Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

SALE AND CONTRIBUTION AGREEMENT 

between 
 OWL ROCK TECHNOLOGY
FINANCE CORP. II, 
 as Seller 

and 
 ATHENA FUNDING I LLC, 

as Purchaser 
 Dated as of
July 15, 2022 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	ARTICLE I	  			
		
	DEFINITIONS	  			
			
	 Section 1.1
	  	Definitions	  	 	1	 
	 Section 1.2
	  	Other Terms	  	 	3	 
	 Section 1.3
	  	Computation of Time Periods	  	 	3	 
	 Section 1.4
	  	Interpretation	  	 	3	 
	 Section 1.5
	  	References	  	 	3	 
		
	ARTICLE II	  			
		
	CONVEYANCES OF TRANSFERRED ASSETS	  			
			
	 Section 2.1
	  	Conveyances	  	 	4	 
	 Section 2.2
	  	[Reserved]	  	 	6	 
	 Section 2.3
	  	Assignments	  	 	6	 
	 Section 2.4
	  	Actions Pending Completion of Conveyance	  	 	6	 
	 Section 2.5
	  	Indemnification	  	 	7	 
	 Section 2.6
	  	Assignment of Rights and Indemnities	  	 	8	 
		
	ARTICLE III	  			
		
	CONSIDERATION AND PAYMENT; REPORTING	  			
			
	 Section 3.1
	  	Purchase Price	  	 	8	 
	 Section 3.2
	  	Payment of Purchase Price	  	 	8	 
		
	ARTICLE IV	  			
		
	REPRESENTATIONS AND WARRANTIES	  			
			
	 Section 4.1
	  	Seller’s Representations and Warranties	  	 	8	 
	 Section 4.2
	  	Reaffirmation of Representations and Warranties by the Seller; Notice of Breach	  	 	13	 

  
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	ARTICLE V	  			
		
	COVENANTS OF THE SELLER	  			
			
	 Section 5.1
	  	Covenants of the Seller	  	 	13	 
	 Section 5.2
	  	Covenant of the Purchaser	  	 	15	 
		
	ARTICLE VI	  			
		
	CONDITIONS PRECEDENT	  			
			
	 Section 6.1
	  	Conditions Precedent	  	 	15	 
		
	ARTICLE VII	  			
		
	MISCELLANEOUS PROVISIONS	  			
			
	 Section 7.1
	  	Amendments, Etc.	  	 	16	 
	 Section 7.2
	  	Governing Law: Submission to Jurisdiction; Waiver of Jury Trial	  	 	16	 
	 Section 7.3
	  	Notices	  	 	17	 
	 Section 7.4
	  	Severability of Provisions	  	 	18	 
	 Section 7.5
	  	Further Assurances	  	 	18	 
	 Section 7.6
	  	No Waiver; Cumulative Remedies	  	 	18	 
	 Section 7.7
	  	Counterparts	  	 	18	 
	 Section 7.8
	  	Non-Petition	  	 	19	 
	 Section 7.9
	  	Transfer of Seller’s Interest	  	 	19	 
	 Section 7.10
	  	Binding Effect; Third-Party Beneficiaries and Assignability	  	 	19	 
	 Section 7.11
	  	Merger and Integration	  	 	19	 
	 Section 7.12
	  	Headings	  	 	19	 

  
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 This SALE AND CONTRIBUTION AGREEMENT, dated as of July 15, 2022 (as amended,
supplemented or otherwise modified and in effect from time to time, this “Agreement”), between OWL ROCK TECHNOLOGY FINANCE CORP. II, a Maryland corporation, as seller (in such capacity, the “Seller”) and ATHENA FUNDING I LLC, a
Delaware limited liability company, as purchaser (in such capacity, the “Purchaser”). 

W I T N E S 
S E T H: 
 WHEREAS, on and after the date hereof, the Seller may, from time
to time on each Conveyance Date (as defined below), sell or contribute, transfer, and otherwise convey, to the Purchaser, without recourse except to the extent specifically provided herein, and the Purchaser may, from time to time on each Conveyance
Date, purchase or accept a contribution of all right, title and interest of the Seller (whether now owned or hereafter acquired or arising, and wherever located) in and to the Loan Assets (as defined below) mutually agreed by the Seller and the
Purchaser; and 
 WHEREAS, it is the Seller’s and the Purchaser’s intention that the conveyance of the Transferred Assets under
each assignment agreement and this Agreement is a “true sale” or a “true contribution” for all purposes, such that, upon payment of the purchase price therefor or the making of a contribution, the Transferred Assets will
constitute property of the Purchaser from and after the applicable transfer date; 
 NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed by and between the Purchaser and the Seller as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings (such meanings
to be equally applicable to both the singular and plural forms of the terms defined). All capitalized terms used herein but not defined herein shall have the respective meanings specified in, or incorporated by reference into, the Credit Agreement,
dated as of July 15, 2022 (as amended, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”), by and among the Purchaser, as borrower, the Lenders party thereto from time to time,
Société Générale, as administrative agent (in such capacity, the “Administrative Agent”), State Street Bank and Trust Company, as collateral agent (in such capacity, the “Collateral Agent”), collateral
administrator and custodian (in such capacity, the “Custodian”), and Alter Domus (US) LLC, as document custodian (in such capacity, the “Document Custodian”). 

“Agreement” has the meaning set forth in the preamble hereto. 

 “Contribution” has the meaning set forth in Section 3.2.

 “Convey” means to sell, transfer, assign, contribute, substitute or otherwise convey assets hereunder (each such Conveyance
being herein called a “Conveyance”). 
 “Conveyance Date” means the date of a Conveyance, as specified in the applicable
Purchase Notice. 
 “Excluded Amounts” means (i) any amount that is attributable to the reimbursement of payment by or on
behalf of the Seller of any Taxes, fee or other charge imposed by any Governmental Authority on any Loan Asset, (ii) any interest or fees (including origination, agency, structuring, management or other
up-front fees) that are for the account of the Seller, (iii) any escrows relating to Taxes, insurance and other amounts in connection with Loan Assets which are held in an escrow account for the benefit
of the obligor and the secured party pursuant to escrow arrangements under the related underlying instruments, (iv) to the extent paid using amounts other than proceeds of the Loan Assets and proceeds of Loans, as applicable, any amount paid in
respect of reimbursement for expenses owed in respect of any Loan Asset pursuant to the related underlying instrument or (v) any amount paid to the Purchaser in error. 

“Foreign Official” has the meaning set forth in Section 4.1(t)(i). 

“Indemnified Party” has the meaning set forth in Section 2.5(a). 

“Indemnified Amounts” has the meaning set forth in Section 2.5(a). 

“Indorsement” has the meaning specified in Section 8-102(a)(11) of the UCC, and
“Indorsed” has a corresponding meaning. 
 “Loan Asset” means each commercial loan identified on Schedule A
hereto, and each commercial loan identified on any Purchase Notice. 
 “Participation” has the meaning set forth in
Section 2.4. 
 “Proceeds” has the meaning set forth in Section 4.1(n). 

“Purchase Notice” has the meaning set forth in Section 2.1(a). 

“Purchase Price” has the meaning set forth in Section 3.1. 

“Purchaser” has the meaning set forth in the preamble hereto. 

“Retained Interest” means, with respect to any Loan Asset, (a) all of the obligations, if any, of the agent(s) under the
documentation evidencing such Loan Asset and (b) the applicable portion of the interests, rights and obligations under the documentation evidencing such Loan Asset that relate to such portion(s) of the indebtedness and interest in other
obligations that are owned by another lender. 
 “Seller” has the meaning set forth in the preamble hereto. 

  
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 “Transferred Asset” means each asset, including any Loan Asset, Conveyed by the
Seller to the Purchaser hereunder, including with respect to each such asset, all Related Property; provided that the foregoing will exclude the Retained Interest and the Excluded Amounts. 

Section 1.2 Other Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally
accepted accounting principles. All terms used in Article 9 of the UCC, and not specifically defined herein, are used herein as defined in such Article 9. 

Section 1.3 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding.” 

Section 1.4 Interpretation. In this Agreement, unless a contrary intention appears: 

(i) reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and
assigns are permitted by the Loan Documents; 
 (ii) reference to any gender includes each other gender; 

(iii) reference to day or days without further qualification means calendar days; 

(iv) unless otherwise stated, reference to any time means New York time; 

(v) references to “writing” include printing, typing, lithography, electronic or other means of reproducing words in
a visible form; 
 (vi) reference to any agreement (including any Loan Document or underlying instrument), document or
instrument means such agreement, document or instrument as amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Loan
Documents, and reference to any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor; 

(vii) reference to any requirement of law means such requirement of law as amended, modified, codified, replaced or reenacted,
in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any requirement of law means that provision of such requirement of law from time to time
in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision; and 

(viii) references to “including” mean “including, without limitation”. 

Section 1.5 References. All Section references (including references to the Preamble), unless otherwise indicated, shall be to
Sections (and the Preamble) in this Agreement. 

  
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 ARTICLE II 

CONVEYANCES OF TRANSFERRED ASSETS 

Section 2.1 Conveyances. (a) In the event the Purchaser agrees (in accordance with and subject to the requirements of the
Credit Agreement) from time to time to acquire one or more Loan Assets and Related Property from the Seller and the Seller agrees to Convey such Loan Assets and Related Property to the Purchaser, the Purchaser shall deliver written notice thereof to
the Administrative Agent substantially in the form set forth in Schedule B hereto (each, a “Purchase Notice”), designating the Conveyance Date and attaching a supplement to Schedule A identifying the Loan Assets
proposed to be Conveyed and the Purchase Price with respect to such Conveyance. On the terms and subject to the conditions set forth in this Agreement and the Credit Agreement, the Seller shall Convey to the Purchaser without recourse (except to the
extent specifically provided herein), and the Purchaser shall accept such Conveyance, on the applicable Conveyance Date, all of the Seller’s right, title and interest (whether now owned or hereafter acquired or arising, and wherever located) in
and to each Loan Asset then reported by the Seller on the Schedule A attached to the related Purchase Notice and the Related Property, together with all proceeds of the foregoing. For the avoidance of doubt, Schedule A, when delivered
in accordance with the terms hereof, shall automatically be deemed to update any previously delivered Schedule A without the need for action or consent on the part of any Person. 

(b) It is the express intent of the Seller and the Purchaser that each Conveyance of Transferred Assets by the Seller to the Purchaser
pursuant to this Agreement be construed as an absolute sale and/or contribution of such Transferred Assets by the Seller to the Purchaser providing Purchaser with the full risks and benefits of ownership of the Transferred Assets. Further, it is not
the intention of the Seller and the Purchaser that any Conveyance be deemed a grant of a security interest in the Transferred Assets by the Seller to the Purchaser to secure a debt or other obligation of the Seller. However, in the event that,
notwithstanding the intent of the parties expressed herein, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then (i) this Agreement also shall be deemed to be, and hereby is, a security agreement
within the meaning of the UCC and other applicable law and (ii) the Conveyances by the Seller provided for in this Agreement shall be deemed to be, and the Seller hereby grants to the Purchaser, a first priority security interest (subject only
to Permitted Liens) in, to and under all of the Seller’s right, title and interest in, to and under, whether now owned or hereafter acquired, such Transferred Assets and all proceeds of the foregoing to secure an obligation of the Seller to pay
over and transfer to the Purchaser any and all distributions received by the Seller (other than Excluded Amounts) in relation to the Transferred Assets from time to time, whether in cash or in kind, so that the Purchaser will receive all
distributions under, proceeds of and benefits of ownership of the Transferred Assets and to secure all other obligations of the Seller hereunder. If the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, the
Purchaser and its assignees shall have, with respect to such Transferred Assets and other related rights, in addition to all the other rights and remedies available to the Purchaser and its assignees hereunder, under the other Loan Documents and
under the underlying instruments, all the rights and remedies of a secured party under any applicable UCC. 

