluding any projections and forward-looking statements, estimates, budgets and general economic
or industry data of a general nature), in the light of the circumstances under which they were made, not misleading; provided,
that, with respect to projected financial information, Borrower represents only that such information was prepared in good faith
based upon assumptions believed to be reasonable at the time (it being understood that such projections are not a guarantee of financial
performance and are subject to uncertainties and contingencies, many of which are beyond the control of Borrower or any Subsidiary, and
neither Borrower nor any Subsidiary can give any assurance that such projections will be attained, that actual results may differ in
a material manner from such projections and any failure to meet such projections shall not be deemed to be a breach of any representation
or covenant herein);

 

(b)           The
financial statements (including the related notes thereto) of Borrower and its Subsidiaries included in the Exchange Act Documents present
fairly in all material respects the consolidated financial condition of Borrower and such Subsidiaries and their consolidated results
of operations as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified.
Such financial statements have been prepared in conformity with Applicable Accounting Standards applied on a consistent basis throughout
the periods covered thereby, except as otherwise disclosed therein and, in the case of unaudited, interim financial statements, subject
to normal year-end audit adjustments and the exclusion of certain footnotes, and any supporting schedules included in the Exchange Act
Documents present fairly in all material respects the information required to be stated therein (subject to the proviso in Section 4.8(a) above
with respect to projections);

 

(c)           Since
December 31, 2021, there has not occurred or failed to occur any change or event that has had or could reasonably be expected to
have, either alone or in conjunction with any other change(s), event(s) or failure(s), a Material Adverse Change, except as has
been disclosed in the Exchange Act Documents; and

 

(d)           The
Books of Borrower and each of its Subsidiaries in existence immediately prior to the Closing Date contain full, true and correct entries
of all dealings and transactions in relation to its business and activities in conformity with Applicable Accounting Standards and all
Requirements of Law.

 

4.9.        Solvency.
Borrower and its Subsidiaries, on a consolidated basis, are Solvent. Without limiting the generality of the foregoing, there has been
no proposal made or resolution adopted by any competent corporate body for the dissolution or liquidation of Borrower, nor do any circumstances
exist which may result in the dissolution or liquidation of Borrower.

 

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4.10.      Payment
of Taxes. All foreign, U.S. federal and state income and other material Tax returns and reports (or extensions thereof) of each Credit
Party and each of its Subsidiaries required to be filed by any of them have been timely filed and are correct in all material respects,
and all material Taxes which are due and payable by any Credit Party or any of its Subsidiaries and all material assessments, fees and
other governmental charges upon any Credit Party or any of its Subsidiaries and upon their respective properties, assets, income, businesses
and franchises which are due and payable have been paid when due and payable except where the validity or amount thereof is being contested
in good faith by appropriate proceedings; provided that (a) the applicable Credit Party has set aside on its books adequate
reserves therefor in conformity with Applicable Accounting Standards and (b) the failure to pay such Taxes, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Change.

 

4.11.      Environmental
Matters. Neither Borrower nor any of its Subsidiaries nor any of their respective Facilities or operations is subject to any outstanding
written order, consent decree or settlement agreement with any Person relating to any Environmental Law, any Environmental Claim, or
any Hazardous Materials Activity that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse
Change. There are and, to the Knowledge of Borrower, have been, no conditions, occurrences, or Hazardous Materials Activities that would
reasonably be expected to form the basis of an Environmental Claim against Borrower or any of its Subsidiaries that, individually or
in the aggregate, could reasonably be expected to result in a Material Adverse Change. To the Knowledge of Borrower, no predecessor of
Borrower or any of its Subsidiaries has filed any notice under any Environmental Law indicating past or present treatment of Hazardous
Materials at any Facility, which would reasonably be expected to form the basis of an Environmental Claim against Borrower or any of
its Subsidiaries that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change (but, for
the avoidance of doubt, Borrower has not undertaken any investigation of or made any inquiries to, or relating to, any of its or its
Subsidiaries’ predecessors), and neither Borrower’s nor any of its Subsidiaries’ operations involves the generation,
transportation, treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Parts 260 270 or any state equivalent,
which would reasonably be expected to form the basis of an Environmental Claim against Borrower or any of its Subsidiaries that, individually
or in the aggregate, could reasonably be expected to result in a Material Adverse Change. No event or condition has occurred or is occurring
with respect to any Credit Party relating to any Environmental Law, any Release of Hazardous Materials or any Hazardous Materials Activity
that, individually or in the aggregate, has resulted in, or could reasonably be expected to result in, a Material Adverse Change. Solely
with respect to the Acquisition Target and the Acquired Business and solely with respect to periods occurring prior to the Closing Date,
each of the representations and warranties in this Section 4.11 are made to the Knowledge of Borrower.

 

4.12.      Material
Contracts. After giving effect to the consummation of the transactions contemplated by this Agreement, except as described on Schedule
4.12 of the Disclosure Letter, each Material Contract is a valid and binding obligation of the applicable Credit Party and, to the
Knowledge of Borrower, each other party thereto, and is in full force and effect, and neither the applicable Credit Party nor, to the
Knowledge of Borrower, any other party thereto is in material breach thereof or default thereunder, except where such breach or default
(which default has not been cured or waived) could not reasonably be expected to give rise to any right of the applicable counterparty
thereto to accelerate such Credit Party’s or Subsidiary’s obligations thereunder or cancel or terminate such Material Contract
or any provision thereof or result in the cancellation, termination or invalidation of such Material Contract or any provision thereof.
Except as described on Schedule 4.12 of the Disclosure Letter, no Credit Party or any of its Subsidiaries has received any written
notice from any party thereto asserting or, to the Knowledge of Borrower threatening to assert, circumstances that could reasonably be
expected to result in the cancellation, termination or invalidation of any Material Contract (or any material provision thereof) or the
acceleration of such Credit Party’s or Subsidiary’s obligations thereunder.

 

4.13.      Regulatory
Compliance.

 

(a)       No
Credit Party is or is required to be registered as an “investment company” under the Investment Company Act of 1940.
Each Credit Party has complied in all material respects with the Federal Fair Labor Standards Act.

 

(b)           Except
as could not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Change, each Plan is
in compliance with the applicable provisions of ERISA, the IRC and other U.S. federal or state Requirements of Law,
respectively.

 

(c)           (i) No
ERISA Event has occurred or is reasonably expected to occur; (ii) neither any Credit Party nor any ERISA Affiliate has incurred,
or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of
ERISA, would result in such liability) under Section 4201 et seq. or 4243 of ERISA with respect to a Multiemployer Plan;
and (iii) neither any Credit Party nor any ERISA Affiliate has engaged in a transaction that would be subject to Section 4069
or 4212(c) of ERISA, except, with respect to each of clauses (i), (ii) and (iii) above, as could
not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change.

 

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4.14.      Margin
Stock. Neither Borrower nor any of its Subsidiaries is engaged or will engage, principally or as one of its important activities,
in the business of purchasing or carrying Margin Stock (within the meaning of Regulation U of the Federal Reserve Board) or extending
credit for the purpose of purchasing or carrying Margin Stock. No Credit Party owns any Margin Stock. Neither Borrower nor any of its
Subsidiaries has taken or permitted to be taken any action that might cause any Loan Document to violate Regulation T, U or X of the
Federal Reserve Board.

 

4.15.      Subsidiaries.
Schedule 4.15 of the Disclosure Letter (a) sets forth the name and jurisdiction of incorporation, organization or formation
of Borrower, Acquisition Target and each of their respective Subsidiaries, and (b) sets forth the ownership interest of Borrower,
Acquisition Target and any other Credit Party in each of their respective Subsidiaries, including the percentage of such ownership.

 

4.16.      Employee
Matters. Neither Borrower nor any of its Subsidiaries is engaged in any unfair labor practice that could reasonably be expected to
result in a Material Adverse Change. There is (a) no unfair labor practice complaint pending against Borrower or any of its Subsidiaries
or, to the Knowledge of Borrower, threatened in writing against any of them before the National Labor Relations Board, and no grievance
or arbitration proceeding arising out of or under any collective bargaining agreement that is pending against Borrower or any of its
Subsidiaries or, to the Knowledge of Borrower, threatened in writing against any of them, (b) no strike or work stoppage in
existence or, to the Knowledge of Borrower, threatened in writing involving Borrower or any of its Subsidiaries, and (c) to the
Knowledge of Borrower, no union representation question existing with respect to the employees of Borrower or any of its Subsidiaries
and, to the Knowledge of Borrower, no union organization activity that is taking place that, in each case specified in clauses (a),
(b) and (c) above, individually or taken together with any other case therein specified, could reasonably be
expected to result in a Material Adverse Change.

 

4.17.      Full
Disclosure. None of the documents, certificates or written statements (excluding any projections and forward-looking statements,
estimates, budgets and general economic or industry data of a general nature) furnished or otherwise made available to the Collateral
Agent or any Lender by or on behalf of any Credit Party for use in connection with the transactions contemplated hereby (as may be modified
or supplemented by other information so furnished promptly after the same becomes available) contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements contained herein or therein, as of the time when made
or delivered, not misleading in light of the circumstances in which the same were made; provided, that, with respect to
projected financial information, Borrower represents only that such information was prepared in good faith based upon assumptions believed
to be reasonable at the time (it being understood that such projections are not a guarantee of financial performance and are subject
to uncertainties and contingencies, many of which are beyond the control of Borrower or any Subsidiary, and neither Borrower nor any
Subsidiary can give any assurance that such projections will be attained, that actual results may differ in a material manner from such
projections and any failure to meet such projections shall not be deemed to be a breach of any representation or covenant herein). To
the Knowledge of Borrower, there are no facts (other than matters of a general economic or industry nature) that, individually or in
the aggregate, could reasonably be expected to result in a Material Adverse Change and that have not been disclosed herein or in such
other documents, certificates and written statements furnished or made available to the Collateral Agent or any Lender for use in connection
with the transactions contemplated hereby.

 

4.18.      FCPA;
Patriot Act; OFAC; Export and Import Laws.

 

(a)            None
of Borrower, its Subsidiaries or, to the Knowledge of Borrower, any director, officer, agent or employee of Borrower or any Subsidiary
of Borrower has (i) used any corporate funds of Borrower or any of its Subsidiaries for any unlawful contribution, gift, entertainment
or other unlawful expense relating to political activity, (ii) made any direct or indirect unlawful payment to any foreign or domestic
government official or employee or any other Person from corporate funds of Borrower or any of its Subsidiaries, (iii) violated
or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977 (the “FCPA”) or the U.K. Bribery
Act (“UKBA”) or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment;

 

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(b)           (i) The
operations of Borrower and its Subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping
and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, the Bank Secrecy Act of 1970 (as amended by
Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT)
Act of 2001) and the anti-money laundering laws, rules and regulations of each jurisdiction (foreign or domestic) in which Borrower
or any of its Subsidiaries is subject to such jurisdiction’s Requirements of Law (collectively, the “Anti-Money Laundering
Laws”) and (ii) no action, suit or proceeding by or before any Governmental Authority or any arbitrator involving Borrower
or any of its Subsidiaries with respect to the Anti-Money Laundering Laws is pending or to the Knowledge of Borrower, threatened in writing;

 

(c)           None
of Borrower, its Subsidiaries or, to the Knowledge of Borrower, any director, officer, agent or employee of Borrower or any Subsidiary
of Borrower is, or is owned or controlled by any Persons which are, the target or the subject of any sanctions administered and enforced
by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”), the U.S. Department of State,
the United Nations Security Council, the European Union, Her Majesty’s Treasury or any other relevant sanctions authority (collectively
 “Sanctions”);

 

(d)           Borrower
will not, directly or, to the Knowledge of Borrower, indirectly through an agent, use any of the proceeds of the Credit Extension, or
lend, contribute or otherwise make available such proceeds of the Credit Extensions to any Subsidiary, joint venture partner or other
Person, (i) for any payments to any governmental official or employee, political party, official of a political party, candidate
for political office or anyone else acting in an official capacity, in order to obtain, retain or direct business, or to obtain any improper
advantage, in violation of the FCPA, UKBA or any other applicable anti-corruption laws, (ii) in violation of any Anti-Money Laundering
Laws, or (iii) for the purpose of financing the activities of any Person that is the target or the subject of Sanctions or in any
country or territory that at the time of such funding, is the subject of Sanctions; and

 

(e)           Borrower
and its Subsidiaries are in compliance, in all material respects, with applicable Export and Import Laws.

 

4.19.      Health
Care Matters

 

(a)           Compliance
with Health Care Laws. Except as set forth on Schedule 4.19(a) of the Disclosure Letter, each Credit Party and, to
the Knowledge of Borrower, each of its Subsidiaries and each officer, Affiliate, and employee acting on behalf of such Credit Party or
any of its Subsidiaries, is in compliance in all material respects with all Health Care Laws.

 

(b)           Compliance
with FDA Laws. Each Credit Party and, to the Knowledge of Borrower, each of its Subsidiaries, are in compliance in all material
respects with all applicable FDA Laws, including the Federal Food Drug and Cosmetic Act (21 U.S.C. § 301 et seq.) and the regulations
promulgated thereunder (the “FDCA”), in any way relating to any research, development, manufacture, production, use,
commercialization, marketing, importing, storage, record keeping, reporting, transport, offer for sale, distribution or sale of any Product
in the Territory. Each Product distributed or sold in the Territory at any and all times during the past five (5) years (or, with
respect to Acquisition Product, during the time such Product has actually been distributed or sold by the Borrower) has been manufactured,
developed and tested in all material respects in compliance with all applicable FDA Laws including any applicable current FDA Good Manufacturing
Practices, FDA Good Clinical Practices and FDA Good Laboratory Practices and, if and to the extent such Product is required to be approved
or cleared by the FDA pursuant to the FDCA in order to be legally marketed in the United States for such Product’s intended uses,
such Product has been approved or cleared for such intended uses and meets in all material respects any additional conditions of approval
or clearance by the FDA (as applicable). To the Knowledge of Borrower, no Product that is or has been manufactured, tested, distributed,
held or marketed by or on behalf of any Credit Party or any of its Subsidiaries has been adulterated or misbranded.

 

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(c)           Compliance
with DEA Laws. Each Credit Party and, to the Knowledge of Borrower, each of its Subsidiaries, is in compliance in all material
respects with all applicable DEA Laws, including the Controlled Substances Act (21 U.S.C. § 801 et seq.) and the regulations promulgated
thereunder (the “CSA”), in any way relating to any development, manufacture, production, use, commercialization, marketing,
importing, storage, record keeping, reporting, transport, offer for sale, distribution or sale of any Product in the Territory. Each
Product distributed or sold in the Territory at any and all times during the past five (5) years or, with respect to Acquisition
Product, during the time such Product has actually been distributed or sold by the Borrower) has been (i) stored, transported, imported,
offered for sale, documented, secured, and distributed in all material respects in accordance with DEA Laws and any state laws and regulations
applicable to controlled substances, and (ii) to the extent such Product is required to be authorized by the DEA pursuant to the
CSA, such Product has been so authorized, and no inquiries regarding material issues have been initiated by the DEA.

 

(d)           Material
Statements. Within the past five (5) years, neither any Credit Party, nor, to the Knowledge of Borrower, any Subsidiary
or any officer, Affiliate or employee of any Credit Party or Subsidiary in its capacity as a Subsidiary or as an officer, Affiliate or
employee of a Credit Party or Subsidiary (as applicable), nor, to the Knowledge of Borrower, any agent of any Credit Party or Subsidiary,
(i) has made an untrue statement of a material fact or a fraudulent statement to any Governmental Authority, (ii) has failed
to disclose a material fact to any Governmental Authority, or (iii) has otherwise committed an act, made a statement or failed to
make a statement that, in the case of clauses (i) through (iii) above, at the time such statement or disclosure
was made (or, in the case of such failure, should have been made) or such act was committed, would reasonably be expected to constitute
a material violation of any applicable Requirements of Law or could invoke the FDA Application Integrity Policy regarding “Fraud,
Untrue Statements of Material Facts, Bribery and Illegal Gratuities,” set forth in FDA’s Compliance Policy Guide Sec. 120.100
or any similar policy, in each case as related to any Product.

 

(e)           Proceedings;
Audits. Except as has been disclosed in the Exchange Act Documents or as set forth on Schedule 4.19(e) of the Disclosure
Letter: (i) there is no Adverse Proceeding pending or, to the Knowledge of Borrower, threatened in writing, against any Credit Party
or any of its Subsidiaries relating to any allegations of non-compliance with any Health Care Laws, Data Protection Laws, FDA Laws, DEA
Laws or other Requirements of Law; (ii) to the Knowledge of Borrower, there are no facts, circumstances or conditions that, individually
or in the aggregate, could reasonably be expected to form the basis for any such Adverse Proceeding; and (iii) there are no Governmental
Authority investigations or inquiries (other than routine audits), suits, claims, actions or proceedings pending or, to the Knowledge
of Borrower, threatened, against any Credit Party or any of its Subsidiaries with respect to any of the Products or alleging any violation
of any such Health Care Law, FDA Law, DEA Law or other applicable Requirements of Law.

 

(f)            Safety
Notices. Neither any Credit Party nor any of its Subsidiaries has initiated or otherwise engaged in, either voluntarily or at
the request of the FDA or any other Regulatory Agency, any recalls, product suspensions or discontinuations, field notifications, field
corrections, safety warnings, “dear doctor” letters, investigator notices, safety alerts or other similar notices of action,
including as a result of any Risk Evaluation and Mitigation Strategy proposed or required by the FDA, relating to an alleged lack of
safety, efficacy or regulatory compliance of any Product (a “Safety Notice”). Neither any Credit Party nor any of
its Subsidiaries has received any notice from the FDA or any other Regulatory Agency that such Regulatory Agency has (i) commenced
or may initiate any action to withdraw approval of, place sales or marketing restrictions on, request the recall of, or seek a Safety
Notice regarding, any of the Products, or (ii) commenced or may initiate any action to enjoin or place restrictions on the manufacture
or production of any of the Products. Each Credit Party and each of its Subsidiaries has filed all annual and periodic reports, amendments
and safety reports for any Product required to be made by it to any Regulatory Agency.

 

(g)           Preclinical
Studies / Clinical Trials. All pre-clinical and clinical studies relating to any of the Products conducted by or on behalf of
any Credit Party or any of its Subsidiaries have been, or are being, conducted in compliance with all applicable Requirements of Law,
including the requirements of the FDA’s Good Laboratory Practice and Good Clinical Practice requirements, including regulations
under 21 C.F.R. Parts 50, 54, 56, 58 and 312, the Common Rule, including regulations under 45 C.F.R. part 46, and guidance documents
issued by the Office for Human Research Protection, the Animal Welfare Act and applicable experimental protocols, procedures and controls.
No clinical trial conducted by or on behalf of any Credit Party or any of its Subsidiaries has been terminated or suspended by any Regulatory
Authority and neither any Credit Party nor any of its Subsidiaries has received any notice that the FDA, any other Governmental Authority
or any institutional review board, ethics committee or safety monitoring committee has recommended, initiated or threatened to initiate
any action to suspend or terminate any clinical trial conducted by or on behalf of any Credit Party or any of its Subsidiaries or to
otherwise restrict the preclinical research on or clinical study of any Product. Neither any Credit Party nor any of its Subsidiaries
has a reasonable expectation that there are grounds for imposition of a clinical hold, as described in 21 C.F.R. § 312.42.

 

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(h)           Advertising
/ Promotion. Each Credit Party and, to the Knowledge of Borrower, each of its Subsidiaries, officers, employees and agents has
advertised, promoted, marketed and distributed each of the Products in compliance in all material respects with FDA Laws and other Requirements
of Law. Except as set forth on Schedule 4.19(h) of the Disclosure Letter, neither any Credit Party nor, to the Knowledge
of Borrower, any of its Subsidiaries, officers, employees or agents has received any notice of or is subject to any civil, criminal or
administrative action, suit, demand, claim, complaint, hearing, investigation, demand letter, warning letter, untitled letter, proceeding
or request for information from the FDA or any other Governmental Authority concerning noncompliance with any FDA Laws or other Requirements
of Law with regard to advertising, promoting, marketing or distributing any of the Products.

 

(i)            Recordkeeping
/ Reporting. Each Credit Party and, to the Knowledge of Borrower, each of its Subsidiaries has maintained records relating to
the research, development, testing, manufacture, production, handling, labeling, packaging, storage, supply, promotion, distribution,
marketing, commercialization, import, export and sale of each of the Products in compliance in all material respects with FDA Laws, DEA
Laws and other applicable Requirements of Law, and each Credit Party and, to the Knowledge of Borrower, each of its Subsidiaries has
submitted to the FDA and other Governmental Bodies in a timely manner all notices and annual or other reports required to be made by
it, including adverse experience reports and annual reports, for each of the Products.

 

(j)            Prohibited
Transactions; No Whistleblowers. Except as set forth on Schedule 4.19(j) of the Disclosure Letter, within the past
six (6) years, to the Knowledge of Borrower, neither any Credit Party, any Subsidiary, any officer, Affiliate or employee of a Credit
Party or Subsidiary, nor any other Person acting on behalf of any Credit Party or any Subsidiary, directly or indirectly: (i) has
offered or paid any remuneration, in cash or in kind, to, or made any financial arrangements with, any past, present or potential patient,
supplier, physician or contractor, in order to illegally obtain business or payments from such Person in material violation of any Health
Care Law; (ii) has given or made, or is party to any illegal agreement to give or make, any illegal gift or gratuitous payment of
any kind, nature or description (whether in money, property or services) to any past, present or potential patient, supplier, physician
or contractor, or any other Person in material violation of any Health Care Law; (iii) has given or made, or is party to any agreement
to give or make on behalf of any Credit Party or any of its Subsidiaries, any contribution, payment or gift of funds or property to,
or for the private use of, any governmental official, employee or agent where either the contribution, payment or gift or the purpose
of such contribution, payment or gift, was a material violation of the laws of any Governmental Authority having jurisdiction over such
payment, contribution or gift; (iv) has established or maintained any unrecorded fund or asset for any purpose or made any materially
misleading, false or artificial entries on any of its books or records for any reason; or (v) has made, or is party to any agreement
to make, any payment to any Person with the intention or understanding that any part of such payment would be in material violation of
any Health Care Law. To the Knowledge of Borrower, there are no actions pending or threatened (in writing) against any Credit Party or
any of its Subsidiaries or any of their respective Affiliates under any foreign, U.S. federal or state whistleblower statute, including
under the False Claims Act of 1863 (31 U.S.C. § 3729 et seq.).

 

(k)           Exclusion.
Neither any Credit Party nor, to the Knowledge of Borrower, any Subsidiary or any officer, Affiliate or employee having authority to
act on behalf of any Credit Party or any Subsidiary, is or, to the Knowledge of Borrower, has been threatened in writing to be: (i) excluded
from any Governmental Payor Program pursuant to 42 U.S.C. § 1320a-7b and related regulations; (ii) “suspended”
or “debarred” from selling any products to the U.S. government or its agencies pursuant to the Federal Acquisition Regulation
relating to debarment and suspension applicable to federal government agencies generally (42 C.F.R. Subpart 9.4), or other U.S. Requirements
of Law; (iii) debarred, disqualified, suspended or excluded from participation in Medicare, Medicaid or any other Governmental Payor
Program or is listed on the General Services Administration list of excluded parties; (iv) a party to any other action or proceeding
by any Governmental Authority that would prohibit the applicable Credit Party or Subsidiary from distributing or selling any Product
in the Territory or providing any services to any governmental or other purchaser pursuant to any Health Care Laws; (v) convicted
of any crime or, to the Knowledge of Borrower, engaged in any conduct, for which such Person could be debarred, suspended or excluded
from participating in any governmental health care program under 42 U.S.C. § 1320a-7 and related regulations or any similar applicable
Requirement of Law or program; or (vi) debarred pursuant to 21 U.S.C. § 335a and related regulations.

 

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(l)            HIPAA.
Each Credit Party and, to the Knowledge of Borrower, each of its Subsidiaries, to the extent applicable, is in material compliance with
all applicable federal, state and local laws and regulations regarding the privacy, security, and notification of breaches of health
information and regarding electronic transactions, including HIPAA, and each Credit Party and, to the Knowledge of Borrower, each of
its Subsidiaries, to the extent applicable, has implemented policies, procedures and training that is reasonable and customary in the
pharmaceutical industry or otherwise adequate to assure continued compliance and to detect non-compliance. No Credit Party is a “covered
entity” as defined in 45 C.F.R. § 160.103.

 

(m)           Corporate
Integrity Agreement. Neither any Credit Party or Subsidiary or any of their respective Affiliates, nor any officer, director,
managing employee or, to the Knowledge of Borrower, agent (as those terms are defined in 42 C.F.R. § 1001.1001) of any Credit Party
or Subsidiary, is a party to or has any ongoing reporting or disclosure obligations under, or is otherwise subject to, any corporate
integrity agreement, monitoring agreement, deferred prosecution agreement, consent decree, settlement order or other similar agreements,
or any order, in each case imposed by any U.S. Governmental Authority, concerning compliance with any laws, rules or regulations,
issued under or in connection with a Governmental Payor Program.

 

4.20.      Regulatory
Approvals.

 

(a)           Except
as set forth on Schedule 4.20(a) of the Disclosure Letter, each Credit Party and each Subsidiary involved in any research,
development, manufacture, production, use, commercialization, marketing, importing, storage, transport, offer for sale, distribution
or sale of any Product in the Territory has all Regulatory Approvals material to the conduct of its business and operations. Each such
Regulatory Approval is, as applicable, (i) in full force and effect, (ii) validly registered and on file with the applicable
Regulatory Agency, in compliance in all material respects with all filing and maintenance requirements (including any fee requirements)
thereof, and is in good standing, valid and enforceable, and (iii) no suspension, revocation, or cancellation of such Regulatory
Approval is pending or, to the Knowledge of Borrower, threatened, and, to the Knowledge of Borrower, there is no basis for believing
that such Regulatory Approval will not be renewable upon its expiration.

 

(b)           Each
Credit Party, each Subsidiary and, to the Knowledge of Borrower, each licensee of a Credit Party or a Subsidiary of any Intellectual
Property relating to any Product, is in compliance with, and at all times during the past five (5) years, has complied, in all material
respects, with all applicable foreign, U.S. federal, state and local laws, rules and regulations governing the research, development,
manufacture, production, use, commercialization, marketing, importing, distribution or sale of any Product in the Territory, including
all such regulations promulgated by each applicable Regulatory Agency. No Credit Party or any of its Subsidiaries has received any written
notice from any Regulatory Agency alleging or citing action or inaction by any Credit Party or any of its Subsidiaries that would constitute
a violation of any applicable foreign, U.S. federal, state or local laws, rules or regulations, including a Warning Letter or Untitled
Letter from the FDA, that could reasonably be expected to result in a Material Adverse Change. To the Knowledge of Borrower, there is
no act, omission, event or circumstance of which any Credit Party or any of its Subsidiaries is aware that would reasonably be expected
to give rise to or form the basis for any civil, criminal or administrative action, suit, demand, claim, complaint, hearing, investigation,
demand letter, warning letter, untitled letter, proceeding or request for information or any liability (whether actual or contingent)
for failure to comply with any FDA Laws, DEA Laws, Health Care Laws or other applicable Requirements of Law. Neither any Credit Party
or any of its Subsidiaries nor, to the Knowledge of Borrower, any director, officer, employee or contractor of any Credit Party or any
of its Subsidiaries, has made any voluntary self-disclosure to any Governmental Authority regarding any potential material non-compliance
with any applicable Requirements of Law.

 

4.21.      Supply
and Manufacturing.

 

(a)           Except
as set forth on Schedule 4.21(a) of the Disclosure Letter, to the Knowledge of Borrower, each Product has at all times (or,
in the case of Acquisition Product, since January 1, 2019) been manufactured in sufficient quantities and of a sufficient quality
to satisfy then-current demand of such Product in the Territory, without the occurrence of any event causing inventory of such Product
to have become exhausted prior to satisfying such demand or any other event in which the manufacture and release to the market of such
Product in the Territory does not satisfy such demand. To the Knowledge of Borrower, there is no event or circumstance which would reasonably
be expected to adversely affect the ability to satisfy the sales demand for such Product in the Territory budgeted as of the Closing
Date.

 

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(b)           Except
as disclosed in the Exchange Act Documents or set forth on Schedule 4.21(b) of the Disclosure Letter, to the Knowledge of
Borrower, (i) no manufacturer (including a contract manufacturer) or producer of any Product has (i) been subject to a Regulatory
Agency shutdown, restriction or import or export prohibition, or (ii) received in the past five (5) years or is currently subject
to a FDA Form 483 or other written Regulatory Agency notice of inspectional observations, warning letter, untitled letter or request
to make changes to any Product that would reasonably be expected to impact any Product with respect to any facility manufacturing or
producing such Product for import, distribution or sale in the Territory, and (iii) with respect to each such FDA Form 483
received or other written Regulatory Agency notice (if any), all scientific and technical violations or other issues relating to good
manufacturing practice requirements documented therein, and any disputes regarding any such violations or issues, have been corrected
or otherwise resolved.

 

(c)           Except
as disclosed in Schedule 4.21(c), no Credit Party or, to the Knowledge of Borrower, any of its Subsidiaries has received any notice,
written or oral, from any party to any Manufacturing Agreement containing any indication by or written threat of such party to reduce
or cease, in any material respect, the supply of Product or the active pharmaceutical ingredient incorporated therein in the Territory
through calendar year 2025 (or such earlier date in accordance with the terms and conditions of such Manufacturing Agreement, as applicable).

 

4.22.      Cybersecurity;
Data Protection.

 

(a)           Except
as set forth in Schedule 4.22(a) of the Disclosure Letter, the information technology systems used in the business of each
of Borrower and its Subsidiaries (“Systems”) operate and perform in all material respects as required to permit each
of Borrower and its Subsidiaries to conduct their business as presently conducted.

 

(b)           Except
as set forth on Schedule 4.22(b) of the Disclosure Letter, Borrower and each of its Subsidiaries has implemented and maintains
a commercially reasonable privacy and information security program (“Security Program”) that addresses privacy, physical
and cyber security, disaster recovery, business continuity and incident response, and that includes reasonable and appropriate administrative,
technical and physical safeguards that are designed to protect the integrity and availability of the Systems and to protect against (i) any
unauthorized, accidental, or unlawful access to or acquisition, use, disclosure, processing, loss, destruction, or modification of Personal
Data that would require notification to affected individuals or any Governmental Authority under any applicable Data Protection Law (each,
a “Personal Data Breach”), (ii) any unauthorized or unlawful access to or acquisition, use, disclosure, or loss
of Sensitive Information that is not Personal Data, and (iii) material security incidents that would result in unauthorized or unlawful
access to or acquisition, use, control, disruption, destruction, or modification of any of the Systems (each, a “Security Incident”).

 

(c)           Borrower
and each of its Subsidiaries has conducted commercially reasonable privacy and security audits and penetration tests at reasonable intervals
on all Systems that maintain, store, or process Sensitive Information. Borrower and, to Knowledge of Borrower, each of its Subsidiaries
has addressed all material privacy or data security issues identified as “critical,” “high risk,” or similar
level of risk rating that are raised in any such audits or penetration tests (including any third party audits of the Systems).

 

(d)           Except
as set forth on Schedule 4.22(d) of the Disclosure Letter, and except as would not reasonably be expected to result in a
Material Adverse Change, to the Knowledge of Borrower, neither Borrower nor any of its Subsidiaries, has, in the past three (3) years,
suffered any Security Incidents.

 

(e)           Borrower
and each of its Subsidiaries is in material compliance with the requirements of (i) their respective Security Programs, (ii) applicable
Data Protection Laws, (iii) their respective Material Contracts regarding the privacy, security, and notification of breaches of
customer, consumer, patient, clinical trial participant, employee, and other Personal Data, (iv) all contractual non-disclosure
obligations, and (v) their respective published privacy policies.

 

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(f)            Except
as set forth on Schedule 4.22(f) of the Disclosure Letter, in the past six (6) years: (i) neither Borrower nor
any of its Subsidiaries has received any written third party claims or, to the Knowledge of Borrower, any threat (in writing) of a third
party claim, related to any Personal Data Breaches; and (ii) neither Borrower nor any of its Subsidiaries has received any written
notice of any claims, investigations (including investigations by any Governmental Authority), or alleged violations relating to any
Personal Data Breaches..

 

(g)           Solely
as to the Acquisition Target and the Acquired Business and solely in respect of all periods occurring prior to the Closing Date, each
of the representations and warranties in this Section 4.22 are made to the Knowledge of Borrower.

 

4.23.      Additional
Representations and Warranties.

 

(a)           After
giving effect to the Term Loans, there is no Indebtedness other than the Permitted Indebtedness described in clauses (a), (b),
(m), (o), (q) or (s) of the definition of “Permitted Indebtedness”.

 

(b)           There
are no Hedging Agreements.

 

5.            AFFIRMATIVE
COVENANTS

 

Each Credit Party covenants
and agrees that, until payment in full of all Obligations (other than inchoate indemnity obligations), each Credit Party shall, and shall
cause each of its Subsidiaries to:

 

5.1.        Maintenance
of Existence. (a) Preserve, renew and maintain in full force and effect its and all its Subsidiaries’ legal existence
under the Requirements of Law in their respective jurisdictions of organization, incorporation or formation; (b) take all commercially
reasonable action to maintain all rights, privileges (including its good standing), permits, licenses and franchises necessary or desirable
for it and all of its Subsidiaries in the ordinary course of its business, except in the case of clause (a) (other than with
respect to Borrower) and clause (b) above, (i) to the extent that failure to do so could not reasonably be expected
to result in a Material Adverse Change or (ii) pursuant to a transaction permitted by this Agreement; and (c) comply with all
Requirements of Law of any Governmental Authority to which it is subject, except where the failure to do so could not reasonably be expected
to result, individually or in the aggregate, in a Material Adverse Change.

 

5.2.        Financial
Statements, Notices. Deliver to the Collateral Agent:

 

(a)           Financial
Statements.

 

(i)            Annual
Financial Statements. As soon as available, but in any event within ninety (90) days after the end of each fiscal year of Borrower
(or such earlier date on which Borrower is required to file a Form 10-K under the Exchange Act, as applicable), beginning with the
fiscal year ending December 31, 2022, a consolidated balance sheet of Borrower and its Subsidiaries as of the end of such fiscal
year, and the related consolidated statements of income, cash flows and stockholders’ equity for such fiscal year, setting forth
in comparative form the figures for the previous fiscal year, all prepared in accordance with Applicable Accounting Standards, with such
consolidated financial statements to be audited and accompanied by (x) a report and opinion of Borrower’s independent certified
public accounting firm of recognized national standing (which report and opinion shall be prepared in accordance with Applicable Accounting
Standards and shall not be subject to any qualification as to “going concern” or scope of audit), stating that such financial
statements fairly present, in all material respects, the consolidated financial condition, results of operations and cash flows of Borrower
and its Subsidiaries as of the dates and for the periods specified in accordance with Applicable Accounting Standards, and (y) if
and only if Borrower is required to comply with the internal control provisions pursuant to Section 404 of the Sarbanes-Oxley Act
of 2002 requiring an attestation report of such independent certified public accounting firm, an attestation report of such independent
certified public accounting firm as to Borrower’s internal controls pursuant to Section 404 of the Sarbanes-Oxley Act of 2002
attesting to management’s assessment that such internal controls meet the requirements of the Sarbanes-Oxley Act of 2002; provided,
however, that Borrower shall be deemed to have made such delivery of such consolidated financial statements if such consolidated
financial statements shall have been made available within the time period specified above on the SEC’s EDGAR system (or any successor
system adopted by the SEC);

 

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(ii)           Quarterly
Financial Statements. As soon as available, but in any event within forty-five (45) days after the end of each of the first three
(3) fiscal quarters of each fiscal year of Borrower (or such earlier date on which Borrower is required to file a Form 10-Q
under the Exchange Act, as applicable), beginning with the fiscal quarter ending March 31, 2022, a consolidated balance sheet of
Borrower and its Subsidiaries as of the end of such fiscal quarter, and the related consolidated statements of income and cash flows
and for such fiscal quarter and (in respect of the second and third fiscal quarters of such fiscal year) for the then-elapsed portion
of Borrower’s fiscal year, setting forth in comparative form the figures for the comparable period or periods in the previous fiscal
year, all prepared in accordance with Applicable Accounting Standards, subject to normal year-end audit adjustments and the absence of
disclosures normally made in footnotes; provided, however, that Borrower shall be deemed to have made such delivery of
such consolidated financial statements if such consolidated financial statements shall have been made available within the time period
specified above on the SEC’s EDGAR system (or any successor system adopted by the SEC). Such consolidated financial statements
shall be certified by a Responsible Officer of Borrower as, to his or her knowledge, fairly presenting, in all material respects, the
consolidated financial condition, results of operations and cash flows of Borrower and its Subsidiaries as of the dates and for the periods
specified in accordance with Applicable Accounting Standards consistently applied, and on a basis consistent with the audited consolidated
financial statements referred to under Section 5.2(a)(i), subject to normal year-end audit adjustments and the absence of
footnotes; provided, however, that such certification by a Responsible Officer of Borrower shall be deemed to have made
if a similar certification is required under the Sarbanes-Oxley Act of 2002 and such certification shall have been made available within
the time period specified above on the SEC’s EDGAR system (or any successor system adopted by the SEC);

 

(iii)          Quarterly
Compliance Certificate. Upon delivery (or within five (5) Business Days of any deemed delivery) of financial statements pursuant
to Section 5.2(a)(i) and Section 5.2(a)(ii), a duly completed Compliance Certificate signed by a Responsible
Officer, certifying, among other things, (i) the compliance of the Credit Parties with the covenants set forth in Section 5.2
and Section 6.15, and (ii)  no Event of Default or Default has occurred or, if such an Event of Default or Default
has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto;
and

 

(iv)          Information
During Event of Default. As promptly as practicable (and in any event within five (5) Business Days of the request therefor),
such additional information regarding the business or financial affairs of Borrower or any of its Subsidiaries, or compliance with the
terms of this Agreement or any other Loan Documents, as the Collateral Agent may from time to time reasonably request during the existence
of any Event of Default (subject to reasonable requirements of confidentiality, including requirements imposed by Requirements of Law
or contract; provided that Borrower shall not be obligated to disclose any information that is reasonably subject to the assertion
of attorney-client privilege or attorney work-product).

 

(b)           Notice
of Defaults or Events of Default, ERISA Events and Material Adverse Changes. Written notice as promptly as practicable (and in any
event within five (5) Business Days) after a Responsible Officer of Borrower shall have become aware thereof, of the occurrence
of any (i) Default or Event of Default, (ii) ERISA Event or (iii) Material Adverse Change.

 

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(c)            Legal
Action Notice.

 

(i)            Written
notice as promptly as practicable (which shall be deemed given to the extent timely reported in a Form 8-K under the Exchange Act
and available on the SEC’s EDGAR system (or any successor system adopted by the SEC)) of any legal action, litigation, investigation
or proceeding pending or threatened in writing against any Credit Party or any Subsidiary (i) that would reasonably be expected
to result in uninsured damages or costs to such Credit Party or such Subsidiary in an amount in excess of the materiality thresholds
applied by Borrower in accordance with the Exchange Act and related regulations and standards for purposes of its Exchange Act reporting,
or (ii) which alleges potential violations of the Health Care Laws, FDA Laws, DEA Laws or other Requirements of Law or any applicable
statutes, rules, regulations, standards, guidelines, policies and orders administered or issued by any foreign Governmental Authority,
that, in each case described in clauses (i) and (ii) above, could, individually or taken together with any other
such action, litigation, investigation or proceeding, reasonably be expected to result in a Material Adverse Change; and, in each such
case, provide such additional information (including any material development therein) as the Collateral Agent may reasonably request
in relation thereto; provided that Borrower shall not be obligated to disclose any information that is reasonably subject to the
assertion of attorney-client privilege or attorney work-product;

 

(ii)           Without
limiting the generality of clause (i) above, prompt written updates (which shall be deemed given to the extent timely reported
in the Borrower’s periodic reporting under the Exchange Act and available on the SEC’s EDGAR system (or any successor system
adopted by the SEC)) of the status of any Opioids Case in which Borrower or any of its Subsidiaries has been named as a defendant, regarding,
without limitation, the total number of such cases; the jurisdictions in which such cases have been filed, whether any scheduling order
has been established and, if so, the applicable dates, and the status of discovery and any motions; and

 

(iii)          Promptly,
and in no event later than five (5) Business Days prior to the entry into a settlement agreement with respect to any Opioids Case
or Cases (whether or not settled contemporaneously) for which the settlement value would cause the total payment by Borrower or any of
its Subsidiaries for Opioids Cases (individually or in the aggregate) to exceed $5,000,000 in the aggregate, written notice of the material
terms of any proposed settlement, including the value and timing of any payment contemplated to be made by Borrower or any of its Subsidiaries.

 

5.3.        Taxes.
Timely file all foreign, U.S. federal and state income and other material required Tax returns and reports or extensions therefor and
timely pay all material foreign, federal, state and local Taxes, assessments, deposits and contributions imposed upon it or any of its
properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrue thereon; provided,
however, that no such Tax or any claim for Taxes that have become due and payable and have or may become a Lien on any Collateral
shall be required to be paid if (a) it is being contested in good faith by appropriate proceedings promptly instituted and diligently
conducted, so long as adequate reserves therefor have been set aside on its books and maintained in conformity with Applicable Accounting
Standards, and (b) solely in the case of a Tax or claim that has or may become a Lien against any Collateral, such contest proceedings
conclusively operate to stay the sale or forfeiture of any portion of any Collateral to satisfy such Tax or claim. No Credit Party will,
nor will it permit any of its Subsidiaries to, file or consent to the filing of any consolidated income Tax return with any Person (other
than Borrower or any of its Subsidiaries) without the Collateral Agent’s prior written consent.

 

5.4.        Insurance.
Maintain with financially sound and reputable insurance companies, insurance with respect to its properties and business against loss
or damage of the kinds customarily insured against by Persons of comparable size engaged in the same or similar business, of such types
and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons of comparable
size engaged in the same or similar businesses as Borrower and its Subsidiaries) as are customarily carried under similar circumstances
by such other Persons. Subject to Section 5.14, any products liability or general liability insurance maintained in the United
States regarding Collateral shall name the Collateral Agent, on behalf of the Lenders and the other Secured Parties, as additional insured
or loss payee, as applicable (the additional insured clauses or endorsements for which, in form and substance reasonably satisfactory
to the Collateral Agent). So long as no Event of Default shall have occurred and be continuing, the Borrower and its Subsidiaries may
retain all or any portion of the proceeds of any insurance of the Borrower and its Subsidiaries (and the Collateral Agent and each Lender
shall promptly remit to the Borrower any proceeds with respect to any insurance actually received by it).

 

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5.5.        Operating
Accounts. In the case of any Credit Party, contemporaneously with the establishment of any new Collateral Account at or with any
bank or other depository or financial institution located in the United States, subject such account to a Control Agreement that is reasonably
acceptable to the Collateral Agent. For each Collateral Account that each Credit Party at any time maintains, such Credit Party shall
cause the applicable bank or other depository or financial institution located in the United States at or with which any Collateral Account
is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect
the Collateral Agent’s Lien, for the benefit of Lenders and the other Secured Parties, in such Collateral Account in accordance
with the terms hereunder, which Control Agreement may not be terminated without the prior written consent of the Collateral Agent. The
provisions of the previous two (2) sentences shall not apply to (1) accounts exclusively used for payroll, payroll Taxes and
other employee wage and benefit payments to or for the benefit of any Credit Party’s employees, (2) zero balance accounts,
(3) accounts (including trust accounts) used exclusively for escrow, customs, insurance or fiduciary purposes, (4) merchant
accounts, (5) accounts used exclusively for compliance with any Requirements of Law to the extent such Requirements of Law prohibit
the granting of a Lien thereon, (6) accounts which constitute cash collateral in respect of a Permitted Lien and (7) any other
accounts designated as an Excluded Account by a Responsible Officer of Borrower in writing delivered to the Collateral Agent, the cash
balance of which such accounts does not exceed $10,000,000 in the aggregate at any time (all such accounts in sub-clauses (1) through
(7) above, collectively, the “Excluded Accounts”). Notwithstanding the foregoing, the Credit Parties shall
have until the date that is ninety (90) days (or such longer period as the Collateral Agent may agree in its sole discretion) following:
(i) the Closing Date to comply with the provisions of this Section 5.5 with regards to Collateral Accounts (other than
Excluded Accounts) of the Credit Parties in existence on the Closing Date (or opened during such 90-day period), including accounts (other
than Excluded Accounts) acquired in connection with the acquisition of the Acquired Business; and (ii) the closing date of any Acquisition
(other than the acquisition of the Acquired Business) or other Investment to comply with the provisions of this Section 5.5
with regards to Collateral Accounts (other than Excluded Accounts) of the Credit Parties acquired in connection with such Acquisition
or other Investment.

 

5.6.        Compliance
with Laws. Comply in all respects with the Requirements of Law and all orders, writs, injunctions, decrees and judgments applicable
to it or to its business or its assets or properties (including Environmental Laws, ERISA, Anti-Money Laundering Laws, OFAC, FCPA, Health
Care Laws, FDA Laws, DEA Laws, Data Protection Laws and the Federal Fair Labor Standards Act, and any foreign equivalents thereof), except,
in each case, if the failure to comply therewith could not, individually or taken together with any other such failures, reasonably be
expected to result in a Material Adverse Change.

 

5.7.        Protection
of Intellectual Property Rights.

 

(a)            Except
as could not reasonably be expected to result in a Material Adverse Change, (i) protect, defend and maintain the validity and enforceability
of the Company IP and the Acquisition IP material to the research, development, manufacture, production, use, commercialization, marketing,
importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory, including defending any future or
current oppositions, interference proceedings, reissue proceedings, reexamination proceedings, inter-partes review proceedings,
post grant review proceedings, cancellation proceedings, injunctions, lawsuits, paragraph IV patent certifications or lawsuits under
the Hatch-Waxman Act, hearings, investigations, complaints, arbitrations, mediations, demands, International Trade Commission investigations,
decrees, or any other disputes, disagreements, or claims, challenging the legality, validity, enforceability or ownership of any Company
IP or Acquisition IP; (ii) maintain the confidential nature of any material trade secrets and trade secret rights used in any research,
development, manufacture, production, use, commercialization, marketing, importing, storage, transport, offer for sale, distribution
or sale of any Product in the Territory; and (iii) not allow any Company IP or Acquisition IP material to the research, development,
manufacture, production, use, commercialization, marketing, importing, storage, transport, offer for sale, distribution or sale of any
Product in the Territory to be abandoned, forfeited or dedicated to the public or any Current Company IP Agreement or Current Acquisition
IP Agreement to be terminated by Borrower or any of its Subsidiaries, as applicable, without the Collateral Agent’s prior written
consent (such consent not to be unreasonably withheld, conditioned or delayed); provided, however, that with respect to
any such Company IP or Acquisition IP that is not owned by Borrower or any of its Subsidiaries, the obligations in clauses (i) and
(iii) above shall apply only to the extent Borrower or any of its Subsidiaries have the right to take such actions or to
cause any licensee or other third party to take such actions pursuant to applicable agreements or contractual rights.

