Document:

EX-10.2

 Exhibit 10.2 

PLEDGE AND SECURITY AGREEMENT 

dated as of May 1, 2019 

among 
 EACH OF THE
GRANTORS PARTY HERETO 
 and 

TOP IV SPV GP, LLC 
 as
Administrative Agent 

 TABLE OF CONTENTS 

 

					
	 Section 1. DEFINITIONS; GRANT OF SECURITY.
	  	 	1	 
		
	 1.1      General Definitions
	  	 	1	 
		
	 1.2      Definitions; Interpretation
	  	 	9	 
		
	 Section 2. GRANT OF SECURITY.
	  	 	10	 
		
	 2.1      Grant of Security
	  	 	10	 
		
	 2.2      Certain Limited Exclusions
	  	 	11	 
		
	 Section 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE.
	  	 	12	 
		
	 3.1      Security for Obligations
	  	 	12	 
		
	 3.2      Continuing Liability Under Collateral
	  	 	12	 
		
	 Section 4. REPRESENTATIONS AND WARRANTIES AND COVENANTS.
	  	 	13	 
		
	 4.1      Generally
	  	 	13	 
		
	 4.2      Receivables
	  	 	15	 
		
	 4.3      Investment Related Property
	  	 	17	 
		
	 4.4      Material Contracts
	  	 	24	 
		
	 4.5      Intellectual Property
	  	 	26	 
		
	 4.6      Commercial Tort Claims
	  	 	29	 
		
	 4.7      Regulatory Documentation.
	  	 	29	 
		
	 Section 5. SUPPLEMENTS TO SCHEDULES; FURTHER ASSURANCES; ADDITIONAL GRANTORS.
	  	 	30	 
		
	 5.1      Supplements to Schedules
	  	 	30	 
		
	 5.2      Further Assurances
	  	 	30	 
		
	 5.3      Additional Grantors
	  	 	32	 
		
	 Section 6. ADMINISTRATIVE AGENT APPOINTED ATTORNEY-IN-FACT.
	  	 	32	 
		
	 6.1      Power of Attorney
	  	 	32	 
		
	 6.2      No Duty on the Part of Administrative Agent or Secured
Parties
	  	 	33	 
		
	 Section 7. REMEDIES.
	  	 	33	 
		
	 7.1      Generally
	  	 	33	 
		
	 7.2      Application of Proceeds
	  	 	35	 
		
	 7.3      Sales on Credit
	  	 	36	 
		
	 7.4      Deposit Accounts
	  	 	36	 
		
	 7.5      Investment Related Property
	  	 	36	 
		
	 7.6      Intellectual Property
	  	 	37	 

  
 i 

					
		
	 7.7      Cash Proceeds
	  	 	39	 
		
	 Section 8. [RESERVED].
	  	 	40	 
		
	 Section 9. CONTINUING SECURITY INTEREST; TRANSFER OF COMMITMENTS.
	  	 	40	 
		
	 Section 10. STANDARD OF CARE; ADMINISTRATIVE AGENT MAY PERFORM.
	  	 	40	 
		
	 Section 11. MISCELLANEOUS.
	  	 	41	 
		
	 11.1    Notices
	  	 	41	 
		
	 11.2    No Waiver; Cumulative Remedies
	  	 	41	 
		
	 11.3    Severability
	  	 	41	 
		
	 11.4    Benefit of Agreement
	  	 	41	 
		
	 11.5    Entire Agreement
	  	 	41	 
		
	 11.6    Counterparts
	  	 	41	 
		
	 11.7    Incorporation by Reference
	  	 	41	 

 Schedules 

Exhibits 
  

					
	 EXHIBIT A
	 	 —
	 	PLEDGE SUPPLEMENT
	 EXHIBIT B
	 	 —
	 	TRADEMARK SECURITY AGREEMENT
	 EXHIBIT C
	 	 —
	 	COPYRIGHT SECURITY AGREEMENT
	 EXHIBIT D
	 	 —
	 	PATENT SECURITY AGREEMENT
	 EXHIBIT E
	 	 —
	 	TRANSFEROR LETTER

  
 ii 

 This PLEDGE AND SECURITY AGREEMENT, dated as of May 1, 2019 (this
“Agreement”), among EACH OF THE UNDERSIGNED, whether as an original signatory hereto or as an Additional Grantor (as herein defined) (each, a “Grantor”), and TOP IV SPV GP, LLC, as administrative agent
for the Secured Parties (as herein defined) (in such capacity as administrative agent, the “Administrative Agent”). 

RECITALS: 

WHEREAS, reference is made to that certain Financing Agreement, dated as of the date hereof (as it may be amended, restated,
amended and restated, refinanced, replaced, extended, supplemented or otherwise modified from time to time, the “Financing Agreement”), by and among CLOVIS ONCOLOGY, INC., a Delaware corporation (“Company”),
and certain Subsidiaries of Company, as Guarantors, the Lenders from time to time party thereto and the Administrative Agent; 

WHEREAS, in consideration of the extensions of credit and other accommodations of Lenders as set forth in the Financing
Agreement, each Grantor has agreed to secure such Grantor’s obligations under the Loan Documents as set forth herein; and 
 NOW,
THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, each Grantor and the Administrative Agent agree as follows: 

SECTION 1. DEFINITIONS; GRANT OF SECURITY. 

1.1    General Definitions. In this Agreement, the following terms shall have the following meanings: 

“Account Debtor“ shall mean each Person (or any successor or assign of such Person) which is obligated with respect to a
Receivable or any Supporting Obligation related thereto. 
 “Accounts” shall mean all “accounts” as
defined in Article 9 of the UCC, which arise from any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial), the development, sale, use, manufacture, licensure, packaging, processing, delivery or
Commercialization of the Product, or any services provided in connection with the Product. 
 “Additional Grantors”
shall have the meaning assigned in Section 5.3. 
 “Agreement” shall have the meaning
set forth in the preamble. 
 “Cash Proceeds” shall have the meaning assigned in
Section 7.7. 
 “Chattel Paper” shall mean all “chattel paper” as defined in
Article 9 of the UCC, including, without limitation, “electronic chattel paper” or “tangible chattel paper”, as each term is defined in Article 9 of the UCC, which arise from any clinical trial for the Product administered by or
on behalf of the Company (including the ATHENA Trial) or the development, sale, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product. 

  
 1 

 “Collateral” shall have the meaning assigned in
Section 2.1. 
 “Collateral Records” shall mean books, records, ledger cards, files,
correspondence, customer lists, blueprints, technical specifications, manuals, computer software, computer printouts, tapes, disks and related data processing software and any other similar items that at any time evidence or contain information
relating to any of the Collateral, the Product, any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial), the sale, use, manufacture, licensure, packaging, processing, delivery or Commercialization
of the Product, or any services provided in connection with the Product, or are otherwise necessary or helpful in the collection of the Collateral or realization thereupon. 

“Collateral Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any
Collateral and shall include any security agreement or other agreement granting a lien or security interest in such real or personal property. 

“Commercial Tort Claims” shall mean all “commercial tort claims” as defined in Article 9 of the UCC, which
relate to the Product (including any claims for any infringement of Intellectual Property Rights), Collateral, any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the sale, use, manufacture,
licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product. 

“Commodities Accounts” shall mean all “commodity accounts” as defined in Article 9 of the UCC, which hold
commodities related to the Product, any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the sale, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the
Product, or any services provided in connection with the Product. 
 “Company” shall have the meaning set forth in the
recitals. 
 “Copyrights” shall mean all United States, and foreign copyrights (including community designs), including but
not limited to copyrights in software and databases, and all Mask Works (as defined under 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or unregistered and, with respect to any and all of the foregoing: (i) all registrations and
applications therefor, (ii) all extensions and renewals thereof, (iii) all rights corresponding thereto throughout the world, (iv) all rights to sue for past, present and future infringements thereof, and (v) all Proceeds of the
foregoing, including, without limitation, licenses, royalties, income, payments, claims, damages and proceeds of suit. 
 “Debtor
Relief Laws” means the Bankruptcy Code of the U.S., and all other liquidation, conservatorship, bankruptcy, general assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar
debtor relief laws of the U.S. or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 

  
 2 

 “Documents” shall mean all “documents” as defined in
Article 9 of the UCC which arise from any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the development, use, manufacture, licensure, packaging, processing, delivery or Commercialization
of the Product, or any services provided in connection with the Product. 
 “Equipment” shall mean: (i) all
“equipment” as defined in Article 9 of the UCC, (ii) all machinery, manufacturing equipment, data processing equipment, computers, office equipment, furnishings, furniture, appliances, fixtures and tools (in each case, regardless of
whether characterized as equipment under the UCC) and (iii) all accessions or additions thereto, all parts thereof, whether or not at any time of determination incorporated or installed therein or attached thereto, and all replacements
therefor, wherever located, now or hereafter existing, including any fixtures, and which, in the case of clauses (i) through (iii), are used in any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA
Trial) or the development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product. 

“Financing Agreement” shall have the meaning set forth in the recitals. 

“General Intangibles” shall mean all “general intangibles” as defined in Article 9 of the UCC (including
“payment intangibles” also as defined in Article 9 of the UCC) or other contractual rights, which arise from any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial), or the sale, use,
manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product, including all of the Grantors’ rights with respect to all Material Contracts, Product
Intellectual Property Rights, licenses, permits, concessions, Regulatory Documentation, Regulatory Approvals and authorizations (in each case, regardless of whether characterized as general intangibles under the UCC). 

“Goods” shall mean all “goods” as defined in Article 9 of the UCC, which arise from any clinical trial for
the Product administered by or on behalf of the Company (including the ATHENA Trial) or the development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with
the Product, including, without limitation, all Inventory and Equipment (in each case, regardless of whether characterized as goods under the UCC). 

“Grantors” shall have the meaning set forth in the preamble. 

“House Marks” shall have the meaning assigned in Section 7.6(c). 

“Instruments” shall mean all “instruments” as defined in Article 9 of the UCC, which are entered into in
connection with the Product, any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the sale, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product,
or any services provided in connection with the Product. 
 “Insurance” shall mean all insurance policies covering
any or all of the Collateral (regardless of whether the Administrative Agent is the loss payee thereof). 

  
 3 

 “Intellectual Property Security Agreements” means the short-form Trademark
Security Agreement, short-form Copyright Security Agreement, and short-form Patent Security Agreement, each substantially in the form attached hereto as Exhibits B, C and D, respectively. 

“Inventory” shall mean (i) all “inventory” as defined in Article 9 of the UCC, (ii) all goods held
for sale or lease or to be furnished under contracts of service or so leased or furnished, all raw materials, work in process, finished goods, and materials used or consumed in the manufacture, storage, packing, shipping, advertising, selling,
leasing, furnishing or production of such inventory or otherwise used or consumed in any Grantor’s business, (iii) all goods in which any Grantor has an interest in mass or a joint or other interest or right of any kind and (iv) all
goods which are returned to or repossessed by any Grantor, (v) all computer programs embedded in any such goods, and (vi) all accessions thereto and products thereof, and which, in the case of clauses (i) – (vi) constitutes or relates
to the Product, any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the
Product, or any services provided in connection with the Product. 
 “Investment Related Property” shall mean:
(i) all “investment property” (as such term is defined in Article 9 of the UCC) and (ii) all of the following: all Pledged Equity Interests, including all debt owed from, and all investments in any Subsidiaries (whether or not
Grantors) or other entities which are engaged in the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product, or which hold any
Regulatory Approvals, Regulatory Documentation or Product Intellectual Property Licenses or other assets related thereto and which, in the case of each of clauses (i) and (ii), relate to the Product, any clinical trial for the Product
administered by or on behalf of the Company (including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the
Product. 
 “Material Contracts” shall mean all Material Contracts (as defined in the Financing Agreement) to which any
Grantor is a party as of the date hereof, or to which any Grantor becomes a party after the date hereof, including, for the avoidance of doubt, all Product Intellectual Property Licenses. 

“Money” shall mean “money” as defined in the UCC. 

“Non-Assignable Contract” shall mean any agreement, contract or license to which any
Grantor is a party that by its terms purports to restrict or prevent the assignment or granting of a security interest therein (either by its terms or by any federal or state statutory prohibition or otherwise irrespective of whether such
prohibition or restriction is enforceable under Section 9-406 through 409 of the UCC), and which is entered into in connection with the Product, any clinical trial for the Product administered by or on
behalf of the Company (including the ATHENA Trial) or the development, sale, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product. 

  
 4 

 “Owned Intellectual Property Rights” shall mean the Product Patents,
Product Copyrights, Product Trademarks, Product Trade Secrets, and all other Product Intellectual Property Rights, in each case, that are owned by any Grantor.  

“Pledge Supplement” shall mean any supplement to this agreement in substantially the form of Exhibit A. 

“Pledged Debt” shall mean all Indebtedness owed to such Grantor and incurred in connection with the Product, any
clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services
provided in connection with the Product, including the funding of operating expenses or working capital of a Subsidiary of any Grantor (or other entity) which is engaged in activities related to such activities, including, without limitation, all
Indebtedness described on Schedule 4.3(A) under the heading “Pledged Debt” (as such schedule may be amended or supplemented from time to time pursuant to Section 5.1), the instruments evidencing such
Indebtedness, and all interest, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such Indebtedness. 

“Pledged Equity Interests” shall mean all Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged
Trust Interests. 
 “Pledged Investment Accounts” shall mean (a) the Administrative Agent’s Account and
(b) all Securities Accounts, Commodities Accounts and Deposit Accounts in which, in each case, assets constituting Collateral are maintained or deposited. 

“Pledged LLC Interests” shall mean all interests held (directly or indirectly) by any Grantor in any limited liability
company (whether or not a Grantor) which is involved with the Product, any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging,
processing, delivery or Commercialization of the Product, or any services provided in connection with the Product, or which holds, owns or has any rights in any Regulatory Approvals, Regulatory Documentation or Product Intellectual Property Rights,
including, without limitation, all limited liability company interests listed on Schedule 4.3(A) under the heading “Pledged LLC Interests” (as such schedule may be amended or supplemented from time to time pursuant to
Section 5.1) and the certificates, if any, representing such limited liability company interests and any interest of such Grantor on the books and records of such limited liability company or on the books and records of any
securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect
of or in exchange for any or all of such limited liability company interests. 
 “Pledged Partnership Interests”
shall mean all interests held (directly or indirectly) by any Grantor in any general partnership, limited partnership, limited liability partnership or other partnership (whether or not a Grantor) which is involved with the Product, any clinical
trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the sale, use, manufacture, licensure, packaging, processing, delivery or 

  
 5 

 
Commercialization of the Product, or any services provided in connection with the Product, or which holds, owns or has any rights in any Regulatory Approvals, Regulatory Documentation or Product
Intellectual Property Rights, including, without limitation, all partnership interests listed on Schedule 4.3(A) under the heading “Pledged Partnership Interests” (as such schedule may be amended or supplemented from time to
time pursuant to Section 5.1) and the certificates, if any, representing such partnership interests and any interest of such Grantor on the books and records of such partnership or on the books and records of any securities
intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in
exchange for any or all of such partnership interests. 
 “Pledged Stock” shall mean all shares of capital stock
owned by any Grantor, or in which any Grantor has an interest (directly or indirectly) with respect to any entity (whether or not a Grantor) which is involved in with the Product, any clinical trial for the Product administered by or on behalf of
the Company (including the ATHENA Trial) or the sale, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product, or which holds, owns or has any rights
in any Regulatory Approvals, Regulatory Documentation or Product Intellectual Property Rights, including, without limitation, all shares of capital stock described on Schedule 4.3(A) under the heading “Pledged Stock” (as such
schedule may be amended or supplemented from time to time pursuant to Section 5.1), and the certificates, if any, representing such shares and any interest of such Grantor in the entries on the books of the issuer of such
shares or on the books of any securities intermediary pertaining to such shares, and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of such shares. 
 “Pledged Trust Interests” shall
mean all direct or indirect interests of a Grantor in a Delaware business trust or other trust (whether or not a Grantor) which is involved in with the Product, any clinical trial for the Product administered by or on behalf of the Company
(including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product, or which holds, owns or has any
rights in any Regulatory Approvals, Regulatory Documentation or Product Intellectual Property Rights, including, without limitation, all trust interests listed on Schedule 4.3(A) under the heading “Pledged Trust Interests” (as such
schedule may be amended or supplemented from time to time pursuant to Section 5.1) and the certificates, if any, representing such trust interests and any interest of such Grantor on the books and records of such trust or
on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of such trust interests. 
 “Proceeds” shall mean:
(i) all “proceeds” as defined in Article 9 of the UCC of any Collateral, (ii) payments or distributions made with respect to any Investment Related Property and (iii) whatever is receivable or received when Collateral or
proceeds are sold, exchanged, collected, licensed, enforced or otherwise disposed of, whether such disposition is voluntary or involuntary. 

  
 6 

 “Product Copyrights” shall mean all Copyrights that relate to the
Product, any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or
any services provided in connection with the Product, including, but not limited to the registrations and applications referred to in Schedule 4.5(A) (as such schedule may be amended or supplemented from time to time
pursuant to Section 5.1). 
 “Product Intellectual Property Licenses” shall mean any written
agreement or understanding containing any Contractual Obligation (i) under which the Company or any of its Subsidiaries uses, holds for use, licenses or sublicenses any Product Intellectual Property Rights that any other Person owns, licenses,
or sublicenses, or under which the Company or any of its Subsidiaries owes any royalties or other payment obligations to any Person for the use of any Product Intellectual Property Rights, (ii) under which the Company or its Subsidiaries have
granted any Person any right, license, sublicense or other interest in any Product Intellectual Property Rights, or (iii) that otherwise directly relates to the Company or its Subsidiaries’ use of or rights in the Product Intellectual
Property Rights (including co-existence agreements and covenants not to sue), including but not limited to those agreements and understandings listed on Schedule 4.5(B) hereof (as such schedule may be
amended or supplemented from time to time pursuant to Section 5.1). 
 “Product Intellectual Property
Rights” shall mean all Product Intellectual Property Rights (as defined in the Financing Agreement), and all other Product Copyrights, Product Patents, Product Trademarks and Product Trade Secrets. 

“Product Patents” shall mean all Patents that relate to the Product, any clinical trial for the Product administered
by or on behalf of the Company (including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product,
including, but not limited to (i) each patent and patent application referred to in Schedule 4.5(A) hereto (as such schedule may be amended or supplemented from time to time pursuant to Section 5.1), (ii) all
licenses, claims, damages, and proceeds of suit arising therefrom, and (iii) all Proceeds of the foregoing, including, without limitation, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 

“Product Trademarks” shall mean all Trademarks that relate to the Product, any clinical trial for the Product
administered by or on behalf of the Company (including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the
Product, including, but not limited to the registrations and applications referred to in Schedule 4.5(A) (as such schedule may be amended or supplemented from time to time pursuant to Section 5.1). 

“Product Trade Secrets” shall mean all trade secrets and all other confidential or proprietary information and know-how, deriving economic value from not being generally known or otherwise readily ascertainable, related to the Product, any clinical trial for the Product administered by or on behalf of the Company (including
the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product, in each case, whether or

  
 7 

 
not such trade secret has been reduced to a writing or other tangible form, including all documents and things embodying or disclosing such trade secret, including but not limited to:
(i) the right to sue for past, present and future misappropriation or other violation of any trade secret, and (ii) all Proceeds of the foregoing, including, without limitation, licenses, royalties, income, payments, claims, damages, and
proceeds of suit. 
 “Receivables” shall mean all Accounts and any other rights of any Grantor to any payment,
whether or not earned by performance, with respect to (i) Goods or other property sold, leased, licensed, assigned or otherwise disposed of, or is otherwise related to the Product, any clinical trial for the Product administered by or on behalf
of the Company (including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, (ii) services rendered or to be rendered in relation to the Product, any
clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, and
(iii) the research, development, use or Commercialization of the Product, including any milestone payments or royalties, in each case, including, without limitation, all such rights constituting or evidenced by any Account, Chattel Paper,
Instrument, General Intangible or Investment Related Property, together with all of Grantor’s rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related
thereto and all Receivables Records. 
 “Receivables Records” shall mean originals or, if originals no longer exist,
copies of (i) all documents, instruments or other writings or electronic records or other Records evidencing the Receivables, (ii) all books, correspondence, credit or other files, Records, ledger sheets or cards, invoices, and other
papers relating to Receivables, including, without limitation, all tapes, cards, computer tapes, computer discs, computer runs, record keeping systems and other papers and documents relating to the Receivables, whether in the possession or under the
control of Grantor or any computer bureau or agent from time to time acting for Grantor or otherwise, (iii) all evidences of the filing of financing statements and the registration of other instruments in connection therewith, and amendments,
supplements or other modifications thereto, notices to other creditors or secured parties, and certificates, acknowledgments, or other writings, including, without limitation, lien search reports, from filing or other registration officers,
(iv) all credit information, reports and memoranda relating thereto and (v) all other written or nonwritten forms of information related to the foregoing or any Receivable. 

“Record” shall have the meaning specified in Article 9 of the UCC. 

“Regulatory Documentation” shall mean any and all regulatory filings, reports, applications, notifications and documentation
in the United States or in any other country, including all submissions to Governmental Authorities, all investigational new drug applications (“INDs”) and amendments thereto, all research ethics committee submissions and
authorizations, all Regulatory Approvals, including all Product NDAs and all supplemental applications or amendments thereto, all related drug master files, as well as all correspondence with any Governmental Authorities with respect thereto, in
each case, directly or otherwise reasonably relating to the Product, any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging,
processing, delivery or Commercialization of the Product, or any services provided directly or otherwise reasonably in connection with the Product. 

  
 8 

 “Secured Obligations” shall have the meaning assigned in
Section 3.1. 
 “Secured Parties” shall mean, collectively, each of the Administrative
Agent, the Lenders and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.7, and shall include, without
limitation, any former Administrative Agent or Lender to the extent that any Obligations owing to such Person were incurred while such Person was an Administrative Agent or Lender and such Obligations have not been paid or satisfied in full. 

“Specified Product IP Rights” shall mean all Specified Product IP Rights (as defined in the Financing Agreement). 

“Supporting Obligation” shall mean all “supporting obligations” as defined in Article 9 of the UCC. 

“Trademarks” shall mean all United States and foreign trademarks, trade names, corporate names, company names, business
names, fictitious business names, service marks, certification marks, collective marks, logos, other source or business identifiers, designs and general intangibles of a like nature, all registrations and applications for any of the foregoing,
including, but not limited to: (i) all extensions or renewals of any of the foregoing, (ii) all of the goodwill of the business connected with the use of and symbolized by the foregoing, (iii) the right to sue for past, present and
future infringement or dilution of any of the foregoing or for any injury to goodwill, and (iv) all Proceeds of the foregoing, including, without limitation, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 

“UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York or, when the
context implies, the Uniform Commercial Code as in effect from time to time in any other applicable jurisdiction. 
 “United
States” shall mean the United States of America. 
 1.2    Definitions; Interpretation.
All capitalized terms used herein (including the preamble and recitals hereto) and not otherwise defined herein shall have the meanings ascribed thereto in the Financing Agreement or, if not defined therein, in the UCC (and if defined in more than
one article of the UCC, the terms shall have the meaning specified in Article 9 thereof). References to “Sections,” “Exhibits” and “Schedules” shall be to Sections, Exhibits and Schedules, as the case may be, of this
Agreement unless otherwise specifically provided. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect.
Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. Except as otherwise specified, when used herein, “or” shall have the non-exclusive meaning of “and/or.” The use herein of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such
statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”
or 

  
 9 

 
“but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible
scope of such general statement, term or matter. If any conflict or inconsistency exists between this Agreement and the Financing Agreement, the Financing Agreement shall govern. All references herein to provisions of the UCC shall include all
successor provisions under any subsequent version or amendment to any Article of the UCC. 
 SECTION 2. GRANT OF SECURITY. 