  
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 (c) The Seller and the Purchaser shall, to the extent consistent with this Agreement, take
such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Transferred Assets to secure a debt or other obligation, such security interest would be deemed to be a first priority perfected
security interest in favor of the Purchaser under applicable law and will be maintained as such throughout the term of this Agreement. The Seller represents and warrants that the Transferred Assets are being transferred with the intention of
removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code. The Purchaser assumes all risk relating to nonpayment or failure by the obligors to make any distributions owed by them under the Transferred Assets.
Except with respect to the representations, warranties and covenants expressly stated in this Agreement, the Seller assigns each Transferred Asset “as is,” and makes no covenants, representations or warranties regarding the Transferred
Assets. 
 (d) In connection with this Agreement, the Seller agrees to file (or cause to be filed) on or prior to the Closing Date, at its
own expense, a financing statement or statements with respect to the Transferred Assets Conveyed by the Seller hereunder from time to time meeting the requirements of applicable state law in the jurisdiction of the Seller’s organization to
perfect and protect the interests of the Purchaser created hereby under the UCC against all creditors of, and purchasers from, the Seller, and to deliver a file-stamped copy of such financing statements or other evidence of such filings to the
Purchaser as soon as reasonably practicable after its receipt thereof and to keep such financing statements effective at all times during the term of this Agreement. 

(e) The Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents and take all
actions as may be reasonably necessary or as the Purchaser may reasonably request, in order to perfect or protect the interest of the Purchaser in the Transferred Assets Conveyed hereunder or to enable the Purchaser to exercise or enforce any of its
rights hereunder. Without limiting the foregoing, the Seller will, in order to accurately reflect the Conveyances contemplated by this Agreement, execute and file such financing or continuation statements or amendments thereto or assignments thereof
(as permitted pursuant hereto) or other documents or instruments as may be reasonably requested by the Purchaser and mark its records noting the Conveyance to the Purchaser of the Transferred Assets and the Lien of the Collateral Agent pursuant to
the Credit Agreement. The Seller hereby authorizes the Purchaser to file and, to the fullest extent permitted by applicable law the Purchaser shall be permitted to sign (if necessary) and file, initial financing statements, continuation statements
and amendments thereto and assignments thereof without further acts of the Seller; provided that the description of collateral contained in such financing statements shall be limited to only Transferred Assets. Carbon, photographic or other
reproduction of this Agreement or any financing statement shall be sufficient as a financing statement. 
 (f) Each of the Seller and the
Purchaser agree that prior to the time of Conveyance of any Loan Asset hereunder, the Purchaser has no rights to or claim of benefit from any Loan Asset (or any interest therein) owned by the Seller. 

(g) The Transferred Assets acquired, transferred to and assumed by the Purchaser from the Seller shall include the Seller’s entitlement
to any surplus or responsibility for any deficiency that, in either case, arises under, out of, in connection with, or as a result of, the foreclosure upon or acceleration of any such Transferred Assets (other than Excluded Amounts). 

  
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 Section 2.2 [Reserved]. 

Section 2.3 Assignments. The Seller and the Purchaser acknowledge and agree that, solely for administrative convenience, any
transfer document or assignment agreement required to be executed and delivered in connection with the transfer of a Transferred Asset in accordance with the terms of the related underlying instruments may reflect that (i) the Seller (or any
Affiliate or third party from whom the Seller or the applicable Affiliate may purchase Transferred Asset) is assigning such Transferred Asset directly to the Purchaser or (ii) the Purchaser is acquiring such Transferred Asset at the closing of
such Transferred Asset. 
 Section 2.4 Actions Pending Completion of Conveyance. (a) Pending the receipt of any required
consents to, and the effectiveness of, the sale of any Loan Assets from the Seller to the Purchaser in accordance with the applicable underlying instrument, the Seller shall sell to the Purchaser a 100% participation in such Loan Asset and its
related right, title and interest (each, a “Participation”). The Participations will not include any rights that are not permitted to be participated pursuant to the terms of the underlying instruments. Such sale of the Participations
shall be without recourse to the Seller (including with regard to collectability), except as otherwise expressly provided in the representations and warranties set forth in Article IV, and shall constitute an absolute sale of each such
Participation. Each of the Participations has the following characteristics: 
 (i) the Participation represents an undivided
participating interest in 100% of the underlying Loan Asset and its proceeds (including the Proceeds); 
 (ii) the Seller
does not provide any guaranty of payments to the holder of the Participation or other form of recourse (except as otherwise expressly provided in the representations and warranties set forth in Article IV) or credit support; 

(iii) the Participation represents a pass through of all of the payments made on the Loan Asset (including the Proceeds) and
will last for the same length of time as such Loan Asset except that each Participation will terminate automatically upon the settlement of the assignment of the underlying right, title and interest; and 

(iv) the Seller holds title in such participated Loan Assets for the benefit of the Purchaser and shall exercise the same care
in the administration of the participated Loan Assets as it would exercise for loans held for its own account. 
 (b) Each party hereto
shall use commercially reasonable efforts to, as soon as reasonably practicable after the Conveyance Date cause the Purchaser to become a lender under the underlying instrument with respect to the Seller’s interest in each Transferred Asset and
take such action as shall be mutually agreeable in connection therewith and in accordance with the terms and conditions of the underlying instrument and consistent with the terms of this Agreement. 

(c) Pending completion of the assignment of the Seller’s interest in each Transferred Asset in accordance with the applicable underlying
instruments, the Seller shall comply with any written instructions provided to the Seller by or on behalf of the Purchaser with respect to voting rights to be exercised by holders of such Transferred Assets and shall refrain from taking any action
with respect to the participated Loan Assets other than as instructed by the Purchaser, other than with respect to any voting rights that are not permitted to be participated pursuant to the terms of the applicable underlying instrument (and such
restrictions, requirements or prohibitions are hereby incorporated by reference as if set forth herein). 

  
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 Section 2.5 Indemnification. (a) The Seller hereby agrees to indemnify the
Purchaser and its successors, transferees, and assigns (including each Secured Party) or any of such Person’s respective shareholders, officers, employees, agents or Affiliates (each of the foregoing Persons being individually called an
“Indemnified Party”) against, and hold each Indemnified Party harmless from, any and all costs, losses, claims, damages, liabilities and related expenses (including the reasonable and documented out-of- pocket fees, charges and disbursements of any outside counsel for any Indemnitee) (all of the foregoing being collectively called “Indemnified Amounts”) incurred by any Indemnified Party or
awarded against any Indemnified Party in favor of any Person (including the Seller) other than such Indemnified Party arising out of any material breach by the Seller of any of its obligations hereunder or arising as a result of the failure of any
representation or warranty of the Seller herein to be true and correct in all material respects or, if qualified as to materiality or Material Adverse Effect, in all respects, on the date such representation or warranty was made; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such Indemnified Amounts (i) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence, bad faith or willful misconduct of such Indemnified Party or its reckless disregard of its duties hereunder or any Loan Document, (ii) result from a claim brought by the Seller against an Indemnified Party for breach in bad faith of
such Indemnified Party’s obligations hereunder or under any other Loan Document, if the Seller has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, (iii) include any
punitive, indirect, consequential, special damages, lost profits or other similar damages, (iv) arise due to an Obligor’s failure to pay any amounts due under the applicable loan agreement in accordance with its terms or are otherwise due
to an Obligor’s creditworthiness, (v) include any Excluded Taxes (other than any Excluded Taxes that represent Indemnified Amounts arising out of a non-Tax claim) or (vi) include Indemnified
Amounts resulting from the performance or non-performance of the Transferred Assets. 
 (b) If the
Seller has made any payment pursuant to this Section 2.5 and the recipient thereof later collects any payments from others (including insurance companies) in respect of such amounts or is found in a final and nonappealable
judgment by a court of competent jurisdiction not to be entitled to such indemnification, then the recipient agrees that it shall promptly repay to the Seller such amounts collected. 

(c) Any Indemnified Amounts shall be paid by the Seller to the Administrative Agent, for the benefit of the applicable Indemnified Party,
within two (2) Business Days following receipt by the Seller of the Administrative Agent’s written demand therefor (and the Administrative Agent shall pay such amounts to the applicable Indemnified Party promptly after the receipt by the
Administrative Agent of such amounts). 
 (d) The obligations of the Seller under this Section 2.5 shall survive
the resignation or removal of the Administrative Agent, the Lenders, the Collateral Agent, the Collateral Administrator, the Custodian or the Document Custodian, the invalidity or unenforceability of any term or provision of this Agreement or any
other Loan Document, any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, any Lender, the Purchaser, the Collateral Administrator, the Custodian or the Document Custodian and the termination of this Agreement.

  
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 Section 2.6 Assignment of Rights and Indemnities. The Seller acknowledges that,
pursuant to the Credit Agreement, the Purchaser shall assign all of its right, title and interest in, to and under this Agreement, including its rights of indemnity granted hereunder, to the Collateral Agent, for the benefit of the Secured Parties.
Upon such assignment, (a) the Collateral Agent, for the benefit of the Secured Parties, shall have all rights of the Purchaser hereunder and may in turn assign such rights, and (b) the obligations of the Seller under
Section 2.5 and Section 2.6 shall inure to the Collateral Agent, for the benefit of the Secured Parties. The Seller agrees that, upon such assignment, the Collateral Agent, for the benefit of the
Secured Parties, may enforce directly, without joinder of the Purchaser, the indemnities set forth in Section 2.5 and Section 2.6. 

ARTICLE III 

CONSIDERATION AND PAYMENT; REPORTING 

Section 3.1 Purchase Price. The purchase price (the “Purchase Price”) for each Loan Asset Conveyed on each Conveyance
Date shall be a dollar amount equal to the fair market value in accordance with the Credit Agreement (as agreed upon between the Seller and the Purchaser at the time of such Conveyance) of such Loan Asset Conveyed as of such date. 

Section 3.2 Payment of Purchase Price. The Purchase Price, along with any fees from origination of the applicable Loan Asset, for
the Transferred Assets Conveyed from the Seller to the Purchaser shall be paid on the related Conveyance Date (a) by payment in cash in immediately available funds and/or (b) to the extent not paid in cash, as a capital contribution by the
Seller to the Purchaser (a “Contribution”). The applicable Purchase Notice shall specify the portions of the Purchase Price to be paid in cash and as a contribution. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.1 Seller’s Representations and Warranties. The Seller represents and warrants to the Purchaser as of
the Closing Date and as of each Conveyance Date: 
 (a) Existence, Qualification and Power. The Seller (a) is duly organized,
validly existing and in good standing under the laws of its jurisdiction of organization, (b) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to
enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and in good standing (or the equivalent certification) in each jurisdiction where its assets are
located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing (or the equivalent certification) has not had, and could not be reasonably expected to have, a
Material Adverse Effect. 

  
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 (b) Authorization; No Contravention. The execution, delivery and performance of the
Seller and the consummation of the transactions contemplated by this Agreement do not and will not (a) violate (1) any provision of any law or any governmental rule or regulation applicable to it, (2) any of its Constituent Documents
or (3) any order, judgment or decree of any court or other agency of government binding on it or its properties (except where the violation could not reasonably be expected to have a Material Adverse Effect); (b) conflict with, result in a
breach of or constitute (with due notice or lapse of time or both) a default under any of its contractual obligation (except where the violation could not reasonably be expected to have a Material Adverse Effect); (c) result in or require the
creation or imposition of any Lien upon any of its properties or assets (other than any Liens created under any of the Loan Documents in favor of Collateral Agent for the benefit of the Secured Parties); or (d) require any approval of
stockholders, members or partners or any approval or consent of any Person under any contractual obligation. 
 (c) Governmental
Authorization; Other Consents. The execution, delivery and performance by the Seller and the consummation of the transactions contemplated by this Agreement do not and will not require any registration with, consent or approval of, or notice to,
or other action to, with or by, any Governmental Authority, except for filings and recordings with respect to the Collateral to be made by the Seller as of the Closing Date. 

(d) No Adverse Proceeding; Title. There is no litigation, proceeding or investigation pending or threatened against the Seller, before
any Governmental Authority (i) asserting the invalidity of this Agreement or any other Loan Document to which the Seller is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any
other Loan Document to which the Seller is a party or (iii) seeking any determination or ruling that would reasonably be expected to have, either individually or in the aggregate with all other such litigations, actions, suits, investigations
and proceedings, a Material Adverse Effect. To the knowledge of the Seller after due inquiry, no injunction, writ, restraining order or other order of any nature adversely affects the Seller’s performance of its obligations under this Agreement
or any Loan Document to which the Seller is a party. The Seller is not (a) in violation of any applicable laws that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (b) subject to or in
default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign,
that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (e) Good and Marketable
Title. The Seller owns and has good and marketable title to the Transferred Assets Conveyed to the Purchaser on the applicable Conveyance Date, which Transferred Assets were originated without any fraud or misrepresentation by the Seller or, to
the best of the Seller’s knowledge, on the part of the applicable Obligor, and free and clear of any lien (other than the liens in favor of the Purchaser and the Secured Parties pursuant to the Loan Documents and inchoate liens arising by
operation of law, Permitted Liens or any lien that will be released prior to or contemporaneously with the applicable Conveyance) and there are no financing statements naming the Seller as debtor and covering the Transferred Assets other than any
financing statements in favor of the Purchaser and the Secured Parties pursuant to the Loan Documents, Permitted Liens or any lien that will be released prior to or contemporaneously with the applicable Conveyance. 