 

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(b)            Except
as Borrower may otherwise determine in its reasonable business or legal judgment, (i) use commercially reasonable efforts, at its
(or its Subsidiaries’, as applicable) sole expense, either directly or indirectly, with respect to any licensee or licensor under
the terms of any Credit Party’s (or any of its Subsidiary’s) agreement with the respective licensee or licensor, as applicable,
to take any and all actions (including taking legal action to specifically enforce the applicable terms of any license agreement) and
prepare, execute, deliver and file agreements, documents or instruments which are necessary or desirable to (A)  prosecute and maintain
the Company IP and Acquisition IP material to the research, development, manufacture, production, use, commercialization, marketing,
importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory and (B) diligently defend or
assert the Company IP and Acquisition IP material to the research, development, manufacture, production, use, commercialization, marketing,
importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory against material infringement, misappropriation,
violation or interference by any other Persons and, in the case of Copyrights, Trademarks and Patents within the Company IP, against
any claims of invalidity or unenforceability (including by bringing any legal action for infringement, dilution, violation or defending
any counterclaim of invalidity or action of a non-Affiliate third party for declaratory judgment of non-infringement or non-interference);
and (ii) use commercially reasonable efforts to cause any licensee or licensor of any Company IP or Acquisition IP not to, and such
Credit Party shall not, disclaim or abandon, or fail to take any action necessary or desirable to prevent the disclaimer or abandonment
of any Company IP or Acquisition IP material to the research, development, manufacture, production, use, commercialization, marketing,
importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory.

 

(c)            Except
as Borrower may otherwise determine in its reasonable business or legal judgment, (i) protect, defend and maintain market exclusivity
for the manufacture, production, use, commercialization, marketing, importing, storage, transport, offer for sale, distribution or sale
of any Product in the Territory through the Term Loan Maturity Date, and (ii) use commercially reasonable efforts to not allow for
the manufacture, production, use, commercialization, marketing, importing, storage, transport, offer for sale, distribution or sale of
a generic version of any Product in the Territory before the Term Loan Maturity Date. Borrower agrees to: (x) notify the Collateral
Agent in writing of and (y) keep the Collateral Agent informed regarding; and (z) at the reasonable request of the Collateral
Agent in writing, consult with and consider in good faith any reasonable comments of the Collateral Agent (provided that Borrower
shall not be obligated to disclose any information that is reasonably subject to the assertion of attorney-client privilege or attorney
work-product) regarding, in each case of clauses (x), (y) and (z) above, with reasonable detail, any filings
in any opposition, interference proceeding, reissue proceeding, reexamination proceeding, inter-partes review proceeding, post
grant review proceeding, cancellation proceeding, injunction, lawsuit, paragraph IV patent certification or lawsuits under the Hatch-Waxman
Act, hearing, investigation, complaint, arbitration, mediation, demand, International Trade Commission investigation, decree, or
any other dispute, disagreement or claim, challenging the legality, validity, enforceability or ownership of any Company IP or Acquisition
IP.

 

(d)            Provide
written notice to the Collateral Agent within thirty (30) days of entering or becoming bound by any Restricted License (other than over-the-counter
software that is commercially available to the public). Each Credit Party shall take such commercially reasonable steps as the Collateral
Agent requests to obtain the consent of, or waiver by, any Person whose consent or waiver is necessary for (i) any Restricted License
to, without giving effect to Section 9-408 of the Code, be deemed “Collateral” and for the Collateral Agent to have
a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether
now existing or entered into in the future, and (ii) the Collateral Agent to have the ability in the event of a liquidation of any
Collateral to dispose of such Collateral in accordance with the Collateral Agent’s rights and remedies under this Agreement and
the other Loan Documents.

 

5.8.            Books
and Records. Maintain proper Books, in which entries that are full, true and correct in all material respects and are in conformity
with Applicable Accounting Standards consistently applied shall be made of all material financial transactions and matters involving
the assets, properties and business of such Credit Party (or such Subsidiary), as the case may be.

 

5.9.            Access
to Collateral; Audits. Allow the Collateral Agent, or its agents or representatives, at any time after the occurrence and during
the continuance of an Event of Default, during normal business hours and upon reasonable advance notice, to visit and inspect the Collateral
and inspect, copy and audit any Credit Party’s Books. The foregoing inspections and audits shall be at the relevant Credit Party’s
expense.

 

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5.10.            Use
of Proceeds. (a) Use the proceeds of the Term Loans solely to fund and pay in accordance with the terms thereof the Offer Price
required under Section 2.1 of the Purchase Agreement, to fund and pay any fees and expenses relating to this Agreement and the transactions
contemplated by the Acquisition Agreement and for general corporate purposes, and (b) not use the proceeds of the Term Loans or
any other Credit Extensions, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock, for the purpose of reducing
or retiring any Indebtedness that was originally incurred to purchase or carry any Margin Stock, for the purpose of extending credit
to any other Person to purchase or carry any Margin Stock or for any other purpose that might cause any Term Loan or other Credit Extension
to be considered a “purpose credit” within the meaning of Regulation T, U or X of the Federal Reserve Board. If requested
by the Collateral Agent, Borrower shall complete and sign Part I of a copy of Federal Reserve Form G-3 referred to in Regulation
U and deliver such copy to the Collateral Agent.

 

5.11.            Further
Assurances. Promptly upon the reasonable written request of the Collateral Agent, execute, acknowledge and deliver such further documents
and do such other acts and things in order to effectuate or carry out more effectively the purposes of this Agreement and the other Loan
Documents at its expense, including after the Closing Date taking such steps as are reasonably deemed necessary or desirable by the Collateral
Agent to attach, maintain, perfect, protect and enforce its Lien, for the benefit of Lenders and the other Secured Parties, on Collateral
securing the Obligations created under the Security Agreement and the other Loan Documents in accordance with the terms of the Security
Agreement and the other Loan Documents, subject to Permitted Liens; provided, however, that Credit Parties and their Subsidiaries
shall not be required to take any action under laws outside the United States to attach, maintain, protect or perfect any Lien of the
Collateral Agent, for the benefit of Lenders and the other Secured Parties, on Collateral.

 

5.12.            Additional
Collateral; Guarantors.

 

(a)            From
and after the Closing Date, except as otherwise approved in writing by the Collateral Agent, each Credit Party shall cause each of its
Subsidiaries (other than Excluded Subsidiaries) to guarantee the Obligations and to cause each such Subsidiary to grant to the Collateral
Agent, for the benefit of Lenders and the other Secured Parties, a first priority security interest in and Lien upon, and pledge to the
Collateral Agent for the benefit of Lenders and the other Secured Parties, subject to Permitted Liens, all of such Subsidiary’s
properties and assets constituting Collateral, whether now existing or hereafter acquired or existing, to secure such guaranty; provided,
that such Credit Party’s obligations to cause any Subsidiaries formed or acquired after the Closing Date to take the foregoing
actions shall be subject to the timing requirements of Section 5.13. Furthermore, except as otherwise approved in writing
by the Collateral Agent, each Credit Party, from and after the Closing Date, shall, and shall cause each of its Subsidiaries to, grant
the Collateral Agent, for the benefit of Lenders and the other Secured Parties, a first priority security interest in and Lien upon,
and pledge to the Collateral Agent, for the benefit of Lenders and the other Secured Parties, subject to Permitted Liens, the limitations
set forth herein and the limitations set forth in the other Loan Documents, all of the Equity Interests (other than Excluded Equity Interests)
in each of its Subsidiaries. Subject to Section 5.14, in connection with each pledge of certificated Equity Interests required
under the Loan Documents, the Credit Parties shall deliver, or cause to be delivered, to the Collateral Agent, such certificate(s) together
with stock powers or assignments, as applicable, properly endorsed for transfer to the Collateral Agent or duly executed in blank, in
each case, in form and substance reasonably satisfactory to the Collateral Agent. Subject to Section 5.14, in connection
with each pledge of uncertificated Equity Interests required under the Loan Documents, the Credit Parties shall deliver, or cause to
be delivered, to the Collateral Agent an executed uncertificated stock control agreement among the issuer, the registered owner and the
Collateral Agent, substantially in the form attached as an annex to the Security Agreement.

 

(b)            In
the event any Credit Party acquires any fee title to real estate in the U.S. with a fair market value (reasonably determined in good
faith by a Responsible Officer of Borrower) in excess of $5,000,000, unless otherwise agreed by the Collateral Agent, such Person shall
execute or deliver, or cause to be executed or delivered, to the Collateral Agent, (i) within sixty (60) days after such acquisition,
an appraisal complying with the Financial Institutions Reform, Recovery and Enforcement Act of 1989, (ii) within forty-five (45)
days after receipt of notice from the Collateral Agent that such real estate is located in a Special Flood Hazard Area, Federal Flood
Insurance, (iii) within sixty (60) days after such acquisition, a fully executed Mortgage, in form and substance reasonably satisfactory
to the Collateral Agent, together with an A.L.T.A. lender’s title insurance policy issued by a title insurer reasonably satisfactory
to the Collateral Agent, in form and substance (including any endorsements) and in an amount reasonably satisfactory to the Collateral
Agent insuring that the Mortgage is a valid and enforceable first priority Lien on the respective property, free and clear of all defects,
encumbrances and Liens (other than Permitted Liens), (iv) simultaneously with such acquisition, then-current A.L.T.A. surveys, certified
to the Collateral Agent by a licensed surveyor sufficient to allow the issuer of the lender’s title insurance policy to issue such
policy without a survey exception and (v) within sixty (60) days after such acquisition, an environmental site assessment prepared
by a qualified firm reasonably acceptable to the Collateral Agent, in form and substance satisfactory to the Collateral Agent.

 

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5.13.            Formation
or Acquisition of Subsidiaries. If Borrower or any of its Subsidiaries at any time after the Closing Date forms or acquires a Subsidiary,
including by division (and, for the avoidance of doubt, Acquisition Target), as promptly as practicable but in no event later than thirty
(30) days (or such longer period as the Collateral Agent may agree in its sole discretion) after such formation or acquisition: (a) without
limiting the generality of clause (d) below, Borrower will cause such Subsidiary (other than an Excluded Subsidiary) to execute
and deliver to the Collateral Agent a joinder to the Security Agreement in the form attached thereto and any relevant IP Agreement or
other Collateral Documents, as applicable; (b) Borrower will deliver to the Collateral Agent (i) true, correct and complete
copies of the Operating Documents of such Subsidiary (other than an Excluded Subsidiary), (ii) a Secretary’s Certificate,
certifying that the copies of the Operating Documents of such Subsidiary (other than an Excluded Subsidiary) are true, correct and complete
(such Secretary’s Certificate to be in form and substance reasonably satisfactory to the Collateral Agent) and (iii) a good
standing certificate for such Subsidiary (other than an Excluded Subsidiary) certified by the Secretary of State (or the equivalent thereof)
of its jurisdiction of organization, incorporation or formation; (c) Borrower will deliver to the Collateral Agent an update to
the Perfection Certificate reflecting the formation or acquisition of such Subsidiary (other than an Excluded Subsidiary); and (d) Borrower
will cause such Subsidiary to satisfy all requirements contained in this Agreement (including Section 5.12) and each other
Loan Document if and to the extent applicable to such Subsidiary. Borrower, Lenders and the Collateral Agent hereby agree that any such
Subsidiary (other than an Excluded Subsidiary) shall constitute a Credit Party for all purposes hereunder as of the date of the execution
and delivery of the joinder contemplated by clause (a) above. Any document, agreement or instrument executed or issued pursuant
to this Section 5.13 shall be a Loan Document.

 

5.14.            Post-Closing
Requirements. Borrower will, and will cause each of its Subsidiaries to, take each of the actions set forth on Schedule 5.14
of the Disclosure Letter within the time period prescribed therefor on such schedule (or such longer period as the Collateral Agent may
agree in its sole discretion), which shall include, among other things, that (a) notwithstanding anything to the contrary in Section 5.4,
the Credit Parties shall have until the date that is thirty (30) days following the Closing Date (or such longer period as the Collateral
Agent may agree in its sole discretion) to comply with the provisions of Section 5.4 with regards to naming the Collateral
Agent, on behalf of the Lenders and the other Secured Parties, as additional insured or loss payee, on any products liability and general
liability insurance maintained in the United States regarding Collateral on the Closing Date, (b) notwithstanding anything to the
contrary in Section 5.5, the Credit Parties shall have until the date that is ninety (90) days following the Closing Date
(or such longer period as the Collateral Agent may agree in its sole discretion) to comply with the provisions of Section 5.5
with regards to Collateral Accounts of the Credit Parties in existence on the Closing Date or opened during such 90-day period, and
(c) notwithstanding anything to the contrary in Section 6.2(b), the Credit Parties shall have until the date that is
thirty (30) days following the Closing Date (or such longer period as the Collateral Agent may agree in its sole discretion) to comply
with the provisions of Section 6.2(b)(ii) with regards to the location of the primary Books of any Credit Party or any
of its Subsidiaries or the location of any material portion of the Collateral as of the Closing Date or during such 30-day period. All
representations and warranties and covenants contained in this Agreement and the other Loan Documents shall be deemed modified to the
extent necessary to take the actions set forth on Schedule 5.14 of the Disclosure Letter within the time periods set forth therein,
rather than elsewhere provided in the Loan Documents, such that to the extent any such action set forth in Schedule 5.14 of the
Disclosure Letter is not overdue, the applicable Credit Party shall not be in breach of any representation or warranty or covenant contained
in this Agreement or any other Loan Document applicable to such action for the period from the Closing Date until the date on which such
action is required to be fulfilled as set forth on Schedule 5.14 of the Disclosure Letter.

 

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5.15.            Environmental.

 

(a)            Deliver
to the Collateral Agent:

 

(i)            as
soon as practicable following receipt thereof, copies of all environmental audits, investigations, analyses and reports of any kind or
character, whether prepared by personnel of Borrower or any of its Subsidiaries or by independent consultants, governmental authorities
or any other Persons, with respect to significant environmental matters at any Facility or with respect to any material Environmental
Claims;

 

(ii)            promptly
upon a Responsible Officer of Borrower obtaining knowledge of the occurrence thereof, written notice describing in reasonable detail
(A) any Release required to be reported to any federal, state or local governmental or regulatory agency under any applicable Environmental
Laws, (B) any remedial action taken by any Credit Party or any other Person in response to (x) any Hazardous Materials Activities,
the existence of which, individually or in the aggregate, could reasonably be expected to result in one or more Environmental Claims
resulting in a Material Adverse Change, or (y) any Environmental Claims that, individually or in the aggregate, could reasonably
be expected to result in a Material Adverse Change, and (C) any Credit Party’s discovery of any occurrence or condition on
any real property adjoining or in the vicinity of any Facility that could cause such Facility or any part thereof to be subject to any
material restrictions on the ownership, occupancy, transferability or use thereof under any Environmental Laws, provided, that
with respect to real property adjoining or in the vicinity of any Facility, Borrower shall have no duty to affirmatively investigate
or make any efforts to become or stay informed regarding any such adjoining or nearby properties;

 

(iii)            as
soon as practicable following the sending or receipt thereof by any Credit Party, a copy of any and all written communications with respect
to (A) any Environmental Claims that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse
Change, (B) any Release required to be reported to any federal, state or local governmental or regulatory agency, or (C) any
request for information from any Governmental Authority that suggests such Governmental Authority is investigating whether any Credit
Party or any of its Subsidiaries may be potentially responsible for any Hazardous Materials Activity that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Change;

 

(iv)            prompt
written notice describing in reasonable detail (A) any proposed acquisition of stock, assets, or property by Borrower or any of
its Subsidiaries that, individually or in the aggregate, could reasonably be expected to (x) expose Borrower or any of its Subsidiaries
to, or result in, Environmental Claims that could reasonably be expected to result in a Material Adverse Change or (y) affect the
ability of Borrower or any of its Subsidiaries to maintain in full force and effect all material Governmental Approvals required under
any Environmental Laws for their respective operations, and (B) any proposed action to be taken by Borrower or any of its Subsidiaries
to modify current operations in a manner that, individually or taken together with any other such proposed actions, could reasonably
be expected to subject Borrower or any of its Subsidiaries to any additional material obligations or requirements under any Environmental
Laws; and

 

(v)            with
reasonable promptness, such other documents and information as from time to time may be reasonably requested by the Collateral Agent
in relation to any matters disclosed pursuant to this Section 5.15(a).

 

(b)            Each
Credit Party shall, and shall cause each of its Subsidiaries to, promptly take any and all actions reasonably necessary to (i) cure
any violation of applicable Environmental Laws by Borrower or any of its Subsidiaries that, individually or in the aggregate, could reasonably
be expected to result in a Material Adverse Change, and (ii) make an appropriate response to any Environmental Claim against Borrower
or any of its Subsidiaries and discharge any obligations it may have to any Person thereunder where failure to do so, individually or
in the aggregate, could reasonably be expected to result in a Material Adverse Change.

 

5.16.            Inventory;
Returns; Maintenance of Properties. Keep all Inventory in good and marketable condition, free from material defects and otherwise
keep all Inventory in material compliance with all applicable FDA Good Manufacturing Practices. Returns and allowances between Borrower
and its Account Debtors shall follow Borrower’s customary practices as they exist on the Closing Date or any new returns and allowances
practices established thereafter in good faith by Borrower that could not reasonably be expected to result in a Material Adverse Change.
Each Credit Party will, and will cause each of its Subsidiaries to, maintain or cause to be maintained in good repair, working order
and condition, ordinary wear and tear, casualty and condemnation excepted, any and all material tangible properties used or useful in
its respective business, and from time to time will make or cause to be made all appropriate repairs, renewals and replacements thereof,
except where failure to do so could not reasonably be expected to result in a Material Adverse Change.

 

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6.            NEGATIVE
COVENANTS

 

Each Credit Party covenants
and agrees that, until payment in full of all Obligations (other than inchoate indemnity obligations), such Credit Party shall not, and
shall cause each of its Subsidiaries not to:

 

6.1.            Dispositions.
Convey, sell, lease, transfer, assign, covenant not to sue, enter into a coexistence agreement, exclusively or non-exclusively license
out, or otherwise dispose of (including any sale-leaseback or any transfer of assets pursuant to a plan of division), directly or indirectly
and whether in one or a series of transactions (collectively, “Transfer”), all or any part of its properties or assets constituting
Collateral under the Loan Documents (including, for the avoidance of doubt, any Equity Interests constituting Collateral issued by any
Subsidiary which are owned or otherwise held by such Credit Party), other than Permitted Transfers (unless otherwise expressly prohibited
under Section 6.6(b)).

 

6.2.            Fundamental
Changes; Location of Collateral.

 

(a)            Without
at least ten (10) days prior written notice to the Collateral Agent, solely in the case of a Credit Party: (i) change its jurisdiction
of organization, incorporation or formation, (ii) change its organizational structure or type, (iii) change its legal name,
or (iv) change any organizational number (if any) assigned by its jurisdiction of organization, incorporation or formation.

 

(b)            Maintain
its primary Books or deliver any material portion of the Collateral to one or more mortgaged or leased locations or one or more warehouses,
processors or bailees, as applicable, unless (i) with respect to any new mortgaged or leased location or new warehouse, processor
or bailee, such Credit Party has delivered at least fifteen (15) days’ prior written notice to the Collateral Agent, which such
notice shall in reasonable detail identify such Books or Collateral (as applicable) and indicate the location from which it is being
delivered and the location to which it is being delivered (and may be in the form of an update to the Perfection Certificate; provided
that any update to the Perfection Certificate by any Credit Party pursuant to this Section 6.2(b)(i) shall not relieve
any Credit Party of any other Obligation under this Agreement, including under clause (ii) below), and (ii) subject
to Section 5.14, a Collateral Access Agreement for such mortgaged or leased location or such warehouse, processor or bailee
governing both such Books or Collateral (as applicable) and the location to which such Books or Collateral (as applicable) has been executed
and delivered by all parties thereto (in form and substance reasonably satisfactory to the Collateral Agent).

 

(c)            In
the case of Collegium NF, LLC, engage in any business operations (other than (x) being party to the Commercialization Agreement,
dated as of December 4, 2017, among Assertio, Inc., Borrower and Collegium NF, LLC (as amended), the ongoing provisions of
which after May 28, 2019 shall be restricted to those identified in that certain Purchase Agreement, dated as of February 6,
2020, between Borrower and Assertio Therapeutics, Inc. including the license of AccuForm patents on a non-exclusive royalty
free basis, and (y) the sublicensing of the AccuForm patents to Borrower on a non-exclusive royalty free basis) unless and
until such Person is made a Guarantor hereunder and a grantor under the Security Agreement in accordance with the terms hereof and thereof.

 

6.3.            Mergers,
Liquidations or Dissolutions.

 

(a)            Merge,
divide itself into two (2) or more entities, consolidate, liquidate or dissolve, or permit any of its Subsidiaries to merge, divide
itself into two (2) or more entities, consolidate, liquidate or dissolve with or into any other Person, except that:

 

(i)            any
Subsidiary of Borrower may merge, consolidate, liquidate or dissolve with or into Borrower, provided that Borrower is the surviving
entity;

 

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(ii)            any
Subsidiary of Borrower may merge, consolidate, liquidate or dissolve with or into any other Subsidiary of Borrower, provided that
if any party to such merger, consolidation, liquidation or dissolution is a Credit Party then either (A) such Credit Party is the
surviving entity or (B) the surviving or resulting entity executes and delivers to the Collateral Agent a joinder to the Security
Agreement in the form attached thereto and any relevant IP Agreement or other Collateral Documents, as applicable, and otherwise satisfies
the requirements of Section 5.13 substantially contemporaneously with completion thereof, as applicable;

 

(iii)            any
Subsidiary of Borrower may divide itself into two (2) or more entities or be dissolved or liquidated, provided that, if such
Subsidiary is a Credit Party, the properties and assets of such Subsidiary are allocated or distributed to an existing or newly-formed
Credit Party; and

 

(iv)            any
Permitted Acquisition or Permitted Investment may be structured as a merger or consolidation.

 

(b)            Make,
or permit any of its Subsidiaries to make, Acquisitions outside the ordinary course of business, including any purchase of the assets
of any division or line of business of any other Person, other than Permitted Acquisitions or Permitted Investments. Notwithstanding
anything herein to the contrary, nothing herein shall prohibit any Credit Party or is Subsidiaries from entering into in-licensing agreements;
provided, however, that in each case, no Indebtedness that is not Permitted Indebtedness is, directly or indirectly, created,
incurred or assumed in connection therewith.

 

6.4.            Indebtedness.
Directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to,
any Indebtedness (including any Indebtedness consisting of obligations evidenced by a bond, debenture, note or other similar instrument)
that is not Permitted Indebtedness; provided, however, that the accrual of interest, the accretion of accreted value and
the payment of interest in the form of additional Indebtedness shall not be deemed to be an incurrence of Indebtedness for purposes of
this Section 6.4.

 

6.5.            Encumbrances.
Except for Permitted Liens, (i) create, incur, allow, or suffer to exist any Lien on any Collateral (or any portion thereof) or
all or any part of any Company IP or Acquisition IP that does not constitute Collateral, or (ii) permit (other than pursuant to
the terms of the Loan Documents) any Collateral (or any portion thereof) not to be subject to the first priority security interest granted
in the Loan Documents or otherwise pursuant to the Collateral Documents, other than, in the case of this clause (ii), as a direct
result of any action by the Collateral Agent or any Lender or failure of the Collateral Agent or any Lender to perform an obligation
thereof under the Loan Documents.

 

6.6.            No
Further Negative Pledges; Negative Pledge.

 

(a)            No
Credit Party nor any of its Subsidiaries shall enter into any agreement, document or instrument directly or indirectly prohibiting (or
having the effect of prohibiting) or limiting the ability of such Credit Party or Subsidiary to create, incur, assume or suffer to exist
any Lien upon any Collateral, whether now owned or hereafter acquired, in favor of the Collateral Agent, for the benefit of Lenders and
the other Secured Parties, with respect to the Obligations or under the Loan Documents, other than Permitted Negative Pledges.

 

(b)            Notwithstanding
anything to the contrary in Section 6.1 or Section 6.5, no Credit Party will sell, assign, transfer, exchange
or otherwise dispose of, or create, incur, allow or suffer to exist any Lien on, any Equity Interests constituting Collateral issued
by any Subsidiary which are owned or otherwise held by such Credit Party, except for: (i) Permitted Liens; (ii) transfers between
or among Credit Parties, provided that any and all steps as may be required to be taken in order to create and maintain a first
priority security interest in and Lien upon such Equity Interests in favor of the Collateral Agent, for the benefit of Lenders and the
other Secured Parties, are taken contemporaneously with the completion of any such transfer; and (iii) sales, assignments, transfers,
exchanges or other dispositions to qualify directors if required by Requirements of Law or otherwise permitted under this Agreement,
provided that such sale, assignment, transfer, exchange or other disposition shall be for the minimum number of Equity Interests
as are necessary for such qualification under Requirements of Law.

 

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6.7.            Maintenance
of Collateral Accounts. No Credit Party shall maintain any Collateral Account in the United States, except pursuant to the terms
of Section 5.5 hereof.

 

6.8.            Distributions;
Investments.

 

(a)            Pay
any dividends or make any distribution or payment on or redeem, retire or purchase any Equity Interests, other than Permitted Distributions.

 

(b)            Directly
or indirectly make any Investment, other than Permitted Acquisitions or Permitted Investments.

 

6.9.            No
Restrictions on Subsidiary Distributions. No Credit Party nor any of its Subsidiaries shall enter into any agreement, document or
instrument directly or indirectly prohibiting (or having the effect of prohibiting) or limiting the ability of any Subsidiary of Borrower
to (a) pay dividends or make any other distributions on any of such Subsidiary’s Equity Interests owned by Borrower or any
other Subsidiary of Borrower, (b) repay or prepay any Indebtedness owed by such Subsidiary to Borrower or any other Subsidiary of
Borrower, (c) make loans or advances to Borrower or any other Subsidiary of Borrower, or (d) transfer, lease or license any
Collateral to Borrower or any other Subsidiary of Borrower, in each case other than Permitted Subsidiary Distribution Restrictions.

 

6.10.            Subordinated
Debt. Make or permit any voluntary or optional prepayment of any Subordinated Debt not otherwise expressly permitted pursuant to
the applicable intercreditor, subordination or other similar agreement to which such Subordinated Debt is subject.

 

6.11.            Amendments
or Waivers of Organizational Documents. Amend, restate, supplement or otherwise modify, or waive, any provision of its Operating
Documents in a manner that could reasonably be expected to result in a Material Adverse Change.

 

6.12.            Compliance.

 

(a)            Become
an “investment company” under the Investment Company Act of 1940, as amended, or undertake as one of its important activities
extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System),
or use the proceeds of any Credit Extension for that purpose;

 

(b)            No
ERISA Affiliate shall cause or suffer to exist (i) any event that would result in the imposition of a Lien on any assets or properties
of any Credit Party or a Subsidiary of a Credit Party with respect to any Plan or Multiemployer Plan or (ii) any other ERISA Event,
that, in either case, could reasonably be expected to, individually or in the aggregate, result in a Material Adverse Change; or

 

(c)            Permit
the occurrence of any other event with respect to any present pension, profit sharing or deferred compensation plan that could reasonably
be expected to result in a Material Adverse Change.

 

6.13.            Compliance
with Sanctions and Anti-Money Laundering Laws. The Collateral Agent and each Lender hereby notifies each Credit Party that pursuant
to the requirements of Sanctions and Anti-Money Laundering Laws, and such Person’s policies and practices, the Collateral Agent
and each Lender is required to obtain, verify and record certain information and documentation that identifies each Credit Party and
its principals, which information includes the name and address of each Credit Party and its principals and such other information that
will allow the Collateral Agent and each Lender to identify such party in accordance with Sanctions and Anti-Money Laundering Laws. No
Credit Party will, nor will any Credit Party permit any of its Subsidiaries or controlled Affiliates to, directly or indirectly, knowingly
enter into any documents or contracts with any Blocked Person. Each Credit Party shall promptly (but in any event within three (3) Business
Days) notify the Collateral Agent and each Lender in writing upon any Responsible Officer of Borrower having knowledge that any Credit
Party or any Subsidiary or Affiliate of any Credit Party is a Blocked Person or (a) is convicted on, (b) pleads nolo contendere
to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering or predicate crimes to
money laundering. No Credit Party will, nor will any Credit Party permit any of its Subsidiaries or controlled Affiliates to, directly
or indirectly, (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including the making or
receiving of any contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise
engage in any transaction relating to, any property or interests in property blocked pursuant to Sanctions, or (iii) engage in or
conspire to engage in any transaction that evades or avoids or violates, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in applicable Sanctions or Anti-Money Laundering Laws.

 

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6.14.            Amendments
or Waivers of Current Company IP Agreements and Current Acquisition IP Agreements. (a) Waive, amend, cancel or terminate, exercise
or fail to exercise, any material rights constituting or relating to any of the Current Company IP Agreements or the Current Acquisition
IP Agreements, or (b) breach, default under, or take any action or fail to take any action that, with the passage of time or the
giving of notice or both, would constitute a default or event of default under any of the Current Company IP Agreements or the Current
Acquisition IP Agreements, in each instance described in clause (a) and (b) above, that could, individually or
taken together with any other such waivers, amendments, cancellations, terminations, exercises or failures, reasonably be expected to
result in a Material Adverse Change.

 

7.            EVENTS
OF DEFAULT

 

Any one of the following shall
constitute an event of default (an “Event of Default”) under this Agreement:

 

7.1.            Payment
Default. Any Credit Party fails to (a) make any payment of any principal of the Term Loans when and as the same shall become
due and payable, whether at the due date thereof (including pursuant to Section 2.2(c)) or at a date fixed for prepayment
(whether voluntary or mandatory) thereof or by acceleration thereof or otherwise, or (b) within five (5) Business Days after
the same becomes due, any payment of interest or premium pursuant to Section 2.2, including any applicable Additional Consideration,
Makewhole Amount or Prepayment Premium, or any other Obligations (which five (5) Business Day cure period shall not apply to any
such payments due on the Term Loan Maturity Date, such earlier date pursuant to Section 2.2(c)(ii) hereof or the date
of acceleration pursuant to Section 8.1(a) hereof). A failure to pay any such interest, premium or Obligations pursuant
to the foregoing clause (b) prior to the end of such five (5) Business Day-period shall not constitute an Event of Default
(unless such payment is due on the Term Loan Maturity Date, such earlier date pursuant to Section 2.2(c)(ii) hereof
or the date of acceleration pursuant to Section 8.1(a) hereof).

 

7.2.            Covenant
Default.

 

(a)            The
Credit Parties: (i) fail or neglect to perform any obligation in Sections 5.2, 5.3, 5.4, 5.5, 5.6,
5.7, 5.10, 5.12, 5.13 or 5.14 or (ii) violate any covenant in Section 6; or

 

(b)            The
Credit Parties fail or neglect to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in
this Agreement or any Loan Documents on its part to be performed, kept or observed and such failure continues for ten (10) days,
after the earlier of the date on which (i) a Responsible Officer becomes aware of such failure and (ii) written notice thereof
shall have been given to the Borrower by the Collateral Agent. Cure periods provided under this Section 7.2(b) shall
not apply, among other things, to any of the covenants referenced in clause (a) above.

 

7.3.            Material
Adverse Change. A Material Adverse Change occurs.

 

7.4.            Attachment;
Levy; Restraint on Business.

 

(a)            (i) The
service of process seeking to attach, by trustee or similar process, any funds of any Credit Party or of any entity under the control
of any Credit Party (including a Subsidiary) in excess of $10,000,000 on deposit or otherwise maintained with the Collateral Agent, or
(ii) a notice of lien or levy is filed against any material portion of the Collateral by any Governmental Authority, and the same
under clauses (i) and (ii) above are not, within thirty (30) days after the occurrence thereof, discharged or
stayed (whether through the posting of a bond or otherwise); provided, however, that no Credit Extensions shall be made
during any thirty (30) day cure period; or

 

(b)            (i) Any
material portion of Collateral is attached, seized, levied on, or comes into possession of a trustee or receiver, or (ii) any court
order enjoins, restrains, or prevents Borrower and its Subsidiaries from conducting any material part of their business, taken as a whole.

 

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7.5.            Insolvency.

 

(a)            An
involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking: (i) relief
in respect of any Credit Party, or of a substantial part of the property of any Credit Party, under Title 11 of the United States Code,
as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law;
(ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Credit Party or for
a substantial part of the property or assets of any Credit Party; or (iii) the winding-up or liquidation of any Credit Party, and
such proceeding or petition shall continue undismissed or unstayed for sixty (60) days or an order or decree approving or ordering any
of the foregoing shall be entered; or

 

(b)            Any
Credit Party shall: (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States
Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar
law; (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of
any petition described in clause (a) above; (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for any Credit Party or for a substantial part of the property or assets of any Credit
Party; (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding; (v) make
a general assignment for the benefit of creditors; (vi) become unable, admit in writing its inability or fail generally to pay its
debts as they become due; (vii) take any action for the purpose of effecting any of the foregoing; or (viii) wind up or liquidate
(except as otherwise expressly permitted hereunder).

 

7.6.            Other
Agreements. Any Credit Party fails to pay any Indebtedness (other than the Indebtedness represented by this Agreement and the other
Loan Documents) within any applicable grace period after such payment is due and payable (including at final maturity) or after the acceleration
of any such Indebtedness by the holder(s) thereof because of a breach or default, if the total amount of such unpaid or accelerated
Indebtedness exceeds $10,000,000, individually or together with any other such unpaid or accelerated Indebtedness.

 

7.7.            Judgments.
One or more final, non-appealable judgments, orders, or decrees for the payment of money in an amount in excess of $10,000,000 (but excluding
any final judgments, orders, or decrees for the payment of money that are covered by independent third-party insurance as to which liability
has not been denied by such insurance carrier or by an indemnification claim against a solvent and unaffiliated Person that is not a
Credit Party as to which such Person has not denied liability for such claim), shall be rendered against one or more Credit Parties and
the same are not, within thirty (30) days after the entry thereof, discharged or execution thereof stayed or bonded pending appeal, or
such judgments are not discharged prior to the expiration of any such stay.

 

7.8.            Misrepresentations.
Any Credit Party or any Person acting for any Credit Party makes or is deemed to make any representation, warranty, or other statement
now or later in this Agreement, any other Loan Document or in any writing delivered to the Collateral Agent or any Lender or to induce
the Collateral Agent or any Lender to enter this Agreement or any other Loan Document, and such representation, warranty, or other statement
is incorrect in any material respect (or, to the extent any such representation, warranty or other statement is qualified by materiality
or Material Adverse Change, in any respect) when made or deemed to be made.

 

7.9.            Loan
Documents; Collateral. (a) Any material provision of any Loan Document shall for any reason cease to be valid and binding on
or enforceable against any Credit Party, or any Credit Party shall so state in writing or bring an action to limit its obligations or
liabilities thereunder; or (b) any Collateral Document shall for any reason (other than pursuant to the terms thereof) cease to
create a valid security interest in any material portion of the Collateral purported to be covered thereby or such security interest
shall for any reason (other than pursuant to the terms of the Loan Documents) cease to be a perfected and first priority security interest
in any material portion of the Collateral subject thereto, subject only to Permitted Liens, other than as a direct result of any action
by the Collateral Agent or any Lender or failure of the Collateral Agent or any Lender to perform an obligation thereof under the Loan
Documents.

 

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7.10.            ERISA
Event. An ERISA Event occurs that, individually or taken together with any other ERISA Events, results or could reasonably be expected
to result in a Material Adverse Change or the imposition of a Lien on any Collateral.

 

8.            RIGHTS
AND REMEDIES UPON AN EVENT OF DEFAULT

 

8.1.            Rights
and Remedies. While an Event of Default occurs and continues, the Collateral Agent may, or at the request of the Required Lenders,
will, without notice or demand:

 

(a)            declare
all Obligations (including, for the avoidance of doubt, the Makewhole Amount or Prepayment Premium that is payable pursuant to Section 2.2(e) and
Section 2.2(f), as applicable) immediately due and payable (but if an Event of Default described in Section 7.5
occurs all Obligations, including the Makewhole Amount and Prepayment Premium that is payable pursuant to Section 2.2(e) and
Section 2.2(f), as applicable, are automatically and immediately due and payable without any action by the Collateral Agent
or any Lender), whereupon all Obligations for principal, interest, premium or otherwise (including, for the avoidance of doubt, the Makewhole
Amount and Prepayment Premium that is payable pursuant to Section 2.2(e) and Section 2.2(f), as applicable)
shall become due and payable by Borrower without presentment, demand, protest or other notice of any kind, which are all expressly waived
by the Credit Parties hereby;

 

(b)            stop
advancing money or extending credit for Borrower’s benefit under this Agreement;

 

(c)            settle
or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that the Collateral Agent considers
advisable, notify any Person owing Borrower money of the Collateral Agent’s security interest, for the benefit of the Lenders and
the other Secured Parties, in such funds, and verify the amount of the Collateral Accounts;

 

(d)            make
any payments and do any acts it considers necessary or reasonable to protect the Collateral or the Collateral Agent’s security
interest, for the benefit of Lenders and the other Secured Parties, in the Collateral. Borrower shall assemble the Collateral if the
Collateral Agent or the Required Lenders requests and make it available as the Collateral Agent designates or the Required Lenders designate.
The Collateral Agent or its agents or representatives may enter premises where the Collateral is located, take and maintain possession
of any part of the Collateral, and pay, purchase, contest, or compromise any Lien that appears to be prior or superior to its security
interest, for the benefit of Lenders and the other Secured Parties, and pay all expenses incurred. Borrower grants the Collateral Agent
a license to enter and occupy (and for its agents or representatives to enter and occupy) any of its premises, without charge, to exercise
any of the Collateral Agent’s or any Lender’s rights or remedies;

 

(e)            apply
to the Obligations (i) any balances and deposits of Borrower it holds, or (ii) any amount held by the Collateral Agent owing
to or for the credit or the account of Borrower;

 

(f)            ship,
reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. With respect to any
and all Intellectual Property owned by any Credit Party and included in Collateral, each Credit Party hereby grants to the Collateral
Agent, for the benefit of Lenders and the other Secured Parties, as of the Closing Date, a non-exclusive, royalty-free license or other
right to use, without charge, such Intellectual Property in advertising for sale and selling any Collateral and, in connection with the
Collateral Agent’s exercise of its rights under this Section 8.1, Borrower’s rights under all licenses and all
franchise Contracts inure to the benefit of all Secured Parties. Each Credit Party shall retain the right to control the Collateral Agent’s
use of its trade names and Trademarks and such trade names and Trademarks, together with the goodwill associated therewith, are and remain
the exclusive property of the Credit Parties, and any and all use of the same by the Collateral Agent shall inure to the benefit of the
Credit Parties;

 

(g)            place
a “hold” on any account maintained with the Collateral Agent or deliver a notice of exclusive control, any entitlement order,
or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral;

 

(h)            demand
and receive possession of Borrower’s Books regarding Collateral; and

 

    41 

     

    

 

(i)            exercise
all rights and remedies available to the Collateral Agent or any Lender under the Collateral Documents or any other Loan Documents or
at law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof).

 

The Collateral Agent and each
Lender agrees that in connection with any foreclosure or other exercise of rights under this Agreement or any other Loan Document with
respect to any Intellectual Property included in the Collateral, the rights of the licensees under any license of such Intellectual Property
will not be terminated, limited or otherwise adversely affected so long as no default exists thereunder in a way that would permit the
licensor to terminate such license (commonly termed a non-disturbance). Without limitation to any other provision herein or in any other
Loan Document, while an Event of Default occurs and continues, at the Collateral Agent’s or the Required Lenders’ request,
Borrower shall, promptly following the receipt of such request, take such actions as are required or necessary to allow the Collateral
Agent to collect, receive, appropriate and realize upon Borrower’s rights and interests in, to and under any Current Company IP
Agreement or Current Acquisition IP Agreement, including in connection with any foreclosure or other exercise of the Collateral Agent’s
or any Lender’s rights with respect thereto (including, for the avoidance of doubt, using reasonable best efforts to obtain the
written consent of any counterparty to the exercise by the Collateral Agent or any Lender of any and all rights and remedies under this
Agreement or any other Loan Document with respect to any Current Company IP Agreement or Current Acquisition IP Agreement, in form and
substance reasonably satisfactory to the Collateral Agent).

 

8.2.            Power
of Attorney. Borrower hereby irrevocably appoints the Collateral Agent and any Related Party thereof as its lawful attorney-in-fact,
exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any
checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or
drafts against Account Debtors; (c) settle and adjust disputes and claims about the Collateral Accounts directly with depository
banks where the Collateral Accounts are maintained, for amounts and on terms the Collateral Agent determines reasonable; (d) make,
settle, and adjust all claims under Borrower’s products liability or general liability insurance policies maintained in the United
States regarding Collateral; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or
to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer
the Collateral into the name of the Collateral Agent or a third party as the Code permits. Borrower hereby appoints the Collateral Agent
and any Related Party thereof as its lawful attorney-in-fact to file or record any documents necessary to perfect or continue the perfection
of the Collateral Agent’s security interest, for the benefit of Lenders and the other Secured Parties, in the Collateral regardless
of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity obligations) have been satisfied in
full and no Lender is under any further obligation to make Credit Extensions hereunder. The foregoing appointment of the Collateral Agent
and any Related Party thereof as Borrower’s attorney in fact, and all of the Collateral Agent’s (or such Related Party’s)
rights and powers, coupled with an interest, are irrevocable until all Obligations (other than inchoate indemnity obligations) have been
fully repaid and performed and each Lender’s obligation to provide Credit Extensions terminates.

 

8.3.            Application
of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, the Collateral Agent shall apply any
funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Collateral
Accounts or disposition of any other Collateral, or otherwise, to the Obligations in such order as the Collateral Agent shall determine
in its sole discretion. Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower shall remain liable
to Lenders for any deficiency. If the Collateral Agent or any Lender directly or indirectly enters into a deferred payment or other credit
transaction with any purchaser at any sale of Collateral, the Collateral Agent or such Lender, as applicable, shall have the option,
exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction
of the Obligations until the actual receipt by the applicable Lender(s) of cash therefor.

 

8.4.            Collateral
Agent’s Liability for Collateral. So long as the Collateral Agent complies with Requirements of Law regarding the safekeeping
of the Collateral in the possession or under the control of the Collateral Agent, the Collateral Agent shall not be liable or responsible
for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; or (c) any act or default of any
other Person. In no event shall the Collateral Agent or any Lender have any liability for any diminution in the value of the Collateral
for any reason. Borrower bears all risk of loss, damage or destruction of the Collateral.

 

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8.5.            No
Waiver; Remedies Cumulative. The Collateral Agent’s or any Lender’s failure, at any time or times, to require strict
performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right
of the Collateral Agent or any Lender thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder
shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for
which it is given. Each of the Collateral Agent’s and Lender’s rights and remedies under this Agreement and the other Loan
Documents are cumulative. Each of the Collateral Agent and Lenders has all rights and remedies provided under the Code, by law, or in
equity. The exercise by the Collateral Agent or any Lender of one right or remedy is not an election and shall not preclude the Collateral
Agent or any Lender from exercising any other remedy under this Agreement or other remedy available at law or in equity, and the waiver
by the Collateral Agent or any Lender of any Event of Default is not a continuing waiver. The Collateral Agent’s or any Lender’s
delay in exercising any remedy is not a waiver, election, or acquiescence.

 

8.6.            Demand
Waiver; Makewhole Amount; Prepayment Premium. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment,
notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments,
chattel paper, and guarantees held by the Collateral Agent on which Borrower is liable. Borrower acknowledges and agrees that if the
maturity of all Obligations shall be accelerated pursuant to Section 8.1(a) by reason of the occurrence of an Event
of Default, the applicable Makewhole Amount and Prepayment Premium that is payable pursuant to Section 2.2(e) and Section 2.2(f) shall
become due and payable by Borrower upon such acceleration, whether such acceleration is automatic or is effected by the Collateral Agent’s
or any Lender’s declaration thereof, as provided in Section 8.1(a), and Borrower shall pay the applicable Makewhole
Amount and Prepayment Premium that is payable pursuant to Section 2.2(e) and Section 2.2(f) as compensation
to Lenders for the loss of its investment opportunity and not as a penalty, and Borrower waives any right to object thereto in any voluntary
or involuntary bankruptcy, insolvency or similar proceeding or otherwise.

 

9.            NOTICES

 

All notices, consents, requests,
approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be
deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days
after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon
transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable
overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed
to the party to be notified and sent to the address, facsimile number, or email address (if any) indicated below. Any party to this Agreement
may change its mailing or electronic mail address or facsimile number by giving all other parties hereto written notice thereof in accordance
with the terms of this Section 9.

