Document:

Exhibit 4.2.1

 

 

 

 

     

     

    

 

CERTAIN IDENTIFIED INFORMATION MARKED
WITH [***] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND IS OF THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE
AND CONFIDENTIAL.

 

Execution Version

 

DATED FEBRUARY 12,2020

 

BUSINESS TRANSFER
AGREEMENT

 

WOCKHARDT LIMITED

as the Seller

 

AND

 

DR. REDDY’S LABORATORIES LIMITED

as the Purchaser

 

 

 

 

 

    
	 	 	 	 

 

    CERTAIN IDENTIFIED INFORMATION MARKED WITH [***] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND IS OF THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE AND CONFIDENTIAL.

    

 

Execution Persian

 

TABLE OF CONTENTS

 

	1.	DEFINITIONS AND INTERPRETATION	2
	2.	SALE AND PURCHASE OF THE BUSINESS UNDERTAKING	19
	3.	CONSIDERATION	22
	4.	ACTIONS ON THE EXECUTION DATE	25
	5.	CONDITIONS PRECEDENT TO CLOSING	25
	6.	PRE-CLOSING COVENANTS	28
	7.	CLOSING	36
	8.	POST CLOSING ACTIONS & COVENANTS	38
	9.	REPRESENTATIONS AND WARRANTIES	43
	10.	INDEMNITY	49
	11.	NON-SOLICITATION AND NON-COMPETE	53
	12.	TERM & TERMINATION	55
	13.	GOVERNING LAW AND DISPUTE RESOLUTION	56
	14.	MISCELLANEOUS	57
	SCHEDULE A LIST OF PRODUCTS	65
	SCHEDULE B LIST OF ANCILLARY AGREEMENTS	79
	SCHEDULE C BUSINESS CONTRACTS	80
	PART A MATERIAL BUSINESS CONTRACTS	80
	PART B OTHER BUSINESS CONTRACTS	82
	SCHEDULE D BUSINESS EMPLOYEES	84
	PART A KEY BUSINESS EMPLOYEES	84
	PART B OTHER BUSINESS EMPLOYEES	85
	SCHEDULE E BUSINESS IMMOVABLE ASSETS	131
	SCHEDULE F TRADE MARKS AND PATENTS	160
	PART A ASSIGNED TRADE MARK AND PATENTS	160
	PART B TRADEMARKS BEING LICENSED	178
	SCHEDULE G BUSINESS MOVABLE ASSETS	180
	SCHEDULE H BUSINESS PERMITS AND LICENSES	181
	PART A OBTAINED/APPLIED BY THE SELLER	181
	PART B OBTAINED/APPLIED BY TRIDOSS	210
	SCHEDULE I DEED OF NOVATION / ASSIGNMENT	212
	SCHEDULE J SHARED CONTRACTS	216
	PART A MATERIAL SHARED CONTRACTS	216
	PART B OTHER SHARED CONTRACTS	218
	SCHEDULE K [INTENTIONALLY LEFT BLANK]	220
	SCHEDULE L CONDITIONS PRECEDENT	221
	PART A SELLER CONDITIONS PRECEDENT	221
	PART B PURCHASER CONDITIONS PRECEDENT	224

 

    
		 	 	 

 
(i) 

    CERTAIN IDENTIFIED INFORMATION MARKED WITH [***] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND IS OF THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE AND CONFIDENTIAL.

    

 

Execution Version

 

	PART C JOINT CONDITIONS PRECEDENT	224
	SCHEDULE M FORM OF CP CERTIFICATE	225
	SCHEDULE N FORM OF PROTOCOL OF DELIVERY AND ACCEPTANCE	227
	SCHEDULE O WOCKHARDT NAMES AND MARKS	229
	SCHEDULE P SELLER BUSINESS WARRANTIES	245
	SCHEDULE Q LIMITATIONS ON LIABILITY	253
	SCHEDULE R SPECIFIC INDEMNITY EVENTS	257
	SCHEDULE S EXCLUDED BADDI LINES	258
	SCHEDULE T BUSINESS LOCATIONS	260
	SCHEDULE U LIST OF RESTRICTED MOLECULE(S) AND RESTRICTED PERIODS	261
	ANNEXURE 1 ACCOUNTS	268

 

    
		 	 	 

 
(ii) 

    CERTAIN IDENTIFIED INFORMATION MARKED WITH [***] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND IS OF THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE AND CONFIDENTIAL.

    

 

Execution Version

 

BUSINESS TRANSFER AGREEMENT

 

This BUSINESS TRANSFER AGREEMENT is
made on this 12th day of February, 2020 at Mumbai, India, by and between:

 

		1.	WOCKHARDT LIMITED, a company incorporated under the Companies Act, 1956 and an existing
company under the Companies Act, 2013, listed on the National Stock Exchange of India Limited and the BSE Limited, bearing corporate
identification number L24230MH1999PLC120720 and having its registered office situated at D-4, M.I.D.C. Chikalthana, Aurangabad,
Maharashtra - 431006, India (hereinafter referred to as the “Seller”, which expression shall, unless inconsistent
with the meaning or context thereof, be deemed to include its successors and permitted assigns) of the FIRST PART; and

 

		2.	DR. REDDY’S LABORATORIES LIMITED, a company incorporated under the Companies Act,
1956 and an existing company under the Companies Act, 2013, bearing corporate identification number L85195AP1984PLC004507
and having its registered office situated at 8-2-337, Road no. 3, Banjara Hills, Hyderabad 500 034, Telangana, India (hereinafter
referred to as the “Purchaser”, which expression shall, unless inconsistent with the meaning or context thereof,
be deemed to include its successors and permitted assigns) of the SECOND PART;

 

The Seller and the Purchaser are
hereinafter referred to individually as a “Party” and collectively as the “Parties”.

 

WHEREAS:

 

		(A)	The Seller is engaged inter alia in the business of manufacturing, marketing and distributing
the Products (as defined hereinafter) in the Territory (as defined hereinafter). The Seller proposes to divest the
Business Undertaking (as defined hereinafter) in accordance with the terms and conditions set out in this Agreement.

 

		(B)	The Purchaser is engaged in the business inter alia of manufacture, sale and distribution
of pharmaceutical products. The Purchaser proposes to acquire the Business Undertaking in accordance with the terms and conditions
set out in this Agreement.

 

		(C)	The Seller proposes to sell, assign, transfer, convey and deliver to the Purchaser, and the Purchaser
proposes to purchase from the Seller, the Business Undertaking as a going concern, on a “slump sale” basis (as defined
in Section 2(42C) read with Explanation 1 to Section 2(19AA) of the IT Act (as defined hereinafter)), free and clear of
Encumbrances (other than under sub-clause (b) of the definition of Permitted Encumbrances) (as defined hereinafter), on
a cash-free and debt-free basis, in accordance with the terms and conditions set out in this Agreement.

 

		(D)	Accordingly, the Parties are now desirous of entering into this Agreement for the purposes of setting
out the terms and conditions on which the Business Undertaking shall be transferred by the Seller to the Purchaser.

 

DRL IRN: 100029724 

 

    
	 	 	 	 

 
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    CERTAIN IDENTIFIED INFORMATION MARKED WITH [***] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND IS OF THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE AND CONFIDENTIAL.

    

 

Execution Version

 

NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES CONTAINED HEREIN, AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND ADEQUACY OF WHICH IS HEREBY
ACKNOWLEDGED, THE PARTIES, WITH THE INTENT TO BE LEGALLY BOUND, HEREBY AGREE AS FOLLOWS:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

The following words and expressions
used in this Agreement shall, to the extent not inconsistent with the context thereof, have the following meanings respectively:

 

“Accounting Principles”
shall mean the most recent edition of the Indian Accounting Standards or any other accounting standards prescribed under the
Act.

 

“Accounts” shall
mean the unaudited carved-out financial statements of the Business, comprising a statement of the Business Current Assets and the
Business Current Liabilities as of the Accounts Date, together with any trial balance, schedules or documents included in or annexed
to them, a copy of which has been attached hereto as Annexure 1 (Accounts).

 

“Accounts Date” shall
mean December 31,2019.

 

“Actuary” shall
mean an independent actuary, mutually agreed by the Parties.

 

“Act” shall mean
the Companies Act, 2013, along with any amendments, modifications, etc., thereto and the rules, regulations and circulars issued
thereunder.

 

“Affiliate” shall
mean, in respect of any specified Person (other than a natural Person), any other Person that directly or indirectly, through one
or more intermediate Persons, Controls, is Controlled by, or is under common Control with, such specified Person; and where the
specified Person is a natural Person, any Relative of such specified Person or any Person (other than a natural Person) Controlled
by or under common Control of such specified Person.

 

“Agreement” shall
mean this business transfer agreement and includes the preamble, recitals, annexures and schedules attached to it, and any amendments
made hereto and thereto in accordance with the provisions hereof.

 

“Ancillary Agreements”
shall mean: (a) the agreements listed in Schedule B (List of Ancillary Agreements)’, and (b) any other
agreement that is mutually designated by the Parties, in writing, to be an ancillary agreement for the purpose of this Agreement.

 

“API Supply Agreement”
shall mean the agreement to be entered into between the Parties in the agreed form for the continued supply of the active pharmaceutical
ingredients (API) currently supplied by the Seller from its in-house API manufacturing sites for the use of the Business Undertaking
at the Baddi Facility for the manufacture of the Products.

 

 

    
	 	 	 	 

 
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Execution Version

 

“Applicable Law” shall
mean: (a) all applicable national, state, local or other law, statute, enactments, acts of legislature or parliament, rule of common
law, ordinances, rules, bye-laws, regulations, circulars, notifications, press notes issued by the government, listing agreements,
guidelines or policies issued by any Authority of any applicable country and/ or jurisdiction; and (b) writ, injunction, direction,
directive, judgment, arbitral award, decree, order or governmental approval of, or agreement with, agreement by, ruling or decision
of, any Authority, in each case having the force of law and applicable to the subject matter in question.

 

“Assigned Trade Marks and
Patents” shall mean the Business Intellectual Property specified in Part A of Schedule F (Trade Marks and Patents)
and assigned by the Seller to the Purchaser with effect from the Closing Date, by way of the Deed(s) of Trade Mark and Patent Assignment,

 

“Authority” shall
mean any governmental, regulatory, statutory or administrative authority, agency, branch, department, commission or instrumentality
(whether local, municipal, provincial, state, national or otherwise), domestic or foreign court, judicial body, stock exchange,
board or tribunal or other law, rule or regulation making entity and shall include any non-governmental regulatory or administrative
authority, body or other organization to the extent that the rules, regulations, standards, requirements, procedures or orders
of such authority, body or other organization have the force of law.

 

“Authorization” shall
mean any consent, registration, certificate, license, approval, permit, ratification or exemption from, by or with any Authority
or Person or under Applicable Law, and includes al! corporate, creditors’ and shareholders’ approvals and consents.

 

“Baddi Facility” shall
mean the manufacturing facility owned by the Seller and situated on the freehold land bearing Khewat/ Khatoni numbers [***]/ [***] comprised under Khasras number [***], kitats - 4 and Khewat/ Khatoni numbers
[***]/ [***] comprised under Khasra numbers [***], kitat 9 at Village Kunjahal, Hadbast No. 216, Pargana Dharampur, Tehsil Nalagarh Baddi, District Solan,
Himachal Pradesh and the buildings, plants and machinery which are embedded into the earth thereat or attached to whatever is so
embedded.

 

“Big Five” shall
mean KPMG, PricewaterhouseCoopers, Ernst & Young, Grant Thornton and Deloitte Touche Tohmatsu and their respective Affiliates
in India.

 

“Break Fee” shall
have the meaning ascribed to it in Clause 5.7.2.

 

“Business” shall
mean the business of manufacture, import, storage, sale, marketing and distribution of the Products by or on behalf of Seller in
the Territory

 

“Business Accounts Receivable”
shall mean all amounts owing to the Seller by trade debtors, which relate exclusively to the Business, in respect of goods
or services supplied by the Seller (whether or not due and payable at that time).

 

“Business Assets”
shall mean the Business Movable Assets, the Business Immovable Assets and the Business Current Assets of the Seller.

 

    
	 	 	 	 

 
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Execution Version

 

“Business Contracts”
shall mean all purchase orders, manufacture and supply agreements, bids, tenders, in-licensing contracts, loan license contracts,
logistics agreements, agreements with customers and distributors, purchasers and other agreements with the suppliers/ manufacturers
of goods or service providers, and all rights, title, interests, claims and benefits thereunder in each case entered into by the
Seller, each of which relates exclusively to the Business. The Business Contracts as of Execution Date are listed out in Schedule
C (Business Contracts). The Business Contracts shall not include contracts with C&F agents.

 

“Business Current Assets”
shall mean all Inventory, Business Accounts Receivables, the benefit of any deposits including earnest, suppliers and security
deposits, of the Seller, each of which relates exclusively to the Business.

 

“Business Current Liabilities”
shall mean all amounts owed by the Seller to the trade creditors relating exclusively to the Business, in respect of goods
or services supplied to the Seller (whether or not due and payable at that time).

 

“Business Day” shall
mean a day on which commercial banks are open for normal banking business in Mumbai and Hyderabad, India.

 

“Business Employees”
shall mean all Persons set out in Schedule D (Business Employees) which schedule shall stand updated in accordance
with Clause 6.5.1(h).

 

“Business Immovable Assets”
shall mean the Baddi Facility. A list of all the Business Immovable Assets is set out in Schedule E (Business Immovable
Assets).

 

“Business Intellectual Property”
shall mean all rights, title and interest of the Seller whether owned or permitted to be used by or licensed to it, in, under
or in respect of the following arising under Applicable Law, whether or not filed, perfected, registered or recorded:

 

		(a)	the trade marks, service marks, brand names, trade dress, logos, slogans, industrial designs, internet
domain names and all other indicia of origin, together with all translations, adaptations, derivations, and combinations thereof,
and all registrations, applications for registration thereof and social media handles associated therewith, together with any extensions
and renewals thereof and all goodwill associated therewith including for the sake of clarity, Unregistered Trademarks (collectively,
the “Trade Marks”);

 

		(b)	all patents (including the benefits of any patent applications and statutory invention registrations,
together with any reissues, divisionals, continuations, continuations-in-part, extensions, provisional or supplemental protection
certificates, renewals and re-examinations thereof) (collectively, “Patents”);

 

		(c)	all information relating to the Trade Marks and Patents, know-how, inventions (whether patented
or not), copyrights (including for sake of clarity, Unregistered Copyrights), derivative works, get up, product packaging, colour
scheme, technology, technical data, trade secrets, manufacturing and service processes, systems and techniques, product
recipes, protocols, research and development information (including all research and development data, experimental and project
plans), formulas, business and marketing plans, industrial models, technical drawings, statistical models, development tools and
other documentation; and

 

    
	 	 	 	 

 
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Execution Version

 

		(d)	all copies and tangible embodiments of any of the foregoing (in whatever form or medium),

 

each of which relates exclusively
to the Business. The list of all Trade Marks And Patents is set out in Schedule F (Trade Marks and Patents).

 

“Business Movable Assets”
shall mean all movable assets, movable properties, facilities, accessories, utilities, services, all instruments, vehicles,
spares, tools, vessels, stabilizers, furniture and fixtures, office equipment, communication facilities, communication devices
and other tangible movable properties; each of which (i) relate exclusively to the Business and / or (ii) pertain to the Baddi
Facility (except the Excluded Baddi Lines). A list of all the Business Movable Assets is set out in Schedule G (Business
Movable Assets).

 

“Business Permits and Licenses”
shall mean:

 

		(a)	Product Registrations;

 

		(b)	all Authorizations and clearances, including the benefit of any applications made for any of the
aforesaid, each of which relate exclusively to the Business; and

 

		(c)	in
                                         case any Authorizations and/ or clearances relate both to the Business and any part of
                                         the other businesses of the Seller (within or outside the Territory), or to any product
                                         other than the Products or to any Excluded Asset, then the relevant part of such Authorizations
                                         and clearances, including the benefit of any applications made for any of the aforesaid,
                                         which relates exclusively to the Business,

 

and which are required to operate
the Business in the Territory as conducted by the Seller. A list of all the Business Permits and Licenses as of Execution Date
is set out in Schedule H (Business Permits and Licenses) hereto.

 

“Business Records”
shall mean the original of all records (including records of Transferring Employees), written or electronic information, files,
papers, manuals, data, catalogues, quotations, sales and advertising materials, promotional literature, list of doctors (and only
to the extent that such list relates to the Business), distributors, stockists, institutions (if any), agents and suppliers, customer
pricing information, Business Contracts, Business Permits and Licenses, Authorizations, Dossier including but not limited to the
DMF, vouchers, registers, ledgers, documents, and customer and supplier correspondence, all records and documents related to product
development, Technology Transfer Document, validations (process, method, cleaning) equipment /utility/facility qualifications,
entire GMP/manufacturing/quality data, formulae, designs, specifications, drawings, data manuals, instructions, forecasts, sales
and market share statistics and also records maintained under record keeping or reporting requirements of any Authority or in
relation to the Authorizations and Business Permits and Licenses and other books and records for the preceeding 3 (three) financial
years and which are reasonably necessary to conduct the Business in the Territory, as conducted by the Seller as on or immediately
preceding the Closing Date, in any media or format that is available with the Seller, including but not limited to machine readable
or electronic media/ format.

 

    
	 	 	 	 

 
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Execution Version

 

For the avoidance of doubt and subject
to Clause 14, it is clarified that in relation to (a) common ledgers, registers, databases, books or other documents which also
relate to any part of the other businesses of the Seller, or to any product other than the Products or to any Excluded Asset or
in relation to any Excluded Liability; (b) records of the Seller pertaining to the accounting, tax or regulatory affairs of the
Business Undertaking which are required to be kept only in the control of the Seller pursuant to the provisions of any Applicable
Law, “Business Records” shall only include certified extracts and/or read-only copies (as may be practicable)
of such documents; and the Purchaser may retain copies of such Business Records, subject to the confidentiality provisions specified
in Clause 14.1.

 

“Business Undertaking”
shall mean all the businesses, undertakings, activities, operations and properties primarily and substantially forming part
of the Business, as a going concern along with related goodwill, as set out below:

 

		(a)	the Products and all line extensions, improvements and developments of or in relation to the Products
that are as on the Execution Date in existence or in progress or expected to be commenced within 6 (six) months from the Execution
Date;

 

		(b)	the Business Assets (i.e. the
                                         Business Immovable Assets, Business Movable Assets and the Business Current Assets);

 

		(c)	the Business Contracts (and the relevant parts of the Shared Contracts which relate exclusively
to the Business);

 

		(d)	the Business Permits and Licenses which are capable of being transferred under Applicable Law;

 

		(e)	the Business Intellectual Property;

 

		(f)	Transferring Employees;

 

		(g)	the Business Current Liabilities;

 

		(h)	the Business Records.

 

“Claim Notice” shall
have the meaning ascribed to it in Paragraph 5.1 of Schedule Q (Limitations on Liability).

 

“Closing” shall
mean the completion of the sale and purchase of the Business Undertaking in accordance with Clause 7.

 

“Closing Date” shall
have the meaning ascribed to it in Clause 7.1.

 

    
	 	 	 	 

 
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Execution Version

 

“Closing Date Employee Dues”
shall have the meaning ascribed to it in Clause 3.6.1,

 

“Closing Date Net Working
Capital” shall have the meaning ascribed to it in Clause 3.5.1.

 

“Closing Date Payment”
shall have the meaning ascribed to it in Clause 3.1(a).

 

“Conditions Precedent”
shall mean the Seller Conditions Precedent, the Purchaser Conditions Precedent and the Joint Conditions Precedent, collectively.

 

“Confidential Information”
shall have the meaning ascribed to it in Clause 14.1.1.

 

“Consideration” shall
have the meaning ascribed to it in Clause 3.