  
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 (f) Backup Security Interest. In the event that, notwithstanding the intent of the
parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then: 
 (i) this
Agreement creates a valid and continuing lien on the Seller’s right, title and interest in and to the Transferred Assets in favor of the Purchaser and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security
interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected by filing a UCC financing statement under such article), and is enforceable as such against creditors of and purchasers from the Seller;

 (ii) the Transferred Assets are comprised of instruments, security entitlements, general intangibles, accounts,
certificated securities, uncertificated securities, securities accounts, deposit accounts, supporting obligations, insurance, investment property and proceeds (each as defined in the UCC) and such other categories of collateral under the UCC as to
which the Seller has complied with its obligations as set forth herein; 
 (iii) the Seller has received all consents and
approvals required by the terms of any Loan Asset to the sale and granting of a security interest in the Loan Assets hereunder to the Purchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; the Seller has taken all
necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in that portion of the Transferred
Assets in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Maryland; 

(iv) none of the underlying promissory notes that constitute or evidence the Loan Assets has any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; 

(v) with respect to a Transferred Asset that constitutes a “certificated security,” such certificated security has
been delivered to the Document Custodian, or will be delivered to the Document Custodian, for the benefit of the Collateral Agent and, if in registered form, has been specially Indorsed to the Collateral Agent or in blank by an effective Indorsement
or has been registered in the name of the Collateral Agent upon original issue or registration of transfer by the Seller of such certificated security, in each case, promptly upon receipt; provided that any file-stamped document, promissory
note and certificates relating to any Loan Asset shall be delivered as soon as they are reasonably available; and in the case of an uncertificated security, by (A) causing the Collateral Agent to become the registered owner of such
uncertificated security and (B) causing such registration to remain effective. 
 (g) Fair Consideration; No Avoidance for Loan
Asset Payments. With respect to each Transferred Asset sold or contributed hereunder, the Seller sold or contributed such Transferred Asset to the Purchaser in exchange for payment, made in accordance with the provisions of this Agreement, in an
amount which constitutes fair consideration and reasonably 

  
 -10- 

 
equivalent value. Each such Conveyance referred to in the preceding sentence shall not have been made for or on account of an antecedent debt owed by the Seller to the Purchaser and, accordingly,
no such sale is or may be voidable or subject to avoidance under the Bankruptcy Code and the rules and regulations thereunder. 
 (h)
Adequate Capitalization; No Insolvency. As of such date it is, and after giving effect to any Conveyance it will be, solvent and it is not entering into this Agreement or any other Loan Document or consummating any transaction contemplated
hereby or thereby with any intent to hinder, delay or defraud any of its creditors. 
 (i) True Sale or True Contribution. Each
Transferred Asset sold or contributed hereunder shall have been sold or contributed by the Seller to the Purchaser in a “true sale” or a “true contribution.” 

(j) True and Complete Information. No report, financial statement, certificate or other information (other than projections,
forward-looking information, general economic data, industry information or information relating to third parties) furnished in writing by the Seller to the Purchaser in connection with the transactions contemplated hereby or delivered hereunder (in
each case, as modified or supplemented by other information so furnished) contains as of their date any material misstatement of fact or omits to state any material fact necessary to make the statements therein, when taken as a whole in the light of
the circumstances under which they were made, not misleading in any material respect, in each case as of the date so furnished (or, in the case of certificates, notices, reports, financial statements or similar information or records, the stated
date thereof); provided that solely with respect to written or electronic information furnished by the Seller which was provided to the Seller from a third party, such information need only be true and correct in all material respects to the
knowledge of the Seller. 
 (k) Transferred Assets. The information contained in Schedule A is true, correct and complete in
all material respects as of each such Conveyance Date. 
 (l) Price of Loan Assets. The Purchase Price for each Loan Asset Conveyed
hereunder represents the fair market value of such Loan Asset as of the time of Conveyance hereunder, as may have changed from the time the applicable Loan Asset was originally acquired by the Seller. 

(m) Notice to Agents and Obligors. The Seller will direct any agent, administrative agent or obligor for any Loan Asset included in the
Transferred Assets to remit all payments and collections with respect to such Loan Asset directly to the subaccounts of the Collection Account titled “Interest Collection Account” or “Principal Collection Account” as applicable.

 (n) Proceeds. The Seller acknowledges that all Collections received by it or its Affiliates with respect to the Transferred Assets
(other than Excluded Amounts) (the “Proceeds”) Conveyed to the Purchaser are held and shall be held in trust for the benefit of the Purchaser and its assignees until deposited into the Interest Collection Account or the Principal
Collection Account. The Seller shall promptly, but in no event later than two (2) Business Days, remit to the Purchaser or the Purchaser’s designee any payment or any other sums relating to, or otherwise payable on account of, the
Transferred Assets (other than Excluded Amounts) that the Seller receives after the applicable Conveyance Date. 

  
 -11- 

 (o) Collateral Loan. As of the applicable Conveyance Date, each Loan Asset was a
Collateral Loan; provided that no such representation is made (i) with respect to clauses (a)(ii) or (a)(iv) of the definition of “Collateral Loan” or (ii) regarding the knowledge of any Person other than the Seller. 

(p) Selection Procedures. In selecting the Transferred Assets, no selection procedures were employed which are intended to be adverse
to the interests of any Lender. 
 (q) Set–Off, etc. At the time of Conveyance of a Transferred Asset and to the knowledge of
the Seller after reasonable inquiry, such Transferred Asset has not been compromised, adjusted, extended, satisfied, subordinated, rescinded, set–off or modified by the Seller or by the Obligor thereof other than to the extent provided in the
information and underlying instruments for such Loan Asset provided to the Purchaser and the Administrative Agent regarding such Transferred Asset and at such time such Transferred Asset is not subject to compromise, adjustment, extension,
satisfaction, subordination, rescission, set–off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning such Transferred Asset or otherwise, by
the Seller or by the Obligor with respect thereto, except, in each case, for amendments, extensions and modifications, if any, to such Transferred Asset otherwise permitted under the Loan Documents. 

(r) Regulations T, U and X. The Seller is not engaged in the business of extending credit for the purpose of purchasing or carrying
margin stock (as defined in Regulation U (12 C.F.R. Part 221) of the FRS Board) and none of the proceeds of the Transferred Assets will be used, directly or indirectly, for a purpose that violates Regulation T, Regulation U, Regulation X or any
other regulation promulgated by the FRS Board from time to time. 
 (s) Compliance with Anti-Corruption Laws and Anti-Money Laundering
Laws. The Seller represents and warrants that (a) neither it nor any of its directors or officers, nor (to the knowledge of the Seller) any of its Affiliates, brokers and agents acting or benefitting in any capacity in connection with the
Loans, have engaged in any activity or conduct that would breach Anti-Corruption Laws or Anti-Money Laundering Laws and (b) it has instituted and maintains policies and procedures designed to promote and achieve compliance with Anti-Corruption
Laws and Anti-Money Laundering Laws. 
 (t) Anti-Corruption Laws. 

(i) No part of the proceeds of the Loans shall be used, directly or indirectly: (1) to offer or give anything of value to
any official or employee of any foreign government department or agency or instrumentality or government-owned entity, to any foreign political party or party official or political candidate or to any official
or employee of a public international organization, or to anyone else acting in an official capacity (collectively, “Foreign Official”), in order to obtain, retain or direct business by (i) influencing any act or decision of such
Foreign Official in his official capacity, (ii) inducing such Foreign Official to do or omit to do any act in violation of the lawful 

  
 -12- 

 
duty of such Foreign Official, (iii) securing any improper advantage or (iv) inducing such Foreign Official to use his influence with a foreign government or instrumentality to affect
or influence any act or decision of such government or instrumentality; (2) to cause any party to this Agreement to violate the U.S. Foreign Corrupt Practices Act of 1977; or (3) to cause any party to this Agreement to violate any other
anticorruption law applicable to such parties (all laws referred to in clauses (2) and (3) being “Anti-Corruption Laws”). 

(ii) The Seller, and, to the knowledge of the Seller, each of the Seller’s Affiliates, brokers, and other agents acting on
its behalf are in compliance with Anti-Corruption Laws. 
 (t) Compliance with Sanctions.(u)
The Seller is not, and to the knowledge of the Seller, no Affiliate or broker or other agent of the Seller or its Affiliates acting or benefiting in any capacity in connection with the Loans is (i) a Sanctioned Person, or (ii) in violation
of any Sanctions, and (b) no Loan, use of proceeds or other transaction contemplated by this Agreement will result in the violation of any applicable Sanctions by any party to this Agreement. 

(v) Compliance with Laws. The Seller is in compliance in all material respects with all Applicable Law except where the
necessity of compliance therewith is contested in good faith by appropriate proceedings. 
 Section 4.2 Reaffirmation of
Representations and Warranties by the Seller; Notice of Breach. On each Conveyance Date, the Seller, by accepting the proceeds of the related Conveyance, shall be deemed to have certified that all representations and warranties described in
Section 4.1 are true and correct in all material respects with respect to itself and the Transferred Assets that are Conveyed on such Conveyance Date (but, for the avoidance of doubt, not with respect to any Transferred
Assets that were Conveyed on a prior Conveyance Date) on and as of such day as though made on and as of such day (or if specifically referring to an earlier date, as of such earlier date). The representations and warranties set forth in
Section 4.1 shall survive (i) the Conveyance of the Transferred Assets to the Purchaser, (ii) the termination of the rights and obligations of the Purchaser and the Seller under this Agreement and (iii) the
termination of the rights and obligations of the Purchaser under the Credit Agreement. Upon discovery by an Authorized Officer of the Purchaser or the Seller of a breach of any of the foregoing representations and warranties in any material respect,
the party discovering such breach shall give prompt written notice to the other and to the Administrative Agent. 
 ARTICLE V 

COVENANTS OF THE SELLER 

Section 5.1 Covenants of the Seller. The Seller hereby covenants and agrees with the Purchaser that, from the date hereof until
the termination of this Agreement, unless the Purchaser otherwise consents in writing: 
 (a) Deposit of Collections. The Seller
shall transfer, or cause to be transferred, all Collections (if any) it receives in respect of the Loan Assets (other than Excluded Amounts) to the Interest Collection Account or the Principal Collection Account by the close of business on the
second Business Day following the date such Collections are received by the Seller. 

  
 -13- 

 (b) Books and Records. The Seller shall maintain proper books of record and account
of the transactions contemplated hereby, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions contemplated hereunder. 

(c) Accounting of Purchases. Other than for consolidated accounting purposes, the Seller will not account for or treat the transactions
contemplated hereby in any manner other than as a sale or contribution of the Transferred Assets by the Seller to the Purchaser; provided that solely for federal income tax reporting purposes, the Purchaser is treated as a “disregarded
entity” and, therefore, the Conveyance of Transferred Assets by the Seller to the Purchaser hereunder will not be recognized. 
 (d)
Liens. The Seller shall not create, incur, assume or permit to exist any Lien on or with respect to any of its rights under any of the Loan Documents or on or with respect to any of its rights in the Transferred Assets (other than the liens
in favor of the Purchaser and the Secured Parties pursuant to the Loan Documents, Permitted Liens and any lien that will be released prior to or contemporaneously with the applicable Conveyance). For the avoidance of doubt, this
Section 5.1(d) shall not apply to any property retained by the Seller and not Conveyed or purported to be Conveyed hereunder. 

