Document:

Amended and Restated Registration Rights Agreement

 Exhibit 10.4 
 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 This AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (as same may be further amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), dated as of March 17, 2010, is entered
into by and among Unigene Laboratories, Inc., a Delaware corporation (the “Company”), and the lender(s) listed on the Schedule of Buyers attached hereto (each, a “Buyer” and, collectively, the
“Buyers”). 
 WHEREAS: 
 A. In connection with that the execution of that certain Financing Agreement, dated as of September 30, 2008, by and among the Company, Victory Park Management, LLC, as administrative agent and
collateral agent (the “Agent”), and the Buyers (the “Original Financing Agreement”), the Company and the Buyers entered into that certain Registration Rights Agreement, dated as of September 30, 2008, by and
between the Company and the Buyers (the “Original Registration Rights Agreement”), pursuant to which the Company agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and
regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws. 
 B. In connection with the amendment and restatement of the Original Financing Agreement pursuant to that certain Amended and Restated Financing Agreement, dated as of March 16, 2010, by and among the
Company, the Agent and the Buyers (as same may be further amended, restated, supplemented or otherwise modified from time to time, the “Financing Agreement”), the parties have agreed, and now desire, to amend and restate in its
entirety the Original Registration Rights Agreement. 
 C. This Agreement constitutes a Transaction Document (as defined in the
Financing Agreement). 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Buyers hereby agree as follows: 
 1. DEFINITIONS. 
 As used in this Agreement, the following terms shall have
the following meanings: 
 (a) “Additional Mandatory Registration Effectiveness Deadline” means
the date that is the earlier of (i) the date that is ninety (90) days after the applicable Additional Mandatory Registration Filing Deadline and (ii) the fifth (5th) Business Day after the Company is notified by the SEC that the
applicable Registration Statement will not be reviewed or is no longer subject to review and comment (i.e., all outstanding comments thereon have been resolved to the satisfaction of the SEC staff). 

 (b) “Additional Mandatory Registration Filing
Deadline” means each of (a) the tenth (10th) Business Day after the date of Stockholder Approval, and (b) in the event any Registration Statement filed pursuant to Section 2 does not include any Registrable Securities
because such Registrable Securities do not constitute Permitted Registrable Securities (any Registrable Securities so excluded being referred to as “Cutback Securities”), the tenth (10th) Business Day after the earliest date that the Company is permitted by the SEC to file a
Registration Statement including any of such Cutback Securities. 
 (c) “Conversion Commencement
Date” has the meaning set forth in the Notes. 
 (d) “Effective Date” means the date
that a Registration Statement is first declared effective by the SEC. 
 (e) “Effectiveness
Deadline” means the Initial Effectiveness Deadline, an Additional Mandatory Registration Effectiveness Deadline or a Maintenance Mandatory Effectiveness Deadline, as applicable. 
 (f) “Filing Deadline” means the Initial Filing Deadline, an Additional Mandatory Registration Filing
Deadline or a Maintenance Mandatory Filing Deadline, as applicable. 
 (g) “Initial
Effectiveness Deadline” means the earlier of (i) the date that is one hundred twenty (120) days after the First Restated Closing Date and (ii) the fifth (5th) Business Day after the Company is notified by the SEC that the Initial Registration Statement will not be
reviewed or is no longer subject to further review and comment (i.e., all outstanding comments thereon have been resolved to the satisfaction of the SEC staff). 
 (h) “Initial Filing Deadline” means the date that is sixty (60) days after the First Restated Closing
Date. 
 (i) “Initial Registrable Securities” means all of the Registrable Securities held by
Investors as of the date of this Agreement after giving effect to the consummation of the transactions contemplated by the Financing Agreement, including the issuance of the Notes (which includes the Shares, the Exchange Shares and the Conversion
Shares). 
 (j) “Initial Registration Statement” means a registration statement or registration
statements of the Company filed under the 1933 Act pursuant to Section 2(a) hereof covering the Initial Registrable Securities. 
 (k) “Investor” means a Buyer, any permitted transferee of the shares of Common Stock to whom a Buyer assigns its rights under this Agreement in accordance with the provisions of this
Agreement (including Section 12) and who agrees to become bound by the provisions of this Agreement in accordance with Section 12 and any permitted transferee thereof to whom a transferee of the shares of Common Stock assigns
its rights under this Agreement in accordance with the provisions of this Agreement (including Section 12) and who agrees to become bound by the provisions of this Agreement in accordance with Section 12. 
  

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 (l) “Permitted Registrable Shares” means a number of
Registrable Securities equal to the lesser of (i) (A) in the case of the Initial Registration Statement, the number of Initial Registrable Securities, (B) in the case of any other Registration Statement to be filed pursuant to
Section 2, the number of Registrable Securities not then covered by an effective Registration Statement for resales pursuant to Rule 415, and (C) in the case of a Proposed Registration, the number of Registrable Securities requested
to be included in the Registration Statement for the Proposed Registration, and (ii) the maximum number of Registrable Securities the Company is permitted to include in such Registration Statement by the SEC, provided that the Company
shall have used diligent efforts to advocate with the SEC for the registration of all of the Registrable Securities required or requested to be included in the Registration Statement, in accordance with applicable SEC guidance. 
 (m) “Principal Market” has the meaning set forth in the Financing Agreement. 
 (n) “register,” “registered” and “registration” refer to a registration
effected by preparing and filing one or more Registration Statements in compliance with the 1933 Act and pursuant to Rule 415, and the declaration or ordering of effectiveness of such Registration Statement(s) by the SEC. 
 (o) “Registrable Securities” means (i) any shares of Common Stock held by an Investor, whether on the
date of this Agreement or thereafter, or issuable upon exercise, exchange or conversion of any other securities held by an Investor, whether on the date of this Agreement or thereafter (including the Shares, the Exchange Shares and the Conversion
Shares), and (ii) any shares of Capital Stock (as defined in the Financing Agreement) issued or issuable in exchange for or with respect to the foregoing shares of Common Stock as a result of any stock split, stock dividend, recapitalization,
exchange, adjustment or similar event or otherwise; provided, however, that (I) prior to Stockholder Approval and the Filing, only 35,268,905 Conversion Shares shall constitute Registrable Securities, and (II) any Registrable
Securities shall cease to be Registrable Securities when (A) a Registration Statement with respect to the sale of such securities becomes effective under the 1933 Act and such securities are disposed of in accordance with such Registration
Statement, (B) such securities are sold in accordance with Rule 144 or (C) all of such securities are eligible to be sold by the holder thereof pursuant to Rule 144 without restriction or condition thereunder. 
 (p) “Registration Statement” means a registration statement or registration statements of the Company filed
under the 1933 Act covering the Registrable Securities. 
 (q) “Required Holders” means the
holders of at least seventy percent (70%) of the Registrable Securities. 
 (r) “Rule 144”
means Rule 144 under the 1933 Act or any successor rule. 
  

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 (s) “Rule 415” means Rule 415 under the 1933 Act or any
successor rule providing for offering securities on a continuous or delayed basis. 
 (t) “SEC”
means the United States Securities and Exchange Commission. 
 (u) “Shares” has the meaning set
forth in the Financing Agreement. 
 Capitalized terms used herein and not otherwise defined herein shall have the respective
meanings set forth in the Financing Agreement. 
 2. MANDATORY REGISTRATION. 
 (a) Initial Mandatory Registration. The Company shall prepare and, not later than the Initial Filing Deadline, file
with the SEC a Registration Statement on Form S-3 (subject to Section 2(c)), covering the resale of all of the Permitted Registrable Shares. The Company shall use its reasonable best efforts to have the Initial Registration Statement
declared effective by the SEC as soon as practicable, but in no event later than the Initial Effectiveness Deadline. 
 (b) Additional Mandatory Registrations. The Company shall prepare, and, not later than each Additional Filing Deadline, file with the SEC a new Registration Statement on Form S-3 (subject to Section 2(c)) covering the
resale of all of the Permitted Registrable Securities as of the Trading Day immediately preceding the date such Registration Statement is initially filed with the SEC. To the extent the staff of the SEC does not permit any Registrable Securities not
then registered for resales pursuant to Rule 415 on an effective Registration Statement hereunder to be registered on any such Registration Statement, the Company shall file additional Registration Statements successively trying to register on each
such additional Registration Statement the maximum number of remaining Registrable Securities until all of the Registrable Securities have been registered with the SEC. The Company shall use its best efforts to have each Registration Statement filed
pursuant to this Section 2(b) declared effective by the SEC as soon as practicable, but in no event later than the Additional Mandatory Registration Effectiveness Deadline. 
 (c) Allocation of Registrable Securities. The initial number of Initial Registrable Securities included in the Initial
Registration Statement (or any other Registration Statement filed pursuant to this Section 2) and each increase in the number of Initial Registrable Securities included therein shall be allocated pro rata among the Investors based on the
number of such Initial Registrable Securities held by each Investor at the time such Registration Statement or increase thereof is declared effective by the SEC. In the event that an Investor sells or otherwise transfers any of such Investor’s
Initial Registrable Securities, each transferee shall be allocated a pro rata portion of the then remaining number of Initial Registrable Securities included in such Registration Statement for such transferor. Any shares of Common Stock included in
the Initial Registration Statement (or any other Registration Statement filed pursuant to this Section 2) and which remain allocated to any Person that ceases to hold any Initial Registrable Securities covered by such Registration
Statement shall be allocated to the remaining

  

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Investors, pro rata based on the number of Registrable Securities then held by such Investors that are covered by such Registration Statement. For purposes hereof, the number of Initial
Registrable Securities held by an Investor includes all Conversion Shares then issuable upon the conversion of any amounts outstanding under Notes held by such Investor pursuant to the terms thereof, without regard to any limitations on conversion
contained therein. In no event shall the Company include any securities other than Registrable Securities in any Registration Statement filed pursuant to this Section 2 without the prior written consent of the Required Holders.

 (d) Ineligibility for Form S-3. In the event that Form S-3 is not available to the Company for the
registration of the resale of the Initial Registrable Securities hereunder, the Company shall (i) register the resale of the Initial Registrable Securities on Form S-1 or another appropriate form reasonably acceptable to the Required Holders
and (ii) undertake to register the Initial Registrable Securities on Form S-3 (by post-effective amendment to the existing Registration Statement or otherwise) as soon as such form is available; provided, that the Company shall maintain
the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Initial Registrable Securities has been declared effective by the SEC. 
 (e) Maintenance Mandatory Registration. In the event the number of shares available under any Registration Statement
previously filed pursuant to this Section 2 is at any time insufficient to cover all of the Registrable Securities required to be covered by such Registration Statement (as a result of a reduction of the conversion price of the Notes or
for any other reason) or an Investor’s allocated portion of such Registrable Securities pursuant to Section 2(c), the Company shall, as soon as practicable, but in any event not later than the later of (i) thirty (30) days
after any reduction in the conversion price of the Notes or the Company otherwise becomes aware of the necessity therefor and (ii) the earliest date that the Company is permitted by the SEC to file the new Registration Statement as required
hereby (a “Maintenance Mandatory Registration Filing Deadline”), file a new Registration Statement (on the short form available therefor, if applicable), so as to register for resale all of the Permitted Registrable Securities as of
the Trading Day immediately preceding the date such Registration Statement is initially filed with the SEC. The Company shall use its reasonable best efforts to cause such new Registration Statement to become effective as soon as practicable
following the filing thereof, but in any event not later than seventy-five (75) days following the filing thereof (a “Maintenance Mandatory Registration Effectiveness Deadline”). For purposes of the foregoing provision,
the number of shares available under any Registration Statements previously filed pursuant to this Section 2(d)) shall be deemed “insufficient to cover all of the Registrable Securities required to be covered by such Registration
Statement” if, as of any date of determination, the number of Registrable Securities is greater than the aggregate number of Registrable Securities available for resale under such Registration Statements. 
  

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 3. [RESERVED] 
 4. PIGGYBACK REGISTRATIONS. 
 (a) Each time that the Company proposes for any reason to register any of its Common Stock under the 1933 Act (a “Proposed Registration”), other than pursuant to a registration statement
on Form S-4 or Form S-8 (or similar or successor forms), the Company shall promptly give written notice (the “Piggyback Notice”) of such Proposed Registration to each of the Investors (which notice shall be given not less than
thirty (30) days prior to the expected effective date of the Company’s registration statement, and in any event within five (5) Business Days after its receipt of notice of any exercise of demand registration rights other than under
this Agreement) and shall offer the Investors the right to include any of their Registrable Securities in the Proposed Registration; provided, however, that if the Proposed Registration is for an offering pursuant to Rule 415, the
Company shall only be required to include the Permitted Registrable Shares. No registration pursuant to this Section 4 shall relieve the Company of its obligations to register Registrable Securities pursuant to Section 2
unless all Registrable Securities have been so registered and the related Registration Statement has not been withdrawn and remains effective pursuant to Rule 415 until the expiration of the Registration Period. 
 (b) Each Investor shall have twenty (20) days from the date of receipt of the Piggyback Notice to deliver to the Company
a written request specifying the number of Registrable Securities such Investor intends to sell and such Investor’s intended method of disposition. Any Investor shall have the right to withdraw such Investor’s request for inclusion of such
Investor’s Registrable Securities in any registration statement pursuant to this Section 4 by giving written notice to the Company of such withdrawal. Subject to Sections 4(c) and 4(d) below, the Company shall include
in such registration statement all such Registrable Securities so requested to be included therein. 
 (c) If the
Proposed Registration is for an offering pursuant to Rule 415 and the number of Registrable Securities requested by the Investors to be included therein exceeds the number of Permitted Registrable Shares, the initial number of Registrable Securities
included in any Registration Statement in respect of such Proposed Registration and each increase in the number of Registrable Securities included therein shall be allocated pro rata among the Investors holding Registrable Securities on the basis of
the number of Registrable Securities owned by such Investors, with further successive pro rata allocations among the Investors if any such Investor has requested the registration of less than all of the Registrable Securities such Investor is
entitled to register. In the event that an Investor sells or otherwise transfers any of such Investor’s Registrable Securities, each transferee shall be allocated a pro rata portion of the then remaining number of Registrable Securities
included in such Registration Statement for such transferor. Any shares of Common Stock included in such Registration Statement that remain allocated to any Person that ceases to hold any Registrable Securities covered by such Registration Statement
shall be allocated to the remaining Investors, pro rata based on the number of Registrable Securities then held by such Investors that are covered by such Registration Statement. 
  

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 (d) If the Proposed Registration is an underwritten public offering and the
managing underwriter or underwriters of the Proposed Registration advises the Company that the total number of Registrable Securities that the Investors and any other Persons intend to include in the offering exceeds the number that can be sold in
such offering without being likely to have a material adverse effect on the price, timing or distribution of the Common Stock offered or the market for the Common Stock, then the Common Stock to be included in such underwritten offering shall
include the number of Registrable Securities that such managing underwriter or underwriters advises the Company in writing can be sold without having such material adverse effect, with. such number to be allocated (i) first, to the
Company, (ii) second, pro rata among the Investors that have requested participation in such underwritten offering and (iii) third, pro rata among any other holders of Common Stock that have requested
participation in such underwritten offering. The pro rata allocations for each Investor that has requested participation in such underwritten offering shall be the product of (A) the aggregate number of Registrable Securities proposed to
be sold by all Investors in such underwritten offering multiplied by (B) the fraction derived by dividing (x) the number of Registrable Securities owned on the Closing Date by such Investor by (y) the aggregate number of
Registrable Securities owned on the Closing Date by all Investors participating in such underwritten offering. All participating Investors shall have the opportunity to share pro rata that portion of such priority allocable to any Investor(s)
not so participating. 
 (e) If any Proposed Registration is in the form of an underwritten public offering, the
Company shall select and obtain a recognized investment bank or investment bankers and manager or managers that will administer the offering; provided that such investment banker(s) and manager(s) must be approved (which approval shall not be
unreasonably withheld) by the Investors holding at least a majority of the Registrable Securities requested to be registered. 
 5. EFFECT OF FAILURE TO FILE AND OBTAIN AND MAINTAIN EFFECTIVENESS OF REGISTRATION STATEMENT. 
 If (a) a
Registration Statement covering all the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to this Agreement is (i) not filed with the SEC on or before the Filing Deadline (a “Filing
Failure”) or (ii) filed with the SEC but not declared effective by the SEC on or before the Effectiveness Deadline (an “Effectiveness Failure”) or (b) on any day after the Effective Date, sales of all of the
Registrable Securities required to be included on such Registration Statement cannot be made (other than during an Allowable Grace Period (as defined in Section 6(r)) pursuant to such Registration Statement (including because of a
failure to keep such Registration Statement effective, a failure to disclose such information as is necessary for sales to be made pursuant to such Registration Statement, a suspension or delisting of the Common Stock on the Principal Market or a
failure to register a sufficient number of shares of Common Stock) (a “Maintenance Failure”), then, as partial relief for the damages to any holder of Registrable Securities by reason of any such delay in or reduction of its ability
to sell the underlying shares of Common Stock (which remedy shall not be exclusive of any other remedies available at law or in equity), the Company shall become liable for payment to each holder of Registrable Securities relating to

  

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such Registration Statement of an amount in cash equal to two percent (2%) of the aggregate value of such holder’s Registrable Securities required to be included in such Registration
Statement (excluding, for days prior to the Conversion Commencement Date only, the value of any Conversion Shares included in such Registrable Securities) (such value being determined by multiplying the number of such securities by the greater of
(A) the then-current market price of such securities and (B) $0.70) on each of the following dates: (x) the initial day of a Filing Failure and on every thirtieth (30th) day (pro rated for periods totaling less than thirty (30) days) thereafter until such Filing Failure is
cured or until the date two (2) years after the First Restated Closing Date; (y) the initial day of an Effectiveness Failure and on every thirtieth (30th) day (pro rated for periods totaling less than thirty (30) days) thereafter until such Effectiveness Failure
is cured or until the date two (2) years after the First Restated Closing Date; and (z) the initial day of a Maintenance Failure and on every thirtieth (30th) day (pro rated for periods totaling less than thirty (30) days) thereafter until such Maintenance Failure
is cured. The payments to which a holder shall be entitled pursuant to this Section 5 are referred to herein as “Registration Delay Payments.” Registration Delay Payments shall be paid on the earlier of (I) the last
day of the calendar month during which such Registration Delay Payments are incurred and (II) the third (3rd) Business Day after the event or failure giving rise to the Registration Delay Payments is cured. In the event
the Company fails to make Registration Delay Payments in a timely manner, such Registration Delay Payments shall bear interest at the rate of one and one-half percent (1.5%) per month (prorated for partial months) until paid in full.