2.1    Grant of Security. Each Grantor hereby pledges, assigns and grants to the Administrative Agent, on
behalf of and for the benefit of the Secured Parties, and to secure the prompt and complete payment and performance of all Obligations, a security interest in and continuing Lien on all of such Grantor’s right, title and interest in, to and
under the following property and assets of such Grantor, in each case whether now owned or existing or hereafter acquired or arising and wherever located (all of which being hereinafter collectively referred to as the “Collateral”):

 (a)    Accounts; 

(b)    Chattel Paper; 

(c)    Documents; 

(d)    General Intangibles (including, for the avoidance of doubt, Material Product Agreements and other Material
Contracts and Regulatory Documentation); 
 (e)    Goods; 

(f)    Instruments; 

(g)    Insurance; 

(h)    Owned Intellectual Property Rights; 

(i)    Pledged Investment Accounts; 

(j)    Investment Related Property; 

(k)    (i) Money in the Administrative Agent’s Account, (ii) Money generated from sales or other
Commercialization of the Product received on or after the Closing Date, (iii) Money which constitutes proceeds from any Quarterly Funding Amount, (iv) Money constituting proceeds of Collateral, (v) any amounts in any Pledged
Investment Account and (vi) Money received from any Person in respect of, and to the extent attributable to, any claim that the making, using, selling, offering for sale, import, export, use or other exploitation of any product infringes or
misappropriates any of the Product Intellectual Property Rights, whether pursuant to a court order, settlement agreement or otherwise); 

(l)    Receivables and Receivable Records; 

  
 10 

 (m)    Regulatory Approvals related to the Product; 

(n)    Commercial Tort Claims described on Schedule 4.6 and as supplemented by any written notification given by a
Grantor to the Administrative Agent pursuant to Section 4.6; 
 (o)    to the extent not
otherwise included above, all Collateral Records, Collateral Support and Supporting Obligations, in each case, relating to any of the foregoing; 

(p)    to the extent not covered by the preceding clauses of this Section 2.1, all other
tangible and intangible personal property of such Grantor (whether or not subject to the UCC) which relates to the Product, any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the research,
development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, and any services provided in connection with the Product, including, without limitation, all proceeds, products, offspring, accessions,
rents, profits, income, benefits, substitutions and replacements of and to any of the property of such Grantor described in the preceding clauses of this Section 2.1 hereof (including, without limitation, any proceeds of
insurance thereon and all causes of action, claims and warranties now or hereafter held by such Grantor in respect of any of the items listed above), and all books, correspondence, files and other Records, including, without limitation, all tapes,
disks, cards, software, data and computer programs in the possession or under the control of such Grantor or any other Person from time to time acting for such Grantor that at any time evidence or contain information relating to any of the property
described in the preceding clauses of this Section 2 hereof or are otherwise necessary or helpful in the collection or realization thereof; and 

(q)    to the extent not otherwise included above, all Proceeds, products, accessions, rents and profits of or in respect
of any of the foregoing. 
 Without limiting the foregoing, and notwithstanding any limiting language in any related definition, the Collateral shall
include all of such Grantor’s property and assets that constitute, arise from or exist in connection with the Product, any clinical trial for the Product administered by or on behalf of the Company (including the ATHENA Trial) or the research,
development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product. 

2.2    Certain Limited Exclusions. Notwithstanding anything herein to the contrary, in no event shall the
Collateral include or the security interest granted under Section 2.1 hereof attach to (a) any of such Grantor’s right, title or interest in any license, contract, permit, lease or agreement (other than the Pfizer
Agreement and the AZ Agreement, neither of which shall be subject to any such exclusion) to which such Grantor is a party or any of its right, title or interest thereunder to the extent, but only to the extent, that such a grant (i) would be
prohibited or restricted under Requirements of Law or (ii) would, under the express terms of such license, contract, permit, lease or agreement, result in a breach of the terms of, or constitute a default under, such license, contract, permit,
lease or agreement, or require the consent of any party thereto, which has not been obtained (in each case, other than to the extent that any such term (A) has been waived or (B) would be rendered ineffective pursuant to Sections 9-406, 9-408, 9-409 of the UCC or other applicable provisions of the UCC of any relevant jurisdiction or any other applicable law

  
 11 

 
(including the Bankruptcy Code) or principles of equity); provided, that, in the case of clause (ii), such requirement existed on the Closing Date; provided, further, that
(x) immediately upon the ineffectiveness, lapse, termination or waiver of any such provision, the Collateral shall include, and such Grantor shall be deemed to have granted a security interest in, all such right, title and interest as if such
provision had never been in effect and (y) the foregoing exclusion shall in no way be construed so as to limit, impair or otherwise affect the Administrative Agent’s unconditional continuing security interest in and liens upon any rights
or interests of a Grantor in or to (1) monies due or to become due under or in connection with any such license, contract, permit, lease or agreement, or (2) any proceeds from the sale, license, lease, or other dispositions of any such
license, contract, permit, lease or agreement); (b) any intent-to-use United States trademark applications for which an amendment to allege use or statement of use has
not been filed under 15 U.S.C. § 1051(c) or 15 U.S.C. §1051(d), respectively, or if filed, has not been deemed in conformance with 15 U.S.C. §1051(a) or examined and accepted, respectively, by the United States Patent and Trademark
Office; provided that upon such filing and acceptance, such intent-to-use applications shall be included in the definition of Collateral; and (c) those
assets as to which the Administrative Agent determines that the costs of obtaining such security interests in such assets or perfection thereof are excessive in relation to the benefit to the Administrative Agent and the Lenders of the security to
be afforded thereby (the Collateral referred to in this Section 2.2 being collectively referred to as “Excluded Assets”). 

SECTION 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE. 

3.1    Security for Obligations. This Agreement secures, and the Collateral is collateral security for, the
prompt and complete payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the
automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provision thereof)), of all Obligations with respect to every Grantor (the “Secured Obligations”). 

3.2    Continuing Liability Under Collateral. Notwithstanding anything herein to the contrary, (a) each
Grantor shall remain liable for all obligations under the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Administrative Agent or any Secured Party, (b) each Grantor shall remain liable under each
of the agreements included in the Collateral, including, without limitation, any agreements relating to Pledged Equity Interests, to perform all of the obligations undertaken by it thereunder all in accordance with and pursuant to the terms and
provisions thereof and neither the Administrative Agent nor any Secured Party shall have any obligation or liability under any of such agreements by reason of or arising out of this Agreement or any other document related thereto nor shall the
Administrative Agent nor any Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any obligation to take any action to collect or enforce any rights under any agreement included
in the Collateral, including, without limitation, any agreements relating to Pledged Equity Interests and ( c) the exercise by the Administrative Agent of any of its rights hereunder shall not release any Grantor from any of its duties or
obligations under the contracts and agreements included in the Collateral. 

  
 12 

 SECTION 4. REPRESENTATIONS AND WARRANTIES AND COVENANTS. 

4.1    Generally. 

(a)    Representations and Warranties. Each Grantor hereby represents and warrants that: 

(i)    it owns the Collateral purported to be owned by it or otherwise has the rights it purports to have
in each item of Collateral and, as to all Collateral whether now existing or hereafter acquired, will continue to own or have such rights in each item of the Collateral, in each case free and clear of any and all Liens, rights or claims of all other
Persons (other than Permitted Liens). It has full power and authority to grant to the Administrative Agent the security interest in such Collateral pursuant hereto. This Agreement creates in favor of the Administrative Agent, for the benefit of the
Secured Parties, a valid security interest in the Collateral granted by each Grantor. 
 (ii)    it has
indicated on Schedule 4.1(A) (as such schedule may be amended or supplemented from time to time pursuant to Section 5.1): (w) the type of organization of such Grantor, (x) the jurisdiction of organization of
such Grantor, (y) its organizational identification number, if any, and (z) the jurisdiction where the chief executive office or its sole place of business is, and for the five-year period preceding the date hereof has been located; 

(iii)    the full legal name of such Grantor is as set forth on Schedule 4.1(A) and it has not done
in the last five (5) years, and does not do, business under any other name (including any trade-name or fictitious business name) except for those names set forth on
Schedule 4.1 (B) (as such schedule may be
amended or supplemented from time to time pursuant to Section 5.1); 

(iv)    except as provided on Schedule 4.1(C), it has not changed its name, jurisdiction of
organization, chief executive office or sole place of business or its corporate structure in any way (e.g., by merger, consolidation, change in corporate form or otherwise) within the past five (5) years; 

(v)    it has not within the last five (5) years become bound (whether as a result of merger or
otherwise) as debtor under a security agreement entered into by another Person, which has not heretofore been terminated; 

(vi)     (u) upon the filing of all UCC financing statements naming each Grantor as “debtor” and
the Administrative Agent as “secured party” and describing the Collateral in the filing offices set forth opposite such Grantor’s name on Schedule 4.1(D) hereof (as such schedule may be amended or supplemented from time to
time pursuant to Section 5.1) and other filings delivered by each Grantor, (v) upon delivery of all Instruments, Chattel Paper, certificated Pledged Equity Interests and Pledged Debt, (w) upon sufficient
identification of Commercial Tort Claims, (x) upon execution of a control agreement establishing the Administrative Agent’s “control” (within the meaning of Section 8-106, 9-106 or 9-104 of the UCC, 

  
 13 

 
as applicable) with respect to each Pledged Investment Account, and (y) to the extent not subject to Article 9 of the UCC, upon recordation of the security interests granted hereunder in
Product Patents, Product Trademarks and Product Copyrights by the filing of the Intellectual Property Security Agreements set forth in Exhibits B, C and D hereto in the applicable intellectual property registries, including but
not limited to the United States Patent and Trademark Office and the United States Copyright Office (or any foreign equivalent thereof), the security interests granted to the Administrative Agent hereunder constitute valid and perfected first
priority Liens on all of the Collateral, in which a Lien can be perfected by taking such actions; 

(vii)    all actions and consents, including all filings, notices, registrations and recordings necessary
for the exercise by the Administrative Agent of the voting or other rights provided for in this Agreement or the exercise of remedies in respect of the Collateral have been made or obtained; 

(viii)    other than the financing statements filed (i) in favor of the Administrative Agent or
(ii) in connection with Permitted Liens, no effective UCC financing statement, fixture filing or other instrument similar in effect under any applicable law covering all or any part of the Collateral is on file in any filing or recording
office, including, without limitation, the United States Patent and Trademark Office and the United States Copyright Office and similar offices in foreign countries; 

(ix)    no authorization, approval or other action by, and no notice to or filing with, any Governmental
Authority or regulatory body is required for either (i) the pledge or grant by any Grantor of the Liens purported to be created in favor of the Administrative Agent hereunder or (ii) the exercise by the Administrative Agent of any rights
or remedies in respect of any Collateral (whether specifically granted or created hereunder or created or provided for by applicable law), except (A) for the filings contemplated by clause (vi) above , (B) as may be required, in connection
with the disposition of any Investment Related Property, by laws generally affecting the offering and sale of Capital Stock and (C) with respect to clause (ii) above, those that have been obtained or those which, if not obtained, would not
adversely affect the rights, remedies and benefits available to, or conferred upon, Administrative Agent and any Lender or any other Secured Party under any Loan Document in any material respect; 

(x)     such Grantor has been duly organized as an entity of the type as set forth opposite such
Grantor’s name on Schedule 4.1(A) solely under the laws of the jurisdiction as set forth opposite such Grantor’s name on Schedule 4.1(A) and remains duly existing as such. Such Grantor has not filed any certificates
of domestication, transfer or continuance in any other jurisdiction. 

  
 14 

 (b)    Covenants and Agreements. Each Grantor hereby covenants
and agrees that: 
 (i)    such Grantor shall defend the Collateral against all Persons (other than the
Administrative Agent and the Secured Parties) at any time claiming any Lien thereon (other than a Permitted Lien); and 

(ii)    it shall not produce, use or permit any Collateral to be used unlawfully or in violation of
(i) any provision of this Agreement or (ii) any applicable statute, regulation or ordinance or any policy of insurance covering the Collateral, with respect to clause (ii), to the extent that such actions would result in a loss or other
impairment of insurance with respect to any material portion of the Collateral. 
 4.2    Receivables.

 (a)    Representations and Warranties. Each Grantor represents and warrants that: 

(i)    each Receivable (a) to the knowledge of such Grantor, is the legal, valid and binding
obligation of the Account Debtor in respect thereof, representing an unsatisfied obligation of such Account Debtor, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by equitable principles relating to enforceability, (b) to the knowledge of such Grantor, is enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability, (c) is not subject to any setoffs, defenses, taxes, counterclaims and (d) is in compliance in all
material respects with all applicable laws, whether federal, state, local or foreign; 
 (ii)    none of
the Account Debtors in respect of any Receivable is the government of the United States, any agency or instrumentality thereof, any state or municipality or any foreign sovereign; and no Receivable requires the consent of the Account Debtor in
respect thereof in connection with the pledge hereunder, except any consent which has been obtained or the requirement to obtain such consent is rendered ineffective pursuant to Section 2.2(B); and 

(iii)    no Receivable is evidenced by, or constitutes, an Instrument or Chattel Paper which has not been
delivered to, or otherwise subjected to the control of, the Administrative Agent to the extent required by, and in accordance with Section 4.2(c). 

(b)    Covenants and Agreements: Each Grantor hereby covenants and agrees that: 

(i)    it shall keep and maintain at its own cost and expense accurate and complete records of the
Receivables in all material respects, including, but not limited to, the originals of all documentation with respect to all Receivables, to the extent reasonably required for enforcement by the Administrative Agent, and records of all payments
received and all credits granted on the Receivables, all merchandise returned and all other dealings therewith; 

  
 15 

 (ii)    at the Administrative Agent’s request, it
shall mark conspicuously, in form and manner reasonably satisfactory to the Administrative Agent, all Chattel Paper, Instruments and other evidence of Receivables (other than any delivered to the Administrative Agent as provided herein), as well as
the Receivables Records with an appropriate reference to the fact that the Administrative Agent has a security interest therein; 

(iii)    except as would not have a Material Adverse Effect, it shall perform in all respects all of its
obligations with respect to the Receivables, any Supporting Obligations and any Collateral Support; 

(iv)    If an Event of Default has occurred and is continuing, other than in the ordinary course of
business as generally conducted by it on and prior to the date hereof, and except as otherwise provided in subsection (v) below, such Grantor shall not (w) grant any extension or renewal of the time of payment of any
Receivable, (x) compromise or settle any dispute, claim or legal proceeding with respect to any Receivable for less than the total unpaid balance thereof, (y) release, wholly or partially, any Person liable for the payment thereof, or
(z) allow any credit or discount thereon; and 
 (v)    except as otherwise provided in this
subsection, each Grantor shall continue to collect all amounts due or to become due to such Grantor under the Receivables and any Supporting Obligation and, to the extent deemed prudent in such Grantor’s good faith business judgment or in the
ordinary course of business as generally conducted by it, diligently exercise each material right it may have under any Receivable, any Supporting Obligation or Collateral Support, in each case, at its own expense, and in connection with such
collections and exercise, such Grantor shall take such action as such Grantor may deem necessary or advisable in such Grantor’s good faith business judgment or in the ordinary course of business as generally conducted by it. Notwithstanding the
foregoing, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall have the right at any time to notify, or require any Grantor to notify, any Account Debtor of the Administrative Agent’s security
interest in the Receivables and any Supporting Obligation and, in addition, at any time following the occurrence and during the continuation of an Event of Default, the Administrative Agent may: (1) direct the Account Debtors under any
Receivables to make payment of all amounts due or to become due to such Grantor thereunder directly to the Administrative Agent; (2) notify, or require any Grantor to notify, each Person maintaining a lockbox or similar arrangement to which
Account Debtors under any Receivables have been directed to make payment to remit all amounts representing collections on checks and other payment items from time to time sent to or deposited in such lockbox or other arrangement directly to the
Administrative Agent; and (3) enforce, at the expense of such Grantor, collection of any such Receivables and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have
done. If the Administrative Agent notifies any Grantor that it has elected to collect the Receivables in accordance with the immediately preceding sentence, any payments of Receivables received by such

  
 16 

 
Grantor shall be forthwith (and in any event within two (2) Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Administrative Agent if
required, in the Administrative Agent’s Account maintained under the sole dominion and control (within the meaning of the common law) or “control” (within the meaning of Section 9-104 of
the UCC) of the Administrative Agent, and until so turned over, all amounts and proceeds (including checks and other instruments) received by such Grantor in respect of the Receivables, any Supporting Obligation or Collateral Support shall be
received in trust for the benefit of the Administrative Agent hereunder and shall be segregated from other funds of such Grantor and such Grantor shall not adjust, settle or compromise the amount or payment of any Receivable, or release wholly or
partly any Account Debtor or obligor thereof, or allow any credit or discount thereon. 
 (c)    Delivery and Control
of Receivables. With respect to any Receivable in excess of $50,000 singly or $100,000 in the aggregate that is evidenced by, or constitutes, Chattel Paper or Instruments, each Grantor shall cause each originally executed copy thereof to be
delivered to the Administrative Agent (or its agent or designee) appropriately indorsed to the Administrative Agent or indorsed in blank: (i) with respect to any such Receivables in existence on the date hereof, on or prior to the date hereof
and (ii) with respect to any such Receivables hereafter arising, within ten (10) days of such Grantor acquiring rights therein. With respect to any Receivable in excess of $50,000 singly or $100,000 in the aggregate that would constitute
“electronic chattel paper” under Article 9 of the UCC, each Grantor shall take all steps necessary to give the Administrative Agent control over such Receivables (within the meaning of
Section 9-105 of the UCC): (i) with respect to any such Receivables in existence on the date hereof, on or prior to the date hereof and (ii) with respect to any such Receivables hereafter arising,
within thirty (30) days after the end of the month in which such Grantor acquired rights therein. 

4.3    Investment Related Property. 

4.3.1    Investment Related Property Generally 

(a)    Covenants and Agreements. Each Grantor hereby covenants and agrees that: 

(i)    in the event it acquires rights in any Investment Related Property (to the extent not issued by a
Grantor or Subsidiary thereof, with a value in excess of $50,000 singly or $100,000 in the aggregate) after the date hereof, it shall deliver to the Administrative Agent a completed Pledge Supplement, substantially in the form of Exhibit A
attached hereto, together with all supplements to Schedules thereto, reflecting such new Investment Related Property and all other Investment Related Property; notwithstanding the foregoing, it is understood and agreed that the security interest of
the Administrative Agent shall attach to all Investment Related Property promptly upon any Grantor’s acquisition of rights therein and shall not be affected by the failure of any Grantor to deliver a supplement to Schedule 4.3 as
required hereby; 
 (ii)    except as provided in the next sentence, in the event such Grantor receives
any dividends, interest or distributions on any Investment Related Property, 

  
 17 

 
or any securities or other property upon the merger, consolidation, liquidation or dissolution of any issuer of any Investment Related Property, then (a) such dividends, interest or
distributions and securities or other property shall be included in the definition of Collateral without further action and (b) such Grantor shall promptly take all steps, if any, necessary or advisable to ensure the validity, perfection,
priority and, if applicable, control of the Administrative Agent over such Investment Related Property (including, without limitation, delivery thereof to the Administrative Agent to the extent required by Section 4.3.1(a)(i)) and pending any
such action such Grantor shall be deemed to hold such dividends, interest, distributions, securities or other property in trust for the benefit of the Administrative Agent and shall segregate such dividends, distributions, Capital Stock or other
property from all other property of such Grantor. Notwithstanding the foregoing, so long as no Event of Default shall have occurred and be continuing, each Grantor is authorized to retain all ordinary cash dividends and distributions paid in the
normal course of the business of an issuer and all payments of interest and principal; and 

(iii)    each Grantor consents to the grant by each other Grantor of a Security Interest in all Investment
Related Property to the Administrative Agent. 
 (b)    Delivery and Control. 

(i)    Each Grantor agrees that with respect to any Investment Related Property in which it currently has
rights it shall comply with the provisions of this Section 4.3.1(b) on or before the Closing Date and with respect to any Investment Related Property hereafter acquired by such Grantor it shall comply with the provisions of
this Section 4.3.1(b) promptly upon acquiring rights therein, in each case in form and substance reasonably satisfactory to the Administrative Agent. 

(ii)    With respect to any Investment Related Property referred to in
Section 4.3.1(b)(i) that is represented by a certificate or that is an “instrument” (other than any Investment Related Property credited to a Securities Account) it shall cause such certificate or instrument to be
delivered to the Administrative Agent, indorsed in blank by an “effective indorsement” (as defined in Section 8-107 of the UCC), regardless of whether such certificate constitutes a
“certificated security” for purposes of the UCC. With respect to any Investment Related Property referred to in Section 4.3.1(b)(i) that is an ‘uncertificated security” for purposes of the UCC (other
than any “uncertificated securities” credited to a Securities Account), it shall cause the issuer of such uncertificated security to either (i) register the Administrative Agent as the registered owner thereof on the books and records
of the issuer or (ii) execute an agreement in form and substance reasonably satisfactory to the Administrative Agent, pursuant to which such issuer agrees to comply with the Administrative Agent’s instructions with respect to such
uncertificated security without further consent by such Grantor; provided that no such agreement shall be required by any issuer that is a Grantor and each such issuer that is a Grantor hereby agrees to comply with the Administrative
Agent’s instructions with respect to such uncertificated security without further consent by the applicable Grantor. 

  
 18 

 In addition to the foregoing, if any issuer of any Investment Related Property referred to
in Section 4.3.1(b)(i) is located in a jurisdiction outside of the United States, upon the request of the Administrative Agent, each Grantor shall take such additional actions, including, without limitation, causing the
issuer to register the pledge on its books and records or making such filings or recordings, in each case as may be necessary or advisable, under the laws of such issuer’s jurisdiction to insure the validity, perfection and priority of the
security interest of the Administrative Agent. If an Event of Default has occurred and is continuing, the Administrative Agent shall have the right, without notice to any Grantor, to transfer all or any portion of the Investment Related Property to
its name or the name of its nominee or agent. In addition, the Administrative Agent shall have the right at any time, without notice to any Grantor, to exchange any certificates or instruments representing any Investment Related Property for
certificates or instruments of smaller or larger denominations. 
 (c)    Voting and Distributions. 