(e) Change of Name. Etc. The Seller shall not change its name, or name under which it does business, in any manner that would make any
financing statement or continuation statement filed by the Seller or Purchaser pursuant hereto (or by the Administrative Agent on behalf of the Seller or Purchaser) or change its jurisdiction of organization, unless the Seller shall have given the
Purchaser at least 30 days prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements and, in the case of a change in jurisdiction, new financing statements.
The Seller shall do or cause to be done, all things necessary to preserve and keep in full force and effect its existence, its material rights and its material privileges, obligations, licenses and franchises for so long as any Participations remain
outstanding pursuant to Section 2.4. 
 (f) Sale Characterization. The Seller shall not make statements or
disclosures, or treat the transactions contemplated by this Agreement (other than for consolidated tax or accounting purposes) in any manner other than as a true sale, contribution or absolute assignment of the title to and sole record and
beneficial ownership interest of the Transferred Assets Conveyed or purported to be Conveyed hereunder; provided that for federal income tax reporting purposes, the Purchaser is treated as a “disregarded entity” and, therefore, the
transfer of Transferred Assets by the Seller to the Purchaser hereunder will not be recognized; provided, further that the Seller may consolidate the Purchaser and/or its properties and other assets for accounting purposes in
accordance with GAAP if any consolidated financial statements of the Seller contain footnotes that the Transferred Assets have been sold or contributed to the Purchaser. 

(g) Expenses. The Seller shall pay its operating expenses and liabilities from its own assets. 

  
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 (h) Commingling. The Seller shall not, and shall not permit any of its Affiliates to,
deposit or permit the deposit of any funds that do not constitute Collections of any Loan Asset into the Interest Collection Account or the Principal Collection Account. 

(i) Limited Purpose Entity Covenant. The Seller shall not take any action that would cause a violation of Section 5.18 of the
Credit Agreement by the Purchaser. 
 (j) Delivery of Documents. With respect to each Loan Asset Conveyed to the Purchaser hereunder,
the Seller shall deliver to or at the direction of the Purchaser all documents that the Purchaser, as borrower, is required to deliver with respect to such Loan Asset pursuant to Section 3.2(a) of the Credit Agreement, as applicable, not later
than the Purchaser is obligated to deliver such documents pursuant to such sections. 
 (k) Nonconsolidation Opinion. The
Seller shall not take any action contrary to the “Assumptions and Facts” section in the opinion of Latham & Watkins, LLP, dated the date hereof, relating to certain nonconsolidation matters. 

Section 5.2 Covenant of the Purchaser. The Purchaser hereby covenants and agrees with the Seller that, from the date hereof until
the termination of this Agreement, unless the Seller otherwise consents in writing, the Purchaser shall comply with Section 9(j) of the Purchaser’s Amended and Restated Limited Liability Company Agreement dated as of July 15, 2022.

 ARTICLE VI 

CONDITIONS PRECEDENT 

Section 6.1 Conditions Precedent. The obligations of the Purchaser to pay the Purchase Price for the Transferred Assets sold on
the Closing Date and any other Conveyance Date shall be subject to the satisfaction of the following conditions: 
 (a) All representations
and warranties of the Seller contained in this Agreement shall be (I) to the extent already qualified with respect to “material” matters or “Material Adverse Effect,” shall be true and correct on and as of such date and
(II) to the extent not already qualified with respect to “material” matters or “Material Adverse Effect”, shall be true and correct in all material respects on and as of such date, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they shall be true and correct (in all material respects or as so qualified, as applicable) as of such earlier date; 

(b) The Seller shall have performed in all material respects all other obligations required to be performed by it pursuant to the provisions
of this Agreement, the underlying instruments and the other Loan Documents to which it is a party as of such date; and 
 (c) All
organizational and legal proceedings, and all instruments in connection with the transactions contemplated by this Agreement and the other Loan Documents shall be reasonably satisfactory in form and substance to the Purchaser, and the Purchaser
shall have received from the Seller copies of all documents (including records of corporate proceedings) relevant to the transactions herein contemplated as the Purchaser may reasonably have requested. 

  
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 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1 Amendments, Etc. This Agreement and the rights and obligations of the parties hereunder may not be amended,
supplemented, waived or otherwise modified except in an instrument in writing signed by the Purchaser and the Seller and consented to by the Administrative Agent. Any reconveyance executed in accordance with the provisions hereof shall not be
considered an amendment or modification to this Agreement. 
 Section 7.2 Governing Law: Submission to Jurisdiction; Waiver of Jury
Trial. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT
INTEREST) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE
STATE OF NEW YORK. 
 (b) SUBJECT TO CLAUSE (E) OF THE FOLLOWING SENTENCE, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING
OUT OF OR RELATING HERETO, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED
IN THE CITY AND COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE (SUBJECT TO CLAUSE (E) BELOW)
JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 7.3; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING
IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E) AGREES THAT THE AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY
CREDIT PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY LOAN DOCUMENT OR AGAINST ANY COLLATERAL OR THE ENFORCEMENT OF ANY JUDGMENT, AND HEREBY SUBMITS TO THE JURISDICTION OF, AND CONSENTS TO VENUE
IN, ANY SUCH COURT. 

  
 -16- 

 (c) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL
OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE PURCHASER/SELLER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH
PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED
FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 7.2 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT
TO A TRIAL BY THE COURT. 
 Section 7.3 Notices. All notices and other communications provided for hereunder shall, unless
otherwise stated herein, be in writing (including electronic communication) and shall be personally delivered or sent by certified or registered mail, return receipt requested, by overnight delivery service, with all charges paid, by electronic mail
(“e-mail”) or by hand delivery, to the intended party at the address of such party set forth below: 

(a) in the case of the Purchaser, as provided under the Credit Agreement; 

(b) in the case of the Seller, as provided under the Corporate Services Agreement. 

(in each case, with a copy to the Administrative Agent at the address for notice provided under the Credit Agreement). 

All such notices and correspondence shall be deemed given (a) if sent by certified or registered mail, three (3) Business Days after being
postmarked, (b) if sent by overnight delivery service or by hand delivery, when received at the above stated addresses or when delivery is refused and (c) if sent by e-mail, when received. 

  
 -17- 

 Section 7.4 Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
 Section 7.5
Further Assurances. 
 (a) The Purchaser and the Seller each agree that at any time and from time to time, at its expense and upon
reasonable request of the Administrative Agent, it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that is necessary or desirable to perfect and protect the Conveyances and security
interests granted or purported to be granted by this Agreement or to enable the Collateral Agent or any of the Secured Parties to exercise and enforce its rights and remedies under this Agreement with respect to any Transferred Assets. 

(b) The Purchaser and the Seller agree to do and perform, from time to time, any and all acts and to execute any and all further instruments
reasonably requested by the other party more fully to effect the purposes of this Agreement and the other Loan Documents, including the execution of any financing statements or continuation statements or equivalent documents relating to the
Transferred Assets for filing under the provisions of the UCC or other laws of any applicable jurisdiction. 
 (c) The Purchaser and the
Seller hereby severally authorize the Collateral Agent, upon receipt of written direction from the Administrative Agent, to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Transferred
Assets. 
 (d) The Seller shall furnish to the Collateral Agent and the Administrative Agent from time to time such reports in connection
with the Transferred Assets as the Collateral Agent (acting solely at the Administrative Agent’s request) or the Administrative Agent may reasonably request, all in reasonable detail. 

Section 7.6 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Purchaser, the
Seller or the Administrative Agent, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privilege provided by law. 

Section 7.7 Counterparts. This Agreement may be executed in two or more counterparts including telecopy transmission thereof (and
by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or e-mail in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
 -18- 

 Section 7.8 Non-Petition. The Seller
covenants and agrees that, prior to the date that is one year (or, if longer, any applicable preference period) and one day after the payment in full of all Obligations (other than contingent reimbursement and indemnification obligations which are
unknown, unmatured and for which no claim has been made), no party hereto shall institute against, or join any other Person in instituting against, the Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or
other similar proceedings under any federal, state or foreign bankruptcy or similar law. 
 Section 7.9 Transfer of
Seller’s Interest. With respect to each transfer of a Transferred Asset on any Conveyance Date, (i) the Purchaser shall, as to each Transferred Asset, be a party to the relevant underlying instruments and have the rights
and obligations of a lender thereunder, and (ii) the Seller shall, to the extent provided in this Agreement, and the applicable underlying instruments, relinquish its rights and be released from its obligations, as to each Transferred Asset.
The obligors or agents on the Transferred Asset were or will be notified of the transfer of the Transferred Asset to the Purchaser to the extent required under the applicable underlying instruments. The Document Custodian will have possession of the
related underlying instrument (including the underlying promissory notes, if any). 
 Section 7.10 Binding Effect; Third-Party
Beneficiaries and Assignability. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. The Collateral Agent, for the benefit of the Secured Parties, and the
Administrative Agent are each intended by the parties hereto to be an express third-party beneficiary of this Agreement. Notwithstanding anything to the contrary contained herein, this Agreement may not be assigned by the Purchaser or the Seller
without the prior written consent of the Administrative Agent. 
 Section 7.11 Merger and Integration. Except as specifically
stated otherwise herein, this Agreement and the other Loan Documents set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the
other Loan Documents. 
 Section 7.12 Headings. The headings herein are for purposes of reference only and shall not otherwise
affect the meaning or interpretation of any provision hereof. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 -19- 

 IN WITNESS WHEREOF, the Purchaser and the Seller each have caused this Sale and Contribution
Agreement to be duly executed by their respective officers as of the day and year first above written. 
  

			
	OWL ROCK TECHNOLOGY FINANCE CORP. II, as Seller
		
	By:	 	/s/ Bryan Cole
		 	Name: Bryan Cole
		 	Title: Authorized Signatory
	
	 ATHENA FUNDING I LLC,
 as
Purchaser

		
	By:	 	/s/ Bryan Cole
		 	Name: Bryan Cole
		 	Title: Authorized Signatory

 [Signature Page to Sale and Contribution Agreement] 

 Schedule A 

SCHEDULE OF LOAN ASSETS 

[see attached] 

  
 Sch. A-1 

 Schedule B 

FORM OF PURCHASE NOTICE 

[Date] 
  

	To:	 Société Générale as Administrative Agent 

245 Park Avenue, 4th Floor 
 New
York, NY 10167 
 Attention: Julien Thinat 

Tel.: 
 Email: 

with a copy to: 

Société Générale 

480 Washington Blvd 
 Jersey City,
NJ 07310 
 Tel.: 
 Fax: 

Attention: Cheriese Brathwaite 

Email: 
 Re:
Purchase Notice for Conveyance Date of [ ] (the “Conveyance Date”) 
 Ladies and Gentlemen: 

This Purchase Notice is delivered to you pursuant to Section 2.1(a) of the Sale and Contribution Agreement, dated as
of July 15, 2022 (together with all amendments, if any, from time to time made thereto, the “Sale Agreement”), between Athena Funding I LLC, as purchaser (the “Purchaser”), and Owl Rock Technology Finance Corp. II, as seller
(the “Seller”). Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Sale Agreement. 

In accordance with Section 2.1(a) of the Sale Agreement, effective as of the Conveyance Date, the Seller hereby
Conveys to the Purchaser [as a sale for cash for a Purchase Price of $ ] [and] [as a Contribution in the amount of $ ] on the above-referenced Conveyance Date pursuant to the terms and conditions of the Sale Agreement the Loan Assets listed on
Schedule A hereto, together with all proceeds of the foregoing. 
 Please wire the cash portion of the Purchase Price to the Seller
pursuant to the wiring instructions included in Attachment 1 of this letter. 
 The Seller certifies that the conditions described in
Section 6.1 of the Sale Agreement have been satisfied with respect to such Conveyance. 

  
 Sch. B-1 

 The Seller agrees that if prior to the Conveyance Date any matter certified to herein by it
will not be true and correct in all material respects at such time as if then made, it will promptly so notify the Purchaser and the Administrative Agent. Except to the extent, if any, that prior to the Conveyance Date the Purchaser shall receive
written notice to the contrary from the Seller, each matter certified to herein shall be deemed once again to be certified by the Seller as true and correct in all material respects at the Conveyance Date as if then made. 

The Seller has caused this Purchase Notice to be executed and delivered, and the certification and warranties contained herein to be made, by
its duly authorized officer as of the date first written above. 
  

			
	 Very truly yours,

	
	 OWL ROCK TECHNOLOGY FINANCE CORP. II

		
	 By:
	 	 
		 	Name:
		 	Title:

 Accepted and Agreed 
  

			
	 ATHENA FUNDING I LLC

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 Sch. B-2 

 Attachment 1 

Wire Instructions 
 Bank: 

ABA: 
 Name: 

Number: 
 For further credit to account: 

  
 Sch. B-3Exhibit 10.1

 

Execution
Version

 

Certain information marked
as [****] has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if
publicly disclosed.