 

“Control” shall
have the meaning ascribed to it in Regulation 2(e) of the Securities and Exchange Board of India (Substantial Acquisition of Shares
and Takeovers) Regulations, 2011 and the words “Controlling” or “Controlled by” shall be
construed accordingly.

 

“Data Room” shall
mean the electronic data room hosted by EthosData, comprising the documents and other information relating to the Business made
available by the Seller from 2000 Hours 1ST on October 01, 2019 until 0000 Hours 1ST on January 31, 2020, and any additional documents
uploaded in folders 1.32 (Balance Documents), 1.34 (Relevant back-up documents against Disclosure Letter), 1.35 (Information requested
on January 31, 2020), 1.36 (Information requested on February 03, 2020), 1.37 (CP documents uploaded on February 05, 2020) and
1.38 (DL documents uploaded on February 05, 2020) of the Data Room between 0000 Hours on January 31, 2020 and 2359 Hours on February
10, 2020, pursuant to specific requests from the Purchaser.

 

“Deed of Conveyance”
shall mean the deed of conveyance for the sale and transfer of the Business Immovable Assets from the Seller to the Purchaser
with effect from the Closing Date, in agreed form.

 

“Deed(s) of Novation/ Assignment”
shall mean the deeds of novation/ assignment to be executed between the Seller and the Purchaser, and also by the relevant
counterparty to a Material Business Contract, which shall be substantially similar to the form set out in Schedule I (Deed
of Novation/ Assignment), for the novation or assignment, as applicable, of such Material Business Contracts, on the Closing
Date.

 

“Deed(s) of Trade Mark and
Patent Assignment” shall mean the intellectual property assignment deed to be executed on the Closing Date between the
Seller and the Purchaser, for the assignment of the Business Intellectual Property specified in Part A of Schedule F
(Trade Marks and Patents), which shall be in agreed form.

 

“Disclosed Materials”
shall mean information Fairly Disclosed in, collectively:

 

		(a)	the Transaction Documents; and

 

    
	 	 	 	 

 
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Execution Version

 

		(b)	the Disclosure Letter and any document contained in and/ or specified in the Data Room or the legal
due diligence report dated October 19, 2019, the supplementary due diligence report dated December 7, 2019, the financial due diligence
report dated September 26, 2019 (as updated by the supplementary financial due diligence report October 09, 2019), as applicable,
only to the extent listed out and referred to in the Disclosure Letter,

 

provided that the disclosure therein
(in each of (a) and (b) above) shall be reasonably apparent therefrom.

 

“Disclosing Party”
shall have the meaning ascribed to it in Clause 14.1.3(a).

 

“Disclosure Letter”
shall mean the letter from the Seller to the Purchaser, containing a description of the matters disclosed against the Seller
Warranties:

 

		(a)	as on the Execution Date; and

 

		(b)	as may be updated by the Seller, in accordance with Clause 6.6, in relation to the events or circumstances
which relate to the period between the Execution Date and the Closing Date and which shall be in form mutually agreed between Parties,
acting reasonably and in good faith.

 

“Dispute” shall
have the meaning ascribed to it in Clause 13.2.1.

 

“Dossier” means
in relation to the Product, such package of technical or clinical information in relation to that Product (including any and all
information, processes, techniques, data and intellectual property rights) which allows for compilation into the relevant country
format according to the regulatory requirements necessary to obtain and maintain marketing authorizations for the relevant Product
in any country in the Territory and includes information about the chemistry, formulation, manufacture, toxicology, pharmacology,
pharmacokinetics related to a drug, analytical methods, stability and pharmaceutical data concerning the Product, bioequivalence
data, the administrative, safety, efficacy, quality, non-clinical and clinical data for the Product as it may change from time
to time and all regulatory filings and supporting documents created, submitted to an Authority and all data contained therein,
including, without limitation, any investigator’s brochures, study protocols, DMF (drug master file), correspondence to and
from an Authority, registrations and licences, regulatory drug lists, advertising and promotion documents shared with Authorities,
adverse event files, complaint files, clinical studies and pre-clinical studies to the extent related to the Product and manufacturing
records.

 

“DMF” means that
part of the Dossier comprising the drug master file filed with the applicable regulatory Authority in the Territory relating to
a Product.

 

“Encumbrance” shall
mean any (a) security interest, claim, mortgage, pledge, charge, hypothecation, lien, lease, assignment, deposit by way of
security, beneficial ownership (including usufruct and similar entitlements), or any other interest held by a third Person or
any of the foregoing having a similar economic effect recognised under Applicable Law; (b) encumbrance of any kind securing,
or conferring any priority of payment in respect of, any obligation of any Person, (c) any interest, option, right of first
offer, refusal or transfer restriction in favour of any Person, or any other preferential arrangement having a similar
effect, of any kind or nature, whether arising by agreement or by Applicable Law; (d) any adverse claim as to title,
possession or use; or (e) an agreement to create any of the foregoing over or in respect of the relevant asset or right, and
the term “Encumbered” shall be construed accordingly.

 

    
	 	 	 	 

 
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Execution Version

 

“Escrow Account” shall
mean a cash escrow account maintained with the Escrow Agent, in terms of the Escrow Agreement, in which the Escrow Amount shall
be deposited by the Purchaser on the Closing Date.

 

“Escrow Amount” shall
have the meaning ascribed to it in Clause 3.1(b).

 

“Escrow Agent” shall
mean a bank in India, as specified by the Seller.

 

“Escrow Agreement”
shall mean the agreement to be entered into between the Seller, the Purchaser and the Escrow Agent, in agreed form.

 

“Estimated Employee Dues”
shall have the meaning ascribed to it in Clause 3.4.1(b).

 

“Estimated Net Working Capital”
shall have the meaning ascribed to it in Clause 3.4.1(a).

 

“Excluded Assets”
shall mean all assets (whether owned, used or held for use) and rights relating to the business of the Seller and/or its Affiliates
and related goodwill other than the Business Undertaking, including:

 

		(a)	the Wockhardt Names and Marks;

 

		(b)	all cash, marketable securities and negotiable instruments, and all other cash equivalents;

 

		(c)	any permits and licenses which do not pertain to the Business Undertaking and such Business Permits
and Licenses which are not transferrable under Applicable Law;

 

		(d)	any of the manufacturing facilities or immovable assets owned by the Seller;

 

		(e)	all policies of or agreements for insurance and interests in insurance pools and programs and all
rights of any nature with respect to the foregoing;

 

		(f)	any books and records pertaining to the other businesses of the Seller;

 

		(g)	the Excluded Baddi Lines; and

 

		(h)	any licenses, contracts or intellectual property of the Seller which are related to, or used or
held for use in connection with the other businesses of the Seller other than the Business.

 

    
	 	 	 	 

 
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Execution version

 

“Excluded Baddi Lines”
shall mean (i) the capsule lines and the laser line machines as specified in Schedule S (Excluded Baddi Lines)
installed at the Baddi Facility; and (ii) all inventories at the Baddi Facility including all semi-finished and finished products,
drugs, injectables, nutraceuticals, work in process, raw materials, components, samples, packaging materials and all other materials
and supplies, in each case, to be used for any of the Seller’s businesses other than the Business.

 

“Excluded Liabilities”
shall mean any liability of the Seller, other than the Business Current Liabilities, and shall include without limitation,
the following:

 

		(a)	all Liabilities in relation to or arising out of the Excluded Assets;

 

		(b)	any Tax of Seller arising out of, relating to or in respect of the Business Undertaking for the
period prior to Closing Date or any income tax liabilities imposed on amounts payable to the Seller under this Agreement;

 

		(c)	any Liabilities arising out of or relating to employment, compensation, employee benefits or termination
of any current or former Business Employees, officers, consultants or independent contractors and their respective dependents and
beneficiaries, for and until the Closing Date and also such Liabilities that are expressly retained by Seller, other than and only
to the extent of:

 

		(i)	Liability for provident fund for which funds have been transferred in accordance with Clause
8.1.4; and

 

		(ii)	the leave encashment liability, accumulated leave balance, sick leave or unencashed leave, long
term service award, unfunded gratuity, unpaid salary, unpaid variable pay, provident fund shortfall (if any) and unpaid proportionate
incentives) which have been adjusted from the Consideration in accordance with Clause 3;

 

		(d)	all Liabilities arising out of, relating to or in respect of the Business Contracts to the extent
such Liabilities arise out of a breach or default by Seller;

 

		(e)	any
                                         Liabilities arising out of or relating to any litigation pursued by or against the Seller
                                         or relating to or affecting the Business, whether initiated before or after the Closing
                                         Date but, arising out of the facts and circumstances which took place on or before the
                                         Closing Date, other than any litigation in respect of which the name of the Seller is
                                         substituted (as a plaintiff) with the name of the Purchaser in accordance with Clause
                                         8.5 of this Agreement; or

 

		(f)	all
                                         Liabilities in relation to Products manufactured, sold or transferred prior to the Closing
                                         (other than the Business Current Liabilities) and the return costs and any refunds of
                                         the purchase price associated with any customer or wholesaler returns of expired, damaged,
                                         defective, or otherwise unsalable Product for any Product manufactured and sold on or
                                         prior to the Closing Date.

 

    
	 	 	 	 

 
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Execution Version

 

“Execution Date” shall
mean the date of execution of this Agreement.

 

“Existing Stock” shall
have the meaning ascribed to it in Clause 8.2.2.

 

“Fairly Disclosed”
shall mean fairly and specifically disclosed in the Disclosed Materials and by reference to a particular Seller Warranty. For
the avoidance of doubt, any information contained in the Disclosure Letter is to be treated as being disclosed in respect of the
Seller Warranty against which it is referenced.

 

“Group” means
in relation to a company (wherever incorporated), that company, any company of which it is a subsidiary from time to time (its
holding company) and any other subsidiaries from time to time of that company or its holding company.

 

“Independent Auditor”
shall mean one of the Big Five appointed by the Purchaser, not being the statutory auditor of the Purchaser or the Seller at
the time of such appointment.

 

“Independent Auditor’s
Report” shall have the meaning ascribed to it in Clause 3.5.2.

 

“Initial Actuarial Assessment”
shall have the meaning ascribed to it in Clause 3.4.1(b).

 

“Inventory” shall
mean all inventories including all semi-finished and finished Products, drugs, injectables, nutraceuticals, work in process, raw
materials, components, samples, packaging materials and all other materials and supplies to be used in the production of the finished
Products, each of which relates exclusively to the Business, wherever located within the Territory or in transit, including at
the manufacturing facilities, warehouses, customs depots.

 

“Inventory Criteria”
shall mean the Inventory whose remaining shelf life as on the Closing Date, shall in the case of finished goods, be not less
than [***] and in respect of all other components of Inventory, be not less than  [***].

 

“IT Act” shall
mean the (Indian) Income Tax Act, 1961 and any modifications or amendments made thereto.

 

“Joint Conditions Precedent”
shall have the meaning ascribed to it in Clause 5.1.

 

“Key Employees” shall
mean such of the Business Employees specified in Part A of Schedule D (Business Employees).

 

“Knowledge of the Seller”
shall mean the actual knowledge of the following persons and shall include such knowledge that a person occupying such roles
shall while holding such office, be reasonably expected to have or could have with reasonable enquiry, had, towards the discharge
of his/her work responsibilities:

 

		(a)	each of the directors on the board of directors of the Seller;

 

		(b)	 [***], President – India & ROW business;

 

    
	 	 	 	 

 
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Execution Version

 

		(c)	 [***], President - Global Supply Chain & Generics business;

 

		(d)	 [***], Chief Financial Officer;

 

		(e)	 [***], Company Secretary and compliance officer;

 

		(f)	 [***], Associate Vice President - Corporate Strategy, M&A & Business Development;

 

		(g)	 [***], Vice President Legal & GC;

 

		(h)	 [***], General Manager and Plant Head, only in relation to the Baddi Facility;

 

		(i)	 [***], Senior Vice President - Manufacturing;

 

		(j)	 [***], Vice President, Human Resources;

 

		(k)	 [***], Vice President - Clinical, Regulatory and Medical Affairs, India and ROW; and

 

		(l)	 [***], Sr. General Manager - Patents.

 

“Liability” shall
mean any obligation or liability whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether
accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due, and whether as principal or surety,
including any undertaking for the payment or repayment of money (whether in respect of interest, principal or otherwise) of monies
borrowed or raised; any acceptance credit, bill discounting, note to purchase, factoring or documentary credit; any financing lease,
bond, bank guarantees, letter of credit or other instrument issued in connection with the performance of any contract.

 

“License Period” shall
have the meaning ascribed to it in Clause 8.2.2.

 

“Long Stop Date” shall
have the meaning ascribed to it in Clause 5.3.

 

“Loss” shall mean
any and all direct and/ or actual losses, damages, costs and expenses (including reasonable legal fees) on an after tax basis.

 

“Material Adverse Effect”
means any fact, event, circumstance or condition or series of facts, circumstances or conditions occurring after the Execution
Date but before the Closing Date, that:

 

		(a)	prohibits or prevents the Seiler’s ability to consummate the sale and purchase of the Business
Undertaking (taken as a whole) in terms of this Agreement; or

 

		(b)	renders this Agreement invalid or unenforceable; or

 

    
	 	 	 	 

 
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Execution Version

 

		(c)	prohibits
                                         or prevents the Seller from manufacturing, selling, marketing or distributing any Product
                                         or combination of Products, which results in an adverse impact on the aggregate sales
                                         turnover of the Business by an amount equal to or exceeding INR 96.00.00,000 (Rupees
                                         ninety six crores only). For purposes of this clause (c), the aggregate sales turnover
                                         of the Product or combination of Products so prohibited or prevented, in the 12 months
                                         period leading up to the date of such prohibition or prevention, shall be deemed to be
                                         the amount of adverse impact on the aggregate sales turnover of the Business.

 

and in each case, which is not remedied
by the Long Stop Date.

 

Provided, however, that notwithstanding
the foregoing, any event, fact, effect, change or occurrence resulting from any of the following shall not be construed, either
alone or in combination, to constitute a Material Adverse Effect, or be taken into account in determining whether there has been
a Material Adverse Effect:

 

		(i)	any change in Applicable Law generally applicable to the sector in which the Seller and/or the
Purchaser operates, provided that this sub-clause (i) shall not apply to sub-clause (c) of the definition of Material Adverse Effect;

 

		(ii)	changes or effects that are generally applicable to the economy or industry, industry sector or
any geographic market in which the Products are sold or in which the Seller operates, or worldwide economy generally or the securities,
syndicated loan, credit or other financial markets generally, including changes in interest or exchange rates;

 

		(iii)	changes or effects that arise out of or are attributable to (I) the acts or omissions of, or circumstances
affecting, Purchaser and/or its Affiliates, or (II) actions undertaken pursuant to the performance of this Agreement; (III) any
existing event or occurrence or circumstance as Fairly Disclosed in the Disclosed Materials of which Purchaser has actual (but
not deemed or constructive) knowledge as of the date hereof;

 

		(iv)	any action by the Seller: (I) which the Purchaser has expressly requested in writing post the Execution
Date; or (II) to which the Purchaser has consented to in writing;

 

		(v)	political conditions, including the worsening of any existing conditions;

 

		(vi)	any delay or failure of the Seller to obtain approval from any Authority in relation to the Business
for manufacturing, marketing or sale of any new product (other than products manufactured, marketed or sold by the Seller as on
the Execution Date) in the Territory;

 

		(vii)	any natural disaster or pandemic or any acts of terrorism, sabotage, military action or war (whether
or not declared), or any escalation or worsening thereof, or any other force majeure event, whether or not caused by any Person,
or any national or international calamity or crisis;

 

		(viii)	any failure of the Seller to meet internal or public forecasts, projections, predictions, guidance,
estimates, milestones or budgets; or

 

    
	 	 	 	 

 
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Execution Version

 

		(ix)	non-completion of any actions required to be completed as Seller Conditions Precedent or Joint
Conditions Precedent, which have been waived by the Purchaser in terms of this Agreement.

 

“Master Batch Record”
shall mean the document, as may be amended from time to time, specifying: (a) specifications of the active pharmaceutical ingredient
(API) used in the Products, (b) the procedures for testing and releasing the APIs, (iii) the excipients, and such other detail
as recorded in the said document.

 

“Material Business Contracts”
shall mean the Business Contracts identified as material Business Contracts in Part A of Schedule C (Business
Contracts).

 

“Master Formula Record”
shall mean a document or set of documents specifying the starting materials with their quantities and the packaging materials,
together with a description of the procedures and precautions required to produce a specified quantity of a finished product as
well as the processing instructions, including the in-process controls, list of specified equipments and their capacities, list
of packing material with quantities, packing process, storage conditions, special instructions and atmospheric conditions in any
stage of the manufacturing process along with process time and yield.

 

“Material Shared Contracts”
shall mean the Shared Contracts identified as material Shared Contracts in Part A of Schedule J (Shared Contracts).

 

“Negative CEL Adjustment
Amounts” shall have the meaning ascribed to it in Clause 3.6.2(b).

 

“Negative CWC Adjustment
Amounts” shall have the meaning ascribed to it in Clause 3.5.3(b).

 

“Net Working Capital”
shall mean the working capital of the Business and the Parties agree that in relation to Net Working Capital, and Inventory
for the purposes of this definition shall only mean and refer to the Inventory that meets the Inventory Criteria.

 

“Ordinary Course”
shall mean any action taken by or on behalf of the Seller that is taken in the ordinary course of the Seller’s normal
day-to-day operations in relation to the Business and is substantially consistent with past practice and in either case, on an
arm’s length basis or on terms not prejudicial to the Business.

 

“Permitted Encumbrances”
shall mean; (a) Encumbrances arising under contracts which pertain to the Business, entered into in the Ordinary Course as
Fairly Disclosed in the Disclosed Materials; (b) Encumbrances for Taxes and other governmental charges arising in the Ordinary
Course that may thereafter be paid without penalty.

 

“Person” shall
mean any individual, partnership, corporation, company, unincorporated organization, association, joint venture, trust, society
or other entity (whether or not having a separate legal personality) and includes an Authority.

 

“Positive CEL Adjustment
Amounts” shall have the meaning ascribed to it in Clause 3.6.2(a).

 

    
	 	 	 	 

 
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    CERTAIN IDENTIFIED INFORMATION MARKED WITH [***] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND IS OF THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE AND CONFIDENTIAL.

    

 

Execution Version

 

“Positive CWC Adjustment
Amounts” shall have the meaning ascribed to it in Clause 3.5.3(a).

 

“Product Registrations”
shall mean all Authorizations and comparable regulatory filings granted to a Seller by or applications therefor in the name
of the Seller that are pending with, any governmental Authority (including applications that are in the process of being prepared
by the Seller) required to manufacture, commercialize, develop, package, label, store, use, market, import, export, distribute
and/or sell any of the Products.

 

“Products” shall
mean the pharmaceutical products set out in Schedule A (Products).

 

“Purchaser Conditions Precedent”
shall have the meaning ascribed to it in Clause 5.2.

 

“Purchaser CP Certificate”
shall have the meaning ascribed to it in Clause 5.5.2.

 

“Purchaser Trade Mark and
Patent License Agreement(s)” shall mean the license agreement to be executed on the Closing Date between the Seller and
the Purchaser, for the perpetual, sub-licensable, irrevocable, royalty-free license of the Assigned Trade Marks and Patents, by
the Purchaser to the Seller, for use in relation to the other businesses of the Seller (including manufacturing or labelling any
of the Products within the Territory for sale and distribution outside the Territory), in agreed form.

 

“Purchaser Warranties”
shall have the meaning ascribed to it in Clause 9.2.1.

 

“Qualifying Loss”
shall have the meaning ascribed to it in Paragraph 2.1(a) of Schedule Q (Limitations on Liability).

 

“Receiving Party”
shall mean the Party receiving any Confidential Information from the Disclosing Party.

 

“Related Party” shall
have the meaning ascribed to such term under the Act or under the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015;

 

“Relative” shall
have the meaning ascribed to it in Section 2(77) of the Act;

 

“Representatives”
shall have the meaning ascribed to it in Clause 14.1.3(b).