 6. RELATED OBLIGATIONS. 
 Whenever the Company is obligated to file a Registration Statement with the SEC pursuant to Section 2 or Section 4, the holders of Registrable Securities have requested that any
Registrable Securities be registered pursuant to this Agreement, or the Company is otherwise obligated to file a Registration Statement pursuant to this Agreement, the Company shall use its reasonable best efforts to effect the registration of the
Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations: 
 (a) The Company shall use its reasonable best efforts to respond to written comments received from the SEC upon a review of
the Registration Statement within ten (10) Business Days. The Company shall submit to the SEC, within four (4) Business Days after the Company learns that no review of a particular Registration Statement will be made by the staff of the
SEC or that the staff of the SEC has no further comments on a particular Registration Statement, as the case may be, a request for acceleration of effectiveness of such Registration Statement to a time and date not later than two (2) Business
Days after the submission of such request. Each Registration Statement shall contain the “Selling Stockholders” and “Plan of Distribution” sections in substantially the form attached hereto as Annex I (except if otherwise
required pursuant to written comments received from the SEC upon review of the Registration Statement. By 9:30 a.m. (New York time) on the second Business Day following the Effective Date with respect to each Registration Statement, the Company
shall file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to such Registration Statement. The Company shall keep each Registration Statement effective (pursuant to Rule
415, except in the case of an

  

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underwritten public offering pursuant to Section 4) at all times until the earlier of (i) the date as of which all of the Investors may sell all of the Registrable Securities
covered by such Registration Statement pursuant to Rule 144 without restriction or condition thereunder, or (ii) the date on which the Investors shall have sold all of the Registrable Securities covered by such Registration Statement (the
“Registration Period”). Each Investor shall provide notice to the Company of the occurrence of either of the events described in clauses (i) and (ii) of the immediately preceding sentence with respect to such
Investor’s Registrable Securities promptly after the occurrence of such event. The Company shall ensure that each Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (b) The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to
a Registration Statement and the prospectus used in connection with such Registration Statement, which prospectus supplements shall be filed pursuant to Rule 424 (or successor thereto) promulgated under the 1933 Act, as may be necessary to keep such
Registration Statement effective at all times during the Registration Period (except pursuant to Sections 6(g) and 6(r), and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all
Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as
set forth in such Registration Statement. In the case of any amendment or supplement to a Registration Statement or prospectus that is required to be filed pursuant to this Agreement (including pursuant to this Section 6(b)) by reason of
the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or any analogous report under 1934 Act, the Company shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendment or
supplement with the SEC as expeditiously as practicable on or following the date on which the 1934 Act report is filed which created the requirement for the Company to amend or supplement such Registration Statement. 
 (c) Subject to Section 8 hereof, the holders of at least a majority of the Registrable Securities to be
registered under a Registration Statement pursuant to this Agreement shall have the right to select one legal counsel to review and oversee any registration pursuant to Sections 2 and Section 4 (“Legal Counsel”),
which shall be Katten Muchin Rosenman LLP or such other counsel as thereafter designated by the holders of at least a majority of the Registrable Securities to be registered under such Registration Statement. The Company and Legal Counsel shall
reasonably cooperate with each other in performing the Company’s and the Investors’ respective obligations under this Agreement. 
 (d) The Company shall (A) permit Legal Counsel to review and comment upon (1) a Registration Statement at least three (3) Business Days prior to its filing with the SEC and (ii) all
amendments and supplements to all Registration Statements (except

  

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for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any similar or successor reports) within a reasonable number of days prior to their filing with
the SEC, and (B) not file any Registration Statement or amendment or supplement thereto in a form to which Legal Counsel reasonably objects; provided, that the failure of any Investor or Legal Counsel to respond to such proposed
documents within three (3) Business Days after receipt thereof shall be deemed confirmation of no objection to same. The Company shall promptly furnish to Legal Counsel, without charge, copies of any correspondence from the SEC or the staff of
the SEC to the Company or its representatives relating to any Registration Statement, shall permit Legal Counsel to review and comment upon the Company’s responses to any such correspondence and shall not submit any such responses in a form to
which Legal Counsel reasonably objects; provided that the failure of Legal Counsel to respond to such responses within two (2) Business Days after receipt thereof shall be deemed confirmation of no objection to same. The Company shall
reasonably cooperate with Legal Counsel in performing the Company’s obligations pursuant to this Section 6. 
 (e) The Company shall furnish to Legal Counsel and each Investor whose Registrable Securities are included in any Registration Statement, without charge, (i) promptly after the same is prepared and
filed with the SEC, if requested by an Investor and not otherwise available on the EDGAR (or any successor) system, at least one copy of such Registration Statement and any amendments or supplement thereto, including financial statements and
schedules, all documents incorporated therein by reference, all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, ten (10) copies of the prospectus included in such Registration Statement
and all amendments and supplements thereto (or such other number of copies as such Investor may reasonably request) and (iii) such other documents, including copies of any prospectus (preliminary, final, summary or free writing), as such
Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor. 
 (f) The Company shall use its reasonable best efforts to (i) register and qualify, unless an exemption from registration and qualification applies, the resale by Investors of the Registrable
Securities covered by a Registration Statement under such other securities or “blue sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions such amendments (including post-effective
amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and
qualifications in effect at all times during the Registration Period and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that
the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 6(f), (y) subject
itself to general taxation in any jurisdiction or (z) file a general consent to service of process in any jurisdiction in which it is not currently so qualified or subject to general taxation or has not currently so consented. The Company shall
promptly notify Legal Counsel and each Investor that holds Registrable Securities of the receipt by the Company of any

  

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notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any
jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose. 
 (g) The Company shall notify Legal Counsel, any underwriter of such registered offering and each Investor in writing (each such notice to Legal Counsel and the Investors, a “Suspension
Notice”) of the happening of any of the following events, as promptly as practicable after becoming aware of such event: (i) any request by the SEC or any other federal or state governmental authority, during the period of
effectiveness of the Registration Statement for amendments or supplements to such Registration Statement or related prospectus or for additional information; (ii) the issuance by the SEC or. any other federal or state governmental authority of
any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv) any event or circumstance which necessitates the making of any changes
to the Registration Statement or related prospectus, or any document incorporated or deemed to be incorporated therein by reference, so that, in the case of the Registration Statement, it will not include any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements made therein not misleading and, in the case of the prospectus, it will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading, and, subject to Section 6(r), promptly prepare a supplement or amendment to such Registration Statement to
correct such untrue statement or omission, and deliver a copy of such supplement or amendment to Legal Counsel, any underwriter of such registered offering and each Investor (or such other number of copies as Legal Counsel, such underwriter or such
Investor may reasonably request). The Company shall also promptly notify Legal Counsel, any underwriter of such registered offering and each Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has
been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and each Investor by facsimile on the same day of such effectiveness and by
overnight mail) and (ii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate. 
 (h) The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of
effectiveness of the Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension
as soon as reasonably practicable consistent with the provisions of Section 6(g) and to notify Legal Counsel and each Investor who holds Registrable Securities being sold of the issuance of such order or suspension and the resolution
thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose. 
  

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 (i) At the reasonable request of any Investor in the context of the
securities laws, or in the case of an underwritten offering upon the request of any underwriter, the Company shall furnish to such Investor or underwriter, as the case may be, on the date of the effectiveness of the Registration Statement and
thereafter from time to time on such dates as such Investor may reasonably request (i) a “comfort letter,” dated such date, from the Company’s independent registered certified public accountants, in form and substance as is
customarily given by independent registered certified public accountants to underwriters in an underwritten public offering, addressed to the Investors and any underwriters (or if such accountants are prohibited by generally accepted auditing
standards from issuing a “comfort letter” to an Investor, the Company shall furnish to such Investor an “agreed upon procedures” letter covering the same matters to the greatest extent possible, and otherwise in customary form
and substance), and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is customarily given to underwriters in an underwritten public
offering, addressed to such Investor or underwriter, as the case may be. 
 (j) Upon the written request of any
Investor, or in the case of an underwritten offering upon the request of any underwriter, in connection with such Investor’s due diligence requirements, if any, the Company shall make available for inspection by (i) any Investor,
(ii) Legal Counsel, (iii) any underwriter participating in any disposition pursuant to the Registration Statement, (iv) legal counsel representing any such underwriter with respect to any disposition pursuant to the Registration
Statement and (v) one firm of accountants or other agents retained by the Investors (collectively, the “Inspectors”) all pertinent financial, corporate and other records (collectively, the “Records”) as shall
be reasonably deemed necessary by each Inspector to fulfill a due diligence obligation by such Investor, and cause the Company’s chief executive officer, chief financial officer, executive vice presidents and secretary to be reasonably
available to the Inspectors for questions regarding the Records and to supply all information which any Inspector may reasonably request; provided, however, that each Inspector shall agree in writing to hold in strict confidence and
shall not make any disclosure (except to an Investor that is subject to its own confidentiality agreement) or use of any Record or other information which the Company determines in good faith to be confidential, and of which determination the
Inspectors are so notified, unless (a) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction or (b) the information in such Records has been
made generally available to the public other than by disclosure in violation of this or any other Transaction Document. Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed to limit the
Investors’ ability to sell Registrable Securities in a manner that is otherwise consistent with this Agreement and the other Transaction Documents, applicable laws and regulations. 
 (k) The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the
Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any

  

 12 

 
Registration Statement, (iii) the release of such information is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or
(iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other Transaction Document. The Company agrees that it shall, upon learning that disclosure of such information
concerning an Investor is sought in or by a court or government body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor, at the Investor’s expense, to undertake appropriate
action to prevent disclosure of, or to obtain a protective order for, such information. 
 (l) The Company shall
use its reasonable best efforts to (i) cause all the Registrable Securities covered by the Registration Statement to be listed or quoted on each securities exchange or trading market on which securities of the same class or series issued by the
Company are listed or quoted, and (ii) without limiting the generality of the foregoing, arrange for at least three market makers to register with the Financial Industry Regulatory Authority, Inc. (“FINRA”) as such with respect
to such Registrable Securities. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 6(l). 
 (m) The Company shall cooperate with the Investors that hold Registrable Securities being offered and the underwriters, if
any, and, to the extent applicable pursuant to the Transaction Documents, facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a
Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the Investors may reasonably request and registered in such names as the Investors may request. 
 (n) If requested by an Investor, and if the Company’s counsel deems such inclusion not inconsistent with the 1933 Act or
the 1934 Act or other applicable law, the Company shall (i) as soon as practicable incorporate in a prospectus supplement or post-effective amendment such information as an Investor reasonably requests to be included therein relating to the
sale and distribution of Registrable Securities, including information with respect to such Investor, the number of Registrable Securities being offered or sold by such Investor, the purchase price being paid therefor and any other terms of the
offering of the Registrable Securities to be sold in such offering; (ii) as soon as practicable make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such
prospectus supplement or post-effective amendment; and (iii) as soon as practicable supplement or make amendments to any Registration Statement if reasonably requested by an Investor holding any Registrable Securities. 
 (o) The Company shall make generally available to its security holders as soon as practicable, but not later than ninety
(90) days after the close of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by, the provisions of Rule 158 under the 1933 Act) covering a twelve (12) month period beginning not later
than the first day of the Company’s fiscal quarter next following the effective date of a Registration Statement. 
  

 13 

 (p) The Company shall otherwise use its reasonable best efforts to comply
with all applicable rules and regulations of the SEC in connection with any registration hereunder. 
 (q) Within
two (2) Business Days after the Registration Statement which covers Registrable Securities is ordered effective by the SEC, the Company shall deliver, or shall cause legal counsel for the Company to deliver, to the transfer agent for such
Registrable Securities (with copies to the Investors whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC in the form attached hereto as
Exhibit A, provided, that if the Company changes its transfer agent, it shall timely deliver any previously delivered notices under this Section 6(q) and any subsequent notices to such new transfer agent. 
 (r) Notwithstanding anything to the contrary herein, at any time after the Effective Date, upon the occurrence of any event
or circumstance which necessitates the making of any changes in the Registration Statement or related prospectus, or any document incorporated or deemed to be incorporated therein by reference, so that (i) in the case of the Registration
Statement, it will not include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein not misleading or, (ii) in the case of the prospectus, it
will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading, a suspension pursuant to a
Suspension Notice delivered by the Company pursuant to Section 6(g) will not trigger any payment or liability for payment by the Company of any Registration Delay Payments otherwise payable or owing by the Company pursuant to
Section 5 of this Agreement (a “Grace Period”); provided, that the Company shall (i) promptly notify the Investors in writing of the existence of a Grace Period in conformity with the provisions of this
Section 6(r) and the date on which the Grace Period will begin, and (ii) as soon as such date may be determined, promptly notify the Investors in writing of the date on which the Grace Period ends; and, provided,
further, that no Grace Period shall exceed twenty-five (25) consecutive days and during any three hundred sixty five (365) day period, such Grace Periods shall not exceed an aggregate of seventy-five (75) days, and the first
day of any Grace Period must be at least five (5) Trading Days after the last day of any prior Grace Period (each, an “Allowable Grace Period”). For purposes of determining the length of a Grace Period above, the Grace Period
shall begin on and include the date the Investors receive the notice referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice referred to in clause (ii) and the date referred to in such
notice. For the avoidance of doubt, no Maintenance Failure shall occur during an Allowable Grace Period. The provisions of Section 6(h) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration of
the Grace Period, the Company shall again be bound by the first sentence of Section 6(g) with respect to the information giving rise thereto unless such material non-public information is no longer applicable. Notwithstanding anything to
the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance with the terms of the Financing Agreement in connection with any

  