 

	 	If to Borrower or any other Credit Party:
	 	 
	 	Collegium Pharmaceutical, Inc.
	 	100 Technology Center Drive, Suite 300
	 	Stoughton, MA 02072
	 	Attention: Shirley Kuhlmann, General Counsel
	 	Email: ***
	 	 
	 	with a copy to (which shall not constitute notice) to:
	 	 
	 	Troutman Pepper Hamilton Sanders LLP
	 	3000 Two Logan Square
	 	Philadelphia, PA  19103
	 	Attn: Jen Porter
	 	Telephone: ***
	 	Facsimile: ***
	 	Email: ***
	 	 	 

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	If to Collateral Agent:	BioPharma Credit PLC
 c/o Beaufort House
 51 New North Road
 Exeter EX4 4EP
 United Kingdom
 Attn: Company Secretary
 Tel: ***
 Fax: ***
 Email: ***
	 	 
	with copies (which shall not constitute notice) to:
	 	 
	 	Pharmakon Advisors LP
 110 East 59th Street, #3300
 New York, NY 10022
 Attn: Pedro Gonzalez de Cosio
 Phone: ***
 Fax: ***
 Email: ***
	 	 
	 	and
	 	 
	 	Akin Gump Strauss Hauer & Feld LLP
 One Bryant Park
 New York, NY 10036-6745
 Attn: Geoffrey E. Secol
 Phone: ***
 Fax: ***
 Email: ***
	 	 
	If to any Lender:	To the address of such Lender set forth on Exhibit D attached hereto
	 	 
	with copies (which shall not constitute notice) to:
	 	 
	 	Pharmakon Advisors LP
 110 East 59th Street, #3300
 New York, NY 10022
 Attn: Pedro Gonzalez de Cosio
 Phone: ***
 Fax: ***
 Email: ***
	 	 
	 	and
	 	 
	 	Akin Gump Strauss Hauer & Feld LLP
 One Bryant
    Park
 New York, NY 10036-6745
 Attn: Geoffrey E. Secol
 Phone: ***
 Fax: ***
 Email: ***

 

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10.            CHOICE
OF LAW, VENUE, AND JURY TRIAL WAIVER

 

THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS 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 AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. Each party hereto submits to the exclusive jurisdiction of the
courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York,
and any appellate court from any thereof, and agrees that all claims in respect of any such action, litigation or proceeding may be heard
and determined in such New York State court or, to the fullest extent permitted by Requirements of Law, in such Federal court; provided,
however, that nothing in this Agreement shall be deemed to operate to preclude the Collateral Agent or any Lender from bringing
suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or
to enforce a judgment or other court order in favor of the Collateral Agent or any Lender. Each party hereto expressly submits and consents
in advance to such jurisdiction in any action or suit commenced in any such court, and each party hereto hereby waives any objection
that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the
granting of such legal or equitable relief as is deemed appropriate by such court. Each party hereto hereby waives personal service of
the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other
process may be made by registered or certified mail addressed to such party at the address set forth in (or otherwise provided in accordance
with the terms of) Section 9 of this Agreement and that service so made shall be deemed completed upon the earlier to occur
of such party’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid.

 

TO THE FULLEST EXTENT PERMITTED
BY REQUIREMENTS OF LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ITS RIGHT TO A JURY TRIAL IN ANY CLAIM, SUIT, ACTION OR PROCEEDING
WITH RESPECT TO, OR DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH, THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREIN AND THEREIN OR RELATED HERETO OR THERETO (WHETHER FOUNDED IN CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO OTHER PARTY AND NO RELATED PARTY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10
AND (C) HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

11.            GENERAL
PROVISIONS

 

11.1.            Successors
and Assigns.

 

(a)            This
Agreement binds and is for the benefit of the parties hereto and their respective successors and permitted assigns.

 

(b)            No
Credit Party may transfer, pledge or assign this Agreement or any other Loan Document or any rights or obligations hereunder or thereunder
without the prior written consent of each Lender. Subject to clause (d) below, each Lender may at any time sell, transfer,
assign or pledge this Agreement or any other Loan Document or any of its rights or obligations hereunder or thereunder, or grant a participation
in all or any part of, or any interest in, such Lender’s obligations, rights or benefits under this Agreement and the other Loan
Documents, including with respect to any Term Loan (or any portion thereof), to any other Lender, any Affiliate of any Lender or any
third party (any such sale, transfer, assignment, pledge or grant of a participation, a “Lender Transfer”) without
the consent of Borrower.

 

(c)            In
the case of a Lender Transfer in the form of a participation granted by any Lender to any third party, (i) such Lender’s obligations
under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
performance of its obligations hereunder, (iii) Borrower shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement and (iv) any agreement or instrument pursuant to which such
Lender sells such participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, restatement or other modification hereto, subject, in each case described in clauses (i) through (iv) above,
to the terms and conditions of this Agreement. Borrower agrees that each participant shall be entitled to the benefits of Sections
2.5 and 2.6 (subject to the requirements and limitations therein, including the requirements under Section 2.6(d) (it
being understood that the documentation required under Section 2.6(d) shall be delivered to the applicable Lender))
to the same extent as if it were a Person that had acquired its interest by assignment pursuant to clause (b) above; provided
that, with respect to any participation, such participant shall not be entitled to receive any greater payment under Sections
2.5 or 2.6 than the applicable Lender (i.e., the party that participated the interest) would have been entitled to receive,
except to the extent of any entitlement to receive a greater payment resulting from a Change in Law that occurs after such participant
acquired the applicable participation.

 

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(d)            No
Lender shall make a Lender Transfer to a Competitor of Borrower, unless an Event of Default has occurred and is continuing (in which
case, without the consent of Borrower).

 

(e)            The
Collateral Agent shall record any Lender Transfer in the Register. Each Lender shall provide Borrower and the Collateral Agent with written
notice of a Lender Transfer delivered no later than five (5) Business Days prior to the date on which such Lender Transfer is consummated.
For the avoidance of doubt, if any Lender sells a participation, such Lender shall, acting solely for this purpose as a non-fiduciary
agent of Borrower, maintain a register on which it enters the name and address of each participant and principal amounts (and stated
interest) of each participant’s interest in the Term Loan(s) or other obligations under the Loan Documents (the “Participant
Register”); provided, however, that such Lender shall have no 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 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 Section 5f.103-1(c) or
Proposed Section 1.163-5(b) of the Treasury Regulations (or any amended or successor version thereof), or as otherwise required
thereunder. The entries in the Participant Register shall be conclusive absent manifest error, and the Collateral Agent and each 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.

 

(f)            Any
attempted transfer, pledge or assignment of this Agreement or any other Loan Document or any rights or obligations hereunder or thereunder
in violation of this Section 11.1 shall be null and void ab initio and of no effect.

 

11.2.            Indemnification.

 

(a)            Each
of the Credit Parties agrees to indemnify and hold harmless each of the Collateral Agent, Lenders and its and their respective Affiliates
(and its or their respective successors and assigns) and each manager, member, partner, controlling Person, director, officer, employee,
agent or sub-agent, advisor and affiliate thereof (each such Person, an “Indemnified Person”) from and against any
and all Indemnified Liabilities; provided, however, that: (i) no Credit Party shall have any obligation to any Indemnified
Person hereunder with respect to any Indemnified Liabilities to the extent such Indemnified Liabilities arise from the bad faith, gross
negligence or willful misconduct of that Indemnified Person (or its Affiliates or controlling Persons or their respective directors,
officers, managers, partners, members, agents, sub-agents or advisors), as determined by a final, non-appealable judgment of a court
of competent jurisdiction; (ii) no Credit Party shall have any obligation to any Indemnified Person hereunder with respect to any
Indemnified Liabilities if and to the extent such Indemnified Liabilities arise from a material breach of any obligation of such Indemnified
Person hereunder; (iii) no Credit Party shall have any obligation to any Indemnified Person hereunder with respect to any Indemnified
Liabilities if and to the extent such Indemnified Liabilities arise from any claim by one Indemnified Person against another Indemnified
Person that does not relate to any act or omission of any Credit Party; and (iv) no Credit Party shall be liable for any settlement
of any claim or proceeding effected by any Indemnified Person without the prior written consent of such Credit Party (which consent shall
not be unreasonably withheld, conditioned or delayed), but if settled with such consent or if there shall be a final judgment against
an Indemnified Person, each of the Credit Parties shall, jointly and severally with each other Credit Parties, indemnify and hold harmless
such Indemnified Person from and against any loss or liability by reason of such settlement or judgment in the manner set forth in this
Agreement. This Section 11.2(a) shall not apply with respect to Taxes other than any Taxes that represent liabilities,
obligations, losses, damages, penalties, claims, costs, expenses and disbursements arising from any non-Tax claim.

 

    46 

     

    

 

(b)            To
the extent permitted by Requirements of Law, no party to this Agreement shall assert, and each party to this Agreement hereby waives,
any claim against any other party hereto (and its or their successors and assigns), and each manager, member, partner, controlling Person,
director, officer, employee, agent or sub-agent, advisor and affiliate thereof, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed
by any applicable legal requirement) arising out of, in connection with, arising out of, as a result of, or in any way related to, this
Agreement or any Loan Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions
contemplated hereby or thereby, the Term Loans or the use of the proceeds thereof or any act or omission or event occurring in connection
therewith, and each party to this Agreement hereby waives, releases and agrees not to sue upon any such claim or any such damages, whether
or not accrued and whether or not known or suspected to exist in its favor.

 

(c)            Any
action taken by any Credit Party under or with respect to any Loan Document, even if required under any Loan Document or at the request
of the Collateral Agent or any Lender, shall be at the expense of such Credit Party, and neither the Collateral Agent nor any Secured
Party shall be required under any Loan Document to reimburse any Credit Party or any Subsidiary of any Credit Party therefor except as
expressly provided therein. In addition, and without limiting the generality of Section 2.4, Borrower agrees to pay or reimburse
upon demand each of the Collateral Agent and Lenders (and their respective successors and assigns) and each of their respective Related
Parties for any and all fees, expenses and disbursements of the kind or nature described in clause (ii) of the definition
of “Lender Expenses” incurred by it.

 

11.3.            Severability
of Provisions. In case any provision in or obligation hereunder or under any other Loan Document shall be invalid, illegal or unenforceable
in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation
in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

11.4.            Correction
of Loan Documents. The Collateral Agent or Required Lenders may correct patent errors and fill in any blanks in the Loan Documents
consistent with the agreement of the parties hereto so long as the Collateral Agent or Required Lenders, as applicable, provides the
Credit Parties and the other parties hereto with written notice of such correction and allows the Credit Parties at least ten (10) days
to object to such correction in writing delivered to the Collateral Agent and each Lender. In the event of such objection, such correction
shall not be made except by an amendment to this Agreement in accordance with Section 11.5.

 

11.5.            Amendments
in Writing; Integration.

 

(a)            No
amendment, restatement or modification of any provision of this Agreement or any other Loan Document, or waiver, discharge or termination
of any obligation hereunder or thereunder, no approval or consent hereunder or thereunder (including any consent to any departure by
Borrower or any other Credit Party herefrom or therefrom), shall in any event be effective unless the same shall be in writing and signed
by Borrower (on its own behalf and on behalf of each other Credit Party) and the Required Lenders; provided, however, that
no such amendment, restatement, modification, waiver, discharge, termination, approval or consent shall, unless in writing and signed
by the Collateral Agent and the Required Lenders, affect the rights or duties of, or any amounts payable to, the Collateral Agent under
this Agreement or any other Loan Document. Any such waiver, approval or consent granted shall be limited to the specific circumstance
expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to,
or evidence, any obligation or commitment to grant any further waiver, approval or consent.

 

(b)            This
Agreement and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.
All prior agreements, understandings, representations, warranties, and negotiations among the parties hereto about the subject matter
of this Agreement and the Loan Documents merge into this Agreement and the Loan Documents.

 

11.6.            Counterparts.
This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed
and delivered, is an original, and all taken together, constitute one Agreement.

 

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11.7.            Survival.
All covenants, representations and warranties made in this Agreement continue in full force and effect until all Obligations (other than
inchoate indemnity obligations and any other obligations that, by their terms, are to survive the termination of this Agreement) have
been paid in full and satisfied. The obligation of Borrower or any other the Credit Parties in Section 2.4 to pay or reimburse
Lender Expenses, in Section 2.6 with respect to Taxes and withholding and in Section 11.2 to indemnify Indemnified
Persons shall survive until the statute of limitations with respect to such claim or cause of action shall have run.

 

11.8.            Confidentiality.
Any information regarding the Credit Parties and their Subsidiaries and their businesses provided to the Collateral Agent or any Lender
by or on behalf of any Credit Party pursuant to the Loan Documents shall be deemed “Confidential Information”; provided,
however, that Confidential Information does not include information that is either: (i) in the public domain or in the possession
of the Collateral Agent, any Lender or any of their respective Affiliates prior to the disclosure hereunder thereto, or becomes part
of the public domain after the disclosure hereunder thereto, other than as a result of a breach by the Collateral Agent, any Lender or
any of their respective Affiliates of the obligations under this Section 11.8; or (ii) disclosed to the Collateral Agent,
any Lender or any of their respective Affiliates by a third party if the Collateral Agent, such Lender or such Affiliate, as applicable,
does not know that the third party is prohibited from disclosing the information. Neither the Collateral Agent nor any Lender shall disclose
any Confidential Information to a third party or use Confidential Information for any purpose other than the exercise of its rights and
the performance of its duties or obligations under the Loan Documents. The foregoing in this Section 11.8 notwithstanding,
the Collateral Agent and each Lender may disclose Confidential Information: (a) to any of its Subsidiaries or Affiliates; (b) to
prospective transferees, purchasers or participants of any interest in the Credit Extensions (including, for the avoidance of doubt,
in connection with any proposed Lender Transfer); (c) as required by law, regulation, subpoena, or other order, provided,
that (x) prior to any disclosure under this clause (c), the Collateral Agent or such Lender, as applicable, agrees to endeavor
to provide Borrower with prior written notice thereof and with respect to any law, regulation, subpoena or other order, to the extent
that the Collateral Agent or such Lender is permitted to provide such prior notice to Borrower pursuant to the terms hereof, and (y) any
disclosure under this clause (c) shall be limited solely to that portion of the Confidential Information as may be specifically
compelled by such law, regulation, subpoena or other order; (d) to the extent requested by regulators having jurisdiction over the
Collateral Agent or such Lender or as otherwise required in connection with the Collateral Agent’s or such Lender’s examination
or audit by such regulators; (e) as the Collateral Agent or such Lender considers reasonably necessary in exercising remedies under
the Loan Documents; (f) to third-party service providers of the Collateral Agent or such Lender; and (g) to any of the Collateral
Agent’s or such Lender’s Related Parties; provided, however, that the third parties to which Confidential Information
is disclosed pursuant to clauses (a), (b), (f) and (g) are bound by obligations of confidentiality
and non-use that are no less restrictive than those contained herein.

 

The provisions of this Section 11.8
shall survive the termination of this Agreement.

 

11.9.            Attorneys’
Fees, Costs and Expenses. In any action or proceeding between any Credit Party and the Collateral Agent or any Lender arising out
of or relating to the Loan Documents, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other
costs and expenses incurred, in addition to any other relief to which it may be entitled.

 

11.10.            Right
of Set-Off. In addition to any rights now or hereafter granted under Requirements of Law and not by way of limitation of any such
rights, upon the occurrence of an Event of Default and at any time thereafter during the continuance of any Event of Default, each Lender
is hereby authorized by each Credit Party at any time or from time to time, without prior notice to any Credit Party, any such notice
being hereby expressly waived by Borrower (on its own behalf and on behalf of each other Credit Party), to set off and to appropriate
and to apply any and all deposits (general or special, including Indebtedness evidenced by certificates of deposit, whether matured or
unmatured, but not including trust accounts) and any other Indebtedness at any time held or owing by such Lender to or for the credit
or the account of any Credit Party against and on account of the obligations and liabilities of any Credit Party to such Lender hereunder
and under the other Loan Documents, including all claims of any nature or description arising out of or connected hereto or with any
other Loan Document, irrespective of whether or not (a) the Collateral Agent or such Lender shall have made any demand hereunder
or (b) the principal of or the interest on the Term Loans or any other amounts due hereunder shall have become due and payable pursuant
to Section 2 and although such obligations and liabilities, or any of them, may be contingent or unmatured. Each Lender agrees
promptly to notify Borrower and the Collateral Agent after any such set off and application made by such Lender; provided, that
the failure to give such notice shall not affect the validity of such set off and application.

 

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11.11.            Marshalling;
Payments Set Aside. Neither the Collateral Agent nor any Lender shall be under any obligation to marshal any assets in favor of any
Credit Party or any other Person or against or in payment of any or all of the Obligations. To the extent that any Credit Party makes
a payment or payments to any Lender, or the Collateral Agent or any Lender enforces any Liens or exercises its rights of setoff, and
such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to
be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law,
any other state or federal law, common law or any equitable cause, then, to the extent of such recovery, the obligation or part thereof
originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in
full force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred.

 

11.12.            Electronic
Execution of Documents. The words “execution,” “signed,” “signature” and words of like import
in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems,
as the case may be, to the extent and as provided for in any Requirements of Law, including any state law based on the Uniform Electronic
Transactions Act.

 

11.13.            Captions.
Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other
purpose or be given any substantive effect.

 

11.14.            Construction
of Agreement. The parties hereto mutually acknowledge that they and their respective attorneys have participated in the preparation
and negotiation of this Agreement. In cases of uncertainty, this Agreement shall be construed without regard to which of the parties
hereto caused the uncertainty to exist.

 

11.15.            Third
Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) except as expressly provided in Section 11.2(a),
confer any benefits, rights or remedies under or by reason of this Agreement on any Persons other than the express parties to it and
their respective successors and permitted assigns; (b) relieve or discharge the obligation or liability of any Person not an express
party to this Agreement; or (c) give any Person not an express party to this Agreement any right of subrogation or action against
any party to this Agreement.

 

11.16.            No
Advisory or Fiduciary Duty. The Collateral Agent and each Lender may have economic interests that conflict with those of the Credit
Parties. Each Credit Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or
agency relationship or fiduciary or other implied duty between any Lender or the Collateral Agent, on the one hand, and such Credit Party,
its Subsidiaries, and any of their respective stockholders or affiliates, on the other hand. Each Credit Party acknowledges and agrees
that (i) the transactions contemplated by the Loan Documents are arm’s-length commercial transactions between each Lender
and the Collateral Agent, on the one hand, and such Credit Party, its Subsidiaries and their respective affiliates, on the other hand,
(ii) in connection therewith and with the process leading to such transaction, the Collateral Agent and each Lender is acting solely
as a principal and not the advisor, agent or fiduciary of such Credit Party, its Subsidiaries or their respective affiliates, management,
stockholders, creditors or any other Person, (iii) neither the Collateral Agent nor any Lender has assumed an advisory or fiduciary
responsibility in favor of any Credit Party, its Subsidiaries or their respective affiliates with respect to the transactions contemplated
hereby or the process leading thereto (irrespective of whether the Collateral Agent or any Lender or any of their respective affiliates
has advised or is currently advising such Credit Party, its Subsidiaries or their respective affiliates on other matters) or any other
obligation to such Credit Party, its Subsidiaries or their respective affiliates except the obligations expressly set forth in the Loan
Documents and (iv) each Credit Party, its Subsidiaries and their respective affiliates have consulted their own legal and financial
advisors to the extent each deemed appropriate. Each Credit Party further acknowledges and agrees that it is responsible for making its
own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that it will not
claim that the Collateral Agent or any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar
duty to such Credit Party, its Subsidiaries or their respective affiliates in connection with such transaction or the process leading
thereto.

 

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12.            COLLATERAL
AGENT

 

12.1.            Appointment
and Authority. Each of the Lenders hereby irrevocably appoints BioPharma Credit PLC to act on its behalf as the Collateral Agent
hereunder and under the other Loan Documents and authorizes the Collateral Agent to take such actions on its behalf and to exercise such
powers as are delegated to the Collateral Agent by the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto. Except for the first two sentences of Section 12.6 and the penultimate paragraph of Section 12.8,
the provisions of this Section 12 are solely for the benefit of the Collateral Agent and the Lenders, and neither Borrower
nor any other Credit Party shall have rights as a third party beneficiary of any of such provisions. Subject to Section 12.8
and Section 11.5, any action required or permitted to be taken by the Collateral Agent hereunder shall be so taken with
the prior approval of the Required Lenders, except for such actions as are permitted in the Loan Documents to be taken by the Collateral
Agent.

 

12.2.            Rights
as a Lender. The Person serving as the Collateral 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 Collateral Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Collateral Agent
hereunder in its individual capacity. Such Person and its Affiliates may 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 Borrower or any Subsidiary or other Affiliate
thereof as if such Person were not the Collateral Agent hereunder and without any duty to account therefor to the Lenders.

 

12.3.            Exculpatory
Provisions.

 

(a)            The
Collateral Agent shall not have any duties or obligations to the Lenders except those expressly set forth herein and in the other Loan
Documents to which it is a party. Without limiting the generality of the foregoing, with respect to the Lenders, the Collateral Agent:

 

(i)            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;

 

(ii)            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 to which it is a party that the Collateral 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
such other Loan Documents), provided that the Collateral Agent shall not be required to take any action that, in its opinion or
the opinion of its counsel, may expose the Collateral Agent to liability or that is contrary to any Loan Document or Requirements of
Law; and

 

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

 

(b)            The
Collateral 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 such other number or percentage of the Lenders as shall be necessary, or as the Collateral Agent shall believe in good faith
shall be necessary, under the circumstances as provided in Section 11.5) or (ii) in the absence of its own gross negligence
or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Collateral 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 to the Collateral Agent in writing by Borrower or a Lender.

 

(c)            The
Collateral 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 Section 3 or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Collateral Agent.

 

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12.4.            Reliance
by Collateral Agent. The Collateral 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 Collateral 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. The Collateral Agent may consult with legal counsel
(who may be counsel for Borrower), 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.

 

12.5.            Delegation
of Duties. The Collateral 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 Collateral Agent. The Collateral 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 exculpatory
provisions of this Section 12 shall apply to any such sub-agent and to the Related Parties of the Collateral Agent and any
such sub-agent. The Collateral Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent
that a court of competent jurisdiction determines in a final and nonappealable judgment that the Collateral Agent acted with gross negligence
or willful misconduct in the selection of such sub-agent.

 

12.6.            Resignation
of Collateral Agent. The Collateral Agent may at any time give notice of its resignation to the Lenders and Borrower. Upon the receipt
of any such notice of resignation, the Required Lenders shall have the right, in consultation with Borrower so long as no Default or
Event of Default has occurred and is continuing, to appoint a successor. If no successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within thirty (30) days after the retiring Collateral Agent gives notice of its resignation,
then the retiring Collateral Agent may, on behalf of the Lenders, appoint a successor Collateral Agent; provided that, whether
or not a successor has been appointed or has accepted such appointment, such resignation shall become effective upon delivery of the
notice thereof. Upon the acceptance of a successor’s appointment as Collateral Agent hereunder, such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Collateral Agent, and the retiring
Collateral Agent shall be discharged from all of its duties and obligations under the Loan Documents (if not already discharged therefrom
as provided above in this Section 12.6), other than its obligations under Section 11.8. After the retiring Collateral
Agent’s resignation, the provisions of this Section 12 and Section 10 shall continue in effect for the
benefit of such retiring Collateral Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted
to be taken by any of them while the retiring Collateral Agent was acting as Collateral Agent. Upon any resignation by the Collateral
Agent, all payments (if any), communications and determinations provided to be made by, to or through the Collateral Agent shall instead
be made by, to or through each Lender (in the case of such payments and communications) or the Required Lenders (in the case of such
determinations) directly, until such time as a Person accepts an appointment as Collateral Agent in accordance with this Section 12.6.

 

12.7.            Non-Reliance
on Collateral Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Collateral
Agent or any other Lender or any of their respective 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 and make Credit Extensions hereunder. Each Lender also acknowledges
that it will, independently and without reliance upon the Collateral Agent or any other Lender or any of their respective 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.

 

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12.8.            Collateral
and Guaranty Matters. Each Lender agrees that any action taken by the Collateral Agent or the Required Lenders in accordance with
the provisions of this Agreement or of the other Loan Documents, and the exercise by the Collateral Agent or Required Lenders of the
powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding
upon all of the Lenders. Without limiting the generality of the foregoing, the Lenders irrevocably authorize the Collateral Agent, at
its option and in its discretion, and the Collateral Agent agrees:

 

(a)            to
release any Lien on any property granted to or held by the Collateral Agent under any Collateral Document (i) upon payment in full
of the Obligations (other than inchoate indemnity obligations), (ii) that is sold, transferred, disposed or to be sold, transferred,
disposed as part of or in connection with any sale, transfer or other disposition (other than any sale to a Credit Party) permitted hereunder,
(iii) subject to Section 11.5, if approved, authorized or ratified in writing by the Required Lenders, or (iv) to
the extent such property is owned by a Guarantor upon the release of such Guarantor from its obligations under the Loan Documents pursuant
to clause (c) below;

 

(b)            to
subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien on
such property that is permitted by clause (d), (i), (n), (o), (q) and (t) of the
definition of “Permitted Liens” (solely with respect to modifications, replacements, extensions or renewals of Liens permitted
under clause (d), (i), (n), (o) and (q) of the definition of “Permitted Liens”);

 

(c)            to
release any Guarantor from its obligations under the Loan Documents if such Person ceases to be a Subsidiary (or becomes an Excluded
Subsidiary) as a result of a transaction permitted hereunder or upon payment in full of the Obligations (other than inchoate indemnity
obligations);

 

(d)            to
enter into non-disturbance and similar agreements in connection with the licensing of Intellectual Property permitted pursuant to the
terms of this Agreement; and

 

(e)            to
enter into a subordination, intercreditor, or other similar agreement with respect to any Indebtedness that constitutes Subordinated
Debt to the extent such Subordinated Debt is permitted under the definition of “Permitted Indebtedness”.

 

Upon request by the Collateral
Agent at any time the Required Lenders will confirm in writing the Collateral Agent’s authority to release or subordinate its interest
in particular types or items of property, or to release any Guarantor from its obligations under the Security Agreement pursuant to this
Section 12.8.

 

In each case specified in
this Section 12.8, the Collateral Agent will (and each Lender irrevocably authorizes the Collateral Agent to), at Borrower’s
expense: (A) deliver to Borrower any Collateral in the Collateral Agent’s possession in connection with the release of the
Collateral Agent’s Lien thereon; and (B) execute and deliver to the applicable Credit Party such documents as such Credit
Party may reasonably request (i) to evidence the release or subordination of such item of Collateral from the Liens and security
interests granted under the Collateral Documents, (ii) to enter into non-disturbance or similar agreements in connection with the
licensing of Intellectual Property, (iii) to enter into a subordination, intercreditor, or other similar agreement with respect
to any Indebtedness that constitutes Subordinated Debt to the extent such Subordinated Debt is permitted under the definition of “Permitted
Indebtedness” or (iv) to evidence the release of any Guarantor from its obligations under the Loan Documents, in each case,
in accordance with the terms and conditions of the Loan Documents (including this Section 12.8) and in form and substance
reasonably acceptable to the Collateral Agent.

 

Without limiting the generality
of Section 12.10 below, the Collateral Agent shall deliver to the Lenders notice of any action taken by it under this Section 12.8
promptly after the taking thereof; provided that delivery of or failure to deliver any such notice shall not affect the Collateral
Agent’s rights, powers, privileges and protections under this Section 12.

 

12.9.            Reimbursement
by Lenders. To the extent that Borrower for any reason fails to indefeasibly pay any amount required under Section 2.4
to be paid by it to the Collateral Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally
agrees to pay to the Collateral Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s pro rata
share (based upon the percentages as used in determining the Required Lenders 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, damage, liability
or related expense, as the case may be, was incurred by or asserted against the Collateral Agent (or any such sub-agent) in its capacity
as such or against any Related Party of any of the foregoing acting for the Collateral Agent (or any sub-agent) in connection with such
capacity.

 

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12.10.            Notices
and Items to Lenders. The Collateral Agent shall deliver to the Lenders each notice, report, statement, approval, direction, consent,
exemption, authorization, waiver, certificate, filing or other item received by it pursuant to this Agreement or any other Loan Document
(including any item received by it pursuant to Section 3 or set forth on Schedule 5.14 of the Disclosure Letter);
provided, that any delivery of or failure to deliver any such notice, report, statement, approval, direction, consent, exemption,
authorization, waiver, certificate, filing or item shall not otherwise alter or effect the rights of the Lenders or the Collateral Agent
under this Agreement or any other Loan Document or the validity of such item. In addition, to the extent the Collateral Agent or the
Required Lenders deliver any notices, approvals, authorizations, directions, consents or waivers to Borrower pursuant to this Agreement
or any other Loan Document, the Collateral Agent or the Required Lenders, as applicable, will also deliver such notice, approval, authorization,
direction, consent or waiver to the other Lenders on or about the same time such notice, approval, authorization, direction, consent
or waiver is provided to Borrower; provided, that the delivery of or failure to deliver such notice, approval, authorization,
direction, consent or waiver to the other Lenders shall not in any way effect the obligations of Borrower, or the rights of the Collateral
Agent or the Required Lenders, in respect of such notice, approval, authorization, direction, consent or waiver or the validity thereof.

 

12.11.            Amendment
and Restatement.

 

(a)            This
Agreement amends and restates in its entirety, and replaces, the terms of (and obligations outstanding under) the Prior Loan Agreement,
and the Prior Loan Agreement shall have no further force or effect.

 

(b)            All
 “Term Loans” outstanding under the Prior Loan Agreement shall be deemed to be Term Loans under this Agreement; provided,
however, that all “Term Loans” outstanding under the Prior Loan Agreement shall be prepaid and repaid on the Closing
Date in accordance with Article 3 hereof and, if and only to the extent so prepaid and repaid, shall be terminated upon such
prepayment and repayment on the Closing Date and shall not be deemed to be Term Loans under this Agreement upon such prepayment and repayment
on the Closing Date. All “Obligations” existing under the Prior Loan Agreement shall be deemed to be outstanding under this
Agreement and, in each case (i) are in all respects enforceable with only the terms thereof being modified as provided by this Agreement
and (ii) shall in all respects be continuing after the Closing Date and shall be deemed to be Obligations governed by this Agreement;
provided, however, that all “Obligations” existing under the Prior Loan Agreement shall be paid and satisfied
in full in accordance with Article 3 hereof and, if and to the extent so paid and satisfied, shall be terminated and no longer
enforceable under this Agreement upon such payment and satisfaction on the Closing Date, shall not in any respects be continuing after
the Closing Date and shall no longer be deemed to be Obligations governed by this Agreement upon such payment and satisfaction on the
Closing Date.

 

(c)            On
and after the Closing Date, all references to the Prior Loan Agreement or the “Loan Agreement” in any and all of the existing
Loan Documents executed in connection with the Prior Loan Agreement (the “Prior Loan Documents”), whether on the Effective
Date or at any time thereafter but prior to the Closing Date, shall be deemed to include references to this Agreement, as amended, restated,
supplemented or otherwise modified from time to time.

 

(d)            Each
party to this Agreement acknowledges and agrees that this Agreement and the documents executed and delivered in connection herewith do
not constitute a novation, payment and reborrowing or termination of any of the Obligations under the Prior Loan Agreement as in effect
prior to the Closing Date or a novation or payment and reborrowing of any amount owing under the Prior Loan Agreement as in effect prior
to the Closing Date.

 

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13.            DEFINITIONS

 

13.1.            Definitions.
For the purposes of and as used in the Loan Documents: (a) references to any Person include its successors and assigns and, in the
case of any Governmental Authority, any Person succeeding to its functions and capacities; (b) except as the context otherwise requires
(including to the extent otherwise expressly provided in any Loan Document), (i) references to any law, statute, treaty, order,
policy, rule or regulation include any amendments, supplements and successors thereto and (ii) references to any contract,
agreement, instrument or other document include any amendments, restatements, supplements or modifications thereto or thereof from time
to time to the extent permitted by the provisions thereof; (c) the word “shall” is mandatory; (d) the word “may”
is permissive; (e) the word “or” has the inclusive meaning represented by the phrase “or”; (f) the
words “include”, “includes” and “including” are not limiting; (g) the singular includes the
plural and the plural includes the singular; (h) numbers denoting amounts that are set off in parentheses are negative unless the
context dictates otherwise; (i) each authorization herein shall be deemed irrevocable and coupled with an interest; (j) all
accounting terms shall be interpreted, and all determinations relating thereto shall be made, in accordance with Applicable Accounting
Standards; (k) references to any time of day shall be to New York time; (l) the words “herein”, “hereof”,
 “hereby”, “hereto” and “hereunder” refer to this Agreement as a whole; and (m) unless otherwise
expressly provided, references to specific sections, articles, clauses, sub-clauses, annexes and exhibits are to this Agreement and references
to specific schedules are to the Disclosure Letter. As used in this Agreement, the following capitalized terms have the following meanings:

 

“2026 Convertible
Notes” means the 2.625% Convertible Senior Notes issued by Borrower on February 13, 2020, in the aggregate principal amount
of $143.8 million, and maturing on February 15, 2026, unless earlier repurchased, redeemed or converted.

 

“Account”
means any “account” as defined in the Code with such additions to such term as may hereafter be made, and includes all accounts
receivable, book debts, and other sums owing to Credit Parties.

 

“Account Debtor”
means any “account debtor” as defined in the Code with such additions to such term as may hereafter be made.

 

“Acquired Business”
means the business of the Acquisition Target and its Subsidiaries.

 

“Acquisition”
means (a) any Stock Acquisition, or (b) any Asset Acquisition.

 

“Acquisition Agreement”
means, collectively, (a) the Agreement and Plan of Merger, dated as of February 14, 2022, among Borrower, Bristol Acquisition
Company Inc. and Acquisition Target, executed and delivered by all parties thereto, including, for the avoidance of doubt, the disclosure
schedules prepared and delivered by the parties thereto in accordance therewith (the “Purchase Agreement”), (b) a
written consent of Borrower, in its capacity as the sole shareholder of Bristol Acquisition Company Inc., adopting the Purchase Agreement,
executed and delivered by Borrower pursuant to the Purchase Agreement (the “Purchaser Stockholder Consent”), and (c) any
other material contract, agreement, instrument or certificate delivered in accordance with the Purchase Agreement or in furtherance of
the transactions contemplated by the Purchase Agreement.

 

“Acquisition IP”
means any and all of the following, as they exist throughout the world: (a) Current Acquisition IP; (b) improvements, continuations,
continuations-in-part, divisions, provisionals or any substitute applications, any patent issued with respect to any of the Current Acquisition
IP, any reissue, reexamination, renewal or patent term extension or adjustment (including any supplementary protection certificate) of
any such patent, and any confirmation patent or registration patent or patent of addition based on any such patent, and all foreign counterparts
of any of the foregoing; (c) trade secrets or trade secret rights, including any rights to unpatented inventions, know-how, show-how
and operating manuals, in each case, specifically relating to Acquisition Product in the Territory or the Acquired Business; (d) any
and all IP Ancillary Rights specifically relating to any of the foregoing; and (e) regulatory filings, submissions and approvals
related to Acquisition Product or the Acquired Business.

 

“Acquisition Product”
means, collectively, (a)(i) BELBUCA® (buprenorphine buccal film), (ii) any successor to BELBUCA® (buprenorphine buccal
film) and (iii) any other product for use in the treatment of chronic pain that includes buprenorphine, and (b)(i) Symproic®
(naldemedine tosylate), (ii) any successor to Symproic® (naldemedine tosylate) and (iii) any other product for use in the
treatment of chronic pain that includes naldemedine tosylate and is subject to the Symproic License Agreement.

 

“Acquisition Target”
means BioDelivery Sciences International, Inc., a Delaware corporation.

 

    54 

     

    

 

“Additional Consideration”
is defined in Section 2.7(b).

 

“Adverse Proceeding”
means any action, suit, proceeding, hearing (whether administrative, judicial or otherwise), governmental investigation or arbitration
(whether or not purportedly on behalf of any Credit Party or any of its Subsidiaries) at law or in equity, or before or by any Governmental
Authority, domestic or foreign (including any Environmental Claims), whether pending or, to the Knowledge of Borrower, threatened against
or adversely affecting any Credit Party or any of its Subsidiaries or any property of any Credit Party or any of its Subsidiaries.

 

“Affiliate”
means, with respect to any Person, each other Person that owns or controls directly or indirectly the Person, any Person that controls
or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors,
partners and, for any Person that is a limited liability company or limited liability partnership, that Person’s managers and members.
As used in this definition, “control” means (a) direct or indirect beneficial ownership of at least fifty percent (50%)
(or such lesser percentage which is the maximum allowed to be owned by a foreign corporation in a particular jurisdiction) of the voting
share capital or other equity interest in a Person or (b) the power to direct or cause the direction of the management of such Person
by contract or otherwise. In no event shall the Collateral Agent or any Lender be deemed to be an Affiliate of Borrower or any of its
Subsidiaries.

 

“Agreement”
is defined in the preamble hereof.

 

“Alternate Benchmark
Rate” means: (a) in the case of a LIBOR Rate Transition Event, the alternate rate of interest to the three-month LIBOR
Rate established by the Required Lenders and Borrower that gives due consideration to (i) any selection or recommendation of a replacement
rate or the mechanism for determining such a rate by the relevant Governmental Authority or (ii) any evolving or then-prevailing
market convention for determining a rate of interest for Dollar-denominated credit facilities in the United States at such time; or (b) in
the case of an Early Opt-In Determination, the alternate rate of interest to the three-month LIBOR Rate that has been determined by the
Collateral Agent or the Required Lenders, as applicable.

 

“Alternate Benchmark
Rate Start Date” means (a) in the case of a LIBOR Rate Transition Event, the earlier of (i) the applicable LIBOR
Rate Replacement Date and (ii) if such LIBOR Rate Transition Event is a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected
date of such prospective event is fewer than ninety (90) days after such statement or publication, the date of such statement or publication)
and (b) in the case of an Early Opt-in Determination, the date specified by the Collateral Agent by notice to Borrower and Lenders.

 

“Anti-Money Laundering
Laws” is defined in Section 4.18(b).

 

“Applicable Accounting
Standards” means with respect to Borrower and its Subsidiaries, generally accepted accounting principles in the United States
as set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants
and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may
be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination,
consistently applied.

 

“Applicable Percentage”
means, with respect to each Lender at any time of determination, the percentage equal to a fraction, the numerator of which is: (a) on
or prior to the Closing Date, the amount of such Lender’s Term Loan Commitment at such time and the denominator of which is the
Term Loan Amount at such time; and (b) after the Closing Date, the outstanding principal amount of such Lender’s portion of
the Term Loans at such time, and the denominator of which is the aggregate outstanding principal amount of the Term Loans at such time.

 

“ASC” is
defined in Section 1.

 

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“Asset Acquisition”
means, with respect to Borrower or any of its Subsidiaries, any purchase, inbound license or other acquisition of any properties or assets
(other than assets used in the ordinary course of business consistent with past practice) of any other Person (including any purchase
or other acquisition of any business unit, line of business or division of such Person or all or substantially all of the assets of such
Person). For the avoidance of doubt, “Asset Acquisition” includes any co-promotion or co-marketing arrangement pursuant to
which Borrower or any Subsidiary acquires rights to promote or market the products of another Person.

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if the then-current
Benchmark is a term rate, any tenor for such Benchmark or that is or may be used for determining the length of an Interest Period or
(b) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement
as of such date.

 

“Bankruptcy Code”
means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute.

 

“BDSI Existing Loan
Agreement” means, collectively, that certain Loan Agreement, dated as of May 23, 2019, among BioDelivery Sciences International, Inc.,
as borrower, the guarantors party thereto as of the Closing Date and BPCR Limited Partnership, as lender, together with each other Loan
Document (as such term is defined in the BDSI Existing Loan Agreement).

 

“Benchmark”
means, initially, USD LIBOR; provided, that if a replacement of the Benchmark has occurred pursuant to Section 2.3(e),
then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such
prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation
thereof.

 

“Benchmark Replacement”
means, for any Available Tenor:

 

(a)            For
purposes of Section 2.3(e)(i), the first alternative below that can be determined by the Collateral Agent:

 

(i)            the
sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161%
(26.161 basis points) for an Available Tenor of three-months’ duration, and 0.42826% (42.826 basis points) for an Available Tenor
of six-months’ duration, or

 

(ii)            the
sum of: (i) Daily Simple SOFR and (ii) the spread adjustment selected or recommended by the Relevant Governmental Body for
the replacement of the tenor of USD LIBOR with a SOFR-based rate having approximately the same length as the interest payment period
specified in Section 2.3(e)(i); and

 

(b)            For
purposes of Section 2.3(e)(ii), the sum of: (i) the alternate benchmark rate and (ii) an adjustment (which may
be a positive or negative value or zero), in each case, that has been selected by the Collateral Agent as the replacement for such Available
Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations
made by the Relevant Governmental Body, for U.S. dollar-denominated syndicated or bilateral credit facilities at such time;

 

provided that, if the
Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark
Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes
(including changes to the definition of the definition of “Business Day,” the definition of “Interest Period,”
timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment notices and other
technical, administrative or operational matters) that the Collateral Agent decides may be appropriate to reflect the adoption and implementation
of such Benchmark Replacement and to permit the administration thereof by the Collateral Agent in a manner substantially consistent with
market practice (or, if the Collateral Agent decides that adoption of any portion of such market practice is not administratively feasible
or if the Collateral Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other
manner of administration as the Collateral Agent decides is reasonably necessary in connection with the administration of this Agreement
and the other Loan Documents).

 

    56 

     

    

 

“Benchmark Transition
Event” means, with respect to any then-current Benchmark other than USD LIBOR, the occurrence of a public statement or publication
of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of
such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with
jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark
or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating
that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently
or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue
to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be representative
of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.

 

“Blocked Person”
means an individual or entity that is, or is owned or controlled by individuals or entities that are: (i) the subject or target
of any sanctions administered or enforced by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union,
Her Majesty’s Treasury or other relevant sanctions authority, or (ii) located, organized or resident in a country or territory
that is the subject of Sanctions, including currently, Crimea, Cuba, Iran, North Korea, and Syria.

 

“Board of Directors”
means, with respect to any Person, (i) in the case of any corporation, the board of directors of such Person, (ii) in the case
of any limited liability company, the board of managers of such Person, or if there is none, the Board of Directors of the managing member
of such Person, (iii) in the case of any partnership, the Board of Directors of the general partner of such Person and (iv) in
any other case, the functional equivalent of the foregoing.

 

“Board of Governors”
means the Board of Governors of the United States Federal Reserve System, or any successor thereto.

 

“Books”
means all books and records including ledgers, records regarding a Credit Party’s assets or liabilities, the Collateral, business
operations or financial condition, and all computer programs or storage or any equipment containing such information.

 

“Borrower”
is defined in the preamble hereof.

 

“Borrowing Resolutions”
means, with respect to any Person, those resolutions adopted by such Person’s Board of Directors and delivered by such Person to
the Collateral Agent pursuant to Section 3.1 approving the Loan Documents to which such Person is a party and the transactions
contemplated thereby (including the Term Loans), together with a certificate executed by its Secretary (or similar officer) on behalf
of such Person certifying that (a) such Person has the authority to execute, deliver, and perform its obligations under each of
the Loan Documents to which it is a party, (b) attaches as an exhibit to such certificate a true, correct, and complete copy of
the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the
Loan Documents to which it is a party, (c) includes the name(s) and title(s) of the officers of such Person authorized
to execute the Loan Documents to which such Person is a party on behalf of such Person, together with a sample of the true signature(s) of
such Person(s), and (d) the Collateral Agent and each Lender may conclusively rely on such certificate with respect to the authority
of such officers unless and until such Person shall have delivered to the Collateral Agent a further certificate canceling or amending
such prior certificate.

 

“Business Day”
means any day that is not a Saturday or a Sunday or a day on which banks are authorized or required to be closed in New York, New York,
London or the Cayman Islands.

 

    57 

     

    

 

“Capital Lease”
means, as applied to any Person, any lease of, or other arrangement conveying the right to use, any property by that Person as lessee
that has been or should be accounted for as a finance lease on a balance sheet of such Person prepared in accordance with Applicable
Accounting Standards (subject to Section 1 hereof).

 

“Capital Lease Obligations”
means, at any time, with respect to any Capital Lease, any lease entered into as part of any sale leaseback transaction of any Person
or any synthetic lease, the amount of all obligations of such Person that is (or that would be, if such synthetic lease or other lease
were accounted for as a Capital Lease) capitalized on a balance sheet of such Person prepared in accordance with Applicable Accounting
Standards.

 

“Cash Equivalents”
means

 

(a)            securities
issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States
government or by the government of any other member country of O.E.C.D. (provided that the full faith and credit of the United
States or such other member country of O.E.C.D., as applicable, is pledged in support of those securities), in each case, having maturities
of not more than two (2) years from the date of acquisition;

 

(b)            certificates
of deposit, time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities
not exceeding one year and overnight bank deposits and demand deposits, in each case, with any commercial bank having (i) capital
and surplus in excess of $500,000,000 in the case of U.S. banks or (ii) capital and surplus in excess of $100,000,000 (or the U.S.
dollar equivalent as of the date of determination) in the case of non-U.S. banks;

 

(c)            commercial
paper or marketable short-term money market or readily marketable direct obligations and similar securities having one of the two highest
ratings obtainable from Moody’s Investors Services, Inc. or S&P Global Ratings and, in each case, maturing within two
(2) years after the date of acquisition;

 

(d)            repurchase
obligations with a term of not more than seven (7) days for underlying securities of the types described in clauses (a) and
(c) above entered into with any financial institution meeting the qualifications specified in clause (b) above;

 

(e)            investment
funds investing ninety-five percent (95.0%) of their assets in securities of the types described in clauses (a) through (d) above
and clause (f) below;

 

(f)            investments
in money market funds rated “AAA” (or the equivalent thereof) or better by S&P Global Ratings or “Aaa” (or
the equivalent thereof) or better by Moody’s Investors Services, Inc. (or, if at any time neither Moody’s Investors
Services, Inc. nor S&P Global Ratings shall be rating such obligations, an equivalent rating from another rating agency) and
that have portfolio assets of at least $1,000,000,000; and

 

(g)            other
investments in accordance with the Borrower’s investment policy as of the Closing Date or otherwise approved in writing by Collateral
Agent.

 

“CCPA” means
the California Consumer Privacy Act, as amended and codified at Cal. Civ. Code § 1798.100 et seq, including any implementing regulations
with which compliance is mandated.

 

“CFC” means
a “controlled foreign corporation” within the meaning of Section 957 of the Code or any successor provision thereto;
provided, that a “controlled foreign corporation” shall not constitute a CFC hereunder unless, at the relevant date of determination,
there is (a) a reasonable expectation of substantial earnings and profits not subject to current inclusion in U.S. taxable income
and (b) such earning and profits would not (i) be excluded, upon a “hypothetical distribution”, from the “tentative
section 956 amount” (in each case, within the within the meaning of Treasury Regulations Section 1.956-1(a)(2)) by reason
of the dividends received deduction under Section 245A of the Code, (ii) be excluded from gross income under Section 959(a) of
the Code upon an actual distribution, or (iii) otherwise, if distributed, be treated as a return of basis under Section 301(c)(2) of
the Code.