 

“Restricted Molecule(s)”
shall mean each of the molecule (or combination thereof) set out in Part A and Part B of Schedule U (List
of Restricted Molecule(s) and Restricted Periods)..

 

“Restricted
Period” shall mean the period specified in Part A and Part B of Schedule U (List of
Restricted Molecule(s) and Restricted Periods) against each of the Restricted Molecule(s), in each case commencing from
the Closing Date.

 

“Resultant Amount”
shall have the meaning ascribed to it in Clause 3.7.1(a).

 

    
	 	 	 	 

 
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Execution Version

 

“Seller Bank Account”
shall mean bank account of the Seller at [***].

 

“Seller Business Warranties”
shall have the meaning ascribed to it in Clause 9.1.2,

 

“Seller Conditions Precedent”
shall have the meaning ascribed to it in Clause 5.1.

 

“Seller CP Certificate”
shall have the meaning ascribed to it in Clause 5.5.1.

 

“Seller Fundamental Warranties”
shall have the meaning ascribed to it in Clause 9.1.1.

 

“Seller Trade Mark License
Agreement(s)” shall mean the license agreement to be executed on the Closing Date between the Seller and the Purchaser,
for the perpetual, sub-licensable, irrevocable, royalty-free license of the Business Intellectual Property specified in Part
B of Schedule F (Trade Marks and Patents'), by the Seller to the Purchaser, in agreed form.

 

“Seller Representatives”
shall have the meaning ascribed to it in Clause 6.5.4(b).

 

“Seller Warranties”
shall mean collectively, the Seller Fundamental Warranties and the Seller Business Warranties.

 

“Shared Contracts”
shall mean all purchase orders, manufacture and supply agreements, bids, tenders, lease agreements, leave and license agreements,
logistics and warehousing agreements, agreements with customers, purchasers and other agreements with the suppliers/ manufacturers
of goods or service providers, and all rights, title, interests, claims and benefits thereunder in each case entered into by the
Seller, which relates both to:

 

		(a)	the Business or any part of the Business to be transferred to the Purchaser at Closing; and

 

		(b)	any part of the other businesses of the Seller (within or outside the Territory), or to any product
other than the Products or to any Excluded Asset.

 

A list of all the Shared Contracts
is set out in Schedule J (Shared Contracts). The Business Contracts shall not include contracts with C&F agents.

 

“Specific Indemnity Events”
shall have the meaning ascribed to it in Schedule R (Specific Indemnity Events);

 

“Target Net Working Capital”
shall mean [***].

 

“Tax” shall mean
all forms of present and future taxation (including but not limited to direct and indirect taxes such as income-tax, documentary
stamps, goods and services tax or other similar taxes), deductions, withholdings, duties, cess, surcharge, imposts, levies, fees,
charges, social security contributions and rates imposed, levied, collected, withheld or assessed by any Taxing Authority or other
taxing authority in the Territory, in relation to the Business Undertaking and any interest, additional taxation penalty, surcharge
or fine in connection therewith and “Taxes” shall be construed accordingly.

 

    
	 	 	 	 

 
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Execution Version

 

“Taxing Authority”
shall mean any Authority or other authority competent to impose Tax, including the assessing officer appointed under the provisions
of the IT Act and the assessing officer under the provisions of Applicable Law pertaining to indirect Taxes.

 

“Technology Transfer”
shall mean the transfer by the Seller to the satisfaction of the Purchaser, of any technology for the commercial manufacture
of the Products, its documentation and all analysis methods, processes and manufacturing formula, methods, trade-secrets, know-how
and processes which are useful or necessary for the manufacture of the Products by the Purchaser at its/designated site on or after
the Closing Date and so as to not cause any disruption in the Business on account of the transfer of the Business Undertaking between
the Parties.

 

“Technology Transfer Document”
shall mean, in each case relating to Technology Transfer, the methods, standard operating procedures, guidelines, checklists,
protocols, manuals, drawings, flow-charts, specifications and other written/documentary record of the step-by-step and detailed
description of the manufacturing process of or in relation to each of the Products and includes without limitation, data on analytical
method for the active pharmaceutical ingredients inclusive of critical tests like assay, related substances and residual solvents,
in- process analytical methods, finished product analytical methods including critical tests like assay, dissolution, related substances
and dissolution profile and Master Formula Record and process instructions, Master Batch Records, validation protocol, batch packaging
records and specifications for APIs, excipients, in- process and finished products. It is clarified that Technology Transfer Document
shall also include training material and supporting literature (if any) for provision of necessary training to the people involved
in the process of manufacture.

 

“Territory” shall
mean all or any of the territories of India, Nepal, Bhutan, Sri Lanka and Maldives.

 

“Threshold Loss” shall
have the meaning ascribed to it in Paragraph 2.1(b) of Schedule Q (Limitations on Liability).

 

“Transaction Costs”
shall mean the aggregate of all the costs and expenses incurred, paid or payable, for or in connection with the Transaction
Documents and the transfer of the Business Undertaking to the Purchaser.

 

“Transaction Documents”
shall mean this Agreement and the Ancillary Agreements.

 

“Transfer Letter”
shall have the meaning ascribed to it in Clause 6.5.1(b).

 

“Transferring Employees”
shall have the meaning ascribed to it in Clause 6.5.1 (e).

 

    
	 	 	 	 

 
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Execution Version

 

“Transitional Manufacturing
Agreement” shall mean the agreement to be executed between the Seller and the Purchaser, in relation to the manufacture
by the Purchaser of certain product(s) for the Seller at the Baddi Facility, in agreed form.

 

“Transitional Services Agreement”
shall mean the transitional services agreement to be executed between the Seller and the Purchaser, for provision by the Seller
of certain services to the Purchaser in connection with the Business for the Transition Term, in agreed form.

 

“Transition Period Assets”
shall have the meaning ascribed to it in Clause 6.5.5(a).

 

“Transition Term”
shall mean a period of [***] from the Closing Date, or as otherwise mutually agreed to in writing between
the Parties in respect of specified services under the Transitional Services Agreement.

 

“Unregistered Copyrights”
means those copyrights that are not the subject of a pending application for registration with, or that are not registered
with any copyright office.

 

“Unregistered Trademarks”
shall mean those trademarks that are not the subject of a pending application for registration, or that are not registered,
with any trademark or intellectual property office.

 

“Wockhardt Names and Marks”
shall have the meaning ascribed to it in Clause 8.2.1.

 

		1.2	Interpretation

 

		1.2.1	Words and expressions used in this Agreement but not defined in Clause 1.1 shall, to the extent
not inconsistent with the context thereof, have the meanings as ascribed thereof.

 

		1.2.2	In this Agreement, unless the context otherwise requires:

 

		(a)	references to the masculine, the feminine or the neuter gender shall include each of the other
genders;

 

		(b)	any reference to the singular shall include the plural and vice-versa;

 

		(c)	the terms “hereof’, “herein”, “hereby”, “hereto”
and derivative or similar words refer to this entire Agreement or specified Clauses, as the case may be;

 

		(d)	recitals, headings, sub-headings and bold typeface are only for convenience and shall be ignored
for the purposes of interpretation;

 

		(e)	references to any legislation or law or to any provision thereof shall include references to any
such law or provisions as it may, after the Execution Date, from time to time, be amended, supplemented or re-enacted, and any
reference to a statutory provision shall include any subordinate legislation made from time to time under that provision;

 

    
	 	 	 	 

 
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Execution Version

 

		(f)	references to the words “include” or “including” shall be construed without
limitation;

 

		(g)	Schedules and Annexures form an integral part of this Agreement and shall have the same force and
effect as if expressly set out in the body of this Agreement and any reference to this Agreement shall include a reference to the
Schedules and Annexures attached to it. Any references to Recitals, Clauses, Annexures and Schedules are to Recitals of, Clauses
of, Annexures and Schedules to this Agreement. Any references to parts or paragraphs are, unless otherwise stated, references to
parts or paragraphs of the Annexures or Schedule in which the reference appears;

 

		(h)	any reference in this Agreement, to consent or approval or similar connotation, unless expressly
stated otherwise, shall be in writing, and shall include electronic mail communications followed by physical delivery through first
class courier / registered post;

 

		(i)	any reference to a document in an “agreed form” is to a document in a form agreed between
the Parties and identified, by reference and in writing (in each case with such amendments as may be agreed in writing by or on
behalf of the Parties);

 

		(j)	when any number of days or any period of time is prescribed in any document, the same shall be
reckoned exclusively of the first and inclusively of the last day unless the last day does not fall on a Business Day, in which
case the last day shall be the next succeeding day that is a Business Day;

 

		(k)	Where any obligation in this Agreement is expressed to be undertaken or assumed by any Party, that
obligation is to be construed as requiring the Party concerned to exercise all rights and powers of control over the affairs of
any other Person which it is legally entitled to exercise (whether directly or indirectly) in order to secure performance of the
obligation. Any obligation in this agreement on a Party not to do something includes an obligation not to agree or allow that thing
to be done;

 

		(l)	the words “directly or indirectly” mean directly, or indirectly through one or more
intermediary Persons, or through contractual or other legal arrangements, and “direct or indirect” shall have the correlative
meanings.

 

		2.	SALE AND PURCHASE OF THE BUSINESS UNDERTAKING

 

		2.1	Subject to the terms and conditions of this Agreement and placing reliance on the representations,
warranties provided by and covenants of the other Party, the Seller hereby agrees to sell, transfer, convey, assign and deliver
to the Purchaser, and the Purchaser, hereby agrees to purchase from the Seller on the Closing Date, as a going concern, on a slump
sale basis, on a cash-free and debt-free basis, free and clear of all Encumbrances (except under sub-clause (b) of the definition
of Permitted Encumbrances), all right, title and interest of the Seller (existing as of the Closing Date) in and to the Business
Undertaking, such that on the Closing Date:

 

		(a)	the Business Undertaking shall be deemed to have been transferred to and vested in the
                                                               Purchaser, free of all Encumbrances (other than under subclause (b) of the definition of Permitted Encumbrances), on a
                                                               cash-free and debt-free basis;

 

    
	 	 	 	 

 
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Execution Version

 

		(b)	the Purchaser would be entitled to all rights, title, interest and rewards and shall assume and
perform all obligations, liabilities and risks in and to the Business Undertaking as set out herein, completely and absolutely;
and

 

		(c)	the
                                         Purchaser shall have the full ability, rights, power and authority, necessary for conducting
                                         and carrying on the business of the Business Undertaking as a going concern in the same
                                         manner, in which the Seller has conducted and carried on the business of the Business
                                         Undertaking, in continuation of, and as successor to the Seller in relation to the Business.

 

		2.2	The Seller agrees that the Business Assets, the Business Intellectual Property, the Business Contracts,
the Shared Contracts and the Business Permits and Licenses (which are capable of being transferred under Applicable Law) if any,
that are owned by or are otherwise in possession or in control of any Person other than the Seller and set out in the relevant
Schedules , shall be acquired by the Seller prior to the Closing Date, so that it may perform its obligations towards the transfer
of the Business Assets, the Business Intellectual Property, Business Contracts and the Business Permits and Licenses to the Purchaser
at Closing.

 

		2.3	Without derogation to and other than such rights and benefits comprised in the Business Undertaking,
the Seller shall be entitled to, and shall retain only such of the rights and benefits in relation to the Business Undertaking:

 

		(a)	pursuant to any claims made by the Seller (including any insurance claims) prior to the Closing
Date; or

 

		(b)	to the extent of statutory rights and benefits which have accrued, or relate to any act or event
that has occurred, or relate to any period, prior to the Closing (including any duty drawback benefits in respect of the Products
exported by the Seller prior to the Closing Date),

 

received by it or which may become
due to it whether prior to or following the Closing Date. The Seller shall not be entitled to any dues arising or pertaining to
the period on or after the Closing Date.

 

In the event that the Purchaser receives
after the Closing Date, any sums that the Seller is entitled to retain under this Clause 2.3, it shall promptly refund the same
to the Seller in accordance with the provisions of Clause 8.4.3.

 

		2.4	For the avoidance of doubt, the Parties acknowledge that the Excluded Assets and Excluded Liabilities
do not form a part of the Business Undertaking and are accordingly not being sold, assigned, transferred, conveyed or delivered
to the Purchaser and the Purchaser is not purchasing, acquiring or accepting from the Seller, the Excluded Assets and Excluded
Liabilities, which shall be retained and paid, performed and discharged when due by Seller out of its own sources and without recourse
to the Purchaser.

 

    
	 	 	 	 

 
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Execution Version

 

		2.5	All the right, title or interest over or with respect to the Business Undertaking and possession
of the Business Undertaking shall remain vested with the Seller, until the occurrence of Closing in accordance with Clause 7 and
other applicable terms of this Agreement, notwithstanding any provision to the contrary, and nothing in this Agreement shall be
construed as a transfer of the Business Undertaking, or as creating any right, title or interest of any nature in such Business
Undertaking in favour of the Purchaser prior to such Closing Date.

 

		2.6	Subject to the provisions of this Clause 2, the Purchaser agrees, confirms and acknowledges that
with effect from the Closing Date, all right, title, interest, risks and obligations of the Seller comprised in the Business Undertaking,
shall be assigned and transferred from the Seller to the Purchaser completely and absolutely and the Seller shall not in any manner
whatsoever, be responsible, liable or obliged (whether financially or otherwise) towards the Purchaser or to a third party in relation
to the Business Undertaking in respect of the foregoing.

 

		2.7	All:

 

		(a)	periodical charges and periodical outgoings of the Business Undertaking or related to Business
Assets, including rents, rates and non-customer rebates, insurance, gas, electricity, telephone and water charges;

 

		(b)	liabilities in relation to the Transferring Employees including salaries, wages, entitlement to
paid holiday, employee bonus, expenses, pension contributions, except to the extent that (i) such liability has been adjusted from
the Consideration in accordance with Clause 3; or (ii) the liability for provident fund for which funds have been transferred in
accordance with Clause 8.1.4; and

 

		(c)	liability to Tax relating to the Business,

 

shall be apportioned on a time basis,
so that such part of the relevant charges attributable to the period ending on the Closing Date shall be borne by the Seller and
such part of the relevant charges attributable to the period commencing on the Closing Date shall be borne by the Purchaser. All
rents, licence fees, royalties and other periodical receipts of the Business shall be apportioned between the Seller and the Purchaser
on a like basis.

 

		2.8	In the event that any periodical charges and periodical outgoings and/ or periodical receipts for
the period commencing on the Closing Date relate both to the Business Undertaking as well as the other businesses of the Seller,
then:

 

		(a)	such part of the relevant charges or receipts attributable to the Business Undertaking shall be
borne or received by the Purchaser; and

 

		(b)	such part of the relevant charges or receipts attributable to the other businesses of the Seller
shall be borne or received by the Seller.

 

		2.9	The Parties shall not take any action which may prevent or restrict the transfer of the Business
Undertaking from the Seller to the Purchaser in accordance with the terms of this Agreement.

 

    
	 	 	 	 

 
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Execution Version

 

		3.	CONSIDERATION

 

		3.1	In consideration of the transfer of the Business Undertaking by the Seller to the Purchaser as
a going concern on a slump sale basis, and on a cash-free and debt- free basis, the Purchaser shall pay the Seller in accordance
with the terms of this Agreement lump sum consideration of INR 1,850,00,00,000/- (Rupees one thousand eight hundred and fifty crores
only) (“Consideration”), which shall be paid as follows:

 

		(a)	an amount of [***] (“Closing
Date Payment”) shall be paid on the Closing Date by way of a wire transfer by the Purchaser to the Seller Bank Account,
subject only to the adjustments specified in Clause 3.4; and

 

		(b)	an amount of [***] (“Escrow Amount”)
shall be paid by way of wire transfer, to the Escrow Account which shall be dealt with in accordance with Clause 3.7.

 

		3.2	No Allocation

 

The Parties agree and acknowledge
that the transaction contemplated in this Agreement is a purchase and sale of the Business Undertaking free and clear of any Encumbrances
(other than under sub-clause (b) of the definition of Permitted Encumbrance) as a going concern on a slump sale basis, and the
Consideration is a lump sum consideration in lieu thereof, and no specific part of the Consideration is (nor can it be)
allocated to any specific asset or right of the Seller comprised in the Business Undertaking. Determination of the value of any
Business Asset or Business Current Liabilities for the purpose of payment of stamp duty, registration fees or other similar taxes
or fees, shall not be regarded as assignment of values to any Business Asset or Business Current Liabilities.

 

		3.3	All sums payable by the Parties under this Agreement shall be paid free and clear of all deductions
or withholdings whatsoever including on account of set-off or counterclaim.

 

		3.4	Closing Date Consideration Adjustments

 

		3.4.1	At least 3 (three) Business Days prior to the Closing Date, the Seller shall deliver to the Purchaser:

 

		(a)	a good-faith estimate, which shall be accompanied by reasonable supporting documentation, of the
Net Working Capital as of the Closing Date and calculated in accordance with the Accounting Principles (“Estimated Net
Working Capital”); and

 

		(b)	an actuarial assesment report (“Initial Actuarial Assessment”) relating to the
leave encashment liability, accumulated leave balance, sick leave or unencashed leave, long term service award, unfunded gratuity,
unpaid salary, unpaid variable pay, provident fund shortfall (if any) and unpaid proportionate incentives, in each case, for and
until the Closing Date in respect of the Business Employees (“Estimated Employee Dues”) prepared by the Actuary.

 

    
	 	 	 	 

 
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Execution Version

 

		3.4.2	The Consideration to be paid by the Purchaser to the Seller on the Closing Date in accordance with
Clause 7 shall be adjusted and determined in the following manner:

 

		(a)	In the event the Estimated Net Working Capital determined in accordance with this Clause 3.4 is
higher than the Target Net Working Capital, the Closing Date Payment shall be enhanced by an amount which is equal to the difference
between the Estimated Net Working Capital and the Target Net Working Capital; or

 

		(b)	In the event the Estimated Net Working Capital determined in accordance with this Clause 3.4 is
lower than the Target Net Working Capital, the Closing Date Payment shall be reduced by an amount which is equal to the difference
between the Target Net Working Capital and the Estimated Net Working Capital; and

 

		(c)	The Closing Date Payment shall be reduced by an amount which is equal to the Estimated Employee
Dues.

 

		3.5	Post-Closing Consideration Adjustment for Working Capital

 

		3.5.1	Within 3 (three) Business Days from the Closing Date, the Purchaser shall appoint an Independent
Auditor, in consultation with the Seller, for the purposes of determining the Net Working Capital of the Business Undertaking as
of the Closing Date and calculated in accordance with the Accounting Principles (“Closing Date Net Working Capital”).
The Seller shall provide access and co-operation to the necessary data, documents as may be reasonably requested for by such
Independent Auditor for the aforesaid determination.

 

		3.5.2	The Independent Auditor shall within a period not exceeding 30 (thirty) Business Days from the
date of his appointment, provide a report (the “Independent Auditor’s Report”), simultaneously to the
Purchaser and the Seller specifying the calculation of the Closing Date Net Working Capital, which shall be accompanied by reasonable
supporting documentation thereof. The Closing Date Net Working Capital as specified in the Independent Auditor’s report shall
be final and binding on both Parties.

 

		3.5.3	The Parties hereby agree that:

 

		(a)	In the event the Closing Date Net Working Capital is higher than the Estimated Net Working Capital,
the Purchaser shall be liable to pay to the Seller an amount equal to the difference between the Closing Date Net Working Capital
and the Estimated Net Working Capital (“Positive CWC Adjustment Amounts”); or

 

		(b)	In the event the Closing Date Net Working Capital is lower than the Estimated Net Working Capital,
the Seller shall be liable to pay an amount equal to the difference between the Estimated Net Working Capital and the Closing Date
Net Working Capital (“Negative CWC Adjustment Amounts”).