 14 

 
sale of Registrable Securities with respect to which an Investor has entered into a contract for sale, and delivered a copy of the prospectus included as part of the applicable Registration
Statement, in each case prior to the Investor’s receipt of the Suspension Notice related to the Grace Period and for which the Investor has not yet settled. 
 (s) The Company shall provide a transfer agent and registrar of all such Registrable Securities not later than the Effective
Date of the applicable Registration Statement. 
 (t) The Company shall use its reasonable best efforts to cause
the Registrable Securities covered by the applicable Registration Statement to be registered with or approved by such other governmental agencies or authorities in the United States as may be necessary to consummate the disposition of such
Registrable Securities. 
 (u) To the extent not made by the underwriters in the case of an underwritten
offering, the Company shall make such filings with FINRA, pursuant to FINRA Rule 5510 or otherwise (including providing all required information and paying required fees thereto), as and when requested by any Investor, or in the case of an
underwritten offering, by any underwriter, and make all other filings and take all other actions reasonably necessary to expedite and facilitate the disposition by the Investors of Registrable Securities pursuant to a Registration Statement,
including promptly responding to any comments received from FINRA. 
 (v) The Company shall not register any of
its securities for sale for its own account (other than for issuance to employees, directors and consultants, of the Company under an employee benefit plan or for issuance in a business combination transaction), except pursuant to a firm commitment
underwritten public offering. Except pursuant to this Agreement, the Company shall not file any Registration Statement (other than on Form S-8) with the SEC prior to the date that the Initial Registration Statement is declared effective by the SEC.
Promptly following the First Restated Closing Date, the Company shall terminate and withdraw any Registration Statements (other than on Form S-8) that are effective as of the First Restated Closing Date. 
 (w) The Company shall enter into such customary agreements (including, in the case of underwritten offering, an underwriting
agreement) and take such other actions as the any of the Investors or underwriters, if any, may reasonably request in order to expedite and facilitate the disposition of the Registrable Securities covered by a Registration Statement. 
 7. OBLIGATIONS AND COVENANTS OF THE INVESTORS. 
 (a) Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as
reasonably requested by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless such Investor has not elected to include any of such Investor’s Registrable Securities in such Registration
Statement pursuant to Section 4 hereof. It shall be a condition precedent to the obligations of the Company to complete any registration

  

 15 

 
pursuant to this Agreement with respect to Registrable Securities of a particular Investor that such Investor shall furnish to the Company such information regarding itself, the Registrable
Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities. 
 (b) Each Investor agrees that, upon receipt of any Suspension Notice from the Company, such Investor will discontinue
disposition of Registrable Securities pursuant to any Registration Statement covering such Registrable Securities until such Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 6(g) or
receipt of notice from the Company in writing that no supplement or amendment is required. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an
Investor in accordance with the terms of the Financing Agreement in connection with any sale of Registrable Securities under any of the circumstances described in the last sentence of Section 6(r). 
 (c) Upon a request by the Company, each Investor will, as soon as practicable, but in no event later than two
(2) Business Days after such request, notify the Company whether such Investor continues to hold Registrable Securities. 
 8. EXPENSES OF REGISTRATION. 
 All reasonable expenses, other than underwriting discounts and commissions or
other charges of any broker-dealer acting on behalf of the Investors, incurred in connection with registrations, filings or qualifications pursuant to Sections 2, 3, 4, 5 and 6, including all registration, listing
and qualifications fees, printers and accounting fees and fees and disbursements of counsel for the Company shall be paid by the Company. The Company shall also reimburse the Investors for the fees and disbursements of Legal Counsel in connection
with registrations, filings or qualifications pursuant to Sections 2, 3, 4 and 6 of this Agreement, up to an aggregate of $35,000 per registration hereunder. 
 9. INDEMNIFICATION. 
 In the event any Registrable Securities are included in a Registration Statement (provided, that for the purpose of this Section 9, the term “Registration Statement” shall include any preliminary prospectus,
final prospectus, free writing prospectus, summary prospectus, exhibit, supplement or amendment included in or relating to, and. any document incorporated or deemed to be incorporated by reference in, the Registration Statement as such term is
defined in Section 1(p) under this Agreement: 
 (a) The Company agrees to indemnify, hold harmless
and defend each Investor, the directors, officers, partners, managers, members, employees, agents and representatives of, and each Person, if any, who controls, any Investor within the meaning of the 1933 Act or the 1934 Act (each, an
“Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement (if such settlement is effected with the written

  

 16 

 
consent of the party from which indemnification is sought, which consent shall not be unreasonably withheld, conditioned or delayed) or expenses, joint or several (collectively,
“Claims”), incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory
agency, body or the SEC, whether pending or threatened (“Indemnified Damages”), to which any of them may become subject insofar as such Claim (or actions or proceedings, whether commenced or threatened, in respect thereof) or
Indemnified Damages arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement or any post-effective amendment thereto or in any filing made in connection with the
qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact
required to be stated therein or necessary to make the statements made therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any prospectus, including any preliminary prospectus, summary
prospectus, free writing prospectus or final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC, and including all information incorporated by reference therein), or the omission or
alleged omission to state therein any material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading, (iii) any violation or alleged violation by the Company of the 1933
Act, the 1934 Act, any other law, including any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement or (iv) any violation of this Agreement
(the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”). Subject to Section 9(c), the Company shall reimburse the Indemnified Persons, promptly as such expenses are incurred
and are due and payable, for any legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement
contained in this Section 9(a): (i) shall not apply to a Claim or Indemnified Damages sought by an Indemnified Person to the extent arising out of or based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto; and (ii) shall not apply to
amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 12. 
 (b) In connection with any Registration Statement in which an Investor’s Registrable Securities are included, each such
Investor agrees to severally and not jointly indemnify, hold harmless and defend the Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of
the 1933 Act (each, an “Indemnified Party”), to the same extent and in the same manner as is set forth in Section 9(a) with respect to the

  

 17 

 
Indemnified Persons, against any Claim or Indemnified Damages to which any of them may become subject insofar as such Claim or Indemnified Damages arise out of or are based upon: (i) any
Violation, to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection with the preparation of the
Registration Statement or any such amendment thereof or supplement thereto; or (ii) the use by such Investor of an outdated or defective prospectus after the Company has notified such Investor in writing that the prospectus is outdated or
defective; and, subject to Section 6(c), such Investor will reimburse any legal or other expenses reasonably incurred by an Indemnified Party in connection with investigating or defending any such Claim; provided, however,
that the indemnity agreement contained in this Section 9(b) and the agreement with respect to contribution contained in Section 10 shall not apply to amounts paid in settlement of any Claim or Indemnified Damages if such
settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld, conditioned or delayed; provided, further, however, that an Investor shall be liable under this
Section 9(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to the Registration Statement giving rise to such
indemnification obligation. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to
Section 12. 
 (c) Promptly after receipt by an Indemnified Person or Indemnified Party under this
Section 6 of the written threat of or notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim or Indemnified Damages, such Indemnified Person or Indemnified Party shall,
if a Claim in respect thereof is to be made against any indemnifying party under this Section 9, promptly deliver to the indemnifying party a written notice of the written threat of or notice of the commencement of such action or
proceeding. In case any such action or proceeding is brought against any Indemnified Party or Indemnified Person and such Indemnified Party or Indemnified Person seeks or intends to seek indemnity from an indemnifying party, the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the
indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Party or Indemnified Person shall have the right to retain its own counsel with the fees and expenses of
such counsel for such Indemnified Party or Indemnified Person (as applicable) to be paid by the indemnifying party if the defendants in any such action or proceeding include both the Indemnified Party or Indemnified Person, on the one hand, and the
indemnifying party, on the other hand, and the Indemnified Party or Indemnified Person (as applicable) shall have reasonably concluded, based on an opinion of counsel reasonably satisfactory to the indemnifying party, that the representation by such
counsel of the Indemnified Person or Indemnified Party (as applicable) and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party
represented by such counsel in such proceeding and/or that there may be legal defenses available to it and/or any other

  

 18 

 
Indemnified Party or Indemnified Person which are different from or additional to those available to the indemnifying party; provided, further, however, that the indemnifying
party shall not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for all such Indemnified Persons or Indemnified Parties. In the case of an Indemnified Person, legal counsel referred to in the
immediately preceding sentence shall be selected by the Investors holding at least a majority of the Registrable Securities included in the Registration Statement to which the Claim or Indemnified Damages relate. The Indemnified Party or Indemnified
Person shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any such action or proceeding or Claim or Indemnified Damages by the indemnifying party and shall furnish to the indemnifying party all
information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or proceeding or Claim or Indemnified Damages. The indemnifying party shall keep the Indemnified Party or Indemnified Person reasonably
apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action or proceeding effected without its prior written consent;
provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person, as the case
may be, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person (as applicable)
of a full release from all liability with respect to such Claim or Indemnified Damages. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action or proceeding shall not relieve
such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 9, except to the extent that the indemnifying party is materially prejudiced in its ability to defend such action or proceeding as
a result of such failure. 
 (d) No Person involved in the sale of Registrable Securities who is guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to indemnification from any Person who is not guilty of such fraudulent misrepresentation. 
 (e) The indemnification required by this Section 9 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred. 
 (f) The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the
indemnifying party may be subject to pursuant to the law. Notwithstanding the foregoing, in the event that any of the provisions of Section 13.12 of the Financing Agreement and this Section 9 may be deemed to both be applicable to
any of the same losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or expenses incurred in investigating, preparing or defending any action, claim, suit,
inquiry, proceeding, investigation or appeal taken from the foregoing by or

  

 19 

 
before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, the provisions of this Section 9 shall control and such
provisions of Section 13.12 of the Financing Agreement shall be inoperative. 
 10. CONTRIBUTION. 
 To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to, in lieu of
indemnifying such Indemnified Person or Indemnified Party, as applicable, make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 9 to the fullest extent permitted by law;
provided, however, that: (i) no contribution shall be made under circumstances where the maker would not have been liable for indemnification under the fault standards set forth in Section 9 of this Agreement;
(ii) no Person involved in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such
Registrable Securities pursuant to such Registration Statement. 
 11. REPORTS UNDER THE 1934 ACT. 
 With a view to making available to the Investors the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or
regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration (“Rule 144”), at all times during which there are shares of Registrable Securities outstanding that
have not been previously (i) sold to or through a broker or dealer or underwriter in a public distribution or (ii) sold in a transaction exempt from the registration and prospectus delivery requirements of the 1933 Act under
Section 4(1) thereof, in the case of either clause (i) or clause (ii) in such a manner that, upon the consummation of such sale, all transfer restrictions and restrictive legends with respect to such shares are removed upon the
consummation of such sale, the Company agrees to: 
 (a) make and keep public information available, as those
terms are understood and defined in Rule 144; 
 (b) file with the SEC in a timely manner all reports and other
documents required of the Company under the 1934 Act, so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and 
 (c) furnish to each Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written
statement by the Company, if true, that it has complied with the reporting requirements of Rule 144 and the 1934 Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the
Company, and (iii) such other information as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without registration. 
  

 20 

 12. ASSIGNMENT OF REGISTRATION RIGHTS. 
 The rights under this Agreement shall be automatically assignable by the Investors to any transferee or assignee of all or any portion of
such Investor’s Registrable Securities if: (i) the Investor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment;
(ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee or assignee and (b) the securities with respect to which such registration
rights are being transferred or assigned; (iii) immediately following such transfer or assignment the further disposition of such securities by the transferee or assignee is restricted under the 1933 Act or applicable state securities laws;
(iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the applicable provisions contained herein;
and (v) such transfer or assignment shall have been made in accordance with the applicable requirements of the Financing Agreement, including those in Section 6.4 thereof. 
 13. AMENDMENT OF REGISTRATION RIGHTS. 
 Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either, retroactively or prospectively) only with the written consent
of the Company and the Required Holders. Any amendment or waiver effected in accordance with this Section 13 shall be binding upon each Investor and the Company. No such amendment shall be effective to the extent that it applies to less
than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of this Agreement unless the same consideration also is offered to
all of the Investors. 
 14. MISCELLANEOUS. 
 (a) A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such
Registrable Securities (or the Notes or other securities upon exercise, conversion or exchange of which such Registrable Securities are issuable). If the Company receives conflicting instructions, notices or elections from two or more Persons with
respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the such record owner of such Registrable Securities (or the Notes or other securities upon exercise, conversion or
exchange of which such Registrable Securities are issuable). 
 (b) Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 
  

			
		 	If to the Company:
		
		 	 Unigene Laboratories, Inc.
 110
Little Falls Road
 Fairfield, New Jersey 07004
 Telephone: (973) 265-1100
 Facsimile: (973) 335-0972
 Attention: Warren Levy

  

 21 

					
		 	with a copy (for informational purposes only) to:
		
		 	 Dechert LLP
 902
Carnegie Center, Suite 500
 Princeton, New Jersey 08540

		 	Telephone:	  	(609) 955-3200
		 	Facsimile:	  	(609) 955-3259
		 	Attention:	  	James J. Marino, Esq.
		
		 	If to Legal Counsel:
		
		 	 Katten Muchin Rosenman LLP
 525 West Monroe Street, Suite 1900
 Chicago, Illinois 60661

		 	Telephone:	  	(312) 902-5297
		 	Facsimile:	  	(312) 902-1061
		 	Attention:	  	 Mark R. Grossmann, Esq. and
 Mark D. Wood, Esq.

 If to a Buyer, to its address and facsimile number set forth on the Schedule of Buyers
attached hereto, with copies to such Buyer’s representatives as set forth on such Schedule of Buyers, or in any case to such other address and/or facsimile number and/or to the attention of such other individual as the recipient party
has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication,
(B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a courier or overnight courier
service shall be rebuttable evidence of personal service, receipt by facsimile deposit with a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively. Notwithstanding the foregoing,
the company or its counsel may transmit versions of any Registration Statement (or any amendments or supplements thereto) to Legal Counsel in satisfaction of its obligations under Sections 6(c) and (d) to permit Legal Counsel to
review such Registration Statement prior to filing (and solely for such purpose) by email to mark.wood@kattenlaw.com (or such other e-mail address as has been provided for such purpose by Legal Counsel) and provided that delivery and receipt of such
transmission shall be confirmed by electronic, telephonic or other means. 
  

 22 

 (c) Failure of any party to exercise any right or remedy under this
Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof. 
 (d) All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Illinois or any other jurisdictions) that would cause the application of the laws of any jurisdiction other than the State of Illinois. Each party hereby irrevocably submits to the exclusive jurisdiction of
the state and federal courts sitting in The City of Chicago for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to
assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any
provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 (e) This Agreement, the
other Transaction Documents (as defined in the Financing Agreement) and the instruments referenced herein and therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement, the other Transaction Documents and the instruments referenced herein and therein supersede all prior agreements and
understandings among the parties hereto with respect to the subject matter hereof and thereof. 
 (f) Subject to
the requirements of Section 12, this Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto. 
 (g) The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
  

 23 

 (h) This Agreement and any amendments hereto may be executed and delivered
in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become
effective when counterparts have been signed by each party hereto and delivered to the other parties hereto, it being understood that all parties need not sign the same counterpart. In the event that any signature to this Agreement or any amendment
hereto is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the
same force and effect as if such facsimile or “.pdf” signature page were an original thereof. No party hereto shall raise the use of a facsimile machine or e-mail delivery of a “.pdf” format data file to deliver a signature to
this Agreement or any amendment hereto or the fact that such signature was transmitted or communicated through the use of a facsimile machine or e-mail delivery of a “.pdf” format data file as a defense to the formation or enforceability
of a contract and each party hereto forever waives any such defense. 
 (i) Each party shall do and perform, or
cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 
 (j)
All consents and other determinations required to be made by the Investors pursuant to this Agreement shall be made, unless otherwise specified in this Agreement, by the Required Holders. 
 (k) The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual
intent and no rules of strict construction will be applied against any party. 
 (l) Each Buyer and each holder
of the Securities shall have all rights and remedies set forth in the Transaction Documents and all rights and remedies that such Buyers and holders have been granted at any time under any other agreement or contract and all of the rights that such
Buyers and holders have under any law. Any Person having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without posting a bond or other security or proving actual damages), to recover damages
by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law or in equity. 
 (m) This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns and, to the extent provided in Sections 9(a) and (b), each
Indemnified Person and Indemnified Party, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 
  

 24 

 (n) The Company shall not grant any Person any registration rights with
respect to shares of Common Stock or any other securities of the Company other than registration rights that will not adversely affect the rights of the Investors hereunder (including by limiting in any way the number of Registrable Securities that
could be included in any Registration Statement pursuant to Rule 415), and shall not otherwise enter into any agreement that is inconsistent with the rights granted to the Investors hereunder. 
 (o) The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor, and no
provision of this Agreement is intended to confer any obligations on any Investor vis-à-vis any other Investor. Nothing contained herein, and no action taken by any Investor pursuant hereto, shall be deemed to constitute the Investors as a
partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated herein. 

(p) Unless the context otherwise requires, (a) all references to Sections, Exhibits or Annexes are to Sections,
Exhibits or Annexes contained in or attached to this Agreement, (b) words in the singular or plural include the singular and plural and pronouns stated in either the masculine, the feminine or neuter gender shall include the masculine, feminine
and neuter and (c) the use of the word “including” in this Agreement shall be by way of example rather than limitation. 
 *  *  *  *  * 
  

 25 

 IN WITNESS WHEREOF, each Buyer and the Company has caused its signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	COMPANY:
	
	UNIGENE LABORATORIES, INC.
		
	By:	 	 /s/ Warren P. Levy

	Name:	 	Warren Levy
	Title:	 	Chief Executive Officer

			
	BUYER:
	
	VICTORY PARK CREDIT OPPORTUNITIES MASTER FUND, LTD.
	