 

    58 

     

    

 

“CFC Domestic Subsidiary”
means any Subsidiary that is organized under the laws of the United States, any state thereof or the District of Columbia that has no
material assets other than the equity or debt of one or more CFCs or Disregarded Domestic Subsidiary.

 

“Change in Control”
means: (a) a transaction or series of transactions (including any merger or consolidation with Borrower) in which any “person”
or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Exchange Act, but excluding
any employee benefit plan of such Person or its Subsidiaries, and any Person acting in its capacity as trustee, agent or other fiduciary
or administrator of any such plan) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of a majority of shares of the then outstanding capital stock of Borrower ordinarily entitled to vote in
the election of directors; (b) a sale of all or substantially all of the consolidated assets of Borrower and its Subsidiaries in
one transaction or a series of transactions (whether by way of merger, stock purchase, asset purchase or otherwise); or (c) a merger
or consolidation involving Borrower in which Borrower is not the surviving Person.

 

“Change in Law”
means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking into effect of any law,
treaty, order, policy, rule or regulation, (b) any change in any law, treaty, order, policy, rule or regulation or in
the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request,
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 be deemed to be a “Change in Law”, regardless
of the date enacted, adopted or issued.

 

“Closing Date”
means the date on which the Term Loans are advanced by Lenders, which, subject to the satisfaction of the conditions precedent to the
Term Loans set forth in Sections 3.1, 3.2 and 3.3, shall be no later than the outside date set forth in Section 9.1(b) of
the Purchase Agreement; provided, however, that the Closing Date shall not occur less than two (2) Business Days after
Borrower notifies the Collateral Agent and Lenders in writing regarding the date on which the Closing Date shall occur.

 

“Code” means
the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of New York; provided,
that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different
Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern; provided, further,
that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies
with respect to, the Collateral Agent’s Lien, for the benefit of Lenders and the other Secured Parties, on any Collateral is governed
by the Uniform Commercial Code in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the
Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to
such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions.

 

“Collateral”
means, collectively, “Collateral” (as such term is defined in the Security Agreement) and all other property of whatever
kind and nature subject or purported to be subject from time to time to a Lien under any Collateral Document, but in any event excluding
all Excluded Property.

 

“Collateral Account”
means any Deposit Account of a Credit Party maintained with a bank or other depository or financial institution located in the United
States, any Securities Account of a Credit Party maintained with a securities intermediary located in the United States, or any Commodity
Account of a Credit Party maintained with a commodity intermediary located in the United States, other than an Excluded Account.

 

    59 

     

    

 

“Collateral Access
Agreement” means an agreement, in form and substance reasonably satisfactory to the Collateral Agent and to which the Collateral
Agent is a party, pursuant to which a mortgagee or lessor of real property on which Collateral is stored or otherwise located, or a warehouseman,
processor or other bailee of Inventory or other property owned by any Credit Party, acknowledges the Liens and security interests of
the Collateral Agent, for the benefit of Lenders and the other Secured Parties, and waives (or, if approved by the Collateral Agent in
its sole discretion, subordinates) any Liens or security interests held by such Person on any such Collateral, and, in the case of any
such agreement with a mortgagee or lessor, permits the Collateral Agent and any Lender (and its representatives and designees) reasonable
access to any Collateral stored or otherwise located thereon.

 

“Collateral Agent”
means BioPharma Credit PLC, in its capacity as Collateral Agent appointed under Section 12.1, and its successors in such
capacity.

 

“Collateral Documents”
means, collectively, the Security Agreement, the Control Agreements, the IP Agreements, any Mortgages and any and all other instruments,
documents and agreements delivered by any Credit Party pursuant to this Agreement or any of the other Loan Documents in order to grant
to the Collateral Agent, for the benefit of Lenders and the other Secured Parties, or perfect, a Lien on any Collateral as security for
the Obligations, and all amendments, restatements, modifications or supplements thereof or thereto.

 

“Commodity Account”
means any “commodity account” as defined in the Code with such additions to such term as may hereafter be made.

 

“Common Rule”
means the U.S. Federal Policy for the Protection of Human Subjects, codified at 45 C.F.R. part 46, or foreign equivalents.

 

“Company IP”
means any and all of the following, as they exist in and throughout the Territory: (a) Current Company IP; (b) improvements,
continuations, continuations-in-part, divisions, provisionals or any substitute applications, any patent issued with respect to any of
the Current Company IP, any patent right claiming the composition of matter of, or the method of making or using, any Product in the
Territory, any reissue, reexamination, renewal or patent term extension or adjustment (including any supplementary protection certificate)
of any such patent, and any confirmation patent or registration patent or patent of addition based on any such patent; (c) trade
secrets or trade secret rights, including any rights to unpatented inventions, know-how, show-how and operating manuals, in each case,
specifically relating to any Product in the Territory; (d) any and all IP Ancillary Rights specifically relating to any of the foregoing;
and (e) regulatory filings, submissions and approvals related to any research, development, manufacture, production, use, commercialization,
marketing, importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory and all data provided
in any of the foregoing.

 

“Company Product”
means (i) Xtampza® ER, (ii) any successor to Xtampza® ER, (iii) Nucynta® ER, (iv) any successor to Nucynta®
ER, (v) Nucynta® IR, (vi) any successor to Nucynta® IR.

 

“Compliance Certificate”
means that certain certificate in the form attached hereto as Exhibit D.

 

“Competitor”
means, at any time of determination, any Person that is an operating company directly and primarily engaged in the same or substantially
the same line of business as the Borrower and its Subsidiaries, including those Persons identified on Schedule 12.1 of the Disclosure
Letter, which Borrower may update from time to time.

 

“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.

 

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“Contingent Obligation”
means, for any Person, (a) any direct or indirect liability, contingent or not, of that Person for any indebtedness, lease, dividend,
letter of credit or other obligation of another Person directly or indirectly guaranteed, endorsed, co-made, discounted or sold with
recourse by that Person, or for which that Person is directly or indirectly liable (other than by endorsements of instruments in the
course of collection) and (b) any obligation of that Person to pay an earn-out payment, milestone payment or similar contingent
payment or contingent compensation (including purchase price adjustments) to a counterparty incurred or created in connection with an
Acquisition, Transfer or Investment or otherwise in connection with any collaboration, development or similar agreement, in each instance
where such contingent payment or compensation becomes due and payable upon the occurrence of an event or the performance of an act (and
not solely with the passage of time). The amount of a Contingent Obligation is the stated or determined amount of the primary obligation
for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it reasonably determined
by such Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement.

 

“Control Agreement”
means, with respect to any Credit Party, any control agreement entered into among such Credit Party, the Collateral Agent and, in the
case of a Deposit Account, the bank or other depository or financial institution located in the United States at which such Credit Party
maintains such Deposit Account, or, in the case of a Securities Account or a Commodity Account, the securities intermediary or commodity
intermediary located in the United States at which such Credit Party maintains such Securities Account or Commodities Account, in either
case, pursuant to which the Collateral Agent obtains control (within the meaning of the Code) over such Collateral Account.

 

“Copyrights”
means any and all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and
derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret.

 

“Credit Extension”
means any Term Loan or any other extension of credit by any Lender for Borrower’s benefit pursuant to this Agreement.

 

“Credit Party”
means Borrower and each Guarantor.

 

“CSA” is
defined in Section 4.19(c).

 

“Current Acquisition
IP” is defined in Section 4.6(c)(ii).

 

“Current Acquisition
IP Agreement” means each of: (a) the Exclusive License Agreement, dated as of April 4, 2019, between Acquisition
Target and Shionogi Inc. (the “Symproic License Agreement”); (b) the Transition Services and Distribution Agreement
between Acquisition Target and Shionogi Inc. and effective as of April 4, 2019; (c) the Supply Agreement between Acquisition
Target. and Shionogi Inc. effective as of April 4, 2019 (the “Supply Agreement”); (d) the Quality Agreement
between Acquisition Target and Shionogi Inc. described in the Supply Agreement; (e) the PVG Agreement between Acquisition Target
and Shionogi Inc. contemplated in Section 5.3 of the Symproic License Agreement; and (f) any other contract or agreement, pursuant
to which Acquisition Target or its Subsidiaries has the legal right to exploit Current Acquisition IP that is owned by another Person
to research, develop, manufacture, produce, use, supply, commercialize, market, import, store, transport, offer for sale, distribute
or sell Acquisition Product in the Territory.

 

“Current Company IP”
is defined in Section 4.6(c)(i).

 

“Current Company IP
Agreement” means any contract or agreement, pursuant to which Borrower or any of its Subsidiaries has the legal right to exploit
Current Company IP that is owned by another Person, to research, develop, manufacture, produce, use, supply, commercialize, market, import,
store, transport, offer for sale, distribute or sell any Company Product.

 

“Daily Simple SOFR”
means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Collateral Agent
in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR”
for bilateral business loans; provided, that if the Collateral Agent decides that any such convention is not administratively
feasible for the Collateral Agent, then the Collateral Agent may establish another convention in its reasonable discretion.

 

    61 

     

    

 

 

“Data Protection Laws”
means, collectively, any and all foreign or domestic (including U.S. federal, state and local) statutes, ordinances, orders, rules, regulations,
judgments, Governmental Approvals, or any other requirements of Governmental Authorities relating to the privacy, security, or confidentiality
of Personal Data, including HIPAA, Section 5 of the Federal Trade Commission Act (15 U.S.C. § 45), CCPA, the Standards for
the Protection of Personal Information of Massachusetts Residents (201 Mass. Code Regs. 17.01) and GDPR.

 

“DEA” means
the United States Drug Enforcement Administration.

 

“DEA Laws”
means all applicable statutes (including the CSA), rules, regulations and orders implemented, administered, enforced or issued by DEA
(and any foreign or U.S. state equivalent).

 

“Default”
means any breach of or default under any term, provision, condition, covenant or agreement contained in this Agreement or any other Loan
Document or any other event, that, in each case, with the giving of notice or the lapse of time or both, would constitute an Event of
Default.

 

“Disregarded Domestic
Subsidiary” means any direct or indirect Subsidiary that is organized under the laws of the United States, any state thereof
or the District of Columbia that is treated as disregarded for U.S. tax purposes and substantially all the assets of which consist of
equity of one or more CFCs.

 

“Deposit Account”
means any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

 

“Disclosure Letter”
means the disclosure letter to this Agreement, dated the Closing Date, delivered by the Credit Parties to the Collateral Agent (including
all schedules attached thereto).

 

“Disqualified Equity
Interest(s)” means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which
it is convertible or for which it is exchangeable) or upon the happening of any event or condition, (a) matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, asset sale or similar event
so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject
to the prior repayment in full in cash of the Term Loans and all other Obligations (other than inchoate indemnity obligations)), (b) is
redeemable at the option of the holder thereof, in whole or in part (except as a result of a change of control, asset sale or similar
event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject
to the prior repayment in full in cash of the Term Loans and all other Obligations (other than inchoate indemnity obligations)), (c) provides
for the scheduled payments of dividends or distributions in cash, or (d) is convertible into or exchangeable for (i) Indebtedness
or (ii) any other Equity Interest that would constitute a Disqualified Equity Interest, in each case described in clauses (a) through
(d) above, prior to the date that is 180 days after the Term Loan Maturity Date; provided that, if such Equity Interest
is issued pursuant to any plan for the benefit of any employee, director, manager or consultant of the Borrower or its Subsidiaries or
by any such plan to such employee, director, manager or consultant, such Equity Interest shall not constitute a Disqualified Equity Interest
solely because it may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations or as a result of the termination, death or disability of such employee, director, manager or consultant.

 

“Dollars,”
 “dollars” or use of the sign “$” means only lawful money of the United States and not any other
currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful
money of the United States.

 

“Early Opt-in Effective
Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in
Election is provided to the Lenders, so long as the Collateral Agent has not received, by 5:00 p.m. (New York City time) on the
fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection
to such Early Opt-in Election from Lenders comprising the Required Lenders.

 

    62 

     

    

 

“Early Opt-in Election”
means the occurrence of:

 

(a)            a
notification by the Collateral Agent to (or the request by Borrower to the Collateral Agent to notify) each of the other parties hereto
that at least five (5) currently outstanding U.S. dollar-denominated syndicated or bilateral credit facilities at such time contain
(as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR)
as a benchmark rate (and such syndicated o bilateral credit facilities are identified in such notice and are publicly available for review),
and

 

(b)            the
election by the Collateral Agent to trigger a fallback from USD LIBOR and the provision by the Collateral Agent of written notice of
such election to Borrower and the Lenders.

 

“Effective Date”
is defined in the preamble hereof.

 

“Environmental Claim”
means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive
(conditional or otherwise), by any Governmental Authority or any other Person, arising (i) pursuant to or in connection with any
actual or alleged violation of any Environmental Law; (ii) in connection with any Hazardous Material or any actual or alleged Hazardous
Materials Activity; or (iii) in connection with any actual or alleged damage, injury, threat or harm to health, safety, natural
resources or the environment.

 

“Environmental Laws”
means, with respect to any Credit Party, Subsidiary or any Facility, collectively, any and all applicable current or future, foreign
or domestic, statutes, ordinances, orders, rules, regulations, judgments and Governmental Approvals, and any other requirements of Governmental
Authorities, relating to (i) environmental matters, including those relating to any Hazardous Materials Activity, (ii) the
generation, use, storage, transportation or disposal of Hazardous Materials or (iii) occupational safety and health, industrial
hygiene, land use or the protection of human, plant or animal health or welfare.

 

“Equity Interests”
means, with respect to any Person, collectively, any and all shares, interests, participations or other equivalents (however designated)
of capital stock of a corporation, any and all equivalent ownership interests in such Person (other than a corporation), including partnership
interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire
(by purchase, conversion, dividend, distribution or otherwise) any of the foregoing (and all other rights, powers, privileges, interests,
claims and other property in any manner arising therefrom or relating thereto); provided, however, that Indebtedness convertible
into Equity Interests (or into any combination of cash and Equity Interests based on the value of such Equity Interests) shall not constitute
Equity Interests unless and until (and solely to the extent) so converted into Equity Interests.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and its regulations.

 

“ERISA Affiliate”
means, with respect to any Person, any trade or business (whether or not incorporated) that, together with such Person, is treated as
a single employer under Section 414(b) or (c) of the IRC or, solely for purposes of Section 302 of ERISA or Section 412
of the IRC, Section 412(m) or (o) of the IRC.

 

“ERISA Event”
means (a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder, with
respect to a Plan (other than an event for which the 30-day notice period is waived by regulation); (b) with respect to a Plan,
the failure by Borrower or its Subsidiaries or their ERISA Affiliates to satisfy the minimum funding standard of Section 412 of
the IRC and Section 302 of ERISA, whether or not waived; (c) the failure by Borrower or its Subsidiaries or their ERISA Affiliates
to make by its due date a required installment under Section 430(j) of the IRC with respect to any Plan or to make any required
contribution to a Multiemployer Plan; (d) the filing pursuant to Section 412(c) of the IRC or Section 302(c) of
ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (e) the incurrence by Borrower or
any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the receipt
by Borrower or its Subsidiaries or any of their respective ERISA Affiliates from the Pension Benefit Guaranty Corporation (referred to
and defined in ERISA) or a plan administrator of any notice relating to the intention to terminate any Plan or Plans under Section 4041
or 4041A of ERISA or to appoint a trustee to administer any Plan under Section 4042 of ERISA, or the occurrence of any event or
condition which would reasonably be expected to constitute grounds under ERISA for the termination of, or the appointment of a trustee
to administer, any Plan under Section 4041 Section 4042 of ERISA; (g) the incurrence by Borrower or its Subsidiaries or
any of their respective ERISA Affiliates of any liability with respect to the withdrawal from any Plan or Multiemployer Plan; (h) the
receipt by Borrower or its Subsidiaries or any of their respective ERISA Affiliates of any notice, concerning the imposition of Withdrawal
Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of
Section 4245 or Section 4241, respectively, of ERISA; (i) the “substantial cessation of operations” by Borrower
or its Subsidiaries or their ERISA Affiliates within the meaning of Section 4062(e) of ERISA with respect to a Plan; or (j) the
occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the IRC or Section 406 of ERISA) which
would reasonably be expected to result in material liability to Borrower or its Subsidiaries.

 

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“Event of Default”
is defined in Section 7.

 

“Exchange Act”
means the Securities Exchange Act of 1934.

 

“Exchange Act Documents”
is defined in Section 4.8(a).

 

“Excluded Accounts”
is defined in Section 5.5.

 

“Excluded Equity Interests”
means, collectively: (i) any Equity Interests in any Subsidiary with respect to which the grant to the Collateral Agent, for the
benefit of Lenders and the other Secured Parties, of a security interest therein and Lien thereon, and the pledge to the Collateral Agent,
for the benefit of Lenders and the other Secured Parties, thereof, to secure the Obligations (and any guaranty thereof) are validly prohibited
by Requirements of Law; (ii) any Equity Interests in any Subsidiary with respect to which the grant to the Collateral Agent, for
the benefit of Lenders and the other Secured Parties, of a security interest therein and Lien thereon, and the pledge to the Collateral
Agent, for the benefit of Lenders and the other Secured Parties, thereof, to secure the Obligations (and any guaranty thereof) require
the consent, approval or waiver of any Governmental Authority or other third party and such consent, approval or waiver has not been
obtained by Borrower following Borrower’s commercially reasonable efforts to obtain the same; (iii) any Equity Interests in
any Subsidiary that is a non-Wholly-Owned Subsidiary that the grant to the Collateral Agent, for the benefit of Lenders and the other
Secured Parties, of a security interest therein and Lien thereon, and the pledge to the Collateral Agent, for the benefit of Lenders
and the other Secured Parties, thereof, to secure the Obligations (and any guaranty thereof) are validly prohibited by, or would give
any third party (other than Borrower or an Affiliate of Borrower) the right to terminate its obligations under, the Operating Documents
or the joint venture agreement or shareholder agreement with respect to, or any other contract or agreement with such third party relating
to, such non-Wholly-Owned Subsidiary, including any contract or agreement evidencing any Indebtedness of such non-Wholly-Owned Subsidiary
(other than customary non-assignment provisions which are ineffective under Article 9 of the Code or other Requirements of Law),
but, in the case of any such Equity Interests, only to the extent and for so long as such Operating Document, joint venture agreement,
shareholder agreement or other contract or agreement is in effect; (iv) any voting Equity Interests in excess of 65% of the issued
and outstanding Equity Interests of each Subsidiary that is (A) a CFC, (B) a CFC Domestic Subsidiary or (C) a Disregarded
Domestic Subsidiary; (v) so long as it shall be in compliance with the covenant set forth in Section 6.2(c), Collegium
NF, LLC, and (vi) any Equity Interests in any other Subsidiary, with respect to which Borrower and the Collateral Agent reasonably
determine by mutual agreement that the cost of granting the Collateral Agent, for the benefit of Lenders and the other Secured Parties,
a security interest therein and Lien thereon, and pledging to the Collateral Agent, for the benefit of Lenders and the other Secured
Parties, thereof, to secure the Obligations (and any guaranty thereof) are excessive, relative to the value to be afforded to the Secured
Parties thereby.

 

“Excluded License”
means an exclusive license or sublicense, to a Person other than a Subsidiary of Borrower, of any Intellectual Property within the Territory
covering any Product that is tantamount to a sale of substantially all rights to the Intellectual Property covering such Product because
it conveys to the licensee or sublicensee exclusive rights to practice such Intellectual Property in the Territory for consideration
that is not based upon future development or commercialization of any Products in the Territory (other than pursuant to so-called earn-out
payments) or services by the licensee or sublicensee (other than transition services), such as, for example, consideration of only upfront
advances or initial license fees or similar payments in consideration of such rights, with no anticipated subsequent payments or only
de minimis payments to Borrower or any of its Subsidiaries (other than pursuant to so-called earn-out payments or transition services).

 

    64 

     

    

 

“Excluded Property”
has the meaning set forth in the Security Agreement.

 

“Excluded Subsidiaries”
means, collectively: (i) any Subsidiary, with respect to which the grant to the Collateral Agent, for the benefit of Lenders and
the other Secured Parties, of a security interest in and Lien upon, and the pledge to the Collateral Agent, for the benefit of Lenders
and the other Secured Parties, of, the properties and assets thereof subject or purported to be subject from time to time to a Lien under
any Collateral Document and the Equity Interests therein to secure the Obligations (and any guaranty thereof) are validly prohibited
by Requirements of Law; (ii) any Subsidiary, with respect to which the grant to the Collateral Agent, for the benefit of Lenders
and the other Secured Parties, of a security interest in and Lien upon, and the pledge to the Collateral Agent, for the benefit of Lenders
and the other Secured Parties, of, the properties and assets thereof subject or purported to be subject from time to time to a Lien under
any Collateral Document and the Equity Interests therein to secure the Obligations (and any guaranty thereof) require the consent, approval
or waiver of any Governmental Authority or other third party (other than Borrower or an Affiliate of Borrower) and such consent, approval
or waiver has not been obtained by Borrower or such Subsidiary following Borrower’s and such Subsidiary’s commercially reasonable
efforts to obtain the same; (iii) any Subsidiary that is a non-Wholly Owned Subsidiary with respect to which the grant to the Collateral
Agent, for the benefit of Lenders and the other Secured Parties, of a security interest in and Lien upon, and the pledge to the Collateral
Agent, for the benefit of Lenders and the other Secured Parties, of, the properties and assets thereof to secure the Obligations (and
any guaranty thereof) are validly prohibited by, or would give any third party (other than Borrower or an Affiliate of Borrower) the
right to terminate its obligations under, such non-Wholly Owned Subsidiary’s Operating Documents or the joint venture agreement
or shareholder agreement with respect thereto or any other contract or agreement with such third party relating thereto, including any
contract or agreement evidencing any Indebtedness of such non-Wholly Owned Subsidiary (other than customary non-assignment provisions
which are ineffective under Article 9 of the Code or other Requirements of Law), but, in each case, only to the extent and for so
long as such Operating Document, joint venture agreement, shareholder agreement or other contract or agreement is in effect; (iv) any
Subsidiary that owns properties and assets with an aggregate fair market value (reasonably determined in good faith by a Responsible
Officer of Borrower) of less than $5,000,000; (v) any (A) CFC, (B) Subsidiary of a CFC, (C) CFC Domestic Subsidiary
or (D) Disregarded Domestic Subsidiary; (vi) any not-for-profit Subsidiaries, captive insurance Subsidiaries and special purpose
entities used for permitted financings; (viii) so long as it shall be in compliance with Section 6.2(c), Collegium NF,
LLC, and (ix) any other Subsidiary, with respect to which Borrower and the Collateral Agent reasonably determined by mutual agreement
that the cost of granting the Collateral Agent, for the benefit of Lenders and the other Secured Parties, a security interest in and
Lien upon, and pledging to the Collateral Agent, for the benefit of Lenders and the other Secured Parties, the properties and assets
thereof subject or purported to be subject from time to time to a Lien under any Collateral Document and the Equity Interests therein
to secure the Obligations (and any guaranty thereof) or are excessive relative to the value to be afforded to the Secured Parties thereby.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to Lender or required to be withheld or deducted from a payment to Lender,
(a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each instance,
(i) imposed by the United States or as a result of Lender being organized under the laws of, or having its principal office or its
applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are
Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of Lender with respect
to any Obligation pursuant to a law in effect on the date on which (i) Lender acquires such interest in any Obligation or (ii) Lender
changes its lending office, except to the extent that, pursuant to Section 2.6, amounts with respect to such Taxes were payable
either to Lender’s assignor immediately before Lender became a party hereto or to Lender immediately before it changed its lending
office, (c) Taxes attributable to Lender’s failure to comply with Section 2.6(d), and (d) any withholding
Taxes imposed under FATCA.

 

“Export and Import
Laws” means, collectively, all applicable laws, regulations, orders or directives that apply to the import, export, re-export,
transfer, disclosure or provision of goods, software, technology or technical assistance, including any restrictions or controls administered
pursuant to the U.S. Export Administration Regulations, 15 C.F.R. Parts 730-774, administered by the U.S. Department of Commerce, Bureau
of Industry and Security, any U.S. Customs regulations, and any other similar import and export laws, regulations, orders and directives
of other jurisdictions to the extent applicable.

 

    65 

     

    

 

“Facility”
means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or heretofore owned,
leased, operated or used by any Credit Party or any of its Subsidiaries or any of their respective predecessors or Affiliates, with respect
to the manufacture, production, storage or distribution any Product in the Territory.

 

“FATCA”
means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (including, for the avoidance of doubt, any agreements
between the governments of the United States and the jurisdiction in which the applicable Lender is resident implementing such provisions),
or any amended or successor version that is substantively comparable and not materially more onerous to comply with, and any current
or future regulations promulgated thereunder or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of
the IRC, any intergovernmental agreement entered into in connection with the implementation of the foregoing sections of the IRC and
any fiscal or regulatory legislation, regulations, rules or practices adopted pursuant to, or official interpretations implementing
such Sections of the IRC or intergovernmental agreements.

 

“FCPA” is
defined in Section 4.18(a).

 

“FDA” means
the United States Food and Drug Administration (and any foreign equivalents, including the European Medicines Agency).

 

“FDA Good Clinical
Practices” means the standards set forth in 21 C.F.R. Parts 50, 54, 56 and 312 and FDA’s implementing guidance documents.

 

“FDA Good Laboratory
Practices” means the standards set forth in 21 C.F.R. Part 58 and FDA’s implementing guidance documents.

 

“FDA Good Manufacturing
Practices” means the standards set forth in 21 C.F.R. Parts 210, 211, 600 and 610 and FDA’s implementing guidance documents.

 

“FDA Laws”
means all applicable statutes (including the FDCA), rules and regulations implemented administered or enforced by the FDA (and any
foreign equivalent).

 

“FDCA” is
defined in Section 4.19(b).

 

“Federal Reserve Board”
means the Board of Governors of the Federal Reserve System.

 

“Foreign Lender”
means a Lender that is not a U.S. Person.

 

“GDPR” means
, collectively, (i) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection
of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC
(General Data Protection Regulation) (the “EU GDPR”) and (ii) the EU GDPR as it forms part of the laws of the
United Kingdom by virtue of section 3 of the European Union (Withdrawal) Act 2018 and as amended by the Data Protection, Privacy and
Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019 (the “UK GDPR”).

 

“Governmental Approval”
means any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice,
of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 

“Governmental Authority”
means any nation or government, any state or other political subdivision thereof, any agency (including Regulatory Agencies), government
department, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory organization.

 

    66 

     

    

 

“Governmental Payor
Programs” means all governmental third party payor programs in which any Credit Party or its Subsidiaries participates, including
Medicare, Medicaid, TRICARE or any other federal or state health care programs.

 

“Guarantor”
means any Subsidiary that is a present or future guarantor of the Obligations.

 

“Hazardous Materials”
means any chemical, material or substance, exposure to which is prohibited, limited or regulated by any Governmental Authority or which
may or could pose a hazard to the health and safety of the owners, occupants or any Persons in the vicinity of any Facility or to the
indoor or outdoor environment.

 

“Hazardous Materials
Activity” means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Materials,
including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge,
placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or
handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing.

 

“Health Care Laws”
means, collectively: (a) all applicable federal, state or local laws, rules, regulations, orders, ordinances, statutes and requirements
issued under or in connection with Medicare, Medicaid or any other Government Payor Program; (b) all applicable federal and state
laws and regulations governing the confidentiality of health information, including HIPAA; (c) all applicable federal, state and
local fraud and abuse laws of any Governmental Authority, including the federal Anti-Kickback Statute (42 U.S.C. § 1320a-7(b)),
the civil False Claims Act (31 U.S.C. § 3729 et seq.), Sections 1320a-7 and 1320a-7a of Title 42 of the United States Code and the
regulations promulgated pursuant to such statutes; (d) the Medicare Prescription Drug, Improvement, and Modernization Act of
2003 (Pub. L. No. 108-173) and the regulations promulgated thereunder; (e) the Physician Payment Sunshine Act (42 U.S.C. §
1320a-7h); (f) all applicable reporting and disclosure requirements under the Medicaid Drug Rebate Program (e.g., Monthly and Quarterly
Average Manufacturer Price, Baseline Average Manufacturer Price, and Rebate Per Unit, as applicable), Medicare Part B (Quarterly
Average Sales Price), Section 602 of the Veteran’s Health Care Act (Public Health Service 340B Quarterly Ceiling Price), Section 603
of the Veteran’s Health Care Act (Quarterly and Annual Non-Federal Average Manufacturer Price and Federal Ceiling Price), Best
Price, Federal Supply Schedule Contract Prices and Tricare Retail Pharmacy Refunds, and Medicare Part D; (g) all applicable
health care laws, rules, codes, statutes, regulations, orders, ordinances and requirements pertaining to Medicare or Medicaid; and (h) all
applicable federal, state or local laws, rules, regulations, ordinances, statutes and requirements relating to (i) the regulation
of managed care, third party payors and Persons bearing the financial risk for the provision or arrangement of health care services,
(ii) billings to insurance companies, health maintenance organizations and other Managed Care Plans or otherwise relating to insurance
fraud, or (iii) any insurance, health maintenance organization or managed care Requirements of Law; and (i) any other applicable
health care laws, rules, codes, regulations, manuals, orders, ordinances, and statutes relating to the manufacture, sale and distribution
of pharmaceutical products.

 

“Hedging Agreement”
means any interest rate, currency, commodity or equity swap, collar, cap, floor or forward rate agreement, or other agreement or arrangement
designed to protect a Person against fluctuations in interest rates, currency exchange rates or commodity or equity prices or values
(including any option with respect to any of the foregoing and any combination of the foregoing agreements or arrangements), and any
confirmation execution in connection with any such agreement or arrangement.

 

“HIPAA”
means the Health Insurance Portability and Accountability Act of 1996 (as amended by the Health Information Technology for Economic and
Clinical Health Act (HITECH) of 2009), any and all rules or regulations promulgated from time to time thereunder, and any state
or federal laws with regards to the security, privacy, or notification of breaches of the confidentiality of health information which
are not preempted pursuant to 45 C.F.R. Part 160, Subpart B.

 

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“Indebtedness”
means, with respect to any Person, without duplication: (a) all indebtedness for advanced or borrowed money of, or credit extended
to, such Person; (b) all obligations issued, undertaken or assumed by such Person as the deferred purchase price of assets, properties,
services or rights (other than (i) accrued expenses and trade payables entered into in the ordinary course of business consistent
with past practice which are not more than one hundred and eighty (180) days past due or subject to a bona fide dispute, (ii) obligations
to pay for services provided by employees and individual independent contractors in the ordinary course of business consistent with past
practice which are not more than one hundred and twenty (120) days past due or subject to a bona fide dispute, (iii) liabilities
associated with customer prepayments and deposits, and (iv)(A) prepaid or deferred revenue arising in the ordinary course of business
consistent with past practice), including any obligation or liability to pay deferred purchase price or other similar deferred consideration
for such assets, properties, services or rights where such deferred purchase price or consideration becomes due and payable solely upon
the passage of time, and (B) any obligation described in clause (b) of the definition of “Contingent Obligation”
that is due and payable (or that becomes due and payable) solely with the passage of time (and not upon the occurrence of an event or
the performance of an act); (c) the face amount of all letters of credit issued for the account of such Person and, without duplication,
all drafts drawn thereunder and all reimbursement or payment obligations with respect to letters of credit, surety bonds, performance
bonds and other similar instruments issued by such Person; (d) all obligations of such Person evidenced by notes, bonds, debentures
or other debt securities or similar instruments (including debt securities convertible into Equity Interests), including obligations
so evidenced incurred in connection with the acquisition of properties, assets or businesses; (e) all indebtedness of such Person
created or arising under any conditional sale or other title retention agreement or incurred as financing, in either case with respect
to property acquired by such Person (even though the rights and remedies of the seller or bank under such agreement in the event of default
are limited to repossession or sale of such property); (f) all Capital Lease Obligations of such Person; (g) the principal
balance outstanding under any synthetic lease, off-balance sheet loan or similar off balance sheet financing product by such Person;
(h) Disqualified Equity Interests; (i) all indebtedness referred to in clauses (a) through (g) above
of other Persons secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured
by) any Lien upon or in assets or properties (including accounts and contracts rights) owned by such Person, even though such Person
has not assumed or become liable for the payment of such indebtedness of such other Persons; and (j) all Contingent Obligations
of such Person described in clause (a) of the definition thereof (not including, for the avoidance of doubt, any purchase
price adjustment incurred pursuant to the Acquisition Agreement).

 

“Indemnified Liabilities”
means, collectively, any and all liabilities, obligations, losses, damages (including natural resource damages), penalties, claims, actions,
judgments, suits, costs, reasonable and documented out-of-pocket fees, expenses and disbursements of any kind or nature whatsoever (including
the reasonable and documented fees and disbursements of one counsel for Indemnified Persons plus, if required, one local legal counsel
in each relevant material jurisdiction, and in the case of an actual or perceived conflict of interest, one additional counsel for such
affected Indemnified Persons, in connection with any investigative, administrative or judicial proceeding or hearing commenced or threatened
in writing by any Person, whether or not any such Indemnified Person shall have commenced such proceeding or hearing or be designated
as a party or a potential party thereto, and any fees or expenses incurred by Indemnified Persons in enforcing the indemnity hereunder),
whether direct, indirect or consequential and whether based on any federal, state or foreign laws, statutes, rules or regulations,
on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred by, or asserted against any such Indemnified
Person, in any manner relating to or arising out of this Agreement or the other Loan Documents or the transactions contemplated hereby
or thereby (including any Lender’s agreement to make Credit Extensions or the use or intended use of the proceeds thereof, or any
enforcement of any of the Loan Documents (including any sale of, collection from, or other realization upon any of the Collateral or
the enforcement of any guaranty of the Obligations)).

 

“Indemnified Person”
is defined in Section 11.2(a).

 

“Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
any Credit Party under any Loan Document and (b) to the extent not otherwise described in clause (a) above, Other Taxes.

 

“Insolvency Proceeding”
means, with respect to any Person, any proceeding by or against such Person under the United States Bankruptcy Code, or any other bankruptcy
or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings
seeking reorganization, arrangement, or other relief.

 

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“Intellectual Property”
means all:

 

(a)            Copyrights,
Trademarks, and Patents;

 

(b)            trade
secrets and trade secret rights, including any rights to unpatented inventions, know-how, show-how and operating manuals;

 

(c)            (i) all
computer programs, including source code and object code versions, (ii) all data, databases and compilations of data, whether machine
readable or otherwise, and (iii) all documentation, training materials and configurations related to any of the foregoing (collectively,
 “Software”);

 

(d)            all
right, title and interest arising under any contract or Requirements of Law in or relating to Internet Domain Names;

 

(e)            design
rights;

 

(f)            IP
Ancillary Rights (including all IP Ancillary Rights related to any of the foregoing); and

 

(g)            any
similar or equivalent rights to any of the foregoing anywhere in the world.

 

“Interest Date”
means the last day of each calendar quarter.

 

“Interest Period”
means, with respect to the Term Loans, (a) the period commencing on (and including) the Closing Date and ending on (and including)
the first Interest Date following the Closing Date (provided, that if such Interest Date is not a Business Day, the applicable
Interest Period shall end on the first Business Day immediately following such Interest Date), and (b) thereafter, each period beginning
on (and including) the first day immediately following the end of the preceding Interest Period and ending on the earlier of (and including)
(x) the next Interest Date (provided, that if such Interest Date is not a Business Day, the applicable Interest Period shall
end on the first Business Day immediately following such Interest Date) and (y) the Term Loan Maturity Date.

 

“Interest Rate Determination
Date” means (a) initially, the Closing Date and (b) thereafter, the first day of each Interest Period (or, if any
such day is not a Business Day, the first Business Day immediately following such day).

 

“Internet Domain Name”
means all right, title and interest (and all related IP Ancillary Rights) arising under any contract or Requirements of Law in or relating
to Internet domain names.

 

“Inventory”
means all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter
be made, and includes all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products,
including such inventory as is temporarily out of a Credit Party’s or Subsidiary’s custody or possession or in transit and
including any returned goods and any documents of title representing any of the above.

 

“Investment”
means (a) any beneficial ownership interest in any Person (including Equity Interests), (b) any Acquisition or (c) the
making of any advance, loan, extension of credit or capital contribution in or to, any Person.

 

“IP Ancillary Rights”
means, with respect to any Copyright, Trademark, Patent, Software, trade secrets or trade secret rights, including any rights to unpatented
inventions, know-how, show-how and operating manuals, collectively, all income, royalties, proceeds and liabilities at any time due or
payable or asserted under or with respect to any of the foregoing or otherwise with respect thereto, including all rights to sue or recover
at law or in equity for any past, present or future infringement, misappropriation, dilution, violation or other impairment thereof.

 

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“IP Security Agreements”
means, collectively, (a) those certain Intellectual Property Security Agreements entered into by and between any Credit Party and
the Collateral Agent in accordance with the Loan Documents, each dated as of the Closing Date, and (b) any Intellectual Property
Security Agreement entered into by and between any Credit Party and the Collateral Agent after the Closing Date in accordance with the
Loan Documents.

 

“IRC” means
the Internal Revenue Code of 1986.

 

“IRS” is
defined in Section 2.6(d)(i)

 

“Knowledge”
of Borrower means the actual knowledge, after reasonable investigation, of the Responsible Officers of Borrower; provided, however,
that, solely with respect to the Acquisition Target, the Acquired Business or any of the properties, assets, liabilities or obligations
thereof, and solely with respect of all periods occurring prior to the Closing Date, such term means the actual knowledge, assuming the
accuracy of the representations and warranties contained in the Acquisition Agreement and after Borrower’s diligence investigation
in the acquisition of the Acquisition Target and the Acquired Business and the other transactions contemplated by the Acquisition Agreement,
of the Responsible Officers of Borrower.

 

“Lender”
means each Person signatory hereto as a “Lender” and its successors and assigns.

 

“Lender Expenses”
means, collectively: (i) all reasonable and documented out-of-pocket fees and expenses of the Collateral Agent and, as applicable,
each Lender (and their respective successors and assigns) and their respective Related Parties (including the reasonable and documented
out-of-pocket fees, expenses and disbursements of any legal counsel for all such Persons taken as a whole), (A) incurred in connection
with developing, preparing, negotiating, executing and delivering, and interpreting, investigating and administering, the Loan Documents
(or any term or provision thereof), any commitment, proposal letter, letter of intent or term sheet therefor or any other document prepared
in connection therewith, (B) incurred in connection with the consummation and administration of any transaction contemplated therein,
(C) incurred in connection with the performance of any obligation or agreement contemplated therein, (D) incurred in connection
with any modification or amendment of any term or provision of or any supplement to or the termination (in whole or in part) of, any
Loan Document, (E) in connection with internal audit reviews and Collateral audits and (F) otherwise incurred with respect
to the Credit Parties in connection with the Loan Documents, including any filing or recording fees and expenses; and (ii) all reasonable
and documented out-of-pocket costs and expenses incurred by the Collateral Agent and each Lender (and their respective successors and
assigns) and their respective Related Parties (including the reasonable and documented out-of-pocket fees, expenses and disbursements
of any legal counsel for all such Persons taken as a whole) in connection with (A) any refinancing or restructuring of the credit
arrangements provided hereunder in the nature of a “work-out”, (B) the enforcement or preservation of any right or remedy
under any Loan Document, any Obligation, with respect to the Collateral or any other related right or remedy or (C) the commencement,
defense, conduct of, intervention in, or the taking of any other action with respect to, any proceeding (including any Insolvency Proceeding)
related to any Credit Party or any Subsidiary of any Credit Party in respect of any Loan Document or any Obligation, or otherwise in
connection with any Loan Document or any Obligation (or the response to and preparation for any subpoena or request for document production
relating thereto). Notwithstanding any of the foregoing, none of the out-of-pocket fees and expenses of the Collateral Agent or any Lender
(or any of their respective successors and assigns) or any of their respective Related Parties incurred solely in connection with the
exercise by the Collateral Agent of its rights under Section 5.7(c)(ii)(z) shall constitute Lender Expenses.

 

“Lender Transfer”
is defined in Section 11.1(b).

 

“LIBOR Rate”
means, as of any Interest Rate Determination Date (and for the Interest Period that follows such Interest Rate Determination Date), the
rate per annum equal to the greater of (a) USD LIBOR as published on the applicable Bloomberg LIBOR page administered by the
ICE Benchmark Administration for Dollars for a period equal in length to three (3) months to such Interest Period (or, in the event
such rate does not appear on such page or screen, on any successor or substitute page on such screen that displays such rate,
the rate per annum equal to the rate determined by the Collateral Agent to be the average of the rates per annum at which deposits in
Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Term Loans with a term
equivalent to such Interest Period would be offered by three (3) major banks in the London interbank Eurodollar market at their
request, determined as of approximately 11:00 a.m., London time, on such Interest Rate Determination Date), and (b) 1.20% per
annum. Unless otherwise specified in any amendment to this Agreement entered into in accordance with Section 2.3(e), in the
event that a Benchmark Replacement with respect to the LIBOR Rate is implemented, then all references herein to LIBOR Rate shall be deemed
references to such Benchmark Replacement.

 

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“Lien” means
a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind or assignment for security
purposes, whether voluntarily incurred or arising by operation of law or otherwise against any property or assets.

 

“Loan Advance Request”
means a Loan Advance Request for the Term Loans in substantially the form attached hereto as Exhibit A.

 

“Loan Documents”
means, collectively, this Agreement, the Disclosure Letter, the Term Loan Notes, the Security Agreement, the IP Agreements, the Perfection
Certificate, any Control Agreement, any other Collateral Document, any guaranties executed by a Guarantor in favor of the Collateral
Agent for the benefit of Lenders and the other Secured Parties in connection with this Agreement, and any other present or future agreement
between or among a Credit Party, the Collateral Agent and any Lender in connection with this Agreement, including, for the avoidance
of doubt, any annexes, exhibits or schedules thereto.

 

“Makewhole Amount”
means, with respect to any prepayment of the Term Loans by Borrower pursuant to Section 2.2(c) or as a result of the
acceleration of the maturity of the Term Loans pursuant to Section 8.1(a) occurring prior to the 2nd-year
anniversary of the Closing Date, an amount equal to the sum of all interest that would have accrued and been payable from the date of
such prepayment through the 2nd-year anniversary of the Closing Date on the aggregate principal amount of the Term Loans prepaid.

 

“Managed Care Plans”
means all health maintenance organizations, preferred provider organizations, individual practice associations, competitive medical plans
and similar arrangements.

 

“Manufacturing Agreement”
means any agreement entered into by any Credit Party or any of its Subsidiaries with third parties (or that any Credit Party or any of
its Subsidiaries otherwise becomes a party to) for the commercial manufacture or supply in the Territory of any Product (other than Acquisition
Product prior to the Closing Date) for any indication in the United States or for the commercial manufacture or supply of the active
pharmaceutical ingredient incorporated therein.

 

“Margin Stock”
means “margin stock” within the meaning of Regulations U and X of the Federal Reserve Board as now and from time to time
hereafter in effect.

 

“Material Adverse
Change” means any material adverse change in or effect on: (i) the business, financial condition, prospects (solely with
respect to the ability of the Credit Parties to satisfy the financial covenant set forth in Section 6.15 hereof), properties
or assets (including all or any portion of Collateral), liabilities (actual or contingent), operations, or performance of the Credit
Parties, taken as a whole; (ii) without limiting the generality of clause (i) above, the rights of the Borrower and
its Subsidiaries, taken as a whole, in or related to the research, development, manufacture, production, use, commercialization, marketing,
importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory; (iii) the ability of the Credit
Parties, taken as a whole, to fulfill the payment or performance obligations under this Agreement or any other Loan Document; or (iv) the
binding nature or validity of, or the ability of the Collateral Agent or any Lender to enforce, any of the Loan Documents or any of its
rights or remedies thereunder; in each case described in clauses (i) through (iv) above, individually or taken
together with any other such change or effect.

 

“Material Contract”
means any contract or other arrangement to which any Credit Party or any of its Subsidiaries is a party (other than the Loan Documents)
or by which any of its assets or properties are bound, that in any way relates to the research, development, manufacture, production,
use, commercialization, marketing, importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory,
for which the breach thereof, default or nonperformance thereunder, cancellation or termination thereof or the failure to renew could
reasonably be expected to result in a Material Adverse Change. For the avoidance of doubt, each of the Acquisition Agreement, Current
Company IP Agreement, Current Acquisition IP Agreement and Manufacturing Agreement shall be deemed a Material Contract for all purposes
hereunder, in each case unless and to the extent as otherwise may be agreed by the Collateral Agent or Required Lenders.

 

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“Medicaid”
means the health care assistance program established by Title XIX of the SSA (42 U.S.C. 1396 et seq.).

 

“Medicare”
means the health insurance program for the aged and disabled established by Title XVIII of the SSA (42 U.S.C. 1395 et seq.).

 

“Mortgage”
means any deed of trust, leasehold deed of trust, mortgage, leasehold mortgage, deed to secure debt, leasehold deed to secure debt or
other document creating a Lien on real estate or any interest in real estate.

 

“Multiemployer Plan”
means a multiemployer plan within the meaning of Section 4001(a)(3) or Section 3(37) of ERISA (a) to which Borrower
or its Subsidiaries or their respective ERISA Affiliates is then making or accruing an obligation to make contributions; (b) to
which Borrower or its Subsidiaries or their respective ERISA Affiliates has within the preceding five (5) plan years made contributions;
or (c) with respect to which Borrower or its Subsidiaries would reasonably be expected to incur material liability.

 

“Net Sales”
means, as of any date of determination and solely with respect to sales of the Products, the net consolidated product revenue (consistent
with the calculation of same in Borrower’s financial statements) of Borrower and its Subsidiaries of Products for the twelve (12)
months prior to such date (excluding, for the avoidance of doubt, any (i) upfront or milestone payments received by Borrower or
any of its Subsidiaries, (ii) advancements, payments or reimbursements of expenses of Borrower or any of its Subsidiaries, and (iii) any
other non-sales-based revenue or proceeds received by Borrower or any of its Subsidiaries), determined on a consolidated basis in accordance
with Applicable Accounting Standards as set forth in Borrower’s financial statements or as otherwise evidenced in a manner reasonably
satisfactory to the Required Lenders.