(i)    So long as no Event of Default shall have occurred and be continuing: 

 

	 	(1)	 except as otherwise provided under the covenants and agreements relating to Investment Related Property in this
Agreement or in the Financing Agreement, each Grantor shall be entitled to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Investment Related Property or any part thereof so long as no Default or
Event of Default under any Loan Documents would result therefrom; provided, such Grantor shall give the Administrative Agent at least five (5) Business Days prior written notice of the manner in which it intends to exercise, or the
reasons for refraining from exercising, any such right; and provided, further, no Grantor shall exercise or refrain from exercising any such right if the Administrative Agent shall have notified such Grantor that, in the Administrative
Agent’s sole discretion, such action would have a Material Adverse Effect on the value of the Investment Related Property or any part thereof; and 

  

	 	(2)	 the Administrative Agent shall promptly execute and deliver (or cause to be executed and delivered) to each
Grantor all proxies, and other instruments as such Grantor may from time to time reasonably request for the purpose of enabling such Grantor to exercise the voting and other consensual rights when and to the extent which it is entitled to exercise
pursuant to clause (1) above; 

  
 19 

	 	(3)	 Upon the occurrence and during the continuation of an Event of Default: 

 

	 	(A)	 all rights of each Grantor to exercise or refrain from exercising the voting and other consensual rights with
respect to Investment Related Property which it would otherwise be entitled to exercise pursuant hereto shall cease and all such rights shall thereupon become vested in the Administrative Agent who shall thereupon have the sole right to exercise
such voting and other consensual rights except as otherwise expressly consented to by the Administrative Agent; and 

  

	 	(B)	 in order to permit the Administrative Agent to exercise the voting and other consensual rights which it may be
entitled to exercise pursuant hereto and to receive all dividends and other distributions which it may be entitled to receive hereunder: (1) each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the
Administrative Agent all proxies, dividend payment orders and other instruments as the Administrative Agent may from time to time reasonably request and (2) each Grantor acknowledges that the Administrative Agent may utilize the power of
attorney set forth in Section 6.1. 

 4.3.2    Pledged Equity Interests

 (a)    Representations and Warranties. Each Grantor hereby represents and warrants, that: 

(i)    Schedule 4.3(A) (as such schedule may be amended or supplemented from time to time pursuant
to Section 5.1) sets forth under the headings “Pledged Stock,” “Pledged LLC Interests,” “Pledged Partnership Interests” and “Pledged Trust Interests,” respectively, all of the Pledged
Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged Trust Interests owned by any Grantor; such Pledged Equity Interests constitute the percentage of issued and outstanding shares of stock, percentage of membership interests,
percentage of partnership interests or percentage of beneficial interest of the respective issuers thereof indicated on such Schedule and such certificated Pledged Equity Interests have been delivered to the Administrative Agent; 

(ii)    except as set forth on Schedule 4.3(B), it has not acquired any equity interests of another
entity or substantially all the assets of another entity within the past five (5) years; 

(iii)    it is the record and beneficial owner of the Pledged Equity Interests free of all Liens, rights
or claims of other Persons and there are no outstanding warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or property that is convertible into, or that requires the
issuance or sale of, any Pledged Equity Interests; 

  
 20 

 (iv)    without limiting the generality of
Section 4.1(a)(v), no consent of any Person including any other general or limited partner, any other member of a limited liability company, any other shareholder or any other trust beneficiary is required in connection
with the creation, perfection or first priority status of the security interest of the Administrative Agent in any Pledged Equity Interests or the exercise by the Administrative Agent of the voting or other rights provided for in this Agreement or
the exercise of remedies in respect thereof that has not been obtained; 
 (v)    none of the Pledged
LLC Interests nor Pledged Partnership Interests are or represent interests in issuers that: (a) are registered as investment companies or (b) are dealt in or traded on securities exchanges or markets; and 

(vi)    except as otherwise set forth on Schedule 4.3(C), none of the Pledged LLC Interests and
Pledged Partnership Interests are or represent interests in issuers that have opted to treat such interests as securities under the UCC. 

(b)    Covenants and Agreements. Each Grantor hereby covenants and agrees that: 

(i)    without the prior written consent of the Administrative Agent, it shall not vote to enable or take
any other action to: (a) amend or terminate any partnership agreement, limited liability company agreement, certificate of incorporation, by-laws or other organizational documents in any way that
materially changes the rights of such Grantor with respect to any Investment Related Property or adversely affects the validity, perfection or priority of the Administrative Agent’s security interest, (b) waive any default under or breach
of any terms of organizational document relating to the issuer of any Pledged Equity Interest or the terms of any Pledged Debt, or (c) cause any issuer of any Pledged Partnership Interests or Pledged LLC Interests which are not securities (for
purposes of the UCC) on the date hereof to elect or otherwise take any action to cause such Pledged Partnership Interests or Pledged LLC Interests to be treated as securities for purposes of the UCC; provided, however, notwithstanding
the foregoing, if any issuer of any Pledged Partnership Interests or Pledged LLC Interests takes any such action in violation of the foregoing in this clause (b)(i), such Grantor shall promptly notify the Administrative Agent in writing of
any such election or action and, in such event, shall take all steps necessary or advisable to establish the Administrative Agent’s “control” thereof; 

(ii)    it shall comply with all of its obligations under any partnership agreement or limited liability
company agreement relating to Pledged Partnership Interests or Pledged LLC Interests and shall enforce all of its rights with respect to any Investment Related Property, except, in each case, to the extent failure to do so would not adversely affect
the enforceability or validity, perfection or priority of the Administrative Agent’s security interest; 

(iii)    without the prior written consent of the Administrative Agent, it shall not permit any issuer of
any Pledged Equity Interest to merge or consolidate 

  
 21 

 
unless (i) such issuer creates a security interest that is perfected by a filed financing statement (that is not effective solely under
section 9-508 of the UCC) in collateral in which such new debtor has or acquires rights, and (ii) all the outstanding capital stock or other equity interests of the surviving or resulting
corporation, limited liability company, partnership or other entity is, upon such merger or consolidation, pledged hereunder and no cash, securities or other property is distributed in respect of the outstanding equity interests of any other
constituent Grantor; 
 (iv)    each Grantor consents to the grant by each other Grantor of a security
interest in all Investment Related Property to the Administrative Agent and, without limiting the foregoing, consents to the transfer of any Pledged Partnership Interest and any Pledged LLC Interest to the Administrative Agent or its nominee if an
Event of Default has occurred and is continuing and to the substitution of Administrative Agent or its nominee as a partner in any partnership or as a member in any limited liability company with all the rights and powers related thereto; and 

(v)    it shall promptly deliver to the Administrative Agent certificated Pledged Equity Interests
acquired, received or obtained after the Closing Date. 
 4.3.3    Pledged Debt 

(a)    Representations and Warranties. Each Grantor hereby represents and warrants that: 

(i)    Schedule 4.3 (as such schedule may be amended or supplemented from time to time pursuant to
Section 5.1) sets forth under the heading “Pledged Debt” all of the Pledged Debt owned by any Grantor and all of such Pledged Debt has been duly authorized, authenticated or issued, and delivered and is the legal,
valid and binding obligation of the issuers thereof, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to
enforceability, and is not in default and constitutes all of the issued and outstanding inter-company Indebtedness; 

(b)    Covenants and Agreements. Each Grantor hereby covenants and agrees that: 

(i)    it shall notify the Administrative Agent of any default under any Pledged Debt that has caused,
either in any individual case or in the aggregate, a Material Adverse Effect; and 
 (ii)    it shall
promptly deliver to the Administrative Agent instruments evidencing Pledged Debt acquired, received or obtained after the Closing Date. 

  
 22 

 4.3.4    Pledged Investment Accounts 

(a)    Representations and Warranties. Each Grantor hereby represents and warrants that: 

(i)    Schedule 4.3 hereto (as such schedule may be amended or supplemented from time to time
pursuant to Section 5.1) sets forth under the headings “Securities Accounts” and “Commodities Accounts,” respectively, all of the Securities Accounts and Commodities Accounts in which each Grantor has an
interest that constitutes Pledged Investment Accounts. Each Grantor is the sole entitlement holder of each such Securities Account and Commodity Account constituting a Pledged Investment Account, and such Grantor has not consented to, and no other
Person (other than the Administrative Agent pursuant hereto) has “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over, or (other than
the interest of the relevant securities intermediary) any other interest in, any such Securities Account or Commodity Account constituting a Pledged Investment Account or financial asset or other property credited thereto; 

(ii)    Schedule 4.3 hereto (as such schedule may be amended or supplemented from time to time
pursuant to Section 5.1) sets forth under the headings “Deposit Accounts” all of the Deposit Accounts in which each Grantor has an interest that constitutes a Pledged Investment Account. Each Grantor is the sole
account holder of each such Deposit Account that constitutes a Pledged Investment Account and such Grantor has not consented to, and no other Person (other than the Administrative Agent pursuant hereto) has dominion and control (within the meaning
of common law) or “control” (within the meanings of Section 9-104 of the UCC) over, or (other than the interest of the relevant depositary bank) any other interest in, any such Deposit Account
that constitutes a Pledged Investment Account or any money or other property deposited therein; and 

(iii)    Each Grantor has taken all actions necessary, including those specified in
Section 4.3.4(c), to: (a) establish the Administrative Agent’s “control” (within the meanings of Sections 8-106 and 9-106
of the UCC) over any portion of the Investment Related Property referred to in Section 4.3.1(b)(i) constituting Certificated Securities, Uncertificated Securities, Securities Accounts, Securities Entitlements or Commodities
Accounts (each as defined in the UCC); (b) establish the Administrative Agent’s “control” (within the meaning of Section 9-104 of the UCC) over all Deposit Accounts constituting Pledged
Investment Accounts and (c) deliver each Instrument with a value in excess of $50,000 singly or $100,000 in the aggregate to the Administrative Agent. 

(b)    Covenant and Agreement. Each Grantor hereby covenants and agrees with the Administrative Agent and each
other Secured Party that it shall not close or terminate any Pledged Investment Account unless the funds or other assets therein have been transferred to another Pledged Investment Account or a successor or replacement account has been established
with respect to which successor or replacement account a control agreement has been entered into by the appropriate Grantor, the Administrative Agent and the securities issuer, intermediary or depository institution at which such successor or
replacement account is to be maintained in accordance with the provisions of Section 4.3.4(c). 

  
 23 

 (c)    Delivery and Control 

(i)    With respect to any Investment Related Property consisting of Securities Accounts or Securities
Entitlements, it shall cause the securities intermediary maintaining such Securities Account or Securities Entitlement to enter into an agreement, in form and substance reasonably satisfactory to the Administrative Agent, pursuant to which it shall
agree to comply with the Administrative Agent’s “entitlement orders” without further consent by such Grantor. With respect to any Investment Related Property that is a “Deposit Account,” it shall cause the depositary
institution maintaining such account to enter into an agreement, in form and substance reasonably satisfactory to the Administrative Agent, pursuant to which the Administrative Agent shall have both sole dominion and control over such Deposit
Account (within the meaning of the common law) and “control” (within the meaning of Section 9-104 of the UCC) over such Deposit Account. The Grantors shall deposit or cause to be deposited
promptly, and in any event no later than the next Business Day after the date of receipt thereof, all proceeds in respect of any Collateral, all collections (of a nature susceptible to a deposit in a bank account) constituting Collateral or the
proceeds of Collateral and all other amounts constituting Collateral or the proceeds of Collateral received by any Grantor into such Deposit Accounts. So long as no Event of Default has occurred and is continuing, the Grantors shall have full access
to the cash on deposit in such Deposit Accounts, and the Administrative Agent agrees not to deliver a control notice or take any other action to control such Deposit Accounts unless and until an Event of Default has occurred and is continuing. If an
Event of Default has occurred and is continuing, with respect to any Deposit Account constituting a Pledged Investment Account, the Administrative Agent may give instructions and directions to the relevant bank or depositary institution to wire all
amounts on deposit in such Deposit Account each Business Day to the Administrative Agent’s Account. All amounts received or deposited into the Administrative Agent’s Account after the occurrence of an Event of Default shall be applied to
the payment of the outstanding Obligations in accordance with the Financing Agreement. Each Grantor shall have entered into such control agreement or agreements with respect to: (i) any Securities Accounts, Securities Entitlements or Deposit
Accounts that exist on the Closing Date, as or prior to the Closing Date, and (ii) any Securities Accounts, Securities Entitlements or Deposit Accounts that are created or acquired after the Closing Date, as of or prior to the deposit or
transfer of any such Securities Entitlements or funds constituting Collateral, whether constituting moneys or investments, into such Securities Accounts or Deposit Accounts. 

4.4    Material Contracts. 

(a)    Representations and Warranties. Each Grantor hereby represents and warrants that: 

(i)    Schedule 4.4 (as such schedule may be amended or supplemented from time to time pursuant to
Section 5.1) sets forth all of the Material Contracts to which such Grantor has rights, excluding Material Contracts that are (A) not 

  
 24 

 
material and (B) entered into in the ordinary course of business (which, for the avoidance of doubt, includes investigator-initiated study agreements and material transfer agreements related
to research, in both cases entered into in the ordinary course of business), and true and complete copies of all such Material Contracts (including any amendments or supplements thereof) have been furnished to the Administrative Agent.
Notwithstanding the foregoing, the listing of Material Contracts in Schedule 4.4 shall in no way limit any representation or warranty set forth in this Section or constitute a disclosure against any such representation or warranty; 

(ii)    each Material Contract has been duly authorized, executed and delivered by the applicable Grantor
and, to the knowledge of such Grantor, all other parties thereto, are valid and in full force and effect and are binding upon and enforceable against such Grantor and, to the knowledge of such Grantor, all other parties thereto in accordance with
their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. Except as would
not be reasonably expected to have a Material Adverse Effect or otherwise give rise to a termination right of any party to a Material Contract, there exists no default under any Material Contract by any party thereto and, to the knowledge of such
Grantor, no circumstances likely to give rise to any such default. To the knowledge of such Grantor, no other Person party thereto has any defenses, counterclaims or right of set-off with respect to any
Material Contract; and 
 (iii)    no Material Contract prohibits the pledge of the Grantors’
rights under such Material Contract to the Administrative Agent, except for such restrictions as have been waived or, in the determination of the Administrative Agent, are rendered ineffective as described in Section 2.2(B). 

(b)    Covenants and Agreements. Each Grantor hereby covenants and agrees that: 

(i)    in addition to any rights under the Section of this Agreement relating to Receivables, upon the
occurrence and during the continuance of an Event of Default, the Administrative Agent may at any time notify, or require any Grantor to so notify, the counterparty on any Material Contract of the security interest of the Administrative Agent
therein. In addition, after the occurrence and during the continuance of an Event of Default, the Administrative Agent may upon written notice to the applicable Grantor, notify, or require any Grantor to notify, the counterparty to make all payments
or transfer other rights that inure to the benefit of the applicable Grantor under the Material Contracts directly to the Administrative Agent; and 

(ii)    each Grantor shall, within thirty (30) days of the date hereof with respect to any Non-Assignable Contract in effect on the date hereof and within thirty (30) days after entering into any Non-Assignable Contract after the Closing Date, request in
writing the consent of the counterparty or counterparties to the Non-Assignable Contract pursuant to the terms of such Non-Assignable Contract or applicable law to the
assignment or granting of a security interest in such Non-Assignable Contract to Secured Party and use its commercially reasonable efforts to obtain such consent as soon as practicable thereafter. 

  
 25 

 4.5    Intellectual Property. 

(a)    Representations and Warranties. Except as disclosed in Schedule 4.5(C) (as such schedule may be
amended or supplemented from time to time pursuant to Section 5.1), each Grantor hereby represents and warrants that: 

(i)    Schedule 4.5(A) (as such schedule may be amended or supplemented from time to time pursuant
to Section 5.1) sets forth a true, correct and complete listing, including the applicable owner(s) of record and registration or application number, of all U.S. (federal or state) and foreign (i) Product Patents,
(ii) applications and registrations for Product Trademarks, (iii) registered or applied-for Product Copyrights, and (iv) Internet domain names, in the case of each of clauses (i) through
iv), constituting Owned Intellectual Property Rights. Except as identified in Schedule 4.5(A) (as such schedule may be amended or supplemented from time to time pursuant to Section 5.1), (a) the Grantor listed on
Schedule 4.5(A) is the exclusive owner of, and, except for non-exclusive licenses granted in the ordinary course of business, has exclusive rights to use, the entire right, title, and interest in
and to each of the Product Intellectual Property Rights listed; (b) to each Grantor’s knowledge, such registrations are valid, subsisting, and enforceable, in whole or in part; (c) none of the registrations or applications have lapsed
or been abandoned, cancelled or expired; and (d) Grantor has performed all commercially reasonable acts and paid all renewal, maintenance, and other fees and taxes required to maintain each registration or application in full force and effect,
including by timely filing fees and responses. 
 (ii)    Schedule 4.5(B) (as such schedule may
be amended or supplemented from time to time pursuant to Section 5.1) sets forth a true, correct and complete listing of all Product Intellectual Property Licenses to which each Grantor or its Subsidiaries is a party, under
separate headings for each agreement or understanding under clauses (i)-(iii) of the definition of Product Intellectual Property Licenses; 

(iii)    Except for the Grantors and non-exclusive licenses
granted in the ordinary course of business, no other Subsidiary or Affiliate has any rights, title or interest in any Product Intellectual Property Rights; 

(iv)    Each Grantor has taken reasonable steps to maintain the confidentiality of and otherwise protect
and enforce its rights in all Product Trade Secrets owned by such Grantor that are reasonable necessary in the business of such Grantor; and 

(v)    There is no effective financing statement or other document or instrument now executed, or on file
or recorded in any public office, granting a Lien in or otherwise encumbering any part of the Owned Intellectual Property Rights (including relating to or affecting royalties on, or proceed from, sales of the Product), other than in favor of the
Administrative Agent. 

  
 26 

 (b)    Covenants and Agreements. Each Grantor hereby covenants
and agrees as follows: 
 (i)    except to the extent deemed prudent in its reasonable business judgment
as determined by such Grantor in good faith and in the ordinary course of business as generally conducted by it, it shall not do any act or omit to do any act whereby any of the Specified Product IP Rights may lapse, or become abandoned, dedicated
to the public, or unenforceable, or which would adversely affect the validity, grant, or enforceability of the security interest granted therein; 

(ii)    except to the extent deemed prudent in its reasonable business judgment as determined by such
Grantor in good faith and in the ordinary course of business as generally conducted by it, it shall not, with respect to any Product Trademarks owned or in-licensed by the Grantor, cease the use of any of such
Product Trademarks or fail to maintain the level of the quality of products sold and services rendered under any of such Product Trademark at a level at least substantially consistent with the quality of such products and services as of the date
hereof, and each Grantor shall take all steps necessary to insure that licensees of such Product Trademarks use such consistent standards of quality; 

(iii)    except for the abandonment of applications that occurs in the ordinary course of prosecution, it
shall, on a quarterly basis, after any Grantor obtains knowledge thereof and in any case prior to any abandonment or dedication to the public or placement in the public domain occurring) notify the Administrative Agent if it knows that any of the
Specified Product IP Rights that constitutes Collateral may become (a) abandoned or dedicated to the public or placed in the public domain or (b) invalid or unenforceable; 

(iv)    except for the abandonment of applications that occurs in the ordinary course of prosecution, it
shall take all reasonable steps in the United States Patent and Trademark Office, the United States Copyright Office, any state registry or any foreign counterpart of the foregoing, to pursue any application and maintain any registration of each
Product Trademark, Product Patent and Product Copyright owned by any Grantor and any Specified Product IP Rights including, but not limited to, those items on Schedule 4.5(A) and (B) (as each may be amended or supplemented from time to
time pursuant to Section 5.1); 
 (v)    in the event that Grantor becomes
aware that any Specified Product IP Rights are infringed, misappropriated, or diluted by a third party, to the extent deemed prudent in its reasonable business judgment as determined by such Grantor in good faith or in the ordinary course of
business as generally conducted by it, such Grantor shall promptly take all actions to stop such infringement, misappropriation, or dilution and protect its rights in such Specified Product IP Rights, including, but not limited to, the initiation of
a suit for injunctive relief and to recover damages; 

  
 27 

 (vi)    it shall, on a quarterly basis, report to the
Administrative Agent (i) the filing of any application to register any Product Intellectual Property Rights with the United States Patent and Trademark Office, the United States Copyright Office, or any state registry or foreign counterpart of
the foregoing (whether such application is filed by such Grantor or through any agent, employee, licensee (excluding a Generic Licensee), or designee thereof by or on behalf of the Grantor) and (ii) the registration of any Product Intellectual
Property Rights by any such office by or on behalf of the Grantor, in each case by executing and delivering to the Administrative Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all
supplements to Schedules thereto and shall execute and deliver to the Administrative Agent with respect to any such Product Intellectual Property Rights a Patent Security Agreement, Trademark Security Agreement or Copyright Security Agreement, as
applicable, in each case in the forms attached hereto as Exhibits B, C and D; 

(vii)    it shall, promptly upon the request of the Administrative Agent, execute and deliver to the
Administrative Agent any document required to acknowledge, confirm, register, record, or perfect the Administrative Agent’s interest in any part of the Owned Intellectual Property Rights, whether now owned or hereafter acquired; 

(viii)    except with the prior written consent of the Administrative Agent or as permitted under the
Financing Agreement, each Grantor shall not execute, shall not file and shall not consent to the filing of any financing statement or other document or instruments in any public office, except financing statements or other documents or instruments
filed or to be filed in favor of the Administrative Agent; 
 (ix)    it shall hereafter use
commercially reasonable efforts so as not to permit the inclusion in any contract to which it hereafter becomes a party of any provision that could reasonably be expected to materially impair or prevent the creation of a security interest in, or the
assignment of, such Grantor’s rights and interests in any property included within the definitions of any Product Intellectual Property Rights acquired under such contracts; 

(x)    to the extent deemed prudent in its reasonable business judgment as determined by such Grantor in
good faith or in the ordinary course of business as generally conducted by it, it shall take reasonable steps to maintain the confidentiality of, and otherwise protect and enforce its rights in, non-public
Product Intellectual Property Rights, including, as applicable (A) protecting the secrecy and confidentiality of its confidential information and Product Trade Secrets by having and enforcing a policy requiring all current employees,
consultants, licensees, vendors and contractors with access to such information to execute appropriate confidentiality agreements and (B) taking actions reasonably necessary to ensure that no Product Trade Secret owned or in-licensed by the Grantor falls into the public domain; 

  
 28 

 (xi)    it shall not enter, and shall prohibit any of
its Subsidiaries from entering, into any agreement to receive any license or rights in any Intellectual Property Rights of any other Person which relate to the Product, any clinical trial for the Product administered by or on behalf of the Company
(including the ATHENA Trial) or the research, development, use, manufacture, licensure, packaging, processing, delivery or Commercialization of the Product, or any services provided in connection with the Product, unless such Grantor has used
commercially reasonable efforts to permit the assignment or grant of a security interest in such agreement (and all rights of Grantor thereunder) to the Administrative Agent (and any transferees of the Administrative Agent); and 

(xii)    notwithstanding the foregoing, the Administrative Agent shall have the right at any time, upon
the occurrence and during the continuance of an Event of Default, to notify, or require any Grantor to notify, any obligors with respect to any such amounts of the existence of the security interest created hereby. 

4.6    Commercial Tort Claims 

(a)    Representations and Warranties. Each Grantor hereby represents and warrants that Schedule 4.6 (as
such schedule may be amended or supplemented from time to time pursuant to Section 5.1) sets forth all Commercial Tort Claims in excess of $50,000 or $100,000 in the aggregate of each Grantor; and 

(b)    Covenants and Agreements. Each Grantor hereby covenants and agrees that with respect to any Commercial Tort
Claim in excess of $50,000 or $100,000 in the aggregate hereafter arising it shall deliver to the Administrative Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all supplements to
Schedules thereto, identifying such new Commercial Tort Claims. 
 4.7    Regulatory Documentation. 