	By: Victory Park Capital Advisors, LLC, its investment manager
		
	By:	 	 /s/ Scott Zemnick

	Name:	 	Scott Zemnick
	Title:	 	General Counsel

 SCHEDULE OF BUYERS 
  

					
	 Buyer
	  	 Buyer’s Address
 and Facsimile Number
	  	 Buyer’s Representative’s Address
 and Facsimile Number

	 Victory Park Credit Opportunities
 Master Fund, Ltd.
	  	 227 W. Monroe Street, Suite 3900
 Chicago, IL 60606
 Attention: Matthew Ray
 Facsimile: 312.701.0794
 Telephone: 312.701.0788
	  	 Katten Muchin Rosenman LLP
 525
West Monroe Street, Suite 1900
 Chicago, Illinois 60661
 Telephone: 312.902.5297
 Facsimile: 312.577.4408
 Attention: Mark R. Grossmann, Esq.

 EXHIBIT A  
 FORM OF NOTICE OF EFFECTIVENESS 
 OF REGISTRATION
STATEMENT 
 Registrar and Transfer Company 
 10 Commerce Drive 
 Cranford, NJ 07016 
 Attention: Evette Arango 
 Re:
Unigene Laboratories, Inc. 
 Ladies and Gentlemen: 
 [We are][I am] counsel to Unigene Laboratories, Inc., a Delaware corporation (the “Company”), and have represented the Company in connection with that certain Amended and Restated
Financing Agreement, dated as of March 16, 2010 (the “Financing Agreement”), entered into by and among the Company, Victory Park Management, LLC, as administrative agent and collateral agent, and the lender(s) named therein
(collectively, the “Holders”), pursuant to which the Company issued to the Holders senior secured notes (the “Initial Notes”), which Initial Notes are convertible into shares of the Company’s common stock, par
value $0.01 per share (the “Common Stock”), and pursuant to which the Company may have an option to issue to the Holders additional senior secured notes (such additional notes together with the Initial Notes, the
“Notes”), which Notes are also convertible into shares of the Common Stock, as set forth in, and subject to the terms and conditions of, the Financing Agreement. Pursuant to the Financing Agreement, the Company also has entered into
an Amended and Restated Registration Rights Agreement with the Holders (the “Registration Rights Agreement”) pursuant to which the Company has agreed, among other things, to register the resale of the Registrable Securities (as
defined in the Registration Rights Agreement) under the Securities Act of 1933, as amended (the “1933 Act”). In connection with the Company’s obligations under the Registration Rights Agreement, on [ENTER DATE OF FILING], the
Company filed a Registration Statement on Form [S-    ] (File No. 333-                ) (the “Registration
Statement”) with the United States Securities and Exchange Commission (the “SEC”) relating to the Registrable Securities which names each of the Holders as a selling stockholder thereunder. 
 In connection with the foregoing, [we][I] advise you that a member of the SEC’s staff has advised [us][me] by telephone that the SEC
has entered an order declaring the Registration Statement effective under the 1933 Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and [we][I] have no knowledge, after telephonic inquiry of a member of the SEC’s staff,
that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Registrable Securities are available for resale under the 1933 Act pursuant to the
Registration Statement. 

 This letter shall serve as our standing advice to you that the shares of Common Stock
registered pursuant to the Registration Statement are currently freely transferable by the Holders pursuant to the Registration Statement, and you need not require further letters from us to effect any future legend-free issuance or reissuance of
shares of Common Stock to the Holders or the transferees of the Holders, as the case may be, as contemplated by the Company’s Irrevocable Transfer Agent Instructions, dated March 17, 2010. 
             Very truly yours, 
             [ISSUER’S COUNSEL] 
 cc: Victory Park Management, LLC 

 ANNEX I 
 PLAN OF DISTRIBUTION 
 We are registering the shares
of common stock to permit the resale of these shares of common stock by the selling stockholders from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the shares of
common stock. We will bear all fees and expenses incident to our obligation to register the shares of common stock. 
 The
selling stockholders may sell all or a portion of the shares of common stock beneficially owned by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the shares of common stock are
sold through underwriters or broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or agent’s commissions. The shares of common stock may be sold in one or more transactions at fixed prices, at
prevailing market prices at the time of the sale, at varying prices determined at the time of sale or at negotiated prices. These sales may be effected from time to time pursuant to one or more of the following methods, which may involve crosses or
block transactions: 
  

	 	•	 	 on any national securities exchange or U.S. inter-dealer quotation system of a registered national securities association on which the securities may
be listed or quoted at the time of sale; 

  

	 	•	 	 in the over-the-counter market; 

  

	 	•	 	 in transactions otherwise than on these exchanges or systems or in the over-the-counter market; 

  

	 	•	 	 through the writing of options, whether such options are listed on an options exchange or otherwise; 

  

	 	•	 	 ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	 block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to
facilitate the transaction; 

  

	 	•	 	 purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	 an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	 public or privately negotiated transactions; 

  

	 	•	 	 short sales; 

  

	 	•	 	 sales pursuant to Rule 144; 

  

 I-1 

	 	•	 	 broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;

  

	 	•	 	 a combination of any such methods of sale; or 

  

	 	•	 	 any other method permitted pursuant to applicable law. 

 If the selling stockholders effect such transactions by selling shares of common stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive
commissions in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the shares of common stock for whom they may act as agent or to whom they may sell as principal (which discounts,
concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of common stock or otherwise, the selling
stockholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of common stock in the course of hedging in positions they assume. The selling stockholders may also sell shares of common
stock short and deliver shares of common stock covered by this prospectus to close out short positions, and to return borrowed shares in connection with such short sales, provided that the short sales are made after the registration statement is
declared effective. The selling stockholders may also loan or pledge shares of common stock to broker-dealers in connection with bona fide margin accounts secured by the shares of common stock, which shares broker-dealers could in turn sell if the
selling stockholders default in the performance of their respective secured obligations. 
 The selling stockholders may pledge
or grant a security interest in some or all of the shares of common stock owned by them and, if any of them defaults in the performance of its secured obligations, the pledgees or secured parties may offer and sell the shares of common stock from
time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933, amending, if necessary, the list of selling stockholders to include the pledgee,
transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer and donate the shares of common stock in other circumstances in which case the transferees, donees or other
successors in interest will be the selling beneficial owners for purposes of this prospectus. 
 The selling stockholders and
any broker-dealer participating in the distribution of the shares of common stock may be deemed to be “underwriters” within the meaning of the Securities Act of 1933, and any commission paid, or any discounts or concessions allowed to, any
such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act of 1933. At the time a particular offering of the shares of common stock is made, a prospectus supplement, if required, will be distributed which
will set forth the aggregate amount of shares of common stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the
selling stockholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers. 
  

 I-2 

 Under the securities laws of some states, the shares of common stock may be sold in such
states only through registered or licensed brokers or dealers. In addition, in some states the shares of common stock may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or
qualification is available and is complied with. 
 There can be no assurance that any selling stockholder will sell any or all
of the shares of common stock registered pursuant to the registration statement, of which this prospectus forms a part. 
 The
selling stockholders and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, and the rules and regulations thereunder, including, without limitation, Regulation M of
the Securities Exchange Act of 1934, which may limit the timing of purchases and sales of any of the shares of common stock by the selling stockholders and any other participating person. Regulation M may also restrict the ability of any person
engaged in the distribution of the shares of common stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing may affect the marketability of the shares of common stock and the ability of any person
or entity to engage in market-making activities with respect to the shares of common stock. 
 We will pay all expenses of the
registration of the shares of common stock pursuant to the registration rights agreement, including, without limitation, SEC filing fees and expenses of compliance with state securities or “blue sky” laws; provided, however,
that the selling stockholders will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling stockholders against liabilities, including liabilities under the Securities Act of 1933, in accordance with the
registration rights agreement, or the selling stockholders will be entitled to contribution. We may be indemnified by the selling stockholders against civil liabilities, including liabilities under the Securities Act of 1933, that may arise from any
written information furnished to us by the selling stockholders specifically for use in this prospectus, in accordance with the related registration rights agreement, or we may be entitled to contribution. 
 Once sold under the registration statement, of which this prospectus forms a part, the shares of common stock will be freely tradable in the
hands of persons other than our affiliates. 
 Any shares covered by this prospectus that qualify for sale pursuant to Rule 144
of the Securities Act of 1933 may be sold under Rule 144, rather than pursuant to this prospectus. 
  

 I-3Mortgage Security Agreement

 Exhibit 10.5 
  

			
	 THIS DOCUMENT WAS PREPARED
BY,
 AND AFTER RECORDING,
RETURN TO:
	  	
	  
 David A. Baroni
 Latham & Watkins LLP
 Sears Tower, Suite
5800
 233 South Wacker Drive
 Chicago,
Illinois 60606
	  	
	  
 PROPERTY ADDRESS:
	  	 This space reserved for Recorder’s use only.
  

		
	 110 Little Falls Road
 Fairfield, Essex County, New Jersey 07004
	  	

 THIS INSTRUMENT SHALL BE INDEXED AS A MORTGAGE AND AS A FIXTURE FILING. SEE SECTION 12. 
  
  
 MORTGAGE, SECURITY AGREEMENT, 
 ASSIGNMENT OF RENTS AND LEASES
AND FIXTURE FILING 
 This MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING
executed as of September 30, 2008 and effective and dated as of September 30, 2008 (the “Mortgage”), is made by UNIGENE LABORATORIES, INC., a Delaware corporation (the “Mortgagor”), to
VICTORY PARK MANAGEMENT, LLC, a Delaware limited liability company, its successors and assigns (the “Mortgagee”), in its capacity as administrative agent and collateral agent for the Lenders and the Holders (as defined
herein) under the Financing Agreement (as defined herein), for the benefit of the Lenders and the Holders. 
 R
E C I T A L S: 
 A. On the date hereof, Mortgagor (as the
“Principal Borrower”) entered into that certain Financing Agreement by and among the Lenders (as defined therein) party thereto from time to time and Mortgagee, as administrative agent and collateral agent for the Lenders and
the Holders as defined therein (as the same may be amended, restated, modified or otherwise supplemented and in effect from time to time, hereinafter the “Financing Agreement”), under which the Lenders agreed to purchase from the
Borrowers (as defined in the Financing Agreement, which definition includes Mortgagor) certain notes in the form of Notes (as defined in the Financing Agreement) in an aggregate principal amount up to TWENTY MILLION AND NO/100 DOLLARS
($20,000,000.00). All capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Financing Agreement. 

 B. Mortgagor wishes to provide further assurance and security to the Mortgagee, the
Lenders and the Holders, and as a condition to the Mortgagee, the Lenders and the Holders executing the Financing Agreement, the Mortgagee, the Lenders and the Holders are requiring that Mortgagor execute this Mortgage and grant to the Mortgagee, on
behalf of the Lenders and the Holders, a security interest in and a first mortgage lien upon the Premises (as hereinafter defined), subject to the Permitted Liens, to secure the Obligations (as defined in the Financing Agreement), including all the
Borrowers’ obligations under the Financing Agreement, the Notes, this Mortgage and the Transaction Documents (as defined in the Financing Agreement). Mortgagor’s obligations under the Financing Agreement mature on September 30, 2011
(the “Maturity Date”); provided, however, that such date shall be extended to any later date to which the scheduled “Maturity Date” in the Financing Agreement is extended. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Mortgagor
agrees as follows: 
 A G R E E M E N T S:

 The Mortgagor hereby mortgages, grants, assigns, remises, releases, warrants and conveys to the Mortgagee and its
successors and assigns (for the benefit of the Lenders and the Holders), and grants a security interest in, the following described property, rights and interests (referred to collectively herein as the “Premises”), all of
which property, rights and interests are hereby pledged primarily and on a parity with the Real Estate (as defined below) and not secondarily: 
 (a) The real estate located in the County of Essex, State of New Jersey, and legally described on Exhibit “A” attached hereto and made a part hereof (the “Real
Estate”); 
 (b) All improvements of every nature whatsoever now or hereafter situated on the Real
Estate, and all fixtures and personal property now or hereafter owned by the Mortgagor that is located on and used in connection with the operation of the Real Estate or the improvements thereon, or in connection with any construction thereon,
including all extensions, additions, improvements, betterments, renewals, substitutions and replacements to any of the foregoing and all of the right, title and interest of the Mortgagor in and to any such personal property or fixtures together with
the benefit of any deposits or payments now or hereafter made on such personal property or fixtures by the Mortgagor or on its behalf (the “Improvements”); 
 (c) All easements, rights of way, gores of real estate, streets, ways, alleys, passages, sewer rights, waters, water courses,
water rights and powers, and all estates, rights, titles, interests, privileges, liberties, tenements, hereditaments and appurtenances whatsoever, in any way now or hereafter belonging, relating or appertaining to the Real Estate, and the
reversions, remainders, rents, issues and profits thereof, and all the estate, right, title, interest, property, possession, claim and demand whatsoever, at law as well as in equity, of the Mortgagor of, in and to the same; 
  

 - 2 - 

 (d) All rents, revenues, issues, profits, proceeds, income, royalties,
Letter of Credit Rights (as defined in the Uniform Commercial Code of the State of New Jersey (the “Code”) in effect from time to time), escrows, security deposits, impounds, reserves, tax refunds and other rights to monies
from the Premises (but not from any businesses or operations conducted by the Mortgagor thereon other than the business of owning and operating the Premises), to be applied against the Secured Obligations (as hereinafter defined); provided, however,
that the Mortgagor, so long as no Event of Default (as hereinafter defined) has occurred hereunder, may collect rent as it becomes due, but not more than one (1) month in advance thereof; 
 (e) All interest of the Mortgagor in all leases now or hereafter on the Premises, whether written or oral (each, a
“Lease”, and collectively, the “Leases”), together with all security therefor and all monies payable thereunder, subject, however, to the conditional permission hereinabove given to the Mortgagor to
collect the rentals under any such Lease; 
 (f) All fixtures and articles of personal property now or hereafter
owned by the Mortgagor and forming a part of or used in connection with the operation and ownership of the Real Estate or the Improvements (but excluding any personal property owned by the Mortgagor (i) stored on the Premises and not intended
to be used in connection with the operation and ownership of the Real Estate or Improvements, and/or (ii) used in a trade or business operated by the Mortgagor other than the business of owning and operating the Premises), including, but
without limitation, any and all air conditioners, antennae, appliances, apparatus, awnings, basins, bathtubs, bidets, boilers, bookcases, cabinets, carpets, computer hardware and software used in the operation of the Premises, coolers, curtains,
dehumidifiers, disposals, doors, drapes, dryers, ducts, dynamos, elevators, engines, equipment, escalators, exercise equipment, fans, fittings, floor coverings, furnaces, furnishings, furniture, hardware, heaters, humidifiers, incinerators,
lighting, machinery, motors, ovens, pipes, plumbing, pumps, radiators, ranges, recreational facilities, refrigerators, screens, security systems, shades, shelving, sinks, sprinklers, stokers, stoves, toilets, ventilators, wall coverings, washers,
windows, window coverings, wiring, and all renewals or replacements thereof or articles in substitution therefor, whether or not the same are or shall be attached to the Real Estate or the Improvements in any manner; it being mutually agreed that
all of the aforesaid property owned by the Mortgagor and placed on and used in connection with the operation and ownership of the Real Estate or the Improvements, so far as permitted by law, shall be deemed to be fixtures, a part of the realty, and
security for the Secured Obligations; notwithstanding the agreement hereinabove expressed that certain articles of property form a part of the realty covered by this Mortgage and be appropriated to its use and deemed to be realty, to the extent that
such agreement and declaration may not be effective and that any of said articles may constitute Goods (as defined in the Code), this instrument shall constitute a security agreement, creating a security interest in such goods, as collateral, in the
Mortgagee, as a Secured Party, and the Mortgagor, as Debtor, all in accordance with the Code; 
  

 - 3 - 

 (g) All of the Mortgagor’s interests in General Intangibles, including
Payment Intangibles (each as defined in the Code) now owned or hereafter acquired and related to the ownership and operation of the Premises, including, without limitation, all of the Mortgagor’s right, title and interest in and to:
(i) all agreements, licenses, permits and contracts to which the Mortgagor is or may become a party and which relate to the ownership and operation of the Premises; (ii) all obligations and indebtedness owed to the Mortgagor thereunder;
and (iii) all choses in action and causes of action relating to the ownership and operation of the Premises, but excluding all such foregoing items related to any businesses or operations conducted by the Mortgagor on the Premises other than
the business of owning and operating the Premises; 
 (h) All of the Mortgagor’s accounts now owned or
hereafter created or acquired as relate to the ownership and operation of the Premises, including without limitation, all warranties, guarantees, permits and licenses in favor of the Mortgagor with respect to the ownership and operation of the
Premises, but excluding all such foregoing items related to any businesses or operations conducted by the Mortgagor on the Premises other than the business of owning and operating the Premises; and 
 (i) All proceeds of the foregoing, including, without limitation, all judgments, awards of damages and settlements hereafter
made resulting from condemnation proceeds or the taking of the Premises or any portion thereof under the power of eminent domain, any proceeds of any policies of insurance, maintained with respect to the Premises or proceeds of any sale, option or
contract to sell the Premises or any portion thereof. 
 TO HAVE AND TO HOLD the Premises, unto the Mortgagee, its
successors and assigns, forever, for the purposes and upon the uses herein set forth together with all right to possession of the Premises after the occurrence of any Event of Default; the Mortgagor hereby RELEASING AND WAIVING all rights
under and by virtue of the homestead exemption laws of the State of New Jersey. 
 FOR THE PURPOSE OF SECURING:
(i) the payment of the Obligations (as defined in the Financing Agreement) and all interest, late charges and other indebtedness evidenced by or owing under the Financing Agreement, the Notes or any other of the Transaction Documents, together
with any extensions, modifications, renewals or refinancings of any of the foregoing; (ii) the performance and observance of the covenants, conditions, agreements, representations, warranties and other liabilities and obligations of the
Mortgagor and any other Borrower or any other obligor to the Mortgagee or benefiting the Lenders and the Holders which are evidenced or secured by or otherwise provided in the Financing Agreement, the Notes, this Mortgage or any of the other
Transaction Documents; and (iii) the reimbursement to the Mortgagee or a Lender or Holder, as applicable, of any and all sums incurred, expended or advanced by the Mortgagee or any Lender or Holder pursuant to any term or provision of or
constituting additional indebtedness under or secured by this Mortgage, the Financing Agreement, the Notes or any of the other Transaction Documents, with interest thereon as provided herein or therein (collectively, the “Secured
Obligations”). 
  