 

AMENDED
AND RESTATED license AGREEMENT

 

This AMENDED AND RESTATED
LICENSE AGREEMENT (this “Agreement”) is made effective as of July 19, 2022 (the “Effective Date”)
by and between Napo Pharmaceuticals, Inc., a Delaware corporation (“Licensor”), and Napo Therapeutics S.p.A. (f/k/a
Napo EU S.p.A.), an Italy law joint stock company (“Licensee”). Licensor and Licensee are referred to in this Agreement
individually as a “Party” and collectively as the “Parties.”

 

Recitals

 

WHEREAS,
the Parties have previously executed that certain License Agreement (the “Original Agreement”) dated as of August 18,
2021 (the “Original Agreement Effective Date”), as amended by that certain First Amendment to the License Agreement
dated October 21, 2021 and as further amended by that certain Second Amendment to the License Agreement dated November 18, 2021,
pursuant to which Licensee obtained from Licensor, and Licensor granted to Licensee, certain licenses under the Licensed IP (as defined
below) to develop, commercialize and manufacture the Products (as defined below); and

 

WHEREAS,
the Parties wish to amend and restate, and supersede, the Original Agreement to set forth the Party’s respective rights and obligations
relating to the subject of the Original Agreement.

 

Agreement

 

NOW, THEREFORE, in consideration
of the foregoing and upon the terms and conditions set forth below, the Parties agree as follows:

 

1.             Definitions

 

“Accounting Standards”
means internationally recognized accounting principles (including IFRS, U.S. GAAP, and the like), in each case, as generally and consistently
applied by the applicable Party.

 

“Arbitration Standards”
has the meaning set forth in Section 15.4.

 

“Bankruptcy
Code” means, as applicable, the U.S. Bankruptcy Code (in the United States of America) or Legge Fallimentare / Codice
della Crisi d’Impresa e dell’Insolvenza (in Italy), as amended from time to time, and the rules and regulations and guidelines
promulgated thereunder, or any applicable bankruptcy laws of any other country or competent Governmental Authority, as amended from time
to time, and the rules and regulations and guidelines promulgated thereunder.

 

“Business Day”
means any day other than a Saturday, Sunday or any day on which banks located in the United States of America or Italy are authorized
or obligated to close.

 

    	 	1	 

     

    

 

“Calendar
Year” means each successive period of twelve (12) calendar months commencing on January 1 and ending on December 31,
except that the first Calendar Year of the Term shall commence on the Original Agreement Effective Date and end on December 31 of
the year in which the Original Agreement Effective Date occurs and the last Calendar Year of the Term shall commence on January 1
of the year in which the Term ends and end on the last day of the Term.

 

“Claim”
has the meaning set forth in Section 15.4.

 

“CMC” means
the chemistry, Manufacturing and controls of Product.

 

“Clinical Study”
means any study conducted in humans (healthy volunteers or patients) according to a set protocol and meeting the requirements of GCP.

 

“Combined Company”
means the Dragon SPAC following the consummation of the Merger.

 

“Commercialization”,
 “Commercialize” or “Commercializing” means, with respect to a given product, all activities undertaken
before or after obtaining Regulatory Approvals relating to the pre-launch, launch, promotion, detailing, medical education and medical
liaison activities, branding, marketing, advertising, pricing, reimbursement, offering for sale, sale and distribution of such product,
including product support, life cycle management, patient support, customer support, the booking of sales, safety monitoring, sampling,
shipping, handling, warehousing, logistics management and invoicing activities. “Commercialization” excludes any Development
or Manufacture of such product.

 

“Commercialization
Plan” has the meaning set forth in Section 8.1.

 

“Control”
or “Controlled” means, with respect to any material, Information, or intellectual property right, that a Party
(a) owns or (b) has a license or other right (other than a license granted to such Party under this Agreement) to use, assign
or grant a license or other right to or under such material, Information, or intellectual property right, and, in each case, has
the ability to grant to the other Party access, a license or a sublicense (as applicable) to the foregoing on the terms and conditions
set forth in this Agreement without violating the terms of any then-existing agreement or other arrangement with any Third Party.

 

“Crofelemer”
means, oligomeric proanthocyanidin (OPC) containing catechin, epicatechin, gallocatechin, and epigallocatechin randomly sequenced in chain
lengths ranging from n=3 to n=30 with an average molecular weight of approximately 2000 daltons, including any Improvements thereto.

 

“Develop”,
 “Developing” or “Development” means, with respect to a given product, all activities that are necessary
or useful to obtain, support or maintain Regulatory Approval (other than to obtain any pricing or reimbursement approvals) of such product
in any particular country or jurisdiction in the Licensee Territory, including any such activities relating to preparing and conducting
pre-clinical studies, non-clinical studies and Clinical Studies and regulatory activities (e.g., preparing, filing and obtaining regulatory
applications). “Develop” or “Development” excludes the Commercialization and the Manufacture of such product.

 

“Development Plan”
has the meaning set forth in Section 5.1.

 

“Direct Labor and
Benefits” means that portion of basic wages, labor and related payroll taxes and employee benefits spent specifically in production
and quality control of the Product, which are directly related to the Products and allocated to the Manufacturing and supply of the Products.

 

    	 	2	 

     

    

 

“Dollar”
means U.S. dollars, and “$” shall be interpreted accordingly.

 

“Dragon SPAC”
means Dragon SPAC S.p.A., an incorporated Italian joint stock company having its registered office in Milan (Italy), via M. Barozzi, no.
2, registration number with the Register of Enterprises of Milan-Monza-Brianza-Lodi 11764390966.

 

“EEA” means
the European Economic Area established by the EEA Agreement entered into force on 1 January 1994, which unites the EU member
states and the three European Free Trade Associate states (Iceland, Liechtenstein, and Norway) into an Internal Market governed by the
same basic rules.

 

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

 

“EU Supplier”
means a mutually acceptable, Third Party contract manufacturer selected by the Parties that has all necessary licenses, permits or approvals
from Regulatory Authorities with respect to the Manufacture of Products under GMP that are intended to be Commercialized in the Licensee
Territory.

 

“Finished Product”
means a Product manufactured, tested and released and suitably labelled and packaged for distribution to Clinical Study sites and/or for
Commercialization needs in the respective country in the Licensee Territory.

 

“FFDCA”
means the United States Federal Food, Drug, and Cosmetic Act, as amended from time to time, together with any rules, regulations and requirements
promulgated thereunder (including all additions, supplements, extensions, and modifications thereto).

 

“Generic Product”
means, with respect to a Product, any product that is approved, or is sought to be approved, under an Abbreviated New Drug Application
as defined in the FFDCA or any corresponding foreign application in the Licensee Territory, and in reliance, in whole or in part, on the
prior approval (or on safety or efficacy data submitted in support of the prior approval) of such Product as determined by the applicable
Regulatory Authority. A product licensed or produced by Licensee or any of its Affiliates or Sublicensees, under the same Regulatory Approval
Application for a Product (i.e., an authorized generic product) will not constitute a Generic Product.

 

“Good Clinical Practices”
or “GCP” means the international ethical and scientific quality standard for the design, conduct, performance, monitoring,
auditing, recording, analyses and reporting of clinical trials as set out in the latest guidelines entitled “Guidance for Industry
E6” “Guideline for Good Clinical Practice”, and all applicable equivalent regulatory requirements imposed, adopted and
promulgated by the applicable Regulatory Authority in territories within the Licensee Territory but outside the EEA for current good clinical
practice, as all such standards, practices and procedures may be updated or amended from time to time.

 

“Good Manufacturing
Practices” or “GMP” means the applicable regulatory standards and requirements for current good manufacturing
practices promulgated by the EMA under Directive 2003/94/EC, including any applicable and binding guidance documents published, and applicable
equivalent regulatory requirements of a Regulatory Authority in territories outside the EEA for good manufacturing practice, as all such
standards, requirements and guidance may be updated or amended from time to time.

 

    	 	3	 

     

    

 

“Government Authority”
means any federal, national, state, provincial or local government, or political subdivision thereof, or any multinational organization
or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or
taxing authority or power, any court or tribunal (or any department, bureau or division thereof, or any governmental arbitrator or arbitral
body) with jurisdiction over the Parties and the activities contemplated under this Agreement.

 

“IFD Indications”
or “Intestinal Failure Disorders” has the meaning set forth in Section 6.2(a).

 

“IFD Product Supply
and Technology Transfer Agreement” has the meaning set forth in Section 6.2(a).

 

“Improvements”
has the meaning set forth in Section 2.4.

 

“Indication”
means any human diseases, symptoms, syndromes and medical conditions that can be diagnosed, treated, prevented or ameliorated.

 

“Information”
means any data, results, approvals, technology, or information, in any tangible or intangible form, including know-how, trade secrets,
practices, techniques, methods, processes, inventions, ideas, drawings, developments, specifications, formulations, formulae, materials
or compositions of matter of any type or kind (patentable or otherwise), software, algorithms, marketing reports, expertise, technology,
test data (including pharmacological, biological, chemical, biochemical, clinical test data and data resulting from pre-clinical and nonclinical
studies), stability data and other study data and procedures.

 

“Joint Inventions”
has the meaning set forth in Section 10.1.

 

“Joint Patents”
has the meaning set forth in Section 10.1.

 

“JSC” has
the meaning set forth in Section 4.1(a).

 

“Laws”
means all applicable laws, statutes, rules, regulations, ordinances and other pronouncements having the effect of law of any federal,
national, multinational, state, provincial, county, city or other political subdivision, domestic or foreign, anywhere in the world.

 

“Lechlemer”
or “NP300” means an oral botanical drug extracted and purified from the plant species Croton lechleri containing
sixty percent (60%) to eighty percent (80%) proanthocyanidins that range in size from monomers to higher polymers and other botanical
constituents, none of which have known toxicities, including any Improvements thereto.

 

“Licensed Indications”
means each of the following Indications for a Product: (a) the Tier A Indications and (b) the Indications added to this Agreement
through the exercise of an Option.

 

“Licensed IP”
means, collectively, the Licensed Patents and the Licensed Know-How.

 

“Licensed Know-How”
means all Information owned or Controlled by Licensor or any of its Affiliates before or on the Original Agreement Effective Date or at
any time during the Term, in each case, that is (a) is generally not known and (b) useful to the Development, Manufacture or
Commercialization of a Product, but excluding any Information to the extent described in any published Licensed Patent.

 

    	 	4	 

     

    

 

“Licensed Patents”
means collectively the Tier A Patents, the Tier B Patents for which Licensee has exercised its Tier B Option in accordance with Section 3
and Tier C Patents for which Licensee has exercised its Tier C Option in accordance with Section 3.

 

“Licensee Arising
IP” means, collectively, Licensee Arising Patents and Licensee Arising Know-How.

 

“Licensee Arising
Know-How” means all Information owned or Controlled by Licensee to the extent derived from Licensee’s activities under
this Agreement that is useful for the Development, Manufacture or Commercialization of Crofelemer or Lechlemer.

 

“Licensee Arising
Patents” all Patents owned or Controlled by Licensee to the extent derived from Licensee’s activities under this Agreement
that is useful for the Development, Manufacture or Commercialization of Crofelemer or Lechlemer, but excluding any Joint Patents.

 

“Licensee Territory”
means, collectively, all the countries set forth in Exhibit C.

 

“Licensee Trademarks”
has the meaning set forth in Section 10.5(c) (Licensee Trademarks).

 

“Licensor Cost of
Goods Sold” means the actual costs of Licensor for the Manufacture of Crofelemer, Lechlemer, or the finished dosage of any Product,
as applicable, including in-process testing, labelling, and packaging, which shall be comprised of: (i) the actual cost of Direct
Labor and Benefits incurred by Licensor, (ii) Overhead (solely to the extent allocable to the Product, Crofelemer or Lechlemer) incurred
by Licensor, and (iii) payments actually made by Licensor to Third Parties for the Manufacture of the finished dosage of the Product,
the bulk Product, or Crofelemer or Lechlemer used for the Manufacture of Product, as the case may be, and with respect to clauses (i) and
(ii), as determined in accordance with Accounting Standards used consistently for all of Licensor’s products.

 

“Licensor Territory”
means worldwide other than the Licensee Territory.

 

“Licensor Trademarks”
means the Trademarks Controlled by Licensor or its Affiliates, whether registered or unregistered in any country in the Licensee Territory
that are set forth in Exhibit D hereto.