(a)    Representations and Warranties. Each Grantor hereby represents and warrants that: 

(i)    Schedule 4.7 sets forth a complete and correct list of all Regulatory Approvals and
all clinical trials of the Product for which Company or its Subsidiaries have submitted or received any Regulatory Documentation, and, in each case, the applicable jurisdictions of such Regulatory Approvals and Regulatory Documentation; 

(ii)    it is the sole owner of all Regulatory Documentation, including each Product NDA, and it has all
necessary power, authority and rights to deliver the Regulatory Documentation as required hereunder; and 

(iii)    except for the Grantors, no Subsidiary or Affiliate of Company (and no other Third Party) has any
right, title, or interest (including but not limited to any right of reference) in any Regulatory Documentation. 

  
 29 

 (b)    Covenants and Agreements. Each Grantor hereby covenants
and agrees as follows: 
 (i)    except with the prior written consent of the Administrative Agent or as
permitted under the Financing Agreement, such Grantor shall not execute, and there will not be on file in any public office, any financing statement or other document or instruments, except financing statements or other documents or instruments
filed or to be filed in favor of the Administrative Agent; and 
 (ii)    it shall, promptly upon the
request of the Administrative Agent, execute and deliver to the Administrative Agent any document required or advisable to acknowledge, confirm, register, record, or perfect the Administrative Agent’s interest in any part of the Regulatory
Documentation, whether now owned or hereafter acquired; provided, however, that the Grantor that is the holder of the applicable Product NDA shall execute and deliver to the Administrative Agent following any Event of Default
(a) a complete executed Transferor Letter in the form attached hereto as Exhibit E for NDA 0209115 and (b) any further versions of such Transferor Letter together with any foreign equivalents of such Transferor Letter as requested
by the Administrative Agent, and shall file any and all such Transferor Letters and related documentation with the appropriate Governmental Authorities upon the request of the Administrative Agent following an Event of Default. 

SECTION 5. SUPPLEMENTS TO SCHEDULES; FURTHER ASSURANCES; ADDITIONAL GRANTORS. 

5.1    Supplements to Schedules. Each Grantor shall deliver to the Administrative Agent written supplements
to Schedule 4.1, Schedule 4.3, Schedule 4.4, Schedule 4.6, Schedule 4.5, Schedule 4.6 and Schedule 4.7 on a quarterly basis within forty-five (45) days after the end of each Fiscal Quarter, and
any such supplement delivered pursuant to this Section 5.1 shall, after receipt thereof by the Administrative Agent, become part of such schedule for all purposes hereunder other than in respect of representations and
warranties made prior to the date of such receipt. 
 5.2    Further Assurances. 

(a)    Each Grantor agrees that from time to time, at the expense of such Grantor, that it shall promptly execute and
deliver all further agreements, instruments, certificates, powers of attorney, endorsements and any other documents, and take all further action, that may be necessary, or that the Administrative Agent may reasonably request, in order to create
and/or maintain the validity, perfection or priority of and protect any security interest granted hereby or to enable the Administrative Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting
the generality of the foregoing, each Grantor shall: 
 (i)    file such financing or continuation
statements, or amendments thereto, and execute and deliver such other agreements, instruments, endorsements, powers of attorney or notices, as may be necessary, or as the Administrative Agent may reasonably request, in order to perfect and preserve
the security interests granted or purported to be granted hereby; 

  
 30 

 (ii)    take all actions necessary or as Administrative
Agent may reasonably request to ensure the recordation of appropriate evidence of the Liens and security interest granted hereunder in the Owned Intellectual Property Rights and Product Intellectual Property Licenses, including by the filing of the
Intellectual Property Security Agreements set forth in Exhibits B, C and D hereto (including, for the avoidance of doubt, filing any additional Intellectual Property Security Agreements or amendments or addenda thereto as a
result of Trademarks, Patents or Copyrights, as applicable, that are included in the Collateral not being listed on Schedule A of each Intellectual Property Security Agreement) or foreign counterparts thereof, with any intellectual property
registry in which said Owned Intellectual Property Rights are registered or in which an application for registration is pending and any other office in which such recordation is required in order to perfect a first priority security interest
therein, including, without limitation, the United States Patent and Trademark Office, the United States Copyright Office, the various Secretaries of State, and the foreign counterparts of any of the foregoing; 

(iii)    subject to the limitations on and requirements of inspections set forth in
Section 5.3 of the Financing Agreement, at any reasonable time, upon request by the Administrative Agent, assemble the Collateral and allow inspection of the Collateral by the Administrative Agent, or persons designated by
the Administrative Agent; and 
 (iv)    to the extent deemed prudent in the reasonable business
judgment as determined by the Grantor in good faith or in the ordinary course of business as generally conducted by it, appear in and defend any action or proceeding that may affect such Grantor’s title to or the Administrative Agent’s
security interest in all or any part of the Collateral. 
 (b)    Each Grantor hereby authorizes the Administrative
Agent to file, at the Grantor’s sole expense, a Record or Records, including, without limitation, financing or continuation statements, and amendments thereto, in any jurisdictions and with any filing offices as the Administrative Agent may
determine, in its sole discretion, are necessary or advisable to perfect and continue, without interruption or lapse, the perfection and priority of the security interest granted to the Administrative Agent herein. Such financing statements may
describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Administrative Agent may determine, in its sole discretion, is
necessary, advisable or prudent to ensure the continued perfection and priority of the security interest in the Collateral granted to the Administrative Agent herein, including, without limitation, describing such property as “all assets”
or “all personal property, whether now owned or hereafter acquired.” Each Grantor shall furnish to the Administrative Agent from time to time statements and schedules further identifying and describing the Collateral and such other reports
in connection with the Collateral as the Administrative Agent may reasonably request, all in reasonable detail. 

  
 31 

 5.3    Additional Grantors. From time to time subsequent
to the date hereof, additional Persons may become parties hereto as additional Grantors (each, an “Additional Grantor”), by executing a counterpart agreement. Upon delivery of any such counterpart agreement to the Administrative
Agent, notice of which is hereby waived by Grantors, each Additional Grantor shall be a Grantor and shall be as fully a party hereto as if Additional Grantor were an original signatory hereto. Each Grantor expressly agrees that its obligations
arising hereunder shall not be affected or diminished by the addition or release of any other Grantor hereunder, nor by any waiver or election of the Administrative Agent or the Required Lenders of any requirement under the Financing Agreement to
cause any Subsidiary of Borrower to become an Additional Grantor hereunder. This Agreement shall be fully effective as to any Grantor that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be
a Grantor hereunder. 
 SECTION 6. ADMINISTRATIVE AGENT APPOINTED
ATTORNEY-IN-FACT. 

6.1    Power of Attorney. Each Grantor hereby irrevocably appoints the Administrative Agent (such
appointment being coupled with an interest) as such Grantor’s attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such
Grantor, the Administrative Agent or otherwise, from time to time in the Administrative Agent’s discretion to take any action and to execute any instrument that the Administrative Agent may deem reasonably necessary or advisable to accomplish
the purposes of this Agreement, including, without limitation, the following: 
 (a)    upon the occurrence and during
the continuance of any Event of Default, to obtain and adjust insurance required to be maintained by such Grantor or paid to the Administrative Agent pursuant to the Financing Agreement; 

(b)    upon the occurrence and during the continuance of any Event of Default, to ask for, demand, collect, sue for,
recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; 

(c)    upon the occurrence and during the continuance of any Event of Default, to receive, endorse and collect any drafts
or other instruments, documents and chattel paper in connection with clause (b) above; 
 (d)    upon the
occurrence and during the continuance of any Event of Default, to file any claims or take any action or institute any proceedings that the Administrative Agent may deem necessary, advisable or desirable for the collection of any of the Collateral or
otherwise to enforce the rights of the Administrative Agent with respect to any of the Collateral; 
 (e)    to prepare
and file any UCC financing statements against such Grantor as debtor; 
 (f)    to prepare, sign, and file for
recordation in any intellectual property registry, appropriate evidence of the lien and security interest granted herein in the Product Intellectual Property Rights and Product Intellectual Property Licenses in the name of such Grantor as debtor;

  
 32 

 (g)    to take or cause to be taken all actions necessary to perform or
comply or cause performance or compliance with the terms of this Agreement, including, without limitation, access to pay or discharge taxes or Liens levied or placed upon or threatened against the Collateral, the legality or validity thereof and the
amounts necessary to discharge the same to be determined by the Administrative Agent in its sole discretion, any such payments made by the Administrative Agent to become obligations of such Grantor to the Administrative Agent, due and payable
immediately without demand; and 
 (h)    generally to sell, transfer, pledge, make any agreement with respect to or
otherwise deal with any of the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and to do, at the Administrative Agent’s option and such Grantor’s sole expense, at any
time or from time to time, all acts and things that the Administrative Agent deems reasonably necessary to protect, preserve or realize upon the Collateral and the Administrative Agent’s security interest therein in order to effect the intent
of this Agreement, all as fully and effectively as such Grantor might do. 
 6.2    No Duty on the Part of
Administrative Agent or Secured Parties. The powers conferred on the Administrative Agent hereunder are solely to protect the interests of the Secured Parties in the Collateral and shall not impose any duty upon the Administrative Agent or any
Secured Party to exercise any such powers. The Administrative Agent and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers,
directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

SECTION 7. REMEDIES. 

7.1    Generally. 

(a)    If any Event of Default shall have occurred and be continuing, the Administrative Agent may exercise in respect of
the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it at law or in equity, all the rights and remedies of the Administrative Agent upon a default under the UCC (whether or not the UCC applies
to the affected Collateral) to collect, enforce or satisfy any Secured Obligations then owing, whether by acceleration or otherwise, and also may pursue any of the following separately, successively or simultaneously: 

(i)    require any Grantor to, and each Grantor hereby agrees that it shall at its expense and promptly
upon request of the Administrative Agent forthwith, assemble all or part of the Collateral as directed by the Administrative Agent and make it available to the Administrative Agent at a place to be designated by the Administrative Agent that is
reasonably convenient to both parties; 
 (ii)    enter onto the property where any Collateral is
located and take possession thereof with or without judicial process; 

  
 33 

 (iii)    prior to the disposition of the Collateral,
store, process, repair or recondition the Collateral or otherwise prepare the Collateral for disposition in any manner to the extent the Administrative Agent deems appropriate; 

(iv)    give notice of sole control or any other instruction under any control or similar agreement and
take any action provided therein with respect to the applicable Collateral; 
 (v)    exercise those
rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of
setoff or bankers’ Lien) when a debtor is in default under a security agreement; 

(vi)    transfer and register in its name or in the name of its nominee the whole or any part of the
Pledged Equity Interests, to exchange certificates or instruments representing or evidencing Pledged Equity Interests for certificates or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with
respect thereto, to collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with respect to the Pledged Equity Interests as though the Administrative Agent was the outright owner thereof;
and 
 (vii)    without notice except as specified below or under the UCC, sell, assign, lease, license
(on an exclusive or nonexclusive basis) or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Administrative Agent’s offices or elsewhere, for cash, on credit or for future
delivery, at such time or times and at such price or prices and upon such other terms as the Administrative Agent may deem commercially reasonable. 

(viii)    transfer, assign or register in its name or in the name of its nominee or assignee the whole or
any part of the Product Intellectual Property Rights, Product Intellectual Property Licenses, Regulatory Documentation or Regulatory Approvals, to exercise the power, authority and all other rights as an applicant, holder or party thereto with
respect thereto and to otherwise act with respect to the Product Intellectual Property Rights, Product Intellectual Property Licenses, Regulatory Documentation or Regulatory Approvals as though the Administrative Agent was the outright applicant,
holder or party thereto. 
 (b)    The Administrative Agent or any Secured Party may be the purchaser of any or all of
the Collateral at any public or private (to the extent to the portion of the Collateral being privately sold is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations) sale in
accordance with the UCC and the Administrative Agent, as Administrative Agent for and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion
of the Collateral sold at any such sale made in accordance with the UCC, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any 

  
 34 

 
Collateral payable by the Administrative Agent at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and
each Grantor hereby waives (to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. Each
Grantor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days’ notice to such Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute
reasonable notification. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement
at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Grantor agrees that it would not be commercially unreasonable for the Administrative Agent to dispose
of the Collateral or any portion thereof by using Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets. Each
Grantor hereby waives any claims against the Administrative Agent arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale,
even if the Administrative Agent accepts the first offer received and does not offer such Collateral to more than one offeree. If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Secured Obligations,
Grantors shall be liable for the deficiency and the fees of any attorneys employed by the Administrative Agent to collect such deficiency. Each Grantor further agrees that a breach of any of the covenants contained in this Section will cause
irreparable injury to the Administrative Agent, that the Administrative Agent has no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section shall be specifically enforceable
against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no default has occurred giving rise to the Secured Obligations becoming
due and payable prior to their stated maturities. Nothing in this Section shall in any way alter the rights of the Administrative Agent hereunder. 

(c)    The Administrative Agent may sell the Collateral without giving any warranties as to the Collateral. The
Administrative Agent may specifically disclaim or modify any warranties of title or the like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 

(d)    The Administrative Agent shall have no obligation to marshal any of the Collateral. 

7.2    Application of Proceeds. Except as expressly provided elsewhere in this Agreement, if any Event of
Default shall have occurred and be continuing, all payments or proceeds received by the Administrative Agent under the Financing Agreement or hereunder or under any other Collateral Document in respect of any of the Secured Obligations, including,
but not limited to all proceeds received by the Administrative Agent in respect of any sale, any collection from, or other realization upon all or any part of the Collateral, shall be applied in full or in part as follows: 

(a)    first, ratably to pay the Secured Obligations in respect of any fees, expense reimbursements, indemnities
and other amounts then due and payable to the Administrative Agent until paid in full; 

  
 35 

 (b)    second, ratably to pay the Secured Obligations in respect
of any fees, expense reimbursements, indemnities and other amounts then due and payable to the Lenders until paid in full; 

(c)    third, ratably to pay any amounts then due and payable under Section 2.7 of the
Financing Agreement until such amounts are paid in full or, following any acceleration of the Secured Obligations pursuant to Section 8.2 of the Financing Agreement, to pay the Discharge Amount until such amount is paid in
full; and 
 (d)    fourth, to the ratable payment of all other Secured Obligations then due and payable until
paid in full. 
 7.3    Sales on Credit. If the Administrative Agent sells any of the Collateral upon
credit, Grantor will be credited only with payments actually made by purchaser and received by the Administrative Agent and applied to indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, the Administrative
Agent may resell the Collateral and Grantor shall be credited with proceeds of the sale. 
 7.4    Deposit
Accounts. If any Event of Default shall have occurred and be continuing, the Administrative Agent may apply the balance from any Deposit Account or instruct the bank at which any Deposit Account is maintained to pay the balance of any Deposit
Account to or for the benefit of the Administrative Agent. 
 7.5    Investment Related Property. Each
Grantor recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws, the Administrative Agent may be compelled, with respect to any sale of all or any part of the Investment Related
Property conducted without prior registration or qualification of such Investment Related Property under the Securities Act and/or such state securities laws, to limit purchasers to those who will agree, among other things, to acquire the Investment
Related Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges that any such private sale may be at prices and on terms less favorable than those obtainable through a
public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act) and, notwithstanding such circumstances, each Grantor agrees that any such private sale shall be deemed to have
been made in a commercially reasonable manner and that the Administrative Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Investment Related Property for the period of time necessary to permit the
issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would, or should, agree to so register it. If the Administrative Agent determines
to exercise its right to sell any or all of the Investment Related Property, upon written request, each Grantor shall and shall cause each issuer of any Pledged Stock to be sold hereunder, each partnership and each limited liability company from
time to time to furnish to the Administrative Agent all such information as the Administrative Agent may request in order to determine the number and nature of interest, 

  
 36 

 
shares or other instruments included in the Investment Related Property which may be sold by the Administrative Agent in exempt transactions under the Securities Act and the rules and regulations
of the Capital Stock and Securities and Exchange Commission thereunder, as the same are from time to time in effect. 

7.6    Intellectual Property. 

(a)    Anything contained herein to the contrary notwithstanding, upon the occurrence and during the continuation of an
Event of Default: 
 (i)    the Administrative Agent shall have the right (but not the obligation) to
bring suit or otherwise commence any action or proceeding in the name of any Grantor, the Administrative Agent or otherwise, in the Administrative Agent’s sole discretion, to enforce any Owned Intellectual Property Rights and Product
Intellectual Property Licenses (including enforcement of any Specified Product IP Rights licensed thereunder), in which event such Grantor shall, at the request of the Administrative Agent, do any and all lawful acts and execute any and all
documents required by the Administrative Agent in aid of such enforcement, and, to the extent that the Administrative Agent shall elect not to bring suit to enforce any Owned Intellectual Property Rights or Product Intellectual Property Licenses
(including enforcement of any Specified Product IP Rights licensed thereunder) as provided in this Section, each Grantor agrees to the extent deemed prudent in its reasonable business judgment as determined by such Grantor in good faith or in the
ordinary course of business as generally conducted by it, to use commercially reasonable efforts, whether by action, suit, proceeding or otherwise, to prevent the infringement or other violation of any of such Grantor’s rights in the Owned
Intellectual Property Rights and Product Intellectual Property Licenses (including the right to enforce any Specified Product IP Rights licensed thereunder) by others and for that purpose agrees, to the extent deemed prudent in its reasonable
business judgment as determined by such Grantor in good faith or in the ordinary course of business as generally conducted by it, to diligently maintain any action, suit or proceeding against any Person so infringing as shall be necessary to prevent
such infringement or violation; 
 (ii)    upon written demand from the Administrative Agent, each
Grantor shall grant, assign, convey or otherwise transfer to the Administrative Agent or such Administrative Agent’s designee all of such Grantor’s right, title and interest in and to the Owned Intellectual Property Rights or Product
Intellectual Property Licenses and shall execute and deliver to the Administrative Agent such documents as are necessary, advisable or appropriate to carry out the intent and purposes of this Agreement; 

(iii)    each Grantor agrees that such an assignment and/or recording shall be applied to reduce the
Secured Obligations outstanding only to the extent that the Administrative Agent (or any Secured Party) receives cash proceeds in respect of the sale of, or other realization upon, the Product Intellectual Property Rights; 

  
 37 

 (iv)    within five (5) Business Days after written
notice from the Administrative Agent, each Grantor shall make available to the Administrative Agent, to the extent within such Grantor’s power and authority, such personnel in such Grantor’s employ on the date of such Event of Default as
the Administrative Agent may reasonably designate, by name, title or job responsibility, to permit such Administrative Agent to continue, directly or indirectly, to produce (or finish production of work-in-progress), use, manufacture, license or sublicense, package, process, deliver and/or Commercialize the Product and the Product Intellectual Property Rights, Product Intellectual Property Licenses, the
Regulatory Approvals and the Regulatory Documentation, or provide any services related to the Product, such persons to be available to perform their prior functions on the Administrative Agent’s behalf and to be compensated by the
Administrative Agent at such Grantor’s expense on a per diem, pro-rata basis consistent with the salary and benefit structure applicable to each as of the date of such Event of Default; and 

(v)    the Administrative Agent shall have the right to notify, or require each Grantor to notify, any
obligors with respect to amounts due or to become due to such Grantor in respect of the Product Intellectual Property Rights or any Product Intellectual Property Licenses, of the existence of the security interest created herein, to direct such
obligors to make payment of all such amounts directly to the Administrative Agent, and, upon such notification and at the expense of such Grantor, to enforce collection of any such amounts and to adjust, settle or compromise the amount or payment
thereof, in the same manner and to the same extent as such Grantor might have done; 
  

	 	(1)	 all amounts and proceeds (including checks and other instruments) received by Grantor in respect of amounts due
to such Grantor in respect of the Collateral or any portion thereof shall be received in trust for the benefit of the Administrative Agent hereunder, shall be segregated from other funds of such Grantor and shall be forthwith paid over or delivered
to the Administrative Agent in the same form as so received (with any necessary endorsement) to be held as cash Collateral and applied as provided by Section 7.7 hereof; and 

 

	 	(2)	 Grantor shall not adjust, settle or compromise the amount or payment of any such amount or release wholly or
partly any obligor with respect thereto or allow any credit or discount thereon without the Administrative Agent’s prior written consent. 

(b)    If (i) an Event of Default shall have occurred and, by reason of cure, waiver, modification, amendment or
otherwise, no longer be continuing, (ii) no other Event of Default shall have occurred and be continuing, (iii) an assignment or other transfer to the Administrative Agent of any rights, title and interests in and to the Owned Intellectual
Property Rights or the Product Intellectual Property Licenses shall have been previously made and shall have become absolute and effective, and (iv) the Secured Obligations shall not have become immediately due and payable, upon the written
request of any Grantor, the Administrative Agent shall promptly execute and deliver to such Grantor, at such Grantor’s sole cost and expense, such assignments or 

  
 38 

 
other transfer as may be necessary to reassign to such Grantor any such rights, title and interests as may have been assigned to the Administrative Agent as aforesaid, subject to any disposition
thereof that may have been made by the Administrative Agent; provided that after giving effect to such reassignment, the Administrative Agent’s security interest granted pursuant hereto, as well as all other rights and remedies of the
Administrative Agent granted hereunder, shall continue to be in full force and effect or, if necessary, reinstituted; and provided further, the rights, title and interests so reassigned shall be free and clear of any other Liens
granted by or on behalf of the Administrative Agent and the Secured Parties. 
 (c)    Solely for the purpose of
enabling the Administrative Agent to exercise rights and remedies under this Section 7 and at such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants
to the Administrative Agent, to the extent it has the right to do so, (i) an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to such Grantor), subject, in the case of Product Trademarks, to
sufficient rights to quality control and inspection in favor of such Grantor to avoid the risk of invalidation of said Product Trademarks, to research, develop, use, manufacture, operate under, license or sublicense, package, process, deliver or
Commercialize the Product or the Product Intellectual Property Rights, or provide any services related to the Product or any Product Intellectual Property Rights, now owned or hereafter acquired by such Grantor, and wherever the same may be located;
and (ii) an exclusive license to use the Company’s Trademarks for CLOVIS or CLOVIS ONCOLOGY (“House Marks”) solely to Commercialize the Product during an Event of Default; notwithstanding the foregoing, the Company retains
the right to use House Marks for other products and services during an Event of Default. 
 7.7    Cash
Proceeds. If an Event of Default shall have occurred and be continuing, the rights of the Administrative Agent specified in Section 4.2 with respect to payments of Receivables and all other proceeds of any Collateral
received by any Grantor consisting of cash, checks, instruments, financial assets, or other non-cash items (“Cash Proceeds”) shall be held by such Grantor in trust for the Administrative
Agent, segregated from other funds and assets of such Grantor, and shall, forthwith upon receipt by such Grantor (and, in any event, within two (2) Business Days of receipt thereof), be turned over to the Administrative Agent in the exact form
received by such Grantor (duly indorsed by such Grantor to the Administrative Agent, if required) and deposited into the Administrative Agent’s Account; and any such Cash Proceeds received by the Administrative Agent (whether from a Grantor or
otherwise) shall be applied by the Administrative Agent against the Secured Obligations in accordance with Section 7.2 hereof. Subject to Section 4.2, any Cash Proceeds received by the
Administrative Agent (whether from a Grantor or otherwise): (i) if no Event of Default shall have occurred and be continuing, shall be held by the Administrative Agent for the ratable benefit of the Secured Parties, as collateral security for the
Secured Obligations (whether matured or unmatured) and (ii) if an Event of Default shall have occurred and be continuing, may, in the sole discretion of the Administrative Agent, (A) be held by the Administrative Agent for the ratable
benefit of the Secured Parties, as collateral security for the Secured Obligations (whether matured or unmatured) and/or (B) then or at any time thereafter may be applied by the Administrative Agent against the Secured Obligations then due and
owing. 