 

    
	 	 	 	 

 
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Execution Version

 

		3.6	Post Closing Adjustment For Employee Liabilities

 

		3.6.1	Within 15 (fifteen) Business Days from the Closing Date, the Actuary shall undertake an actuarial
assessment of the leave encashment liability, accumulated leave balance, sick leave or unencashed leave, long term service award,
unfunded gratuity, unpaid salary, unpaid variable pay, provident fund shortfall (if any) and unpaid proportionate incentives for
and until the Closing Date (whether or not the same shall have accrued for payment) in respect of the Transferring Employees as
on the Closing Date (“Closing Date Employee Dues”) and provide a report simultaneously to the Purchaser and
the Seller. The Closing Date Employee Dues specified in such report shall be final and binding on both Parties.

 

		3.6.2	The Parties hereby agree:

 

		(a)	In the event the Closing Date Employee Dues determined is lower than the Estimated Employee Dues,
the Purchaser shall be liable to pay to the Seller an amount equal to the difference between the Estimated Employee Dues and the
Closing Date Employee Dues (“Positive CEL Adjustment Amounts”); or

 

		(b)	In the event the Closing Date Employee Dues is higher than the Estimated Employee Dues, the Seller
shall be liable to pay to the Purchaser, an amount equal to the difference between the Closing Date Employee Dues and the Estimated
Employee Dues (“Negative CEL Adjustment Amounts”).

 

		3.7	Escrow Amount

 

		3.7.1	Upon finalization of the amounts specified in Clauses 3.5.3 and 3.6.2, the Parties shall perform
and cause the Escrow Agent to perform necessary actions to give effect to the following:

 

		(a)	the Positive CWC Adjustment Amounts or Negative CWC Adjustment Amounts (as the case may be), on
the one hand, and the Positive CEL Adjustment Amount or the Negative CEL Adjustment Amounts (as the case may be), on the other
hand, shall be set off or aggregated, as the case may be, against each other (“Resultant Amount”);

 

		(b)	If the Resultant Amount is a positive number, then the Purchaser shall forthwith and without requiring
further demand or other action of the Seller, transfer such amounts to the bank account of the Seller and the Parties shall require
the Escrow Agent to transfer the Escrow Amount to the Seller;

 

		(c)	If the Resultant Amount is a negative number, then the Escrow Amount shall be accordingly reduced
and such Resultant Amount shall be forthwith paid by the Escrow Agent to the Purchaser and the balance (if any) in the Escrow Account
shall be paid by the Escrow Agent to the Seller;

 

		(d)	If the Resultant Amount is a negative number and is more than the Escrow Amount, then the Parties
shall require the Escrow Agent to transfer the Escrow Amount to the Purchaser and the Seller shall, forthwith and without requiring
further demand or other action of the Purchaser, pay the difference between the Resultant Amount and the Escrow Amount to the Purchaser.

 

    
	 	 	 	 

 
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Execution Version

 

The foregoing mechanism and the manner
of instructions to the Escrow Agent to give effect to the agreed principles as set out above shall be elaborated in the Escrow
Agreement.

 

		3.7.2	Notwithstanding anything to the contrary, in case the Escrow Account is an interest bearing account,
the interest on the entire Escrow Amount shall accrue directly to the Seller and shall be remitted to the Seller upon the closure
of the Escrow Account. It is clarified that such interest shall not be subject to or utilized in relation to the adjustments contemplated
in this Clause 3.7. The Parties agree that Tax, if any, on the interest on the entire Escrow Amount shall be borne by the Seller.

 

		4.	ACTIONS ON THE EXECUTION DATE

 

On the Execution Date:

 

		(a)	the Seller shall deliver to the Purchaser, a certified true copy of the resolution passed by the
board of directors of the Seller, authorizing the execution, delivery and performance of this Agreement and other Transaction Documents
and authorizing its respective officer(s) to execute this Agreement and other Transaction Documents on its behalf;

 

		(b)	the Seller shall deliver to the Purchaser the executed copy of the Disclosure Letter as on the
Execution Date; and

 

		(c)	the Purchaser shall deliver to the Seller, a certified true copy of the resolution passed by the
board of directors of the Purchaser, authorizing the execution, delivery and performance of this Agreement and other Transaction
Documents authorizing its respective officer(s) to execute this Agreement and other Transaction Documents on its behalf.

 

		5.	CONDITIONS PRECEDENT TO CLOSING

 

		5.1	Seller Conditions Precedent

 

The obligation of the Purchaser to
purchase the Business Undertaking from the Seller on the Closing Date in accordance with the terms of this Agreement is subject
to the fulfillment of the conditions listed in Part C of Schedule L (Joint Conditions Precedent) (“Joint
Conditions Precedent”) by the Parties and the following conditions (“Seller Conditions Precedent”) by
the Seller, any one or more of which may be waived in writing by the Purchaser (in whole or in part), conditionally or unconditionally,
at its sole discretion but subject to Applicable Law:

 

		(a)	all the conditions precedent set out in Part A of Schedule L (Seller Conditions Precedent)
having been fulfilled to the satisfaction of the Purchaser;

 

    
	 	 	 	 

 
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Execution Version

 

		(b)	the Seller Fundamental Warranties being true and correct and not misleading in all respects as
of the Closing Date, except for matters Fairly Disclosed in the updates to the Disclosed Materials;

 

Provided that only events or circumstances
approved by the Purchaser in accordance with Clause 6 shall constitute a disclosure against a Seller Fundamental Warranties; and

 

		(c)	No Material Adverse Effect has taken place.

 

		5.2	Purchaser Conditions Precedent

 

The obligation of the Seller to sell
the Business Undertaking to the Purchaser on the Closing Date is subject to the fulfillment of the Joint Conditions Precedent by
the Parties and the following conditions (“Purchaser Conditions Precedent”) by the Purchaser, any one or more
of which may be waived in writing by the Seller (in whole or in part), conditionally or unconditionally, at its sole discretion
but subject to Applicable Law:

 

		(a)	All the conditions precedent set
                                         out in Part B of Schedule L (Purchaser Conditions Precedent);

 

		(b)	The Purchaser Warranties being true and correct and not misleading as on the Closing Date.

 

		5.3	Long Stop Date

 

Each of the Parties undertake to
use best efforts to ensure satisfaction of the Conditions Precedent applicable to them, as soon as practicable, and in any event
not later than 3 (three) months from the Execution Date, or such extended date as may be mutually agreed to by the Parties in writing
(“Long Stop Date”).

 

		5.4	Co-operation

 

Each Party shall provide all reasonable
information and co-operation required by the other Party for the consummation of the transactions contemplated by this Agreement,
including for the purposes of preparing and filing of any applications or intimations to any Authority or for preparing responses
to any queries raised by such Authorities. If any Party becomes aware of anything which could, will or may prevent any of the Conditions
Precedent from being satisfied, before the Long Stop Date, the relevant Party shall notify the other in writing as soon as practicable.

 

		5.5	CP Certificates

 

		5.5.1	Within a period of 2 (two) Business Days from the fulfillment (or waiver, as the case maybe) of
the last of the Seller Conditions Precedent and the Joint Conditions Precedent, the Seller shall deliver to the Purchaser a certificate
(“Seller CP Certificate”) in the form set out in Schedule M (Form of CP Certificate), to the effect
that all the Seller Conditions Precedent and the Joint Conditions Precedent have been completed (unless duly waived by the Purchaser
in accordance with this Agreement), attaching thereto certified true copies of the relevant supporting documents evidencing completion
of each of the Seller Conditions Precedent and the Joint Conditions Precedent.

 

    
	 	 	 	 

 
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Execution Version

 

		5.5.2	Within a period of 2 (two) Business Days from the fulfillment (or waiver, as the case maybe) of
the last of the Purchaser Conditions Precedent and the Joint Conditions Precedent, the Purchaser shall deliver to the Seller a
certificate (“Purchaser CP Certificate”) in the form set out in Schedule M (Form of CP Certificate)
to the effect that all the Purchaser Conditions Precedent and the Joint Conditions Precedent have been completed (unless duly waived
by the Seller in accordance with this Agreement), attaching thereto certified true copies of the relevant supporting documents
evidencing completion of each of the Purchaser Conditions Precedent and the Joint Conditions Precedent.

 

		5.6	Upon delivery of the Seller CP Certificate to the Purchaser and of the Purchaser CP Certificate
to the Seller, the Closing shall occur in accordance with Clause 7 hereto, subject to no Material Adverse Effect having occurred.

 

		5.7	Non-fulfillment of Conditions Precedent

 

		5.7.1	If any of the Seller Conditions Precedent or the Purchaser Conditions Precedent or the Joint Conditions
Precedent (as the case may be) are not fulfilled or duly waived by the Long Stop Date, then in case of the Purchaser Conditions
Precedent and the Joint Conditions Precedent, the Seller may, and in case of the Seller Conditions Precedent and the Joint Conditions
Precedent, the Purchaser, may:

 

		(a)	to the extent permissible under Applicable Law, and subject to Clauses 5.1 and 5.2, convert the
outstanding Conditions Precedent of the other Party to a condition subsequent, by giving notice; and/or

 

		(b)	to the extent permissible under the Applicable Law, and subject to Clauses 5.1 and 5.2, waive in
writing, in whole or in part, conditionally or unconditionally, the outstanding Conditions Precedent; and/or

 

		(c)	mutually agree in writing to extend the Long Stop Date by a further period as it deems fit and
if so done, the provisions of this Agreement shall apply as if such extended date is the Long Stop Date; and/ or

 

		(d)	terminate this Agreement in accordance with Clause 12.2, by givi ng a notice in writing to the
other Party, in which event this Agreement shall terminate with effect from the date of such notice, unless prior thereto, the
outstanding Conditions Precedent shall have been fulfilled by the other Party to the satisfaction of the Party issuing the notice
hereto.

 

		5.7.2	In the event that the Seller has delivered to the Purchaser the Seller CP Certificate in terms
of Clause 5.5.1 and subject to no Material Adverse Effect subsisting, the Purchaser fails to, undertake the payment obligation
as set out in Clause 7.2(a), then the Purchaser undertakes to pay to the Seller an amount of [***] (“Break Fee”). The Purchaser shall pay the Break Fee to the Seller within 35 (thirty five) Business
Days of the delivery of the Seller CP Certificate. Payment shall be made in cash in immediately available funds to the Seller Bank
Account. It is agreed by the Parties that the Break Fee represents a genuine pre-estimate of losses that would be suffered by the
Seller as foreseen by the Parties and is not in the nature of a penalty. The right of the Seller under this Clause 5.7.2 to recover
the Break Fee shall be the sole monetary remedy available to the Seller on the occurence of the events specified herein.

 

    
	 	 	 	 

 
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Execution Version

 

		6.	PRE-CLOSING COVENANTS

 

		6.1	From the Execution Date until the Closing Date, the Seller shall, subject to the provisions of
this Agreement or unless otherwise agreed with the Purchaser in writing, continue to conduct and operate the Business Undertaking
in the Ordinary Course, and shall take all commercially reasonable efforts to preserve the value and goodwill of the Business Undertaking.

 

		6.2	Without limiting the generality of Clause 6.1, from the Execution Date until Closing, the Seller
shall use commercially reasonable efforts to:

 

		(a)	maintain the Business as a going concern and not discontinue or cease to operate all or a material
part of the Business other than as specifically required under this Agreement;

 

		(b)	preserve and maintain all Business Permits and Licenses required to conduct the Business as currently
operated;

 

		(c)	perform all of its material obligations under all Business Contracts and Shared Contracts to the
extent relating to or affecting the Business;

 

		(d)	comply in all material respects with all Applicable Laws;

 

		(e)	maintain the material insurance policies relating to the Business or Business Undertaking;

 

		(f)	maintain the Inventory at levels consistent with past practice; and

 

		(g)	give notice as soon as may be reasonably practicable to the Purchaser in writing of (i) the occurrence
of any matter or event which in the sole opinion of the Seller is likely to result in a Material Adverse Effect or result in any
Seller Fundamental Warranty becoming untrue or inaccurate; and (ii) any breach of any material covenant or obligation of the Seller
contained in this Agreement or (iii) any written notice or other communication from any Person or Authority alleging that the consent
of such Person or Authority is or may be required in connection with the transactions contemplated by this Agreement.

 

		6.3	Without prejudice to the foregoing and provided that such actions do not breach or would not cause
or result in a breach of any of the terms of this Agreement or other Transaction Documents, the Seller may take the following actions:

 

		(a)	any action required to give effect to, in preparation of or otherwise in connection with the transfer
of the Business Undertaking to the Purchaser as envisaged under this Agreement and the transactions contemplated under the Ancillary
Agreements;

 

    
	 	 	 	 

 
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Execution Version

 

		(b)	any action to the extent it is required to be undertaken to comply with Applicable Law;

 

		(c)	any matter undertaken by the Seller which in the opinion of the Seller is necessary or desirable
in an emergency or disaster situation;

 

		(d)	the appointment to a vacancy (other than in respect of Key Employees, for which the Seller shall
consult with the Purchaser) or termination for cause of employees engaged in the Business or any related actions (including payments
to such employees) for the conduct of the Business;

 

		(e)	any action for the operation of the other businesses of the Seller in the Ordinary Course; or

 

		(f)	subject to Applicable Law, any action for declaring, authorising, making or paying any
dividend in cash or other distribution in cash or reducing, purchasing or redeeming a part of its share capital,

 

		6.4	Negative Covenants

 

Without prejudice to the generality
of Clause 6,1, during the period between the Execution Date and the Closing Date, the Seller shall not do or agree to do, any of
the following in relation to the Business Undertaking (other than those actions specifically set out in Clause 6.1 and 6.3 above),
without the prior written consent of the Purchaser which consent shall not be unreasonably withheld and shall be provided within
5 (five) Business Days from the date of the request by the Seller:

 

		(a)	create, extend, grant any Encumbrances or permit to subsist any Encumbrance (other than Permitted
Encumbrance) over the Business Assets;

 

		(b)	sell, lease, license or otherwise dispose of any Business Asset exceeding a value of INR 20,00,000
and / or in aggregate exceeding a value of INR 50,00,000 or the Business Intellectual Property;

 

		(c)	enter into a contract exceeding a value of INR 20,00,000, other than solely renewals to any Business
Contract that would lapse before Closing or within 3 (three) months thereof;

 

		(d)	enter into any settlement agreement with any trade or labour union in relation to the Business
Employees;

 

		(e)	amend or terminate any collective bargaining agreement where such agreement or amendment imposes
additional financial burden on the Business;

 

		(f)	(I) terminate or dismiss, other than on disciplinary grounds, or change any material terms of employment
of the Business Employees including the roles and responsibilities, in each case other than changes to roles in the Ordinary Course
and consistent with past practice or cause any movement of Business Employees between the Business and other businesses units of
the Seller;or (II) or change any material terms of employment (including granting any increase in the compensation or benefits)
of the Business Employees, other than changes in the Ordinary Course and consistent with past practice;

 

    
	 	 	 	 

 
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Execution Version

 

		(g)	agree to any exclusivity, non-competition or similar provision or covenant restricting Seller (with
respect to the Business) from competing in any line of business or with any Person or in any area or engaging in any activity or
business (including with respect to the development, manufacture, marketing or distribution of the products or services of the
Business) which would have any adverse effect on the Business after the Closing;

 

		(h)	bring, file, cancel, compromise or settle any material claim, or intentionally waive or release
any material rights that relate to the Business or the Business Assets, in a manner that would materially adversely affect the
Business after Closing;

 

		(i)	make any commitment for capital expenditures in the Business in excess of INR 1,00,00,000 (Rupees
One Crore only) in the aggregate that would be payable after the Closing Date;

 

		(j)	adopt any plan of or agreement of liquidation, dissolution, restructuring, merger, demerger, consolidation,
slump sale, recapitalization or other reorganization of the Seller as would affect the transfer of the Business under this Agreement;

 

		(k)	enter into any agreement or arrangement, pass any shareholder resolution or take any definitive
steps to give effect to any of the foregoing matters or agree to take any of the foregoing actions;

 

		(l)	negotiate, engage in, solicit, encourage, invite or initiate discussions, negotiations or submissions
of proposals, indications of interest or offers in respect of a transaction that on the whole or in part, involves the Business
Undertaking, and/or furnish or cause to be furnished to any person any information in furtherance of any such proposed transaction;

 

		(m)	[***]

 

		6.5	Pre-Closing Actions for Transfer

 

		6.5.1	Employees

 

		(a)	The Seller will, prior to the Closing Date, notify the Business Employees of the proposed transfer
of the Business Undertaking by the Seller to the Purchaser, the consequent transfer of their employment to the Purchaser with effect
from the Closing Date on the terms set out in Clause 6.5.1(c) below. No communications shall be made by the Purchaser to any Business
Employees prior to the Closing Date, other than with the prior written consent of the Seller or as otherwise provided for in this
Agreement.

 

    
	 	 	 	 

 
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Execution Version

 

		(b)	On or prior to the Closing Date, each of the Business Employees shall be issued a transfer letter
jointly from the Seller and the Purchaser, in a format mutually agreed between the Parties, confirming (i) the transfer of their
employment to the Purchaser with effect from the Closing Date, inter alia on the terms set out in Clause 6.5.1(c) below;
and (ii) that they have no claims against the Seller (“Transfer Letter”) and requesting that they each signify
their acceptance by signing on triplicate copies thereof and returning the same to the Seller.

 

		(c)	The Purchaser shall ensure that the transfer of all the Transferring Employees shall be on such
terms that:

 

		(i)	the service of the Transferring Employees shall not be interrupted by the transfer of their employment
from the Seller to the Purchaser;

 

		(ii)	the terms and conditions of employment applicable to the Transferring Employees after the transfer
of their employment from the Seller to the Purchaser (effective from the Closing Date), shall not, be less favourable than those
applicable to such Transferring Employees immediately before such transfer of their employment from the Seller to the Purchaser;
and

 

		(iii)	in the event any Transferring Employee is terminated from his/ her employment after the transfer
of their employment to the Purchaser, the Purchaser shall pay compensation on the basis that such Transferring Employee’s
employment has been continuous and has not been interrupted by the transfer of his/ her employment from the Seller to the Purchaser
(effective from the Closing Date).

 

		(d)	The Purchaser shall not be required to grant or provide any equity entitlement, options, awards,
interests, or such other similar equity linked financial incentive schemes to any Transferring Employee.

 

		(e)	Business Employees who return signed copies of the Transfer Leiters in accordance with Clause 6.5.1(b)
above will become the employees of the Purchaser on and from the Closing Date (“Transferring Employees”).

 

		(f)	With immediate effect from the Closing Date, the Purchaser shall take over the employment of the
Transferring Employees and shall be solely responsible for the due fulfilment and maintenance of all employee related obligations,
including their salaries, employment benefits, severance, or other termination pay, etc. as falls due and becomes payable after
the Closing Date in each case pertaining to (i) the period post Closing and (ii) the period pre-Closing, to the extent that such
liability / obligation has been adjusted from the Consideration in accordance with Clause 3 above or funds in respect of which
have been transferred by the Seller in accordance with Clause 8.1.4 below. Subject to Clause 6.5.1(c) above, all obligations, liabilities,
costs, related expenses and commitments in respect of claims made by any Business Employee, not being a Transferring Employee,
for severance shall be retained and assumed by the Seller.

 

    
	 	 	 	 

 
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Execution Version

 

		(g)	The Seller shall provide all such support as may be reasonably required by the Purchaser, and shall
use best endeavors to facilitate the acceptance of the Transfer Letter by the Business Employee and the consequent transfer of
the Transferring Employees to the rolls of the Purchaser with effect from the Closing Date, such that at least 60% of the Business
Employees shall also be Transferring Employees.

 

		(h)	The Seller shall take endeavors to cause each of the Key Employees to accept in writing, the Transfer
Letter and to join the employment of the Purchaser on and with effect of the Closing Date.