 

“Obligations”
means, collectively, the Credit Parties’ obligations to pay when due any and all debts, principal, interest, Lender Expenses, the
Additional Consideration, the Makewhole Amount (if applicable), the Prepayment Premium (if applicable) and any other fees, expenses,
indemnities and amounts any Credit Party owes any Lender or the Collateral Agent now or later, under this Agreement or any other Loan
Document, including interest accruing after Insolvency Proceedings begin (whether or not allowed), and to perform Borrower’s duties
under the Loan Documents.

 

“OFAC” is
defined in Section 4.18(c).

 

“Offer Price”
has the meaning ascribed to such term in the Purchase Agreement.

 

“Operating Documents”
means, with respect to any Person, collectively, such Person’s formation documents as certified with the Secretary of State or
other applicable Governmental Authority of such Person’s jurisdiction of formation on a date that is no earlier than thirty (30)
days prior to the date on which such documents are due to be delivered under this Agreement, and (a) if such Person is a corporation,
its bylaws (or similar organizational regulations) in current form, (b) if such Person is a limited liability company, its limited
liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar
agreement), including, for the avoidance of doubt, all current amendments, restatements, supplements or modifications thereto.

 

“Opioids Case”
means any proceeding in any court of competent jurisdiction alleging any cause of action or any violation of a Requirement of Law arising
from or related to the manufacture, production, distribution, marketing, promotion or sale of opioid prescription drug products.

 

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“ordinary course of
business” means, in respect of any transaction involving any Person, the ordinary course of such Person’s business, undertaken
by such Person in good faith and not for purposes of evading any covenant, prepayment obligation or restriction in any Loan Document.

 

“Other Connection
Taxes” means, with respect to any Lender, Taxes imposed as a result of a present or former connection (including present or
former connection of its agents) between such Lender and the jurisdiction imposing such Tax (other than connections arising from such
Lender 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 Term Loan or Loan Document).

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing, mortgage or property Taxes, charges or similar
levies or similar Taxes that arise from any payment made hereunder, 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 a Lender Transfer.

 

“Participant Register”
is defined in Section 11.1(e).

 

“Patents”
means all patents and patent applications (including any continuations, continuations-in-part, divisions, provisionals or any substitute
applications), any patent issued with respect to any of the foregoing patent applications, any reissue, reexamination, renewal or patent
term extension or adjustment (including any supplementary protection certificate) protection of any such patent, and any confirmation
patent or registration patent or patent of addition based on any such patent, and all foreign and international counterparts of any of
the foregoing. For the avoidance of doubt, patents and patent applications under this definition include all those filed with the U.S.
Patent and Trademark Office or which could be nationalized in the United States.

 

“Patriot Act”
is defined in Section 3.1(h).

 

“Payment Date”
means, with respect to the Term Loans and as the context dictates: (a) the first Interest Date on or immediately following the Closing
Date; (b) thereafter, each succeeding Interest Date; and (c) the Term Loan Maturity Date.

 

“Perfection Certificate”
is defined in Section 4.6.

 

“Permitted Acquisition”
means any Acquisition (including, for the avoidance of doubt, any inbound license), so long as:

 

(a)            no
Default or Event of Default shall have occurred and be continuing as of, or could reasonably be expected to result from, the consummation
of such Acquisition;

 

(b)            the
properties, rights or assets being acquired or licensed are useful in, or the Person whose Equity Interests are being acquired is engaged
in, as applicable, (i) the same or a related line of business as that then-conducted by Borrower or its Subsidiaries or (ii) a
line of business that is ancillary to and in furtherance of a line of business as that then-conducted by Borrower or its Subsidiaries;

 

(c)            in
the case of an Asset Acquisition, the subject properties, rights or assets are being acquired or licensed by a Credit Party, and, within
the timeframes expressly set forth in Section 5.12, such Credit Party shall have executed and delivered or authorized, as
applicable, any and all security agreements, financing statements and any other documentation reasonably requested by the Collateral
Agent, in order to include the newly acquired or licensed properties or assets within the Collateral to the extent required by Section 5.12;

 

(d)            in
the case of a Stock Acquisition, the subject Equity Interests are being acquired directly by a Credit Party, and such Credit Party shall
have complied with its obligations under Section 5.13 within the timeframes expressly set forth therein; and

 

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(e)            any
Indebtedness or Liens assumed in connection with such Acquisition are otherwise permitted under Section 6.4 or 6.5,
respectively.

 

Notwithstanding anything in
the foregoing to the contrary, the acquisition of the Acquisition Target and the Acquired Business pursuant to the Acquisition Agreement
shall be deemed to be a Permitted Acquisition if and only if consummated pursuant to material terms and conditions substantially the
same as those included in the Purchase Agreement delivered to the Collateral Agent pursuant to Section 3.1(d)(i), without
giving effect to any waiver, modification or consent thereunder that is materially adverse to the interests of the Collateral Agent or
Lenders.

 

“Permitted Distributions”
means:

 

(a)            dividends,
distributions or other payments by any Wholly-Owned Subsidiary on its Equity Interests to, or the redemption, retirement or purchase
by any Wholly-Owned Subsidiary of its Equity Interests from, Borrower or any other Wholly-Owned Subsidiary;

 

(b)            dividends,
distributions or other payments by any non-Wholly-Owned Subsidiary on its Equity Interests to, or the redemption, retirement or purchase
by any non-Wholly-Owned Subsidiary of its Equity Interests from, Borrower or any other Subsidiary or each other owner of such non-Wholly-Owned
Subsidiary’s Equity Interests based on their relative ownership interests of the relevant class of such Equity Interests;

 

(c)            redemptions
by Borrower in whole or in part any of its Equity Interests for another class of its Equity Interests or rights to acquire its Equity
Interests or with proceeds from substantially concurrent equity contributions or issuances of new Equity Interests;

 

(d)            any
such payments arising from a Permitted Acquisition or a Permitted Investment by Borrower or any of its Subsidiaries;

 

(e)            payments
by any Credit Party or any Subsidiary of a Credit Party to any Credit Party or any Subsidiary of a Credit Party pursuant to Tax sharing
agreements among the Credit Parties and their Subsidiaries on customary terms to the extent attributable to the ownership or operation
of the Credit Party and their Subsidiaries;

 

(f)            the
payment of dividends by Borrower solely in non-cash pay and non-redeemable capital stock (including, for the avoidance of doubt, dividends
and distributions payable solely in Equity Interests);

 

(g)            cash
payments in lieu of the issuance of fractional shares arising out of stock dividends, splits or combinations or in connection with the
exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests;

 

(h)            in
connection with any Acquisition or other Investment by Borrower or any of its Subsidiaries, (i) the receipt or acceptance of the
return to Borrower or any of its Subsidiaries of Equity Interests of Borrower constituting a portion of the purchase price consideration
in settlement of indemnification claims, or as a result of a purchase price adjustment (including earn-outs or similar obligations) and
(ii) payments or distributions to equity holders pursuant to appraisal rights required under Requirements of Law;

 

(i)            the
distribution of rights pursuant to any shareholder rights plan or the redemption of such rights for nominal consideration in accordance
with the terms of any shareholder rights plan;

 

(j)            dividends,
distributions or payments on its Equity Interests by any Subsidiary to any Credit Party;

 

(k)            the
conversion of convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange
thereof;

 

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(l)            dividends,
distributions or payments on its Equity Interests by any Subsidiary that is not a Credit Party to any other Subsidiary that is not a
Credit Party;

 

(m)            purchases
of Equity Interests of Borrower or its Subsidiaries in connection with the exercise of stock options by way of cashless exercise, or
in connection with the satisfaction of withholding tax obligations;

 

(n)            issuance
to directors, officers, employees or contractors of Borrower of common stock of Borrower upon the vesting of restricted stock, restricted
stock units, or other rights to acquire common stock of Borrower pursuant to plans or agreements approved by Borrower’s Board of
Directors or stockholders;

 

(o)            the
repurchase, retirement or other acquisition or retirement for value of Equity Interests of Borrower or any of its Subsidiaries held by
any future, present or former employee, consultant, officer or director (or spouse, ex-spouse or estate of any of the foregoing or trust
for the benefit of any of the foregoing or any lineal descendants thereof) of Borrower or any of its Subsidiaries pursuant to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement, or any stock subscription or shareholder
agreement or employment agreement; provided, however, that the aggregate payments made under this clause (n) do
not exceed in any calendar year the sum of (i) $3,000,000 plus (ii) the amount of any payments received in such calendar year
under key-man life insurance policies; and

 

(p)            dividends
or distributions on its Equity Interests by Borrower payable solely in additional shares of its common stock within sixty (60) days after
the date of declaration thereof.

 

“Permitted Indebtedness”
means:

 

(a)            Indebtedness
of the Credit Parties to Secured Parties under this Agreement and the other Loan Documents;

 

(b)            Indebtedness
existing on the Closing Date, immediately after giving effect to the acquisition of the Acquisition Target and the Acquired Business
pursuant to the Acquisition Agreement, and shown on Schedule 12.2 of the Disclosure Letter (which, for the avoidance of doubt,
shall include any Indebtedness of Borrower outstanding under the 2026 Convertible Notes on the Closing Date but shall not include any
Indebtedness under the BDSI Existing Loan Agreement);

 

(c)            [reserved];

 

(d)            Indebtedness
not to exceed $10,000,000 in the aggregate at any time outstanding, consisting of (i) Indebtedness incurred to finance the purchase,
construction, repair, or improvement of fixed assets and (ii) Capital Lease Obligations;

 

(e)            Indebtedness
in connection with corporate credit cards, purchasing cards or bank card products;

 

(f)            [reserved];

 

(g)            Indebtedness
assumed in connection with any Permitted Acquisition or Permitted Investment, so long as (i) such Indebtedness was not incurred
in connection with, or in anticipation of, such Acquisition or Investment, (ii) is at all times unsecured or Subordinated Debt,
and (iii) solely in the case of Indebtedness assumed in connection with the acquisition of the Acquisition Target and the Acquired
Business pursuant to the Acquisition Agreement, such Indebtedness is set forth on Schedule 12.2 of the Disclosure Letter;

 

(h)            Indebtedness
of Borrower or any of its Subsidiaries with respect to outstanding letters of credit entered into in the ordinary course of business
(including any obligation thereunder for undrawn amounts and for any drawings thereunder) and secured solely by cash or cash equivalents;

 

    75 

     

    

 

(i)            Indebtedness
owed (i) by a Credit Party to another Credit Party, (ii) by a Subsidiary of Borrower that is not a Credit Party to another
Subsidiary of Borrower that is not a Credit Party, (iii) by a Credit Party to a Subsidiary of Borrower that is not a Credit Party,
or (iv) by a Subsidiary of Borrower that is not a Credit Party to a Credit Party not to exceed $5,000,000 in the aggregate at any
time outstanding;

 

(j)            Indebtedness
consisting of Contingent Obligations described in clause (a) of the definition thereof (i) of a Credit Party of Permitted
Indebtedness of another Credit Party (or obligations that do not constitute Indebtedness hereunder), (ii) of a Subsidiary of Borrower
which is not a Credit Party of Permitted Indebtedness (or obligations that do not constitute Indebtedness hereunder) of another Subsidiary
of Borrower which is not a Credit Party, (iii) of a Subsidiary of Borrower which is not a Credit Party of Permitted Indebtedness
(or obligations that do not constitute Indebtedness hereunder) of a Credit Party, or (iv) of a Credit Party of Permitted Indebtedness
(or obligations that do not constitute Indebtedness hereunder) of a Subsidiary of Borrower which is not a Credit Party, provided
that any and all such Indebtedness consisting of such Contingent Obligations under this clause (iv) does not exceed $5,000,000
in the aggregate at any time outstanding;

 

(k)            Indebtedness
consisting of Contingent Obligations described in clause (b) of the definition thereof in connection with any Permitted Acquisition
(including any purchase price adjustment or indemnity payment incurred or created pursuant to the Acquisition Agreement), Permitted Transfer
or Permitted Investment or otherwise in connection with any collaboration, development or similar arrangement not otherwise prohibited
hereunder, in each instance only if such Indebtedness is due and payable upon the occurrence of an event or the performance of an act
(and not solely with the passage of time);

 

(l)            Indebtedness
of any Person that becomes a Subsidiary (or of any Person not previously a Subsidiary that is merged or consolidated with or into a Subsidiary
in a transaction permitted hereunder) of Borrower after the Closing Date, or Indebtedness of any Person that is assumed after the Closing
Date by any Subsidiary in connection with an acquisition of assets by such Subsidiary (including in connection with the acquisition of
assets, directly or indirectly through the acquisition of the Acquisition Target and the Acquired Business, pursuant to the Acquisition
Agreement); provided, that, in each instance, such Indebtedness (i) is not incurred in contemplation of such transaction,
(ii) is at all times unsecured or Subordinated Debt, and (iii) solely in the case of Indebtedness assumed in connection with
the acquisition of the Acquisition Target and the Acquired Business pursuant to the Acquisition Agreement, such Indebtedness is set forth
on Schedule 12.2 of the Disclosure Letter;

 

(m)            (i) Indebtedness
with respect to workers’ compensation claims, payment obligations in connection with health, disability or other types of social
security benefits, unemployment or other insurance obligations, reclamation and statutory obligations or (ii) Indebtedness related
to employee benefit plans, including annual employee bonuses, accrued wage increases and 401(k) plan matching obligations, in each
case described in clauses (i) and (ii) above, incurred in the ordinary course of business consistent with past
practice;

 

(n)            Indebtedness
in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations arising in the
ordinary course of business consistent with past practice;

 

(o)            Indebtedness
in respect of netting services, overdraft protection and other cash management services in the ordinary course of business consistent
with past practice;

 

(p)            Indebtedness
consisting of the financing of insurance premiums in the ordinary course of business consistent with past practice;

 

(q)            Indebtedness
consisting of guarantees resulting from endorsement of negotiable instruments for collection by any Credit Party in the ordinary course
of business consistent with past practice;

 

(r)            unsecured
Indebtedness incurred in connection with any items of Permitted Distributions in clause (o) of the definition of “Permitted
Distributions”;

 

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(s)            [Reserved];
and

 

(t)            subject
to the proviso immediately below, extensions, refinancings, modifications, amendments, restatements and, solely in the case of any items
of Permitted Indebtedness in clause (b) above or any Permitted Indebtedness constituting notes governed by an indenture,
exchanges, of any items of Permitted Indebtedness described in clauses (a) through (s) above, so long as,
in each instance, the principal amount thereof is not increased (other than by any reasonable amount of premium (if any), interest (including
post-petition interest), fees, expenses, charges or additional or contingent interest reasonably incurred in connection with the same
and the terms thereof) and, solely in the instance of any items of Permitted Indebtedness in clause (s) above and any Subordinated
Debt permitted under the definition of “Permitted Indebtedness”, the maturity thereof is not shortened.

 

Notwithstanding the foregoing,
 “Permitted Indebtedness” shall not include any Hedging Agreements.

 

“Permitted Investments”
means:

 

(a)            Investments
(including Investments in Subsidiaries) existing on the Closing Date (including giving pro forma effect to the acquisition of
the Acquisition Target and the Acquired Business pursuant to the Acquisition Agreement) and shown on Schedule 12.3 of the Disclosure
Letter, and any extensions, renewals or reinvestments thereof;

 

(b)            Investments
consisting of cash and Cash Equivalents;

 

(c)            Investments
consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business
consistent with past practice;

 

(d)            subject
to Section 5.5, Investments consisting of deposit accounts or securities accounts;

 

(e)            Investments
in connection with Permitted Transfers;

 

(f)            Investments
consisting of (i) travel advances and employee relocation loans and other employee advances in the ordinary course of business consistent
with past practice, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower
pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of Directors;

 

(g)            Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement
of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business consistent with
past practice;

 

(h)            Investments
consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates,
in the ordinary course of business consistent with past practice; provided that this clause (h) shall not apply to
Investments of any Credit Party in any of its Subsidiaries;

 

(i)            joint
ventures or strategic alliances consisting of the non-exclusive licensing of technology, the development of technology or the providing
of technical support;

 

(j)            Investments
(i) required in connection with a Permitted Acquisition (including the formation of any Subsidiary for the purpose of effectuating
such Permitted Acquisition, the capitalization of such Subsidiary whether by capital contribution or intercompany loans, in each instance,
to the extent otherwise permitted by the terms of this Agreement, related Investments in Subsidiaries necessary to consummate such Permitted
Acquisition, and the receipt of any non-cash consideration in a Permitted Acquisition), and (ii) consisting of earnest money deposits
required in connection with a Permitted Acquisition or other acquisition of properties or assets not otherwise prohibited hereunder;

 

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(k)            Investments
constituting the formation of any Subsidiary for the purpose of consummating a merger or acquisition transaction permitted by Section 6.3(a)(i) through
(iv) hereof, which such transaction is otherwise a Permitted Investment;

 

(l)            Investments
of any Person that (i) becomes a Subsidiary of Borrower (or of any Person not previously a Subsidiary of Borrower that is merged
or consolidated with or into a Subsidiary of Borrower in a transaction permitted hereunder) after the Closing Date (including in connection
with the acquisition of the Acquisition Target and the Acquired Business pursuant to the Acquisition Agreement), or (ii) are assumed
after the Closing Date by any Subsidiary of Borrower in connection with an acquisition of assets from such Person by such Subsidiary
(including in connection with the acquisition of the Acquisition Target and the Acquired Business pursuant to the Acquisition Agreement),
in either case, in a Permitted Acquisition; provided, that in each instance, any such Investment (x) exists at the time such
Person becomes a Subsidiary of Borrower (or is merged or consolidated with or into a Subsidiary of Borrower) or such assets are acquired,
(y) was not made in contemplation of or in connection with such Person becoming a Subsidiary of Borrower (or merging or consolidating
with or into a Subsidiary of Borrower) or such acquisition of assets, and (z) could not reasonably be expected to result in a Default
or an Event of Default;

 

(m)            Investments
arising as a result of the licensing of Intellectual Property in the ordinary course of business consistent with past practice and not
prohibited hereunder;

 

(n)            Investments
by (i) any Credit Party in any other Credit Party, (ii) any Subsidiary of Borrower which is not a Credit Party in another Subsidiary
of Borrower which is not a Credit Party, (iii) any Subsidiary of Borrower which is not a Credit Party in any Credit Party, and (iv) any
Credit Party in a Subsidiary of Borrower which is not a Credit Party not to exceed $10,000,000 in the aggregate per fiscal year;

 

(o)            Repurchases
of capital stock of Borrower or any of its Subsidiaries deemed to occur upon the exercise of options, warrants or other rights to acquire
capital stock of Borrower or such Subsidiary solely to the extent that shares of such capital stock represent a portion of the exercise
price of such options, warrants or such rights;

 

(p)            Repurchases
of capital stock constituting Permitted Distributions; and

 

(q)            Repurchases
or redemptions of Indebtedness not prohibited under Section 6.4;

 

provided, however,
that, none of the foregoing Investments shall be a “Permitted Investment” if any Indebtedness or Liens assumed in connection
with such Investment are not otherwise permitted under Section 6.4 or 6.5, respectively.

 

Notwithstanding the foregoing,
 “Permitted Investments” shall not include any Hedging Agreements.

 

“Permitted Licenses”
means, collectively: (a) any non-exclusive license or covenant not to sue in any geography world-wide, or any exclusive license
or covenant not to sue as to a geography other than the U.S., of or with respect to any Intellectual Property, or a non-exclusive grant,
or an exclusive grant as to a geography other than the U.S., of development, manufacturing, production, commercialization, marketing,
co-promotion, distribution, sale or similar commercial rights with respect to any Product; and (b) any intercompany licenses or
other similar arrangements among Credit Parties. Notwithstanding the foregoing or any other provision of this Agreement, no Excluded
License entered into after the Closing Date shall be a “Permitted License” hereunder without the prior written consent thereto
of the Collateral Agent or the Required Lenders.

 

“Permitted Liens”
means:

 

(a)            Liens
securing the Obligations pursuant to any Loan Document;

 

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(b)            Liens
existing on the Closing Date and set forth on Schedule 12.4 of the Disclosure Letter;

 

(c)            Liens
for Taxes, assessments or governmental charges (i) which are not yet delinquent or (ii) which are being contested in good faith
and by appropriate proceedings promptly instituted and diligently conducted; provided that adequate reserves therefor have been
set aside on the books of the applicable Person and maintained in conformity with Applicable Accounting Standards, if required; provided,
further, that in the case of a Tax, assessment or charge that has or may become a Lien against any Collateral, such contest proceedings
conclusively operate to stay the sale or forfeiture of any portion of any Collateral to satisfy such Tax, assessment or charge;

 

(d)            Pledges,
deposits or Liens arising as a matter of law in the ordinary course of business (other than Liens imposed by ERISA) in connection with
workers’ compensation, payroll taxes, unemployment insurance, old-age pensions, or other similar social security legislation, (ii) pledges
or deposits made in the ordinary course of business consistent with past practice securing liability for reimbursement or indemnification
obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing
property, casualty or liability insurance to Borrower or any of its Subsidiaries, (iii) subject to Section 6.2(b), statutory
or common law Liens of landlords and pledges and deposits in the ordinary course of business securing liability to landlords (including
obligations in respect of letters of credit or bank guarantees for the benefit of landlords), and (iv) pledges or deposits to secure
performance of tenders, bids, leases, statutory or regulatory obligations, surety and appeal bonds, government contracts, performance
and return-of-money bonds and other obligations of like nature, in each case, other than for borrowed money and entered into in the ordinary
course of business consistent with past practice;

 

(e)            Liens
arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under either Section 7.4
or 7.7;

 

(f)            Liens
(including the right of set-off) in favor of banks or other financial institutions incurred on deposits made in accounts held at such
institutions in the ordinary course of business; provided that such Liens (i) are not given in connection with the incurrence
of any Indebtedness, (ii) relate solely to obligations for administrative and other banking fees and expenses incurred in the ordinary
course of business in connection with the establishment or maintenance of such accounts and (iii) are within the general parameters
customary in the banking industry;

 

(g)            Liens
that are contractual rights of set-off (i) relating to pooled deposit or sweep accounts of Borrower or any of its Subsidiaries to
permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business consistent with past practice or
(ii) relating to purchase orders and other agreements entered into with customers of Borrower or any of its Subsidiaries in the
ordinary course of business consistent with past practice;

 

(h)            Liens
solely on any cash earnest money deposits made by Borrower or any of its Subsidiaries in connection with any Permitted Acquisition or
Permitted Investment;

 

(i)            Liens
existing after the Closing Date (other than those described in clause (b) above) on any asset or property at the time of
its acquisition or on the assets or properties of any Person at the time such Person becomes a Subsidiary of Borrower; provided,
that, in each case (i) neither such Lien was created nor the Indebtedness secured thereby was incurred in contemplation of such
acquisition or such Person becoming a Subsidiary of Borrower, (ii) such Lien does not extend to or cover any other assets or properties
(other than the proceeds or products thereof and other than after-acquired assets or properties subject to a Lien securing Indebtedness
and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that requires,
pursuant to its terms and conditions in effect at such time, a pledge of after-acquired assets or properties, it being understood that
such requirement shall not be permitted to apply to any assets or properties to which such requirement would not have applied but for
such acquisition), (iii) the Indebtedness and any other obligations secured thereby is permitted under Section 6.4 hereof,
and (iv) such Lien is of the type otherwise permitted under Section 6.5 hereof;

 

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

 

(k)            Liens
securing Indebtedness permitted under clause (d) of the definition of “Permitted Indebtedness” (including any
extensions, refinancings, modifications, amendments or restatements of such Indebtedness permitted under clause (t) of the
definition of “Permitted Indebtedness”); provided, that, in each instance, such Lien does not extend to or
cover any assets or properties other than those that are subject to such Capital Lease Obligations or acquired with such Indebtedness;

 

(l)            rights
of first refusal, voting, redemption, transfer or other restrictions (including call provisions and buy-sell provisions) with respect
to the Equity Interests of any joint venture or other Persons that are not Subsidiaries;

 

(m)            servitudes,
easements, rights-of-way, restrictions and other similar encumbrances on real property imposed by Requirements of Law and encumbrances
consisting of zoning or building restrictions, easements, licenses, restrictions on the use of property or minor defects or other irregularities
in title which, in the aggregate, are not material, and which do not in any case materially detract from the value of the property subject
thereto or interfere with the ordinary conduct of the business of any Credit Party or any Subsidiary of any Credit Party;

 

(n)            to
the extent constituting a Lien, escrow arrangements securing indemnification obligations associated with any Permitted Acquisition or
Permitted Investment;

 

(o)            licenses,
sublicenses, leases or subleases of personal property (other than relating to Intellectual Property) granted to third parties in the
ordinary course of business consistent with past practice which, in each instance, do not interfere in any material respect with the
operations of the business of any Credit Party or any of its Subsidiaries and do not prohibit granting the Collateral Agent a security
interest therein for the benefit of Lenders and the other Secured Parties;

 

(p)            Permitted
Licenses;

 

(q)            Liens
on cash or other current assets pledged to secure (i) Indebtedness in respect of corporate credit cards, purchasing cards or bank
card products or (ii) Indebtedness in the form of letters of credit or bank guarantees;

 

(r)            Liens
on any properties or assets of Borrower or any of its Subsidiaries which do not constitute Collateral under the Loan Documents, including
any of the Excluded Property, other than Company IP or Acquisition IP relating in any way to any research, development, manufacture,
production, use, commercialization, marketing, importing, storage, transport, offer for sale, distribution or sale of any Product in
the Territory that does not constitute Collateral, if any;

 

(s)            Liens
on properties or assets of Borrower or any of its Subsidiaries imposed by law or regulation which were incurred in the ordinary course
of business, including landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, contractors’,
suppliers of materials’, architects’ and repairmen’s Liens, and other similar Liens arising in the ordinary course
of business consistent with past practice; provided that such Liens (i) do not materially detract from the value of such
properties or assets subject thereto or materially impair the use of such properties or assets subject thereto in the operations of the
business of Borrower or such Subsidiary or (ii) are being contested in good faith by appropriate proceedings, which conclusively
operate to stay the sale or forfeiture of any portion of such properties or assets subject thereto and for which adequate reserves have
been set aside on the books of the applicable Person and maintained in conformity with Applicable Accounting Standards, if required;

 

(t)            Liens
on funds escrowed in connection with the consummation of the transactions contemplated by the Acquisition Agreement or other Permitted
Acquisitions; and

 

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(u)            subject
to the provisos immediately below, the modification, replacement, extension or renewal of the Liens described in clauses (a) through
(s) above; provided, however, that any such modification, replacement, extension or renewal must (i) be
limited to the assets or properties encumbered by the existing Lien (and any additions, accessions, parts, improvements and attachments
thereto and the proceeds thereof) and (ii) not increase the principal amount of any Indebtedness secured by the existing Lien (other
than by any reasonable premium or other reasonable amount paid and fees and expenses reasonably incurred in connection therewith); provided,
further, that to the extent any of the Liens described in clauses (a) through (s) above secure Indebtedness
of a Credit Party, such Liens, and any such modification, replacement, extension or renewal thereof, shall constitute Permitted Liens
if and only to the extent that such Indebtedness is permitted under Section 6.4 hereof.

 

“Permitted Negative
Pledges” means:

 

(a)            prohibitions
or limitations with regards to specific properties or assets encumbered by Permitted Liens, if and only to the extent each such prohibition
or limitation applies only to such properties or assets;

 

(b)            prohibitions
or limitations set forth in any lease, license or other similar agreement entered into in the ordinary course of business and not prohibited
hereunder;

 

(c)            prohibitions
or limitations relating to Permitted Indebtedness, in the case of each such agreement if and only to the extent such prohibitions or
limitations, taken as a whole, are not materially more restrictive than the prohibitions and limitations set forth in this Agreement
and the other Loan Documents, taken as a whole (as reasonably determined by a Responsible Officer of Borrower in good faith);

 

(d)            customary
provisions restricting assignments, subletting, sublicensing or other transfer of properties or assets subject thereto set forth in leases,
subleases, licenses (including Permitted Licenses) and other similar agreements that are not otherwise prohibited under this Agreement
or any other Loan Document, if and only to the extent each such restriction applies only to the properties or assets subject to such
leases, subleases, licenses or agreements, and customary provisions restricting assignment, pledges or transfer of any agreement entered
into in the ordinary course of business consistent with past practice;

 

(e)            prohibitions
or limitations imposed by Requirements of Law;

 

(f)            prohibitions
or limitations that exist as of the Closing Date under any items of Permitted Indebtedness in clause (b) of the definition
of “Permitted Indebtedness”;

 

(g)            customary
prohibitions or limitations arising in connection with any Permitted Transfer or contained in any contract or agreement relating to any
Permitted Transfer pending the consummation of such Transfer;

 

(h)            customary
provisions in shareholders’ agreements, joint venture agreements, organizational documents or similar binding agreements relating
to, or any agreement evidencing Indebtedness of, any joint venture entity or non-Wholly-Owned Subsidiary and applicable solely to such
joint venture entity or non-Wholly-Owned Subsidiary and the Equity Interests issued thereby;

 

(i)            customary
net worth provisions set forth in real property leases entered into by Subsidiaries of Borrower, so long as such net worth provisions
would not reasonably be expected to impair the ability of Borrower or its Subsidiaries to meet their ongoing obligations (as reasonably
determined by a Responsible Officer of Borrower in good faith);

 

(j)            customary
net worth provisions set forth in customer agreements entered into in the ordinary course of business consistent with past practice that
are not otherwise prohibited under this Agreement or any other Loan Document, so long as such net worth provisions would not reasonably
be expected to impair the ability of Borrower or its Subsidiaries to meet their ongoing obligations (as reasonably determined by a Responsible
Officer of Borrower in good faith);

 

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(k)            restrictions
on cash or other deposits (including escrowed funds) imposed by agreements entered into in the ordinary course of business consistent
with past practice that are not otherwise prohibited under this Agreement or any other Loan Document;

 

(l)            prohibitions
or limitations set forth in any agreement in effect at the time any Person becomes a Subsidiary (but not any amendment, modification,
restatement, renewal, extension, supplement or replacement expanding the scope of any such restriction or condition); provided
that such agreement was not entered into in contemplation of such Person becoming a Subsidiary and each such prohibition or limitation
does not apply to Borrower or any other Subsidiary (other than such Person and any other Person that is a Subsidiary of such first Person
at the time such first Person becomes a Subsidiary);

 

(m)            prohibitions
or limitations imposed by any Loan Document;

 

(n)            customary
provisions set forth in joint venture agreements or agreements governing minority investments that are not otherwise prohibited by this
Agreement or any other Loan Document, if and only to the extent each such prohibition or limitation applies only to the joint venture
entity or minority investment that is the subject of such agreement;

 

(o)            limitations
imposed with respect to any license acquired in a Permitted Acquisition;

 

(p)            customary
provisions restricting assignments or other transfer of properties or assets subject thereto set forth in any agreement entered into
in the ordinary course of business consistent with past practice, if and only to the extent each such restriction applies only to the
properties or assets subject to such agreement;

 

(q)            prohibitions
or limitations imposed by any contract or agreement evidencing any Permitted Indebtedness of the type described in clause (d) of
the definition of “Permitted Indebtedness”; and

 

(r)            prohibitions
or limitations imposed by any amendments, modifications, restatements, renewals, extensions, supplements or replacements of any of the
agreements referred to in clauses (a) through (q) above, except to the extent that any such amendment, modification,
restatement, renewal, extension, supplement or replacement expands the scope of any such prohibition or limitation.

 

“Permitted Subsidiary
Distribution Restrictions” means, in each case notwithstanding Section 6.8:

 

(a)            prohibitions
or limitations with regards to specific properties or assets encumbered by Permitted Liens, if and only to the extent each such prohibition
or limitation applies only to such properties or assets;

 

(b)            prohibitions
or limitations set forth in any lease, license or other similar agreement not prohibited hereunder;

 

(c)            prohibitions
or limitations relating to Permitted Indebtedness, in the case of each such agreement if and only to the extent such prohibitions or
limitations, taken as a whole, are not materially more restrictive than the prohibitions and limitations set forth in this Agreement
and the other Loan Documents, taken as a whole (as reasonably determined by a Responsible Officer of Borrower in good faith);

 

(d)            customary
provisions restricting assignments, subletting, sublicensing or other transfer of properties or assets subject thereto set forth in leases,
subleases, licenses (including Permitted Licenses) and other similar agreements that are not otherwise prohibited under this Agreement
or any other Loan Document, if and only to the extent each such restriction applies only to the properties or assets subject to such
leases, subleases, licenses or agreements, and customary provisions restricting assignment, pledges or transfer of any agreement entered
into in the ordinary course of business consistent with past practice;

 

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(e)            prohibitions
or limitations on the transfer or assignment of any properties, assets or Equity Interests set forth in any agreement entered into in
the ordinary course of business consistent with past practice that is not otherwise prohibited under this Agreement or any other Loan
Document, if and only to the extent each such prohibition or limitation applies only to such properties, assets or Equity Interests;

 

(f)            prohibitions
or limitations imposed by Requirements of Law;

 

(g)            prohibitions
or limitations that exist as of the Closing Date under any Permitted Indebtedness of the type described in clause (b) of
the definition of “Permitted Indebtedness”;

 

(h)            customary
prohibitions or limitations arising in connection with any Permitted Transfer or contained in any contract or agreement relating to any
Permitted Transfer pending the consummation of such Transfer;

 

(i)            customary
provisions in shareholders’ agreements, joint venture agreements, organizational documents or similar binding agreements relating
to, or any agreement evidencing Indebtedness of, any joint venture entity or non-Wholly-Owned Subsidiary and applicable solely to such
joint venture entity or non-Wholly-Owned Subsidiary and the Equity Interests issued thereby;

 

(j)            customary
net worth provisions set forth in real property leases entered into by Subsidiaries of Borrower, so long as such net worth provisions
would not reasonably be expected to impair the ability of Borrower or its Subsidiaries to meet their ongoing obligations (as reasonably
determined by a Responsible Officer of Borrower in good faith);

 

(k)            customary
net worth provisions set forth in customer agreements entered into in the ordinary course of business consistent with past practice that
are not otherwise prohibited under this Agreement or any other Loan Document, so long as such net worth provisions would not reasonably
be expected to impair the ability of Borrower or its Subsidiaries to meet their ongoing obligations (as reasonably determined by a Responsible
Officer of Borrower in good faith);

 

(l)            restrictions
on cash or other deposits (including escrowed funds) imposed by agreements entered into in the ordinary course of business consistent
with past practice that are not otherwise prohibited under this Agreement or any other Loan Document;

 

(m)            prohibitions
or limitations set forth in any agreement in effect at the time any Person becomes a Subsidiary (but not any amendment, modification,
restatement, renewal, extension, supplement or replacement expanding the scope of any such restriction or condition); provided
that such agreement was not entered into in contemplation of such Person becoming a Subsidiary and each such prohibition or limitation
does not apply to Borrower or any other Subsidiary (other than such Person and any other Person that is a Subsidiary of such first Person
at the time such first Person becomes a Subsidiary);

 

(n)            prohibitions
or limitations imposed by any Loan Document;

 

(o)            customary
provisions set forth in joint venture agreements or agreements governing minority investments that are not otherwise prohibited by this
Agreement or any other Loan Document, if and only to the extent each such prohibition or limitation applies only to the joint venture
entity or minority investment that is the subject of such agreement;

 

(p)            customary
provisions restricting assignments or other transfer of properties or assets subject thereto set forth in any agreement entered into
in the ordinary course of business consistent with past practice, if and only to the extent each such restriction applies only to the
properties or assets subject to such agreement;

 

(q)            prohibitions
or limitations imposed by any agreement evidencing any Permitted Indebtedness of the type described in any of clause (d) of
the definition of “Permitted Indebtedness”; and

 

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(r)            prohibitions
or limitations imposed by any amendments, modifications, restatements, renewals, extensions, supplements or replacements of any of the
agreements referred to in clauses (a) through (q) above, except to the extent that any such amendment, modification,
restatement, renewal, extension, supplement or replacement expands the scope of any such prohibition or limitation.

 

“Permitted Transfers”
means:

 

(a)            Transfers
of any properties or assets which do not constitute Collateral under the Loan Documents, other than any Company IP or Acquisition IP
that does not constitute Collateral under the Loan Documents but is related in any way to the research, development, manufacture, production,
use, commercialization, marketing, importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory;

 

(b)            Transfers
of Inventory in the ordinary course of business consistent with past practice;

 

(c)            Transfers
of surplus, damaged, worn out or obsolete equipment that is, in the reasonable judgment of Borrower exercised in good faith, no longer
economically practicable to maintain or useful in the ordinary course of business consistent with past practice, and Transfers of other
properties or assets in lieu of any pending or threatened institution of any proceedings for the condemnation or seizure of such properties
or assets or for the exercise of any right of eminent domain;

 

(d)            Transfers
made in connection with Permitted Liens;

 

(e)            Transfers
of cash and Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents;

 

(f)            Transfers
(i) between or among Credit Parties, provided that, with respect to any properties or assets constituting Collateral under
the Loan Documents, any and all steps as may be required to be taken in order to create and maintain a first priority security interest
in and Lien upon such properties and assets in favor of the Collateral Agent for the benefit of Lenders and the other Secured Parties
are taken contemporaneously with the completion of any such transfer, and (ii) between or among Subsidiaries which are not Credit
Parties;

 

(g)            the
sale or issuance of Equity Interests in any Subsidiary of Borrower to any Credit Party or Subsidiary, provided, that any such
sale or issuance by a Credit Party shall be to another Credit Party;

 

(h)            the
sale or discount without recourse of accounts receivable arising in the ordinary course of business consistent with past practice in
connection with the compromise or collection thereof;

 

(i)            any
abandonment, cancellation, non-renewal or discontinuance of use or maintenance of Company IP or Acquisition IP that Borrower reasonably
determines in good faith (i) is no longer economically practicable to maintain or useful in the ordinary course of business consistent
with past practice and that (ii) would not reasonably be expected to be adverse to the rights, remedies and benefits available to,
or conferred upon, Lender under any Loan Document in any material respect; and

 

(j)            Transfers
by Borrower or any of its Subsidiaries pursuant to any Permitted License.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency.

 

“Personal Data”
means information protected as “personal data,” “personal information,” “personally identifiable information,”
 “protected health information,” “identifiable private information,” or any similar terms under applicable Data
Protection Laws.

 

“Plan” means
any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412
of the IRC or Section 302 of ERISA which is maintained or contributed to by Borrower or its Subsidiaries or their respective ERISA
Affiliates or with respect to which Borrower or its Subsidiaries have any liability (including under Section 4069 of ERISA).

 

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“Prepayment Premium”
means, with respect to any prepayment of the Term Loans by Borrower pursuant to Section 2.2(c) or as a result of the
acceleration of the maturity of the Term Loans pursuant to Section 8.1(a), an amount equal to the product of the aggregate
principal amount of the Term Loans prepaid, multiplied by:

 

(a)            if
such prepayment occurs on or prior to the 2nd-year anniversary of the Closing Date, 0.02; and

 

(b)            if
such prepayment occurs after the 2nd-year anniversary of the Closing Date but on or prior to the 4th-year anniversary
of the Closing Date, 0.01.

 

For the avoidance of doubt,
no Prepayment Premium shall be due and owing for any payment of principal of the Term Loans made on the Term Loan Maturity Date.

 

“Prior Loan Agreement”
is defined in the preamble hereof.

 

“Prior Loan Documents”
is defined in Section 12.11.

 

“Prior Loan Payoff
Letter” means that certain payoff letter in respect of the Indebtedness outstanding under the Prior Loan Documents from BioPharma
Credit PLC, as collateral agent thereunder, reflecting the amounts required in order to pay in full all Indebtedness outstanding under
the Prior Loan Agreement as of the Closing Date and all other amounts outstanding pursuant thereto or to any other Prior Loan Documents
and providing that all such amounts shall be deducted from the proceeds of the Term Loans concurrent with the funding of the Term Loans.

 

“Product”
means, collectively, (i) any Company Product, and (ii) any Acquisition Product.

 

“Register”
is defined in Section 2.8(a).

 

“Registered Organization”
means any “registered organization” as defined in the Code with such additions to such term as may hereafter be made.

 

“Regulatory Agency”
means a U.S. Governmental Authority with responsibility for the approval of the marketing and sale of pharmaceuticals or other regulation
of pharmaceuticals, including the FDA and the DEA.

 

“Regulatory Approval”
means all approvals, product or establishment licenses, registrations or authorizations of any Regulatory Agency necessary for the manufacture,
use, storage, import, export, transport, offer for sale, or sale of any Product.

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping,
leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of any
barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous Material
through the air, soil, surface water or groundwater, in each case, in the United States.

 

“Required Lenders”
means, at any time of determination (a) prior to the Closing Date, Lenders obligated with respect to greater than fifty percent
(50%) of the Term Loan Commitments, and (b) thereafter, Lenders representing greater than fifty percent (50%) of the sum of the
outstanding principal amount of the Term Loans at such time.

 

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“Requirements of Law”
means, as to any Person, (a) the organizational or governing documents of such Person, and (b) any law (statutory or common),
treaty, order, policy, rule or regulation or determination of an arbitrator or a court or other Governmental Authority (including
Health Care Laws, Data Protection Laws, FDA Laws, DEA Laws, and all applicable statutes, rules, regulations, standards, guidelines, policies
and orders administered or issued by any foreign Governmental Authority) that is applicable to and binding upon such Person or any of
its assets or properties, or to which such Person or any of its assets or properties are subject.

 

“Responsible Officers”
means, with respect to Borrower, collectively, the Chief Executive Officer, President, Chief Commercial Officer, Chief Compliance Officer,
Chief Marketing Officer, Chief Technology Officer, General Counsel, and Chief Financial Officer.

 

“Restricted License”
means any material license or other agreement of the kind or nature subject or purported to be subject from time to time to a Lien under
any Collateral Document, with respect to which a Credit Party is the licensee, (a) that prohibits or otherwise restricts such Credit
Party from granting a security interest in such Credit Party’s interest in such license or agreement in a manner enforceable under
Requirements of Law, or (b) for which a breach of or default under would reasonably be expected to interfere with the Collateral
Agent’s or any Lender’s right to sell any Collateral.

 

“Safety Notice”
is defined in Section 4.19(f).

 

“Sanctions”
is defined in Section 4.18(c).

 

“SEC” shall
mean the Securities and Exchange Commission and any analogous Governmental Authority.

 

“Secured Parties”
means each Lender, each other Indemnified Person and each other holder of any Obligation of a Credit Party.

 

“Securities Account”
means any “securities account” as defined in the Code with such additions to such term as may hereafter be made.

 

“Securities Act”
means the Securities Act of 1933.

 

“Security Agreement”
means the Amended and Restated Guaranty and Security Agreement, dated as of the Closing Date, by and among the Credit Parties and the
Collateral Agent, in form and substance substantially similar to Exhibit C attached hereto.

 

“Security Disclosure
Letter” means the “Security Disclosure Letter”, as such term is defined in the Security Agreement.

 

“Sensitive Information”
means, collectively, (a) any Personal Data that is subject to any Data Protection Law, (b) any information in which Borrower
or any of its Subsidiaries have IP Ancillary Rights or any other Intellectual Property rights (including Company IP), (c) any information
with respect to which Borrower or any of its Subsidiaries have contractual non-disclosure obligations, and (d) nonpublic regulatory
submission materials.

 

“SOFR” means
a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New York
(or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently
at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as such by the administrator
of the secured overnight financing rate from time to time).

 

    86 

     

    

 

“Solvent”
means, as of any date of determination, that, as of such date: (a) the fair value of the assets of Borrower and its Subsidiaries
on a consolidated basis will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of Borrower and its Subsidiaries
on a consolidated basis, respectively; (b) the present fair saleable value of the property of Borrower and its Subsidiaries on a
consolidated basis will be greater than the amount that will be required to pay the probable liability of Borrower and its Subsidiaries
on a consolidated basis, respectively, on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts
and other liabilities become absolute and matured; (c) Borrower and its Subsidiaries on a consolidated basis will be able to pay
their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured;
and (d) Borrower and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the
businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted after such date. In computing
the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in light of
all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured
liability.

 

“Specified Acquisition
Agreement Representations” means the representations and warranties made by or with respect to the Acquisition Target in the
Acquisition Agreement as are material to the interests of Lenders, but only to the extent that Borrower has the right (determined without
regard to any notice requirement and including, for the avoidance of doubt, as a result of the failure of any such representations or
warranties to be accurate resulting in a failure of a condition precedent to Borrower’s obligations under the Acquisition Agreement)
to terminate its obligations under the Acquisition Agreement or to decline to consummate the acquisition of the Acquisition Target and
the Acquired Business pursuant to the Purchase Agreement, without the incurrence of any liabilities or obligations, as a result of a
breach of any such representations or warranties, as determined without giving effect to any waiver, amendment, consent or other modification
thereto.

 

“Specified Disputes”
is defined in Section 4.7(b).

 

“Specified Representations”
is defined in Section 3.2(e).

 

“SSA” means
the Social Security Act of 1935, codified at Title 42, Chapter 7, of the United States Code.

 

“Stock Acquisition”
means the purchase or other acquisition by Borrower or any of its Subsidiaries of all of the Equity Interests (by merger, stock purchase
or otherwise) in any other Person.

 

“Subordinated Debt”
means any Indebtedness in the form of or otherwise constituting term debt incurred by any Credit Party or any Subsidiary thereof (including
any Indebtedness incurred in connection with any Acquisition or other Investment) that: (a) is subordinated in right of payment
to the Obligations at all times until all of the Obligations have been paid, performed or discharged in full and Borrower has no further
right to obtain any Credit Extension hereunder pursuant to a subordination, intercreditor or other similar agreement that is in form
and substance reasonably satisfactory to the Collateral Agent (which agreement shall include turnover provisions that are reasonably
satisfactory to the Collateral Agent); (b) except as permitted by clause (d) below or otherwise permitted, is not subject
to scheduled amortization, redemption (mandatory), sinking fund or similar payment and does not have a final maturity before a date that
is at least one hundred and twenty (120) days following the Term Loan Maturity Date; (c) does not include covenants (including financial
covenants) and agreements (excluding agreements with respect to maturity, amortization, pricing and other economic terms) that, taken
as a whole, are more restrictive or onerous on the Credit Parties in any material respect than the comparable covenants and agreements,
taken as a whole, in the Loan Documents (as reasonably determined by a Responsible Officer of Borrower in good faith); (d) is not
subject to repayment or prepayment, including pursuant to a put option exercisable by the holder of any such Indebtedness, prior to a
date that is at least one hundred and twenty (120) days following the Term Loan Maturity Date except in the case of an event of default
or change of control (or the equivalent thereof, however described); and (e) does not provide or otherwise include provisions having
the effect of providing that a default or event of default (or the equivalent thereof, however described) under or in respect of such
Indebtedness shall exist, or such Indebtedness shall otherwise become due prior to its scheduled maturity or the holder or holders thereof
or any trustee or agent on its or their behalf shall be permitted (with or without the giving of notice, the lapse of time or both) to
cause any such Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled
maturity, in any such case upon the occurrence of a Default or Event of Default hereunder unless and until the Obligations have been
declared, or have otherwise automatically become, immediately due and payable pursuant to Section 8.1(a).