  
 39 

 SECTION 8. [RESERVED]. 

SECTION 9. CONTINUING SECURITY INTEREST; TRANSFER OF COMMITMENTS. 

This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until the payment in
full of all Secured Obligations, the cancellation or termination of the Financing Agreement, be binding upon each Grantor, its successors and assigns, and inure, together with the rights and remedies of the Administrative Agent hereunder, to the
benefit of the Administrative Agent and its successors, transferees and assigns. Without limiting the generality of the foregoing, but subject to the terms of the Financing Agreement, any Lender may assign or otherwise transfer its Commitments or
Obligations held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations and the cancellation
or termination of the Financing Agreement, the security interest granted hereby shall automatically terminate hereunder and of record and all rights to the Collateral shall revert to Grantors. Upon any such termination, the Administrative Agent
shall, at Grantors’ expense, execute and deliver to Grantors or otherwise authorize the filing of such documents as Grantors shall reasonably request, including financing statement terminations to evidence such termination. Upon any disposition
of property permitted by the Financing Agreement, the Liens granted herein shall be deemed to be automatically released with no further action on the part of any Person, with the Liens granted herein to attach to the proceeds thereof if, and to the
extent, provided in the Financing Agreement. The Administrative Agent shall, at Grantor’s sole expense, execute and deliver or otherwise authorize the filing of such documents as Grantors shall reasonably request, in form and substance
reasonably satisfactory to the Administrative Agent, including financing statement amendments to evidence such release. 
 SECTION 10. STANDARD OF
CARE; ADMINISTRATIVE AGENT MAY PERFORM. 
 The powers conferred on the Administrative Agent hereunder are solely to protect its interest
in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the
Administrative Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. The Administrative Agent shall be deemed to have
exercised reasonable care in the custody and preservation of Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Administrative Agent accords its own property. Neither the Administrative Agent
nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of
any Collateral upon the request of any Grantor or otherwise. If any Grantor fails to perform any agreement contained herein, the Administrative Agent may itself perform, or cause performance of, such agreement, and the expenses of the Administrative
Agent incurred in connection therewith shall be payable by each Grantor under Section 10.2 of the Financing Agreement. 

  
 40 

 SECTION 11. MISCELLANEOUS. 

11.1    Notices. Any notice required or permitted to be given under this Agreement shall be given in
accordance with Section 10.1 of the Financing Agreement. 
 11.2    No Waiver; Cumulative Remedies.
No failure or delay on the part of the Administrative Agent or any Secured Party in the exercise of any power, right or privilege hereunder or under any other Loan Document shall impair such power, right or privilege or be construed to be a waiver
of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege. All rights and remedies existing under this
Agreement and the other Loan Documents are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

11.3    Severability. In case any provision in or obligation under this Agreement shall be invalid, illegal
or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. All
covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of,
another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 

11.4    Benefit of Agreement. This Agreement shall be binding upon and inure to the benefit of the
Administrative Agent, the Secured Parties and Grantors and their respective successors and assigns. No Grantor shall, without the prior written consent of the Administrative Agent given in accordance with the Financing Agreement, assign any right,
duty or obligation hereunder. 
 11.5    Entire Agreement. This Agreement and the other Loan Documents
embody the entire agreement and understanding between Grantors and the Administrative Agent and supersede all prior agreements and understandings between such parties relating to the subject matter hereof and thereof. Accordingly, the Loan Documents
may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. 

11.6    Counterparts. This Agreement may be executed in one or more counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. Delivery of an executed counterpart of this Agreement by facsimile or electronic mail shall be equally effective as delivery
of an original executed counterpart. 
 11.7    Incorporation by Reference. SECTIONS 10.14 (APPLICABLE LAW), 10.15
(CONSENT TO JURISDICTION) and 10.16 (WAIVER OF JURY TRIAL) OF THE FINANCING AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE, MUTATIS MUTANDIS. 

  
 41 

 IN WITNESS WHEREOF, each Grantor and the Administrative Agent have caused this Agreement to
be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	CLOVIS ONCOLOGY, INC.,
	as a Grantor
		
	By:	 	/s/ Daniel W. Muehl
		 	  Name: Daniel W. Muehl
		 	  Title:   Executive Vice President

  

			
	CLOVIS ONCOLOGY UK LIMITED,
	as a Grantor
		
	By:	 	/s/ Daniel W. Muehl
		 	  Name: Daniel W. Muehl
		 	  Title:   Director

  

			
	CLOVIS ONCOLOGY IRELAND LTD.,
	as a Grantor
		
	By:	 	/s/ Daniel W. Muehl
		 	  Name: Daniel W. Muehl
		 	  Title:   Director
		
	By:	 	/s/ Paul Gross
	Name:	 	Paul Gross
	Title:	 	Director

 [Signature Page to Pledge and Security Agreement] 

 
			
	TOP IV SPV GP, LLC,
	as Administrative Agent
		
	By:	 	/s/ Joshua Peck
		 	  Name: Joshua Peck
		 	  Title:   Vice President and Secretary

 [Signature Page to Pledge and Security Agreement]Exhibit 10.1

 

 

 Loan
Agreement

 

		Borrowers:	RW HOLDINGS NNN REIT,
                                         INC., a Maryland corporation

 

RICH UNCLES NNN LP, LLC,
a Delaware limited liability company

 

RICH UNCLES NNN OPERATING
PARTNERSHIP, LP, a Delaware limited partnership

 

		Address:	3090 Bristol Street,
                                         Suite 550, 

Costa Mesa, CA 92626

 

		Date:	April 30, 2019

 

THIS LOAN AGREEMENT
is entered into on the above date between Pacific Mercantile Bank (“Lender”),
whose address is 949 South Coast Drive, 3rd Floor, Costa Mesa, CA 92626, and the borrower(s) named above (jointly and severally,
the “Borrower”), whose chief executive office is located at the above address (“Borrower’s Address”).
The Schedule to this Agreement (the “Schedule”) shall for all purposes be deemed to be a part of this Agreement, and
the same is an integral part of this Agreement. (Definitions of certain terms used in this Agreement are set forth in Section 8
below.) This Agreement amends, restates, replaces and supersedes, in their entirety, that certain Business Loan Agreement dated
February 20, 2018 between Lender and Borrower and that certain Promissory Note dated February 20, 2018 by Borrower in favor of
Lender (collectively, the “Prior Loan Agreement”). This Agreement does not constitute a novation of the Prior Loan
Agreement but, rather, an amendment and continuation thereof. Without limitation on the generality of the foregoing, Borrower and
Lender acknowledge and agree that Loans (or loans) and Advances (or advances) (as those terms are used in the Prior Loan Agreement)
made by Lender pursuant to the Prior Loan Agreement shall be deemed “Loans” hereunder.

 

1.       LOANS.

 

1.1 Loans. 
Lender will make loans to Borrower (the “Loans”) as described, and in amounts not to exceed the limits shown (the “Credit
Limit”), on the Schedule, subject to the provisions of this Agreement and subject to deduction of such Reserves as Lender
deems proper from time to time in its Good Faith Business Judgment.

 

1.2 Interest.
All Loans and all other monetary Obligations shall bear interest at the interest rate shown on the Schedule. Accrued interest shall
be payable monthly for each month on the first day of the following month, and shall be debited to Borrower’s Deposit Account
maintained with the Lender designated by Borrower (or as selected by Lender in the absence of such a designation). Borrower shall
at all times maintain sufficient funds in said Deposit Account to enable payment of all interest and other sums to be so paid to
Lender by such debit.

 

1.3 Overadvances. 
If at any time or for any reason the total of all outstanding Loans and all other monetary Obligations exceeds the Credit Limit
(an “Overadvance”), Borrower shall immediately pay the amount of the excess to Lender, without notice or demand. Without
limiting Borrower's obligation to repay to Lender the amount of any Overadvance, Borrower agrees to pay Lender interest on the
outstanding amount of any Overadvance, on demand, at the Default Rate.

 

    	 	-1-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

1.4 Fees. Borrower
shall pay Lender the fees shown on the Schedule, which are in addition to all interest and other sums payable to Lender and are
not refundable.

 

1.5 Loan Requests.
To obtain a Loan, Borrower shall make a request to Lender, as further described in the Schedule. Lender may rely on any request
for a Loan given by a person whom Lender believes is an Authorized Person (as set forth on the Schedule), and Borrower will indemnify
Lender for any loss Lender suffers as a result of that reliance.

 

1.6 Conditions.
The making of the first disbursement of any Loan is subject to the satisfaction of the following conditions precedent, which Borrower
agrees to satisfy within two Business Days after the date hereof: (i) [Intentionally Omitted], (ii) all documents relating
to this Agreement have been executed and delivered, (iii) Lender has confirmed to its satisfaction that there has been no
Material Adverse Change since the date of the last financial statements provided to Lender prior to the date hereof, (iv) [Intentionally
Omitted], (v) no Default or Event of Default has occurred and is continuing, and (vi) all other matters relating to the Loans
have been completed to Lender’s satisfaction.

 

2. [Intentionally
Omitted].

 

3. REPRESENTATIONS, WARRANTIES
AND COVENANTS OF BORROWER.

 

In order to induce Lender
to enter into this Agreement and to make Loans, Borrower represents and warrants to Lender as follows, and Borrower covenants that
the following representations will continue to be true in all material respects (except to the extent that such representation
or warranty relates to a particular date), and that Borrower will at all times comply with all of the following covenants, throughout
the term of this Agreement and until all Obligations have been paid and performed in full:

 

3.1 Corporate Existence
and Authority. Borrower is, and will continue to be, duly organized, validly existing and in good standing under the laws
of the jurisdiction of its incorporation or organization. Borrower is and will continue to be qualified and licensed to do business
in all jurisdictions in which any failure to do so would reasonably be expected to result in liability on the part of Borrower
in excess of $10,000. The execution, delivery and performance by Borrower of this Agreement, and all other documents contemplated
hereby (i) have been duly and validly authorized, (ii) are not subject to any consents, which have not been obtained, (iii) are
enforceable against Borrower in accordance with their terms (except as enforcement may be limited by equitable principles and by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to creditors' rights generally), and (iv) do not violate
Borrower’s articles or certificate of incorporation, or Borrower’s by-laws, or any law or any material agreement or
instrument, which is binding upon Borrower or its property, and (v) do not constitute grounds for acceleration of any indebtedness
or obligations in excess of $50,000 in the aggregate, under any agreement or instrument which is binding upon Borrower or its property.

 

3.2 Name; Trade Names
and Styles. As of the date hereof, the name of Borrower set forth in the heading to this Agreement is its correct name.
Listed in the Schedule are all prior names of Borrower and all of Borrower’s present and prior trade names, as of the date
hereof. Borrower shall give Lender 30 days' prior written notice before changing its name or doing business under any other name.
Borrower has complied, and will in the future comply, in all material respects, with all laws relating to the conduct of business
under a fictitious business name.

 

3.3 Place of Business.
As of the date hereof, the address set forth in the heading to this Agreement is Borrower's chief executive office. In
addition, as of the date hereof, Borrower has places of business only at the locations set forth in the Schedule. Borrower will
give Lender at least 30 days prior written notice before opening any additional place of business or changing its chief executive
office, except that Borrower may maintain sales offices in the ordinary course of business at which not more than a total of $50,000
fair market value of equipment and inventory is located.

 

3.4 Negative Pledge;
Deposit Accounts.

 

(a) Borrower’s
assets now are and will remain free and clear of any and all Liens and adverse claims, except for Permitted Liens.

 

(b) Borrower
has set forth in the Schedule all of Borrower’s Deposit Accounts as of the date hereof.

 

3.5 Notification of
Loss. Borrower will immediately advise Lender in writing of any loss or damage to any of its assets exceeding $100,000.

 

3.6 Books and Records.
Borrower has maintained and will maintain at Borrower’s Address books and records, which are complete and accurate in all
material respects, and comprise an accounting system in accordance with GAAP.

 

    	 	-2-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

3.7 Financial Condition,
Statements and Reports. All financial statements now or in the future delivered to Lender have been, and will be, prepared
in conformity with GAAP, and now and in the future will fairly present the results of operations and financial condition of Borrower,
in accordance with GAAP, at the times and for the periods therein stated (except for non-compliance with FAS 123R in monthly financial
statements, and, in the case of interim financial statements, for the lack of footnotes and subject to year-end adjustments). Between
the last date covered by any such statement provided to Lender and the date hereof, there has been no Material Adverse Change.

 

3.8 Tax Returns and
Payments; Pension Contributions. Borrower has timely filed, and will timely file, all required tax returns and reports,
and Borrower has timely paid, and will timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions
now or in the future owed by Borrower. Borrower may, however, defer payment of any contested taxes, provided that Borrower (i)
in good faith contests Borrower's obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and
conducted, (ii) notifies Lender in writing of the commencement of, and any material development in, the proceedings, and (iii)
posts bonds or takes any other steps required to keep the contested taxes from becoming a Lien upon any of Borrower’s assets.
Borrower is unaware of any claims or adjustments proposed for any of Borrower's prior tax years which could result in additional
taxes becoming due and payable by Borrower. Borrower has paid, and shall continue to pay all amounts necessary to fund all present
and future pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not and will
not withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with
respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to
the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. Borrower shall concurrently execute
and deliver to Lender an IRS Form 8821, Tax Information Authorization, and Borrower shall maintain the same in full force and effect
throughout the term of this Agreement.

 

3.9 Compliance with
Law.

 

(a) Borrower has, to
the best of its knowledge, complied, and will in the future comply, in all material respects, with all provisions of all foreign,
federal, state and local laws and regulations applicable to Borrower, including, but not limited to, those relating to Borrower's
ownership of real or personal property, the conduct and licensing of Borrower's business, and all environmental matters, except
where the failure to do so would not reasonably be expected to result in liability on the part of Borrower in excess of $100,000.
Borrower has obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices
to, all governmental authorities that are necessary for the continued operation of Borrower’s business as currently conducted,
except where the failure to do so would not reasonably be expected to result in liability on the part of Borrower in excess of
$100,000.

 

(b) Borrower is not in
violation and shall not violate any of the country or list based economic and trade sanctions administered and enforced by OFAC
or as otherwise published from time to time. Neither Borrower, nor to the knowledge of Borrower, any director, officer, employee,
agent, affiliate or representative thereof, (i) is a Sanctioned Person or a Sanctioned Entity, (ii) has its assets located in a
Sanctioned Entity, (iii) derives revenues from investments in, or transactions with a Sanctioned Person or a Sanctioned Entity
or (iv) is owned or controlled by a Sanctioned Entity or a Sanctioned Person.

 

(c) Borrower is in compliance
with, and will continue to comply with, all applicable Anti-Terrorism Laws. Borrower does not deal in, or otherwise engage in any
transaction relating to, any property or interests in property blocked pursuant to any OFAC Sanctions Programs. Borrower is not
any of the following (each a “Blocked Person”): (i) a Person that is prohibited pursuant to any of the OFAC Sanctions
Programs, including a Person named on OFAC’s list of Specially Designated Nationals and Blocked Persons; (ii) a Person that
is owned or controlled by, or that owns or controls any Person described in (i) above; or (iii) a Person with which Lender is prohibited
from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law. No part of the proceeds of the Loans will be used,
directly or indirectly, for any payments to any government official or employee, political party, official of a political party,
candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.

 

(d) Borrower shall not
(i) conduct any business or engage in any transaction or dealing with any Blocked Person, including the making or receiving any
contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any
transaction relating to, any property or interests in property blocked pursuant to the Executive Order No. 13224, (iii) engage
in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in the Executive Order No. 13224, the USA PATRIOT Act, or any other Anti-Terrorism Law, and the
Borrower shall deliver to Lender any certification or other evidence requested from time to time by Lender in its sole discretion,
confirming Borrower’s compliance with this Section, (iv) become (including by virtue of being owned or controlled by a Blocked
Person), own or control a Blocked Person or any Person that is the target of sanctions imposed by the United Nations or the European
Union including the making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person,
or (v) engage in any business or activity in violation of the Trading with the Enemy Act.

 

    	 	-3-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

3.10 Litigation.
Except for the SEC investigation described in Note 9 of Notes to Financial Statements of Borrower’s Quarterly Report on Form
10-Q for the quarter ended September 30, 2018, as of the date hereof, there is no claim, suit, litigation, proceeding or investigation
pending or, to Borrower’s knowledge, threatened against or affecting Borrower in any court or before any governmental agency
(or any basis therefor known to Borrower) involving any claim against Borrower of more than $50,000. Borrower will promptly inform
Lender in writing of any claim, proceeding, litigation or investigation in the future threatened or instituted against Borrower
involving any claim against Borrower of more than $50,000.

 

3.11 Use of Proceeds.
The proceeds of each Loan shall be used solely for Borrower’s business operations, including acquisitions of real estate
properties and working capital. Borrower is not purchasing or carrying any “margin stock” (as defined in Regulation
U of the Board of Governors of the Federal Reserve System) and no part of the proceeds of any Loan will be used to purchase or
carry any “margin stock” or to extend credit to others for the purpose of purchasing or carrying any “margin
stock.”

 

3.12 Solvency, Payment
of Debts.  Borrower is able to pay its debts (including trade debts) as they mature; the fair saleable value of Borrower’s
assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably
small capital after the transactions contemplated by this Agreement.

 

4. [INTENTIONALLY OMITTED].

 

5. ADDITIONAL DUTIES OF BORROWER.

 

5.1 Financial and Other
Covenants. Borrower shall at all times comply with the financial and other covenants set forth in the Schedule.

 

5.2 Insurance.
Borrower shall, at all times insure its tangible assets and carry such other business insurance, with insurers reasonably acceptable
to Lender, as may be legally required, are reasonable and are customary and in accordance with standard practices for Borrower’s
industry and locations. At Lender’s request, Borrower shall provide evidence of such insurance to Lender. If Borrower fails
to provide or pay for any insurance, Lender may, but is not obligated to, obtain the same at Borrower's expense.

 

5.3 Reports.
Borrower, at its expense, shall provide Lender with the written reports set forth in the Schedule, and such other written reports
with respect to Borrower as Lender shall from time to time specify in its Good Faith Business Judgment.

 

5.4 Access to Assets,
Books and Records. At reasonable times, and on one Business Day’s notice, Lender, or its agents, shall have the right
to inspect Borrower’s assets, and the right to audit and copy Borrower's books and records. The foregoing inspections and
audits shall be at Borrower’s expense and the charge therefor shall be Lender’s then current standard charge for the
same, plus reasonable out-of-pocket expenses (including without limitation any additional costs and expenses of outside auditors
retained by Lender).

 

5.5 Negative Covenants.
Except as may be permitted in the Schedule, Borrower shall not, without Lender's prior written consent (which shall be a matter
of its Good Faith Business Judgment), do any of the following:

 

(i) merge or consolidate
with another corporation or entity, except that a Borrower may merge into another Borrower with ten Business Days prior written
notice to Lender;

 

(ii) acquire any assets,
except in the ordinary course of business;

 

(iii) enter into any other
transaction outside the ordinary course of business;

 

(iv) sell or transfer
any assets, except for (A) the sale of finished inventory in the ordinary course of Borrower's business, (B) the sale of obsolete
equipment in the ordinary course of business, in an amount not more than $50,000 in any fiscal year, and (C) non-exclusive licenses
of intellectual property in the ordinary course of business;

 

(v) store any assets with
any warehouseman or other third party, unless there is in place an agreement by such warehouseman or other third party in favor
of Lender in such form as Lender shall specify in its Good Faith Business Judgment;

 

(vi) [intentionally omitted];

 

(vii) make any loans of
any money or other assets or any other Investments, other than Permitted Investments;

 

(viii) create, incur,
assume or permit to be outstanding any Indebtedness other than Permitted Indebtedness;

 

    	 	-4-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

(ix) guarantee or otherwise
become liable with respect to the obligations of another party or entity, except for (i) guaranties or indemnities by Borrower
of the obligations of a Single-Purpose Subsidiary to its mortgage lender limited to (a) damages or loss suffered by such mortgage
lender arising from certain customary “carve out” obligations, including without limitation, the gross negligence or
fraud of such Single-Purpose Subsidiary, commission of waste, mechanics’ liens, breach of environmental representations,
warranties  and covenants pertaining to hazardous substances, failure to apply rental income to the operation of the mortgaged
property, failure to pay property taxes or failure to maintain required insurance, and (b) repayment of the mortgage loan if there
is an unpermitted change of ownership of any part of the real property owned by the Single-Purpose Subsidiary securing the mortgage
loan or in the ownership of the Single-Purpose Subsidiary, if there is a bankruptcy of the Single-Purpose Subsidiary, or if such
mortgage lender’s right to recourse to the mortgaged property is prejudiced by Borrower, the Single-Purpose Subsidiary, or
any other party liable for the mortgaged loan, and (ii) customary environmental indemnity agreements by Borrower in favor of a
mortgage lender to a Single-Purpose Subsidiary pertaining to the mortgaged property;

 

(x) [intentionally omitted];

 

(xi) redeem, retire, purchase
or otherwise acquire, directly or indirectly, any of Borrower's stock or other equity securities;

 

(xii) engage, directly
or indirectly, in any business other than the businesses currently engaged in by Borrower or reasonably related thereto, or become
an “investment company” within the meaning of the Investment Company Act of 1940;

 

(xiii) directly or indirectly
enter into, or permit to exist, any material transaction with any Affiliate of Borrower, except for transactions that are in the
ordinary course of Borrower’s business, and are on fair and reasonable terms that are no less favorable to Borrower than
would be obtained in an arm’s length transaction with a non-affiliated Person; or

 

(xiv) reincorporate or
reorganize in another state;

 

(xv) change its fiscal
year;

 

(xvi) create a Subsidiary
except for Single-Purpose Subsidiaries (as defined in the Schedule) created in the ordinary course of business;

 

(xvii) dissolve or elect
to dissolve, except that a Borrower which is a wholly-owned Subsidiary of another Borrower may dissolve, with ten Business Day
prior written notice to the Lender, if all of its assets are distributed to the Borrower which owns 100% of its stock; or

 

(xviii) agree to do any
of the foregoing, unless such agreement provides that it is subject to the prior written consent of Lender.

 

Transactions permitted by
the foregoing provisions of this Section are only permitted if no Default or Event of Default has occurred and is continuing, or
would occur as a result of such transaction.

 

5.6 Litigation Cooperation.
Should any third-party suit or proceeding be instituted by or against Lender relating to Borrower, Borrower shall, without expense
to Lender, make available Borrower and its officers, employees and agents and Borrower's books and records, to the extent that
Lender may deem them reasonably necessary in order to prosecute or defend any such suit or proceeding.

 

5.7 Notification
of Changes.  Borrower will give Lender written notice of any change in its executive officers within ten days after the
date of such change.

 

5.8 [Intentionally
Omitted]. 

 

5.9 [Intentionally
Omitted]. 

 

5.10 Further Assurances.
Borrower agrees, at its expense, on request by Lender, to execute all documents and take all actions, as Lender, may, in its Good
Faith Business Judgment, deem necessary or useful in order to fully consummate the transactions contemplated by this Agreement.