 - 4 - 

 IT IS FURTHER UNDERSTOOD AND AGREED THAT: 
 1. Title. The Mortgagor represents, warrants and covenants that (a) the Mortgagor is the holder of the fee simple title to
the Premises, free and clear of all liens and encumbrances, except those liens and encumbrances in favor of the Mortgagee and the Permitted Liens (as defined in the Financing Agreement); and (b) the Mortgagor has legal power and authority to
mortgage and convey the Premises. 
 2. Payment of Secured Obligations. The Mortgagor covenants that, so
long as any portion of the Secured Obligations remains unpaid, the Mortgagor will pay when due the Secured Obligations in accordance with the terms of the Financing Agreement and the other Transaction Documents and duly perform and observe all of
the terms, covenants and conditions to be observed and performed by the Mortgagor under the Financing Agreement, this Mortgage and the other Transaction Documents. 
 3. OFAC. The Mortgagor covenants that, so long as any portion of the Secured Obligations remains unpaid, the Mortgagor will, without limiting the generality of
Section 4(k) herein, (i) ensure that Mortgagor is not and shall not be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control
(“OFAC”), the Department of the Treasury or included in any Executive Orders, (ii) not use or permit the use of any funds disbursed by the Mortgagee under the Financing Agreement to violate any of the foreign asset
control regulations of OFAC or any enabling statute or Executive Order relating thereto, and (iii) comply with all applicable Bank Secrecy Act laws and regulations, as amended. 
 4. Maintenance, Repair, Restoration, Prior Liens, Parking. The Mortgagor covenants that, so long as any portion of the Secured
Obligations remains unpaid, the Mortgagor will: 
 (a) provided that Mortgagee makes available insurance proceeds
to Mortgagor pursuant to Section 6 herein, promptly repair, restore or rebuild any Improvements now or hereafter on the Premises which may become damaged or be destroyed to a condition substantially similar to the condition
immediately prior to such damage or destruction, whether or not proceeds of insurance are sufficient for the purpose; 
 (b) keep the Premises in good condition and repair, without waste, and free from mechanics’, materialmen’s or like liens or claims or other liens or claims for lien (subject to the Mortgagor’s right to contest liens as
permitted by the terms of Section 26 hereof); 
 (c) pay when due any indebtedness which may
be secured by a Permitted Lien or charge on the Premises on a parity with, superior to or inferior to the lien hereof, and upon request exhibit satisfactory evidence of the discharge of such lien to the Mortgagee (subject to the Mortgagor’s
right to contest liens as permitted by the terms of Section 26 hereof); 
  

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 (d) comply with all requirements of law, municipal ordinances or
restrictions and covenants of record with respect to the Premises and the use thereof; 
 (e) obtain and maintain
in full force and effect, and abide by and satisfy the material terms and conditions of, all material permits, licenses, registrations and other authorizations with or granted by any governmental authorities that may be required from time to time
with respect to the performance of its obligations under this Mortgage; 
 (f) make no material alterations in
the Premises or demolish any portion of the Premises without the Mortgagee’s prior written consent, except as required by law or municipal ordinance; 
 (g) suffer or permit no change in the use or general nature of the occupancy of the Premises, without the Mortgagee’s prior written consent; 
 (h) pay when due all operating costs of the Premises; 
 (i) not initiate or acquiesce in any zoning reclassification with respect to the Premises, without the Mortgagee’s prior
written consent; 
 (j) provide and thereafter maintain adequate parking areas within the Premises as may be
required by law, ordinance or regulation (whichever may be greater), together with any sidewalks, aisles, streets, driveways and sidewalk cuts and sufficient paved areas for ingress, egress and right-of-way to and from the adjacent public
thoroughfares necessary or desirable for the use thereof. 
 (k) comply, and cause the Premises at all times to
be operated in compliance, with all applicable federal, state, local and municipal environmental, health and safety laws, statutes, ordinances, rules and regulations. 
 5. Payment of Taxes and Assessments. The Mortgagor will pay when due and before any penalty attaches, all general and special taxes, assessments, water charges, sewer charges, and other
fees, taxes, charges and assessments of every kind and nature whatsoever (all herein generally called “Taxes”), whether or not assessed against the Mortgagor, if applicable to the Premises or any interest therein, or the
Secured Obligations, or any obligation or agreement secured hereby, subject to the Mortgagor’s right to contest the same, as provided by the terms hereof; and the Mortgagor will, upon written request, furnish to the Mortgagee duplicate receipts
therefor within ten (10) business days after the Mortgagee’s request. 
 6. Insurance. 
 (a) The Mortgagor shall at all times keep all buildings, improvements, fixtures and articles of personal property now or
hereafter situated on the Premises insured against loss or damage by fire and such other hazards as may reasonably be required by the Mortgagee and such other insurance as the Mortgagee may from time to time reasonably require. Unless the Mortgagor
provides the Mortgagee evidence of the

  

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insurance coverages required hereunder, the Mortgagee may purchase insurance at the Mortgagor’s expense to cover the Mortgagee’s interest in the Premises. The insurance may, but need
not, protect the Mortgagor’s interest. The coverages that the Mortgagee purchases may not pay any claim that the Mortgagor makes or any claim that is made against the Mortgagor in connection with the Premises. The Mortgagor may later cancel any
insurance purchased by the Mortgagee, but only after providing the Mortgagee with evidence that the Mortgagor has obtained insurance as required by this Mortgage. If the Mortgagee purchases insurance for the Premises, the Mortgagor will be
responsible for the costs of such insurance, including, without limitation, interest and any other charges which the Mortgagee may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration
of the insurance. The costs of the insurance may be added to the Secured Obligations. The cost of the insurance may be more than the cost of insurance the Mortgagor may be able to obtain on its own. 
 (b) The Mortgagor shall not take out separate insurance concurrent in form or contributing in the event of loss with that
required to be maintained hereunder unless the Mortgagee is included thereon as the loss payee or an additional insured as applicable, under a standard mortgage clause acceptable to the Mortgagee and such separate insurance is otherwise acceptable
to the Mortgagee. 
 (c) In the event of loss, the Mortgagor shall give prompt notice thereof to the Mortgagee,
who shall have the sole and absolute right to make proof of loss; provided however, that if no Event of Default shall have occurred and be continuing, the Mortgagor may make, settle and adjust claims involving less than $250,000 in the aggregate
without the Mortgagee’s consent. Mortgagee, solely and directly, shall receive such payment for loss from each insurance company concerned. If and only if (i) no Event of Default or event that with the passage of time, the giving of notice
or both would constitute an Event of Default then exists, (ii) the Mortgagee determines that the work required to complete the repair or restoration of the Premises necessitated by such loss can be completed no later than six (6) months
prior to the Maturity Date, and (iii) the total of the insurance proceeds and such additional amounts placed on deposit with the Mortgagee by the Mortgagor for the specific purpose of rebuilding or restoring the Improvements equals or exceeds,
in the reasonable discretion of the Mortgagee, the reasonable costs of such rebuilding or restoration, then the Mortgagor may request, and at Mortgagee’s reasonable discretion upon such request, Mortgagee may endorse to the Mortgagor any such
payment and the Mortgagor may collect such payment directly. The Mortgagee shall have the right, at its option and in its sole discretion, to apply any insurance proceeds received by the Mortgagee pursuant to the terms of this section, after the
payment of all of the Mortgagee’s expenses, either (i) on account of the Secured Obligations, irrespective of whether such principal balance is then due and payable, whereupon the Mortgagee may declare the whole of the balance of Secured
Obligations to be due and payable, or (ii) to the restoration or repair of the property damaged as provided in subsection (d) below; provided, however, that the Mortgagee hereby agrees to permit the application of such proceeds to the
restoration or repair of the damaged property, subject to the provisions of subsection (d) below, if (i) the Mortgagee has received satisfactory evidence that such restoration or repair shall be completed no later

  

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than the date that is six (6) months prior to the Maturity Date, and (ii) no Event of Default, or event that with the passage of time, the giving of notice or both would constitute an
Event of Default, then exists. If insurance proceeds are made available to the Mortgagor by the Mortgagee as hereinafter provided, the Mortgagor shall repair, restore or rebuild the damaged or destroyed portion of the Premises so that the condition
and value of the Premises are substantially the same as the condition and value of the Premises prior to being damaged or destroyed. In the event of foreclosure of this Mortgage, all right, title and interest of the Mortgagor in and to any insurance
policies then in force shall pass to the purchaser at the foreclosure sale. 
 (d) If insurance proceeds are made
available by the Mortgagee to the Mortgagor, the Mortgagor shall comply with the following conditions: 
 (i)
Before commencing to repair, restore or rebuild following damage to, or destruction of, all or a portion of the Premises, whether by fire or other casualty, the Mortgagor shall obtain from the Mortgagee its approval, which shall not be unreasonably
withheld, conditioned or delayed, of all site and building plans and specifications pertaining to such repair, restoration or rebuilding. 
 (ii) Prior to each payment or application of any insurance proceeds to the repair or restoration of the improvements upon the Premises to the extent permitted in subsection (c) above (which payment
or application may be made, at the Mortgagee’s option, through an escrow, the terms and conditions of which are reasonably satisfactory to the Mortgagee and the cost of which is to be borne by the Mortgagor), the Mortgagee shall be satisfied as
to the following: 
 (A) no Event of Default or any event which, with the passage of time or giving of notice
would constitute an Event of Default, has occurred; 
 (B) either such Improvements have been fully restored, or
the expenditure of money as may be received from such insurance proceeds will be sufficient to repair, restore or rebuild the Premises, free and clear of all liens, claims and encumbrances, except the lien of this Mortgage and the Permitted
Exceptions, or, if such insurance proceeds shall be insufficient to repair, restore and rebuild the Premises, the Mortgagor has deposited with the Mortgagee such amount of money which, together with the insurance proceeds shall be sufficient to
restore, repair and rebuild the Premises; and 
 (C) prior to each disbursement of any such proceeds, the
Mortgagee shall be furnished with a statement of the Mortgagee’s architect (the cost of which shall be borne by the Mortgagor), certifying the extent of the repair and restoration completed to the date thereof, and that such repairs,
restoration, and rebuilding have been performed to date in conformity with the plans and specifications approved by the

  

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Mortgagee and with all statutes, regulations or ordinances (including building and zoning ordinances) affecting the Premises; and the Mortgagee shall be furnished with appropriate evidence of
payment for labor or materials furnished to the Premises, and total or partial lien waivers substantiating such payments. 
 (iii) If the Mortgagor shall fail to restore, repair or rebuild the Improvements within a time deemed satisfactory by the Mortgagee in its reasonable discretion and taking into account any force majeure
that may have occurred, then the Mortgagee, at its option, may (A) commence and perform all necessary acts to restore, repair or rebuild the said Improvements for or on behalf of the Mortgagor, or (B) declare an Event of Default. If
insurance proceeds shall exceed the amount necessary to complete the repair, restoration or rebuilding of the Improvements, such excess shall be applied on account of the Secured Obligations irrespective of whether such Secured Obligations is then
due and payable without payment of any premium or penalty. 
 7. Condemnation. If all or any part of the Premises
are damaged, taken or acquired, either temporarily or permanently, in any condemnation proceeding, or by exercise of the right of eminent domain, the amount of any award or other payment for such taking or damages made in consideration thereof, to
the extent of the full amount of the remaining unpaid Secured Obligations, is hereby assigned to the Mortgagee , who is empowered to collect and receive the same and to give proper receipts therefor in the name of the Mortgagor and the same shall be
paid forthwith to the Mortgagee. Such award or monies shall be applied on account of the Secured Obligations, without any prepayment or premium, irrespective of whether such Secured Obligations is then due and payable and, at any time from and after
the taking the Mortgagee may declare the whole of the balance of the Secured Obligations to be due and payable. Notwithstanding the provisions of this section to the contrary, if any condemnation or taking of less than the entire Premises occurs and
provided that no Event of Default and no event or circumstance which with the passage of time, the giving of notice or both would constitute an Event of Default then exists, and if such partial condemnation, in the reasonable discretion of the
Mortgagee, has no material adverse effect on the operation or value of the Premises, then the award or payment for such taking or consideration for damages resulting therefrom may be collected and received by the Mortgagor, and the Mortgagee hereby
agrees that in such event it shall not declare the Secured Obligations to be due and payable, if it is not otherwise then due and payable. 
 8. Lease Assignment. The Mortgagor acknowledges that, concurrently herewith, the Mortgagor has executed and delivered to the Mortgagee, as additional security for the repayment of the
Secured Obligations, an Assignment of Rents and Leases (the “Assignment”) pursuant to which the Mortgagor has assigned to the Mortgagee interests in the leases of the Premises and the rents and income from the Premises. All
of the provisions of the Assignment are hereby incorporated herein as if fully set forth at length in the text of this Mortgage. The Mortgagor agrees to abide by all of the provisions of the Assignment. 
  

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 9. Effect of Extensions of Time and Other Changes. If the payment of the
Secured Obligations or any part thereof is extended or varied, if any part of any security for the payment of the Secured Obligations is released, if the rate of interest charged under the Financing Agreement is changed or if the time for payment
thereof is extended or varied, all persons now or at any time hereafter liable therefor, or interested in the Premises or having an interest in the Mortgagor, shall be held to assent to such extension, variation, release or change and their
liability and the lien and all of the provisions hereof shall continue in full force, any right of recourse against all such persons being expressly reserved by the Mortgagee, notwithstanding such extension, variation, release or change. 