 

[***]

 

		(i)	If any one or more persons are employed by the Seller to replace any existing employees who have
resigned or are terminated for cause, in the Business during the period between the Execution Date and the Closing Date or if the
employment of any one or more Business Employees terminates during the period between the Execution Date and Closing Date, in each
case in accordance with and subject to the provisions of Clause 6 above, the names of such Business Employees shall be deemed to
have been added to, or as the case may be, deleted from Schedule D (Business Employees), and Schedule D (Business
Employees) shall stand modified to such extent.

 

		(j)	Any employment offered by the Purchaser to the Business Employees pursuant to the terms of this
Agreement shall be conditional on Closing (however the employment to the Transferring Employee will be un-interrupted by the transfer)
and the letters executed by the Transferring Employees or the fresh offer of employment or equivalent document issued by the Purchaser
to the Transferring Employee on the terms and conditions of service applicable after such transfer shall not be less favorable to
the Transferring Employees than those applicable to him immediately before the transfer.

 

		6.5.2	Business Contracts and Shared Contracts

 

		(a)	At such time as may be mutually agreed in writing between the Parties during the period between
the Execution Date and Closing Date, the Seller shall involve the Purchaser and engage in joint discussions with the contractual
counterparties to:

 

    
	 	 	 	 

 
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Execution Version

 

		(i)	the Material Business Contracts, for execution of Deed(s) of Novation/ Assignment (effective from
the Closing Date); and

 

		(ii)	the Shared Contracts, for the amendment and restatement of the Shared Contracts and/ or the execution
of agreement(s), the effect of which shall be that:

 

		(A)	the benefit and burden of the relevant part of the Shared Contract (which relates exclusively to
the Business or any part of the Business to be transferred to the Purchaser) is severed from such Shared Contract with effect from
the Closing Date; and

 

		(B)	an arrangement equivalent to such Shared Contract is entered into between the relevant counterparty
and the Purchaser with effect from the Closing Date.

 

		(b)	If any of the Business Contracts identified in Schedule C (Business Contracts) are
terminated or expire and are replaced by a contract with another Person of equivalent good standing on terms no less favorable
for the Business, subject to and in accordance with the provisions of Clause 6.4, then the references in this Agreement to ‘Business
Contracts’ shall be construed excluding or including such Business Contracts (as the case may be), and such Business Contracts
shall be deemed to have been deleted or added to (as the case may be) from Schedule C (Business Contracts), Schedule
C (Business Contracts) shall stand modified to such extent.

 

		(c)	If any of the Shared Contracts identified in Schedule J (Shared Contracts) are terminated
or expire and are replaced by a contract with another Person of equivalent good standing on no less favorable terms for the Business,
subject to and in accordance with the provisions of Clause 6.4, then the references in this Agreement to ‘Shared Contracts’
shall be construed excluding or including such Shared Contracts (as the case may be), and such Shared Contracts shall be deemed
to have been deleted or added to (as the case may be) from Schedule J (Shared Contracts), Schedule J (Shared
Contracts) shall stand modified to such extent.

 

		(d)	Neither this Agreement nor any action carried out under any Ancillary Agreements shall constitute:

 

		(i)	an assignment or attempted assignment of any of the Business Contracts which are not assignable
without the consent of another Person if such assignment or attempted assignment would constitute a breach of such Business Contracts,
except to the extent that such prior written consent is obtained of the relevant counterpart; or

 

		(ii)	a transfer or attempted transfer of the relevant part of the Shared Contract (which relates exclusively
to the Business or any part of the Business to be transferred to the Purchaser), except to the extent that requisite agreements
are executed with the relevant counterparty.

 

    
	 	 	 	 

 
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Execution Version

 

		(e)	If any of the Business Contracts or Shared Contracts cannot be novated as required, despite the
best efforts of the Seller, in accordance with Paragraph 4 of Part A of Schedule L (Conditions Precedent), then the
Seller, with the prior written consent of the Purchaser, shall be permitted to replace such Business Contract or Shared Contract
with another contract with a Person of at least equivalent good standing on terms no less favorable for the Business.

 

		(f)	In relation to the Business Contracts and Shared Contracts, the Seller shall take best efforts
to procure from the counter parties thereto, the copies of the applicable licenses and permits of the counterparties to the Business
Contracts and Shared Contracts, as may be reasonably requested by the Purchaser.

 

		6.5.3	Substitution of guarantees

 

On or prior to the Closing Date,
the Purchaser shall, with effect from the Closing Date, have procured or furnished guarantees in substitution of any guarantees,
letters of comfort, indemnities or similar arrangements entered into by the Seller to the extent the same relates exclusively to
the Business, a list of which shall be provided to the Purchaser at least 5 (five) Business Days prior to Closing Date.

 

		6.5.4	Business Permits and Licenses

 

		(a)	As soon as reasonably practicable after the Execution Date, the Purchaser shall take or cause to
be taken, al! such actions as may be necessary, including making any applications with the relevant governmental Authorities,

 

		(i)	for the transfer of the Business Permits and Licenses (to the extent the same are capable of being
transferred under Applicable Law) from the Seller to the Purchaser; and

 

		(ii)	for obtaining in the Purchaser’s name, new Authorizations, consents and licenses in place
of the Business Permits and Licenses which are not capable of being transferred to the Purchaser;

 

and the Seller shall offer and provide
all reasonable support and assistance, to the Purchaser for the foregoing and shall, if required under Applicable Law, also cause
to be submitted to the Authorities, an intimation in writing of the transfer of the Business Undertaking from it to the Purchaser,
such intimation to be in agreed form.

 

		(b)	The Seller and its directors, officers, employees, agents, third party consultants and other advisors
and representatives (“Seller Representatives”) shall. to the extent permitted by Applicable Law, attend with
Purchaser any meeting between the Purchaser and any Authority on a matter regarding the transfer of any Business Permits and Licenses,
where so reasonably requested for by the Purchaser; and at the Purchaser’s request, provide to the Purchaser, information
and data in its possession or knowledge, with respect to any matters discussed at any such meeting. The Purchaser shall provide
the Seller Representatives with prior written notice of at least 7 (seven) Business Days or such shorter period specified by the
relevant Authority, prior to any such meeting. All requests and inquiries from any Authority regarding the Business Permits and
Licenses prior to the Closing Date shall be dealt with by the Purchaser in consultation with the Seller.

 

    
	 	 	 	 

 
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Execution Version

 

		6.5.5	Transition Period Assets

 

At the Seller’s request, the
Purchaser may elect to:

 

		(a)	allow the Seller to retain the possession of any Business Assets that are required or reasonably
necessary to enable the Seller to comply with its obligations under the Transition Services Agreement (the "Transition
Period Assets”) during the Transition Term solely for the purposes of enabling the Seller to satisfy its obligations
under the Transition Services Agreement, in which case, as soon as practicable following the expiration of the Transition Term,
the Seller shall convey such Transition Period Assets to the Purchaser for no additional consideration; or

 

		(b)	include any Transition Period Assets in the Business Assets at Closing, in which case the Seller
shall not be required to provide any service under the Transition Services Agreement where it is not reasonably practicable to
provide such service without such Transition Period Asset.

 

		6.6	The Seller shall be entitled to update the Disclosure Letter for matters occurring between the
Execution Date and the Closing Date which shall be furnished at least 3 (three) Business Days prior to the Closing Date, and any
such matters included in the Disclosure Letter shall be deemed to have been disclosed against the Seller Warranties if such updated
disclosures are in a form mutually agreed between Parties, acting reasonably and in good faith.

 

		6.7	The Seller shall procure that, during the period on and from the Execution Date and until Closing,
the Purchaser and its directors, officers, employees, representatives and advisors shall be given on request access at reasonable
times to (i) all documents and information with respect to the Business as the Purchaser may request; (ii) the representatives
and Key Employees of the Seller, with respect to correspondence with Authorities, Authorizations, registrations; and (iii) the
Business Records and such further facilities and information relating to the Business as they may reasonably require. Any information
or documents accessed in accordance with this clause shall be considered “Confidential Information” in accordance with
Clause 14.

 

		6.8	On or prior to the Closing Date, the Seller shall require the prospective purchasers of the Business
to destroy all confidential information or documents in accordance with the confidentiality agreements/undertakings executed with
such counterparties and shall provide a written confirmation of the foregoing.

 

		6.9	The Seller shall continue to carry on the Business for its own benefit and at its own risk up
                                                                  to the end of day on the Closing Date, after which time the risk in and ownership of the Business Undertaking shall pass to
                                                                  the Purchaser.

 

    
	 	 	 	 

 
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Execution Version

 

		6.10	[***]

 

		7.	CLOSING

 

		7.1	Closing Date

 

The Closing shall take place on
the 5th (fifth) day (or such extended date as the Parties may mutually agree in writing) from the date of delivery
of the Seller CP Certificate to the Purchaser or the Purchaser CP Certificate to the Seller in accordance with the terms of this
Agreement, whichever is later and in any event prior to the Long Stop Date (“Closing Date”), at Mumbai or at
a place mutually agreed to in writing between the Parties.

 

		7.2	Closing Actions

 

On the Closing Date, the following
actions shall take place simultaneously:

 

		(a)	Consideration

 

The Purchaser shall remit through wire
transfer the Closing Date Payment (after making the adjustments specified in Clause 3.4) to the Seller Bank Account and the Escrow
Amount to the Escrow Account.

 

		(b)	Transfer of Business Undertaking

 

The Seller shall transfer the Business
Undertaking to the Purchaser in the following manner and perform the following actions:

 

		(i)	Transfer of Business Immovable Assets: The Seller and the Purchaser shall execute the Deed
of Conveyance for transfer of the Business Immovable Assets to the Purchaser and submit the same for registration, as required
under Applicable Laws;

 

		(ii)	Transfer of Business Movable Assets: The Business Movable Assets, wherever located on the
Closing Date, being entirely of a movable nature, shall be transferred to the Purchaser (or to the carrying and forwarding agents
of the Purchaser, as notified by the Purchaser) by physical and/ or constructive delivery of possession thereof to the Purchaser
and the Purchaser shall acknowledge receipt thereof to the Seller by executing the form of delivery and acceptance in the form
set out in Schedule N (Form Of Protocol Of Delivery And Acceptance) and there shall be no further act or deed required
for this purpose by or between the Seller and the Purchaser;

 

		(iii)	Transfer of Business Records. - The Business Records, wherever located on the Closing Date,
being entirely of a movable nature, shall be transferred to the Purchaser by physical and/or constructive delivery of possession
thereof to the Purchaser and the Purchaser shall acknowledge receipt thereof to the Seller by executing the form of delivery and
acceptance in the form set out in Schedule N (Form Of Protocol Of Delivery And Acceptance) and there shall be no
further act or deed required for this purpose by or between the Seller and the Purchaser;

 

    
	 	 	 	 

 
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Execution Version

 

		(iv)	Assignment/ Licensing of Business Intellectual Property:

 

		(A)	The Business Intellectual Property set out in Part A of Schedule F (Trade Marks and Patents)
shall be assigned to the Purchaser in accordance with and subject to the terms of the Deed(s) of Trade Mark and Patent Assignment,
to be executed between the Seller and the Purchaser on the Closing Date.

 

		(B)	The Business Intellectual Property set out in Part B of Schedule F (Trade Marks and Patents)
shall be perpetually and irrevocably licensed to the Purchaser in accordance with the terms of the Seller Trade Mark License Agreement(s),
to be executed between and Seller and the Purchaser on the Closing Date;

 

		(v)	Transfer of Transferring Employees:
                                         The Transferring Employees shall submit or shall have submitted their acceptance of the
                                         Transfer Letters, one original of each of which shall be handed over to the Purchaser;

 

		(vi)	Revocation of subsisting powers
                                         of attorney: The Seller shall undertake all necessary actions to revoke all the powers
                                         of attorney relating to the operation of the Business Undertaking subsisting as of the
                                         Closing Date and provide the Purchaser with a written confirmation of the same.

 

		(vii)	Transfer of Business Contracts
                                         and Shared Contracts: The Deed(s) of Novation/ Assignment specified in Clause 6.5.2(a)(i),
                                         and the relevant amendments/ agreements specified in Clause 6.5.2(a)(ii), executed between
                                         the Seller, the Purchaser and the relevant counterparties prior to the Closing Date,
                                         shall become effective from the Closing Date.

 

		7.3	Any Liability incurred in respect of the Business Undertaking that relates to the period after
Closing shall be the responsibility of the Purchaser, subject to and in accordance with Clause 2 above.

 

		7.4	All actions contemplated by this Agreement to be consummated at Closing shall be deemed to occur
simultaneously and no such action shall be consummated unless all such actions are consummated.

 

		7.5	All documents and items delivered at Closing pursuant to this Clause 7 shall be held, in good faith,
by the recipient to the order of and in trust for the Party delivering the same until such time as Closing shall be deemed to have
taken place.

 

    
	 	 	 	 

 
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Execution Version

 

		7.6	The Seller shall, at its own cost, cause the Excluded Baddi Lines to be relocated to a location
as it may determine, either prior to Closing or reasonably soon thereafter. Any relocation occuring after the Closing Date shall
be completed with minimum disruption to the Business and subject to prior reasonable notice to the Purchaser. The Purchaser shall
cooperate with the Seller for such relocation after the Closing Date.

 

		8.	POST CLOSING ACTIONS & COVENANTS

 

		8.1	Employees

 

		8.1.1	With effect from the Closing Date, and to the extent permitted by Applicable Law, the liability
for payment of dues, wages, salaries (including variable pay and incentives), allowances, costs towards all employment and terminal
benefits including but not limited to accumulated leave balance, sick leave, long term service award, provident fund, gratuity,
bonus, encashment of leave, wherever applicable, for the Transferring Employees attributable to:

 

		(a)	the period following such Closing Date; and

 

		(b)	the period upto the Closing Date, to the extent that such liability has been adjusted from the
Consideration in accordance with Clause 3 above or funds in respect of which have been transferred by the Seller in accordance
with Clause 8.1.4 below,

 

shall be to the account of and the
sole responsibility of the Purchaser.

 

		8.1.2	Nothing contained in this Clause, express or implied, is intended to confer upon any Person not
a party hereto any right (including any third-party beneficiary rights), benefit or remedy of any nature whatsoever, including
any right to employment or continued employment for any period of time by reason of this Agreement, or any right to a particular
term or condition of employment.

 

		8.1.3	Save as provided under Applicable Law, the period of employment of the Transferring Employees with
the Purchaser shall be deemed as continuous and uninterrupted for the purposes of determining the business employee benefits

 

		8.1.4	Transfer of provident fund

 

The provident fond balance of the
Transferring Employees with the Seller shall be transferred to the Purchaser in a manner mutually agreed between the Parties and
subject to Applicable Law.

 

		8.1.5	On the Closing Date, the Seller shall provide duly executed, complete forms and such other supporting
documents as may be necessary under Applicable Law, for the transfer of accumulated balances and interests in respect of provident
fond, gratuity and employee state insurance benefits maintained by the Seller in respect of the Transferring Employees;

 

    
	 	 	 	 

 
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Execution Version

 

		8.2	Use of Wockhardt Names and Marks

 

		8.2.1	The Purchaser hereby acknowledges that the Seller owns al! right, title and interest in and to
the trade marks, service marks, domain names, corporate names, social media identifiers, handles and tags, logos and names, as
set out in Schedule O (Wockhardt Names and Marks), together with all variations and acronyms thereof and all trade
marks, service marks, corporate names, internet domain names, logos, trade names, trade dress, packaging, labeling, company names,
social media identifiers, handles and tags, and other identifiers of source or goodwill containing, incorporating, based on or
associated with any of the foregoing (collectively, the “Wockhardt Names and Marks”), and that, except as expressly
provided below, any and al! right of the Business Undertaking to use the Wockhardt Names and Marks shall terminate on the Closing
Date and shall immediately revert to the Seller, along with any and all goodwill associated therewith. The Purchaser further acknowledges
that the Purchaser has no right or interest, and is not acquiring any right or interest to use the Wockhardt Names and Marks, except
as expressly provided herein.

 

		8.2.2	The Seller hereby grants, with effect from the Closing Date, to the Purchaser a royalty-free, non-exclusive,
non-transferable, non-sub-licensable license to use the Wockhardt Names and Marks, (i) solely as they appear or are incorporated
in the Business Undertaking’s existing stocks of Inventory, product labeling, packaging materials, signs, billboards, letterheads,
invoices, advertisements and promotional materials and other documents and materials in existence and used by the Business Undertaking
as of the Closing Date (collectively, the “Existing Stock”), as used solely in connection with the operation
of the Business as operated immediately prior to Closing Date; and (ii) in such further Inventory produced or held by the Purchaser,
provided that 12 (twelve) months after the Closing Date (“License Period”) such license shall expire. Upon the
expiry of the License Period, the Purchaser shall cause the removal or obliteration of all Wockhardt Names and Marks from such
Existing Stock or other Inventory or cease using such Existing Stock or Inventory bearing Wockhardt Names and Marks.

 

		8.2.3	Except as expressly provided in this Clause 8.2, no other right to use the Wockhardt Names and
Marks is granted by the Seller to the Purchaser, whether by implication or otherwise, and nothing hereunder permits the Purchaser
to use the Wockhardt Names and Marks in any manner, other than as set forth in this Clause 8.2, or to register or seek to register,
or to permit, cause or assist any third party to register or to seek to register, any of the Wockhardt Names and Marks in any jurisdiction.
The Purchaser shall ensure that all use of the Wockhardt Names and Marks by the Purchaser as provided in this Clause 8.2 shall
be only with respect to goods and services of a level of quality equal to or greater than the quality of goods and services with
respect to which the Business Undertaking used the Wockhardt Names and Marks prior to the Closing. Any and all goodwill generated
by the use of the Wockhardt Names and Marks, including under this Clause 8.2, by the Purchaser shall inure solely to the benefit
of the Seller. In any event, the Purchaser shall not use the Wockhardt Names and Marks in any manner that may damage or
tarnish the reputation of the Seller or the goodwill associated with the Wockhardt Names and Marks.

 

    
	 	 	 	 

 
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Execution Version

 

		8.2.4	The Purchaser agrees that the Seller shall not have any responsibility for claims by third parties
arising out of, or relating to, the use by the Purchaser of any Wockhardt Names and Marks.

 

		8.2.5	The Purchaser shall defend, indemnify and hold harmless the Seller and its Affiliates and their
respective directors, officers and employees from and against any and all Loss that may arise out of the use of the Wockhardt Names
and Marks:

 

		(a)	by the Business Undertaking in accordance with the terms and conditions of this Clause 8.2; or

 

		(b)	by the Purchaser in violation of or outside the scope permitted by this Clause 8.2.

 

Notwithstanding anything in this
Agreement to the contrary, the Purchaser hereby acknowledges and agrees that in the event of any breach or threatened breach of
this Clause 8.2, the Seller shall suffer irreparable harm, and the Seller in addition to any other remedies available to it (including
a claim for damages) shall be entitled to a preliminary injunction, temporary restraining order or other equivalent relief restraining
the Purchaser from committing any such breach or threatened breach.

 

		8.3	Tax Returns

 

		8.3.1	The Seller shall furnish to the Purchaser, upon request and at the cost of the Purchaser, as promptly
as practicable, such information in the possession of the Seller relating to the Business Undertaking for the period prior to Closing
Date, as is reasonably necessary for the Purchaser to file its Tax returns, to prepare for any assessment, appeal or any other
proceedings by or against any Taxing Authority and/ or to prosecute or defend any claim, suit or proceedings before any Taxing
Authority.

 

		8.3.2	The Purchaser shall furnish to the Seller, upon request and cost of the Seller, as promptly as
practicable, such information relating to the Business Undertaking as is reasonably necessary for the Seller to file its Tax returns,
to prepare for any audit, assessment, appeal or any other proceedings by or against any Taxing Authority, and to prosecute or defend
any claim, suit or proceedings before any Taxing Authority.