 

    87 

     

    

 

“Subsidiary”
means, with respect to any Person, a corporation, partnership, limited liability company or other entity of which more than fifty percent
(50.0%) of whose 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 similar
body) of such corporation, partnership or other entity are at the time owned, directly or indirectly through one or more intermediaries,
or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary
of a Credit Party.

 

“Tax” means
any present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other
charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term Loan Amount”
means an original principal amount equal to Six Hundred and Fifty Million Dollars ($650,000,000.00).

 

“Term Loan Commitment”
means, with respect to any Lender, the commitment of such Lender to make the Credit Extensions relating to the Term Loans on the Closing
Date, in the aggregate principal amount set forth opposite such Lender’s name on Exhibit E attached hereto.

 

“Term Loan Maturity
Date” means the 48th-month anniversary of the Closing Date.

 

“Term Loan Note”
means a promissory note in substantially the form attached hereto as Exhibit B, as it may be amended, restated, supplemented
or otherwise modified from time to time.

 

“Term Loan Rate”
is defined in Section 2.3(a)(i).

 

“Term Loans”
is defined in Section 2.2(a).

 

“Term SOFR”
means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected or recommended by the
Relevant Governmental Body.

 

“Territory”
means the United States.

 

“Third Party IP”
is defined in Section 4.6(m).

 

“Trademarks”
means (a)(i) all trademarks, trade names, corporate names, company names, business names, fictitious business names, service marks,
elements of package or trade dress of goods or services, logos and other source or business identifiers, (ii) all registrations
and recordings thereof in the United States Patent and Trademark Office or in any similar office or agency of the United States or any
state thereof or in any similar office or agency anywhere in the world in which foreign counterparts are registered or issued, (iii) all
applications in connection therewith and (iv) all goodwill associated therewith, and (b) all renewals thereof.

 

“Transfer”
is defined in Section 6.1.

 

“Treasury Regulations”
mean those regulations promulgated pursuant to the IRC.

 

“TRICARE”
means a program of medical benefits covering former and active members of the uniformed services and certain of their dependents, financed
and administered by the United States Departments of Defense, Health and Human Services and Transportation.

 

“UKBA” is
defined in Section 4.18(a).

 

    88 

     

    

 

“United States”
or “U.S.” means the United States of America, its fifty (50) states, the District of Columbia, Puerto Rico or any
other jurisdiction within the United States of America.

 

“U.S. Person”
means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“Wholly-Owned Subsidiary”
means, with respect to any Person, a Subsidiary of such Person, all of the Equity Interests in which (other than directors’ qualifying
shares or nominee or other similar shares required pursuant to Requirements of Law) are owned by such Person or another Wholly-Owned
Subsidiary of such Person. Unless the context otherwise requires, each reference to a Wholly-Owned Subsidiary herein shall be a reference
to a Wholly-Owned Subsidiary of a Credit Party.

 

“Withdrawal Liability”
means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are
defined in Part I of Subtitle E of Title IV of ERISA.

 

[Signature page follows.]

 

    89 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amended and Restated Loan Agreement to be executed as of the Closing Date.

 

	COLLEGIUM PHARMACEUTICAL INC.,
 as Borrower 	 
	 	 
	By:	/s/ Joseph Ciaffoni	 
	Name:	Joseph Ciaffoni	 
	Title:	President and Chief Executive Officer	 

 

Signature Page to Amended and Restated
Loan Agreement

 

    	 	 	 

     

    

 

	COLLEGIUM SECURITIES CORPORATION,
 as an additional Credit Party	 
	 	 
	By:	/s/ Joseph Ciaffoni	 
	Name:	Joseph Ciaffoni	 
	Title:	President and Chief Executive Officer	 

 

Signature Page to Amended and Restated
Loan Agreement

 

    	 	 	 

     

    

 

	BRISTOL ACQUISITION COMPANY INC.,
 as an additional Credit Party	 
	 	 
	By:	/s/ Joseph Ciaffoni	 
	Name:	Joseph Ciaffoni	 
	Title:	President and Chief Executive Officer	 

 

Signature Page to Amended and Restated
Loan Agreement

 

    	 	 	 

     

    

 

	BIOPHARMA CREDIT PLC,
 as Collateral Agent	 
	 	 
	By:	Pharmakon Advisors, LP,	 
	 	 	its Investment Manager	 
	 	 
	 	By:	Pharmakon Management I, LLC,	 
	 	 	its General Partner	 
	 	 
	By	/s/ Pedro Gonzalez de Cosio	 
	Name:	Pedro Gonzalez de Cosio	 
	Title:	Managing Member	 
	 	 
	BPCR LIMITED PARTNERSHIP,
 as a Lender	 
	 	 
	By:	Pharmakon Advisors, LP,	 
	 	 	its Investment Manager	 
	 	 
	 	By:	Pharmakon Management I, LLC,	 
	 	 	its General Partner	 
	 	 
	By	/s/ Pedro Gonzalez de Cosio	 
	Name:	Pedro Gonzalez de Cosio	 
	Title:	Managing Member	 
	 	 
	BIOPHARMA CREDIT INVESTMENTS V (MASTER) LP,
 as Lender	 
	 	 
	By:	BioPharma Credit Investments V GP LLC,	 
	 	 	its general partner	 
	 	 
	 	By:	Pharmakon Advisors, LP,	 
	 	 	its Investment Manager	 
	 	 
	 
	By
	/s/ Pedro Gonzalez de Cosio
	 
	 	Name:	Pedro Gonzalez de Cosio	 
	 	Title:	CEO and Managing Member	 

 

Signature Page to Amended and Restated
Loan Agreement

 

    	 	 	 

     

    

 

EXHIBIT A
 – loan aDVANCE REQUEST FORM

 

LOAN ADVANCE REQUEST

 

Reference is made to that
certain Amended and Restated Loan Agreement dated as of March 22, 2022 by and among COLLEGIUM PHARMACEUTICAL INC., a Virginia corporation
(“Borrower”), the Guarantors from time to time party thereto, BIOPHARMA CREDIT PLC (in its capacity as “Collateral
Agent”), BPCR LIMITED PARTNERSHIP (a “Lender”) and BIOPHARMA CREDIT INVESTMENTS V (MASTER) LP (a “Lender”),
acting by its general partner, BioPharma Credit Investments V GP LLC (the “Loan Agreement”; with other capitalized
terms used below having the meanings ascribed thereto in the Loan Agreement). This Loan Advance Request is being delivered pursuant to
Sections 3.1(a), 3.2 and 3.3 of the Loan Agreement.

 

The undersigned, being the duly elected and acting
[●] of Borrower does hereby certify, solely in his/her capacity as an authorized officer of Borrower and not in his/her personal
capacity, to each Lender and the Collateral Agent that, on the Closing Date:

 

1.            Borrower
hereby requests a borrowing of the Term Loans;

 

2.            each
of the representations and warranties made by the Credit Parties (i) in Section 4.1(a), Section 4.1(b)(ii), Section 4.3(a),
Section 4.3(b)(i) Section 4.5, Section 4.9, Section 4.13(a), Section 4.14, and Sections 4.18(a)-(d), and
(ii) subject to the Funds Certain Provisions and solely to the extent that a breach thereof is (or would be) materially adverse
to the interests of the Collateral Agent or Lenders with respect to any lien on any of the assets or properties described therein (including
the creation or perfection of any security interest therein), Section 4.6(s), is true and correct in all material respects on the
Closing Date (both with and without giving effect to the Term Loans and the consummation of the transactions contemplated by the Acquisition
Agreement), unless such representation or warranty is expressly stated to relate to a specific earlier date, in which case such representation
or warranty shall be true and correct in all material respects as of such earlier date (it being understood that any such representation
or warranty that is qualified as to “materiality,” “Material Adverse Change,” or similar language shall be true
and correct in all respects on the Closing Date (both with and without giving effect to the Term Loans and the consummation of the transactions
contemplated by the Acquisition Agreement) or as of such stated earlier date, as applicable);

 

3.            all
of the conditions set forth in Article 3 of the Loan Agreement have been satisfied (or waived in writing by the Required Lenders)
as of the Closing Date (excluding, for the avoidance of doubt, the satisfaction of the Collateral Agent or any Lender with respect to
any document or action specified in any such condition as being subject to the satisfaction of the Collateral Agent or any Lender);

 

4.            the
undersigned is a Responsible Officer of Borrower; and

 

5.            the
proceeds of the Term Loans shall be disbursed as set forth on Attachment A hereto.

 

Dated: March __, 2022

 

[Signature page follows]

 

 

    	 	 	 

     

    

 

	COLLEGIUM PHARMACEUTICAL INC.,
 as Borrower	 
	 	 
	By:	                                      	 
	Name:	 	 
	Title:	 	 

 

Signature Page to Loan Advance Request

 

    	 	 	 

     

    

 

EXHIBIT B

 

THIS TERM LOAN NOTE HAS BEEN
ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED).
HOLDERS OF THIS TERM LOAN NOTE SHOULD CONTACT COLLEEN TUPPER, 100 TECHNOLOGY CENTER DRIVE, SUITE 300, STOUGHTON, MA 02072, TELEPHONE:
(781) 713-3699 IN WRITING TO OBTAIN (1) THE ISSUE PRICE AND ISSUE DATE OF THIS TERM LOAN NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT ON THIS TERM LOAN NOTE AND (3) THE YIELD TO MATURITY OF THIS TERM LOAN NOTE.

 

FORM OF TERM LOAN NOTE

 

	$325,000,000.00	Dated: March 22, 2022
	 	 

 

FOR VALUE RECEIVED, the undersigned,
COLLEGIUM PHARMACEUTICAL, INC., a Virginia corporation (“Borrower”), HEREBY PROMISES TO PAY to  [__]  (“Lender”), or its registered assignees, the principal amount
of THREE HUNDRED AND TWENTY-FIVE MILLION DOLLARS ($325,000,000.00), plus interest on the aggregate unpaid principal amount hereof at
a per annum rate equal to the LIBOR Rate plus seven and one half percent (7.50%) per annum, and in accordance with the terms of the Amended
and Restated Loan Agreement dated as of March 22, 2022 by and among Borrower, Lender and the other parties thereto (as may be amended,
restated, supplemented or otherwise modified from time to time, the “Loan Agreement”). If not sooner paid, the entire
principal amount and all accrued and unpaid interest hereunder, all due and unpaid Lender Expenses and any other amounts payable under
the Loan Documents, shall be due and payable on the Term Loan Maturity Date. Any capitalized term not otherwise defined herein shall
have the meaning attributed to such term in the Loan Agreement.

 

Borrower shall make quarterly
payments of principal of such Term Loan commencing on the first Payment Date immediately following the Closing Date and continuing on
each subsequent Payment Date, in an amount equal to (A) $25,000,000.01 in each of the first four (4) quarters following the
Closing Date and (B) $45,833,333.33 in each of the remaining twelve (12) quarters thereafter; provided, that if any such
Payment Date is not a Business Day, the applicable payment shall be due and payable on the first Business Day immediately after such
date. All unpaid principal with respect to the Term Loans (and, for the avoidance of doubt, all accrued and unpaid interest, all due
and unpaid Lender Expenses and any other amounts payable under the Loan Documents) is due and payable in full on the Term Loan Maturity
Date. Interest shall accrue on this Term Loan Note commencing on, and including, the date of this Term Loan Note, and shall accrue on
this Term Loan Note, or any portion thereof, for the day on which this Term Loan Note or such portion is paid. Interest on this Term
Loan Note shall be payable in accordance with Section 2.3 of the Loan Agreement.

 

Principal, interest and all
other amounts due with respect to this Term Loan Note are payable in lawful money of the United States of America to Lender as set forth
in the Loan Agreement and this Term Loan Note.

 

The Loan Agreement, among
other things, (a) provides for the making of secured Term Loans by Lender to Borrower, and (b) contains provisions for acceleration
of the maturity hereof upon the happening of certain stated events.

 

This Term Loan Note may not
be prepaid except as set forth in Section 2.2(c) of the Loan Agreement or as expressly provided in Section 8.1
of the Loan Agreement.

 

This Term Loan Note and the
obligation of Borrower to repay the unpaid principal amount of this Term Loan Note, interest thereon, and all other amounts due Lender
under the Loan Agreement are secured pursuant to the Collateral Documents.

 

Presentment for payment,
demand, notice of protest and all other demands and notices of any kind in connection with the execution, delivery, performance and enforcement
of this Term Loan Note are hereby waived.

 

    	 	 	 

     

    

 

thIS
TERM LOAN NOTE 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 TERM LOAN NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

Note Register; Ownership
of Note. The ownership of an interest in this Term Loan Note shall be registered on a record of ownership maintained by Collateral
Agent. Notwithstanding anything else in this Term Loan Note to the contrary, the right to the principal of, and stated interest on, this
Term Loan Note may be transferred only if the transfer is registered on such record of ownership and the transferee is identified as
the owner of an interest in the obligation. Borrower shall be entitled to treat the registered holder of this Term Loan Note (as recorded
on such record of ownership) as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other
claim to or interest in this Term Loan Note on the part of any other Person.

 

[Signature page follows]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, Borrower
has caused this Term Loan Note to be duly executed by one of its officers thereunto duly authorized on the date hereof.

 

	BORROWER:	 
	 	 
	COLLEGIUM PHARMACEUTICAL, INC.,
 as Borrower	 
	 	 
	By:	                                      	 
	Name:	 
	Title:	 

 

Signature Page to Term Loan Note

 

    	 	 	 

     

    

 

EXHIBIT C

 

FORM OF SECURITY AGREEMENT

 

(to be attached) 

 

    

     

    

 

Execution Version

 

AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 

Dated as of March 22, 2022

 

by 

 

COLLEGIUM PHARMACEUTICAL, INC.

 

(as Borrower),

 

COLLEGIUM SECURITIES CORPORATION

 

(as Guarantor),

 

BRISTOL ACQUISITION COMPANY INC.

 

(as Guarantor),

 

and

 

Each OTHER
Grantor

From Time to Time Party Hereto

 

in favor of

 

BIOPHARMA CREDIT PLC

 

(as Collateral Agent on behalf of Lenders
and the other Secured Parties)

 

    

     

    

 

AMENDED AND RESTATED GUARANTY
AND SECURITY AGREEMENT (this “Agreement”), dated as of March 22, 2022 (the “Amendment Effective Date”),
by COLLEGIUM PHARMACEUTICAL, INC., a Virginia corporation (“Borrower”), COLLEGIUM SECURITIES CORPORATION, a Massachusetts
corporation (as a Guarantor), BRISTOL ACQUISITION COMPANY INC., a Delaware corporation (as a Guarantor) and each other Person that becomes
a party hereto pursuant to Section 8.6 (together with Borrower and such Guarantors, “Grantors”), in favor
of BIOPHARMA CREDIT PLC, a public limited company incorporated under the laws of England and Wales (as the “Collateral Agent”)
on behalf of Lenders and each other Secured Party.

 

W I T N
E S S E T H:

 

WHEREAS, pursuant to that certain
Loan Agreement, dated as of February 6, 2020 (the “Effective Date”) and amended as of February 24, 2020 and
May 27, 2020, by and among Borrower, Collegium Securities Corporation (as an additional Credit Party), the Collateral Agent and Lenders
(the “Prior Loan Agreement”), Lenders agreed to make extensions of credit to Borrower upon the terms and subject to
the conditions set forth therein, including the execution and delivery of that certain Guaranty and Security Agreement, dated as of February 13,
2020, by and among Borrower, Collegium Securities Corporation (as a Guarantor) and the Collateral Agent (the “Prior Guaranty
and Security Agreement”);

 

WHEREAS, pursuant to that certain
Amended and Restated Loan Agreement, dated as of March 22, 2022 by and among Borrower, Collegium Securities Corporation (as an additional
Credit Party), Bristol Acquisition Company Inc. (as an additional Credit Party), the Collateral Agent and Lenders (as the same may be
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Loan Agreement”),
the Prior Loan Agreement has been superseded and replaced in its entirety by the Loan Agreement and the Prior Loan Agreement has no further
force and effect;

 

WHEREAS, this Agreement amends
and restates in its entirety, and replaces, the terms of (and obligations outstanding under) the Prior Guaranty and Security Agreement.
The parties hereto agree that the Prior Guaranty and Security Agreement is hereby superseded and replaced in its entirety by this Agreement
and the Prior Guaranty and Security Agreement has no further force or effect;

 

WHEREAS, each Grantor other
than Borrower agrees to guaranty, jointly and severally, the Obligations (as defined in the Loan Agreement) of Borrower;

 

WHEREAS, each Grantor will derive
substantial direct and indirect benefits from the making of the extensions of credit under the Loan Agreement; and

 

WHEREAS, it is a condition precedent
to the obligation of Lenders to extend credit to Borrower under the Loan Agreement that the Grantors shall have executed and delivered
this Agreement to the Collateral Agent and each Lender for the benefit of Lenders and the other Secured Parties.

 

NOW, THEREFORE, in consideration
of the mutual premises herein contained and for valuable consideration the receipt and sufficiency of which is hereby acknowledged and
to induce the Collateral Agent, Lenders and the Credit Parties to enter into the Loan Agreement and to induce each Lender to make extensions
of credit to Borrower thereunder, each Grantor hereby agrees with the Collateral Agent, each intending to be legally bound, as follows:

 

    

     

    

 

Article I

 

DEFINED TERMS

 

Section 1.1.     Definitions.
Capitalized terms used herein without definition are used as defined in the Loan Agreement. 

 

(a)            The
following terms have the meanings given to them in the Code and terms used herein without definition that are defined in the Code have
the meanings given to them in the Code (such meanings to be equally applicable to both the singular and plural forms of the terms defined):
 “account”, “account debtor”, “as-extracted collateral”, “certificated
security”, “chattel paper”, “check”, “commercial tort claim”, “commodity
account”, “commodity contract”, “documents”, “deposit account”, “electronic
chattel paper”, “encumbrance”, “entitlement holder”, “equipment”, “farm
products”, “financial asset”, “fixture”, “general intangible”, “goods”,
 “health-care-insurance receivable”, “instruments”, “inventory”, “investment
property”, “letter of credit”, “letter-of-credit right”, “money”, “proceeds”,
 “promissory note”, “record”, “securities account”, “security”,
 “security entitlement”, “supporting obligation”, “tangible chattel paper” and
 “uncertificated security”.

 

(b)            The
following terms shall have the following meanings:

 

“Agreement”
means this Guaranty and Security Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time.

 

“Applicable IP Office”
means the United States Patent and Trademark Office or the United States Copyright Office, as the context dictates.

 

“Collateral”
has the meaning specified in Section 3.1.

 

“Excluded Property”
means, collectively:

 

(i)            all
foreign Intellectual Property and any “intent to use” United States Trademark applications for which a statement of use or
an amendment to allege use has not been filed (but only until such statement is filed) solely to the extent, if any, that, and only during
the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of such intent to use
Trademark applications under applicable federal law;

 

(ii)            any
permit, lease, license, contract, instrument or other agreement held by any Grantor with respect to which, the grant to the Collateral
Agent, in favor of and for the benefit of Lenders and the other Secured Parties, of a security interest therein and Lien thereupon, and
the pledge to the Collateral Agent, in favor of and for the benefit of Lenders and the other Secured Parties, thereof, to secure the Obligations
(and any guaranty thereof) are validly prohibited by, or would create a right of termination in favor of any other party thereto (other
than Borrower or an Affiliate of Borrower) under, the terms thereof, but only, in each case, to the extent, and for so long as, such prohibition
or term is not terminated or rendered unenforceable or otherwise deemed ineffective by the Code (including Sections 9-406(d), 9-407(a),
9-408(a) and 9-409 of the Code) or by any applicable Requirements of Law;

 

(iii)            any
permit, lease, license, contract, instrument or other agreement held by any Grantor with respect to which, the grant to the Collateral
Agent, in favor of and for the benefit of Lenders and the other Secured Parties, of a security interest in and Lien thereupon, and the
pledge to the Collateral Agent, in favor of and for the benefit of Lenders and the other Secured Parties, thereof, to secure the Obligations
(and any guaranty thereof) require the consent, approval or waiver of any Governmental Authority or other third party (other than Borrower
or an Affiliate of Borrower), provided such Grantor or Borrower has not obtained such consent, approval or waiver following their
respective commercially reasonable efforts to obtain the same;

 

(iv)            any
other asset or property subject or purported to be subject to a Lien under any Collateral Document held by any Grantor with respect to
which, the grant to the Collateral Agent, in favor of and for the benefit of Lenders and the other Secured Parties, of a security interest
in and Lien thereupon, and the pledge to the Collateral Agent, in favor of and for the benefit of Lenders and the other Secured Parties,
thereof, to secure the Obligations (and any guaranty thereof) require the consent, approval or waiver of any Governmental Authority or
other third party (other than Borrower or an Affiliate of Borrower), provided such Grantor or Borrower has not obtained such consent,
approval or waiver following their respective commercially reasonable efforts to obtain the same;

 

    -2-

     

    

 

(v)            any
property or asset subject or purported to be subject to a Lien under any Collateral Document held by any Grantor that is a non-Wholly-Owned
Subsidiary with respect to which, the grant to the Collateral Agent, in favor of and for the benefit of Lenders and the other Secured
Parties, of a security interest therein and Lien thereupon, and the pledge to the Collateral Agent, in favor of and for the benefit of
Lenders and the other Secured Parties, thereof, to secure the Obligations (and any guaranty thereof) are validly prohibited by, or would
give any third party (other than Borrower or an Affiliate of Borrower) the right to terminate its obligations under, the Operating Documents
of, the joint venture agreement or shareholder agreement with respect to, or any other contract with such third party relating to such
non-Wholly-Owned Subsidiary (other than customary non-assignment provisions which are ineffective under Article 9 of the Code or
other Requirements of Law), but only, in each case, to the extent, and for so long as such Operating Documents, joint venture agreement,
shareholder agreement or other contract is in effect;

 

(vi)            any
asset or property subject or purported to be subject to a Lien under any Collateral Document held by any Grantor with respect to which,
the cost, difficulty, burden or consequences (including adverse Tax consequences) of granting the Collateral Agent, in favor of and for
the benefit of Lenders and the other Secured Parties, a security interest therein and Lien thereupon, and pledging to the Collateral Agent,
in favor of and for the benefit of Lenders and the other Secured Parties, thereof, to secure the Obligations (and any guaranty thereof)
are excessive relative to the value to be afforded to Secured Parties thereby;

 

(vii)            any
rights under any Federal or state governmental license, permit, franchise or authorization to the extent that the granting of a security
interest therein is specifically prohibited or restricted by any Requirements of Law;

 

(viii)            any
asset or property subject to a Permitted Lien, to the extent the terms of the documents governing such Permitted Lien or the Permitted
Indebtedness secured thereby validly prohibit other Liens on such asset or property or would create a right of termination in favor of
any other party thereto (other than Borrower or an Affiliate of Borrower), but only, in each case, to the extent, and for so long as,
such prohibition or term is not terminated or rendered unenforceable or otherwise deemed ineffective by the Code (including Sections 9-406(d),
9-407(a), 9-408(a) and 9-409 of the Code) or by any applicable Requirements of Law;

 

(ix)            leasehold
interests in real property;

 

(x)            fee
interests in real property with a fair market value (reasonably determined in good faith by a Responsible Officer of Borrower) less than
$5,000,000;

 

(xi)            Vehicles;

 

(xii)            any
letter of credit and all letter-of-credit rights with respect thereto to the extent not perfected by the filing of a UCC-1 financing statement;

 

    -3-

     

    

 

(xiii)            any
Intellectual Property unrelated in any way to the research, development, manufacture, production, use, commercialization, marketing, importing,
storage, transport, offer for sale, distribution or sale of any Product in the Territory;

 

 

(xiv)            Excluded
Equity Interests;

 

(xv)            Excluded
Accounts; and

 

(xvi)            margin
stock (within the meaning of Regulation U of the Board of Governors, as in effect from time to time);

 

provided,
however, that “Excluded Property” shall not include any proceeds, products, substitutions or replacements of
Excluded Property (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Property).

 

“Fraudulent Transfer
Laws” has the meaning set forth in Section 2.2.

 

“Guaranteed Obligations”
has the meaning set forth in Section 2.1.

 

“Guarantor”
means each Grantor other than Borrower.

 

“Guaranty”
means the guaranty of the Guaranteed Obligations made by Guarantors as set forth in this Agreement.

 

“IP License”
means all express and implied grants or rights to make, have made, use, sell, reproduce, distribute, modify, or otherwise exploit any
Intellectual Property, as well as all covenants not to sue and co-existence agreements (and all related IP Ancillary Rights), whether
written or oral, relating to any Intellectual Property.

 

“Maximum Guaranteed
Amount” has the meaning set forth in Section 2.2.

 

“NDA” means
a new drug application filed with the FDA pursuant to Section 505(b) of the U.S. Federal Food, Drug, and Cosmetic Act, along
with all supplements and amendments thereto.

 

“Pledged Certificated
Stock” means all of the Equity Interests (other than Excluded Equity Interests) in any Subsidiary evidenced by a certificate,
instrument or other similar document (as defined in the Code), in each case owned by any Grantor, including a Grantor’s right, title
and interest resulting from its ownership of any such Equity Interests as a limited or general partner in any partnership that has issued
Pledged Certificated Stock or as a member of any limited liability company that has issued Pledged Certificated Stock, and a Grantor’s
right, title and interest resulting from its ownership of any such Equity Interests in, to and under any Operating Document or shareholder
agreement of any corporation, partnership or limited liability company to which it is a party, and any distribution of property made on,
in respect of or in exchange for the foregoing from time to time, including all certificated Equity Interests listed on Schedule 1
of the Security Disclosure Letter. “Pledged Certificated Stock” includes, for the avoidance of doubt, any Pledged Uncertificated
Stock that subsequently becomes certificated.

 

“Pledged Collateral”
means, collectively, the Pledged Stock and the Pledged Debt Instruments.

 

“Pledged Debt Instruments”
means all right, title and interest of any Grantor in instruments evidencing any Indebtedness or other obligations owed to such Grantor,
and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, including all Indebtedness
described on Schedule 3 of the Security Disclosure Letter, issued by the obligors named therein. “Pledged Debt Instruments”
excludes any Excluded Property.

 

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“Pledged Investment
Property” means any investment property of any Grantor, and any distribution of property made on, in respect of or in exchange
for the foregoing from time to time, other than any Pledged Stock or Pledged Debt Instruments. “Pledged Investment Property”
excludes any Excluded Property.

 

“Pledged Stock”
means all Pledged Certificated Stock and all Pledged Uncertificated Stock.

 

“Pledged Uncertificated
Stock” means all of the Equity Interests (other than Excluded Equity Interests) in any Subsidiary that is not Pledged Certificated
Stock, in each case owned by any Grantor, including Grantor’s right, title and interest resulting from its ownership of any such
Equity Interests as a limited or general partner in any partnership not constituting Pledged Certificated Stock or as a member of any
limited liability company not constituting Pledged Certificated Stock, a Grantor’s right, title and interest resulting from its
ownership of any such Equity Interests in, to and under any Operating Document or shareholder agreement of any partnership or limited
liability company to which it is a party, and any distribution of property made on, in respect of or in exchange for the foregoing from
time to time, including in each case those interests set forth on Schedule 1 of the Security Disclosure Letter, to the extent such
interests are not certificated.

 

“Secured Obligations”
has the meaning set forth in Section 3.2.

 

“Security Disclosure
Letter” means the security agreement disclosure letter, dated as of the date hereof, delivered by the Grantors to the Collateral
Agent and each Lender.

 

“Vehicles”
means rolling stock, motor vehicles, vessels, aircraft and other assets subject to certificates of title.

 

Section 1.2.     Certain
Other Terms.

 

(a)            For
the purposes of and as used in this Agreement: (i) references to any Person include its successors and assigns and, in the case of
any Governmental Authority, any Person succeeding to its functions and capacities; (ii) each authorization herein shall be deemed
irrevocable and coupled with an interest; and (iii) where the context requires, provisions relating to any Collateral when used in
relation to a Grantor shall refer to such Grantor’s Collateral or any relevant part thereof.

 

(b)            Other
Interpretive Provisions.

 

(i)            Defined
Terms. Unless otherwise specified herein or therein, all terms defined in this Agreement shall have the defined meanings when used
in any certificate or other document made or delivered pursuant hereto.

 

(ii)            This
Agreement. The words “hereof”, “herein”, “hereunder” and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

(iii)            Certain
Common Terms. The words “include”, “included” and “including” are not limiting and mean “including
without limitation.” The word “or” has the inclusive meaning represented by the phrase “and/or”. The word
 “shall” is mandatory. The word “may” is permissive. The singular includes the plural and the plural includes the
singular.

 

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(iv)            Performance;
Time. Whenever any performance obligation hereunder (other than a payment obligation) shall be stated to be due or required to be
satisfied on a day other than a Business Day, such performance shall be made or satisfied on the next succeeding Business Day. In the
computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”;
the words “to” and “until” each mean “to but excluding”, and the word “through” means
 “to and including.” If any provision of this Agreement refers to any action taken or to be taken by any Person, or which such
Person is prohibited from taking, such provision shall be interpreted to encompass any and all means, direct or indirect, of taking, or
not taking, such action.

 

(v)            Contracts.
Except as the context otherwise requires (including to the extent otherwise expressly provided herein), references to any contract, agreement,
instrument or other document, including this Agreement and the other Loan Documents, shall be deemed to include any and all amendments,
supplements or modifications thereto or restatements or substitutions thereof, in each case which are in effect from time to time, but
only to the extent such amendments, supplements, modifications, restatements or substitutions are not prohibited by the terms of any Loan
Document.

 

(vi)            Laws.
Except as the context otherwise requires (including to the extent otherwise expressly provided herein), references to any law, statute,
treaty, order, policy, rule or regulation include any amendments, supplements and successors thereto, and references to any law,
statute, treaty, order, policy, rule or regulation are to be construed as including all statutory and regulatory provisions related
thereto or consolidating, amending, replacing, supplementing or interpreting such law, statute, treaty, order, policy, rule or regulation.

 

(vii)            Excluded
Property. Notwithstanding anything to the contrary herein, the representations, warranties and covenants set forth herein in relation
to the assets of the Grantors shall not apply to any Excluded Property.

 

Article II

 

GUARANTY

 

Section 2.1.     Guaranty.
To induce Lenders to make the Term Loans to Borrower in accordance with the terms and conditions of the Loan Agreement, each Guarantor,
jointly and severally with each other Guarantor, absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely
as surety, the full and punctual payment when due, whether at stated maturity or earlier, by reason of acceleration, mandatory prepayment
or otherwise in accordance with any Loan Document, of all the Obligations of Borrower existing on the date hereof or hereinafter incurred
or created (the “Guaranteed Obligations”). This Guaranty by each Guarantor hereunder constitutes a guaranty of payment
and not of collection. Each Guarantor hereby acknowledges and agrees that the Guaranteed Obligations, at any time and from time to time,
may exceed the Maximum Guaranteed Amount of such Guarantor and may exceed the aggregate of the Maximum Guaranteed Amounts of all Guarantors,
in each case without discharging, limiting or otherwise affecting the obligations of any Guarantor hereunder or the rights, powers and
remedies of any Secured Party hereunder or under any other Loan Document.

 

Section 2.2.     Limitation
of Guaranty. Any term or provision of this Guaranty or any other Loan Document to the contrary notwithstanding, the maximum aggregate
amount for which any Guarantor shall be liable hereunder (the “Maximum Guaranteed Amount”) shall not exceed the maximum
amount for which such Guarantor can be liable without rendering this Guaranty or any other Loan Document, as it relates to such Guarantor,
subject to avoidance under applicable Requirements of Law relating to fraudulent conveyance or fraudulent transfer (including the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act and Section 548 of title 11 of the United States Code or any applicable
provisions of comparable Requirements of Law) (collectively, “Fraudulent Transfer Laws”). Any analysis of the provisions
of this Guaranty for purposes of Fraudulent Transfer Laws shall take into account the right of contribution established in Section 2.7
below and, for purposes of such analysis, give effect to any discharge of intercompany debt as a result of any payment made under the
Guaranty.

 

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Section 2.3.     Authorization;
Other Agreements. The Collateral Agent, on behalf of Lenders and the other Secured Parties is hereby authorized, without notice, to
or demand upon any Guarantor and without discharging or otherwise affecting the obligations of any Guarantor hereunder and without incurring
any liability hereunder, from time to time, to do each of the following but subject in all cases to the terms and conditions of the other
Loan Documents:

 

(a)            (i) modify,
amend, supplement or otherwise change, (ii) accelerate or otherwise change the time of payment or (iii) waive or otherwise consent
to noncompliance with, any Guaranteed Obligation or any Loan Document;

 

(b)            apply
to the Guaranteed Obligations any sums by whomever paid or however realized to any Guaranteed Obligation in such order as provided in
the Loan Documents;

 

(c)            refund
at any time any payment received by any Secured Party in respect of any Guaranteed Obligation;

 

(d)            (i) sell,
exchange, enforce, waive, substitute, liquidate, terminate, release, abandon, fail to perfect, subordinate, accept, substitute, surrender,
exchange, affect, impair or otherwise alter or release any Collateral for any Guaranteed Obligation or any other guaranty therefor in
any manner, (ii) receive, take and hold additional Collateral to secure any Guaranteed Obligation, (iii) add, release or substitute
any one or more other Guarantors, makers or endorsers of any Guaranteed Obligation or any part thereof and (iv) otherwise deal in
any manner with Borrower or any other Guarantor, maker or endorser of any Guaranteed Obligation or any part thereof; and

 

(e)            settle,
release, compromise, collect or otherwise liquidate the Guaranteed Obligations.

 

Section 2.4.     Guaranty
Absolute and Unconditional. Each Guarantor hereby waives and agrees not to assert any defense (other than the defense of indefeasible
payment in full of the Guaranteed Obligations (other than inchoate indemnity obligations)), whether arising in connection with or in respect
of any of the following clauses (a) through (f) or otherwise, and hereby agrees that its obligations under this
Guaranty are irrevocable, absolute and unconditional and shall not be discharged as a result of or otherwise affected by any of the following
clauses (a) through (f) (which may not be pleaded and evidence of which may not be introduced in any proceeding
with respect to this Guaranty, in each case except as otherwise agreed in writing by the Collateral Agent):

 

(a)            the
invalidity or unenforceability of any obligation of Borrower or any other Guarantor under any Loan Document or any other agreement or
instrument relating thereto (including any amendment, consent or waiver thereto), or any security for, or other guaranty of, any Guaranteed
Obligation or any part thereof, or the lack of perfection or continuing perfection or failure of priority of any security for the Guaranteed
Obligations or any part thereof;

 

(b)            the
absence of (i) any attempt to collect any Guaranteed Obligation or any part thereof from Borrower or any other Guarantor or other
action to enforce the same or (ii) any action to enforce any Loan Document or any Lien thereunder;

 

    -7-

     

    

 

(c)            the
failure by any Person to take any steps to perfect and maintain any Lien on, or to preserve any rights with respect to, any Collateral;

 

(d)            any
workout, insolvency, bankruptcy proceeding, reorganization, arrangement, liquidation or dissolution by or against Borrower, any other
Guarantor or any of Borrower’s other Subsidiaries or any procedure, agreement, order, stipulation, election, action or omission
thereunder, including any discharge or disallowance of, or bar or stay against collecting, any Guaranteed Obligation (or any interest
thereon) in or as a result of any such proceeding;

 

(e)            any
foreclosure, whether or not through judicial sale, and any other sale or other disposition of any Collateral or any election following
the occurrence of an Event of Default and during the continuance thereof by the Collateral Agent, on behalf of Lenders and any other Secured
Party, to proceed separately against any Collateral in accordance with the Collateral Agent’s rights and the rights of any Lender
or other Secured Party under any applicable Requirements of Law; or

 

(f)            any
other defense, setoff, counterclaim or any other circumstance that might otherwise constitute a legal or equitable discharge of Borrower,
any other Guarantor or any other Subsidiary of Borrower, in each case other than the defense of indefeasible payment in full of the Guaranteed
Obligations (other than inchoate indemnity obligations).

 

Section 2.5.     Waivers.
To the fullest extent permitted by Requirements of Law, each Guarantor hereby unconditionally and irrevocably waives and agrees not to
assert any claim, defense (other than the defense of payment in full of the Guaranteed Obligations (other than inchoate indemnity obligations)),
setoff or counterclaim based on diligence, promptness, presentment, requirements for any demand or notice hereunder, including any
of the following: (a) any demand for payment or performance and protest and notice of protest; (b) any notice of acceptance;
(c) any presentment, demand, protest or further notice or other requirements of any kind with respect to any Guaranteed Obligation
(including any accrued but unpaid interest thereon) becoming immediately due and payable; and (d) any other notice in respect of
any Guaranteed Obligation or any part thereof, and any defense arising by reason of any disability or other defense of Borrower or any
other Guarantor. Until the indefeasible payment in full of the Guaranteed Obligations (other than inchoate indemnity obligations), each
Guarantor further unconditionally and irrevocably agrees not to (x) enforce or otherwise exercise any right of subrogation or any
right of reimbursement or contribution or similar right against Borrower or any other Guarantor by reason of any Loan Document or any
payment made thereunder or (y) assert any claim, defense, setoff or counterclaim it may have against any other Credit Party or set
off any of its obligations to such other Credit Party against obligations of such Credit Party to such Guarantor. No obligation of any
Guarantor hereunder shall be discharged other than by complete performance.

 

Section 2.6.     Reliance.
Each Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of Borrower, each other Guarantor
and any other guarantor, maker or endorser of any Guaranteed Obligation or any part thereof, and of all other circumstances bearing upon
the risk of nonpayment of any Guaranteed Obligation or any part thereof that reasonable and diligent inquiry would reveal, and each Guarantor
hereby agrees that neither the Collateral Agent nor any Lender or other Secured Party shall have any duty to advise any Guarantor of information
known to it regarding such condition or any such circumstances. In the event the Collateral Agent, in its sole discretion, undertakes
at any time or from time to time to provide any such information to any Guarantor, such Person shall be under no obligation to (a) undertake
any investigation not a part of its regular business routine, (b) disclose any information that any Lender or other Secured Party,
pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential or (c) make any future
disclosures of such information or any other information to any Guarantor.

 

    -8-

     

    

 

Section 2.7.     Contribution.
To the extent that any Guarantor shall be required hereunder to pay any portion of any Guaranteed Obligation exceeding the greater of
(a) the amount of the value actually received by such Guarantor and its Subsidiaries from the Term Loans and other Obligations and
(b) the amount such Guarantor would otherwise have paid if such Guarantor had paid the aggregate amount of the Guaranteed Obligations
(excluding the amount thereof repaid by Borrower) in the same proportion as such Guarantor’s net worth on the date enforcement is
sought hereunder bears to the aggregate net worth of all Guarantors on such date, then such Guarantor shall be reimbursed by such other
Guarantors for the amount of such excess, pro rata, based on the respective net worth of such other Guarantors on such date.

 

Article III

 

GRANT OF SECURITY INTEREST

 

Section 3.1.     Collateral.
For the purposes of this Agreement, the following tangible and intangible assets and property now owned or at any time hereafter acquired,
developed or created by a Grantor or in which a Grantor now has or at any time in the future may acquire any right, title or interest,
in each case, wherever located, is collectively referred to as the “Collateral”:

 

(a)            all
accounts;

 

(b)            all
as-extracted collateral;

 

(c)            all
chattel paper, including electronic chattel paper or tangible chattel paper;

 

(d)            all
checks;

 

(e)            all
deposit accounts;

 

(f)            all
documents;

 

(g)            all
encumbrances;

 

(h)            all
equipment;

 

(i)            all
fixtures;

 

(j)            all
general intangibles (including all Current Company IP Agreements, Current Acquisition IP Agreements, Manufacturing Agreements and any
other agreements or contracts of any kind);

 

(k)            all
goods;

 

(l)            any
and all Intellectual Property and IP Licenses (including all IP Licenses under the Current Company IP Agreements and Current Acquisition
IP Agreements to which a Grantor is a party and the rights of such Grantor thereunder, and all of a Grantor’s right, title and interest
in, to and under any Internet Domain Names and Software) relating in any way to the research, development, manufacture, production, use,
commercialization, marketing, importing, storage, transport, offer for sale, distribution or sale of any Product in the Territory, including
any similar or equivalent rights to those set forth in any of clauses (a) through (f) of the definition of “Intellectual
Property”);

 

    -9-

     

    

 

(m)            all
instruments (including all promissory notes);

 

(n)            all
right, title and interest in, to and under any NDA relating to the commercialization, marketing, offer for sale, distribution or sale
of any Product in the Territory;

 

(o)            all
inventory;

 

(p)            all
investment property (including Pledged Collateral, Pledged Investment Property, Equity Interests, securities, securities accounts and
security entitlements with respect thereto and financial assets carried therein, and all commodity accounts and commodity contracts);

 

(q)            all
money;

 

(r)            all
letters of credit, letter-of-credit rights and supporting obligations;

 

(s)            all
commercial tort claims, in each case, (i) of which Grantor has Knowledge and (ii) with a predicted value of $1,000,000 or more
(as reasonably determined by a Responsible Officer of Borrower in good faith and based upon reasonable assumptions);

 

(t)            all
books, records, ledger cards, files, correspondence, customer lists, blueprints, technical specifications, manuals, computer software,
computer printouts, tapes, disks and other electronic storage media and related data processing software and similar items that at any
time pertain to or evidence or contain information relating to any of the other property described in this Section 3.1;

 

(u)            all
property of such Grantor held by the Collateral Agent for the benefit of Lenders and any other Secured Party, including all property of
every description, in the custody of or in transit to the Collateral Agent for the benefit of Lenders and any other Secured Party for
any purpose, including safekeeping, collection or pledge, for the account of such Grantor or as to which such Grantor may have any right
or power, including cash;

 

(v)            all
proceeds, products, accessions, rents and profits of or in respect of any of the foregoing;

 

(w)            to
the extent not otherwise included, all personal property of such Grantor, whether tangible or intangible and wherever located, and all
proceeds, products, accessions, rents, issues and profits of any and all of the foregoing and all collateral security, supporting obligations
and guarantees given by any Person with respect to any of the foregoing; and

 

(x)            to
the extent not otherwise included, all other properties or assets of whatever kind and nature subject or purported to be subject from
time to time to a Lien under any Collateral Document;

 

excluding,
however, all Excluded Property.

 

Section 3.2.     Grant
of Security Interest in Collateral.

 

(a)            Without
limiting any other security interest granted to the Collateral Agent, in favor of and for the benefit of Lenders and the other Secured
Parties, each Grantor, as collateral security for the prompt and complete payment and performance when due (whether at stated maturity,
by acceleration or otherwise) of the Obligations of such Grantor (the “Secured Obligations”), hereby pledges, hypothecates
and grants to the Collateral Agent, in favor and for the benefit of Lenders and the other Secured Parties, to secure the payment and
performance in full of all of the Obligations for the benefit of Lenders and the other Secured Parties, a first priority Lien (subject
only to Permitted Liens) on and continuing security interest in, all of its right, title and interest in, to and under the Collateral
of such Grantor, wherever located, whether now owned or hereafter acquired or arising. For the avoidance of doubt, no Lien or security
interest is hereby granted on, and “Collateral” shall not include, any Excluded Property; provided, however,
that if and when any property or asset shall cease to be Excluded Property, a first priority Lien (subject only to Permitted Liens) on
and security interest in such property or asset shall be deemed granted therein and, therefore, “Collateral” shall then include
any such property or asset. 

 

(b)            Notwithstanding
anything herein to the contrary, no Grantor or Subsidiary of any Grantor shall be required to take any action under laws outside the United
States to perfect any Lien of the Collateral Agent, for the benefit of Lenders and the other Secured Parties, on Collateral.

 

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Article IV

 

REPRESENTATIONS AND WARRANTIES

 

To induce the Collateral Agent
and Lenders to enter into the Loan Documents, each Grantor, jointly and severally with each other Grantor, represents and warrants each
of the following to the Collateral Agent, each Lender and the other Secured Parties:

 

Section 4.1.     Title;
No Other Liens. Except for the Lien granted to the Collateral Agent for the benefit of Lenders and the other Secured Parties pursuant
to this Agreement and any other Permitted Liens under any Loan Document (including Section 4.2 hereof), such Grantor owns
or otherwise has the rights it purports to have in each item of the Collateral, free and clear of any and all Liens or claims of others.
Such Grantor (a) is the record and beneficial owner of the Collateral pledged by it hereunder constituting instruments or certificates
and (b) except for Permitted Subsidiary Distribution Restrictions, has rights in or the power to transfer each other item of Collateral
in which a Lien is granted by it hereunder, free and clear of any other Lien other than any Permitted Liens.