10. Effect of Changes in Laws Regarding Taxation. If any law is enacted after the date hereof requiring (a) the
deduction of any lien on the Premises from the value thereof for the purpose of taxation, or (b) the imposition upon the Mortgagee of the payment of the whole or any part of the Taxes, charges or liens herein required to be paid by the
Mortgagor, so as to affect this Mortgage or the Secured Obligations or the holders thereof, then the Mortgagor, upon demand by the Mortgagee, shall pay such Taxes or charges, or reimburse the Mortgagee therefor to the extent such Taxes or charges
relate to this Mortgage; provided, however, that the Mortgagor shall not be deemed to be required to pay any income or franchise taxes of the Mortgagee. 
 11. Mortgagee’s Performance of Defaulted Acts and Expenses Incurred by Mortgagee. If an Event of Default has occurred, the Mortgagee may, but need not, make any payment or perform any
act herein required of the Mortgagor in any form and manner deemed expedient by the Mortgagee, and may, but need not, make full or partial payments of principal or interest on prior encumbrances, if any, and purchase, discharge, compromise or settle
any tax lien or other prior lien or title or claim thereof, or redeem from any tax sale or forfeiture affecting the Premises or consent to any tax or assessment or cure any default of the Mortgagor in any lease of the Premises. All monies paid for
any of the purposes herein authorized and all expenses paid or incurred in connection therewith, including reasonable attorneys’ fees, and any other monies advanced by the Mortgagee in regard to any tax referred to in
Section 9 above or to protect the Premises or the lien hereof, shall be so much additional Secured Obligations, and shall become immediately due and payable by the Mortgagor to the Mortgagee, upon demand, and with interest thereon
accruing from the date of such demand until paid at the Default Rate. In addition to the foregoing, any costs, expenses and fees, including reasonable attorneys’ fees, incurred by the Mortgagee in connection with (a) sustaining the lien of
this Mortgage or its priority, (b) protecting or enforcing any of the Mortgagee’s rights hereunder, (c) recovering any Secured Obligations, (d) any litigation or proceedings affecting the Financing Agreement, this Mortgage, any
of the other Transaction Documents or the Premises, including without limitation, bankruptcy and probate proceedings, or (e) preparing for the commencement, defense or participation in any threatened litigation or proceedings affecting the
Financing Agreement, this Mortgage, any of the other Transaction Documents or the Premises, shall be so much additional Secured Obligations, and shall become immediately due and payable by the Mortgagor to the Mortgagee, upon demand, and with
interest thereon accruing from the date of such demand until paid at the Default Rate (as defined in the Financing Agreement). The interest accruing under this section shall be immediately due and payable by the Mortgagor to the Mortgagee, and shall
be additional Secured Obligations evidenced by the Financing Agreement and secured by this

  

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Mortgage. The Mortgagee’s failure to act shall never be considered as a waiver of any right accruing to the Mortgagee on account of any Event of Default. Should any amount paid out or
advanced by the Mortgagee hereunder, or pursuant to any agreement executed by the Mortgagor in connection with the Secured Obligations, be used directly or indirectly to pay off, discharge or satisfy, in whole or in part, any lien or encumbrance
upon the Premises or any part thereof, then the Mortgagee shall be subrogated to any and all rights, equal or superior titles, liens and equities, owned or claimed by any owner or holder of said outstanding liens, charges and indebtedness,
regardless of whether said liens, charges and indebtedness are acquired by assignment or have been released of record by the holder thereof upon payment. 
 12. Security Agreement. The Mortgagor and the Mortgagee agree that this Mortgage shall constitute a “Security Agreement” within the meaning of the Code with respect to (a) all
sums at any time on deposit for the benefit of the Mortgagor or held by the Mortgagee (whether deposited by or on behalf of the Mortgagor or anyone else) pursuant to any of the provisions of this Mortgage or the other Transaction Documents, and
(b) with respect to any personal property included in the granting clauses of this Mortgage, which personal property may not be deemed to be affixed to the Premises or may not constitute a “Fixture” (within the meaning
of Section 9-102(41) of the Code and which property is hereinafter referred to as “Personal Property”), and all replacements of, substitutions for, additions to, and the proceeds thereof, and the “Supporting
Obligations” (as defined in the Code) (all of said Personal Property and the replacements, substitutions and additions thereto and the proceeds thereof being sometimes hereinafter collectively referred to as “UCC
Collateral”), and that a security interest in and to the UCC Collateral is hereby granted to the Mortgagee and its successors and assigns (for the benefit of the Lenders and the Holders), and the UCC Collateral and all of the
Mortgagor’s right, title and interest therein are hereby assigned to the Mortgagee, all to secure payment of the Secured Obligations. All of the provisions contained in this Mortgage pertain and apply to the UCC Collateral as fully and to the
same extent as to any other property comprising the Premises; and the following provisions of this section shall not limit the applicability of any other provision of this Mortgage but shall be in addition thereto: 
 (a) The Mortgagor (being the Debtor as that term is used in the Code) is and will be the true and lawful owner of the UCC
Collateral, subject to no liens, charges or encumbrances other than the lien hereof, other liens and encumbrances benefiting the Mortgagee and Permitted Liens and no other party, and liens and encumbrances, if any, expressly permitted by the other
Transaction Documents. 
 (b) The UCC Collateral is to be used by the Mortgagor solely for business purposes.

 (c) The UCC Collateral will be kept at the Real Estate and, except for Obsolete Collateral (as hereinafter
defined), will not be removed therefrom without the consent of the Mortgagee (being the Secured Party as that term is used in the Code). The UCC Collateral may be affixed to the Real Estate but will not be affixed to any other real estate.

  

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 (d) The only persons having any interest in the Premises are the Mortgagor,
the tenant, the Mortgagee and holders of interests, if any, expressly permitted hereby. 
 (e) No Financing
Statement (other than Financing Statements showing the Mortgagee as the sole secured party, or with respect to liens or encumbrances, if any, expressly permitted hereby) covering any of the UCC Collateral or any proceeds thereof is on file in any
public office except pursuant hereto; and the Mortgagor, at its own cost and expense, upon demand, will furnish to the Mortgagee such further information and will execute and deliver to the Mortgagee such financing statements and other documents in
form satisfactory to the Mortgagee and will do all such acts as the Mortgagee may request at any time or from time to time or as may be necessary or appropriate to establish and maintain a perfected security interest in the UCC Collateral as
security for the Secured Obligations, subject to no other liens or encumbrances, other than liens or encumbrances benefiting the Mortgagee and no other party, and liens and encumbrances (if any) expressly permitted hereby; and the Mortgagor will pay
the cost of filing or recording such financing statements or other documents, and this instrument, in all public offices wherever filing or recording is deemed by the Mortgagee to be desirable. The Mortgagor hereby irrevocably authorizes the
Mortgagee at any time, and from time to time, to file in any jurisdiction any initial financing statements and amendments thereto, without the signature of the Mortgagor that (i) indicate the UCC Collateral (A) is comprised of all assets
of the Mortgagor or words of similar effect, regardless of whether any particular asset comprising a part of the UCC Collateral falls within the scope of Article 9 of the Uniform Commercial Code of the jurisdiction wherein such financing statement
or amendment is filed, or (B) as being of an equal or lesser scope or within greater detail as the grant of the security interest set forth herein, and (ii) contain any other information required by Section 5 of Article 9 of the
Uniform Commercial Code of the jurisdiction wherein such financing statement or amendment is filed regarding the sufficiency or filing office acceptance of any financing statement or amendment, including (A) whether the Mortgagor is an
organization, the type of organization and any organizational identification number issued to the Mortgagor, and (B) in the case of a financing statement filed as a fixture filing or indicating UCC Collateral as as-extracted collateral or
timber to be cut, a sufficient description of the real property to which the UCC Collateral relates. The Mortgagor agrees to furnish any such information to the Mortgagee promptly upon request. The Mortgagor further ratifies and affirms its
authorization for any financing statements and/or amendments thereto, executed and filed by the Mortgagee in any jurisdiction prior to the date of this Mortgage. In addition, the Mortgagor shall make appropriate entries on its books and records
disclosing the Mortgagee’s security interests in the UCC Collateral. 
 (f) Upon an Event of Default
hereunder, the Mortgagee shall have the remedies of a secured party under the Code, including, without limitation, the right to take immediate and exclusive possession of the UCC Collateral, or any part thereof, and for that purpose, so far as the
Mortgagor can give authority therefor, with or without judicial process, may enter (if this can be done without breach of the peace) upon any place which the UCC Collateral or any part thereof may be situated and remove the same therefrom (provided
that if the UCC Collateral is affixed to real estate, such removal shall

  

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be subject to the conditions stated in the Code); and the Mortgagee shall be entitled to hold, maintain, preserve and prepare the UCC Collateral for sale, until disposed of, or may propose to
retain the UCC Collateral subject to the Mortgagor’s right of redemption in satisfaction of the Mortgagor’s obligations, as provided in the Code. The Mortgagee may render the UCC Collateral unusable without removal and may dispose of the
UCC Collateral on the Premises. The Mortgagee may require the Mortgagor to assemble the UCC Collateral and make it available to the Mortgagee for its possession at a place to be designated by the Mortgagee which is reasonably convenient to both
parties. The Mortgagee will give the Mortgagor at least ten (10) days notice of the time and place of any public sale of the UCC Collateral or of the time after which any private sale or any other intended disposition thereof is made. The
requirements of reasonable notice shall be met if such notice is mailed, by certified United States mail or equivalent, postage prepaid, to the address of the Mortgagor hereinafter set forth at least fifteen (15) days before the time of the
sale or disposition. The Mortgagee may buy at any public sale. The Mortgagee may buy at private sale if the UCC Collateral is of a type customarily sold in a recognized market or is of a type which is the subject of widely distributed standard price
quotations. Any such sale may be held in conjunction with any foreclosure sale of the Premises. If the Mortgagee so elects, the Premises and the UCC Collateral may be sold as one lot. The net proceeds realized upon any such disposition, after
deduction for the expenses of retaking, holding, preparing for sale, selling and the reasonable attorneys’ fees and legal expenses incurred by the Mortgagee shall be applied against the Secured Obligations in such order or manner as the
Mortgagee shall select. The Mortgagee will account to the Mortgagor for any surplus realized on such disposition. 
 (g) The terms and provisions contained in this section, unless the context otherwise requires, shall have the meanings and be construed as provided in the Code. 
 (h) This Mortgage is intended to be a financing statement within the purview of Section 9-502(c) of the Code with
respect to the UCC Collateral and the goods described herein, which goods are or may become fixtures relating to the Premises. The addresses of the Mortgagor (Debtor) and the Mortgagee (Secured Party) are set forth in Section 23
herein. This Mortgage is to be filed for recording with the Recorder of Deeds of the county or counties where the Premises are located. The Mortgagor is the record owner of the Premises. 
 (i) To the extent permitted by applicable law, the security interest created hereby is specifically intended to cover all
Leases between the Mortgagor or its agents as lessor, and various tenants named therein, as lessee, including all extended terms and all extensions and renewals of the terms thereof, as well as any amendments to or replacement of said Leases,
together with all of the right, title and interest of the Mortgagor, as lessor thereunder. 
 (j) The Mortgagor
represents and warrants that: (i) the Mortgagor is the record owner of the Premises; and (ii) the Mortgagor’s principal place of business is located in the State of New Jersey. 
  

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 (k) The Mortgagor hereby agrees that: (i) where UCC Collateral is in
possession of a third party, the Mortgagor will join with the Mortgagee in notifying the third party of the Mortgagee’s interest and obtaining an acknowledgment from the third party that it is holding the UCC Collateral for the benefit of the
Mortgagee; (ii) the Mortgagor will cooperate with the Mortgagee in obtaining control with respect to UCC Collateral consisting of: deposit accounts, investment property, letter of credit rights and electronic chattel paper; and (iii) until
the Secured Obligations is paid in full, Mortgagor will not change the state where it is located or change its name or form of organization without giving the Mortgagee at least thirty (30) days prior written notice in each instance.

 13. Prohibited Transfers. The Mortgagor, without the prior written consent of the Lender, shall not
effect, suffer or permit any Prohibited Transfer (as defined herein). Any conveyance, sale, assignment, transfer, lien, pledge, mortgage, security interest or other encumbrance or alienation (or any agreement to do any of the foregoing) of the
Premises or any part thereof or interest therein shall constitute a “Prohibited Transfer” (excepting only sales or other dispositions of UCC Collateral (“Obsolete Collateral”) no longer useful in
connection with the operation of the Premises, provided that prior to the sale or other disposition thereof, such Obsolete Collateral has been replaced by UCC Collateral of at least equal value and utility which is subject to the lien hereof with
the same priority as with respect to the Obsolete Collateral), whether any such conveyance, sale, assignment, transfer, lien, pledge, mortgage, security interest, encumbrance or alienation is effected directly, indirectly (including the nominee
agreement), voluntarily or involuntarily, by operation of law or otherwise; provided, however, that the foregoing provisions of this section shall not apply (i) to liens securing the Secured Obligations, (ii) to the lien of current taxes
and assessments not in default, (iii) to any transfers of the Premises, or part thereof, or interest therein, or any beneficial interests, or shares of stock or partnership or joint venture interests, as the case may be, by or on behalf of an
owner thereof who is deceased or declared judicially incompetent, to such owner’s heirs, legatees, devisees, executors, administrators, estate or personal representatives, (iv) to leases permitted by the terms of the Transaction Documents,
if any, or (v) to any transfers of the Premises expressly permitted by the Financing Agreement. 
 14. Events of
Default; Acceleration. Each of the following shall constitute an “Event of Default” for purposes of this Mortgage: 
 (a) The occurrence of an “Event of Default” under the Financing Agreement or any other Transaction Document; or 
 (b) The occurrence of a Prohibited Transfer. 
 If an Event of Default occurs, the Mortgagee may, at its option, declare the whole of the Secured Obligations to be immediately due and payable without further notice to the Mortgagor, with interest
thereon accruing from the date of such Event of Default until paid at the Default Rate. 
  

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 15. Judicial and Non-Judicial Foreclosure; Expense of Litigation. 

(a) When all or any part of the Secured Obligations shall become due, whether by acceleration or otherwise, the Mortgagee
shall have the right to foreclose the lien hereof for such Secured Obligations or part thereof and/or exercise any right, power or remedy provided in this Mortgage or any of the other Transaction Documents in accordance with applicable New Jersey
law and commence a non-judicial foreclosure of this Mortgage by power of sale pursuant to then applicable New Jersey law. To the extent permitted by law, the Mortgagor waives any right granted pursuant to applicable New Jersey law to challenge the
Mortgagee’s election to enforce this Mortgage by means of such non-judicial foreclosure by power of sale. To the extent permitted by New Jersey law, in the event of a foreclosure sale (whether judicial or non-judicial by power of sale), the
Mortgagee is hereby authorized, without the consent of the Mortgagor, to assign any and all insurance policies to the purchaser at such sale or to take such other steps as the Mortgagee may deem advisable to cause the interest of such purchaser to
be protected by any of such insurance policies. 
 (b) In any suit to foreclose the lien hereof, there shall be
allowed and included as additional indebtedness in the decree for sale all expenditures and expenses which may be paid or incurred by or on behalf of the Mortgagee for reasonable attorneys’ fees, appraisers’ fees, outlays for documentary
and expert evidence, stenographers’ charges, publication costs, and costs (which may be estimated as to items to be expended after entry of the decree) of procuring all such abstracts of title, title searches and examinations, title insurance
policies, and similar data and assurances with respect to the title as the Mortgagee may deem reasonably necessary either to prosecute such suit or to evidence to bidders at any sale which may be had pursuant to such decree the true condition of the
title to or the value of the Premises. All expenditures and expenses of the nature mentioned in this section and such other expenses and fees as may be incurred in the enforcement of the Mortgagor’s obligations hereunder, the protection of said
Premises and the maintenance of the lien of this Mortgage, including the reasonable fees of any attorney employed by the Mortgagee in any litigation or proceeding affecting this Mortgage, the Financing Agreement, or the Premises, including probate
and bankruptcy proceedings, or in preparations for the commencement or defense of any proceeding or threatened suit or proceeding shall be immediately due and payable by the Mortgagor, with interest thereon until paid at the Default Rate and shall
be secured by this Mortgage. 
 16. Application of Proceeds of Foreclosure Sale. The proceeds of any foreclosure
sale of the Premises (whether judicial or non-judicial by power of sale) shall be distributed and applied in accordance with applicable New Jersey law and, unless otherwise specified therein, in such order as the Mortgagee may determine in its sole
and absolute discretion. 
 17. Appointment of Receiver. Upon or at any time after the filing of a complaint to
foreclose this Mortgage, the court in which such complaint is filed shall, upon petition by the Mortgagee, appoint a receiver for the Premises in accordance with applicable New Jersey law. Such appointment may be made either before or after sale,
without notice, without regard to the solvency or insolvency of the Mortgagor at the time of application for such receiver and without

  