 

6. TERM.

 

6.1 Maturity Date.
This Agreement shall continue in effect until the maturity date set forth on the Schedule (the “Maturity Date”), subject
to Sections 6.2 and 6.3 below.

 

6.2 Early Termination.
This Agreement may be terminated prior to the Maturity Date as follows: (i) by Borrower, effective 20 days after written notice
of termination is given to Lender; or (ii) by Lender at any time after the occurrence and during the continuance of an Event of
Default, without notice, effective immediately.

 

6.3 Payment of Obligations.
On the Maturity Date or on any earlier effective date of termination, Borrower shall pay and perform in full all Obligations, whether
evidenced by installment notes or otherwise, and whether or not all or any part of such Obligations are otherwise then due and
payable. Notwithstanding any termination of this Agreement, all of the terms and provisions of this Agreement shall continue in
full force and effect until all Obligations have been paid and performed in full; provided that Lender may, in its sole discretion,
refuse to make any further Loans after termination. No termination shall in any way affect or impair any right or remedy of Lender,
nor shall any such termination relieve Borrower of any Obligation to Lender, until all of the Obligations have been paid and performed
in full.

 

    	 	-5-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

7. EVENTS OF DEFAULT AND
REMEDIES.

 

7.1 Events of Default.
The occurrence of any of the following events shall constitute an “Event of Default” under this Agreement, and Borrower
shall give Lender immediate written notice thereof:

 

(a) Any warranty, representation,
statement, report or certificate made or delivered to Lender by Borrower or any of Borrower's officers, employees or agents, now
or in the future, shall be untrue or misleading in a material respect when made or deemed to be made; or

 

(b) Borrower shall fail to
pay when due any Loan or any interest thereon or any other monetary Obligation; or

 

(c) the total Loans and other
Obligations outstanding at any time shall exceed the Credit Limit; or

 

(d) Borrower shall fail to
comply with any non-monetary Obligation (i) which by its nature cannot be cured or (ii) which by its nature can be cured but is
similar to an Obligation with respect to which Lender has given Borrower notice of failure of compliance within the preceding 12
months; or

 

(e) Borrower shall fail to
perform any other non-monetary Obligation, and as to any such failure that can be cured, shall fail to cure such failure within
10 Business Days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that
if such failure cannot by its nature be cured within the 10 Business Days period or cannot after diligent attempts by Borrower
be cured within such 10 Business Days period, and such failure is likely to be cured within a reasonable time, then Borrower shall
have an additional reasonable period (which shall not in any case exceed 60 days) to attempt to cure such failure, and within such
reasonable time period the failure to have cured such failure shall not be deemed an Event of Default but no Loans will be made;
or

 

(f) any material assets of
Borrower become subject to any Lien (other than a Permitted Lien) which is not cured within ten Business Days after the occurrence
of the same; or

 

(g) any material assets are
attached, seized, subjected to a writ or distress warrant, or is levied upon, and such attachment, seizure, writ or distress warrant
or levy has not been removed, discharged or rescinded within ten Business Days, or if Borrower is enjoined, restrained, or in any
way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other
claim becomes a Lien on any of Borrower’s assets, or if a notice of lien, levy, or assessment is filed of record with respect
to any of Borrower’s assets by the United States Government, or any department, agency, or instrumentality thereof, or by
any state, county, municipal, or governmental agency;

 

(h) any default or event
of default occurs under any obligation secured by a Permitted Lien, which is not cured within any applicable cure period or waived
in writing by the holder of the Permitted Lien; or

 

(i) a default or event of
default shall occur under any documents or agreements evidencing or relating to any Permitted Indebtedness which is not cured within
any applicable cure period.

 

(j) Borrower breaches any
material contract or obligation, which has resulted or may reasonably be expected to result in a Material Adverse Change; or

 

(k) a
final, judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least $250,000 shall
be rendered against Borrower, and the same remain unsatisfied and unstayed for a period of 10 Business Days or more; or

 

(l) Dissolution, termination
of existence, temporary or permanent suspension of business, insolvency or business failure of Borrower; or appointment of a receiver,
trustee or custodian, for all or any part of the property of, assignment for the benefit of creditors by, or the commencement of
any Insolvency Proceeding by Borrower; or

 

(m) the commencement of any
Insolvency Proceeding against Borrower or any Guarantor, which is not cured by the dismissal thereof within 45 days after the date
commenced; or

 

(n) revocation or termination
of, or limitation or denial of liability upon, or default under, any guaranty of the Obligations or any attempt to do any of the
foregoing, or commencement of any Insolvency Proceeding by any Guarantor, or death of any Guarantor; or

 

(o) revocation or termination
of, or limitation or denial of liability upon, or default under, any pledge of any certificate of deposit, securities or other
property or asset of any kind pledged by any third party to secure any or all of the Obligations, or any attempt to do any of the
foregoing, or commencement of any Insolvency Proceeding by or against any such third party; or

 

    	 	-6-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

(p) Borrower makes any payment
on account of any Subordinated Debt, other than as permitted in the applicable subordination agreement, or if any Person who has
subordinated such indebtedness or obligations terminates or in any way limits its subordination agreement; or

 

(q) a Change in Control shall
occur; or

 

(r) an Event of Default shall
occur under any agreement to which any one or more of the following are parties with or in favor of Lender: BrixInvest, LLC; or

 

(s) Borrower shall generally
not pay its debts as they become due, or Borrower shall conceal, remove or transfer any part of its property, with intent to hinder,
delay or defraud its creditors, or make or suffer any transfer of any of its property which may be fraudulent under any bankruptcy,
fraudulent conveyance or similar law; or

 

(t) Any
director, officer, or owner of 20% or more of the issued and outstanding common stock of Borrower is indicted for a felony offense
under state or federal law and, as to a director or an officer, such director or officer is not terminated by Borrower within thirty
(30) days after Borrower has actual knowledge of such indictment, or Borrower hires an officer or has a director who has been convicted
of any such felony offense, or a Person becomes an owner of at least 20% of the issued and outstanding common stock of Borrower
who has been convicted of any such felony offense; or

 

(u) a Material Adverse Change
shall occur.

 

Lender may cease making any
Loans hereunder during any of the above cure periods, and thereafter if an Event of Default has occurred and is continuing.

 

7.2 Remedies.
Upon the occurrence and during the continuance of any Event of Default, and at any time thereafter, Lender, at its option, and
without notice or demand of any kind (all of which are hereby expressly waived by Borrower), may do any one or more of the following:
(a) Cease making Loans or otherwise extending credit to Borrower under this Agreement or any other Loan Document; (b) Accelerate
and declare all or any part of the Obligations to be immediately due, payable, and performable, notwithstanding any deferred or
installment payments allowed by any instrument evidencing or relating to any Obligation (except that all Obligations shall be automatically
accelerated and due and payable upon the commencement of any Insolvency Proceeding by Borrower or any Event of Default under Section
7.1(m)); (c) demand and receive possession of any of Borrower's federal and state income tax returns and the books and records
utilized in the preparation thereof or referring thereto; (d) set off any of the Obligations against any general, special or other
Deposit Accounts of Borrower maintained with Lender; and (e) exercise any and all rights and remedies of Borrower, whether by contract,
law, equity or otherwise. All reasonable attorneys' fees, expenses, costs, liabilities and obligations incurred by Lender with
respect to the foregoing shall be added to and become part of the Obligations, shall be due on demand, and shall bear interest
at a rate equal to the highest interest rate applicable to any of the Obligations. Without limiting any of Lender's rights and
remedies, from and after the occurrence and during the continuance of any Event of Default, the interest rate applicable to the
Obligations shall be increased by an additional six percent per annum (the “Default Rate”).

 

7.3 [Intentionally
Omitted].

 

7.4 [Intentionally
Omitted].

 

7.5 Power of Attorney.
Upon the occurrence and during the continuance of any Event of Default, without limiting Lender’s other rights and remedies,
Borrower grants to Lender an irrevocable power of attorney coupled with an interest, authorizing and permitting Lender (acting
through any of its employees, attorneys or agents) at any time, at its option, but without obligation, with or without notice to
Borrower, and at Borrower's expense, to do any or all of the following, in Borrower's name or otherwise, but Lender agrees that
if it exercises any right hereunder, it will do so in good faith and in a commercially reasonable manner: (a) pay any sums required
on account of Borrower's taxes or to secure the release of any Liens therefor, or both; (b) instruct any third party having custody
or control of any books or records belonging to, or relating to, Borrower to give Lender the same rights of access and other rights
with respect thereto as Lender has under this Agreement; and (c) take any action or pay any sum required of Borrower pursuant to
this Agreement and any other Loan Documents. Any and all reasonable sums paid and any and all reasonable costs, expenses, liabilities,
obligations and attorneys' fees incurred by Lender with respect to the foregoing shall be added to and become part of the Obligations,
shall be payable on demand, and shall bear interest at a rate equal to the highest interest rate applicable to any of the Obligations.
In no event shall Lender's rights under the foregoing power of attorney or any of Lender's other rights under this Agreement be
deemed to indicate that Lender is in control of the business, management or properties of Borrower.

 

7.6 [Intentionally
Omitted].

 

    	 	-7-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

7.7 Remedies Cumulative.
In addition to the rights and remedies set forth in this Agreement, Lender shall have all the other rights and remedies accorded
a creditor or other contracting party under under all applicable laws, and under any other instrument or agreement now or in the
future entered into between Lender and Borrower, and all of such rights and remedies are cumulative and none is exclusive. Exercise
or partial exercise by Lender of one or more of its rights or remedies shall not be deemed an election, nor bar Lender from subsequent
exercise or partial exercise of any other rights or remedies. The failure or delay of Lender to exercise any rights or remedies
shall not operate as a waiver thereof, but all rights and remedies shall continue in full force and effect until all of the Obligations
have been fully paid and performed.

 

8. Definitions.
As used in this Agreement, the following terms have
the following meanings:

 

“Affiliate”
means, with respect to any Person, a relative, partner, shareholder, director, officer, or employee of such Person, or any parent
or subsidiary of such Person, or any Person controlling, controlled by or under common control with such Person.

 

“this Agreement”,
“the Loan Agreement” and “this Loan Agreement” mean collectively to this Loan Agreement and
the Schedule and all exhibits and schedules thereto, as the same may be modified, amended or restated from time to time by a written
agreement signed by Borrower and Lender.

 

“Anti-Terrorism
Laws” means (i) the Money Laundering Control Act of 1986 (i.e., 18 U.S.C. §§ 1956 and 1957), (ii) the Bank
Secrecy Act, as amended by the USA PATRIOT Act, (iii) the laws, regulations and Executive Orders administered by the United States
Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), (iv) the Comprehensive Iran Sanctions,
Accountability, and Divestment Act of 2010 and implementing regulations by the United States Department of the Treasury, (v) the
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), (vi) any law enacted in the United States, Canada or
any other jurisdiction in which any Borrower or any of its Subsidiaries operate prohibiting or directed against terrorist activities
or the financing of terrorist activities (e.g., 18 U.S.C. §§ 2339A and 2339B), (vii) the foreign asset control regulations
of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any enabling legislation or executive
order relating thereto, or (viii) any similar laws relating to terrorism or money laundering enacted in the United States, Canada
or any other jurisdictions in which Borrower or any of its Subsidiaries operate, as any of the foregoing laws may from time to
time be amended, renewed, extended, or replaced and all other legal requirements of any Governmental Authority governing, addressing,
relating to, or attempting to eliminate, terrorist acts and acts of war and any regulations promulgated pursuant thereto.

 

“BrixInvest LSA” means the
Loan and Security Agreement dated on or about April 30, 2019 between Lender and BrixInvest, LLC, as amended, modified or restated.

 

“Business Day” means a day
on which Lender is open for business other than Saturday, Sunday or Federal holiday.

 

“Change in Control”
means: (i) Parent shall cease to own 100% of the outstanding stock of Rich Uncles NNN LP, LLC without the prior written consent
of Lender; or (ii) Parent and Rich Uncles NNN LP, LLC shall cease to own a combined 100% of the outstanding stock of Rich Uncles
NNN Operating Partnership, LP without the prior written consent of Lender; or (iii) a transaction other than a bona fide
equity financing or series of financings on terms and from investors reasonably acceptable to Lender in which any “person”
or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of a sufficient number
of shares of all classes of stock then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering
such “person” or “group” to elect a majority of the Board of Directors of Borrower, who did not have such
power before such transaction.

 

“Code”
means the Uniform Commercial Code as adopted and in effect in the State of California from time to time.

 

“Compliance Certificates”
has the meaning set forth in Section 6 of the Schedule.

 

“Contingent Obligation”
means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (i)
any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation
directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in respect of which
that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate
credit cards or merchant services issued for the account of that Person; and (iii) all obligations arising under any interest rate,
currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement
designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however,
that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course
of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of
the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall
not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement.

 

    	 	-8-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

“continuing”
and “during the continuance of” when used with reference to a Default or Event of Default means that the Default
or Event of Default has occurred and has not been either waived in writing by Lender or cured within any applicable cure period.

 

“Default”
means any event which with notice or passage of time or both, would constitute an Event of Default.

 

“Default Rate”
has the meaning set forth in Section 7.2 above.

 

“Deposit Accounts”
means all present and future “deposit accounts” as defined in the Code in effect on the date hereof with such additions
to such term as may hereafter be made, and includes without limitation all general and special bank accounts, demand accounts,
checking accounts, savings accounts and certificates of deposit.

 

“Event of Default”
means any of the events set forth in Section 7.1 of this Agreement.

 

“GAAP”
means generally accepted accounting principles consistently applied, as in effect from time to time in the United States.

 

“Good Faith Business
Judgment” means Lender’s business judgment, exercised honestly and in good faith and not arbitrarily.

 

“Guarantor”
means any Person who has guaranteed, or in the future guarantees, any of the Obligations.

 

“including”
means including (but not limited to).

 

“Indebtedness”
means (a) all indebtedness created, assumed or incurred in any manner by Borrower representing money borrowed (including by the
issuance of debt securities, notes, bonds debentures or similar instruments), (b) all indebtedness for the deferred purchase price
of property or services, (c) the Obligations, (d) obligations and liabilities of any Person secured by a Lien or claim on property
owned by Borrower, even though Borrower has not assumed or become liable therefor, (e) obligations and liabilities created or arising
under any capital lease or conditional sales contract or other title retention agreement with respect to property used or acquired
by Borrower, even though the rights and remedies of the lessor, seller or lender are limited to repossession or otherwise limited;
(f) all obligations of Borrower on or with respect to letters of credit, bankers’ acceptances and other similar extensions
of credit whether or not representing obligations for borrowed money; and (g) the amount of any Contingent Obligations.

 

“Insolvency Proceeding”
means any proceeding commenced by or against any Person or entity under any provision of the United States Bankruptcy Code, as
amended, or under any other state, federal or other bankruptcy or insolvency law, now or hereafter in effect, including assignments
for the benefit of creditors, formal or informal moratoria, compositions, extension generally with its creditors, or proceedings
seeking reorganization, arrangement, readjustment of debt, dissolution or liquidation, or other relief.

 

“Investment”
means any beneficial ownership interest in any Person (including stock, securities, partnership interest, limited liability company
interest, or other interests), and any loan, advance or capital contribution to any Person, including the creation or capital contribution
to a wholly-owned or partially-owned subsidiary)

 

“Lien”
means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

 

“Loan Documents”
means, collectively, this Agreement and all other present and future documents, instruments and agreements between Lender and Borrower,
including, but not limited to those relating to this Agreement, and all amendments and modifications thereto and replacements therefor.

 

“Material Adverse
Change” means a material adverse effect on (i) the operations, business, prospects or financial condition of Borrower,
(ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents, or (iii) Borrower’s
interest in, or the value of, Borrower’s assets.

 

“Obligations”
means all present and future Loans, advances, debts, liabilities, obligations, guaranties, covenants, duties and indebtedness at
any time owing by Borrower to Lender, whether arising under this Agreement, or any note or other instrument or document, or otherwise,
whether arising from an extension of credit, opening of a letter of credit, banker's acceptance, loan, guaranty, indemnification
or otherwise, whether direct or indirect (including, without limitation, those acquired by assignment and any participation by
Lender in Borrower's debts owing to others, and any interest and other obligations that accrue after the commencement of an Insolvency
Proceeding), absolute or contingent, due or to become due, including, without limitation, all interest, charges, expenses, fees,
attorney's fees, expert witness fees, audit fees, letter of credit fees, collateral monitoring fees, closing fees, facility fees,
termination fees, minimum interest charges and any other sums chargeable to Borrower under this Agreement or under any other Loan
Documents.

 

    	 	-9-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

“Overadvance”
is defined in Section 1.3.

 

“Parent”
means RW Holdings NNN REIT, Inc.

 

“Payment”
means all checks, wire transfers and other items of payment received by Lender (including payment of the Obligations in full) for
credit to Borrower’s outstanding Loans.

 

“Permitted Indebtedness”
means:

 

(i) the Obligations;

 

(ii) Subordinated Debt;

 

(iii) Indebtedness existing
on the date hereof in a total principal amount not in excess of $100,000;

 

(iv) trade payables incurred
in the ordinary course of business;

 

(v) Indebtedness incurred
as a result of endorsing negotiable instruments received in the ordinary course of business;

 

(vi) capitalized leases
and purchase money Indebtedness secured by Permitted Liens in an aggregate amount not exceeding $250,000 at any time outstanding,
provided the amount of such capitalized leases and purchase money Indebtedness do not exceed, at the time they were incurred, the
lesser of the cost or fair market value of the property so leased or financed with such Indebtedness;

 

(vii) extensions, refinancings,
modifications, amendments and restatements of any items of Permitted Indebtedness in clauses (iii) through (vi) above, provided
that the principal amount thereof is not increased and the terms thereof are not modified to impose more burdensome terms upon
Borrower.

 

“Permitted Investments”
means:

 

(i) Marketable
direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing
within one year from the date of acquisition thereof, commercial paper maturing no more than one year from the date of creation
thereof and currently having rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s
Investors Service, Lender’s certificates of deposit maturing no more than one year from the date of investment therein, and
Lender’s money market accounts; Investments in regular deposit or checking accounts held with Lender or subject to a control
agreement in favor of Lender;

 

(ii) Investments
of a Borrower in another Borrower;

 

(iii) Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement
of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s
business; and

 

(iv) ownership
interests of Borrower in Single-Purpose Subsidiaries (as defined in the Schedule) obtained in the ordinary course of business.

 

“Permitted Liens”
means the following:

 

(i) purchase money security
interests in specific items of equipment;

 

(ii) leases of specific
items of equipment;

 

(iii) Liens for taxes not
yet payable;

 

(iv) Liens arising from
judgments, decrees or attachments in circumstances not constituting an Event of Default;

 

(v) security interests being
terminated substantially concurrently with this Agreement;

 

(vi) Liens incurred on deposits
made in the ordinary course of business in connection with workers compensation, unemployment insurance, social security and other
like laws or to secure the performance of statutory obligations, in an aggregate amount not exceeding $50,000 at any time;

 

(vii) Liens of mechanics,
materialmen, workers, repairmen, fillers and common carriers arising by operation of law for amounts that are not yet due and payable
or which are being contested in good faith by Borrower by appropriate proceedings, in an aggregate amount not exceeding $25,000
at any time; and

 

    	 	-10-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

(viii) deposits or pledges
of cash to secure leases arising in the ordinary course of business, in an aggregate amount not exceeding $50,000 at any time.

 

“Person”
means any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization,
association, corporation, government, or any agency or political division thereof, or any other entity.

 

“Prime Rate”
means the variable rate of interest per annum, shown as the “prime rate” or “bank prime rate”, as published
in the Wall Street Journal. If for any reason the Wall Street Journal does not publish a “prime rate”
or “bank prime rate”, then the “Prime Rate” shall be such rate as Lender shall select in its Good Faith
Business Judgment from time to time, which is reasonably comparable to the “prime rate” or “bank prime rate”,
as published in the Wall Street Journal. 

 

“REIT Portfolio
Debt Default” means any default or event of default under any documents or agreements evidencing or relating to any Indebtedness
for borrowed money owed by any Subsidiary of Rich Uncles NNN Operating Partnership, LP.

 

“Reserves”
means, as of any date of determination, such amounts as Lender may from time to time establish and revise in its Good Faith Business
Judgment, reducing the amount of Loans, and other financial accommodations which would otherwise be available to Borrower under
the lending formulas provided in the Schedule: (a) to reflect events, conditions, contingencies or risks which, as determined by
Lender in its Good Faith Business Judgment, do or may adversely affect the assets, business or prospects of Borrower or any Guarantor;
or (b) to reflect Lender's good faith belief that any asset or financial information furnished by or on behalf of Borrower or any
Guarantor to Lender is or may have been incomplete, inaccurate or misleading in any material respect; or (c) in respect of any
state of facts which Lender determines in good faith constitutes an Event of Default or may, with notice or passage of time or
both, constitute an Event of Default.

 

“Sanctioned Entity”
means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization directly or
indirectly controlled by a country or its government, or (d) a Person resident in or determined to be resident in a country, in
each case, that is subject to a country sanctions program administered and enforced by OFAC.

 

“Sanctioned Person”
means a Person named on the OFAC-maintained list of “Specially Designated Nationals” (as defined by OFAC).

 

“Subordinated Debt”
means unsecured Indebtedness which is on terms acceptable to Lender in its Good Faith Business Judgment, and which is subordinated
to the Obligations pursuant to a Subordination Agreement in such form as Lender shall specify in its Good Faith Business Judgment.

 

“Subsidiary”
means, with respect to any Person, a Person of which more than 50% of the voting stock or other equity interests is owned or controlled,
directly or indirectly, by such Person or one or more Affiliates of such Person.

 

“Trigger Event”
has the meaning set forth in Section 8 of the Schedule hereto.

 

“USA PATRIOT Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.

 

“Wirta Guarantors”
means, collectively, Guarantors Raymond E. Wirta and the Wirta Family Trust dated July 5, 1985, as amended August 15, 2006 and
April 22, 2016.

 

Other Terms. All accounting
terms used in this Agreement, unless otherwise indicated, shall have the meanings given to such terms in accordance with GAAP,
consistently applied. All other terms contained in this Agreement, unless otherwise indicated, shall have the meanings provided
by the Code, to the extent such terms are defined therein.

 

9. GENERAL
PROVISIONS.

 

9.1 Application of
Payments. All payments with respect to the Obligations may be applied, and in Lender's Good Faith Business Judgment reversed
and re-applied, to the Obligations, in such order and manner as Lender shall determine in its Good Faith Business Judgment. Lender
shall not be required to credit Borrower's account for the amount of any item of payment which is unsatisfactory to Lender in its
Good Faith Business Judgment, and Lender may charge Borrower's loan account for the amount of any item of payment which is returned
to Lender unpaid. In computing interest on the Obligations, all Payments will be deemed received when received in immediately available
funds, and if such immediately available funds are received after 1:00 PM Pacific Time on any day, they shall be deemed received
on the next Business Day.