 

Section 4.2.     Perfection
and Priority. Other than in respect of money and other Collateral subject to Section 9-311(a)(1) of the Code, the security
interest granted to the Collateral Agent pursuant to this Agreement constitutes a valid and continuing first priority perfected security
interest (subject, in the case of priority only, to Permitted Liens that are expressly permitted (if at all) by the terms of the Loan
Agreement or this Agreement to, or that by operation of law, have superior priority to the Lien and security interest granted to the Collateral
Agent for the benefit of Lenders and the other Secured Parties) in favor of and for the benefit of Lenders and the other Secured Parties
in all Collateral, subject, for the following Collateral, to the occurrence of the following: (a) in the case of all Collateral in
which a security interest may be perfected by filing a financing statement under the Code, the completion of the filings and other actions
specified on Schedule 2 of the Security Disclosure Letter (which, in the case of all filings and other documents referred
to on such schedule, have been duly authorized by the applicable Guarantor); (b) with respect to any account over which a Control
Agreement is required pursuant to Section 5.5 of the Loan Agreement, the execution of Control Agreements; (c) in the case of
all United States Trademarks, Patents and Copyrights for which Code filings are insufficient to effectuate perfection, all appropriate
filings having been made with the Applicable IP Office, as applicable; (d) in the case of all Pledged Certificated Stock, Pledged
Debt Instruments and Pledged Investment Property, the delivery to the Collateral Agent, for the benefit of Lenders and the other Secured
Parties, of such Pledged Certificated Stock, Pledged Debt Instruments and Pledged Investment Property consisting of instruments and certificates,
in each case, properly endorsed for transfer to the Collateral Agent or in blank; (e) in the case of all Pledged Uncertificated Stock,
the delivery to the Collateral Agent, for the benefit of the Lenders and the other Secured Parties, of an executed uncertificated stock
control agreement among the issuer, the registered owner and the Collateral Agent in the form attached as Annex 4 hereto; and (f) in
the case of all other instruments that are not Pledged Stock, if any, the delivery thereof to the Collateral Agent, for the benefit of
Lenders and the other Secured Parties, of such instruments. Such Lien on and security interest in Pledged Stock shall be prior to all
other Liens on such Collateral, subject to Permitted Liens having priority over the Collateral Agent’s Lien by operation of law
or as and to the extent expressly permitted (if at all) by any Loan Document. Subject to Section 3.2(b) above, except
to the extent expressly not required pursuant to the terms of the Loan Agreement or this Agreement, all actions by each Grantor necessary
or desirable to protect and perfect the first priority Lien on and security interest in the Collateral granted hereunder have been duly
taken.

 

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Section 4.3.     Pledged
Stock.

 

(a)            The
Pledged Stock issued by any Subsidiary of any Grantor pledged by such Grantor hereunder (i) consist of the number and types of Equity
Interests listed on Schedule 1 of the Security Disclosure Letter and constitutes that percentage of the issued and outstanding
equity of all classes of each issuer thereof as set forth on Schedule 1 of the Security Disclosure Letter, (ii) has been duly
authorized, validly issued and is fully paid and nonassessable (other than Pledged Stock in limited liability companies and partnerships),
and (ii) constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with
its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and subject to equitable principles (regardless of whether enforcement is sought in equity or at law). As of the date any Joinder
Agreement or Pledge Amendment is delivered pursuant to Section 8.6, the Pledged Stock pledged by each applicable Grantor thereunder
(x) is listed on the applicable schedule attached to such Joinder Agreement or Pledge Amendment, as applicable, and constitutes that
percentage of the issued and outstanding equity of all classes of each issuer thereof as set forth on such schedule, (y) has been
duly authorized, validly issued and is fully paid and non-assessable (other than Pledged Stock in limited liability companies and partnerships)
and (z) constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with its
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and subject to equitable principles (regardless of whether enforcement is sought in equity or at law).

 

(b)            (i) All
Pledged Certificated Stock has been delivered to the Collateral Agent, for the benefit of Lenders and the other Secured Parties, in accordance
with Section 5.2(a), and (ii) with respect to all Pledged Uncertificated Stock, uncertificated stock control agreements
in the form attached as Annex 4 hereto have been delivered to the Collateral Agent, for the benefit of Lenders and the other Secured
Parties, in accordance with Section 5.2(a).

 

(c)            Upon
the occurrence and during the continuance of an Event of Default, the Collateral Agent for the benefit of Lenders and the other Secured
Parties shall be entitled to exercise all of the rights of the Grantor granting the security interest in any Pledged Stock, and a transferee
or assignee of such Pledged Stock shall become a holder of such Pledged Stock to the same extent as such Grantor and, upon the transfer
of the entire interest of such Grantor, such Grantor shall, by operation of law, cease to be a holder of such Pledged Stock.

 

Article V

 

COVENANTS

  

Each Grantor agrees with the
Collateral Agent to the following, until the indefeasible payment in full of the Obligations (other than inchoate indemnity obligations)
and unless the Collateral Agent, on behalf of Lenders and the other Secured Parties, otherwise consents in writing:

 

Section 5.1.     Maintenance
of Perfected Security Interest; Further Documentation and Consents.

 

(a)            Subject
to the occurrence of the actions described in Section 4.2, which each Grantor shall promptly undertake, and except to the
extent perfection is either (i) mutually agreed between Borrower and the Collateral Agent not to be required under this Agreement
or the other Loan Documents or (ii) mutually agreed between Borrower and the Collateral Agent to be effected by filings of financing
statements or amendments thereto to be made by the Collateral Agent or any Lender or its Related Party pursuant to Section 7.2,
such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the priority
described in Section 4.2 and shall warrant and defend the Collateral covered by such security interest and such priority against
the claims and demands of all Persons (other than Secured Parties).

 

(b)            Such
Grantor shall furnish to the Collateral Agent at any time and from time to time statements and schedules further identifying and describing
the Collateral and such other documents in connection with the Collateral as the Collateral Agent may reasonably request in writing, in
all cases in reasonable detail and in form and substance reasonably satisfactory to the Collateral Agent (including in the case of any
commercial tort claim constituting Collateral, for the avoidance of doubt, reasonable detail identifying the specific claims subject to
the security interest granted in such commercial tort claims to the Collateral Agent pursuant to this Agreement).

 

(c)            At
any time and from time to time, upon the written request of the Collateral Agent, such Grantor shall, for the purpose of obtaining or
preserving the full benefits of this Agreement and the other Collateral Documents and of the rights and powers herein and therein granted,
(i) promptly and duly execute and deliver, and have recorded, such further documents, including an authorization to file (or, as
applicable, the filing) of any financing statement or amendment under the Code (or other filings under similar Requirements of Law) in
effect in any jurisdiction with respect to the security interest created hereby and (ii) take such further action as the Collateral
Agent may reasonably request in writing that is consistent with the requirements hereof and of the other Loan Documents, including executing
and delivering any Control Agreements required by Section 5.5 of the Loan Agreement with respect to the Collateral Accounts.

 

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Section 5.2.     Pledged
Collateral.

 

(a)            Delivery
of Pledged Collateral. Such Grantor shall, promptly after acquiring any Pledged Collateral not owned on the Closing Date: (i) deliver
to the Collateral Agent, in suitable form for transfer and in form and substance reasonably satisfactory to the Collateral Agent, (A) all
such Pledged Stock that is Pledged Certificated Stock, (B) all Pledged Debt Instruments having a face value in excess of $1,000,000;
and (C) all certificates and instruments evidencing Pledged Investment Property having a face value in excess of $1,000,000; (ii) subject
all Collateral Accounts required to be subject to a Control Agreement pursuant to the Loan Agreement to a Control Agreement; and (iii) cause
the issuer of any such Pledged Stock that is Pledged Uncertificated Stock to execute an uncertificated stock control agreement in the
form attached hereto as Annex 4, pursuant to which, inter alia, such issuer agrees to comply with the Collateral Agent’s
instructions with respect to such Pledged Uncertificated Stock without further consent by such Grantor, and, for the avoidance of doubt,
if any such Pledged Uncertificated Stock becomes certificated, promptly (but in any event within thirty (30) days thereof) deliver to
the Collateral Agent, in suitable form for transfer and in form and substance reasonably satisfactory to the Collateral Agent, all such
certificates, instruments or other similar documents (as defined in the Code). 

 

(b)            Event
of Default. During the continuance of any Event of Default and in connection with the exercise of rights or remedies hereunder or
under any other Loan Document, the Collateral Agent shall have the right, at any time in its discretion and without prior notice to any
Grantor, to (i) transfer to or to register in its name or in the name of its nominees any Pledged Stock and (ii) exchange any
certificate or instrument representing or evidencing any Pledged Stock for certificates or instruments of smaller or larger denominations.

 

(c)            Cash
Distributions with respect to Pledged Collateral and Pledged Investment Property. Except as provided in Article VI and
subject to any limitations set forth in the Loan Agreement, such Grantor shall be entitled to receive all cash distributions paid in respect
of the Pledged Collateral and the Pledged Investment Property.

 

(d)            Voting
Rights. Except as provided in Article VI, such Grantor shall be entitled to exercise all voting, consent and corporate,
partnership, limited liability company and similar rights with respect to the Pledged Collateral and Pledged Investment Property; provided,
however, that no vote shall be cast, consent, waiver or ratification given or right exercised (or failed to be exercised) or other
action taken (or failed to be taken) by such Grantor in any manner that would reasonably be expected to (i) violate or be inconsistent
with any of the terms of this Agreement or any other Loan Document or (ii) have the effect of materially impairing such Collateral
or the position or interests of the Secured Parties.

 

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Section 5.3.     Intellectual
Property. Such Grantor shall, promptly (and in no event later than fifteen (15) days) after delivery of financial statements pursuant
to Section 5.2(a) of the Loan Agreement), execute and deliver to the Collateral Agent, in form and substance reasonably acceptable
to the Collateral Agent and suitable for filing in the Applicable IP Office, the short-form intellectual property security agreements
in the form attached hereto as Annex 3 for all Collateral consisting of any newly-acquired Copyrights, Trademarks or Patents
(as applicable) of such Grantor registered in the Applicable IP Office during the applicable reporting period.

 

Article VI

 

REMEDIAL PROVISIONS

 

Section 6.1.     Code
and Other Remedies.

 

(a)            Code
Remedies. During the continuance of an Event of Default, the Collateral Agent, on behalf of Lenders and the other Secured Parties,
may exercise, in addition to all other rights and remedies granted to it in this Agreement, any IP Agreement, any other Loan Document
or in any other instrument or agreement securing, evidencing or relating to any Secured Obligation, all rights, powers and remedies of
a secured party under the Code or any other Requirements of Law or in equity.

 

(b)            Disposition
of Collateral. During the continuance of an Event of Default, without limiting the generality of the foregoing, the Collateral Agent
may (personally or through its agents or attorneys), without demand of performance or other demand, presentment, protest, advertisement
or notice of any kind (except any notice required by Requirements of Law referred to below) to or upon any Grantor or any other Person
(all and each of which demands, defenses, advertisements and notices are hereby waived): (i) enter upon the premises where any Collateral
is located, without any obligation to pay rent, through self-help, without judicial process, without first obtaining a final judgment
or giving Grantor or any other Person notice or opportunity for a hearing on the Collateral Agent’s or any Lender’s claim
or action; (ii) collect, receive, appropriate and realize upon any Collateral; (iii) store, process, repair or recondition
the Collateral or otherwise prepare any Collateral for disposition in any manner to the extent the Collateral Agent deems appropriate;
and (iv) sell, assign, license out, convey, transfer, grant option or options to purchase or license and deliver any Collateral
(or enter into contractual obligations to do any of the foregoing), in one or more parcels at public or private sale or sales, at any
exchange, broker’s board or office of the Collateral Agent or any Lender or other Secured Party or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption
of any credit risk. The Collateral Agent, on behalf of Lenders and the other Secured Parties, shall have the right, upon any such public
sale or sales and, to the extent permitted by the Code and other Requirements of Law, upon any such private sale or sales, to purchase
or license the whole or any part of the Collateral so sold or licensed, free of any right or equity of redemption of any Grantor, which
right or equity is hereby waived and released. The Collateral Agent, as representative of all Lenders and other Secured Parties, shall
be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral
sold at any such sale made in accordance with the Code, to use and apply any of the Secured Obligations as a credit on account of the
purchase price for any Collateral payable by the Collateral Agent on behalf of Lenders and the other Secured Parties, at such sale. If
the Collateral Agent on behalf of any Lender sells any of the Collateral upon credit, Grantor will be credited only with payments actually
made by purchaser and received by such Lender and applied to indebtedness of the purchaser. In the event the purchaser fails to pay for
the Collateral, the Collateral Agent may resell the Collateral and Grantor shall be credited with proceeds of the sale. Neither the Collateral
Agent nor any Lender shall have an obligation to marshal any of the Collateral. 

 

(c)            Management
of the Collateral. Each Grantor further agrees, that, during the continuance of any Event of Default, (i) at the Collateral Agent’s
request, it shall assemble the Collateral and make it available to the Collateral Agent at places that the Collateral Agent shall reasonably
select, whether at such Grantor’s premises or elsewhere, (ii) without limiting the foregoing, the Collateral Agent also has
the right to require that such Grantor store and keep any Collateral pending further action by the Collateral Agent and, while any such
Collateral is so stored or kept, provide such guards and maintenance services as shall be necessary to protect the same and to preserve
and maintain such Collateral in good condition, normal wear and tear excepted, (iii) until the Collateral Agent is able to sell,
assign, license out, convey or transfer any Collateral, the Collateral Agent shall have the right to hold or use such Collateral to the
extent that it deems appropriate for the purpose of preserving the Collateral or its value or for any other purpose deemed appropriate
by the Collateral Agent and (iv) the Collateral Agent may, if it so elects, seek the appointment of a receiver or keeper to take
possession of any Collateral and to enforce any of the Collateral Agent’s or any Lender’s remedies, with respect to such appointment
without any prior notice or hearing as to such appointment. The Collateral Agent shall not have any obligation to any Grantor to maintain
or preserve the rights of any Grantor as against other Persons with respect to any Collateral while such Collateral is in the possession
of the Collateral Agent.

 

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(d)            Application
of Proceeds. The Collateral Agent shall apply the cash proceeds received by it in respect of any sale of, any collection from, or
other realization upon all or any part of the Collateral, after deducting all reasonable costs and expenses of every kind incurred in
connection therewith or incidental to the care or safekeeping of any Collateral or in any way relating to the Collateral or the rights
of Lenders and the other Secured Parties, including reasonable and documented out-of-pocket attorneys’ fees and disbursements, to
the payment in whole or in part of the Secured Obligations, as set forth in the Loan Agreement, and only after such application and after
the payment by the Collateral Agent or Lenders of any other amount required by any Requirements of Law, need the Collateral Agent or any
Lender account for the surplus, if any, to any Grantor.

 

(e)            Direct
Obligation. Neither the Collateral Agent nor any Lender or other Secured Party shall be required to make any demand upon, or pursue
or exhaust any right or remedy against, any Grantor or any other Person with respect to the payment of the Obligations or to pursue or
exhaust any right or remedy with respect to any Collateral therefor or any direct or indirect guaranty thereof. All of the rights and
remedies of the Collateral Agent and Lenders and any other Secured Party shall be cumulative, may be exercised individually or concurrently
and not exclusive of any other rights or remedies provided by any Requirements of Law. To the extent it may lawfully do so, each Grantor
absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Collateral Agent,
Lenders or any other Secured Party, any valuation, stay, appraisement, extension, redemption or similar laws and any and all rights or
defenses it may have as a surety, now or hereafter existing, arising out of the exercise by any of them of any rights or remedies hereunder.
If any notice of a proposed sale or other disposition of any Collateral shall be required by Requirements of Law, such notice shall be
deemed reasonable and proper if given at least ten (10) days before such sale or other disposition.

 

(f)            Commercially
Reasonable. To the extent that applicable Requirements of Law impose duties on the Collateral Agent or any Lender or other Secured
Party to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is not commercially unreasonable
for the Collateral Agent or any Lender to do any of the following:

 

(i)            fail
to incur significant costs, expenses or other liabilities reasonably deemed as such by the Collateral Agent or such Lender to prepare
any Collateral for disposition or otherwise to complete raw material or work in process into finished goods or other finished products
for disposition;

 

(ii)            fail
to obtain permits, licenses or other consents for access to any Collateral to sell or license or for the collection or sale or licensing
of any Collateral, or, if not required by other Requirements of Law, fail to obtain permits, licenses or other consents for the collection
or disposition of any Collateral;

 

(iii)            fail
to exercise remedies against account debtors or other Persons obligated on any Collateral or to remove Liens on any Collateral or to remove
any adverse claims against any Collateral;

 

(iv)            advertise
dispositions of any Collateral through publications or media of general circulation, whether or not such Collateral is of a specialized
nature, or to contact other Persons, whether or not in the same business as any Grantor, for expressions of interest in acquiring any
such Collateral;

 

(v)            exercise
collection remedies against account debtors and other Persons obligated on any Collateral, directly or through the use of collection agencies
or other collection specialists, hire one or more professional auctioneers to assist in the disposition of any Collateral, whether or
not such Collateral is of a specialized nature, or, to the extent deemed appropriate by the Collateral Agent or such Lender, obtain the
services of other brokers, investment bankers, consultants and other professionals to assist the Collateral Agent or such Lender in the
collection or disposition of any Collateral, or utilize Internet sites that provide for the auction of assets of the types included in
the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets to dispose of any Collateral;

 

(vi)            dispose
of assets in wholesale rather than retail markets;

 

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(vii)            disclaim
warranties, such as title, merchantability, possession, non-infringement or quiet enjoyment; or

 

(viii)            purchase
insurance or credit enhancements to insure the Collateral Agent or any Lender or other Secured Party against risks of loss, collection
or disposition of any Collateral or to provide to the Collateral Agent and Lenders a guaranteed return from the collection or disposition
of any Collateral.

 

Each Grantor acknowledges that the purpose of
this Section 6.1 is to provide a non-exhaustive list of actions or omissions that are commercially reasonable when exercising
remedies against any Collateral and that other actions or omissions by the Collateral Agent, Lenders or any other Secured Party shall
not be deemed commercially unreasonable solely on account of not being indicated in this Section 6.1. Without limitation upon
the foregoing, nothing contained in this Section 6.1 shall be construed to grant any rights to any Grantor or to impose any
duties on the Collateral Agent or any Lender or other Secured Party that would not have been granted or imposed by this Agreement or by
applicable Requirements of Law in the absence of this Section 6.1.

 

(g)            IP
Licenses. To the extent permitted, and only for the purpose of enabling the Collateral Agent to exercise rights and remedies under
this Section 6.1 during the continuance of an Event of Default (including in order to take possession of, collect, receive,
assemble, process, appropriate, remove, realize upon, sell, assign, license out, convey, transfer or grant options to purchase any Collateral)
at such time as the Collateral Agent on behalf of Lenders and the other Secured Parties shall be lawfully entitled to exercise such rights
and remedies, each Grantor hereby grants to the Collateral Agent (i) an irrevocable, nonexclusive, assignable, license in the Territory
(exercisable without payment of royalty or other compensation to such Grantor), including the right to sublicense, use and practice any
and all Intellectual Property now owned or held or hereafter acquired or held by such Grantor and access to all media in which any of
the licensed items may be recorded or stored and to all Software and programs used for the compilation or printout thereof and (ii) 
an irrevocable license (without payment of rent or other compensation to such Grantor) to use, operate and occupy all real property owned,
operated, leased, subleased or otherwise occupied by such Grantor.

 

Section 6.2.     Accounts
and Payments in Respect of General Intangibles.

 

(a)            In
addition to, and not in substitution for, any similar requirement in the Loan Agreement, if required by the Collateral Agent at any time
during the continuance of an Event of Default, any payment of accounts or payment in respect of general intangibles relating to the Collateral,
when collected by any Grantor, shall be promptly (and, in any event, within two (2) Business Days of such collection) deposited by
such Grantor in the exact form received, duly indorsed by such Grantor to the Collateral Agent for the benefit of Lenders and the other
Secured Parties, in a Collateral Account, subject to withdrawal by the Collateral Agent as provided in Section 6.4. Until
so turned over, such payment shall be held by such Grantor in trust for the Collateral Agent for the benefit of Lenders and the other
Secured Parties, segregated from other funds of such Grantor. Each such deposit of proceeds of accounts and payments in respect of general
intangibles relating to the Collateral shall, upon the Collateral Agent’s request, be accompanied by a report identifying in reasonable
detail the nature and source of the payments included in the deposit.

 

(b)            At
any time during the continuance of an Event of Default:

 

(i)            each
Grantor shall, upon the Collateral Agent’s request, assemble and hold for the benefit of Lenders and the other Secured Parties all
original and other documents evidencing, and relating to, the contractual obligations and transactions that gave rise to any account or
any payment in respect of general intangibles included in or otherwise relating in any way to any of the Collateral, including all IP
Licenses, original orders, invoices and shipping receipts and notify account debtors that the accounts or general intangibles have been
collaterally assigned to the Collateral Agent for the benefit of Lenders and the other Secured Parties and that payments in respect thereof
shall be made directly to the Collateral Agent for the benefit of Lenders and the other Secured Parties or to any Lender on behalf of
itself and the other Secured Parties, as the Collateral Agent shall direct; and

 

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(ii)            each
Grantor shall take all actions, deliver all documents and provide all information necessary or reasonably requested by the Collateral
Agent to ensure any Internet Domain Name included in or otherwise relating in any way to any of the Collateral is registered.

 

(c)            Anything
herein to the contrary notwithstanding, each Grantor shall remain liable under each account and each payment in respect of general intangibles
included in the Collateral to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all
in accordance with the terms of any agreement giving rise thereto. Neither the Collateral Agent nor any Lender or other Secured Party
shall have any obligation or liability under any agreement giving rise to an account or a payment in respect of a general intangible included
in the Collateral by reason of or arising out of any Loan Document or the receipt by the Collateral Agent or any Lender or other Secured
Party of any payment relating thereto, nor shall the Collateral Agent nor any Lender or other Secured Party be obligated in any manner
to perform any obligation of any Grantor under or pursuant to any agreement giving rise to an account or a payment in respect of a general
intangible included in the Collateral, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received
by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce
any performance or to collect the payment of any amounts that may have been assigned to it or to which it may be entitled at any time
or times.

 

Section 6.3.     Pledged
Collateral.

 

(a)            Voting
Rights. During the continuance of an Event of Default, all rights of each Grantor to exercise or refrain from exercising the voting
and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall cease and all such rights shall thereupon
become vested in the Collateral Agent or a nominee on behalf of Lenders or the other Secured Parties, who shall thereupon have the sole
right to exercise such voting and other consensual rights, including (i) the right to exercise any voting, consent, corporate and
other right pertaining to the Pledged Collateral at any meeting of shareholders, partners or members, as the case may be, of the relevant
issuer or issuers of Pledged Collateral or otherwise, and (ii) any right of conversion, exchange and subscription and any other right,
privilege or option pertaining to the Pledged Collateral as if it were the absolute owner thereof (including the right to exchange at
its discretion any Pledged Collateral upon the merger, amalgamation, consolidation, reorganization, recapitalization or other fundamental
change in the corporate or equivalent structure of any issuer of Pledged Collateral, the right to deposit and deliver any Pledged Collateral
with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Collateral
Agent (or such nominee) on behalf of Lenders or the other Secured Parties may determine), all without liability except to account for
property actually received by it; provided, however, that the Collateral Agent (or such nominee) shall have no duty to any
Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

 

(b)            Proxies.
During the continuance of an Event of Default, in order to permit the Collateral Agent on behalf of Lenders and the other Secured Parties
to exercise the voting and other consensual rights that it may be entitled to exercise pursuant hereto and to receive all dividends and
other distributions that it may be entitled to receive hereunder, (i) each Grantor shall promptly execute and deliver (or cause to
be executed and delivered) to the Collateral Agent all such proxies, dividend payment orders and other instruments as the Collateral Agent
may from time to time reasonably request and (ii) without limiting the effect of clause (i) above, such Grantor
hereby grants to the Collateral Agent for the benefit of Lenders and the other Secured Parties an irrevocable proxy to vote all or any
part of the Pledged Collateral and to exercise all other rights, powers, privileges and remedies to which a holder of the Pledged Collateral
would be entitled (including giving or withholding written consents of shareholders, partners or members, as the case may be, calling
special meetings of shareholders, partners or members, as the case may be, and voting at such meetings), which proxy shall be effective,
automatically and without the necessity of any action (including any transfer of any Pledged Collateral on the record books of the issuer
thereof) by any other Person (including the issuer of such Pledged Collateral or any officer or agent thereof) during the continuance
of an Event of Default and which proxy shall only terminate upon (A) the cure of any and all Events of Default or (B) the indefeasible
payment in full of the Secured Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto
has been asserted).

 

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(c)            Authorization
of Issuers. Each Grantor hereby expressly and irrevocably authorizes and instructs, without any further instructions from such Grantor,
each issuer of any Pledged Collateral pledged hereunder by such Grantor to, and each Grantor that is an issuer of Pledged Collateral so
pledged hereunder hereby agrees to (i) comply with any instruction received by it from the Collateral Agent in writing that states
that an Event of Default is continuing and is otherwise in accordance with the terms of this Agreement and each Grantor agrees that such
issuer shall be fully protected from liabilities to such Grantor in so complying, and (ii) during the continuance of such Event of
Default, unless otherwise permitted hereby or by the Loan Agreement, pay any dividend or make any other payment with respect to the Pledged
Collateral directly to the Collateral Agent for the benefit of Lenders and the other Secured Parties or to any Lender on behalf of itself
and the other Secured Parties, as the Collateral Agent shall direct.

 

Section 6.4.     Proceeds
to be Turned over to and Held by Collateral Agent. Unless otherwise expressly provided in the Loan Agreement or this Agreement, during
the continuance of an Event of Default and, upon written notice by the Collateral Agent to the relevant Grantor or Grantors, all proceeds
of any Collateral received by any Grantor hereunder in cash or Cash Equivalents shall be held by such Grantor in trust for Lenders and
the other Secured Parties, segregated from other funds of such Grantor, and shall, promptly upon receipt by any Grantor, be turned over
to the Collateral Agent for the benefit of Lenders and the other Secured Parties in the exact form received (with any necessary endorsement).
All such proceeds of Collateral and any other proceeds of any Collateral received by the Collateral Agent in cash or Cash Equivalents
shall be held by the Collateral Agent for the benefit of itself and the other Secured Parties in a Collateral Account. All proceeds being
held by the Collateral Agent in a Collateral Account (or by such Grantor in trust for Lenders and the other Secured Parties) shall continue
to be held as collateral security for the Secured Obligations and shall not constitute payment thereof until applied as provided in the
Loan Agreement.

 

Section 6.5.     Sale
of Pledged Collateral.

 

(a)            Each
Grantor recognizes that the Collateral Agent may be unable to effect a public sale of any Pledged Collateral by reason of certain prohibitions
contained in the Securities Act and applicable state or foreign securities laws or otherwise or may determine that a public sale is impracticable,
not desirable or not commercially reasonable and, accordingly, may resort to one or more private sales thereof to a restricted group of
purchasers that shall be obliged to agree, among other things, to acquire such securities for their own account for investment and not
with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices
and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private
sale shall be deemed to have been made in a commercially reasonable manner. The Collateral Agent shall be under no obligation to delay
a sale of any Pledged Collateral for the period of time necessary to permit the issuer thereof to register such securities for public
sale under the Securities Act or under applicable state securities laws even if such issuer would agree to do so.

 

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(b)            Each
Grantor agrees to use commercially reasonable efforts to do or cause to be done all such other acts as may be reasonably necessary to
make such sale or sales of any portion of the Pledged Collateral pursuant to Section 6.1 and this Section 6.5
valid and binding and in compliance with all applicable Requirements of Law. Each Grantor further agrees that a breach of any covenant
contained herein will cause irreparable injury to the Collateral Agent, Lenders and the other Secured Parties, that the Collateral Agent,
Lenders and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every
covenant contained herein shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert
any defense against an action for specific performance of such covenants except for a defense that no Event of Default has occurred and
is continuing under the Loan Agreement or a defense of indefeasible payment in full of the Guaranteed Obligations (other than inchoate
indemnity obligations). Each Grantor waives any and all rights of contribution or subrogation upon the sale or disposition of all or any
portion of the Pledged Collateral by the Collateral Agent on behalf of Lenders and the other Secured Parties.

 

Section 6.6.     Deficiency.
Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of any Collateral are insufficient
to pay the Secured Obligations and the reasonable and documented fees and disbursements of any attorney employed by the Collateral Agent
or any Lender to collect such deficiency.

 

Section 6.7.     Collateral
Accounts. If any Event of Default shall have occurred and be continuing, the Collateral Agent may apply the balance from any Collateral
Account of a Grantor or instruct the bank at which any Collateral Account is maintained to pay the balance of any Collateral Account to
the Collateral Agent for the benefit of Lenders and the other Secured Parties or to any Lender on behalf of itself and the other Secured
Parties, as the Collateral Agent shall direct, to be applied to the Secured Obligations in accordance with the terms hereof.

 

Section 6.8.     Directions,
Notices or Instructions. Neither the Collateral Agent nor any Lender or any Related Party thereof or any other Secured Party shall
take any action under or issue any directions, notice or instructions pursuant to any Control Agreement or similar agreement unless an
Event of Default has occurred and is continuing.

 

Article VII

 

ADDITIONAL RIGHTS OF COLLATERAL AGENT

 

Section 7.1.     Collateral
Agent’s Appointment as Attorney-in-Fact.

 

(a)            Each
Grantor hereby irrevocably constitutes and appoints the Collateral Agent and any Related Party thereof, with full power of substitution,
as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name
of such Grantor or in its own name, for the purpose of carrying out the terms of the Loan Documents, to take any appropriate action and
to execute any document or instrument that may be necessary or desirable to accomplish the purposes of the Loan Documents, in each case
during the continuance of an Event of Default, and, without limiting the generality of the foregoing, each Grantor hereby gives the Collateral
Agent and its Related Party the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any of
the following when an Event of Default shall be continuing:

 

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(i)            in
the name of such Grantor, in its own name or otherwise, take possession of and indorse and collect any check, draft, note, acceptance
or other instrument for the payment of moneys due under any account or general intangible or with respect to any other Collateral and
file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Collateral
Agent for the purpose of collecting any such moneys due under any account or general intangible or with respect to any other Collateral
whenever payable;

 

(ii)            in
the case of any Intellectual Property (including any IP Ancillary Rights) or any IP Licenses included in the Collateral, execute, deliver
and have recorded any document that the Collateral Agent may request to evidence, effect, publicize or record the Collateral Agent’s
security interest, in favor of and for the benefit of Lenders and the other Secured Parties, in such Intellectual Property or IP Licenses
and the goodwill and general intangibles of such Grantor relating thereto or represented thereby and the Collateral Agent’s (on
behalf of Lenders and the other Secured Parties) rights and remedies with respect thereto;

 

(iii)            pay
or discharge taxes and Liens levied or placed on or threatened against any Collateral, effect any repair or obtain or pay any insurance
called for by the terms of the Loan Agreement (including all or any part of the premiums therefor and the costs thereof);

 

(iv)            execute,
in connection with any sale provided for in Section 6.1 or 6.5, any document to effect or otherwise necessary or appropriate
in relation to evidence the sale of any Collateral; or

 

(v)            (A) direct
any party liable for any payment under any Collateral to make payment of any moneys due or to become due thereunder directly to the Collateral
Agent or as the Collateral Agent shall direct, (B) ask or demand for, and collect and receive payment of and receipt for, any moneys,
claims and other amounts due or to become due at any time in respect of or arising out of any Collateral, (C) commence and prosecute
any suit, action or proceeding at law or in equity in any court of competent jurisdiction to collect any Collateral and to enforce any
other right in respect of any Collateral, (D) defend any actions, suits, proceedings, audits, claims, demands, orders or disputes
brought against such Grantor with respect to any Collateral, (E) settle, compromise or adjust any such actions, suits, proceedings,
audits, claims, demands, orders or disputes and, in connection therewith, give such discharges or releases as the Collateral Agent may
deem appropriate, (F) assign or license any Intellectual Property included in the Collateral on such terms and conditions and in
such manner as the Collateral Agent shall in its sole discretion determine, including the execution and filing of any document necessary
to effectuate or record such assignment or license and (G) generally, sell, assign, license, convey, transfer or grant a Lien on,
make any contractual obligation with respect to and otherwise deal with, any Collateral as fully and completely as though the Collateral
Agent on behalf of Lenders and the other Secured Parties were the absolute owner thereof for all purposes and do, at the Collateral Agent’s
option, at any time or from time to time, all acts and things that the Collateral Agent deems necessary to protect, preserve or realize
upon any Collateral and the Collateral Agent’s, in favor of and for the benefit of Lenders and the other Secured Parties, security
interests therein and to effect the intent of the Loan Documents, all as fully and effectively as such Grantor might do.

 

(vi)            If
any Grantor fails to perform or comply with any contractual obligation contained herein, the Collateral Agent, at its option, but without
any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such contractual obligation.

 

(b)            Without
limiting the generality of Section 2.4 of the Loan Agreement, the Lender Expenses and any other reasonable and documented out-of-pocket
expenses of the Collateral Agent and any Lender and other Secured Party incurred in connection with the taking of any actions pursuant
to or as otherwise contemplated by this Section 7.1, together with, solely in the event any Grantor fails to pay any of the
Obligations when due or upon the commencement and during the continuance of an Insolvency Proceeding of the Borrower or, at the election
of the Required Lenders, upon the occurrence and during the continuance of any other Event of Default, interest thereon at the Default
Rate, from the date of payment by such Person to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to such
Person in accordance with Section 2.4 of the Loan Agreement.

 

    -20-

     

    

 

(c)            Each
Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue of this Section 7.1. All powers,
authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until the indefeasible payment
in full of the Secured Obligations (other than inchoate indemnity obligations), this Agreement is terminated and the security interests
created hereby are released.

 

Section 7.2.     Authorization
to File Financing Statements. Each Grantor authorizes the Collateral Agent and its Related Party, at any time and from time to time,
without notice to any Grantor, to file or record financing statements, amendments thereto, and other filing or recording documents or
instruments with respect to any Collateral in such form, in such jurisdictions and in such offices as the Collateral Agent reasonably
determines appropriate to perfect or protect the security interests of the Collateral Agent, in favor of and for the benefit of Lenders
and the other Secured Parties, under this Agreement or any other Loan Document (and the Collateral Agent’s and each Lender’s
and each other Secured Party’s rights in respect thereof), and such financing statements and amendments may describe the Collateral
covered thereby as “all assets of the debtor” or words of similar effect and may include a notice that any disposition
of the Collateral, by any Grantor or other Person, shall be deemed to violate the rights of the Collateral Agent and Lenders and other
Secured Parties under the Code to the extent not permitted under this Agreement or any other Loan Document. A photographic or other reproduction
of this Agreement shall be sufficient as a financing statement or other filing or recording document or instrument for filing or recording
in any jurisdiction. Such Grantor also hereby ratifies its authorization for the Collateral Agent to have filed any initial financing
statement or amendment thereto under the Code (or other similar laws) in effect in any jurisdiction if filed prior to the date hereof.

 

Section 7.3.     Authority
of Collateral Agent. Each Grantor acknowledges that, as between the Collateral Agent and the Grantors, the Collateral Agent shall
be conclusively presumed to be acting as agent for each Lender and all of the other Secured Parties with full and valid authority so to
act or refrain from acting, and no Grantor shall be under any obligation or entitlement to make any inquiry respecting such authority.

 

Section 7.4.     Duty;
Obligations and Liabilities.

 

(a)            Duty
of Collateral Agent. The Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of
the Collateral in its possession shall be to deal with it in the same manner as it deals with similar property for its own account. The
powers conferred on the Collateral Agent hereunder are solely to protect each Lender’s and the other Secured Parties’ interest
in the Collateral and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent shall be accountable
only for amounts that it receives as a result of the exercise of such powers, and neither it nor any of its Related Parties shall be responsible
to any Grantor for any act or failure to act hereunder, except for its or their own gross negligence, bad faith or willful misconduct
as finally determined by a court of competent jurisdiction. In addition, the Collateral Agent shall not be liable or responsible for any
loss or damage to any Collateral, or for any diminution in the value thereof, by reason of the act or omission of any warehousemen, carrier,
forwarding agency, consignee or other bailee if such Person has been selected by the Collateral Agent in good faith.

 

    -21-

     

    

 

(b)            Obligations
and Liabilities with respect to Collateral. Neither the Collateral Agent nor Lenders or any other Secured Parties nor any of their
respective Related Parties shall be liable for failure to demand, collect or realize upon any Collateral or for any delay in doing so
or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or
to take any other action whatsoever with regard to any Collateral.

 

Article VIII

 

MISCELLANEOUS

 

Section 8.1.     Reinstatement.
Each Grantor agrees that, if any payment made by any Credit Party or other Person and applied to the Secured Obligations is at any time
annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or
repaid, or the proceeds of any Collateral are required to be returned by any Secured Party to such Credit Party, its estate, trustee,
receiver or any other party, including any Grantor, under any bankruptcy law, state or federal law, common law or equitable cause, then,
to the extent of such payment or repayment, any Lien or other Collateral securing such liability shall be and remain in full force and
effect, as fully as if such payment had never been made. If, prior to any of the foregoing, (a) any Lien or other Collateral securing
such Grantor’s liability hereunder shall have been released or terminated by virtue of the foregoing or (b) any provision of
the Guaranty hereunder shall have been terminated, cancelled or surrendered, such Lien, other Collateral or provision shall be reinstated
in full force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair
or otherwise affect the obligations of such Grantor in respect of any Lien or other Collateral securing such obligation or the amount
of such payment.

 

Section 8.2.     Release
of Collateral and Guarantee Obligations.

 

(a)            When
all Obligations (other than unasserted inchoate indemnity obligations) have been indefeasibly paid in full, the Collateral shall be released
from the Lien created hereby and this Agreement and all obligations (other than those expressly stated to survive such termination) of
each Lender and any other Secured Party and each Guarantor and Grantor hereunder shall terminate, all without delivery of any instrument
or performance of any act by any party (except as required hereunder), and all rights of the Collateral Agent, Lenders and any other Secured
Parties to the Collateral shall revert to the Grantors.

 

(b)            In
connection with any termination or release pursuant to this Section 8.2, the Collateral Agent shall, and to the extent required,
each Secured Party hereby authorizes the Collateral Agent to, promptly execute and deliver to any Grantor all instruments, documents and
agreements which such Grantor shall reasonably request in writing to evidence and confirm such termination or release (including termination
statements under the Code and customary payoff letters), and will duly assign, transfer and deliver to such Grantor (or its designee),
such of the Collateral that may be in the possession of the Collateral Agent, all without further consent or joinder of the Collateral
Agent or any Lender or other Secured Party.

 

(c)            Any
termination or release pursuant to this Section 8.2 is subject to reinstatement as provided in Section 8.1.

 

(d)            Upon
the release of the Liens on any Collateral or of a Grantor from all of its obligations as a Credit Party under the Loan Agreement and
as a Grantor hereunder, any representation, warranty or covenant contained in any Loan Document relating to any such Collateral or such
Grantor, as applicable, shall no longer be deemed to be made.

 

(e)            Without
limiting the generality of Section 2.4 of the Loan Agreement, the Lender Expenses and any other reasonable and documented out-of-pocket
expenses of the Collateral Agent and any Lender and other Secured Party incurred in connection with the taking of any actions pursuant
to or as otherwise contemplated by this Section 8.2 in accordance with Section 2.4 of the Loan Agreement.

 

Section 8.3.     Independent
Obligations. The obligations of each Grantor hereunder are independent of and separate from the Secured Obligations and the Guaranteed
Obligations. Upon any Event of Default and during the continuance thereof, the Collateral Agent for the benefit of Lenders and the other
Secured Parties may, at its sole election, proceed directly and at once, without notice, against any Grantor and any Collateral to collect
and recover the full amount of any Secured Obligation or Guaranteed Obligation then due, without first proceeding against any other Grantor,
any other Credit Party or any other Collateral and without first joining any other Grantor or any other Credit Party in any proceeding.

 

    -22-

     

    

 

Section 8.4.     No
Waiver by Course of Conduct. Neither the Collateral Agent nor any Secured Party shall by any act (except by a written instrument pursuant
to Section 8.5), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent
or any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any
right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. A waiver by the Collateral Agent or any Secured Party of any right or remedy hereunder on any one occasion shall not be construed
as a bar to any right or remedy that the Collateral Agent or any Secured Party would otherwise have on any future occasion.

 

Section 8.5.     Amendments
in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in
accordance with Section 11.5 of the Loan Agreement; provided, however, that annexes to this Agreement may be
supplemented (but no existing provisions may be modified and no Collateral may be released) through Pledge Amendments and Joinder Agreements,
in substantially the form of Annex 1 and Annex 2 attached hereto, respectively, in each case, duly executed by
the Collateral Agent and each Grantor directly affected thereby.

 

Section 8.6.     Additional
Grantors and Guarantors; Additional Pledged Collateral.

 

(a)            Joinder
Agreements. If, at the option of Borrower or as required pursuant to Section 5.12 or Section 5.13 of the Loan Agreement,
Borrower shall cause any Subsidiary (other than an Excluded Subsidiary) that is not a Grantor or Guarantor to become a Grantor and Guarantor
hereunder, such Subsidiary shall execute and deliver to the Collateral Agent a Joinder Agreement substantially in the form of Annex 2
attached hereto and shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Grantor
party hereto on the Closing Date.

 

(b)            Pledge
Amendments. To the extent any Pledged Collateral has not been delivered as of the Closing Date, such Grantor shall, promptly after
such Pledged Collateral is acquired, deliver a pledge amendment duly executed by the Grantor in substantially the form of Annex 1
attached hereto (each, a “Pledge Amendment”). Such Grantor authorizes the Collateral Agent to attach each Pledge Amendment
to this Agreement.

 

Section 8.7.     Notices.
All notices, requests and demands to or upon the Collateral Agent or any Grantor hereunder shall be effected in the manner provided for
in Section 9 of the Loan Agreement; provided, however, that any such notice, request or demand to or upon any Grantor
shall be addressed to Borrower’s notice address set forth in Section 9 of the Loan Agreement.

 

Section 8.8.     Successors
and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of the
Collateral Agent and each Secured Party and their respective successors and assigns; provided, however, that no Grantor
may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Collateral
Agent.

 

Section 8.9.     Counterparts.
This Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may
be detached from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this
Agreement by facsimile transmission or by electronic transmission shall be as effective as delivery of a manually executed counterpart
hereof.

 

Section 8.10.     Severability.
Any provision of this Agreement being held illegal, invalid or unenforceable in any jurisdiction shall not affect any part of such provision
not held illegal, invalid or unenforceable, any other provision of this Agreement or any part of such provision in any other jurisdiction.

 

Section 8.11.     Choice
of Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS 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 AND THE TRANSACTIONS CONTEMPLATED
HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    -23-

     

    

 

Section 8.12.     Jury
Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ITS RIGHT TO A JURY
TRIAL IN ANY CLAIM, SUIT, ACTION OR PROCEEDING WITH RESPECT TO, OR DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH,
THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN AND THEREIN OR RELATED HERETO OR THERETO (WHETHER FOUNDED
IN CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO OTHER PARTY AND NO RELATED PARTY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER, (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 8.12 AND (C) HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

SECTION 10 OF THE LOAN
AGREEMENT IS HEREBY INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS.

 

Section 8.13.     Amendment
and Restatement.

 

(a)            This
Agreement amends and restates in its entirety, and replaces, the terms of (and obligations outstanding under) the Prior Guaranty and Security
Agreement, and the Prior Guaranty and Security Agreement shall have no further force or effect.

 

(b)            All
 “Secured Obligations” existing under the Prior Guaranty and Security Agreement shall be deemed to be outstanding under this
Agreement and, in each case (i) are in all respects enforceable with only the terms thereof being modified as provided by this Agreement
and (ii) shall in all respects be continuing after the Amendment Effective Date and shall be deemed to be Secured Obligations governed
by this Agreement; provided, however, that all “Secured Obligations” existing under the Prior Guaranty and Security
Agreement shall be paid and satisfied in full in accordance with Article 3 of the Loan Agreement and, if and to the extent so paid
and satisfied, shall be terminated and no longer enforceable under this Agreement upon such payment and satisfaction on the Closing Date,
shall not in any respects be continuing after the Closing Date and shall no longer be deemed to be Secured Obligations governed by this
Agreement upon such payment and satisfaction on the Closing Date.

 

(c)            On
and after the Amendment Effective Date, all references to the Prior Guaranty and Security Agreement or the “Security Agreement”
in any and all of the existing Loan Documents executed in connection with the Prior Loan Agreement, whether on the Effective Date or at
any time thereafter but prior to the Amendment Effective Date, shall be deemed to include references to this Agreement, as amended, restated,
supplemented or otherwise modified from time to time.

 

(d)            Each
party to this Agreement acknowledges and agrees that this Agreement and the documents executed and delivered in connection herewith do
not constitute a novation, payment and reborrowing or termination of any of the Secured Obligations under the Prior Guaranty and Security
Agreement as in effect prior to the Amendment Effective Date or a novation or payment and reborrowing of any amount owing under the Prior
Loan Agreement as in effect prior to the Amendment Effective Date.

 

[Signature Pages Follow]

 

    -24-

     

    

 

IN WITNESS WHEREOF, each of
the undersigned has caused this Amended and Restated Guaranty and Security Agreement to be duly executed and delivered as of the date
first above written.

 

	COLLEGIUM PHARMACEUTICAL, INC., 
	as Borrower and Grantor	 
	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	COLLEGIUM SECURITIES CORPORATION,
	as a Grantor
	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	 	 
	BRISTOL ACQUISITION COMPANY INC.,
	as a Grantor
	 	 
	By: 	 	 
	Name:  	 
	Title:	 

 

Signature Page to Amended and Restated Guaranty and Security Agreement

 

     

     

    

 

	ACCEPTED AND AGREED	 
	as of the date first above written:	 
	 	 
	BIOPHARMA CREDIT PLC,	 
	as Collateral Agent	 
	 	 
	By: Pharmakon Advisors, LP,	 
	its Investment Manager	 
	 	 
	By: Pharmakon Management I, LLC,	 
	its General Partner	 
	 	 
	 	 
	By:	            	 
	Name:  Pedro Gonzalez de Cosio	 
	Title:  Managing Member	 

 

Signature Page to
Amended and Restated Guaranty and Security Agreement

 

    	 	 	 

     

    

 

EXHIBIT D

 

COMPLIANCE
CERTIFICATE

 

TO:        BIOPHARMA
CREDIT PLC

 

FROM:  COLLEGIUM
PHARMACEUTICAL, INC.