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regard to the value of the Premises or whether the same shall be then occupied as a homestead or not and the Mortgagee hereunder or any other holder of the Financing Agreement may be appointed as
such receiver. Such receiver shall have power to collect the rents, issues and profits of the Premises (i) during the pendency of such foreclosure suit, (ii) in case of a sale and a deficiency, during the full statutory period of
redemption, whether there be redemption or not, and (iii) during any further times when the Mortgagor, but for the intervention of such receiver, would be entitled to collect such rents, issues and profits. Such receiver also shall have all
other powers and rights that may be necessary or are usual in such cases for the protection, possession, control, management and operation of the Premises during said period, including, to the extent permitted by law, the right to lease all or any
portion of the Premises for a term that extends beyond the time of such receiver’s possession without obtaining prior court approval of such lease. The court from time to time may authorize the application of the net income received by the
receiver in payment of (a) the Secured Obligations, or by any decree foreclosing this Mortgage, or any tax, special assessment or other lien which may be or become superior to the lien hereof or of such decree, provided such application is made
prior to foreclosure sale, and (b) any deficiency upon a sale and deficiency. 
 18. Mortgagee’s Right of
Possession in Case of Default. At any time after an Event of Default has occurred, the Mortgagor shall, upon demand of the Mortgagee, surrender to the Mortgagee possession of the Premises. The Mortgagee, in its discretion, may, with process
of law, enter upon and take and maintain possession of all or any part of the Premises, together with all documents, books, records, papers and accounts relating thereto, and may exclude the Mortgagor and its employees, agents or servants therefrom,
and the Mortgagee may then hold, operate, manage and control the Premises, either personally or by its agents. The Mortgagee shall have full power to use such measures, legal or equitable, as in its discretion may be deemed proper or necessary to
enforce the payment or security of the avails, rents, issues, and profits of the Premises, including actions for the recovery of rent, actions in forcible detainer and actions in distress for rent. Without limiting the generality of the foregoing,
the Mortgagee shall have full power to: 
 (a) cancel or terminate any lease or sublease for any cause or on any
ground which would entitle the Mortgagor to cancel the same; 
 (b) elect to disaffirm any lease or sublease
which is then subordinate to the lien hereof; 
 (c) extend or modify any then existing leases and to enter into
new leases, which extensions, modifications and leases may provide for terms to expire, or for options to lessees to extend or renew terms to expire, beyond the Maturity Date and beyond the date of the issuance of a deed or deeds to a purchaser or
purchasers at a foreclosure sale, it being understood and agreed that any such leases, and the options or other such provisions to be contained therein, shall be binding upon the Mortgagor and all persons whose interests in the Premises are subject
to the lien hereof and upon the purchaser or purchasers at any foreclosure sale, notwithstanding any redemption from sale, discharge of the Secured Obligations, satisfaction of any foreclosure judgment, or issuance of any certificate of sale or deed
to any purchaser; 
  

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 (d) make any repairs, renewals, replacements, alterations, additions,
betterments and improvements to the Premises as the Mortgagee deems are necessary; 
 (e) insure and reinsure the
Premises and all risks incidental to the Mortgagee’s possession, operation and management thereof; and 
 (f) receive all of such avails, rents, issues and profits. 
 19. Application of Income Received by
Mortgagee. The Mortgagee, in the exercise of the rights and powers hereinabove conferred upon it, shall have full power to use and apply the avails, rents, issues and profits of the Premises to the payment of or on account of the following,
in such order as the Mortgagee may determine: 
 (a) to the payment of the operating expenses of the Premises,
including cost of management and leasing thereof (which shall include compensation to the Mortgagee and its agent or agents, if management be delegated to an agent or agents, and shall also include lease commissions and other compensation and
expenses of seeking and procuring tenants and entering into leases), established claims for damages, if any, and premiums on insurance hereinabove authorized; 
 (b) to the payment of taxes and special assessments now due or which may hereafter become due on the Premises; and

 (c) to the payment of any Secured Obligations, including any deficiency which may result from any foreclosure
sale. 
 20. Provisions Construed. Where any provision of this Mortgage is inconsistent with any provision of law
of the New Jersey regulating the creation or enforcement of a lien or security interest in real or personal property including, but not by way of limitation, the Code, as amended, modified and/or replaced from time to time, the provisions of the law
of New Jersey shall take precedence over the provisions of this Mortgage, but shall not invalidate or render unenforceable any other provisions of this Mortgage that can be construed in a manner consistent with the law of New Jersey. 
 21. Rights Cumulative. Each right, power and remedy herein conferred upon the Mortgagee is cumulative and in addition to every
other right, power or remedy, express or implied, given now or hereafter existing under any of the Transaction Documents or at law or in equity, and each and every right, power and remedy herein set forth or otherwise so existing may be exercised
from time to time as often and in such order as may be deemed expedient by the Mortgagee, and the exercise or the beginning of the exercise of one right, power or remedy shall not be a waiver of the right to exercise at the same time or thereafter
any other right, power or remedy, and no delay or omission of the Mortgagee in the exercise of any right, power or remedy accruing hereunder or arising otherwise shall impair any such right, power or remedy, or be construed to be a waiver of any
Event of Default or acquiescence therein. 
  

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 22. Mortgagee’s Right of Inspection. The Mortgagee and its
representatives shall have the right to inspect the Premises and the books and records with respect thereto at all reasonable times during regular business hours upon not less than twenty four (24) hours prior notice to the Mortgagor, and
access thereto, subject to the rights of tenants in possession, shall be permitted for that purpose. 
 23. Release Upon
Payment and Discharge of Mortgagor’s Obligations. By its acceptance of this Mortgage, the Mortgagee agrees, at the Mortgagor’s election, to either release this Mortgage and the lien hereof or assign the same, without recourse, to
the Mortgagor’s designee, by proper instrument upon payment and discharge of all Secured Obligations, including payment of all reasonable expenses incurred by the Mortgagee in connection with the execution of such release or assignment.

 24. Notices. Any notices, consents, waivers or other communications required or permitted to be given under the
terms of this Mortgage must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided, confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party); or (iii) one Business Day after deposit with an overnight courier service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be: 
  

					
	To the Mortgagee:	 	 VICTORY PARK MANAGEMENT, LLC
 227 W. Monroe Street
 Suite 3900
 Chicago, IL 60606

	 	Telephone:	    	312.701.0788
	 	Facsimile:	    	312.701.0794
	 	Attention:	    	Matthew Ray
		
	With a copy to:	 	 LATHAM & WATKINS LLP
 Sears Tower, Suite 5800
 233 S. Wacker Drive
 Chicago, Illinois 60606

	 	Telephone:	    	312.876.7700
	 	Facsimile:	    	312.993.9767
	 	Attention:	    	Bradley Kotler
		
	To the Mortgagor:	 	 UNIGENE LABORATORIES, INC.
 81 Fulton Street
 Boonton, New Jersey 07005

	 	Telephone:	    	973.265.1100
	 	Facsimile:	    	973.335.0972
	 	Attention:	    	Warren Levy

  

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	With copy to:	  	 DECHERT LLP
 902 Carnegie Center, Suite 500
 Princeton, New Jersey
08540

	  	Telephone:	    	609.955.3211
	  	Facsimile:	    	609.873.9127
	  	Attention:	    	Ella DeTrizio

 or to such other address and/or facsimile
number and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such
transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance with clauses (i), (ii) or (iii) above,
respectively. 
 25. Waiver of Rights. The Mortgagor hereby covenants and agrees that it will not at any time
insist upon or plead, or in any manner claim or take any advantage of, any stay, exemption or extension law or any so-called “Moratorium Law” now or at any time hereafter in force providing for the valuation or appraisement of the
Premises, or any part thereof, prior to any sale or sales thereof to be made pursuant to any provisions herein contained, or to decree, judgment or order of any court of competent jurisdiction; or, to the extent permitted by law, after such sale or
sales, claim or exercise any rights under any statute now or hereafter in force to redeem the property so sold, or any part thereof, or relating to the marshalling thereof, upon foreclosure sale or other enforcement hereof; and without limiting the
foregoing: 
 (a) To the extent permitted by law, the Mortgagor hereby expressly waives any and all rights of
reinstatement and redemption, if any, under any order or decree of foreclosure of this Mortgage, on its own behalf and on behalf of each and every person, it being the intent hereof that any and all such rights of reinstatement and redemption of the
Mortgagor and of all other persons are and shall be deemed to be hereby waived to the full extent permitted by the provisions of applicable law; and 
 (b) The Mortgagor will not invoke or utilize any such law or laws or otherwise hinder, delay or impede the execution of any right, power remedy herein or otherwise granted or delegated to the Mortgagee
but will suffer and permit the execution of every such right, power and remedy as though no such law or laws had been made or enacted. 
 26. Contests. Notwithstanding anything to the contrary herein contained, the Mortgagor shall have the right to contest by appropriate legal proceedings diligently prosecuted any Taxes imposed or assessed upon the Premises or
which may be or become a lien thereon and any mechanics’, materialmen’s or other liens or claims for lien upon the Premises (each, a “Contested Lien”), and no Contested Lien shall constitute an Event of Default
hereunder, if, but only if: 
 (a) The Mortgagor shall forthwith give notice of any Contested Lien to the
Mortgagee at the time the same shall be asserted; 
  

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 (b) The Mortgagor shall either pay under protest or deposit with the
Mortgagee the full amount (the “Lien Amount”) of such Contested Lien, together with such amount as the Mortgagee may reasonably estimate as interest or penalties which might arise during the period of contest; provided that
in lieu of such payment the Mortgagor may furnish to the Mortgagee a bond or title indemnity in such amount and form, and issued by a bond or title insuring company, as may be satisfactory to the Mortgagee; 
 (c) The Mortgagor shall diligently prosecute the contest of any Contested Lien by appropriate legal proceedings having the
effect of staying the foreclosure or forfeiture of the Premises, and shall permit the Mortgagee to be represented in any such contest and shall pay all expenses incurred, in so doing, including fees and expenses of the Mortgagee’s counsel (all
of which shall constitute so much additional Secured Obligations bearing interest at the highest rate then applicable to the Notes until paid, and payable upon demand); 
 (d) The Mortgagor shall pay each such Contested Lien and all Lien Amounts together with interest and penalties thereon
(i) if and to the extent that any such Contested Lien shall be determined adverse to the Mortgagor, or (ii) forthwith upon demand by the Mortgagee if, in the opinion of the Mortgagee, and notwithstanding any such contest, the Premises
shall be in jeopardy or in danger of being forfeited or foreclosed; provided that if the Mortgagor shall fail so to do, the Mortgagee may, but shall not be required to, pay all such Contested Liens and Lien Amounts and interest and penalties thereon
and such other sums as may be necessary in the judgment of the Mortgagee to obtain the release and discharge of such liens; and any amount expended by the Mortgagee in so doing shall be so much additional Secured Obligations bearing interest at the
highest rate then applicable to the Notes until paid, and payable upon demand; and provided further that the Mortgagee may in such case use and apply monies deposited as provided in subsection (b) above and may demand payment upon any bond or
title indemnity furnished as aforesaid. 
 27. Expenses Relating to Transaction Documents. 
 (a) The Mortgagor will pay all expenses, charges, costs and fees relating to the Secured Obligations or necessitated by the
terms of the Financing Agreement, this Mortgage and the other Transaction Documents, including without limitation, the Mortgagee’s reasonable attorneys’ fees, in connection with the enforcement of the Financing Agreement, this Mortgage and
the other Transaction Documents all filing, registration and recording fees and all other expenses incident to the execution and acknowledgment of this Mortgage, excluding, however, any federal, state, county and municipal taxes and other taxes,
duties, imposts, assessments and charges arising out of or in connection with the execution and delivery this Mortgage, and further excluding any income or franchise taxes of the Mortgagee. The Mortgagor recognizes that, during the term of this
Mortgage, the Mortgagee: 
 (i) May be involved in court or administrative proceedings, including, without
restricting the foregoing, foreclosure, probate, bankruptcy, creditors’ arrangements, insolvency, housing authority and pollution control proceedings of any kind, to which the Mortgagee shall be a party by reason of the Transaction Documents or
in which the Transaction Documents or the Premises are involved directly or indirectly; 
  

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 (ii) May make preparations following the occurrence of an Event of Default
hereunder for the commencement of any suit for the foreclosure hereof, which may or may not be actually commenced; 
 (iii) May make preparations following the occurrence of an Event of Default hereunder for, and do work in connection with, the Mortgagee’s taking possession of and managing the Premises, which event may or may not actually occur;

 (iv) May make preparations for and commence other private or public actions to remedy an Event of Default
hereunder, which other actions may or may not be actually commenced; 
 (v) May enter into negotiations with the
Mortgagor or any of its agents, employees or attorneys in connection with the existence or curing of any Event of Default hereunder, the sale of the Premises, the assumption of liability for any of the Secured Obligations or the transfer of the
Premises in lieu of foreclosure; or 
 (vi) May enter into negotiations with the Mortgagor or any of its agents,
employees or attorneys pertaining to the Mortgagee’s approval of actions taken or proposed to be taken by the Mortgagor which approval is required by the terms of this Mortgage. 
 (b) All expenses, charges, costs and fees described in this section shall be so much additional Secured Obligations, shall
bear interest from the date so incurred until paid at the Default Rate (or with respect to (vi) above, the Current Interest Rate (as defined in the Financing Agreement) unless an Event of Default is then existing) and shall be paid, together
with said interest, by the Mortgagor forthwith upon demand. 
 28. Further Instruments. Upon request of the
Mortgagee, the Mortgagor shall execute, acknowledge and deliver all such additional instruments and further assurances of title and shall do or cause to be done all such further acts and things as may reasonably be necessary fully to effectuate the
intent of this Mortgage and of the other Transaction Documents. 
  

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 29. Indemnity. The Mortgagor hereby covenants and agrees that no liability
shall be asserted or enforced against the Mortgagee or the Lenders and the Holders in the exercise of the rights and powers granted to the Mortgagee in this Mortgage, and the Mortgagor hereby expressly waives and releases any such liability,
except to the extent resulting from the gross negligence or willful misconduct of the Mortgagee. The Mortgagor shall indemnify and save the Mortgagee and the Lenders and the Holders harmless from and against any and all liabilities, obligations,
losses, damages, claims, costs and expenses, including reasonable attorneys’ fees and court costs (collectively, “Claims”), of whatever kind or nature which may be imposed on, incurred by or asserted against the
Mortgagee or the Lenders and the Holders at any time by any third party which relate to or arise from: (a) any suit or proceeding (including probate and bankruptcy proceedings), or the threat thereof, in or to which the Mortgagee or a Lender or
Holder may or does become a party, either as plaintiff or as a defendant, by reason of this Mortgage or for the purpose of protecting the lien of this Mortgage; (b) the offer for sale or sale of all or any portion of the Premises; and
(c) the ownership, leasing, use, operation or maintenance of the Premises, if such Claims relate to or arise from actions taken prior to the surrender of possession of the Premises to the Mortgagee in accordance with the terms of this Mortgage;
provided, however, that the Mortgagor shall not be obligated to indemnify or hold the Mortgagee or the Lenders and the Holders harmless from and against any Claims directly arising from the gross negligence or willful misconduct of the Mortgagee.
All costs provided for herein and paid for by the Mortgagee or any Lender or Holder shall be so much additional Secured Obligations and shall become immediately due and payable upon demand by the Mortgagee and with interest thereon from the date
incurred by the Mortgagee or such Lender or Holder until paid at the Default Rate. 
 30. Subordination of Property
Manager’s Lien. Any property management agreement for the Premises entered into hereafter with a property manager shall contain a provision whereby the property manager agrees that any and all mechanics’ lien rights that the
property manager or anyone claiming by, through or under the property manager may have in the Premises shall be subject and subordinate to the lien of this Mortgage and shall provide that the Mortgagee may terminate such agreement, without penalty
or cost, at any time after the occurrence of an Event of Default hereunder. Such property management agreement or a short form thereof, at the Mortgagee’s request, shall be recorded with the Recorder of Deeds of the county where the Premises
are located. In addition, if the property management agreement in existence as of the date hereof does not contain a subordination provision, the Mortgagor shall cause the property manager under such agreement to enter into a subordination of the
management agreement with the Mortgagee, in recordable form, whereby such property manager subordinates present and future lien rights and those of any party claiming by, through or under such property manager to the lien of this Mortgage.

 31. Compliance with Environmental Laws. Concurrently herewith the Mortgagor has executed and delivered to the
Mortgagee that certain Environmental Indemnity Agreement dated as of the date hereof (the “Indemnity”) pursuant to which the Mortgagor has indemnified the Mortgagee for environmental matters concerning the Premises, as more
particularly described therein. The provisions of the Indemnity are hereby incorporated herein and this Mortgage shall secure the obligations of the Mortgagor thereunder. 
  