 

    	 	-11-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

9.2 Increased Costs
and Reduced Return. If Lender shall have determined that the adoption or implementation of, or any change in, any law,
rule, treaty or regulation, or any policy, guideline or directive of, or any change in, the interpretation or administration thereof
by, any court, central bank or other administrative or governmental authority, or compliance by Lender with any directive of, or
guideline from, any central bank or other Governmental Authority or the introduction of, or change in, any accounting principles
applicable to Lender (whether or not having the force of law) shall (i) subject the Lender to any tax, duty or other charge with
respect to this Agreement or any Loan made hereunder, or change the basis of taxation of payments to Lender of any amounts payable
hereunder (except for taxes on the overall net income of Lender), (ii) impose, modify or deem applicable any reserve, special deposit
or similar requirement against any Loan, or against assets of or held by, or deposits with or for the account of, or credit extended
by, Lender, or (iii) impose on Lender any other condition regarding this Agreement or any Loan, and the result of any event
referred to in clauses (i), (ii) or (iii) above shall be to increase the cost to Lender of making any Loan, or agreeing to make
any Loan or to reduce any amount received or receivable by Lender, then, upon demand by Lender, the Borrower shall pay to Lender
such additional amounts as will compensate the Lender for such increased costs or reductions in amount. All amounts payable under
this Section shall bear interest from the date of demand by the Lender until payment in full to the Lender at the highest interest
rate applicable to the Obligations. A certificate of the Lender claiming compensation under this Section, specifying the event
herein above described and the nature of such event shall be submitted by the Lender to the Borrower, setting forth the additional
amount due and an explanation of the calculation thereof, and the Lender's reasons for invoking the provisions of this Section,
and the same shall be final and conclusive absent manifest error.

 

9.3 Charges to Accounts.
Lender may, in its discretion, require that Borrower pay monetary Obligations in cash to Lender, or charge them to Borrower’s
Loan account (in which event they will bear interest at the same rate applicable to the Loans), or any of Borrower’s Deposit
Accounts maintained with Lender.

 

9.4 Monthly Accountings.
Lender may provide Borrower monthly with an account of advances, charges, expenses and payments made pursuant to this Agreement.
Such account shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications
of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within
60 days after such account is rendered, describing the nature of any alleged errors or omissions.

 

9.5 Notices.
All notices to be given under this Agreement shall be in writing and shall be given either personally or by reputable private delivery
service (including commercial overnight courier such as FedEx, GSO or UPS) or by Express Mail or by United States certified mail
return receipt requested, addressed (i) to Borrower at the address shown in the heading to this Agreement, or (ii) to Lender at
the address shown in the heading to this Agreement, or (iii) for either party at any other address designated in writing by one
party to the other party. All notices shall be deemed to have been given upon delivery in the case of notices personally delivered,
or at the expiration of one Business Day following delivery to the overnight private delivery service, or two Business Days following
the deposit thereof in the Express Mail or United States certified mail, with postage prepaid.

 

9.6 Severability.
Should any provision of this Agreement be held by any court of competent jurisdiction to be void or unenforceable, such defect
shall not affect the remainder of this Agreement, which shall continue in full force and effect.

 

9.7 Integration.
This Agreement and such other written agreements, documents and instruments as may be executed in connection herewith are the final,
entire and complete agreement between Borrower and Lender and supersede all prior and contemporaneous negotiations and oral representations
and agreements, all of which are merged and integrated in this Agreement. There are no oral understandings, representations
or agreements between the parties which are not set forth in this Agreement or in other written agreements signed by the parties
in connection herewith.

 

9.8 Waivers; Indemnity.
The failure of Lender at any time or times to require Borrower to strictly comply with any of the provisions of this Agreement
or any other Loan Document shall not waive or diminish any right of Lender later to demand and receive strict compliance therewith.
Any waiver of any default shall not waive or affect any other default, whether prior or subsequent, and whether or not similar.
None of the provisions of this Agreement or any other Loan Document shall be deemed to have been waived by any act or knowledge
of Lender or its agents or employees, but only by a specific written waiver signed by an authorized officer of Lender and delivered
to Borrower. Borrower waives the benefit of all statutes of limitations relating to any of the Obligations or this Agreement or
any other Loan Document, and Borrower waives demand, protest, notice of protest and notice of default or dishonor, notice of payment
and nonpayment, release, compromise, settlement, extension or renewal of any commercial paper, instrument, account, general intangible,
document or guaranty at any time held by Lender on which Borrower is or may in any way be liable, and notice of any action taken
by Lender, unless expressly required by this Agreement. Borrower hereby agrees to indemnify Lender and its affiliates, subsidiaries,
parent, directors, officers, employees, agents, and attorneys, and to hold them harmless from and against any and all claims, debts,
liabilities, demands, obligations, actions, causes of action, penalties, costs and expenses (including reasonable attorneys' fees),
of every kind, which they may sustain or incur based upon or arising out of any of the Obligations, or any relationship or agreement
between Lender and Borrower, or any other matter, relating to Borrower or the Obligations; provided that this indemnity shall not
extend to damages proximately caused by the indemnitee’s own gross negligence or willful misconduct. Notwithstanding any
provision in this Agreement to the contrary, the indemnity agreement set forth in this Section shall survive any termination of
this Agreement and shall for all purposes continue in full force and effect.

 

    	 	-12-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

9.9 Liability.
NEITHER LENDER NOR ANY OF ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR ATTORNEYS SHALL BE LIABLE FOR
ANY CLAIMS, DEMANDS, LOSSES OR DAMAGES, OF ANY KIND WHATSOEVER, MADE, CLAIMED, INCURRED OR SUFFERED BY BORROWER OR ANY OTHER PARTY
THROUGH THE ORDINARY NEGLIGENCE OF LENDER, OR ITS PARENT OR ANY OF ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES,
AGENTS OR ATTORNEYS, BUT NOTHING HEREIN SHALL RELIEVE LENDER FROM LIABILITY FOR ITS OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.
NEITHER LENDER NOR ANY OF ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR ATTORNEYS SHALL BE RESPONSIBLE
OR LIABLE TO BORROWER OR TO ANY OTHER PARTY FOR ANY INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES OR LOST PROFITS WHICH
MAY BE ALLEGED AS A RESULT OF ANY FINANCIAL ACCOMMODATION HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR
AS A RESULT OF ANY OTHER ACT, OMISSION OR TRANSACTION.

 

9.10 Amendment.
The terms and provisions of this Agreement may not be waived or amended, except in a writing executed by Borrower and a duly authorized
officer of Lender.

 

9.11 Time of Essence.
Time is of the essence in the performance by Borrower of each and every obligation under this Agreement.

 

9.12 Attorneys Fees
and Costs. Borrower shall reimburse Lender for all reasonable attorneys' and consultant’s fees (including without
limitation those of Lender’s outside counsel and in-house counsel, and whether incurred before, during or after an Insolvency
Proceeding), and all filing, recording, search, title insurance, appraisal, audit, and other reasonable costs incurred by Lender,
pursuant to, or in connection with, or relating to this Agreement (whether or not a lawsuit is filed), including, but not limited
to, any reasonable attorneys' fees and costs Lender incurs in order to do the following: prepare and negotiate this Agreement and
all present and future documents relating to this Agreement; obtain legal advice in connection with this Agreement or Borrower;
enforce, or seek to enforce, any of its rights; commence, intervene in, or defend any action or proceeding; initiate any complaint
to be relieved of any automatic stay in bankruptcy; file or prosecute any probate claim, bankruptcy claim, third-party claim, or
other claim; examine, audit, copy, and inspect any of Borrower’s assets or any of Borrower's books and records; protect,
obtain possession of, lease, dispose of, or otherwise enforce Lender’s security interest in, collateral (if any); and otherwise
represent Lender in any litigation relating to Borrower. If either Lender or Borrower files any lawsuit against the other predicated
on a breach of this Agreement, the prevailing party in such action shall be entitled to recover its reasonable costs and attorneys'
fees, including (but not limited to) reasonable attorneys' fees and costs incurred in the enforcement of, execution upon or defense
of any order, decree, award or judgment from the non-prevailing party. All attorneys' fees and costs to which Lender may be entitled
pursuant to this Paragraph shall immediately become part of Borrower's Obligations, shall be due on demand, and shall bear interest
at a rate equal to the highest interest rate applicable to any of the Obligations.

 

9.13 Benefit of Agreement.
The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors, assigns, heirs, beneficiaries
and representatives of Borrower and Lender; provided, however, that Borrower may not assign or transfer any of its rights under
this Agreement without the prior written consent of Lender, and any prohibited assignment shall be void. No consent by Lender to
any assignment shall release Borrower from its liability for the Obligations.

 

9.14 Joint and Several
Liability. If Borrower consists of more than one Person, their liability shall be joint and several, and the compromise
of any claim with, or the release of, any Borrower shall not constitute a compromise with, or a release of, any other Borrower.

 

9.15 Limitation of
Actions. Any claim or cause of action by Borrower against Lender, its directors, officers, employees, agents, accountants
or attorneys, based upon, arising from, or relating to this Loan Agreement, or any other Loan Document, or any other transaction
contemplated hereby or thereby or relating hereto or thereto, or any other matter, cause or thing whatsoever, occurred, done, omitted
or suffered to be done by Lender, its directors, officers, employees, agents, accountants or attorneys, shall be barred unless
asserted by Borrower by the commencement of an action or proceeding in a court of competent jurisdiction by the filing of a complaint
within one year after the first act, occurrence or omission upon which such claim or cause of action, or any part thereof, is based,
and the service of a summons and complaint on an officer of Lender, or on any other person authorized to accept service on behalf
of Lender, within thirty (30) days thereafter. Borrower agrees that such one-year period is a reasonable and sufficient time for
Borrower to investigate and act upon any such claim or cause of action. The one-year period provided herein shall not be waived,
tolled, or extended except by the written consent of Lender in its sole discretion. This provision shall survive any termination
of this Loan Agreement or any other Loan Document.

 

    	 	-13-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

9.16 Section Headings;
Construction; Signing. Section headings are only used in this Agreement for convenience. Borrower and Lender acknowledge
that the headings may not describe completely the subject matter of the applicable section, and the headings shall not be used
in any manner to construe, limit, define or interpret any term or provision of this Agreement. This Agreement has been fully reviewed
and negotiated between the parties and no uncertainty or ambiguity in any term or provision of this Agreement shall be construed
strictly against Lender or Borrower under any rule of construction or otherwise. This Agreement may be executed and delivered by
exchanging original signed counterparts, or signed counterparts by facsimile, pdf or other electronic means, or a combination of
the foregoing, and this Agreement shall be fully effective if so executed and delivered.

 

9.17 Public Announcement.
Borrower hereby agrees that Lender may make a public announcement of the transactions contemplated by this Agreement, and may publicize
the same in marketing materials, newspapers and other publications, and otherwise, and in connection therewith may use the Borrower’s
name, tradenames and logos.

 

9.18 Confidentiality.
Lender agrees to use the same degree of care that it exercises with respect to its own proprietary information, to maintain the
confidentiality of any and all proprietary, trade secret or confidential information provided to or received by Lender from the
Borrower, which indicates that it is confidential or would reasonably be understood to be confidential, including business plans
and forecasts, non-public financial information, confidential or secret processes, formulae, devices and contractual information,
customer lists, and employee relation matters, provided that Lender may disclose such information to its officers, directors, employees,
attorneys, accountants, affiliates, participants, prospective participants, assignees and prospective assignees, and such other
Persons to whom Lender shall at any time be required to make such disclosure in accordance with applicable law, and provided, that
the foregoing provisions shall not apply to disclosures made by Lender in its Good Faith Business Judgment in connection with the
enforcement of its rights or remedies after an Event of Default. The confidentiality agreement in this Section supersedes any prior
confidentiality agreement of Lender relating to Borrower.

 

9.19 PATRIOT Act Notice.
Lender hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify
and record information that identifies Borrower and each of its Subsidiaries, which information includes the names and addresses
of each Borrower and each of its Subsidiaries and other information that will allow it to identify Borrower and each of its Subsidiaries
in accordance with the USA PATRIOT Act.

 

9.20 Governing Law;
Jurisdiction; Venue. This Agreement and all acts, transactions, disputes and controversies arising hereunder or relating
hereto, and all rights and obligations of the parties shall be governed by, and construed in accordance with, the internal laws
(and not the conflict of laws rules) of the State of California. All disputes, controversies, claims, actions and other proceedings
involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this Agreement or the relationship
between Borrower and Lender, and any and all other claims of Borrower against Lender of any kind, shall be brought only in a court
located in Orange County, California, and each party consents to the jurisdiction of an such court and the referee referred to
in Section 9.21 below, and waives any and all rights the party may have to object to the jurisdiction of any such court, or to
transfer or change the venue of any such action or proceeding, including, without limitation, any objection to venue or request
for change in venue based on the doctrine of forum non conveniens; provided that, notwithstanding the foregoing, nothing
herein shall limit the right of Lender to bring proceedings against Borrower in the courts of any other jurisdiction. Borrower
consents to service of process in any action or proceeding brought against it by Lender, by personal delivery, or by mail addressed
as set forth in this Agreement or by any other method permitted by law.

 

9.21 Dispute Resolution.
Any controversy, dispute or claim between the parties based upon, arising out of, or in any way relating to: (i) this Agreement
or any supplement or amendment thereto; or (ii) any other present or future instrument or agreement between the parties hereto;
or (iii) any breach, conduct, acts or omissions of any of the parties hereto or any of their respective directors, officers, employees,
agents, attorneys or any other person affiliated with or representing any of the parties hereto; in each of the foregoing cases,
whether sounding in contract or tort or otherwise (a “Dispute”) shall be resolved exclusively by judicial reference
in accordance with Sections 638 et seq. of the California Code of Civil Procedure (“CCP”) and Rules 3.900 et seq. of
the California Rules of Court (“CRC”), subject to the following terms and conditions. (All references in this section
to provisions of the CCP and/or CRC shall be deemed to include any and all successor provisions.)

 

(a) The
reference shall be a consensual general reference pursuant to CCP Sections 638 and 644(a). Unless the parties otherwise agree in
writing, the reference shall be to a single referee. The referee shall be a retired Judge of the Los Angeles County or Orange County
Superior Court (“Superior Court”) or a retired Justice of the California Court of Appeal or California Supreme Court.
Nothing in this section shall be construed to limit the right of Lender, pending or after the appointment of the referee, to seek
and obtain provisional relief from the Superior Court or such referee, or any other court in a jurisdiction in which any collateral
is located or having jurisdiction over any collateral, including without limitation, writ of attachment, writ of possession, appointment
of a receiver, temporary restraining order and/or preliminary injunction, or other “provisional remedy” (as such term
is defined in CCP Section 1281.8).

 

    	 	-14-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

(b) Within
fifteen (15) days after a party gives written notice in accordance with this Agreement to all other parties to a Dispute that the
Dispute exists, all parties to the Dispute shall attempt to agree on the individual to be appointed as referee. If the parties
are unable to agree on the individual to be appointed as referee, the referee shall be appointed, upon noticed motion or ex parte
application by any party, by the Superior Court in accordance with CCP Section 640, subject to all rights of the parties to challenge
or object to the appointment, including without limitation the right to peremptory challenge under CCP Section 170.6. If the referee
(or any successor referee) appointed by the Superior Court is unable, or at any time becomes unable, to serve as referee in the
Dispute, the Superior Court shall appoint a new referee as agreed to by the parties or, if the parties cannot agree, in accordance
with CCP Section 640, which new referee shall then have the same powers, and be subject to the same terms and conditions, as the
predecessor referee.

 

(c) Venue
for all proceedings before the referee, and for any Superior Court proceeding for the appointment of the referee, shall be exclusively
within the County of Orange, State of California. The referee shall have the exclusive power to determine whether a Dispute is
subject to judicial reference pursuant to this section. Trial, and all proceedings and hearings on dispositive motions, conducted
before the referee shall be conducted in the presence of, and shall be transcribed by, a court reporter, unless otherwise agreed
in writing by all parties to the proceeding. The referee shall issue a written statement of decision, which shall be subject to
objections of the parties pursuant to CRC Rule 3.1590 as if the statement of decision were issued by the Superior Court. The referee’s
powers include, in addition to those set forth in CCP Sections 638, et seq., and CRC Rules 3.900 et seq., (i) the power to
grant provisional relief, including without limitation, writ of attachment, writ of possession, appointment of a receiver, temporary
restraining order and/or preliminary injunction, or other “provisional remedy” (as such term is defined in CCP Section
1281.8), and (ii) the power to hear and resolve all post-trial matters in connection with the Dispute that would otherwise
be determined by the Superior Court, including without limitation motions for new trial, reconsideration, to vacate judgment, to
stay execution or enforcement, to tax costs, and/or for attorneys’ fees. The parties shall, subject to the referee's power
to award costs to the prevailing party, bear equally the costs of the reference proceeding, including without limitation the fees
and costs of the referee and the court reporter.

 

(d) The
parties acknowledge and agree that (i) the referee alone shall determine all issues of fact and/or law in the Dispute, without
a jury (subject, however, to the right of a party, pending or after the appointment of the referee, to seek and obtain provisional
relief from the Superior Court or such referee, including without limitation, writ of attachment, writ of possession, appointment
of a receiver, temporary restraining order and/or preliminary injunction, or other “provisional remedy” (as such term
is defined in CCP Section 1281.8)), (ii) the referee does not have the power to empanel a jury, (iii) the Superior Court shall
enter judgment on the decision of the referee pursuant to CCP Section 644(a) as if the decision were issued by the Superior Court,
(iv) the decision of the referee shall not be subject to review by the Superior Court, and (v) the decision of the referee, once
entered as a judgment by the Superior Court, shall be binding, final and conclusive, shall have the full force and effect of a
judgment of the Superior Court, and shall be subject to appeal to the same extent as a judgment of the Superior Court.

 

9.22 Multiple Borrowers;
Suretyship Waivers.

 

(a) Borrowers' Agent.
Each Borrower hereby irrevocably appoints each other Borrower, as the agent, attorney-in-fact and legal representative of all Borrowers
for all purposes, including requesting disbursement of Loans and receiving account statements and other notices and communications
to Borrowers (or any of them) from Lender. Lender may rely, and shall be fully protected in relying, on any request for a Loan,
disbursement instruction, report, information or any other notice or communication made or given by any Borrower, whether in its
own name, as Borrowers' agent, or on behalf of one or more Borrowers, and Lender shall not have any obligation to make any inquiry
or request any confirmation from or on behalf of any other Borrower as to the binding effect on it of any such request, instruction,
report, information, other notice or communication, nor shall the joint and several character of Borrowers' obligations hereunder
be affected thereby.

 

    	 	-15-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

(b) Waivers.
Each Borrower hereby waives: (i) any right to require Lender to institute suit against, or to exhaust its rights and remedies against,
any other Borrower or any other person, or to proceed against any property of any kind which secures all or any part of the Obligations,
or to exercise any right of offset or other right with respect to any reserves, credits or deposit accounts held by or maintained
with Lender or any indebtedness of Lender to any other Borrower, or to exercise any other right or power, or pursue any other remedy
Lender may have; (ii) any defense arising by reason of any disability or other defense of any other Borrower or any Guarantor
or any endorser, co-maker or other person, or by reason of the cessation from any cause whatsoever of any liability of any other
Borrower or any Guarantor or any endorser, co-maker or other person, with respect to all or any part of the Obligations, or by
reason of any act or omission of Lender or others which directly or indirectly results in the discharge or release of any other
Borrower or any Guarantor or any other person or any Obligations or any security therefor, whether by operation of law or otherwise;
(iii) any defense arising by reason of any failure of Lender to obtain, perfect, maintain or keep in force any Lien on, any
property of any Borrower or any other person; (iv) any defense based upon or arising out of any bankruptcy, insolvency, reorganization,
arrangement, readjustment of debt, liquidation or dissolution proceeding commenced by or against any other Borrower or any Guarantor
or any endorser, co-maker or other person, including without limitation any discharge of, or bar against collecting, any of the
Obligations (including without limitation any interest thereon), in or as a result of any such proceeding. Until all of the Obligations
have been paid, performed, and discharged in full, nothing shall discharge or satisfy the liability of Borrower hereunder except
the full performance and payment of all of the Obligations. If any claim is ever made upon Lender for repayment or recovery of
any amount or amounts received by Lender in payment of or on account of any of the Obligations, because of any claim that any such
payment constituted a preferential transfer or fraudulent conveyance, or for any other reason whatsoever, and Lender repays all
or part of said amount by reason of any judgment, decree or order of any court or administrative body having jurisdiction over
Lender or any of its property, or by reason of any settlement or compromise of any such claim effected by Lender with any such
claimant (including without limitation any other Borrower), then and in any such event, Borrower agrees that any such judgment,
decree, order, settlement and compromise shall be binding upon Borrower, notwithstanding any revocation or release of this Agreement
or the cancellation of any note or other instrument evidencing any of the Obligations, or any release of any of the Obligations,
and the Borrower shall be and remain liable to Lender under this Agreement for the amount so repaid or recovered, to the same extent
as if such amount had never originally been received by Lender, and the provisions of this sentence shall survive, and continue
in effect, notwithstanding any revocation or release of this Agreement. Each Borrower hereby expressly and unconditionally waives
all rights of subrogation, reimbursement and indemnity of every kind against any other Borrower, and all rights of recourse to
any assets or property of any other Borrower, and all rights to any collateral or security held for the payment and performance
of any Obligations, including (but not limited to) any of the foregoing rights which Borrower may have under any present or future
document or agreement with any other Borrower or other person, and including (but not limited to) any of the foregoing rights which
Borrower may have under any equitable doctrine of subrogation, implied contract, or unjust enrichment, or any other equitable or
legal doctrine. Each Borrower further hereby waives any other rights and defenses that are or may become available to the Borrower
by reason of California Civil Code Sections 2787 to 2855 (inclusive), 2899, and 3433, as now in effect or hereafter amended, and
under all other similar statutes and rules now or hereafter in effect.

 

(c) Consents.
Each Borrower hereby consents and agrees that, without notice to or by Borrower and without affecting or impairing in any way the
obligations or liability of Borrower hereunder, Lender may, from time to time before or after revocation of this Agreement, do
any one or more of the following in Lender's sole and absolute discretion: (i) accept partial payments of, compromise or settle,
renew, extend the time for the payment, discharge, or performance of, refuse to enforce, and release all or any parties to, any
or all of the Obligations; (ii) grant any other indulgence to any Borrower or any other person in respect of any or all of
the Obligations or any other matter; (iii) accept, release, waive, surrender, enforce, exchange, modify, impair, or extend
the time for the performance, discharge, or payment of, any and all property of any kind securing any or all of the Obligations
or any guaranty of any or all of the Obligations, or on which Lender at any time may have a Lien, or refuse to enforce its rights
or make any compromise or settlement or agreement therefor in respect of any or all of such property; (iv) substitute or add,
or take any action or omit to take any action which results in the release of, any one or more other Borrowers or any endorsers
or Guarantors of all or any part of the Obligations, including, without limitation one or more parties to this Agreement, regardless
of any destruction or impairment of any right of contribution or other right of Borrower; (v) apply any sums received from any
other Borrower, any Guarantor, endorser, or co-signer, or from the disposition of any collateral or security, to any indebtedness
whatsoever owing from such person or secured by such collateral or security, in such manner and order as Lender determines in its
sole discretion, and regardless of whether such indebtedness is part of the Obligations, is secured, or is due and payable. Borrower
consents and agrees that Lender shall be under no obligation to marshal any assets in favor of Borrower, or against or in payment
of any or all of the Obligations. Borrower further consents and agrees that Lender shall have no duties or responsibilities whatsoever
with respect to any property securing any or all of the Obligations. Without limiting the generality of the foregoing, Lender shall
have no obligation to monitor, verify, audit, examine, or obtain or maintain any insurance with respect to, any property securing
any or all of the Obligations.