 

The undersigned authorized
officer of COLLEGIUM PHARMACEUTICAL, INC., a Virginia corporation (“Borrower”) hereby certifies, solely in his/her
capacity as a Responsible Officer of Borrower and not in his/her personal capacity, that in accordance with the terms and conditions
of the Amended and Restated Loan Agreement (the “Loan Agreement”; capitalized terms used, but not defined herein having
the meanings given them in the Loan Agreement) dated as of March 22, 2022 by and among Borrower, the Guarantors from time to time
party thereto, BIOPHARMA CREDIT PLC, a public limited company incorporated under the laws of England and Wales (as “Collateral
Agent”) and the Lenders party thereto:

 

(i)            The
Credit Parties are in compliance for the period ending _______________ with all required covenants set forth in the Loan Agreement, except
as noted below;

 

(ii)            No
Default or Event of Default has occurred and is continuing, except as noted below;

 

(iii)            Each
Credit Party and each of its Subsidiaries has timely filed all foreign, U.S. federal and state income Tax returns and other material
Tax returns and reports (or extensions thereof) of each Credit Party and each of its Subsidiaries required to be filed by any of them
and such returns and reports are correct in all material respects, and has timely paid all material Taxes, assessments, deposits and
contributions imposed upon such Credit Party or Subsidiary or any of its properties or assets or in respect of any of its income, businesses
or franchises, which are due and payable by such Credit Party or Subsidiary, except as otherwise permitted pursuant to the terms of Section 4.10
or Section 5.3 of the Loan Agreement; and

 

(iv)            No
Liens have been levied or claims made against any Credit Party or any of its Subsidiaries relating to unpaid employee payroll or benefits
of which (a) such Credit Party has not previously provided written notification to the Collateral Agent or (b) which do not
constitute Permitted Liens.

 

Attached are the required
documents, if any, supporting our certification(s). The undersigned Responsible Officer of Borrower further certifies, in such capacity
and not in his/her personal capacity, that the attached financial statements (which shall not be attached if such financial statements
are deemed to be delivered by filing with the SEC on Form 10-Q or 10-K, as applicable) fairly present, in all material respects,
the consolidated financial condition, results of operations and cash flows of Borrower and its Subsidiaries as of the applicable dates
and for the applicable periods in accordance with Applicable Accounting Standards consistently applied (taking into account the provisions
of Section 1 of the Loan Agreement if and to the extent applicable).

 

Date: ______________________

 

[Signature page follows]

 

    	 	 	 

     

    

 

	COLLEGIUM PHARMACEUTICAL, INC.,
 as Borrower	 
	 	 
	By:	                                          	 
	Name:	 	 
	Title:	 	 

 

    	 	 	 

     

    

 

Please indicate compliance
status since the last Compliance Certificate by circling Yes, No, or N/A under “Complies” column.

 

	 	Reporting Covenant	 	Requirement	 	Complies
	1)	Annual Financial Statements	 	90 days after year end	 	Yes	No	N/A
	2)	Quarterly Financial Statements	 	45 days after quarter end	 	Yes	No	N/A
	3)	Other Information after an Event of Default	 	5 Business Days after request	 	Yes	No	N/A
	4)	Legal Action Notice	 	Promptly	 	Yes	No	N/A
	5)	Notice of Default, etc.	 	Promptly (within 5 Business Days) after knowledge	 	Yes	No	N/A

 

	Deposit and Securities Accounts	(Please list all accounts and indicate
    each Excluded Account with an asterisk (*); attach separate sheet if additional space needed)

 

	 	Bank	 	Account Number	 	New Account?	 	Acct Control

 Agmt in place?
	1)	 	 	 	 	Yes	No	 	Yes	No
	2)	 	 	 	 	Yes	No	 	Yes	No
	3)	 	 	 	 	Yes	No	 	Yes	No
	4)	 	 	 	 	Yes	No	 	Yes	No
	5)	 	 	 	 	Yes	No	 	Yes	No
	6)	 	 	 	 	Yes	No	 	Yes	No
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Other Matters	 	 	 	 	 	 	 	 
	 	Have there been any changes in management since the last Compliance Certificate?	 	 	Yes	 	No	 
	 	 	 	 	 	 	 	 
	 	Have there been any prohibited Transfers?	 	 	Yes	 	No	 
	 	Exceptions	 	 	 	 	 	 
	 	Please explain any exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions.” Attach separate sheet if additional space needed.)	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	LENDER USE ONLY	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Compliance Status	Yes	No

 

    	 	 	 

     

    

 

EXHIBIT E

 

COMMITMENTS;
NOTICE ADDRESSES

 

	Lender	Commitments	Notice Address
	BPCR Limited Partnership	
    Term Loan Commitment:

    $325,000,000.00

     

     
	
    BPCR LIMITED PARTNERSHIP

    c/o Beaufort House

    51 New North Road

    Exeter EX4 4EP

    United Kingdom

    Attn: Company Secretary

    Tel: ***

    Fax: ***

    Email: ***

     

    with copies (which shall not constitute notice)
    to:

     

    PHARMAKON ADVISORS LP

    110 East 59th Street, #3300

    New York, NY 10022

    Attn: Pedro Gonzalez de Cosio

    Phone: ***

    Fax: ***

    Email: ***

     

    and

     

    AKIN GUMP STRAUSS HAUER & FELD LLP

    One Bryant Park

    New York, NY 10036-6745

    Attn: Geoffrey E. Secol

    Phone: ***

    Fax: ***

    Email: ***

     

	BioPharma Credit Investments V (Master) LP	
    Term Loan Commitment:

    $325,000,000.00

     
	
    BIOPHARMA CREDIT INVESTMENTS V (MASTER) LP

    c/o BioPharma Credit Investments V GP LLC

    c/o Walkers Corporate Limited

    190 Elgin Avenue,

    George Town, Grand Cayman KY1-9008

    Attn: Pedro Gonzalez de Cosio

     

    with copies (which shall not constitute notice) to:

     

    PHARMAKON ADVISORS LP

    110 East 59th Street, #3300

    New York, NY 10022

    Attn: Pedro Gonzalez de Cosio

    Phone: ***

    Fax: ***

    Email: ***

     

    and

     

    AKIN GUMP STRAUSS HAUER & FELD LLP

    One Bryant Park

    New York, NY 10036-6745

    Attn: Geoffrey E. Secol

    Phone: ***

    Fax: ***

    Email: ***

     

 

    	 	 	 

     

    

 

EXHIBIT F

 

FORM OF
SOLVENCY CERTIFICATE

 

SOLVENCY CERTIFICATE

 

March 22, 2022

 

This Solvency Certificate is
being executed and delivered pursuant to Section 3.1(b)(ii) of the Amended and Restated Loan Agreement, dated as of the date
hereof (the “Loan Agreement”), by and among Collegium Pharmaceutical, Inc., a Virginia corporation (the
 “Borrower”), the Guarantors from time to time party thereto, the Lenders party thereto and BIOPHARMA CREDIT
PLC, as Collateral Agent. Capitalized terms used but not otherwise defined herein have the meanings assigned to such terms in the Loan
Agreement.

 

I am the duly qualified and
acting Chief Financial Officer of the Borrower, and in such capacity and not in an individual capacity, I certify as follows:

 

As of the date hereof, immediately
after the consummation of the transactions contemplated by the Acquisition Agreement and after giving effect to the Acquisition of the
Acquisition Target, (i) the fair value of the assets of the Borrower and its Subsidiaries on a consolidated basis will exceed the
debts and liabilities, direct, subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on a consolidated basis, respectively;
(ii) the present fair saleable value of the property of the Borrower and its Subsidiaries on a consolidated basis will be greater
than the amount that will be required to pay the probable liability of the Borrower and its Subsidiaries on a consolidated basis, respectively,
on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute
and matured; (iii) the Borrower and its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, direct,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Borrower and its
Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are
engaged as such businesses are now conducted and are proposed to be conducted after the date hereof. In computing the amount of contingent
or unliquidated liabilities as of such date, such liabilities shall be computed at the amount that, in light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

	 	COLLEGIUM PHARMACEUTICAL, INC.,
 as Borrower
	 	 
	 	By: 	                                       
	 	Name: Colleen Tupper
	 	Title: Chief Financial OfficerEX-10.1

 Exhibit 10.1 

PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into this 17th day of March, 2022 by and between HARRISON LIMITED PARTNERSHIP ONE, a North Carolina limited partnership (“Seller”); and CCBCC OPERATIONS, LLC, a Delaware limited liability company
(“Buyer”). Unless otherwise defined in this Agreement, the capitalized terms used in this Agreement have the meanings given such terms in Section 1 hereof (unless the context otherwise requires). 

RECITALS: 
 A.
Seller is the owner of certain Real Property and Improvements (each as defined in Section 1 hereof) located at 5001 Chesapeake Drive, 4845 Chesapeake Drive, and 801 Black Satchel Drive in Charlotte, Mecklenburg County,
North Carolina, and commonly known as the Snyder Production Center and having tax parcel identification numbers 03932101, 03932108, and 03932107, and as more particularly described on Exhibit A attached hereto and incorporated herein by this
reference. 
 B. Buyer desires to purchase and Seller desires to sell the Property (hereinafter defined in
Section 1 hereof) pursuant to the terms stated herein. The transactions contemplated hereby are being entered into in connection with a series of transactions between certain affiliates of Seller and certain affiliates of
Buyer. During the course of those negotiations, Buyer has initiated and completed its due diligence on the Property. On that basis, Buyer is willing to forego a customary due diligence period and the parties desire to simultaneously sign and close
the transactions contemplated under this Agreement. 
 AGREEMENT: 

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants, representations, warranties and agreements contained herein, and for
other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged by all the parties, it is agreed as follows: 

SECTION 1. Definitions. For purposes of this Agreement, the following capitalized terms used herein shall have the
meanings set forth below: 
 “Environmental Law” means any federal, state, or local law, statute, ordinance, regulation,
order or rule pertaining to health, industrial hygiene or environmental conditions, including, without limitation, the Comprehensive Environmental Response, Conservation and Liability Act; the Resource Conservation and Recovery Act; the Federal
Clean Water Act; the Federal Insecticide, Fungicide, and Rodenticide Act; the Federal Toxic Substances Control Act; the Federal Safe Drinking Water Act; the Federal Hazardous Materials Transportation Act; and environmental laws of the State of North
Carolina, including, without limitation, any laws regarding (i) Hazardous Substances, (ii) drinking water, (iii) underground storage of Hazardous Substances, (iv) hazardous waste management and/or (v) the presence or
treatment of mold, mildew or similar materials. 

 “Hazardous Substance” means (a) those substances included within the
definition of “Hazardous Substances,” “Hazardous Materials,” “Toxic Substances,” “Hazardous Waste,” or “Solid Waste” in any Environmental Law or in the regulations promulgated pursuant thereto;
(b) those substances listed in the United States Department of Transportation Table (9 C.F.R. 172.101 and any amendments thereto) or by the Environmental Protection Agency as hazardous substances (40 C.F.R. Part 302 and amendments thereto); (c)
such other chemicals, substances, material, toxins, contaminants and wastes that are or become regulated under the applicable local, state, or federal laws or regulations; (d) oil and petroleum products, asbestos, polychlorinated biphenyls,
TCE, PCE or urea formaldehyde; and (e) mold, mildew and similar materials. 
 “Improvements” means all buildings,
landscaping, parking, signs and other improvements now or hereafter situated on the Real Property (not including the Personal Property), and all right, title and interest appurtenant to the Improvements, including, without limitation, (a) any
easement, right-of-way, license, interest, right and appurtenance of any kind relating to the Improvements, (b) any award from and after the Closing Date relating
to any damage or any condemnation or other taking (whether permanent or temporary) of the Improvements or any rights related thereto, and (c) any insurance proceeds relating to any casualty loss due and owing to Seller as a result of damage or
destruction of all or any portion of the Improvements to the extent not applied by Seller to restore the Improvements. 
 “Judicial
Action” means any action, lawsuit, claim, proceeding, or investigation (or group of related actions, lawsuits, proceedings or investigations) brought before any court or other adjudicative body. 

“Lease” means that certain Lease Agreement by and between Coca-Cola Consolidated, Inc. (“CCCI”), as Tenant,
and Seller, as Landlord, dated March 23, 2009, and as amended by that certain First Amendment to Lease Agreement by and between CCCI and Seller dated June 30, 2020 (the “First Amendment”). 

“Personal Property” means all right, title and interest of Seller in and to (i) all equipment, furniture, furnishing,
fixtures, and personalty, if any, located at the Real Property and/or the Improvements or affixed to any of the Real Property or the Improvements, which is owned by Seller and used in the operation of the Improvements and (ii) all governmental
approvals, licenses, entitlements, trademarks, goodwill, and other intangible property owned by Seller or otherwise appurtenant or relating to the Real Property. 

“Property” means, collectively, the Improvements, the Real Property, the Personal Property, and the Warranties (if any). 

“Real Property” means that certain tract or parcel of land located at 5001 Chesapeake Drive, 4845 Chesapeake Drive, and 801
Black Satchel Drive in Charlotte, Mecklenburg County, North Carolina, and more particularly described on Exhibit A attached hereto and incorporated herein by this reference, together with all right, title and interest appurtenant to such
land, including, without limitation, any easements, rights of way, licenses, mineral rights, water rights, water stock and all other interests, rights and appurtenances of any kind relating to the land, and Seller’s interest, if any, in any
land lying in the bed of any highway, street, road, avenue, access-way or in any easement, opened or proposed, in front of, at a side or adjoining such land. 

 “Tenant” means CCCI, as Tenant under the Lease. 

“Title Company” means Chicago Title Insurance Company, or such other title company as shall be designated by Buyer. 

“Warranties” means the warranties set forth on Schedule 2 attached hereto and incorporated herein by reference and any
other warranties relating to the Improvements or to the construction thereof. 
 SECTION 2. Purchase Price and Terms of
Payment. The purchase price (“Purchase Price”) for the Property is Sixty Million and No/100 Dollars ($60,000,000.00). Upon Closing, the Purchase Price shall be paid by Buyer to Seller in immediately available funds.

 SECTION 3. Conveyance and Title. Subject to the terms and conditions of this Agreement and for the
consideration set forth herein, Seller agrees to convey, transfer, assign, sell and deliver to Buyer at Closing all of the following: 
 A.
Fee simple title to the Real Property and Improvements by special warranty deed, subject only to the Permitted Exceptions. The legal description for the Real Property to be used in the aforementioned deed may, at Buyer’s election (and to the
extent applicable), be taken from the survey obtained by Buyer during the Due Diligence Period, or from the legal description included in Exhibit A; and 

B. All of Seller’s right, title and interest in and to the Warranties and the Personal Property. The Lease shall terminate upon the
conveyance of the Property from Seller to Buyer, and CCCI (as Tenant) and Seller shall execute a termination of the Lease (the “Termination of Lease Agreement”) in form and content acceptable to Buyer and Seller at Closing. 

Seller agrees to deliver possession of the Property on the Closing Date to Buyer, free of any lease or other right of possession or claim of
right of possession by any person or entity, except for the Permitted Exceptions (including, without limitation, the Duke Lease (as defined below)). 

SECTION 4. Title Review. Buyer has caused the Title Company to issue a commitment for a policy of title insurance
relative to the Property (the “Title Commitment”) and, on or prior to the date hereof, Buyer has confirmed that it has no objections to anything contained in the Title Commitment or any survey Buyer has obtained of the Property (the
“Survey”), except the Monetary Liens and other matters which are Seller’s responsibility to satisfy set forth in the requirements section of the Title Commitment. Any other item contained in Schedule B-2 of the Title Commitment or any matter shown on the Survey are deemed to each be a “Permitted Exception.” As used herein, “Monetary Lien” means and includes (i) any deed of
trust, mortgage, mechanics’ lien or other lien, claim or encumbrance which evidences or secures a fixed monetary amount against Seller, other than ad valorem real property taxes not yet delinquent, and (ii) any lis pendens or other lien or
filing relating to litigation against Seller and affecting the Property except any arising out of actions or inactions of Buyer. All Monetary Liens shall be satisfied in full by Seller at Closing. 

 SECTION 5. Inspection and Cooperation. 

A. Buyer and its invitees and agents have had the right, during the period prior to the execution of this Agreement (the “Due Diligence
Period”) to receive all requested Due Diligence Materials as outlined in Section 5.B below that were not already in Buyer’s possession or control, to enter upon the Real Property and the Improvements to
conduct all inspections and investigations of the condition and all other aspects of the Property which it may have deemed necessary or desirable in its sole discretion, taking into consideration CCCI’s status as a long-time tenant of the
Property under the Lease (collectively, “Inspections”), including, but not limited to, the performance of surveys, tests, studies, inquiries, investigation and reviews relating to the Property, and the right to review and copy all
Warranties and other information in Seller’s possession or available to Seller regarding the Property. 
 B. To the extent not confirmed
by Buyer to have already been in Buyer’s possession or control, Seller delivered to Buyer copies of all agreements and documents in Seller’s possession or under Seller’s reasonable control which affect the Property, including, but not
limited to (to the extent same exist), the following (collectively, the “Due Diligence Materials”): 
 (i)
ALTA and other surveys and site plans; 
 (ii) certificate(s) of occupancy for the building; 

(iii) title policies; 

(iv) litigation filings or other documents related to any ongoing Judicial Action; 

(v) documents received by Seller relating to threatened or pending change in zoning, public referenda concerning the Property
or condemnation proceedings; 
 (vi) complaints or citations received by Seller regarding noncompliance of the Property with
applicable zoning laws, ADA, general and specific plans, subdivision laws, and other laws, ordinances and regulations (including those related to health, safety and environmental issues); 

(vii) copies of any notices received by Seller from any municipal, state or other governmental or regulatory agency with
respect to the Property (including but not limited to any notices of violation of any code or law, notices of any public assessments or any notices of taking or the exercise of eminent domain). 

Buyer also had a right to review and inspect all contracts or other agreements affecting or relating to the Property in Seller’s
possession or control (to the extent not confirmed by Buyer to already be in Buyer’s possession or control), and was entitled to review such books and records of Seller that relate to the operation of the Property. Additionally, Seller agreed
to cooperate in good faith with Buyer and Buyer’s invitees and agents with respect to Buyer’s Inspections. The aforementioned listing did not prohibit Buyer’s requesting of, and Buyer expressly reserved the right to request,
additional materials (without affecting the timing of the Due Diligence Period) from Seller as determined by Buyer during its review of Due Diligence Materials. Seller used commercially reasonable efforts to provide any additional materials so
requested. Neither Seller, nor any of its officers, members, managers, 

 
directors, employees, agents, or representatives, shall be deemed to have made any representation or warranty as to the accuracy of third-party information pertaining to the Property except as
may be specifically set forth in this Agreement, and neither Seller, nor any of its officers, members, managers, directors, employees, agents, or representatives, shall have any liability resulting from Buyer’s use of the Due Diligence
Materials. 
 C. Any tests conducted in connection with such Inspections have been conducted so as not to damage the Property. All entries
onto the Property by Buyer, its agents, contractors and invitees were done at the risk of Buyer, and Seller shall have no liability for any injuries sustained by Buyer or any of Buyer’s agents, contractors or invitees. Buyer agrees to
indemnify, defend and hold Seller harmless from and against any and all loss, claim, action, demand or liability which may arise against Seller or the Property by virtue of Buyer’s Inspections, which indemnity shall survive Closing or
termination of this Agreement for a period of one (1) year; provided, however, that Buyer shall in no event be liable to Seller for a reduction in the value of the Property or any other costs, damages or liabilities resulting solely from the
discovery of an existing condition or circumstance relating to the Property. 
 SECTION 6. Closing. As of the
date hereof, Seller and Buyer acknowledge that the Due Diligence Period has expired and that Buyer has no objections arising out of its review of title, survey or any other reports relative to the Real Property, the Improvements or Personal
Property, subject only to Seller’s satisfaction of any Monetary Liens and other matters which are Seller’s responsibility to satisfy set forth in the requirements section of the Title Commitment. The consummation of the transactions
contemplated hereby is being held through the offices of Title Company. As used in this Agreement, “Closing” means the delivery of a special warranty deed to Buyer for the Real Property and Improvements, the delivery of the other
closing documents contemplated hereunder, and the delivery of the Purchase Price to Seller. The Closing shall occur by electronic mail and/or hand delivery on the date hereof (the “Closing Date”). 

SECTION 7. Expenses of Closing. Seller shall pay and be responsible for the following costs: (i) all
documentary stamp taxes and transfer taxes due or payable upon or in connection with the transfer of the Property; (ii) all loan defeasance fees and/or loan prepayment penalties; (iii) preparation of the special warranty deed; and
(iv) the removal of any Monetary Liens. Buyer shall pay and be responsible for the following costs: (a) all nominal per page recording and filing fees for all recordable instruments executed and delivered by Seller at the Closing pursuant
to the terms hereof (except for matters pertaining to the removal of any Monetary Liens); (b) any closing escrow fees; (c) the cost of title examinations and the title insurance premiums, including any special coverage or endorsements to
any owner’s or lender’s policies of title insurance Buyer elects to purchase and; (d) the cost of any surveys and other inspections or report Buyer elects to obtain. Each party shall be responsible for its own attorney’s fees and
costs, except as provided otherwise by this Agreement. 
 SECTION 8. Closing Documents. 

A. Seller shall execute and/or deliver, as applicable, the following documents at Closing: 

 (i) A special warranty deed for the Real Property and Improvements as
described in Section 3.A, subject only to the applicable Permitted Exceptions; 
 (ii) A
Seller’s affidavit, in form and content reasonably acceptable to Buyer and the Title Company, affirming that no labor has been performed on behalf of Seller at the Real Property and Improvements within any applicable statutory lien period (or
if work has been performed during such period, then certifying as to payment in full and/or waiving lien rights as to the Real Property and Improvements) and that there are no outstanding liens or rights to claim liens against the Real Property or
Improvements arising by or on behalf of Seller; and that the Lease, which is being terminated at Closing, is the only lease or occupancy agreement in effect with respect to the Property, other than the Duke Lease; 

(iii) An executed closing statement itemizing the dollar amount of all financial matters relating to the Closing, including the
adjustments and prorations provided herein; 
 (iv) A FIRPTA affidavit; 

(v) A bill of sale with respect to the Personal Property and Warranties to be conveyed hereunder, free and clear of all liens,
claims and encumbrances, but otherwise without any warranty; 
 (vi) Such evidence of Seller’s authority as is
reasonably requested by Buyer or the Title Company and an owner’s title affidavit in such form as reasonably requested by the Title Company to remove the so-called standard exceptions from the applicable
title insurance policies; 
 (vii) A duly executed copy of the Termination of Lease Agreement terminating the Lease; 

(viii) An Assignment and Assumption of Lease document (the “Duke Lease Assignment”) with respect to that
certain lease between Seller, as lessor, and Duke Power Company, as lessee, dated August 8, 1994 and recorded in Book 7900, page 828 of the Mecklenburg County Register of Deeds (the “Duke Lease”); and 

(ix) Such other documents as may be contemplated by this Agreement or otherwise reasonably necessary or desirable in
consummating the transaction contemplated by this Agreement, including evidence of the authority of the person(s) executing the closing documents on behalf of Seller. 

B. Buyer shall execute and/or deliver, as applicable, the following at Closing: 

(i) An executed closing statement, itemizing the dollar amount of all financial matters related to the Closing, including the
adjustments and prorations provided for herein; 
 (ii) A duly executed copy of the Termination of Lease Agreement
terminating the Lease, executed by CCCI; 

 (iii) A duly executed copy of the Duke Lease Assignment; and 

(iv) Such other documents as may be contemplated by this Agreement or otherwise reasonably necessary or desirable in
consummating the transaction contemplated by this Agreement, including evidence of the authority of the person(s) executing the closing documents on behalf of Buyer. 

SECTION 9. Prorations and Allocations. The following items shall be adjusted between Seller and Buyer as of the
Closing Date (the “Adjustment Date”) so that Buyer receives the benefit of all income from the Property commencing on the day of the Closing Date and assumes the burden of all expenses and liabilities relating to the Property
commencing on the day of the Closing Date, and Seller receives the benefit of all rent accruing under the Lease and other income from the Property prior to the Closing Date and bears the burden of all expenses and liabilities relating to the
Property prior to the Closing Date, except as otherwise provided in the Lease: 
 A. Charges. All expenses relating to the Property
(including any service contract costs and assessments or other charges payable under restrictive covenant agreements or other documents of public record) which have been accrued but not paid by Closing and which are customarily prorated in
commercial real estate closings in the area where the Property is located, and which are not otherwise allocated or provided for under the Lease. 

B. Errors in Computations; Amounts Paid by CCCI as Tenant under the Lease; Estimates. Any errors or omissions in computing adjustments
and apportionments at the Closing shall be corrected promptly thereafter. To the extent that any expenses of the Property (including, without limitation, ad valorem real estate taxes) are paid or are to be paid by CCCI as Tenant under the Lease
directly, then such expenses shall not be prorated between Seller and Buyer. In addition, any prorations made at Closing based on estimates will be subject to adjustment between Buyer and Seller at such time as the actual amounts are available,
provided, however, any such adjustments may only be made within one (1) year of Closing. 
 SECTION 10. Brokerage
Commission. The parties represent and warrant to each other that there are no brokers involved in the transaction contemplated by this Agreement. Buyer and Seller agree that in the event of a breach of the warranties, representations
or covenants set forth in this Section 10, then the breaching or defaulting party shall indemnify and hold the other harmless with respect to any loss or claim, including all attorneys’ fees and costs of litigation
through appellate proceedings. This Section 10 shall survive the Closing. 
 SECTION 11. Warranties
and Representations of Buyer. Buyer represents, warrants and covenants to Seller and agrees that: 
 A. Legal Capacity.
Buyer has full legal capacity to execute and deliver this Agreement and to perform all of its obligations hereunder. 
 B. Power and
Authority Relative to this Agreement. The execution, delivery and performance of this Agreement and the closing documents by Buyer and the execution, delivery and performance by each individual and/or entity signing this Agreement on behalf of
Buyer, has been duly authorized and approved by all requisite action on the part of Buyer. This Agreement and all other agreements, instruments and documents 

 
required to be executed or delivered by Buyer pursuant hereto have been duly executed and delivered by Buyer, and are legal, valid and binding obligations of Buyer. No governmental consents and
permissions are required to be obtained by Buyer for the execution and performance of this Agreement and the other documents executed by Buyer pursuant hereto. The consummation of the transactions contemplated herein and the fulfillment of the terms
hereof will not result in a breach of any of the terms or provisions of, or constitute a default under, any agreement or document to which Buyer is a party or by which it is bound, or any order, rule or regulation of any court or of any federal or
state regulatory body or any administrative agency or any other governmental body having jurisdiction over Buyer. 
 C. No
Proceedings. There is not now pending or, to Buyer’s knowledge, threatened, any action, suit or proceeding, legal, equitable or otherwise, before any court or governmental agency or body which might adversely affect Buyer’s ability to
perform its obligations hereunder. 
 D. Survival. If Seller learns after Closing that a representation by Buyer contained herein is
not true and correct and Seller did not know of such on the date hereof, then Seller may bring an action against Buyer for Seller’s damages resulting from such untrue or incorrect representation and pursue any other remedies available to Seller
at law or in equity. All representations and warranties of Buyer in this Agreement shall survive Closing for a period of one (1) year and Buyer shall have no liability under this Agreement for a breach of any representation or warranty
contained herein if Seller fails to give written notice to Buyer (prior to the expiration of the foregoing one (1) year period) alleging a breach by Buyer of a representation or warranty contained in this Agreement. 

SECTION 12. Warranties and Representations of Seller. Seller represents, warrants and covenants to Buyer and
agrees that: 
 A. Legal Capacity. Seller has full power to sell the Property and to execute and deliver this Agreement and to perform
all of its obligations hereunder. 
 B. Power and Authority Relative to this Agreement. The execution, delivery and performance of
this Agreement and the closing documents by Seller and the execution, delivery and performance by each individual and/or entity signing this Agreement on behalf of Seller, has been duly authorized and approved by all requisite action on the part of
Seller. This Agreement and all other agreements, instruments and documents required to be executed or delivered by Seller pursuant hereto have been executed and delivered by Seller, and are legal, valid and binding obligations of Seller. No
governmental consents and permissions are required to be obtained by Seller for the execution and performance of this Agreement and the other documents executed by Seller pursuant hereto. The consummation of the transactions contemplated herein and
the fulfillment of the terms hereof will not result in a breach of any of the terms or provisions of, or constitute a default under, any agreement or document to which Seller is a party or by which it is bound, or any order, rule or regulation of
any court or of any federal or state regulatory body or any administrative agency or any other governmental body having jurisdiction over Seller. 

C. FIRPTA. Seller is not a “foreign person” within the meaning of Section 1445 (f)(3) of the Internal Revenue Code. 

 D. Pending Litigation. Seller has received no notice of and has not been served with,
and to Seller’s knowledge, there are no actions, suits or proceedings (including arbitration proceedings) pending or threatened affecting any portion of the Property or the Seller’s interest therein at law or in equity or before or by any
federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality. There is not now pending or, to Seller’s knowledge, threatened, any action, suit or proceeding, legal, equitable or otherwise,
before any court or governmental agency or body which might adversely affect Seller’s ability to perform its obligations hereunder. 

E. Condemnation. To Seller’s knowledge, there are no condemnation actions against or relating to the Property or any portion
thereof. Seller has not received any notice of any such contemplated condemnation action. 
 F. Violations. Seller has not received
any written notice of, and has no knowledge of, any violation of any zoning, building, environmental, ecology, health and public safety, subdivision, land sales or similar law, rule, ordinance or regulation (including, without limitation,
Environmental Laws), pertaining to the Property or any portion thereof. Seller has not received any written notice that, and has no knowledge that, it is in default under any of the covenants, easements or restrictions or other title documents
encumbering the Property or any portion thereof. 
 G. Leases. There are no leases or other occupancy agreements affecting the
Property, except for the Lease (which is being terminated at Closing) and the Duke Lease. No amounts are payable by Seller under the terms of the Lease or the Duke Lease (or else same have already been paid). 

H. Contracts/Purchase Options. There are no existing contracts for the sale of the Property or any constituent or portion thereof, and
there are no existing rights of first refusal or options to purchase the Property. 
 I. Bankruptcy Proceedings. Seller is not the
subject of any existing, pending, threatened or contemplated bankruptcy, solvency or other debtor’s relief proceeding. 
 J. Patriot
Act Compliance. Seller is not acting, directly or indirectly for, or on behalf of, any person, group, entity or nation named by any Executive Order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or other banned or blocked person, entity, or
nation pursuant to any law that is enforced or administered by the Office of Foreign Assets Control, and is not engaging in this transaction, directly or indirectly, on behalf of, or instigating or facilitating this transaction, directly or
indirectly, on behalf of, any such person, group, entity or nation. 
 K. Assumed Agreements. There will be no agreements binding upon
Buyer after Closing which have been entered into by, or on behalf of Seller, other than the Permitted Exceptions. 

 L. Survival. If Buyer learns after Closing that a representation by Seller contained
herein is not true and correct and Buyer did not know of such on the date hereof, then Buyer may bring an action against Seller for Buyer’s damages resulting from such untrue or incorrect representation and pursue any other remedies available
to Buyer at law or in equity. All representations and warranties of Seller in this Agreement shall survive Closing for a period of one (1) year and Seller shall have no liability under this Agreement for a breach of any representation or
warranty contained herein if Buyer fails to give written notice to Seller (prior to the expiration of the foregoing one (1) year period) alleging a breach by Seller of a representation or warranty contained in this Agreement. 

Anything herein to the contrary notwithstanding, Buyer acknowledges and agrees that except for the representations and warranties of Seller contained in this
Agreement and any of the documents executed and/or delivered by Seller at Closing, SELLER MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND TO BUYER, INCLUDING, WITHOUT LIMITATION, THE PHYSICAL CONDITION, ENVIRONMENTAL CONDITION, OR LEGAL
COMPLIANCE STATUS OF THE PROPERTY, OR ITS SUITABILITY FOR ANY PARTICULAR PURPOSE OR OF MERCHANTABILITY, AND ANY SUCH RELIANCE TO THE CONTRARY IS HEREBY WAIVED AND DISCLAIMED BY BUYER. BUYER HAS RELIED ON ITS INVESTIGATIONS OF THE PROPERTY AND ON THE
REPRESENTATIONS AND WARRANTIES MADE IN THIS AGREEMENT AND/OR IN ANY DOCUMENTS EXECUTED AND/OR DELIVERED BY SELLER AT CLOSING IN DETERMINING WHETHER OR NOT TO ACQUIRE THE PROPERTY. THE PROVISIONS OF THIS SECTION ARE A MATERIAL PART OF THE
CONSIDERATION FOR SELLER’S ENTERING INTO THIS AGREEMENT AND SHALL SURVIVE CLOSING AND NOT BE MERGED INTO THE DEED. The Property is being sold to and accepted by Buyer in its present condition, “AS IS, WITH ALL FAULTS, AND WITHOUT ANY
WARRANTY WHATSOEVER, EXPRESS OR IMPLIED”, subject to the provisions of this Agreement and except for the express representations and warranties of Seller contained in this Agreement and the closing documents executed and/or delivered by Seller.

 SECTION 13. Notice. All notices required or allowed by this Agreement shall be delivered in person, by email,
or by third party courier (including an overnight courier service such as Federal Express) addressed to the party or person to whom notice is to be given at the following addresses: 

 

			
	 To Seller:
	  	Harrison Limited Partnership One
		  	Volunteer Building Suite 1200
		  	 832 Georgia Avenue
 Chattanooga, TN
37402-2289
 Attention: John F. Henry, Jr.
 Email:
john.henry@millermartin.com

		
	 To Buyer:
	  	 Coca-Cola Consolidated, Inc.
 4100 Coca-Cola
Plaza
 Charlotte, NC 28211
 Attention: Scott Anthony and

E. Beauregarde Fisher III
 Email:
scott.anthony@cokeconsolidated.com
 beau.fisher@cokeconsolidated.com

			
	 with a copy to:
	  	 Troutman Pepper Hamilton Sanders LLP
 301 S.
College Street, Suite 3400
 Charlotte, North Carolina 28202

Attention: Lee Cory
 Email: lee.cory@troutman.com

		
	 To Title Company:
	  	 Chicago Title Insurance Company
 200 S. Tryon
Street, Suite 800
 Charlotte, North Carolina 28202
 Attention:
Scott Mansfield
 Email: scott.mansfield@ctt.com

 Notice shall be deemed to have been given upon the date of email, delivery in person or deposit with an expedited mail
service, unless a response is required or contemplated hereunder, in which case same shall be deemed given upon receipt. The addresses for the purpose of this paragraph may be changed by giving notice as provided herein; provided,
however, that unless and until such written notice is actually received, the last address stated herein shall be deemed to continue in effect for all purposes hereunder. Notices given by counsel to the Buyer shall be deemed given by Buyer and
notices given by counsel to the Seller shall be deemed given by Seller. 
 SECTION 14. Entire Agreement. This
Agreement constitutes the entire agreement of the parties with respect to the Property described herein. This Agreement may not be amended or modified orally. All understandings and agreements heretofore between the parties with respect to the
Property are merged in this Agreement which alone fully and completely expresses their understanding. 
 SECTION 15. No
Waiver. No waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the party against whom it is asserted and any such written waiver shall only be applicable to the specific instance to which
it relates and shall not be deemed to be a continuing or future waiver. 
 SECTION 16. Amendments. This
Agreement may not be amended, modified, altered or changed in any respect whatsoever except by further agreement in writing duly executed by the parties hereto. 

SECTION 17. Captions. The captions of this Agreement are for convenience and reference only and in no way define,
describe, extend or limit the scope or intent of this Agreement or the intent of any provision hereto. 
 SECTION 18.
Assignment. Buyer shall have the right, subject to Seller’s consent (not to be unreasonably withheld, conditioned or delayed), to assign all or any portion of its right, title and interest in and to this Agreement to any
party or parties (provided, however, Buyer may assign this Agreement to any of Buyer’s wholly owned subsidiaries without Seller’s consent, and may also without Seller’s consent effect any assignments contemplated by
Section 28 below). Seller shall not assign its rights hereunder without the prior written consent of Buyer. 

 SECTION 19. Successors. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs, successors, permitted assigns and legal representatives. 

SECTION 20. Time. TIME IS OF THE ESSENCE WITH RESPECT TO ALL MATTERS CONTAINED HEREIN, except as otherwise
provided in this Section 20. Whenever any time period is to be computed hereunder, the day from which the period shall begin to run is not to be included, and any period ending on a Saturday, Sunday or legal holiday will be
extended to the next business day. In the event that either party hereto shall be delayed or hindered in or prevented from the performance of any act required by it hereunder by reason of strikes, lockouts, inability to procure labor or materials,
riots, insurrections, wars or other reasons beyond the reasonable control of the party delayed in performing its obligations, then performance of such act shall be extended for a period equivalent to the period of such delay. 

SECTION 21. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and shall become a binding agreement when one or more counterparts have been signed by and delivered to each of the parties. To facilitate execution of this Agreement, the parties may execute and exchange
executed counterparts of the signature pages by e-mail (the parties acknowledging and agreeing that electronic signatures (including electronic copies of manual signatures) shall have the effect of original
signatures relative to this Agreement). 
 SECTION 22. Validity. In the event any term or provision of this
Agreement is determined by appropriate judicial authority to be illegal or otherwise invalid, such provision shall be given its nearest legal meaning or be construed or deleted as such authority determines, and the remainder of this Agreement shall
remain in full force and effect. 
 SECTION 23. No Recordation. Neither this Agreement nor any notice or
memorandum thereof shall be recorded in the public records of any jurisdiction. 
 SECTION 24. Miscellaneous.
Whenever used, the singular shall include the plural, the plural shall include the singular, and the use of any gender shall include all genders. 

SECTION 25. Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance
with the laws of the State of North Carolina, without giving effect to conflicts of laws principles that would cause the application of the laws of any other jurisdiction. EACH OF BUYER AND SELLER HEREBY IRREVOCABLY WAIVE ALL RIGHT TO A TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTION HEREBY CONTEMPLATED. 

SECTION 26. Attorneys’ Fees. If any action, suit, arbitration or other proceeding is instituted to remedy,
prevent or obtain relief from a default in the performance by any party to this Agreement of its obligations under this Agreement, the prevailing party shall be reimbursed by the other party hereto for all of such party’s attorneys’ fees
incurred in each and every such action, suit, arbitration or other proceeding, including any and all appeals or petitions therefrom. As used in this Section, attorneys’ fees shall be deemed to mean the full and actual costs of any legal
services actually performed in connection with the matters involved, calculated on the basis of the usual fee charged by the attorney performing such service. 

 SECTION 27. Further Assurances. Each party agrees that it will
without further consideration execute and deliver such other documents and take such other action as may be reasonably requested by the other party to consummate more effectively the purposes or subject matter of this Agreement. The provisions of
this Section 27 shall survive Closing. 
 SECTION 28. Tax Deferred Exchange. Buyer may
be acquiring the Property or Seller may elect to sell the Property as part of an Internal Revenue Code Section 1031 tax deferred exchange. Each party agrees to assist and cooperate in such exchange at no cost, expense or liability to the
cooperating party and further agrees to execute any and all documents as are reasonably necessary, in connection with such exchange. The applicable party may be assigning, and is permitted to assign, all contract rights and obligations hereunder to
a “qualified intermediary”, as that term is defined in the Internal Revenue Code and relevant Treasury regulations, in connection with an exchange. In connection with any such exchange, neither Buyer nor Seller shall be obligated to
acquire or convey any property other than the Property. No such permitted assignment under this Section 28 shall relieve either Buyer or Seller of any liability hereunder. 

SECTION 29. Confidentiality. 

A. As used herein, “Confidential Information” means information concerning the Property, Inspections, Seller’s Deliveries
and this Agreement, including any of the terms and conditions of upon which Seller has agreed to sell and Buyer has agreed to buy the Property described herein, including the Purchase Price. 

B. Buyer and Seller agree, except with the prior written consent of the other party, not to directly or indirectly disclose, for any purpose
whatsoever, any Confidential Information to a third party, except as may be reasonably required in connection with any proposed assignment of this Agreement, and except to its attorneys, accountants and other advisors, or as required by applicable
law or the rules of any applicable stock exchange. Notwithstanding the foregoing, (i) a copy of this Agreement shall be permitted to be provided to the Title Company and (ii) Buyer may make public statements in response to specific
questions by the press, analysts, investors or those attending industry conferences or financial analyst conference calls so long as any such statements are not materially inconsistent with previous press releases, public disclosures or public
statements made with the prior written consent of Seller and do not reveal material, non-public information regarding Seller. 

C. The restrictions set forth in Section 29.B above shall not apply to any part of the Confidential Information which
is in or comes into the public domain other than as a result of a breach of this Agreement and shall not apply to any disclosures which are required to be made by law or pursuant to other legal requirement, such as a subpoena. 

D. The obligations of confidentiality contained herein shall expire upon the Closing. 

 SECTION 30. Special Provisions. 

A. At Closing, any and all contracts entered by Seller and related to the Property shall be terminated effective as of Closing. 

B. At Closing, any obligations of Seller or the Property to any contractor, service agent, or other third-party provider relative to any tenant
improvement, commissions, building services, other capital improvements and/or allowances will be satisfied and released, or, at Buyer’s option, such funds necessary to fulfill all obligations shall be escrowed from the Purchase Price at
Closing for the benefit of Buyer, or credited against the Purchase Price, in satisfaction of those obligations. 
 [Remainder of Page
Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year
first above written. 
  

			
	BUYER:
	
	 CCBCC OPERATIONS, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ F. Scott Anthony

	Name:	 	F. Scott Anthony
	Its:	 	Vice President
	
	SELLER:
	
	HARRISON LIMITED PARTNERSHIP ONE,
a North Carolina limited partnership
		
	By:	 	JFH Management, Inc.
		 	a North Carolina corporation
		 	its General Partner
		
	By:	 	 /s/ John F. Henry, Jr.

		 	John F. Henry, Jr.
		 	President

 Exhibit A 

Legal Description of Real Property 
 That
certain tract or parcel of land situated, lying and being in the City of Charlotte, County of Mecklenburg, State of North Carolina and being more particularly described as follows: 

BEGINNING at an existing 1/2-inch iron rod on the southerly right-of-way margin of Auten Road (60-foot public R/W), said point being a point of tangent as the
right-of-way transitions to the westerly right-of-way margin of Chesapeake Drive (60-foot public R/W); Thence with a curve turning to the right having a radius of 20.00 feet and an arc length of 30.23 feet (chord bearing of S 55°02’01” E and a chord length of
27.43 feet) to an existing nail on the aforesaid westerly right-of-way margin of Chesapeake Drive; Thence with and along the westerly right-of-way margin of Chesapeake Drive for the following two (2) courses and distances: 

1) with a reverse curve turning to the left having a radius of 302.09 feet and an arc length of 91.62 feet (chord bearing of S
20°33’14” E and a chord length of 91.27 feet) to an existing 1/2-inch iron rod; 

2) S 29°13’54” E a distance of 1010.75 feet to a new 1/2-inch iron rod being
the northeast corner of the property of Chesapeake Treatment Company LLC (now or formerly) as described in Deed Book 8339, Page 977 of the Mecklenburg County Public Registry (the “Registry”); 

Thence with and along the boundary of aforesaid property of Chesapeake Treatment Company LLC for the following four (4) courses and distances: 

1) with a curve turning to the right having a radius of 20.00 feet and an arc length of 30.72 feet (chord bearing of S 14°46’06”
W and a chord length of 27.79 feet) to an existing iron rod with cap; 
 2) S 58°46’07” W a distance of
550.45 feet to an existing nail; 
 3) S 33°00’17” E a distance of 305.21 feet to a new 1/2-inch iron rod; 
 4) N 57°29’41” E a distance of 550.23 feet to an existing
iron rod with cap on the said westerly right-of-way margin of Chesapeake Drive; 

Thence with and along aforesaid westerly right-of-way margin of Chesapeake
Drive S 29°15’07” E a distance of 657.84 feet to an existing nail; 

 Thence with a curve turning to the right having a radius of 20.00 feet and an arc length of 41.99 feet
(chord bearing of S 30°36’12” W and a chord length of 34.69 feet) to an existing 1/2-inch iron rod on the northerly right-of-way margin of Black Satchel Drive (60-foot public R/W); 
 Thence
with and along aforesaid northerly right-of-way margin of Black Satchel Drive for the following three (3) courses and distances: 

1) N 89°06’35” W a distance of 113.48 feet to an existing 1/2-inch iron rod;

 2) with a curve turning to the left having a radius of 183.58 feet and an arc length of 102.74 feet (chord bearing of S
74°37’03” W and a chord length of 101.40 feet) to an existing concrete monument; 
 3) S
58°42’22” W a distance of 994.97 feet to a new nail, said nail being the southeast corner of the property of CCBCC Operations LLC (now or formerly) as described in Deed Book 18188, Page 210 of said Registry;

 Thence with and along the easterly and northerly boundary of aforesaid property of CCBCC Operations LLC for the following two (2) courses and
distances: 
 1) N 31°08’40” W a distance of 421.26 feet to a new 1/2-inch
iron rod; 
 2) S 58°47’14” W a distance of 130.06 feet to a new 1/2-inch
iron rod on the easterly boundary of the property of Seaboard Coast Line Railroad Company (now or formerly) as described in Deed Book 3354, Page 285 of said Registry; 

Thence with and along aforesaid easterly boundary of the property of Seaboard Coast Line Railroad Company for the following three (3) courses and
distances: 
 1) N 31°21’32” W a distance of 535.16 feet to an existing iron rod with cap; 

2) S 81°07’17” W a distance of 50.78 feet to an existing 1/2-inch iron rod;

 3) S 70°22’38” W a distance of 37.48 feet to an existing 5/8-inch iron
rod; 
 Thence continuing with and along the easterly boundary of the property of Seaboard Coast Line Railroad Company and then with the easterly boundary
of the property of Fleet Operations Inc. (now or formerly) as described in Deed Book 7007, Page 259 of said Registry N 31°16’54” W a distance of 1211.95 feet to a new
1/2-inch iron rod, said iron being the southwest corner of the property of CCBCC Operations LLC (now or formerly) as described in Deed Book 19400, Page 1 of said Registry; 

 Thence with and along the boundary of aforesaid property of CCBCC Operations LLC for the following three
(3) courses and distances: 
 1) N 58°39’11” E a distance of 583.38 feet to a new 1/2-inch iron rod; 
 2) N 81°30’12” E a distance of 250.05 feet to a new 1/2-inch iron rod; 
 3) N 08°59’08” W a distance of 200.04 feet to an existing 5/8-inch iron rod on the southerly right-of-way margin of Auten Road; 

Thence with and along aforesaid southerly right-of-way margin of Auten Road
N 81°36’53” E a distance of 672.29 feet to the POINT OF BEGINNING; 
 having an area of 2,905,234 square
feet or 66.6950 acres, more or less, as shown on a survey prepared by R. B. Pharr & Associates, P.A. dated December 19, 2017, and last revised March 4, 2022 (job no. 93716). 

 Schedule 1 

Warranties 
 NONE

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