 

		8.4	Wrong Pocket Assets

 

		8.4.1	If any Business Asset, Business Current Liabilities or interest which forms part of the Business
Undertaking or any part thereof and which:

 

		(a)	was/were owned or used in or which related exclusively to the Business Undertaking prior to the
Closing Date; and

 

		(b)	is material for the conduct of the Business as conducted on the Closing Date,

 

is retained or not transferred to
the Purchaser by the Seller on Closing, the Seller shall, as soon as it becomes aware of the same or promptly at the Purchaser’s
request, cause the transfer of such Business Asset, Business Current Liabilities or interest to the Purchaser at the Seller’s
sole cost and without any additional consideration for the same.

 

    
	 	 	 	 

 
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Execution version

 

		8.4.2	If any asset or interest which does not form part of the Business Undertaking or any part thereof
is inadvertently transferred by the Seller to the Purchaser at Closing, such asset or interest shall, at the Seller’s request,
and at the Purchaser’s sole cost be transferred back to the Seller by the Purchaser.

 

		8.4.3	If the Purchaser or the Seller, after the Closing Date receives any funds belonging to the Seller
or to the Purchaser, respectively in accordance with the terms of this Agreement, the Purchaser or the Seller, as the case may
be, shall promptly so notify the Seller or the Purchaser, as the case may be, in writing, shall segregate and hold such funds in
trust for the benefit of the Seller or the Purchaser, as the case may be and shall promptly deliver such funds, together with any
interest earned thereon, to an account designated in writing by the Seller or the Purchaser, as the case may be.

 

		8.5	[***]

  

		8.6	Business Permits and Licenses

 

Without prejudice to Clause 6.5.4
above, where the Business Permits and Licenses (which are capable of being transferred under Applicable Law) could not be transferred
on or prior to the Closing Date, the Parties shall complete all necessary actions to achieve the foregoing as soon as possible
following the Closing Date.

 

		8.7	Access for Seller

 

		8.7.1	Notwithstanding the transfer of the Business Records from the Seller to the Purchaser on the Closing
Date, the Seller shall have the right to retain copies of such of the Business Records so transferred to the Purchaser as required
for the limited purposes as stated in this Clause 8.7.1. After the Closing Date, the Seller and its authorised representatives
shall, subject to Applicable Law and upon providing reasonable prior notice to the Purchaser, have the right to access, during
business hours the Business Records that are in the possession of the Purchaser, and to make copies thereof, for the purpose of:

 

		(a)	defending any claim initiated by a third party against the Seller; and/ or

 

    
	 	 	 	 

 
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Execution Version

 

		(b)	for complying with any requirements under Applicable Law; and/ or

 

		(c)	for responding to any queries raised by any Authority,

 

in each case in relation to the Business
and the Business Undertaking prior to the Closing Date.

 

		8.7.2	The Purchaser shall provide to the Seller reasonable access at reasonable times during regular
working hours to any employees of the Purchaser who have knowledge of any matters that may be relevant for the purposes described
in Clause 8.7.1 above. Any information or documents accessed in accordance with this clause shall be considered “Confidential
Information” in accordance with Clause 14 and the provisions thereof shall apply.

 

		8.7.3	The Purchaser shall provide to the Seller the information required to enable the Seller to prepare
and audit the standard monthly reporting forms of the Seller, to the extent that such financial reporting relates to the Business
Undertaking, in respect of the period prior to Closing and in respect of the calendar month and the fiscal quarter in which the
Closing occurs, consistent with past practice.

 

		8.8	Co-operation

 

The Seller shall cooperate, and shall
cause its officers, employees, agents, auditors and representatives to co-operate with the Purchaser, and the Purchaser shall cooperate
and shall cause its officers, employees, agents, auditors and representatives to co-operate with the Seller, after the Closing,
for the Transition Term to ensure the orderly transition of the Business to the Purchaser (including registration of the Deed of
Conveyance), and to minimize any disruption to the Business that might result from the transactions contemplated under this Agreement
and the Ancillary Agreements.

 

		8.9	Material Business Contracts and Material Shared Contracts

 

The Seller shall procure that the
Material Business Contracts and the Material Shared Contracts, in respect of which the Deed(s) of Novation/ Assignment and/ or
amendment and restatement agreements, have not been executed in terms of Paragraph 4 of Part A of Schedule L (Seller
Conditions Precedent), then such Deed(s) of Novation/ Assignment and/ or amendment and restatement agreements shall be executed
within a period of 60 Business Days from the Closing Date.

 

		8.10	Inquiries

 

For a period of 12 (twelve) months
after the Closing Date, the Seller shall take al! commercially reasonable efforts to refer to the Purchaser any inquiry that the
Seller receives relating to the Business, so that the same shall be addressed by the Purchaser and towards this, the Seller shall
support and co-operate with the Purchaser as reasonably requested for.

 

		8.11	[***]

 

    
	 	 	 	 

 
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Execution Version

  

		8.12	The Seller shall not cause any part of any monies or consideration paid hereunder to accrue for
the benefit of any government official or any other Person, which is in violation of Applicable Law.

 

		8.13	Within a period of 5 (five) Business Days from the Closing Date, the Seller shall make the relevant
filings with the Authority in respect of the satisfaction of charge in relation to the release of Encumbrances over the relevant
Business Assets.

 

		8.14	[***]

  

		9.	REPRESENTATIONS AND WARRANTIES

 

		9.1	Representations and Warranties of the Seller

 

		9.1.1	Seller Fundamental Warranties

 

Except as qualified by the Disclosed
Materials, the Seller hereby represents and warrants to the Purchaser that each of the following statements in relation to the
Seller (“Seller Fundamental Warranties”) is and shall be true and correct as on the Execution Date and as on
the Closing Date:

 

    
	 	 	 	 

 
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Execution Version

 

		(a)	The Seller is duly incorporated and validly existing under the laws of India,and has the right,
power and authority to execute,deliver, perform and consummate this Agreement and each of the Ancillary Agreements to which it
is or will be a party, and its obligations hereunder and thereunder;

 

		(b)	The execution and delivery of this Agreement and each of the Ancillary Agreements to which it is
or will be a party and the performance of its obligations under this Agreement and each of the Ancillary Agreements to which it
is or will be a party has been duly and validly authorized by all necessary corporate action on the part of the Seller. This Agreement
and each of the Ancillary Agreements to which it is a party constitute legal, valid and binding obligations of the Seller and are
enforceable against it in accordance with the terms hereof or thereof;

 

		(c)	The execution and delivery by it of this Agreement and each of the Ancillary Agreements to which
it is Or will be a party, and the performance and consummation of the transactions contemplated hereby and the compliance by it
with the provisions of this Agreement and each of the Ancillary Agreements to which it is or will be a party, do not or will not
result in:

 

		(i)	violation of its memorandum or articles of association; or

 

		(ii)	a material breach of, or constitute a material default under, any material agreement or instrument
to which it is a party or by which it is bound; or

 

		(iii)	contravention of Applicable Law or any judgment, order or decree applicable to it; or

 

		(iv)	creation of any Encumbrance (other than Permitted Encumbrance or Encumbrance arising from any act
of the Purchaser) upon any of the Business Assets.

 

		(d)	The Seller has clear and marketable title to and right to use, and is in possession of and holds
valid title deeds to the Business Immovable Assets free from Encumbrances (other than the Permitted Encumbrances).

 

		(e)	The Seller has clear and marketable title to proprietary Business Intellectual Property and valid
or pending registrations or right to use in respect of the other Business Intellectual Property, free from Encumbrances (other
than the Permitted Encumbrances).

 

		(f)	No Authorizations from any Authority are required to be obtained by the Seller to authorise the
execution, performance and delivery by the Seller of this Agreement and any of the Ancillary Agreements to which it is or will
be a party except as set forth in the Seller Conditions Precedent and the Joint Conditions Precedent.

 

    
	 	 	 	 

 
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Execution Version

 

		(g)	Insolvency Proceeding

 

		(i)	The Seller is not adjudged insolvent within the meaning of Applicable Laws or no circumstances
exist which shall render the Seller insolvent under the insolvency laws of India. No steps have been taken to enforce any security
over any assets of the Seller. No order has been made or meeting convened for the winding up, bankruptcy or insolvency proceedings
of the Seller or for the appointment of a resolution professional or in relation to any other process whereby the business is terminated
and / or the assets of the Seller are distributed amongst the creditors and/or shareholders or other contributors, and there are
no cases or proceedings under any applicable insolvency, reorganisation or similar laws in any relevant jurisdiction.

 

		(ii)	No receiver (including any administrative receiver) has been appointed in respect of the whole
or any part of any of the property, assets and/or undertaking of the Business nor has any such order been made (including, in any
relevant jurisdiction, any other order by which, during the period it is in force, the affairs, business and assets of the Seller
are managed by a person appointed for the purpose by a court, governmental agency or similar body).

 

		(iii)	The Seller has not taken any step with a view to a suspension of payments or a moratorium of any
indebtedness or has made any voluntary arrangement with any of its creditors or is insolvent.

 

		(iv)	No liquidation, dissolution, winding up, commencement of bankruptcy, insolvency or similar proceedings,
whether voluntary or involuntary, with respect to the Seller is pending, which, in each case, has or may have an effect on the
ability of the Seller to execute, deliver and perform its obligations under this Agreement and each of the Ancillary Agreements
to which it is or will be a party.

 

		9.1.2	Seller Business Warranties

 

Except as qualified by the Disclosed
Materials, the Seller hereby represents and warrants to the Purchaser that each of the statements set out in Schedule P (Seller
Business Warranties) (“Seller Business Warranties”) is and shall be true, complete, accurate and correct
and not misleading as on the Execution Date and as on the Closing Date. The Seller Warranties are deemed to be repeated on the
Execution Date and the Closing Date, by reference to the facts then existing. Any reference made to the date of this Agreement
(whether express or implied) in relation to any Seller Warranty shall be construed, in connection with the repetition of the Seller
Warranties under this Clause 9.1.2, as a reference to the date of such repetition.

 

		9.1.3	Seller Warranty Principles

 

		(a)	The Seller represents and warrants as of the date hereof and as of the Closing, the Seller Warranties
to the Purchaser. The Seller acknowledges that the Purchaser has entered into this Agreement, and undertaken its obligations herein
including payment of the Consideration, on the basis of, and in reliance upon, the Seller Warranties.

 

    
	 	 	 	 

 
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Execution Version

 

		(b)	Each Seller Warranty shall be construed separately and independently and (save as expressly provided
to the contrary herein) shall not be limited or expanded by reference to any other matter, warranty or undertaking.

 

		(c)	The Purchaser agrees and undertakes to the Seller that neither it nor its Affiliates and their
respective directors, officers, managers, members, employees and/or representatives has any rights against, and shall waive and
shall not make any claim against, any employee, director, officer, advisor or agent of the Seller or any of its Affiliates on whom
the Purchaser may claim to have relied before agreeing to any term of, or entering into any Transaction Documents to which it is
a party.

 

		(d)	The Purchaser acknowledges and agrees that:

 

		(i)	the only representations and warranties made by the Seller in connection with the Seller, the Business
Undertaking, this Agreement and the transactions contemplated hereunder are the Seller Warranties made under Clause 9.1.1 and Clause
9.1.2 above and no further representations and warranties, whether express or implied are provided by the Seller under this Agreement;

 

		(ii)	in entering into this Agreement and in proceeding to Closing, the Purchaser has not relied on any
statement, representation, warranty, condition, or other conduct which may have been made by or on behalf of the Seller, other
than as specifically set out in this Agreement or other Transaction Documents.

 

		(e)	Except as is Fairly Disclosed in the Disclosed Materials and other than in relation to the Business
Assets, Business Intellectual Property, Business Contracts, the Shared Contracts and the Business Permits and Licenses acquired
in accordance with Clause 2.2 above, the Seller Warranties are true and correct as of the Execution Date. Except as Fairly Disclosed
in the Disclosed Materials, the Seller Warranties shall be true and correct as of the Closing Date.

 

		(f)	Except as Fairly Disclosed in the Disclosed Materials or updates thereto, none of the Seller Warranties
shall be treated as qualified by any actual or constructive knowledge or investigation on the part of any of the Purchaser or any
of its agents, representatives, officers, employees or advisers. No such knowledge or investigation shall prejudice any claim made
by the Purchaser or operate to reduce any amount recoverable thereunder.

 

		9.2	Purchaser Warranties

 

		9.2.1	The Purchaser Warranties

 

The Purchaser, hereby represents
and warrants to the Seller as follows (“Purchaser Warranties”) as on the Execution Date and as on the Closing
Date:

 

    
	 	 	 	 

 
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Execution Version

 

		(a)	It is duly incorporated and validly existing under the laws of the country of its incorporation,
and has the right, power and authority to execute, deliver, perform and consummate the transactions contemplated to be consummated
by it under this Agreement and any Ancillary Agreements to which it is or will be a party;

 

		(b)	The execution and delivery of this Agreement and each of the Ancillary Agreements to which it is
or will be a party, and the performance of its obligations under this Agreement and each of the Ancillary Agreements to which it
is or will be a party has been duly and validly authorized by all necessary corporate action on its part. This Agreement and each
of the Ancillary Agreements to which it is or will be a party constitute its legal, valid and binding obligation, enforceable against
it in accordance with the terms hereof or thereof;

 

		(c)	The execution, delivery and performance by it of this Agreement and each of the Ancillary Agreements
to which it is or will be a party, and the compliance by it with the provisions of this Agreement and each of the Ancillary Agreements
to which it is or will be a party, will not result in:

 

		(i)	violation of its memorandum or articles of association/ charter documents; or

 

		(ii)	a material breach of, or constitute a material default under, any material agreement or instrument
to which it is a party or by which it is bound; or

 

		(iii)	contravention of Applicable Law or any judgment, order or decree applicable to it.

 

		(d)	Subject to the Conditions Precedent, no consent, approval, Authorization, registration or filing
from any Authority is required to be obtained by it to authorise the execution, delivery and performance by it of this Agreement
and any of the Ancillary Agreements to which it is or will be a party.

 

		(e)	No liquidation, dissolution, winding up, commencement of bankruptcy, insolvency or similar proceedings,
whether voluntary or involuntary, with respect to it is pending, which, has or may have an effect on its ability to execute, deliver,
and perform its obligations under this Agreement and any Ancillary Agreements to which it is or will be a party; and

 

		(f)	At Closing, the Purchaser shall at the relevant time have immediately available, on an unconditional
basis, the necessary cash resources and/ or firm financial arrangements to meet its obligations under this Agreement and any Ancillary
Agreements to which the Purchaser is or will be a party, which cash resources and/ or firm financial arrangements are not, and
at Closing will not be, direct or indirect proceeds of any activities of the Purchaser in breach of any Applicable Law.

 

    
	 	 	 	 

 
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Execution Version

 

		(g)	Insolvency Proceeding

 

		(i)	The Purchaser is not adjudged insolvent within the meaning of Applicable Laws or no circumstances
exist which shall render the Purchaser insolvent under the insolvency laws of India . No steps have been taken to enforce any security
over any assets of the Purchaser. No order has been made or meeting convened for the winding up, bankruptcy or insolvency proceedings
of the Purchaser or for the appointment of a resolution professional or in relation to any other process whereby the business is
terminated and / or the assets of the Purchaser arc distributed amongst the creditors and/or shareholders or other contributors,
and there are no cases or proceedings under any applicable insolvency, reorganisation or similar laws in any relevant jurisdiction.

 

		(ii)	No receiver (including any administrative receiver) has been appointed in respect of the whole
or any part of any of the property, assets and/or undertaking of the Business nor has any such order been made (including, in any
relevant jurisdiction, any other order by which, during the period it is in force, the affairs, business and assets of the Purchaser
are managed by a person appointed for the purpose by a court, governmental agency or similar body).

 

		(iii)	The Purchaser has not taken any step with a view to a suspension of payments or a moratorium of
any indebtedness or has made any voluntary arrangement with any of its creditors or is insolvent.

 

		(iv)	No liquidation, dissolution, winding up, commencement of bankruptcy, insolvency or similar proceedings,
whether voluntary or in voluntary, with respect to the Purchaser is pending, which, in each case, has or may have an effect on
the ability of the Purchaser to execute, deliver and perform its obligations under this Agreement and each of the Ancillary Agreements
to which it is or will be a party.

 

		9.2.2	Purchaser Warranty Principles

 

		(a)	The Purchaser represents and warrants as of the date hereof and as of the Closing, the Purchaser
Warranties to the Purchaser. The Purchaser acknowledges that the Seller has entered into this Agreement, and undertaken its obligations
herein, on the basis of, and in reliance upon, the Purchaser Warranties.

 

		(b)	The Purchaser hereby represents and warrants the Purchaser Warranties to the Seller on the Execution
Date and the Closing Date;

 

		(c)	Each Purchaser Warranty shall be construed separately and independently and shall not be expanded
by reference to any other matter, warranty or undertaking;

 

		(d)	The Seller agrees and undertakes to the Purchaser that neither it nor its Affiliates and their
respective directors, officers, managers, members, employees and/or representatives has any rights against, and shall waive and
shall not make any claim against, any employee, director, officer, advisor or agent of the Purchaser or any of its Affiliates on
whom the Seller may claim to have relied before agreeing to any term of, or entering into any Transaction Documents to which it
is a party; and

 

    
	 	 	 	 

 
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Execution Version

 

		(e)	The Seller acknowledges and agrees that:

 

		(i)	the only representations and warranties made by the Purchaser are the Purchaser Warranties made
under Clause 9.2,1 above and no further representations and warranties, whether express or implied are provided by the Purchaser
under this Agreement;

 

		(ii)	in entering into this Agreement and in proceeding to Closing, the Seller has not relied on any
statement, representation, warranty, condition, or other conduct which may have been made by or on behalf of the Purchaser, other
than as specifically set out in this Agreement or other Transaction Documents.

 

		10.	INDEMNITY

 

		10.1	Indemnification by the Seller

 

Subject to the Closing having occurred
in accordance with the terms of this Agreement, the Seller hereby agrees to indemnify and keep indemnified, save, defend and hold
harmless, the Purchaser, its officers and directors (collectively, the “Purchaser Indemnified Persons”) from
and against any and all Losses suffered or incurred or as may be suffered or incurred by any Purchaser Indemnified Person which
arises out of or results from or in connection with:

 

		(a)	any breach of the representations and warranties of the Seller contained in this Agreement or any
other Transaction Documents; or

 

		(b)	any Specific Indemnity Event; or

 

		(c)	any claims made by any third party in relation to any Excluded Liability.

 

		10.2	It is clarified that notwithstanding its inclusion in the above clause, an Excluded Liability,
that is or is being paid, performed or discharged by the Seller under Clause 2.4 of this Agreement, shall not be a subject matter
of indemnification under this Clause 10. Further, it is clarified that the obligation of the Seller to indemnify the Purchaser
Indemnified Persons in respect of any Specific Indemnity Event or any claims made by any third party in relation to any Excluded
Liability shall not be prejudiced or limited or adversely impacted in any manner whatsoever by the Disclosed Materials and the
rights of the Purchaser to seek indemnification in respect of the Specific Indemnity Event or any claims made by any third party
in relation to any Excluded Liability shall survive, notwithstanding such disclosures of the Seller.

 

		10.3	Indemnification by the Purchaser

 

Subject to the Closing having occurred
in accordance with the terms of this Agreement and subject to the limitations set out in Schedule Q (Limitations on Liability),
the Purchaser hereby agrees to indemnify and keep indemnified, save, defend and hold harmless, the Seller, its officers and directors
(collectively, the “Seller Indemnified Persons”) from and against any and all Losses suffered or incurred or
as may be suffered or incurred by any Seller Indemnified Person which arises out of or results from or in connection with:

 

    
	 	 	 	 

 
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Execution Version

 

		(a)	any material breach of the representations and warranties of the Purchaser contained in this Agreement
or any other Transaction Documents; and

 

		(b)	any claims made against the Seller by any third party, which relates to the period following the
Closing Date.

 

		10.4	For the purposes of this Agreement,
                                         each indemnifying Party under this Clause 10 shall be referred to as the “Indemnifying
                                         Person” and each indemnified Party under this Clause 10, along with respective
                                         directors and officers, shall be collectively referred to as the “Indemnified
                                         Person”.