 

(d) Foreclosure
of Trust Deeds. Each Borrower waives all rights and defenses that the Borrower may have because any other Borrower's Obligations
are secured by real property. This means, among other things: (1) Lender may collect from the Borrower without first foreclosing
on any real or personal property collateral pledged by the other Borrower; and (2) If Lender forecloses on any real property collateral
pledged by another Borrower: (A) The amount of the Obligations may be reduced only by the price for which that collateral is sold
at the foreclosure sale, even if the collateral is worth more than the sale price; and (B) Lender may collect from the Borrower
even if Lender, by foreclosing on the real property collateral, has destroyed any right the Borrower may have to collect from the
other Borrower. This is an unconditional and irrevocable waiver of any rights and defenses the Borrower may have because any other
Borrower's Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights or defenses
based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure. Each Borrower waives all rights and defenses
arising out of an election of remedies by Lender, even though that election of remedies, such as a nonjudicial foreclosure with
respect to security for a guaranteed obligation, has destroyed the Borrower's rights of subrogation and reimbursement against another
Borrower or any other person by the operation of Section 580d of the California Code of Civil Procedure or otherwise.

 

    	 	-16-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

(e) Independent Liability.
Each Borrower hereby agrees that one or more successive or concurrent actions may be brought hereon against Borrower, in the same
action in which any other Borrower may be sued or in separate actions, as often as deemed advisable by Lender. Each Borrower is
fully aware of the financial condition of each other Borrower and is executing and delivering this Agreement based solely upon
its own independent investigation of all matters pertinent hereto, and Borrower is not relying in any manner upon any representation
or statement of Lender with respect thereto. Each Borrower represents and warrants that it is in a position to obtain, and each
Borrower hereby assumes full responsibility for obtaining, any additional information concerning any other Borrower's financial
condition and any other matter pertinent hereto as Borrower may desire, and Borrower is not relying upon or expecting Lender to
furnish to it any information now or hereafter in Lender's possession concerning the same or any other matter.

 

(f) Subordination.
All indebtedness of a Borrower now or hereafter arising held by another Borrower is subordinated to the Obligations and the Borrower
holding the indebtedness shall take all actions reasonably requested by Lender to effect, to enforce and to give notice of such
subordination.

 

[Signatures on Next
Page]

 

Form Version: -5.6 (11-16)

Document Version -12

    	 	-17-	 

     

    

 

	Pacific Mercantile Bank 	Loan Agreement

 

9.23 Mutual Waiver
of Jury Trial. LENDER AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL RIGHT, BUT THAT IT
MAY BE WAIVED. EACH OF THE PARTIES, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY COURSE OF
CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), ACTION OR INACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED
TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY LENDER OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF
THEM. IF FOR ANY REASON THE PROVISIONS OF THIS SECTION ARE VOID, INVALID OR UNENFORCEABLE, THE SAME SHALL NOT AFFECT ANY OTHER
TERM OR PROVISION OF THIS AGREEMENT, AND ALL OTHER TERMS AND PROVISIONS OF THIS AGREEMENT SHALL BE UNAFFECTED BY THE SAME AND CONTINUE
IN FULL FORCE AND EFFECT.

 

Borrower:

 

	RW HOLDINGS NNN REIT, INC.	 	RICH UNCLES NNN OPERATING PARTNERSHIP, LP
	 	 	 	 	 
	By:	 /s/ RAYMOND J. PACINI 	 	By: RW HOLDINGS NNN REIT, INC., general partner  
	Name:	Raymond J. Pacini	 	By:	/s/ RAYMOND J. PACINI
	Title:	CFO	 	Name:	Raymond J. Pacini
	 	 	 	Title:	CFO
	RICH UNCLES NNN LP, LLC	 	 	 
	 	 	 	 
	By: RW HOLDINGS NNN REIT, INC., member	 	 	 
	 	 	 	 	 
	By: 	/s/ RAYMOND J. PACINI	 	 	 
	Name: 	Raymond J. Pacini	 	 	 
	Title: 	CFO	 	 	 
	 	 	 	 	 
	Lender:	 	 	 	 
	 	 	 	 	 
	Pacific Mercantile Bank	 	 	 
	 	 	 	 	 
	By: 	/S/ ROSS MACDONALD	 	 	 
	Name: 	Ross Macdonald	 	 	 
	Title: 	Senior Vice President	 	 	 

 

    	 	-18-	 

     

    

   

  

Schedule to

 

Loan Agreement

 

	Borrowers:	RW HOLDINGS NNN REIT, INC., a Maryland corporation
	 	 
	 	RICH UNCLES NNN LP, LLC, a Delaware limited liability company
	 	 
	 	RICH UNCLES NNN OPERATING PARTNERSHIP, LP, a Delaware limited partnership
	 	 
	Address:	
        3090 Bristol Street, Suite 550,

        Costa Mesa, CA 92626

	 	 
	Date:	April 30, 2019

 

This Schedule forms an integral part of the Loan Agreement between
Pacific Mercantile Bank and the borrower(s) named above (jointly and severally,
the “Borrower”) of even date (the “Loan Agreement”).

 

 

 

		1.	Credit Limit

	 	(Section 1.1):	An amount not to exceed the lesser of the limits described in (A) and (B) below (the “Credit Limit”):

 

		(A)	a total of $10,000,000 at any one time outstanding
(the “Maximum Credit Limit”); or

 

		(B)	the maximum amount of Purchase Contract Loans and other Loans available as described below.

 

(a) Purchase
Contract Loans. Subject to the terms and conditions of this Agreement, Lender shall from time to time make Loans to Borrower,
each such Loan in an amount of up to 70% (an “Advance Rate”) of the purchase price that the applicable Single
Purpose Subsidiary (as defined below) is obligated to pay pursuant to an Eligible Purchase Contract (as defined below) (each such
Loan, a “Purchase Contract Loan”). There may be more than one Purchase Contract Loan outstanding at any one time, subject
to the Credit Limit.

    	 	-1-	 

     

    

 

	Pacific Mercantile Bank  	Schedule to Loan Agreement

 

For purposes hereof, the following terms shall have
the following meanings:

 

“Eligible Property” means a single-tenant,
income producing commercial, office, industrial or retail real estate property located within the United States.

 

“Eligible Purchase Contract” means a contract
for the purchase by a Single-Purpose Subsidiary of an Eligible Property, which contract has been fully executed by the parties
thereto, is in full force and effect, has not yet closed, and arises in the ordinary course of Borrower's business, which Lender,
in its Good Faith Business Judgment, shall deem eligible for borrowing.

 

“Single-Purpose Subsidiary” means a wholly-owned
subsidiary of Rich Uncles NNN Operating Partnership, LP that will only own and operate one Eligible Property and engage in no other
business.

 

(b)  Non-Purchase
Contract Loans. Subject to the terms and conditions of this Agreement, Lender may from time to time in its sole discretion
make Loans other than Purchase Contract Loans to Borrower subject to such requirements and conditions as Lender shall determine.

 

(c)  Requesting
Loans; Repayment. Any of the following Authorized Persons may, from time to time, request a Loan from Lender (in writing if
required by Lender) provided that Borrower has provided Lender with an executed updated Compliance Certificate and, in the case
of Purchase Contract Loans, (i) the closing of the applicable Single-Purpose Subsidiary’s purchase of the applicable Eligible
Property pursuant to the Eligible Purchase Contract to which the Purchase Contract Loan relates shall close at the time or promptly
after Lender makes such Purchase Contract Loan and (ii) if Lender shall so require, Borrower has provided Lender with the following,
all in form and substance acceptable to Lender: (y) the Eligible Purchase Contract upon which the Purchase Contract Loan is to
be based and (z) such other documents or information as Lender shall request in its Good Faith Business Judgment. Borrower agrees
to fully repay to Lender each Loan on or before the earlier of the 90th day following the day such Loan was advanced
to Borrower or the Maturity Date. For purposes of clarity, Borrower agrees that any loan or Advance (as those terms are used in
the Prior Loan Agreement) made prior to the date hereof pursuant to the Prior Loan Agreement shall be repaid by Borrower to Lender
on or before the 90th day following the day such loan or Advance was advanced to Borrower.

 

    	 	-2-	 

     

    

 

	Pacific Mercantile Bank  	Schedule to Loan Agreement

 

The “Authorized Persons” shall be the
following: Aaron S. Halfacre, Raymond J. Pacini, Sandra G. Sciutto and Jean Ho.

 

(d)  Representations,
Warranties and Covenants. When Borrower requests a Loan, Borrower’s request shall be deemed to be a representation, warranty
and covenant by Borrower that all the limits, requirements and conditions to such Loan that are set forth in this Section 1 of
the Schedule and in the other portions of this Schedule and in the Loan Agreement are met, complied with and satisfied, including
in the case of a Purchase Contract Loan that the purchase contract upon which the Loan is to be based is an Eligible Purchase Contract
and that the amount of the requested Purchase Contract Loan does not exceed the Advance Rate of the purchase price. With respect
to each Purchase Contract Loan, Borrower agrees to cause the purchaser under the applicable Eligible Purchase Contract to remain
a Single-Purpose Subsidiary and the owner of the applicable Eligible Property until such Purchase Contract Loan has been repaid
in full.

 

(e) Miscellaneous.
Lender may, from time to time, adjust the Advance Rate, in its Good Faith Business Judgment, upon notice to the Borrower, based
on changes in risk factors or other issues or factors relating to any Eligible Purchase Contract, Eligible Property, Single-Purpose
Subsidiary or Borrower; provided that the Advance Rate shall not be reduced below 65% of the purchase price that the applicable
Single Purpose Subsidiary is obligated to pay pursuant to an Eligible Purchase Contract. In Lender’s discretion Loans may
be made separately to each Borrower based on each Borrower’s assets, liabilities and relationship to the Single-Purpose Subsidiaries.

 

 

 

		2.	Interest.

 

Interest Rate (Section
1.2):

 

A rate equal to the Prime Rate in effect from time to
time, plus the Applicable Margin (as defined below), provided that the interest rate in effect on any day shall not be less
than 5.50% per annum. Interest shall be calculated on the basis of a 360-day year for the actual number of days
elapsed. The interest rate applicable to the Obligations shall change on each date there is a change in the Prime Rate. As
used herein, “Applicable Margin” shall mean 1.00% per annum, provided that, in the event that Borrower
fails to maintain its Deposit Accounts with Lender and/or maintain ACH automated payments hereunder, the “Applicable
Margin” shall, at the Lenders option, mean 1.25% per annum, for the remaining term of this Agreement.

 

 

 

    	 	-3-	 

     

    

 

	Pacific Mercantile Bank  	Schedule to Loan Agreement

 

		3.	Fees
(Section 1.4):

 

	 	        Loan Fee:	$25,000, payable concurrently herewith and which Borrower authorizes Lender, in its discretion, to deduct from any of Borrower’s operating accounts held with Lender.

 

 

 

		4.	Maturity Date

	 	
        (Section 6.1):

         
	October 1, 2020.

 

 

 

		5.	Financial Covenants

	 	(Section 5.1):	
        Borrower shall comply with each of the following covenants:

         

 

	 	Debt Service Coverage Ratio:	Parent, on a consolidated basis, shall maintain a Debt Service Coverage Ratio of not less than 2.00 to 1.00 for each calendar quarter.
	 	 	 
	 	 	
        As used herein, “Debt Service Coverage Ratio”
means for any applicable period, on a consolidated basis, (i) the result of Parent’s net income before interest, depreciation
and amortization for such period, plus New Capital Invested for such period, and less repurchases of common stock and other distributions
declared for such period; divided by (ii) the sum of Parent’s current portion of long-term debt (inclusive of the
current portion of long-term debt of Subsidiaries of Rich Uncles NNN Operating Partnership, LP, as noted in the Portfolio Status
Reports (as defined in Section 6 below)) for such period, plus capitalized lease payments for such period, plus interest expense
(inclusive of interest on long-term debt of Subsidiaries of Rich Uncles NNN Operating Partnership, LP, as noted in the Portfolio
Status Reports (as defined in Section 6 below)) for such period; calculated from Parent’s 10-Q Financial Statements/10-K. 

	 	 	 
	 	 	
        As used herein, “New Capital Invested”
means for any applicable period, proceeds from the issuance of common stock, plus stock compensation expense, less the reclassification
of redeemable common stock. 

	 	 	 
	 	Guarantors’ Liquidity:	Borrower shall cause the Wirta Guarantors to maintain a combined aggregate value of their unrestricted and unencumbered cash plus unrestricted and unencumbered readily marketable securities, of at least $17,000,000, measured as of the end of each calendar quarter and as calculated by Lender in its Good Faith Business Judgment based upon such Wirta Guarantors’ Liquidity Statements (as defined in Section 6 below). For purposes of clarity, the parties acknowledge and agree that such unrestricted and unencumbered cash is to be net of any outstanding margin loan balance.

 

 

 

    	 	-4-	 

     

    

 

	Pacific Mercantile Bank  	Schedule to Loan Agreement

 

		6.	Reporting.

(Section 5.3):

 

Borrower
shall provide Lender with the following, all of which shall be in such form as Lender shall specify:

 

		(a)	          Annual financial statements of Parent, on a consolidated
basis, as soon as available, and in any event within 120 days following the end of Parent's fiscal year, certified by, and with
an unqualified opinion of, Squar Milner or other independent certified public accountants reasonably acceptable to Lender (the
“Annual Financial Statements”);

 

		(b)	          Quarterly financial statements of Parent, on a consolidated basis, that Parent has filed with the
U.S. Securities and Exchange Commission, as soon as available, and in any event within 50 days after the end of each of Parent’s
fiscal quarters (“Quarterly Financial Statements”);

 

		(c)	          Each of the Quarterly Financial Statements shall be accompanied by compliance certificates (“Compliance
Certificates”), in such form as Lender shall reasonably specify, signed by the Chief Financial Officer of Parent, certifying
that as of the end of such period and the date of such Certificate Borrower was in full compliance with all of the terms and conditions
of the Loan Agreement in all material respects, and no Default or Event of Default had occurred, and setting forth calculations
showing compliance with the financial covenants set forth in this Agreement and such other information as Lender shall request
in its Good Faith Business Judgment;

 

		(d)	          A portfolio status report (including without limitation the status of the REIT portfolios, operating
statements, and debt schedules), in form and substance acceptable to Lender (a “Portfolio Status Report”), from Parent
as soon as available, and in any event within 50 days after the end of each of Parent’s fiscal quarters;

 

		(e)	          A report of any REIT Portfolio Debt Default, within three (3) Business Days after Borrower first
having knowledge of its occurrence;

 

		(f)	          Promptly upon receipt, each management letter prepared
by Borrower’s independent certified public accounting firm regarding Borrower’s management control systems;

    	 	-5-	 

     

    

 

	Pacific Mercantile Bank  	Schedule to Loan Agreement

 

		(g)	          Such budgets, sales projections, operating plans or other financial information as Lender may reasonably
request from time to time; and

 

		(h)	          For all Guarantors: (a) their personal financial statements in form and substance acceptable to
Lender within 60 days after the end of each calendar year, (b) such asset verifications as Lender shall from time to time request
(e.g., liquidity and/or brokerage statements), in form and substance acceptable to Lender (“Liquidity Statements”),
within 30 days after the end of each calendar quarter, and (c) copies of their federal tax returns (including any Schedule K-1s
and all other schedules), within 15 days after the earlier of the date they are filed or the date they are due (after giving effect
to any proper filing deadline extension actually received, a copy of which is provided to Lender).

 

 

 

		7.	Borrower Information:

 

Borrower represents and warrants to Lender as follows:

 

		(1)	Prior Names and Styles. Further to Section 3.2 of the Loan Agreement, the following are
all of Borrower’s prior names, and existing and prior trade names, within the last five years: Parent has prior names of
Rich Uncles REIT, Inc. and Rich Uncles Real Estate Investment Trust, Inc. and a fictitious business name of Rich Uncles NNN REIT,
Inc.

 

		(2)	Place of Business. Further to Section 3.3 of the Loan Agreement, in addition to Borrower’s
address set forth in the heading to the Loan Agreement, Borrower only has the following places of business as of the date hereof:
None.

 

		(3)	Deposit Accounts. Further to Section 3.4 of the Loan Agreement, the following are all of
Borrower’s Deposit Accounts as of the date hereof: (i) various accounts at Lender and (ii) the following two accounts at
Wells Fargo Bank that are used for investor transactions: Nos. 4152788030 and 433-7887525.

 

 

 

		8.	ADDITIONAL PROVISIONS:

 

		(a)	          [Intentionally Omitted].

    	 	-6-	 

     

    

 

	Pacific Mercantile Bank  	Schedule to Loan Agreement

 

		(b)	          Subordination of Inside Debt. All present and future indebtedness of Borrower to its officers,
directors and shareholders (“Inside Debt”) shall, at all times, be subordinated to the Obligations pursuant to a subordination
agreement on Lender’s standard form. Borrower represents and warrants that there is no Inside Debt presently outstanding,
except for the following: None. Prior to incurring any Inside Debt in the future, Borrower shall cause the person to whom such
Inside Debt will be owed to execute and deliver to Lender a subordination agreement on Lender’s standard form.

 

		(c)	          Deposit Accounts; Automatic Payments. Concurrently herewith, Borrower shall transfer all
of its Deposit Accounts (except for payroll-specific accounts previously approved by Lender) and investment accounts to Lender,
and at all times thereafter Borrower shall maintain the foregoing with Lender. Borrower shall (and hereby does) authorize Lender
to initiate Automated Clearing House (“ACH”) loan payment transactions and Borrower shall sign documentation prior
to or in conjunction with disbursement of Loans hereunder which will authorize Lender’s initiation of ACH debit entries from
its operating account to cover all amounts due under this Agreement.

 

		(d)	          Triggered Guaranties. Concurrently herewith, Borrower shall cause each of the Wirta Guarantors
to execute and deliver to Lender a Continuing Guaranty with respect to all of the Obligations, on Lender’s standard form,
and certifications of trust or other evidence of authority with respect to the execution and delivery of such Guaranties. Said
Guaranties (the “Triggered Guaranties”) shall provide that the guaranties therein become effective upon the occurrence
of any of the following events (each, a “Trigger Event”): (i) any Event of Default, including without limitation Borrower’s
failure to fully pay any Loan when due pursuant to the terms hereof, (ii) any Resolution Failure Trigger Event, (iii) any REIT
Portfolio Debt Default which is not cured to Lender’s satisfaction within 30 days of its occurrence, or (iv) any “Trigger
Event” as defined in the BrixInvest LSA. If after the Guaranties become effective, all Trigger Events are cured to Lender’s
satisfaction in its sole discretion, then Lender may, in its discretion, by written notice to the Wirta Guarantors, make the Guaranties
ineffective again (subject to again becoming effective upon the occurrence of another Trigger Event). Throughout the term of the
Loan Agreement Borrower shall cause such Guaranties to continue in full force and effect.

 

    	 	-7-	 

     

    

 

	Pacific Mercantile Bank  	Schedule to Loan Agreement

 

		(e)	          BrixInvest, LLC Guaranty. Concurrently herewith, Borrower shall cause BrixInvest, LLC to
execute and deliver to Lender a Continuing Guaranty with respect to all of the Obligations, on Lender’s standard form, secured
by the Lien granted to Lender pursuant to the BrixInvest LSA, and certified resolutions or other evidence of authority with respect
to the execution and delivery of such secured Guaranty. Throughout the term of this Loan Agreement Borrower shall cause such Guaranty,
and the Lien securing such Guaranty, to continue in full force and effect.

 

		(f)	          Foreign Assets. Borrower represents and warrants that it does not have, and covenants that,
during the term of the Loan Agreement, it will not have, any assets located outside the United States.

 

		(g)	          SEC Investigation. Reference is made to the investigation being conducted by the Securities
and Exchange Commission related to the advertising and sale of securities by Parent in connection with its registered offering,
as further described in Note 9 of Notes to Consolidated Financial Statements of Parent’s September 30, 2018 10-Q (the
“SEC Investigation”). On or before the date hereof, Parent shall provide Lender, in writing, with the most current
status of the SEC Investigation, including such information and copies of filings, correspondence, pleadings and other documents
as Lender shall request in Lender’s Good Faith Business Judgment. After the date hereof, Parent shall promptly notify Lender,
in writing, of all developments in the SEC Investigation, and shall provide Lender with written updates of the status of the SEC
Investigation (including such information and copies filings, correspondence, pleadings and other documents as Lender shall request
in Lender’s Good Faith Business Judgment) from time to time as Lender shall request in Lender’s Good Faith Business
Judgment. Borrower agrees and covenants that the SEC Investigation shall be resolved to the satisfaction of Lender in Lender’s
Good Faith Business Judgment, and to provide documentation of such resolution to Lender satisfactory to Lender in Lender’s
Good Faith Business Judgment, by July 31, 2019; provided that (y) at Parent’s request Lender shall reasonably consider extending
such dates to the extent that U.S. government shutdowns has delayed said interviews, and (z) the failure of the SEC Investigation
to be resolved in such time frame shall not be an Event of Default but shall constitute a “Resolution Failure Trigger Event”
(as used above with respect to the Triggered Guaranties).

 

    	 	-8-	 

     

    

 

	Pacific Mercantile Bank  	Schedule to Loan Agreement

 

		(h)	          Consent to Loan Participation. Borrower agrees and consents to Lender's sale or transfer,
whether now or later, of one or more participation interests in the Loan to one or more purchasers, whether related or unrelated
to Lender. Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information
or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights
to privacy Borrower may have with respect to such matters. Borrower additionally waives any and all notices of sale of participation
interests, as well as all notices of any repurchase of such participation interests. Borrower also agrees that the purchasers of
any such participation interests will be considered as the absolute owners of such interests in the Loan and will have all the
rights granted under the participation agreement or agreements governing the sale of such participation interests. Borrower further
waives all rights of offset or counterclaim that it may have now or later against Lender or against any purchaser of such a participation
interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower's obligation under the Loan irrespective
of the failure or insolvency of any holder of any interest in the Loan. Borrower further agrees that the purchaser of any such
participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against
Lender.

 

[Signatures on Next
Page]

 

Form Version: -5.6 (11-16)

Document Version -12

 

    	 	-9-	 

     

    

 

	Pacific Mercantile Bank  	Schedule to Loan Agreement

 

Borrower:

 

	RW HOLDINGS NNN REIT, INC.	 	RICH UNCLES NNN OPERATING PARTNERSHIP, LP
	 	 	 	 	 
	By:	/s/ RAYMOND J. PACINI	 	By: RW HOLDINGS NNN REIT, INC., general partner
	Name:	Raymond J. Pacini	 	By:	/s/ RAYMOND J. PACINI
	Title:	CFO	 	Name:	Raymond J. Pacini
	 	 	 	Title:	CFO
	RICH UNCLES NNN LP, LLC	 	 	 
	 	 	 	 
	By: RW HOLDINGS NNN REIT, INC., member	 	 	 
	 	 	 	 	 
	By: 	/s/ RAYMOND J. PACINI	 	 	 
	Name: 	Raymond J. Pacini	 	 	 
	Title: 	CFO	 	 	 
	 	 	 	 	 
	Lender:	 	 	 	 
	 	 	 	 	 
	Pacific Mercantile Bank	 	 	 
	 	 	 	 	 
	By: 	/S/ ROSS MACDONALD	 	 	 
	Name: 	Ross Macdonald	 	 	 
	Title: 	Senior Vice President	 	 	 

 

    	 	-10-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]