 

“Manufacture”
and “Manufacturing” means, with respect to a given product, all activities related to the production, manufacture,
formulation, processing, filling, finishing, packaging, labeling, handling and holding of any such product, or any intermediate thereof,
including formulation development, process development, process qualification and validation, scale-up, pre-clinical, non-clinical, clinical
and commercial manufacture (including manufacture of pre-clinical, non-clinical or Clinical Study material (including placebo and active
controls)), analytic development, product characterization, stability testing, quality assurance, quality control and release testing.
 “Manufacture” excludes any Development or Commercialization of such product.

 

“Merger”
means the merger by way of absorption (fusione per incorporazione) of Napo EU into Dragon SPAC pursuant to the Master Agreement.

 

“Master Agreement”
means the Master Agreement to be entered by and among Dragon SPAC, Napo Pharmaceuticals, Inc., Napo EU and Joshua Mailman.

 

    	 	5	 

     

    

 

“Net Sales”
means, with respect to any given period, the gross amount invoiced by Licensee and its Affiliates and Sublicensees for the sale of Products
to Third Parties (other than Sublicensees) (the “Invoiced Sales”) less deductions for:

 

a.            normal
and customary trade, quantity and cash discounts and sales returns and allowances, including (i) those granted on account of price
adjustments, billing errors, rejected goods, damaged goods and returns, (ii) administrative and other fees and reimbursements and
similar payments to wholesalers and other distributors, buying groups, pharmacy benefit management organizations, health care insurance
carriers and other institutions, (iii) allowances, rebates and fees paid to distributors, and (iv) chargebacks;

 

b.            freight,
postage, shipping and insurance expenses to the extent that such items are included in the Invoiced Sales;

 

c.            customs
and excise duties and other duties related to the sales to the extent that such items are included in the Invoiced Sales;

 

d.            rebates
and similar payments made with respect to sales paid for by any governmental or regulatory authority such as, by way of illustration and
not in limitation of the parties’ rights hereunder Federal or state Medicaid, Medicare or similar state program or equivalent foreign
governmental program;

 

e.            sales
and other taxes and duties directly related to the sale or delivery of Products (but not including taxes assessed against the income derived
from such sale);

 

f.            any
other similar and customary deductions that are consistent with GAAP, or in the case of non-United States sales, other applicable accounting
standards;

 

g.            distribution
expenses to the extent that such items are included in the Invoiced Sales; and

 

h.            any
such invoiced amounts that are not collected by Licensee or its Affiliates or Sublicensees.

 

Any of the deductions listed above that involves
a payment by Licensee or its Affiliates or Sublicensees shall be taken as a deduction in the Quarter in which the payment is accrued by
such entity. Deductions pursuant to subsection (h) above shall be taken in the Quarter in which such sales are no longer recorded
as a receivable. For purposes of determining Net Sales, Products shall be deemed to be sold when invoiced and a “sale” shall
not include transfers or dispositions for charitable, promotional, pre-clinical, clinical, regulatory or governmental purposes to the
extent no amount is received by Licensee, its Affiliates, or Sublicensees in connection therewith.

 

For purposes of calculating Net Sales, sales between
or among Licensee, its Affiliates and its Sublicensees shall be excluded from the computation of Net Sales, but sales by Licensee, its
Affiliates or its Sublicensees to Third Parties (other than Sublicensees) shall be included in the computation of Net Sales.

 

If Licensee should, in a given country during
a given accounting period, sell a Product that contains one or more active ingredients in addition to Crofelemer or Lechlemer (which may
be either combined in a single formulation or bundled with separate formulations but sold as one product), Net Sales for such combination
product will be calculated by multiplying actual Net Sales of such combination product by the fraction A/(A+B) where A is the average
total invoice price of a Product if sold separately (for the same dosage strength) in such period, and B is the average total invoice
price of such other active ingredient or ingredients in the product, if sold separately (for the same dosage strength) in such period.
If, on a country-by-country basis, either a Product, on the one hand, or such other active ingredient or ingredients in the combination
product, on the other hand, is, or both of the foregoing are, not sold separately in said country, Net Sales for the purpose of determining
royalties of a Product shall be determined by the respective chief financial officers of the Parties in good faith and in a manner consistent
with the intent of this Agreement, provided that any matters in dispute with respect thereto shall be ultimately and finally reasonably
determined by the Chief Financial Officer of Licensor.

 

    	 	6	 

     

    

 

“Non-IFD Product
Supply Agreement” has the meaning set forth in Section 6.2(b).

 

“Non-IFD Product
Technology Transfer Agreement” has the meaning set forth in Section 6.3(c).

 

“Option”
means the Tier B Option or the Tier C Option and together, the “Options”.

 

“Option Exercise
Period” means the period beginning on the Original Agreement Effective Date and expiring on the earlier of (i) June 30,
2023 and (ii) the twenty-four-month anniversary of the consummation of a Qualifying Merger.

 

“Other Committees”
has the meaning set forth in Section 4.1(b).

 

“Overhead”
means all customary and usual operating expenses directly related to a Product incurred by and in support of the particular manufacturing
cost centers, purchasing department and quality assurance operations specifically related to such Product (including labor, related payroll
taxes and employee benefits), depreciation, general taxes, rent, repairs and maintenance, supplies, utilities and factory administrative
expense.

 

“Patents”
means any and all (a) patent applications and issued patents, including, all national, regional, and international patents and patent
applications; provisionals; continuations; divisionals; continuations-in-part; continued prosecution applications; reissues, renewals,
substitutions, reexaminations, and revivals thereof; (b) patents that have issued or in the future issue from the foregoing patent
applications, including utility models, petty patents and design patents and certificates of invention; and (c) extensions (including
pediatric exclusivity, patent term extension and supplementary patent certificate) or restorations of the patents described above by existing
or future extension or restoration mechanisms.

 

“Pharmacovigilance
Agreement” has the meaning set forth in Section 7.7.

 

“Private Placement”
means the private placement of equity securities by Dragon SPAC.

 

“Products”
means collectively the Tier A Products, Tier B Products and Tier C Products.

 

“Product Labeling”
means, with respect to a Product: (a) the Regulatory Authority-approved full prescribing information for such Product for a country
or other jurisdiction, including any required patient information; and (b) all labels and other written, printed, or graphic matter
upon a container, wrapper or any package insert utilized with or for such Product in such country or other jurisdiction.

 

“Proposed Arbitrators”
has the meaning set forth in Section 15.4.

 

“Qualifying Merger”
means a merger or consolidation of Licensee with or into another person or entity or similar corporate transaction.

 

    	 	7	 

     

    

 

“Quarter”
means each successive period of three (3) calendar months commencing on January 1, April 1, July 1 and October 1,
except that the first Quarter of the Term commences on the Original Agreement Effective Date and ends on the day immediately before the
first to occur of January 1, April 1, July 1 or October 1 after the Original Agreement Effective Date, and the last
Calendar Quarter ends on the last day of the Term.

 

“Regulatory Approval”
means, with respect to a particular country and product, a marketing authorization granted by the applicable Regulatory Authority in such
country for such product, including, where applicable, (a) pricing or reimbursement approval in such country or other jurisdiction,
(b) pre- and post-approval marketing authorizations (including any prerequisite Manufacturing approval or authorization related thereto)
and (c) approval of Product Labeling.

 

“Regulatory Approval
Application” means an application to the applicable Regulatory Authority for approval to Commercialize a Product in a particular
jurisdiction in the Licensee Territory.

 

“Regulatory Authority”
means, with respect to a particular country or jurisdiction, any applicable Governmental Authority involved in granting Regulatory Approvals
of pharmaceutical products in such country or jurisdiction (e.g., EMA).

 

“Regulatory Materials”
means Regulatory Approval Applications, investigational new drug applications, clinical trial applications, submissions, notifications,
communications, correspondence, registrations, Regulatory Approvals or other filings made to, received from or otherwise conducted with
a Regulatory Authority to Develop, Manufacture or Commercialize a Product in a particular country or jurisdiction.

 

“ROFN License”
has the meaning set forth in Section 3.2.

 

“ROFN Notice”
has the meaning set forth in Section 3.2(a).

 

“ROFN Period”
has the meaning set forth in Section 3.2(b).

 

“ROFN Proposal”
has the meaning set forth in Section 3.2(b).

 

“SEC Reports”
means collectively all reports, schedules, forms, statements and other documents filed by Jaguar Health, Inc., parent of the Licensor,
under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, including pursuant to Section 13(a) or
15(d) thereof, including the exhibits thereto and documents incorporated by reference therein.

 

“Sole Inventions”
has the meaning set forth in Section 10.1.

 

“Sublicensee”
means any entity to which a sublicense is validly granted pursuant to Section 2.3.

 

“Subscription Agreement”
means that certain subscription agreement, dated June 1, 2021, by and among Licensee, Licensor and Joshua Mailman.

 

“Third Party”
means any person other than a Party or an affiliate of a Party.

 

“Tier A Indications”
means, collectively, the Indications set forth under the heading “Tier A” in Exhibit B.

 

    	 	8	 

     

    

 

“Tier A Patents”
means the Patents that: (a) cover any Tier A Product or its Development, Manufacture or Commercialization in the Licensee Territory;
(b) are owned or Controlled by Licensor or any of its Affiliates; and (c) are issued or filed before or on the Original Agreement
Effective Date or at any time during the Term, but excluding any Licensee Arising Patents. The Tier A Patents existing as of the Original
Agreement Effective Date are set forth under the heading “Tier A” in Exhibit A.

 

“Tier A Product”
means a pharmaceutical product that utilizes Crofelemer or Lechlemer as its active drug substance, alone or in combination with another
active pharmaceutical ingredient and indicated for any Tier A Indications.

 

“Tier B Indications”
means, collectively, the Indications set forth under the heading “Tier B” in Exhibit B.

 

“Tier B Option”
has the meaning set forth in Section 3.1(a).

 

“Tier B Patents”
means, the Patents that: (a) cover any Tier B Product or its Development, Manufacture or Commercialization in the Licensee Territory;
(b) are owned or Controlled by Licensor or any of its Affiliates; and (c) are issued or filed before or on the Original Agreement
Effective Date or at any time during the Term, but excluding any Licensee Arising Patents. The Tier B Patents existing as of the Original
Agreement Effective Date are set forth under the heading “Tier B” in Exhibit A.

 

“Tier B Product”
means a pharmaceutical product that utilizes Crofelemer or Lechlemer as its active drug substance, alone or in combination with another
active pharmaceutical ingredient and indicated for any Tier B Indications.

 

“Tier C Indications”
means, collectively, the Indications set forth under the heading “Tier C” in Exhibit B.

 

“Tier C Option”
has the meaning set forth in Section 3.1(a).

 

“Tier C Patents”
means, the Patents that: (a) cover any Tier C Product or its Development, Manufacture or Commercialization in the Licensee Territory;
(b) are owned or Controlled by Licensor or any of its Affiliates; and (c) are issued or filed before or on the Original Agreement
Effective Date or at any time during the Term, but excluding any Licensee Arising Patents. The Tier C Patents existing as of the Original
Agreement Effective Date are set forth under the heading “Tier C” in Exhibit A.

 

“Tier C Product”
means a pharmaceutical product that utilizes Crofelemer or Lechlemer as its active drug substance, alone or in combination with another
active pharmaceutical ingredient and indicated for any Tier C Indications.

 

“Tier 1 Territory”
means, collectively, the European Union, Switzerland and the United Kingdom.

 

“Trademark”
means any word, name, symbol, color, designation or device or any combination thereof that functions as a source identifier, including
any trademark, trade dress, brand mark, service mark, trade name, brand name, logo, business symbol or domain names, whether or not registered.

 

“Transfer Price”
means, with respect to a Product, Crofelemer or Lechlemer, as applicable, provided by Licensor to Licensee, the price Licensee shall pay
for such Product, Crofelemer or Lechlemer, which price shall equal the Licensor Cost of Goods Sold plus ten percent (10%).

 

    	 	9	 

     

    

 

“Upfront Payment”
has the meaning set forth in Section 9.1.

 

“Upfront Payment
Deadline” has the meaning set forth in Section 9.1.

 

“Valid Claim”
means a claim of (a) any issued and unexpired patent whose validity, enforceability, or patentability has not been affected by any
of the following: (i) irretrievable lapse, abandonment, revocation, dedication to the public, or disclaimer; or (ii) a holding,
finding, or decision of invalidity, unenforceability, or non-patentability; or (b) a pending patent application that is filed and
prosecuted in good faith and no more than ten (10) years have elapsed from its earliest priority date.