 

		10.5	The Indemnified Person shall, in its return/ filings made with the Taxing Authorities, characterise
the amount received pursuant to this Clause 10 as payment received by the Indemnified Person pursuant to the indemnity provisions
as per this Clause 10. The Indemnifying Person will record such payment as being an indemnification payment hereunder.

 

		10.6	Conduct of Direct Claims and Third Party Claims

 

		(a)	Direct Claims

 

		(i)	In the event any Indemnified Person should have a claim against the Indemnifying Person under this
Clause 10 that does not involve a Third Party Claim being asserted against or sought to be collected from the Indemnified Person
(a “Direct Claim”), the Indemnified Person shall promptly but in any event within 30 (thirty) days from the
date on which the Indemnified Person becomes aware of the Loss notify the Indemnifying Person in writing of such Direct Claim by
issuing a Claim Notice. The Indemnified Person shall procure that further information requested by the Indemnifying Person in respect
of the Direct Claim shall be provided as available with the Indemnified Person. The delay of the Indemnified Person to promptly
notify the Indemnifying Person within the aforementioned timeframe shall not relieve the Indemnifying Person of their obligations
hereunder, except to the extent that the amount of the Loss is enhanced or not reduced as a result of such delay. If the Indemnifying
Person does not notify within 30 (thirty) days following the receipt of such Claim Notice that the Indemnifying Person disputes
its liability to the Indemnified Person, such Direct Claim specified by the Indemnified Person in such Claim Notice shall be conclusively
deemed a Loss which is indemnifiable by the Indemnifying Person.

 

		(ii)	If the Indemnifying Person disputes a Direct Claim, the Indemnified Person and the Indemnifying
Person shall attempt to resolve in good faith such dispute within the 20 (twenty) day period after the Indemnifying Person delivers
written notice to the Indemnified Person of such dispute. If such dispute is not so resolved within such 20 (twenty) day period,
then such dispute shall be resolved in accordance with, and subject to the limitations of Clause 13.2.

 

    
	 	 	 	 

 
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Execution Version

 

		(b)	Third Party Claims

 

		(i)	If a claim by a third party is made against an Indemnified Person arising out of a matter for which
the Indemnified Person is entitled to be indemnified by the Indemnifying Person pursuant to Clause 10 (a “Third Party
Claim”), such Indemnified Person shall notify the Indemnifying Person in writing of such Third Party Claim by issuing
a Claim Notice within a period of 30 (thirty) days from the date of receipt of a written notice with respect to such Third Party
Claim or within such shorter time period as specified in the Third Party Claim notice. The delay of the Indemnified Person to promptly
notify the Indemnifying Person within the aforementioned timeframe shall not relieve the Indemnifying Person of their obligations
hereunder, except to the extent that the Indemnifying Person that the amount of the Loss is enhanced or not reduced as a result
of such delay.

 

		(ii)	The Indemnifying Person shall be entitled, if it so desires and at its cost and with counsel of
its choice, by written notice to the Indemnified Persons within 7 (seven) days from receipt of the Claim Notice, to defend any
Third Party Claim or initiate any action in relation to a Third Party Claim.

 

		(iii)	In the event that the Indemnifying Person does not assume control of the defense of a Third Party
Claim within 7 (seven) days in accordance with Clause I0.6(b)(ii) above, the Indemnified Person shall have the right to defend
itself against such Third Party Claim and shall thereafter be indemnified for the reasonable expenses incurred by it for such defence
and the Third Party Claim. In such a case, the Indemnified Persons shall: (1) ensure any such defence of such Third Party Claim
by the Indemnified Person shall be in consultation with the Indemnifying Person; and (2) keep the Indemnifying Person informed
of the said defence proceedings undertaken and conducted by the Indemnified Person.

 

		(iv)	For the avoidance of doubt, it is hereby clarified that if the Indemnifying Person has assumed
the defense, negotiation or settlement of such Third Party Claim pursuant to Clause 10.6(b)(ii), the Indemnified Persons shall,
at their own cost and expense, continue to have the right to participate by its counsel in connection with the defense, negotiation
or settlement of such claim or proceeding, but without taking any action not consented to by the Indemnifying Person (including
taking any position or defence contrary to what has been adopted by the Indemnifying Person).

 

    
	 	 	 	 

 
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Execution Version

 

		(v)	Neither the Indemnified Persons nor the Indemnifying Persons shall consent to the entry of any
judgement or enter into any settlement with respect to the Third Party Claim (A) without the prior written consent of the other
Party (other than any settlement or compromise by the Seller in respect of any Excluded Assets or Excluded Liabilities), which
shall not be unreasonably withheld; and (B) where a Loss is incurred by the Indemnified Person pursuant to such judgement or settlement,
the Indemnifying Person shall indemnify the Indemnified Person within 10 (ten) Business Days from the date of such judgement or
settlement.

 

		(vi)	Notwithstanding the foregoing, the Indemnifying Person shall not be entitled to assume the defense
of any Third Party Claim (and shall be liable for the reasonable fees and expenses of counsel incurred by the Indemnified Person
in defending such Third Party Claim) if the Third Party Claim seeks an order, injunction or other equitable relief or relief for
other than money damages against the Indemnified Person, or the Third Party Claim involves a criminal claim against the Indemnified
Person.

 

Provided that in such a case,
the Indemnified Person shall keep the Indemnifying Person informed of the said defence proceedings undertaken and conducted by
the Indemnified Person.

 

		(vii)	Where the Indemnifying Person is required to indemnify the Indemnified Person in relation to any
Third Party Claim and the Indemnified Person is entitled to recover from a third party a sum which indemnifies or compensates the
Indemnified Person (in whole or in part) for the Loss which is the subject of the indemnity claim, the Indemnified Person shall,
at the cost and expense of the Indemnifying Person, take all steps or proceedings as the Indemnifying Person may require to subrogate
the right of the Indemnified Person to recover such sum in favor of the Indemnifying Person.

 

		(viii)	The Indemnifying Person and the Indemnified Person shall cooperate with each other and exercise
all reasonable efforts in the defence or prosecution of any such Third Party Claim and shall furnish one another with such records,
information and testimony, and attend such conferences, proceedings, hearings, trials and appeals as may be reasonably required
in connection therewith, to the extent reasonably practicable.

 

		10.7	Within 30 (thirty) Business Days after the amount of any Losses for which an Indemnified Person
is indemnified pursuant to this Clause 10 is notified to the Indemnifying Person, the Indemnifying Person shall pay such Indemnified
Person such amount in cash by wire transfer of immediately available funds to an account designated in writing by such Indemnified
Person.

 

		10.8	Non - Exclusive Remedy: The indemnification rights of the Indemnified Persons under this
Agreement shall be the sole monetary remedies available to the Indemnified Persons (other than (i) in case of a breach of the covenants
of an Indemnifying Person, for which the remedy of damages under Applicable Law shall be available; and (ii) in case of the occurrence
of events specified in Clause 5.7.2 above, for which the Break Fee shall be the sole monetary remedy). It is clarified that indemnification
rights of the Indemnified Persons under this Agreement are independent of, and in addition to, such other non-monetary rights and
remedies as the Indemnified Persons may have at law or in equity or otherwise, including the right to seek specific performance,
rescission, or other injunctive relief, none of which rights or remedies shall be affected or diminished thereby.

 

    
	 	 	 	 

 
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Execution Version

 

		10.9	Limitations on liability: Unless otherwise specified, any claim made under this Agreement
including this Clause 10 shall be subject to the limitations set out in Schedule Q (Limitations on Liability) as
applicable.

 

		10.10	Exception to limitation on liability: Notwithstanding anything to the contrary contained
in this Agreement, none of the limitations on liability set out under Clause 10.9 shall apply to liability of an Indemnifying Person
to the Indemnified Person for fraud or proven gross negligence by such Indemnifying Person.

 

		10.11	Nothing in this Clause 10 shall restrict or limit Indemnified Person’s general obligation
under Applicable Laws to mitigate any loss it may suffer or incur as a result of an event that may give rise to a claim under this
indemnity.

 

		11.	NON-SOLICITAT1ON AND NON-COMPETE

 

		11.1	The Purchaser shall not, directly or indirectly (including through its Affiliates) solicit
                                                                   any employee or customer of the Seller or a counterparty under any Business Contract or Shared Contract (a) at any time on
                                                                   and from the Execution Date until the Closing Date, except solely to the extent permitted under this Agreement and (b) in the
                                                                   event this Agreement is terminated prior to Closing, for a period of [***] commencing on and from the date of such
                                                                   termination.

 

		11.2	The Purchaser shall not, directly or indirectly (including through its Affiliates) solicit any
employee (other than the Business Employees) or customer of the Seller from the Closing Date, for a period of [***].

 

		11.3	The Seller shall not, directly or indirectly (including through its Affiliates) solicit any employee
(other than any Transferring Employee) or customer of the Business or a counterparty under any Business Contract or Shared Contract
from the Closing Date for a period of [***] commencing on and from the date of such termination.

 

		11.4	The Seller agrees and undertakes to the Purchaser that it shall not (and shall procure that no
Affiliate or member of its Group shall) directly or indirectly distribute or market the Restricted Molecule(s) for the Restricted
Period, as specified in Part A and Part B of Schedule U (List of Restricted Molecule(s) and Restricted
Periods).

 

Notwithstanding the aforesaid, the
Parties agree that nothing in this Agreement shall ill prevent the Seller from:

 

		(a)	Distribution or marketing of the Restricted Molecule(s) outside the Territory;

 

    
	 	 	 	 

 
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Execution Version

 

		(b)	Distribution or marketing of any products other than products containing the Restricted Molecule(s);

 

		(c)	Distribution or marketing of products [***]

 

		(d)	undertaking any other matter which has been consented to in writing by the Purchaser including
performing any activities as required under the Transaction Documents; and

 

		(e)	manufacture of products [***]

 

		11.5	It is further agreed that, and in addition to the provisions of Clause 11.4 above, for a period
of 5 (five) years from Closing Date, the Seller shall not (and shall procure that no Affiliate or member of its Group shall) directly
or indirectly manufacture (other than as specified in Clause 11.4(e)), distribute or market, in any delivery form, dosage or strength,
a product which;

 

		(a)	contains the identical set of molecule(s) as listed in Part C of the Schedule U, as
part of the Seller’s quality generics business (generics division) and channel business; and

 

		(b)	contains the identical set of molecule(s) in the 18 Products listed in points 1 to 18 of
Part C of the Schedule U, as part of the Seller’s branded generic business.

 

		11.6	Provided that nothing in Clause 11.5(b) above shall apply to such existing products, containing
the molecules present in the Products, as may be mutually agreed between the Parties (acting reasonably) within a period of 7 (seven)
Business Days from the Execution Date.

 

		11.7	The Purchaser agrees and undertakes that the Seller has agreed to the restrictions specified in
this Clause 11 at the specific request of the Purchaser, and any cost and consequences imposed by any Authority in relation to
competition law or restrictive trade practices or similar provisions of applicable Law shall be borne solely by the Purchaser.

 

		11.8	The Seller agrees and undertakes to the Purchaser that it shall not (and shall procure that no
Affiliate or member of its Group shall) market or distribute any product using any trade mark containing the term ‘Proxyvon’
(including in combination with prefixes and suffixes) in the dental pain and orthopaedic pain segments.

 

    
	 	 	 	 

 
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Execution Version

 

		11.9	The Purchaser agrees and undertakes to the Seller that it shall not (and shall procure that no
Affiliate or member of its Group shall) market or distribute any product using any trade mark containing the term ‘Proxyvon’
(including in combination with prefixes and suffixes) in the anti-spasmodic segment.

 

		11.10	The Parties acknowledge and agree that the covenants and obligations with respect to non-solicitation
and non-compete as set forth above relate to special, unique and extraordinary matters, and that a violation of any of the terms
of such covenants and obligations will cause the Party affected thereby, irreparable injury. The Parties further acknowledge and
agree that remedy by way of damages for any breach of the requirements of this Clause 11 would be inadequate, and agrees that the
Party other than the one violating these terms shall be entitled to an interim and permanent injunction, restraining order or such
other equitable relief as a court of competent jurisdiction may deem necessary or appropriate to restrain the Party in breach of
these terms from committing any violation of the covenants and obligations contained in this Clause 11. These injunctive remedies
are cumulative and are in addition to any other rights and remedies that the affected Party may have at law or in equity.

 

		11.11	The Parties acknowledge and agree that the above restrictions are considered reasonable for the
legitimate protection of the business and goodwill of the Parties but in the event that such restriction shall be found to be void,
but would be valid if some part thereof was deleted or the scope, period or area of application were reduced, the above restriction
shall apply with the deletion of such words or such reduction of scope, period or area of application as may be required to make
the restrictions contained in this Clause 11 valid and effective. Notwithstanding the limitation of this provision by any Applicable
Law for the time being in force, the Parties undertake to at all times observe and be bound by the spirit of this Clause 11. Provided
however, that on the revocation, removal or diminution of the Applicable Law or provisions, as the case may be, by virtue of which
the restrictions contained in this Clause were limited as provided hereinabove, the original restrictions would stand renewed and
be effective to their original extent, as if they had not been limited by Applicable Law or provisions revoked.

 

		12.	TERM & TERMINATION

 

		12.1	Term

 

This Agreement shall come into effect
on and from the Execution Date and shall remain in force until terminated in accordance with Clause 12.2.

 

		12.2	Termination

 

		12.2.1	This Agreement may, by written notice given before or on the Closing Date, be terminated:

 

		(a)	by mutual written consent of the Purchaser and the Seller; or

 

		(b)	in terms of Clause 5.7.

 

    
	 	 	 	 

 
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Execution Version

 

		12.3	Effect of Tcrmlnation

 

		12.3.1	Upon termination of this Agreement, the Parties shall be relieved and discharged from all obligations,
liabilities or claims under this Agreement except for rights and liabilities accrued under this Agreement prior to the termination
thereof (including, for the avoidance of doubt, the obligation of the Purchaser to pay the Break Fee to the extent it has become
payable at or prior to any such termination or which expressly survive termination of this Agreement).

 

		12.3.2	The Parties’ rights of termination under Clause 12 are in addition to any other rights they
may have under this Agreement or otherwise, and the exercise of such rights of termination is not an election of remedies. The
right of the Seller to claim the payment of the Break Fee in accordance with Clause 5.7.2 under this Agreement is not exclusive
and is in addition to any other rights and remedies provided by Applicable Law or under this Agreement.

 

		12.3.3	If this Agreement is terminated pursuant to Clause 12.2.1, this Agreement and all rights and obligations
of the Parties under this Agreement automatically end without Liability against any of the Parties or its Affiliates, except that:
Clause 5.7.2 (Break Fee), Clause 11 (Non Solicitation and Non Compete), Clause 12.3 (Effect of Termination),
Clause 13 (Governing Law & Dispute Resolution), Clause 14 (Miscellaneous) and any accrued rights of Parties shall
remain in fall force and survive any termination of this Agreement.

 

		13.	GOVERNING LAW AND DISPUTE RESOLUTION

 

		13.1	Governing Law & Jurisdiction

 

This Agreement will be governed by
and construed in accordance with the laws of India and subject to Clause 13.2 below, the courts in Mumbai, India shall have exclusive
jurisdiction.

 

		13.2	Dispute Resolution

 

		13.2.1	If any dispute, difference, claim and / or controversy (“Dispute”) arises between
the Parties about the validity, interpretation, implementation, existence and / or alleged breach of any provision of this Agreement,
such Dispute shall be resolved by arbitration by three arbitrators, with the Seller appointing one arbitrator, the Purchaser appointing
one arbitrator and the two arbitrators so appointed appointing the third arbitrator who would be the presiding arbitrator.

 

		13.2.2	The arbitration shall be in accordance with the Indian Arbitration and Conciliation Act, 1996 for
the time being in force and arbitration proceedings shall be conducted in Mumbai, India. The venue and seat of arbitration shall
be Mumbai, India.

 

		13.2.3	The arbitration proceedings shall be conducted and the award shall be rendered in  the English
language.

 

		13.2.4	The award rendered by the arbitrator or arbitrators shall be final, conclusive and binding on all
Parties to this Agreement.

 

		13.2.5	Prior to or pending arbitration, nothing shall preclude either Party from seeking interim reliefs,
from any competent courts in Mumbai, India. The pursuit of injunctive relief shall not be a waiver of the Parties to pursue any
remedy for monetary damages through the arbitration described in this Clause 13.2.

 

    
	 	 	 	 

 
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Execution Version

 

		13.2.6	Each Party shall bear the cost of preparing and presenting its case, and the cost of arbitration,
including fees and expenses of the arbitrators, shall be shared equally by the Parties, unless the award otherwise provides.

 

		14.	MISCELLANEOUS

 

		14.1	Confidentiality

 

		14.1.1	The term “Confidential Information” as used in this Agreement means:

 

		(a)	any information concerning the organization, business, marketing and business related records,
data, documents, reports, client information, intellectual property, technology, trade secrets, know-how, business relationships,
services, processes, staff and technical information, finance, transactions or affairs of each Party or any of their respective
Representatives (whether conveyed in written, oral or in any other form and whether such information is furnished before, on or
after the date hereof);

 

		(b)	any information whatsoever concerning or relating to: (i) any Dispute or claim arising out of or
in connection with this Agreement; or (ii) the resolution of such claim or Dispute;

 

		(c)	any information or materials prepared by or for a Party or its Representatives that contain or
otherwise reflect, or are generated from the aforesaid information; and

 

		(d)	the terms and conditions of this Agreement and the Transaction Documents (including any applications
submitted in connection therewith to the appropriate Authorities).

 

		14.1.2	Each Party recognizes that in the course of the transactions envisaged by this Agreement, it and
its Affiliates may be privy to Confidential Information.

 

		14.1.3	In consideration of the benefits accruing to the Parties from their association under this Agreement,
the Seller (on one hand) and the Purchaser (on the other hand) agree that:

 

		(a)	Each Party shall keep all Confidential Information received by it from the other Party (“Disclosing
Party”) confidential and shall not, without the prior written consent of the Disclosing Party, divulge such Confidential
Information to any Person or use such Confidential Information other than for the purposes of carrying out this Agreement;

 

		(b)	The Receiving Party shall ensure that access to Confidential Information is granted only to its
directors, officers and advisors (“Representatives”) and strictly on a “need to know” basis. Prior
to disclosing any Confidential Information to such Representatives, the Receiving Party shall inform them of the confidential nature
of the information and ensure that they deal with the Confidential Information as if they were a Receiving Party and bound by the
obligations of the Receiving Party under this Agreement. The Receiving Party shall be liable for any disclosure or use of Confidential
Information by its Representatives that is not in accordance with the provisions of this Agreement.

 

    
	 	 	 	 

 
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Execution Version

 

		(c)	The Receiving Party and its Representatives shall ensure and take all necessary measures to protect
the integrity of the Confidential Information and restrain unauthorised disclosure or use of the Confidential Information and any
such unauthorized disclosure or use shall be deemed to be a breach of this Agreement by the Receiving Party;

 

		(d)	promptly inform the Disclosing Party of any potential or accidental disclosure of the Confidential
Information and take ail steps, together with the Disclosing Party, to retrieve and protect the Confidential Information; and

 

		(e)	use the Confidential Information only for the purpose for which it was provided and not profit
from the same in an unauthorized manner.

 

The Purchaser acknowledges that any
and all other information provided to it by the Seller or its Representatives shall continue to remain subject to the confidentiality
obligations set out in this Agreement after the Closing Date.

 

		14.1.4	The obligations contained in Clause 14.1.3 above shall not apply to any part of the Confidential
Information which:

 

		(a)	is or has become public (other than by breach of this Agreement); or

 

		(b)	is required to be disclosed by Applicable Law, provided that, so far as it is lawful and practical
to do so, prior to such disclosure, the Party subject to such disclosure shall promptly notify the Disclosing Party of such requirement
with a view to providing the opportunity for the Disclosing Party to contest such disclosure or otherwise to agree the timing and
content of such disclosure; or

 

		(c)	becomes available to the Receiving Party on a non-confidential basis from a Person, provided such
Person is not, to the Receiving Party’s knowledge, bound by a confidentiality agreement with the Disclosing Party; or

 

		(d)	is independently developed by the Receiving Party without reference to the Confidential Information.