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 32. Miscellaneous. 
 (a) Successors and Assigns. This Mortgage and all provisions hereof shall be binding upon and enforceable
against the Mortgagor and its assigns and other successors. This Mortgage and all provisions hereof shall inure to the benefit of the Mortgagee, its successors and assigns and any Person from time to time a Lender or a Holder under the Financing
Agreement. 
 (b) Invalidity of Provisions; Governing Law. THIS MORTGAGE SHALL BE GOVERNED BY,
CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES, PROVIDED, HOWEVER, THAT TO THE EXTENT THE MANDATORY PROVISIONS OF THE LAWS OF ANOTHER JURISDICTION RELATING
TO (I) THE PERFECTION OR THE EFFECT OF PERFECTION OR NON-PERFECTION OF THE SECURITY INTERESTS IN ANY OF THE PREMISES, (II) THE LIEN, ENCUMBRANCE OR OTHER INTEREST IN THE PROPERTY GRANTED OR CONVEYED BY THIS MORTGAGE, OR (III) THE AVAILABILITY
OF AND PROCEDURES RELATING TO ANY REMEDY HEREUNDER OR RELATED TO THIS MORTGAGE ARE REQUIRED TO BE GOVERNED BY SUCH OTHER JURISDICTION’S LAWS, THOSE OTHER LAWS SHALL BE DEEMED TO GOVERN AND CONTROL. THE INVALIDITY, ILLEGALITY OR UNENFORCEABILITY
OF ANY PROVISION OF THIS MORTGAGE OR THE TRANSACTION DOCUMENTS SHALL NOT AFFECT OR IMPAIR THE VALIDITY, LEGALITY OR ENFORCEABILITY OF THE REMAINDER OF THIS MORTGAGE AND THE OTHER TRANSACTION DOCUMENTS, AND TO THIS END, THE PROVISIONS OF THIS
MORTGAGE AND THE OTHER TRANSACTION DOCUMENTS ARE DECLARED TO BE SEVERABLE. 
 (c) Municipal
Requirements. The Mortgagor shall not by act or omission permit any building or other improvement on premises not subject to the lien of this Mortgage to rely on the Premises or any part thereof or any interest therein to fulfill any
municipal or governmental requirement, and the Mortgagor hereby assigns to the Mortgagee any and all rights to give consent for all or any portion of the Premises or any interest therein to be so used. Similarly, no building or other improvement on
the Premises shall rely on any premises not subject to the lien of this Mortgage or any interest therein to fulfill any governmental or municipal requirement. Any act or omission by the Mortgagor which would result in a violation of any of the
provisions of this subsection shall be void. 
 (d) Rights of Tenants. The Mortgagee shall have the
right and option to commence a civil action to foreclose this Mortgage and to obtain a decree of foreclosure and sale subject to the rights of any tenant or tenants of the Premises having an interest in the Premises prior to that of the Mortgagee.
The failure to join any such tenant or tenants of the Premises as party defendant or defendants in any such civil action or the failure of any decree of foreclosure and sale to foreclose their rights shall not be asserted by the

  

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Mortgagor as a defense in any civil action instituted to collect the Secured Obligations, or any part thereof or any deficiency remaining unpaid after foreclosure and sale of the Premises, any
statute or rule of law at any time existing to the contrary notwithstanding. 
 (e) Option of Mortgagee to
Subordinate. At the option of the Mortgagee, this Mortgage shall become subject and subordinate, in whole or in part (but not with respect to priority of entitlement to insurance proceeds or any condemnation or eminent domain award) to any
and all leases of all or any part of the Premises upon the execution by the Mortgagee of a unilateral declaration to that effect and the recording thereof in the Office of the Recorder of Deeds in and for the county wherein the Premises are
situated. 
 (f) Mortgagee-in-Possession. Nothing herein contained shall be construed as
constituting the Mortgagee a mortgagee-in-possession in the absence of the actual taking of possession of the Premises by the Mortgagee pursuant to this Mortgage. 
 (g) Relationship of Mortgagee and Mortgagor. The Mortgagee shall in no event be construed for any purpose to be
a partner, joint venturer, agent or associate of the Mortgagor or of any lessee, operator, concessionaire or licensee of the Mortgagor in the conduct of their respective businesses, and, without limiting the foregoing, the Mortgagee shall not be
deemed to be such partner, joint venturer, agent or associate on account of the Mortgagee becoming a Mortgagee-in-possession or exercising any rights pursuant to this Mortgage, any of the other Transaction Documents, or otherwise. The relationship
of the Mortgagor and the Mortgagee hereunder is solely that of debtor/creditor. 
 (h) Time of the
Essence. Time is of the essence of the payment by the Mortgagor of all amounts due and owing to the Mortgagee under the Financing Agreement and the other Transaction Documents and the performance and observance by the Mortgagor of all terms,
conditions, obligations and agreements contained in this Mortgage and the other Transaction Documents. 
 (i)
No Merger. The parties hereto intend that the Mortgage and the lien hereof shall not merge in fee simple title to the Premises, and if the Mortgagee acquires any additional or other interest in or to the Premises or the ownership
thereof, then, unless a contrary intent is manifested by the Mortgagee as evidenced by an express statement to that effect in an appropriate document duly recorded, this Mortgage and the lien hereof shall not merge in the fee simple title and this
Mortgage may be foreclosed as if owned by a stranger to the fee simple title. 
 (j) Maximum Indebtedness
Secured. Notwithstanding anything to the contrary in this Mortgage, the maximum principal amount of indebtedness or obligations that are, or under any contingency may be, secured by this Mortgage (including the Mortgagor’s obligation to
reimburse advances made by the Mortgagee), either at execution or at any time thereafter, is TWENTY MILLION AND 00/100 DOLLARS ($20,000,000.00), plus amounts that the Mortgagee or any Lender or Holder expends after a declaration of default
under this Mortgage to the extent that any such amounts

  

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shall constitute payment of (i) taxes, charges or assessments that may be imposed by law upon the Premises; (ii) premiums on insurance policies covering the Premises;
(iii) expenses incurred in upholding the lien of this Mortgage, including the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; or (iv) any amount, cost or charge to which the Mortgagee or any
Lender or Holder becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon, shall be added to the
Secured Obligations secured hereby and shall be secured by this Mortgage. This Mortgage secures the payment of the entire indebtedness secured hereby; provided, however the total amount secured by this Mortgage shall not exceed an amount equal to
two hundred percent (200%) of the face amount of the Notes. 
 (k) CONSENT TO JURISDICTION. TO
INDUCE THE MORTGAGEE TO ACCEPT THE LOAN AGREEMENT, THE MORTGAGOR IRREVOCABLY AGREES THAT, SUBJECT TO THE MORTGAGEE’S SOLE AND ABSOLUTE ELECTION, ALL ACTIONS OR PROCEEDINGS IN ANY WAY ARISING OUT OF OR RELATED TO THE LOAN AGREEMENT AND THIS
MORTGAGE WILL BE LITIGATED IN COURTS HAVING SITUS IN CHICAGO, ILLINOIS. THE MORTGAGOR HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY COURT LOCATED WITHIN CHICAGO, ILLINOIS, WAIVES PERSONAL SERVICE OF PROCESS UPON THE MORTGAGOR, AND AGREES
THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL DIRECTED TO THE MORTGAGOR AT THE ADDRESS STATED IN SECTION 24 HEREIN AND SERVICE SO MADE WILL BE DEEMED TO BE COMPLETED UPON ACTUAL RECEIPT. 
 (l) WAIVER OF JURY TRIAL. THE MORTGAGOR AND THE MORTGAGEE (BY ACCEPTANCE HEREOF), HAVING BEEN REPRESENTED BY
COUNSEL EACH KNOWINGLY AND VOLUNTARILY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (A) UNDER THIS MORTGAGE OR ANY RELATED AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT
DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION WITH THIS MORTGAGE OR (B) ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS MORTGAGE, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING WILL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY. 
 (m) Complete Agreement. This Mortgage, the Financing Agreement
and the other Transaction Documents constitute the complete agreement between the parties with respect to the subject matter hereof and the Transaction Documents may not be modified, altered or amended except by an agreement in writing signed by
both the Mortgagor and the Mortgagee. 
  

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 (n) Commercial Property. The Mortgagor represents that this
Mortgage does not encumber real property principally improved or to be improved by one or more structures containing in the aggregate not more than six (6) residential dwelling units, each having its own separate cooking facilities. 

(o) Lien Law. The Mortgagor agrees that it will receive the advances secured hereby and will hold the right
to receive such advances as a trust fund to be applied first for the purpose of paying the cost of improvements to the Real Estate and Improvements, if any, before using any part of such advances for any other purpose. 
 33. Future Advances. The lien of this Mortgage with respect to any future advances, modifications, extensions, and renewals
referred to herein and made from time to time shall have the same priority to which this Mortgage otherwise would be entitled as of the date this Mortgage is executed and recorded without regard to the fact that any such future advance,
modification, extension, or renewal may occur after the Mortgage is executed. 
 34. Reduction Of Secured Amount.
In the event that the amount secured by this Mortgage is less than the Secured Obligations, then the amount secured shall be reduced only by the last and final sums that the Borrowers repay with respect to the Secured Obligations and shall not be
reduced by any intervening repayments of the Secured Obligations unless arising from the Premises. So long as the balance of the Secured Obligations exceeds the amount secured, any payments of the Secured Obligations shall not be deemed to be
applied against, or to reduce, the portion of the Secured Obligations secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Secured Obligations as are secured by other collateral located outside of the
state in which the Premises is located or as are unsecured. 
 35. Business Purposes. The proceeds of the
indebtedness secured hereby referred to herein shall be used solely for business purposes and in furtherance of the regular business affairs of Mortgagor, and the entire principal obligation secured by this Mortgage constitutes (i) a
“business loan” as that term is defined in, and for all purposes of, 815 ILCS 205/4 (1) (c), and (ii) a “loan secured by a mortgage on real estate” within the purview and operation of 815 ILCS 205/4(1)(l). Mortgagor
acknowledges that the Real Estate does not constitute “agricultural real estate”, as said term is defined in Section 15-1201 of the Illinois Mortgage Foreclosure Law or “residential real estate” as defined in
Section 15-1219 of the Illinois Mortgage Foreclosure Law. 
 36. State Specific Provisions. 
 (a) Principles of Construction. In the event of any inconsistencies between the terms and conditions of this
Section 36 and other terms and conditions of this Mortgage, the terms and conditions of this Section 36 shall control and be binding. 
 (b) Provisions Subject to Applicable Law. All rights, powers, remedies and waivers provided in this Mortgage
may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of law of the state in which the Mortgage is recorded and are intended to be limited to the extent necessary so that they will not render this
Mortgage invalid, unenforceable or not entitled to be recorded,

  

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registered, filed or enforced under the provisions of any such applicable law. If any term of this Mortgage or any application thereof shall be invalid or unenforceable, the remainder of this
Mortgage and any other application of the terms hereof shall not be affected thereby. 
 (c) Certain
Waivers. Mortgagor hereby waives and releases all benefit that might accrue to Mortgagor by virtue of any present or future law exempting the Premises, or any part of the proceeds arising from any sale thereof, from attachment, levy or sale
on execution, or providing for any stay of execution, exemption from civil process or extension of time for payment, or any right of marshalling in the event of any sale hereunder of the Premises. Mortgagor waives all rights or defenses arising by
reason of any “one action” or “anti-deficiency” law, or any other law which may prevent Mortgagee from bringing any action against Mortgagor, including a claim for deficiency to the extent Mortgagee is otherwise entitled to a
claim for deficiency, before or after Mortgagee’s commencement or completion of any foreclosure action or any other action to exercise its remedies hereunder or otherwise available at a law or in equity. 
 (d) Continuing Enforcement of Mortgage. If, after receipt of any payment of all or any part of the Secured
Obligations, Mortgagee is compelled under the Transaction Documents or pursuant to a judgment to surrender such payment to any person or entity for any reason (including, without limitation, a determination that such payment is void or voidable as a
preference or fraudulent conveyance or a diversion of trust funds), then this Mortgage and the other Transaction Documents shall continue in full force and effect, and Mortgagor shall be liable for, and shall indemnify, defend and hold harmless
Mortgagee with respect to the full amount so surrendered. The provisions of this Section 36(d) shall survive the cancellation or discharge of this Mortgage and shall remain effective notwithstanding the payment of the Secured
Obligations, the cancellation of the Notes, the release of any security interest, lien or encumbrance securing the Secured Obligations or any other action which Mortgagee may have taken in reliance upon its receipt of such payment. Any cancellation,
release or other such action by Mortgagee shall be deemed to have been conditioned upon any payment of the Secured Obligations having become final and irrevocable. 
 (e) Interest Rate Not Reduced on Judgment. In the event the Mortgagee obtains any judgment against the
Mortgagor on this Mortgage, the Notes, the Financing Agreement or on the other Transaction Documents, whether such judgment is obtained by confession or otherwise, interest shall accrue on the judgment in the same manner and at the same rate as
provided in the Financing Agreement, notwithstanding any law, custom or legal presumption to the contrary, subject only to the usury savings clauses of the Financing Agreement and this Mortgage, until the Mortgagee has received payment in full of
all amounts due pursuant to this Mortgage, the Notes, the Financing Agreement and the other Transaction Documents secured hereby. 
  

 - 27 - 

 (f) No Construction against Drafting Party. The Mortgagor and
the Mortgagee have been represented by independent counsel of their own selection in connection with the negotiation, execution and delivery of this Mortgage and the other documents, instruments, records and papers relating hereto, and, without
waiving the attorney-client privilege and expressly preserving the same, the Mortgagor and the Mortgagee acknowledge that they have made such comments on this Mortgage and the other documents, instruments, records and papers relating hereto as they
have deemed necessary under the circumstances. The Mortgagor and the Mortgagee intend that this Mortgage and the other documents, instruments, records and papers relating hereto, shall not be construed against one party or the other based upon any
rule of any applicable law giving preference in interpretation to the drafting or non-drafting party or its counsel. 
 (g) New Jersey Modification Statute. Pursuant to N.J.S.A. 46:9-8.1 et seq., this Mortgage and the other Transaction Documents are subject to modification by written agreement between the Borrowers, Mortgagee and
each Lender party to the Financing Agreement. To the extent permitted by law, this Mortgage secures all modifications from the date upon which this Mortgage was originally recorded, including future loans and extensions of credit and changes in the
interest rate, due date, amount or other terms and conditions of any obligations. This Mortgage may be modified from time to time without affecting the priority of the lien created hereby. 
 [Remainder of Page Intentionally Left Blank – Signature Page Follows] 
  

 - 28 - 

 IN WITNESS WHEREOF, the Mortgagor has executed and delivered this Mortgage, Security
Agreement, Assignment of Rents and Leases and Fixture Filing the day and year first above written as the execution date. 
  

			
	UNIGENE LABORATORIES, INC.
		
	By:	 	 /s/ Warren P. Levy

	Name:	 	Warren P. Levy
	Title:	 	President and CEO

 SIGNATURE PAGE 
 MORTGAGE, SECURITY
AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING 

 STATE OF NEW JERSEY, 
 COUNTY OF PASSAIC: SS:. 
 I CERTIFY that on September 30, 2008, Warren Levy personally came
before me and this person acknowledged under oath, to my satisfaction, that: 
 a) this person signed and delivered the attached document as
President – CEO of the corporation named in this document; and 
 b) this document was signed and made by the corporation as its voluntary
act and deed by virtue of authority from its Board of Directors. 
  

	
	 /s/ Linda L. Rohloff

	 Linda L. Rohloff, Notary Public

	
	LINDA L. ROHLOFF
	Notary Public, State of New Jersey
	County of Passaic
	Registration No. 2057307
	Commission Expires April 11, 2009

 ACKNOWLEDGEMENT PAGE 
 MORTGAGE, SECURITY
AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING 

 EXHIBIT “A” 
 LEGAL DESCRIPTION OF REAL ESTATE 
 All the real property
located in the Township of Fairfield, County of Essex, State of New Jersey and more particularly described as follows: 
 BEGINNING at a point
on the West side of Little Falls Road distant 805.68 feet northerly from the intersection of the West side of Little Falls Road and North side of Pier Lane; thence 
  

	(1)	Running through the lands formerly of Carrie DeVito, South 40 degrees 57 minutes, West 506.81 feet to a point; thence 

  

	(2)	Still through the lands of Carrie DeVito, North 89 degrees 09 minutes West, 59.13 feet to the West line of lands formerly of Carrie DeVito; thence

  

	(3)	Running along the West line of lands formerly of Carrie DeVito, North 6 degrees 19 minutes East, 352.04 feet to a pint; thence 

  

	(4)	Still along the West line of lands formerly of Carrie, DeVito, North 54 degrees 15 minutes East, 262.37 feet to the West side of Little Falls Road; thence

  

	(5)	Running along the West side of Little Falls Road, South 49 degrees 03 minutes East, 185.00 feet to the point and place of Beginning. 

 NOTE: Being Lot(s) 22, Block 2801, Tax Map of the Township of Fairfield, 
 BEING commonly known as 110 Little Falls Road, Fairfield, New Jersey. 
 BEING the same premises
conveyed to the Mortgagor herein by Deed recorded on June 23, 1982 in the Essex County Register’s Office in Book 4754, page 450.

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