 

2.            License

 

2.1            Licensor
Grant to Licensee. Subject to the terms and conditions of this Agreement, Licensor hereby grants
to Licensee:

 

(a)            an
exclusive (even as to Licensor), perpetual (subject to the termination rights of the Parties set forth in Section 14.3), non-transferable
license, with right to grant and authorize sublicenses solely as permitted under Section 2.3, under the Licensed IP and the Licensor
Trademarks for Licensee to Develop and Commercialize Products in the Licensee Territory; and

 

(b)            a
non-exclusive, non-transferable license, with right to grant and authorize sublicenses (to a contract manufacturer only) solely as permitted
under Section 2.3, under the Licensed IP for Licensee to Manufacture or have Manufactured Products for Commercialization in the Licensee
Territory, including the right to Manufacture Crofelemer and Lechlemer; provided, however, that during the Term, Licensee
shall only be entitled to utilize its license to Manufacture or have Manufactured Products to the extent provided in Section 6.3.

 

For the avoidance of doubt, the Combined Company
shall assume the rights and obligations of this Agreement, including but not limited to the licenses granted under this Section 2.1,
without any additional consent or waiver by Licensor.

 

2.2            Licensee
Grant to Licensor. Subject to the terms and conditions of this Agreement, Licensee hereby grants
to Licensor an exclusive (even as to Licensee), perpetual (subject to the termination rights of the Parties set forth in Section 14.3)
license under the Licensee Arising IP to Develop, Manufacture or Commercialize (a) Products anywhere in the world outside of the
Licensee Territory and (b) any products for any Indications (other than the Licensed Indications) anywhere in the world (including
the Licensee Territory). Licensor and its Affiliates shall have the right to sublicense the rights granted to it under this Section 2.2
to any Third Party; provided, that, in each such case, Licensor shall be responsible for any such Third Party as if Licensor
were exercising such sublicensed rights itself under this Agreement.

 

2.3            Sublicense.
Licensee may sublicense the rights granted to it under Section 2.1 to Third Parties with Licensor’s prior written consent in
each and every case, which consent by Licensor shall not be unreasonably withheld, delayed or conditioned; provided, that Licensee
shall remain responsible for any acts or omissions of its Affiliates and Sublicensees with respect to this Agreement as if they were Licensee’s
own acts or omissions.

 

    	 	10	 

     

    

 

2.4            No
Implied Licenses. Except as explicitly set forth in this Agreement, neither Party will be deemed
to have granted the other Party any license or other right to any intellectual property of such Party, whether by estoppel, implication
or otherwise. Licensee acknowledges and agrees that as between Licensee and Licensor, except for the license granted under this Agreement,
Licensor retains all right, title and interest in and to the Licensed Patents, including all improvements and enhancements to the Licensed
Patents made or created by Licensee pursuant to this Agreement or made or created by or on behalf of Licensor during the Term (collectively,
 “Improvements”).

 

3.            Options
AND Right of First Negotiation.

 

3.1            Options.

 

(a)            Grant
of Options. Licensor hereby grants to Licensee during the applicable Option Exercise Period exclusive options to obtain the licenses
to the Tier B Patents and Tier C Patents, as applicable, to Develop and Commercialize, pursuant to the terms of this Agreement, (i) Tier
B Products (the “Tier B Option”) and (ii) Tier C Products (the “Tier C Option”).

 

(b)            Option
Exercise. Licensee will have the right to exercise each Option, in its sole discretion, by (i) providing to Licensor written
notice (“Option Exercise Notice”) and (ii) making the payment to Licensor set forth in Section 9.2, in each
case prior to the expiration of the Option Exercise Period. Upon exercise of an Option in accordance with this Section 3.1(b), (x) the
definition of Licensed Indications hereunder is hereby automatically deemed to be amended to include, as applicable, such Tier B Indications
and/or Tier C Indications and (y) the definition of Licensed Patents hereunder is hereby automatically deemed to be amended to include,
as applicable, such Tier B Patents and/or Tier C Patents, in each case ((x) and (y)) without any further action by either Party.

 

3.2            Right
of First Negotiation. If the Option Exercise Period expires without exercise by Licensee of either
or both Options pursuant to Section 3.1(b), then until the earlier of (i) June 30, 2024 and (ii) the three-year anniversary
of the consummation of the Qualifying Merger, Licensor shall grant Licensee a right of first negotiation to license the Tier B Patents
and Tier C Patents, as applicable, on substantially the same terms as this Agreement to Develop, Commercialize and Manufacture the Tier
B Products and/or Tier C Products in Europe (the “ROFN License”). The exclusive negotiating period will last for sixty
(60) days, subject to each Party’s obligation to negotiate in good faith the terms of such license. The mechanics of the right of
first negotiation are as follows:

 

(a)            If
Licensor or its Affiliates intends to enter into discussions or negotiations with a Third Party with respect to the ROFN License, Licensor
shall provide written notice to Licensee of its intention to Licensee (the “ROFN Notice”).

 

    	 	11	 

     

    

 

(b)            Licensee
shall have thirty (30) days after receipt of the ROFN Notice to provide written notice to Licensor of its interest in entering into negotiations
for the ROFN License together with an initial term sheet, including proposed financial terms, for the ROFN License (a “ROFN Proposal”).
If Licensee provides a ROFN Proposal, then for a period of sixty (60) days from Licensor’s receipt of the ROFN Proposal (“ROFN
Period”), Licensee or its Affiliate will have the exclusive right to negotiate terms in which it will obtain the ROFN License
from Licensor or its Affiliate. Such Parties shall negotiate in good faith the terms for the ROFN License. If, at the end of the ROFN
Period, such Parties are unable to reach agreement on the ROFN License, Licensor shall have no further obligation to Licensee concerning
the ROFN License pursuant to this Section 3.2; provided, that Licensor shall not, within sixty (60) days of the end of the
ROFN Period, offer to grant the ROFN License to a Third Party on more favorable terms, taken as a whole, than those last offered to Licensor
during the ROFN Period without first offering those terms to Licensee, which Licensee shall have thirty (30) days to accept or reject.
For clarity, if Licensee does not provide Licensor with a ROFN Proposal during the initial thirty (30) day period, Licensor shall have
no further obligation to Licensee concerning the ROFN License thereafter.

 

4.            Governance.

 

4.1            Joint
Steering Committee.

 

(a)            Formation
and Responsibilities. Within sixty (60) days after the Original Agreement Effective Date, the Parties shall establish a joint steering
committee (the “JSC”) for the overall coordination and oversight of the Parties’ activities under this Agreement.
The JSC shall have review, discussion or comment responsibilities for certain matters, and decision-making authority for certain matters,
as specified in Sections 4.1(b) and 4.1(c), respectively. The JSC has only the powers expressly assigned to it in Sections 4.1(b) and
4.1(c) and elsewhere in this Agreement. Notwithstanding anything to the contrary set forth in this Agreement, the JSC has no power
to interpret, amend, modify or waive compliance with this Agreement.

 

(b)            Review
and Discussion Only. The responsibilities of the JSC are to review, discuss or comment on the following matters (which responsibilities,
for clarity, do not include any decision-making authority and are not subject to a vote by the JSC):

 

(1)            to
provide oversight, direction and consulting on technical issues related to the Development and Commercialization of a Product in the Licensee
Territory;

 

(2)            to
review and discuss the filing and maintenance of all Licensee Trademarks to be used with respect to the Commercialization of a Product
in the Licensee Territory;

 

(3)            to
review and discuss Development and regulatory update reports provided by Licensee to the JSC for the Licensee Territory pursuant Section 5.5
(Development and Regulatory Updates);

 

(4)            to
appoint any other operating committees (collectively, the “Other Committees”), consisting of equal numbers of appropriately
qualified members appointed by each Party, from time to time as it deems fit during the Term;

 

(5)            to
attempt to resolve, in a timely manner, issues presented to it by, and disputes within the Other Committees; and

 

    	 	12	 

     

    

 

(6)            to
perform such other functions as appropriate to further the purposes of this Agreement, as expressly set forth in this Agreement or as
mutually determined by the Parties in writing.

 

(c)            Review
and Approval. The responsibilities of the JSC are to review and approve the following matters:

 

(1)            to
review, discuss and approve the Development Plan and the Commercialization Plan;

 

(2)            periodically
(no less often than annually) review and serve as a forum for discussing the Development Plan and the Commercialization Plan, and review,
discuss and approve amendments thereto;

 

(3)            to
review, discuss and agree on any Regulatory Material filed by or on behalf of Licensee in the Licensee Territory;

 

(4)            to
review, discuss, agree on and coordinate the Parties’ Commercialization activities among the Licensor Territory and the Licensee
Territory as contemplated by Section 8.5; and

 

(5)            to
review, discuss, agree on and coordinate the Parties’ scientific presentation and publication strategy relating to a Product in
the Licensee Territory and the Licensor Territory, which shall be implemented as provided in Section 13.4 (Technical Publication).

 

(d)            Members.
Each Party shall initially appoint three (3) representatives to the JSC, each of whom will be an officer, employee or key scientific
or clinical advisor of such Party having sufficient experience and/or seniority within the applicable Party to make decisions arising
within the scope of the JSC’s responsibilities. The JSC may change its size from time to time by mutual consent of its members,
and each Party may replace its representatives at any time upon written notice to the other Party; provided, however, that
the JSC will at all times consist of equal numbers of members appointed by each Party. If a JSC representative from either Party is unable
to attend or participate in a meeting of the JSC, the Party who designated such representative may designate an appropriately qualified
substitute representative for the meeting. The JSC will have a chairperson, who will be elected, on an annual basis, alternatively by
Licensor or Licensee, with Licensor electing the initial chairperson. The role of the chairperson is to convene and preside at all meetings
of the JSC and to ensure the preparation of meeting minutes, but the chairperson has no additional powers or rights beyond those held
by other JSC representatives.

 

(e)            Meetings.
The JSC shall meet at least two (2) times per Calendar Year during the Term unless the Parties mutually agree in writing to a different
frequency for such meetings. Either Party may also call a special meeting of the JSC (by videoconference or teleconference) upon at least
ten (10) Business Days’ prior written notice to the other Party if such Party reasonably believes that a significant matter
must be addressed before the next regularly scheduled meeting, and such Party shall provide the JSC materials reasonably adequate to enable
an informed discussion by its members no later than ten (10) Business Days before the special meeting. The JSC may meet in person,
by videoconference or by teleconference, provided, however, at least one (1) meeting per Calendar Year occurs in person
at a mutually agreeable location. Each Party shall pay for its own expenses relating to such meetings. As appropriate, other employee
representatives of the Parties or their respective Affiliates may attend JSC meetings as non-voting observers or presenters. The chairperson
of the JSC shall prepare reasonably detailed written minutes of all JSC meetings that reflect and include all material decisions made
at such meetings.

 

    	 	13	 

     

    

 

(f)            Decision
Making.

 

(1)            Decisions
to be made by the JSC pursuant to Section 4.1(c) will be made by consensus pursuant to a unanimous vote, with each Party having
one (1) vote representing the views of its members.

 

(2)            If
the JSC fails to reach consensus on any of the matters set forth in Section 4.1(c) for a period in excess of sixty (60) days,
then Licensor may cast the deciding vote for the JSC to the extent the disputed issue might reasonably be expected to (i) affect
any regulatory activities in the Licensor Territory or (ii) have a material adverse effect on the Development of any products or
Manufacture or Commercialization thereof in the Licensor Territory.

 

(3)            Each
Party retains the rights, powers, and discretion granted to it under this Agreement and neither Party shall delegate to or vest in any
such rights, powers, or discretion in the JSC unless such delegation or vesting of rights is expressly provided for in this Agreement
or the Parties expressly so agree in writing.

 

4.2            Good
Faith. In conducting themselves on the JSC or any Other Committees, all representatives of each
Party shall consider reasonably and in good faith all input received from the other Party.

 

4.3            Scope
of Governance. Without limiting the Parties’ obligations under Article 12 (Confidentiality;
Publication), the Parties agree not to share or discuss at the JSC any strategic or commercially sensitive Information beyond the scope
of the collaboration contemplated by this Agreement.