 

		14.1.5	If this Agreement terminates prior to Closing Date, each Party shall on written demand of the Disclosing
Party immediately:

 

		(a)	return all Confidential Information together with all copies in its possession, if such information
and copies thereof have not already been destroyed; and

 

		(b)	expunge such Confidential Information from any computer, word processor or other device.

 

    
	 	 	 	 

 
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Execution Version

 

		14.1.6	Except for the press releases pertaining to this Agreement as agreed and released by the Parties
upon the execution of this Agreement or any disclosures required to be made by any of the Parties to comply with Applicable Law
(provided that the Party required to make the announcement consults with the other Party and takes into account the reasonable
requests of the other Party in relation to the content of such announcement before it is made), none of the Parties shall issue
or make any public announcement, press release or other public disclosure regarding the Transaction Documents or their subject
matter without the other Party’s prior written consent. As soon as practicable after Closing, the Seller shall issue a statement
in the form and manner agreed with the Purchaser, to the customers of and suppliers to the Business informing them of the transfer
of the Business to the Purchaser. The Seller shall, if so required by the Purchaser on or at any time after Closing and at the
Purchaser’s expense, send an intimation (in a form provided by the Purchaser) to persons who have had dealings with the Seller
in connection with the Business, announcing the transfer to the Purchaser of the Business. Notwithstanding the above, the Purchaser
may at any time on or after Closing announce its acquisition of the Business and Business Undertaking to any of its employees or
any other member of the Purchaser Group in such manner as it shall wholly think fit.

 

		14.1.7	Notwithstanding anything to the contrary elsewhere in this Agreement, the Seller undertakes to
the Purchaser that it shall (and shall procure that its Affiliates and the members of the Seller’s Group (as such Group is
constituted immediately after Closing Date) shall):

 

		(a)	keep confidential all confidential information or trade secrets in its possession concerning the
business, affairs, customers, clients or suppliers of the Business and relating to the Business Undertaking including but not limited
to the Business Records and such other information comprised in the Business Records;

 

		(b)	not disclose any of the information referred to in Clause 14.1.7(a) in whole or in part to any
third party, except as expressly permitted by the Purchaser; and

 

		(c)	not make any use of any of the information referred in Clause 14.1.7(a), other than and to the
extent necessary for: (I) the purpose of exercising or performing its rights and obligations under this Agreement; (II) defence
of an action in relation to any Excluded Liabilities; or (III) for exercise of any rights pertaining to Excluded Assets.

 

		14.2	Costs

 

Except as may be agreed in this Agreement
or the Ancillary Agreements or  otherwise in writing between the Parties:

 

		(a)	The Purchaser shall bear all applicable stamp duty, registration costs and other Transaction
                                                               Costs imposed in relation to the transfer of Business and the Business Assets (including for application to Authorities and
                                                               on this Agreement or any Transaction Documents), other than as specified in sub-clause (b) and (c) below. The Parties agree
                                                               and acknowledge that the transfer of the Business Undertaking on a going concern basis, by way of a slump sale, does not
                                                               attract the levy of goods and services tax.

 

    
	 	 	 	 

 
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Execution Version

 

		(b)	Each Party shall bear and pay its respective costs and expense towards the professional fee of
any financial or technical advisors, investment bankers, lawyers or accountants engaged by it.

 

		(c)	The Parties shall jointly and equally bear the fees and other expenses of the Escrow Agent, the
Independent Auditor and the Actuary engaged after the Closing Date.

 

		14.3	Counterparts

 

This Agreement may be executed simultaneously
in any number of counterparts, each of which when executed and delivered shall be deemed an original, but all of which will constitute
one and the same instrument.

 

		14.4	Severability

 

If any provision
of this Agreement, not being of a fundamental nature to the Parties, is invalid or unenforceable or prohibited by Applicable Law,
it shall be treated for all purposes as severed from this Agreement and ineffective to the extent of such invalidity or unenforceability,
without affecting in any way the remaining provisions hereof, which shall continue to be valid and binding. In the event any Authority
determines that any provisions of this Agreement are not enforceable as written, the Parties agree that they shall co-operate in
good faith to amend such provisions so that they are fully enforceable to the fullest extent permissible under the Applicable Law,
and affords the Parties to the extent possible, the same basic rights and obligations and the same economic effect as prior to
amendment.

 

		14.5	Entire Agreement

 

This Agreement, together with the
Transaction Documents, constitutes and contains the entire agreement and understanding between the Parties with respect to the
subject matter hereof and supersedes all prior communications, negotiations, commitments, agreements and undertakings, whether
written and oral, between the Parties with respect to the subject matter hereof.

 

		14.6	Amendment

 

This Agreement may be modified, amended
or supplemented only by the mutual written agreement of the Parties.

 

		14.7	Assignment

 

No rights, liabilities or obligations
under this Agreement may be assigned (whether absolutely or by way of security) by any Party, and no Party shall declare any trust
over any of its rights under this Agreement without the prior written consent of the other Party.

 

    
	 	 	 	 

 
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Execution Version

 

		14.8	Specific Performance

 

Each Party acknowledges that the
breach of this Agreement would cause irreparable damage to the other Parties and that the other Parties shall not have an adequate
remedy at law by way of damages. Therefore, the obligations of each Party under this Agreement, shall be enforceable by a decree
of specific performance issued by any court of competent jurisdiction, and appropriate injunctive relief may be applied for and
granted in connection therewith. Such remedies shall, however, be cumulative and not exclusive and shall be in addition to any
other remedies which any Party may have under this Agreement or otherwise in Applicable Law.

 

		14.9	Waiver

 

Except as expressly provided in this
Agreement, a waiver or any failure or delay by any Party to require the enforcement of the obligations, agreements, undertakings
or covenants in this Agreement shall not be construed as a waiver by such Party of any of its rights, unless made in writing referring
specifically to the relevant provisions of this Agreement and signed by a duly authorized representative of such Party. Any such
waiver shall not affect in any way the validity of this Agreement or the right to enforce such obligation, agreement, undertaking
or covenant at any other time as may be specified therein. No single or partial exercise of any right, power or remedy under this
Agreement by any Party shall preclude any further exercise thereof or the exercise of any other right, power or remedy by that
Party. Without limiting the foregoing, no waiver by any Party to this Agreement of any breach by any other Party of any provision
hereof shall be deemed to be a waiver of any subsequent breach of that or any other provision hereof.

 

		14.10	Public Announcement

 

No public release or announcement
concerning the transactions contemplated hereby shall be issued by any Party without the prior written consent of the other Parties
(which consent shall not be unreasonably withheld, delayed or conditioned), except as such release or announcement may be required
by Applicable Law applicable to such Party or its Affiliate or the rules or regulations of any applicable securities exchange or
listing authority, in which case the Party required to make such release or announcement shall allow the other parties reasonable
time to comment on such release or announcement in advance of such issuance.

 

		14.11	Notices

 

		14.11.1	Notices or other communication required to be given or made hereunder shall be in writing and shall
be sent; (a) by prepaid registered post with due acknowledgement, or by internationally recognized courier service; or (b) by electronic
mail to the below mentioned details:

 

In the case of notices to the Purchaser:

 

	Address     	:	8-2-337, Road no. 3, Banjara Hills, Hyderabad 500 034, Telangana, India
	 	 	 
	Attention of 	:	[***]
	 	 	 
	Email          	:	[***]

 

    
	 	 	 	 

 
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Execution Version

 

In the case of notices to the Seller:

 

	Address        	:	Wockhardt Limited, D-4, M.I.D.C. Chikalthana, Aurangabad, Maharashtra – 431006, India
	 	 	 
	Attention of	:	[***]
	 	 	 
	Email           	:	[***]

 

		14.11.2	Any such notice or communication shall be in English and shall, unless the contrary is proved,
be deemed to have been served on (i) the expiry of 5 (five) Business Days after posting, if sent by prepaid registered post or
courier; or (ii) the same Business Day, if transmitted by e-mail transmission prior to 6.00 p.m. or on the Business Day immediately
after the date of transmission, if transmitted by e-mail transmission after 6.00 p.m. In proving the same, it shall be sufficient
to show, in, the case of a letter, that the envelope containing the letter was correctly addressed and handed over by prepaid registered
post or by courier service and, in the case of an e-mail, that such e-mail was correctly dispatched to the relevant e-mail address
of the addressee.

 

		14.11.3	Any Party may change its address for receipt of notices provided for in this Agreement by giving
to the other Party prior written notice of 7 (seven) Business Days.

 

		14.12	Further Assurance

 

Each of the Parties hereto shall,
co-operate with the other Party and execute and deliver to the other Party, such instruments and documents and take such other
actions as may be reasonably requested by the other Party, and shall use commercially reasonable efforts in order to carry out
and give effect to this Agreement provided that no such document or agreement shall be inconsistent with the spirit and intent
of this Agreement.

 

		14.13	Time

 

Any date or period as set out in
any Clause of this Agreement may be extended with the prior written consent of the Parties failing which time shall be of the essence.

 

		14.14	Binding Effect

 

Subject to the terms and conditions
hereof, this Agreement is binding upon and will inure to the benefit of the Parties and their respective successors

 

[SIGNATURE PAGE FOLLOWS]

 

    
	 	 	 	 

 
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Execution Version

 

IN WITNESS WHEREOF, the Parties hereto
have caused this Agreement to be executed by their respective duly authorized officers as of the date first above written.

 

For and on behalf of Wockhardt Limited

 

	/s/ Debolina Partap	 
	 	 
	Name: Debolina Partap	 
	 	 
	Designation: Vice President Legal and General Counsel
	 	 
	Date: 12/02/2020	 

 

DRL IRN: 100029724

 

    
	 	 	 	 

 
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Execution Version

 

For and on behalf of Dr. Reddy’s Laboratories
Limited

 

	/s/ Motupalli Venkata Ramana	 
	 	 
	Name: Motupalli Venkata Ramana	 
	 	 
	Designation: CEO, Branded Markets	 
	 	 
	Date: 12th Feb 2020	 

 

DRL IRN: 100029724

 

    
	 	 	 	 

 
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Execution Version

 

SCHEDULE A TO SCHEDULE S [***]

SCHEDULE U [***]

ANNEXURE-A [***]

ANNEXURE-I [***] 

 

    
	 	 	 	 

 
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Execution Version

 

SCHEDULE T

 

BUSINESS LOCATIONS

 

Set out below are details of the locations (except distribution
hubs, depots and loan licensed facilities) from which the Seller, by itself, does not carry on any part of the Business at any
other location, either in or outside India:

 

		1.	Baddi Facility: Khewat/ Khatoni numbers [***]/ [***] comprised under Khasras number
[***], kitats - 4 and Khewat/ Khatoni numbers [***] / [***] comprised under
Khasra numbers [***], kitat
9 at Village Kunjahal, HadbastNo. 216, Pargana Dharampur, Tehsil Nalagarh Baddi, District Solan, Himachal Pradesh

 

		2.	Corporate Office: Wockhardt Towers, Bandra Kurla Complex, G Block BKC, Bandra
                                                           Kurla Complex, Bandra East, Mumbai, Maharashtra 400051

 

		3.	Registered Offiice:
Wockhardt Research Centre, D-4, M.I.D.C. Chikalthana, Aurangabad, Maharashtra, 431006

 

		4.	Zonal Offices:

 

		(a)	304, 3rd Floor, Copia Corporate Suites, 9 Jasola
District Centre, New Delhi.

 

		(b)	New Town Square, Spencer’s Mall, Premises No, 6-D, Atghora New Town Road, Kolkata.

 

		(c)	3rd Floor, No. 75, Century Centre, TT K Road, Alwarpet, Chennai - 600 018.

 

		(d)	A/501, 5th Floor, Kanakia Zillion, Kurla Bus Depot,
Kurla (West), Mumbai - 400 070

  

    
	 	 	 	 

 
	 	66Exhibit 4.2.2

 

CERTAIN IDENTIFIED INFORMATION MARKED WITH [***] HAS BEEN EXCLUDED
FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND IS OF THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE AND CONFIDENTIAL.

 

 

 

 

Date: April 28, 2020

 

To

DR. REDDY’S LABORATORIES LIMITED,

8-2-337, Road no. 3, Banjara Hills,

Hyderabad 500 034, Telangana, India

 

		Attn:	Mr. Suprio Dasgupta, General Counsel and Chief Data Privacy Officer

 

		Re:	Letter Agreement for obtaining inventory of certain Products which shall be transferred by Wockhardt
Limited (“Seller”) to Dr. Reddy’s Laboratories Limited (“Purchaser”), pursuant to the Business Transfer
Agreement dated February 12, 2020 (“BTA”)

 

		1.	Reference is made to the BTA executed between the Seller and the Purchaser for the sale and transfer
of the Business Undertaking. Capitalised terms used in this letter agreement, but not defined herein, shall have the meaning given
to them in the BTA.

 

		2.	Pursuant to Clause 14.6 (Amendment) to the BTA, the Parties have now agreed to the following
amendments and have also recorded their further understanding on the matters therein.

 

		2.1	The Parties have now agreed to the following:

 

		(a)	The Seller shall make available to the Purchaser as part of the Net Working Capital, the Inventory
of the Products in such prices and quantities as set out in Part A of Annexure 1 (“Closing Date Inventory”) on
the Closing Date, subject to the Purchaser remitting the Advance Amount in accordance with paragraph 2.1(c) below.

 

		(b)	The Seller shall make best efforts to make available to the Purchaser, the Inventory of the Products
in such prices and quantities as set out in Part B of Annexure 1 (“Post Closing Additional Inventory”) after
the Closing Date and within the timelines specified in Part B of Annexure 1, subject to the Purchaser remitting such amounts of
money to the extent required to be paid to the supplier of such Post Closing Additional Inventory.

 

		(c)	The Purchaser shall at the request of the Seller, as soon as practicable but no later than 3(three)
Business Days following the date of such request, remit to the Seller such amounts of money not exceeding in the aggregate, [***] (“Advance Amount”) in the designated account as specified by the Seller
to enable the Seller to obtain raw materials for the manufacture of the Closing Date Inventory or to manufacture (by itself or
through third parties) or to otherwise acquire the Closing Date Inventory.

 

Provided that notwithstanding anything
contained in the BTA or this letter agreement, in the event that the Purchaser fails to remit, prior to the Closing Date, any portion
of the Advance Amount requested by the Seller, then the Target Net Working Capital shall be reduced to the extent of such shortfall
in the Advance Amount.

 

 

 

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		(d)	Following the remittance of the amounts as hereinabove by the Purchaser, the Seller shall keep
the Purchaser informed of the receipt of the raw materials/finished goods forming part of the Closing Date Inventory and shall
make available all such data and information as reasonably requested by the Purchaser. In the event of non-delivery of any inventory
by the relevant supplier/manufacturer of such inventory or any product returns due to quality issues, etc., the Seller shall consult
the Purchaser and act in consultation with it, vis-à-vis alternate arrangements and the amounts paid/payable therefor.

 

		(e)	The definition of “Target Net Working Capital” in Clause 1.1 (Definitions) of the BTA
shall be substituted to read as under:

 

“Target Net Working Capital”
shall mean [***]”

 

		(f)	In the event that the BTA is terminated prior to Closing, the Advance Amount, to the extent remitted
to the Seller in accordance with this letter agreement, shall be repaid to the Purchaser, within 30 (thirty) days of such termination
and the provisions of this paragraph 2.2(f) shall survive termination of the BTA.

 

		(g)	In the event that the Seller has made payments towards Post Closing Additional Inventory and the
Purchaser has not remitted the requisite amounts for procurement of such Post Closing Additional Inventory, then notwithstanding
anything contained in the BTA, the cost incurred by the Seller to obtain raw materials or to manufacture (through itself or third
parties, as applicable) or to otherwise acquire the Post Closing Additional Inventory shall be added to the Consideration and shall
be adjusted in the Escrow Amount, subject to such payments having been made towards the Post Closing Additional Inventory and binding
acceptance of its purchase orders have been obtained from the supplier/third party manufacturers, during the validity of such Escrow
Account. Any amounts owed by the Purchaser to the Seller herein and which could not be adjusted out of the Escrow Amount shall
remain an independent payment obligation of the Purchaser, enforceable against it under the BTA.

 

		(h)	The Advance Amount or any part thereof shall be used only to procure the Closing Date Inventory
and shall not be adjusted or set off against the Consideration payable under the BTA.

 

		(i)	As part of the Seller Conditions
Precedent, the Seller shall confirm, in writing, to the Purchaser of the availability of the Closing Date Inventory as set out
in Part A of Annexure 1 (or such revised levels as accepted by the Purchaser) for delivery to the Purchaser as part of Closing,
on the Closing Date (“Inventory Confirmation”). It is clarified that the above Seller Condition Precedent shall
be treated to have been satisfied only upon the written confirmation by the Purchaser upon physical verification of the Inventory
or the records pertaining to such Closing Date Inventory (by itself or through its representatives). It is further clarified that
the written acceptance by the Purchaser of the Closing Date Inventory shall be without prejudice to the ‘Post Closing Consideration
Adjustment for Working Capital’ described in Clause 3 of the BTA.

 

 

 

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		(j)	Parties agree that the words “not later than 3 (three) months from the Execution Date”
occurring in Clause 5.3 (Long Stop Date) of the BTA shall be substituted with and replaced by the words “no later than 11th
June, 2020”.

 

		(k)	Notwithstanding the above, the Parties agree that there shall be no change to the Consideration,
except only in accordance with the adjustments set out in Clause 3 of the BTA and Paragraph 2.1(g) above.

 

		(l)	For the purposes of clarity, the illustration of the manner in which the Consideration shall be
adjusted in certain scenarios is set out in Annexure 2 of this letter agreement.

 

		3.	The Seller represents and warrants to the Purchaser, and the Purchaser represents and warrants
to the Seller that: (a) all necessary corporate approvals and other consents that are required to be obtained by it in connection
with entry by it into this letter agreement have been duly obtained by it, and (b) this letter agreement has been validly executed
by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms.

 

		4.	This letter agreement shall come into effect from the date of execution hereof and shall upon such
execution, be read along with the BTA. To the extent of any inconsistency between the provisions of the BTA and this letter agreement,
this letter agreement shall prevail over the BTA in respect of the matters contained herein.

 

		5.	Except as expressly set forth above, all the provisions of the BTA and all the rights of the respective
Parties thereunder shall remain in full force and effect.

 

		6.	The provisions of Clauses 14.1 (Confidentiality), 14.11 (Notices), 14.3 (Counterparts),
14.6 (Amendment) and 13 (Governing Law and Dispute Resolution) of the BTA shall apply mutatis mutandis
to this letter agreement.

 

Yours sincerely

For and on behalf of WOCKHARDT LIMITED

 

	/s/ Debolina Partap	 
	 	 
	Name: Debolina Partap	 
	 	 
	Title: General Counsel	 

 

DRL IRN: 100029724

 

 

 

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Agreed and Accepted

For and on behalf of DR. REDDY’S LABORATORIES
LIMITED

 

	/s/ M V Ramana	 
	 	 
	Name: M V Ramana	 
	 	 
	Title: ceo - Branded Markets	 
	 	 
	 	 
	/s/ Suprio Dasgupta	 
	 	 
	Suprio Dasgupta	 
	 	 
	General Counsel	 

 

DRL IRN: 100029724

 

 

 

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ANNEXURE 1

Part A

 

[***]

  

 

 

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Part B

 

[***]

  

 

 

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ANNEXURE 2

 

CONSIDERATION ADJUSTMENT – ILLUSTRATIONS

 

For the purposes of the table below, all amounts
are set out in INR (Crores)

 

[***]

 

 

 

    	 	Page 7

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