 

4.4            Alliance
Managers. Each of the Parties shall appoint a single employee to act as that Party’s “Alliance
Manager”. The role of the Alliance Manager is to act as a point of contact between the Parties to assure a successful collaboration.
The Alliance Managers may attend all JSC meetings and support the chairperson of the JSC in the discharge of their responsibilities. Alliance
Managers shall be non-voting participants in such JSC meetings, unless they are also appointed members of the JSC; provided, however,
that an Alliance Manager may bring any matter to the attention of the JSC if such Alliance Manager reasonably believes that such matter
warrants such attention. Each Party may change its designated Alliance Manager from time to time upon written notice to the other Party.
Any Alliance Manager may designate a substitute to temporarily perform the functions of that Alliance Manager by written notice to the
other Party. Each Alliance Manager will also: (i) coordinate cooperative efforts and communications between the Parties; and (ii) take
responsibility for ensuring that governance activities, such as the conduct of required JSC meetings and production of meeting minutes,
occur as set forth in this Agreement, and that relevant action items resulting from such meetings are appropriately carried out or otherwise
addressed.

 

    	 	14	 

     

    

 

5.            Product
Development.

 

5.1            Licensee
Responsibility. Within ninety (90) days following the Original Agreement Effective Date, Licensee
shall prepare for review and approval by the JSC, a written development plan setting forth in reasonable detail the Development activities
to be performed with respect to a Product (including but not limited to the CMC development activities that are required to be performed
to obtain Regulatory Approval in the Licensee Territory), risks and anticipated timelines for such Development activities, including a
budget with respect thereto (the “Development Plan”). Licensee will be responsible, at its sole cost and expense, for
all Development activities for Products in the Licensee Territory, and shall perform such activities in accordance with the Development
Plan.

 

5.2            Updates;
Amendments. The JSC shall review the Development Plan at least annually for the purpose of considering
appropriate amendments thereto. In addition, either Party, through its representatives on the JSC, may propose amendments to the Development
Plan at any time.

 

5.3            Development
Diligence and Responsibilities. Licensee shall conduct Development activities under this Agreement
in accordance with the Development Plan and in a good scientific manner and comply in all material respects with applicable Laws. In particular,
Licensee shall:

 

(a)            communicate
with one or more regulatory authorities in at least one country in Tier 1 Territory (e.g., EMA, SwissMedic, MHRA, etc.) within six
(6) months of the Original Agreement Effective Date; and

 

(b)            initiate
a Clinical Trial in support of the Product for SBS within six (6) months of the achievement of the milestone event set forth in Section 9.3(a).

 

5.4            Data
Exchange and Use. Promptly after the Original Agreement Effective Date, Licensor shall disclose
and make available to Licensee all Licensed Know-How that is necessary for Licensee to perform its obligations or exercise its rights
under this Agreement. Licensee shall reimburse Licensor for any reasonable out-of-pocket costs directly incurred by Licensor with respect
to such transfer within thirty (30) days of its receipt of an invoice from Licensor for such costs.

 

5.5            Development
and Regulatory Updates. Once per Quarter, Licensee shall provide the JSC with a written report
that sets forth (a) a summary and timeline for all ongoing and planned pre-clinical studies and Clinical Studies for the Products
set forth in the Development Plan, (b) a summary of all material and substantive interactions with applicable Regulatory Authorities
for the Products in the Licensee Territory and (c) updates on key milestones relating thereto.

 

5.6            Development
Records. During the Term, Licensee shall maintain complete, current and accurate records of all
Development activities conducted by it hereunder, and all data and other Information resulting from such activities. Such records will
fully and properly reflect all work done and results achieved in the performance of the Development activities in good scientific manner
appropriate for regulatory and patent purposes. Licensee shall document all pre-clinical studies and Clinical Studies conducted pursuant
to this Agreement in formal written study records according to applicable Law.

 

    	 	15	 

     

    

 

6.            Manufacturing
and Supply

 

6.1            CMC
and Clinical Supply. Unless otherwise set forth in the Development Plan, Licensor shall, either
directly or through an Affiliate or licensee, have sole responsibility for (a) CMC development and industrialization of the Manufacture
of clinical supplies of Product and (b) the Manufacture of all of Licensee’s requirements for Product for use in Development
in the Licensee Territory, which Licensor shall supply to Licensee at the Transfer Price.

 

6.2            Manufacture
and Commercial Supply.

 

(a)            IFD
Indications. The Parties shall negotiate with an EU Supplier in good faith with respect to commercial supply of the Finished Products
for Licensed Indications involving intestinal failure disorders (e.g., SBS, SBS-IF, CDD, etc.) (collectively, “IFD Indications”
or “Intestinal Failure Disorders”) in the Licensee Territory, and shall execute such supply agreement (the “IFD
Product Supply and Technology Transfer Agreement”) as soon as reasonably practicable after the EU Supplier is identified by
the Parties and, in any event, within the prescribed time period required by applicable Law to obtain all Regulatory Approvals for any
such Products. The IFD Product Supply and Technology Transfer Agreement shall set forth customary supply terms as mutually agreed to by
the Parties and EU Supplier. The Parties agree to include in the IFD Product Supply and Technology Transfer Agreement that (a) Licensor
shall effect a full transfer to EU Supplier and/or Licensee of all Licensed Know-How relating to the then-current specifications and process
for the Manufacture of the Finished Products for Intestinal Failure Disorders, (b) EU Supplier shall supply to Licensee the Finished
Products for Intestinal Failure Disorders in such quantities as Licensee may order in accordance with the terms and conditions of such
agreement, and (c) Licensor shall supply Crofelemer to EU Supplier and/or Licensee at the Transfer Price to enable EU Supplier to
Manufacture the Finished Products for Intestinal Failure Disorders to be used for qualification, validation and Commercialization in the
Licensee Territory. The IFD Product Supply and Technology Transfer Agreement shall also set forth provisions with respect to an appropriate
plan to provide reasonable assurances of continuity of supply of Crofelemer from Licensor, including adequate rights or remedies to which
Licensee may be entitled for Licensor’s inability to supply when such failure is caused by or results from reasons within the reasonable
control of Licensor that which Licensor is unable to justify.

 

(b)            Licensed
Indications other than IFD Indications. Licensor shall, either directly or through an Affiliate or licensee, have sole responsibility
for Manufacturing activities for commercial supply of the Products for Licensed Indications other than IFD Indications in the Licensee
Territory at the Transfer Price in accordance with the Supply Agreement. Within twelve (12) months prior to the anticipated completion
of a clinical trial in support of registration of a Product in the Licensee Territory for any Licensed Indication other than for an IFD
Indication, the Parties shall commence negotiations for a manufacture and commercial supply agreement of such Products to Licensee (the
 “Non-IFD Supply Agreement”), which agreement shall also cover the quality aspects for the commercial supply of such
Products.

 

    	 	16	 

     

    

 

6.3            Manufacture
License.

 

(a)            Manufacture
of Product for IFD Indications. Subject to the terms and conditions of this Agreement, Licensee shall be entitled to utilize its license
to Manufacture or have Manufactured a Finished Product for Licensed Indications involving IFD Indications (i) only to the extent
such Manufacturing activities are for commercial scale batches of Products as required in order to validate a process to obtain Regulatory
Approvals in the Licensee Territory and (ii) for Commercialization in a country in the Licensee Territory at any time following receipt
of Regulatory Approval for a Product for such IFD Indication in such country in the Licensee Territory.

 

(b)            Manufacture
of Product for Licensed Indications other than IFD Indications. Subject to the terms and conditions of this Agreement, Licensee shall
only be entitled to utilize its license to Manufacture or have Manufactured a Product for Licensed Indications other than IFD Indications
to the extent that Licensor is unable to supply (i) such Product for use in Development in the Licensee Territory as provided in
Section 6.1 or (ii) such Product for Commercialization in the Licensee Territory as determined in accordance with the Supply
Agreement.

 

(c)            Non-IFD
Product Technology Transfer Agreement. The Parties shall, within sixty (60) days of Licensee’s written request following satisfaction
of the conditions in Section 6.3(b), enter into a technology transfer agreement (“Non-IFD Product Technology Transfer Agreement”)
in order to enable the Licensee to Manufacture such Product for the Licensee Territory. Licensee shall reimburse Licensor for any reasonable
out-of-pocket costs directly incurred by Licensor with respect to such transfer within thirty (30) days of its receipt of an invoice from
Licensor for such costs.

 

7.            Regulatory
Matters

 

7.1            Regulatory
Responsibilities in the Licensee Territory. Commencing on the Original Agreement Effective Date,
Licensee will be the “sponsor” of and take the lead and have sole responsibility for preparing, filing, obtaining and maintaining
Regulatory Approvals for the Products in the Licensee Territory and conducting all associated regulatory activities for the Products in
the Licensee Territory, subject to JSC approval as required under Section 4.1(c)(3).

 

7.2            Development
Breach by Licensee. A breach of Licensee’s obligation to Develop the Products shall include,
but is not limited to, the failure of Licensee to (a) comply with its obligations under Section 5.3(a) or Section 5.3(b) or
(b) initiate a clinical assessment in support of a conditional regulatory approval pathway with the EMA within eighteen (18) months
of the consummation of the Qualifying Merger. For the avoidance of doubt, a breach of this Section 7.2 shall constitute a material
breach of this Agreement for which the remedies of Section 14.3(c) (Termination by Licensor for Material Breach, Insolvency
or Failure to Develop or Commercialize) shall be available to Licensor.

 

7.3            Commercial
Updates. Licensee shall keep Licensor informed at JSC meetings of regulatory developments relating
to the Products in the Licensee Territory and shall promptly notify Licensor in writing of any action or decision by any Regulatory Authority
in the Licensee Territory regarding the Product. Licensee shall provide Licensor for review and comment all draft Regulatory Materials
as soon as practicable in advance of their intended date of submission to a Regulatory Authority in the Licensee Territory, and shall
consider any comments thereto provided by Licensor, to the extent reasonable and practicable.

 

    	 	17	 

     

    

 

7.4            Regulatory
Costs. Licensee shall be solely responsible for all regulatory costs incurred by or on behalf
of Licensee with respect to preparing, filing, obtaining and maintaining Regulatory Approval for the Products from the Regulatory Authorities
in the Licensee Territory. Licensee shall be responsible for all costs and activities associated with specialized formulation for SBS-IF.

 

7.5            Right
of Reference to Regulatory Materials. Licensee hereby (a) grants to Licensor a right of
reference to all Regulatory Materials filed by or on behalf of Licensee in the Licensee Territory, which right of reference Licensor may
use for the sole purpose of seeking, obtaining and maintaining Regulatory Approvals and Developing and Commercializing (i) the Products
in the Licensor Territory and (ii) product for any Indications other than the Licensed Indications anywhere in the world (including
the Licensee Territory) and (b) agrees to provide copies of such Regulatory Materials, Regulatory Approvals and all corresponding
documentation to Licensor as soon as practicable after Licensee’s submission to Regulatory Authorities. Licensee shall promptly
submit any necessary notices or authorizations to Regulatory Authorities that are necessary to effect such rights of reference. Licensee
shall support Licensor, as reasonably requested by Licensor, in obtaining Regulatory Approvals in Licensor’s Territory, including
providing necessary documents or other materials required by Laws to obtain Regulatory Approval in Licensor’s Territory.

 

7.6            Notification
of Threatened Action. Each Party shall immediately notify the other Party of any information
it receives regarding any threatened or pending action, inspection or communication by or from any Regulatory Authority, which may affect
the Development, Commercialization or Regulatory Approval of Product.

 

7.7            Adverse
Event Reporting and Safety Data Exchange. No later than one hundred eighty (180) days following
the submission of the first Regulatory Approval Application for the Products in any country in the Licensee Territory, the Parties shall
define and finalize the actions that the Parties shall employ with respect to the Products to protect patients and promote their well-being
in a written pharmacovigilance agreement (the “Pharmacovigilance Agreement”). In the event of any inconsistency between
the provisions of the Pharmacovigilance Agreement and the provisions of this Agreement, the wording of the Pharmacovigilance Agreement
shall govern any and all patient safety matters and this Agreement shall govern all other matters.

 

8.            Commercialization

 

8.1            Commercialization
Diligence. The Commercialization of the Products in the Licensee Territory shall be conducted
pursuant to a comprehensive plan (the “Commercialization Plan”), which Licensee shall develop and propose to the JSC
within sixty (60) days of completion of a pivotal clinical trial, or a similar clinical study prescribed by the Regulatory Authorities,
in support of registration of the Products in the Licensee Territory for any Indication. Following receipt of Regulatory Approval of the
Products in a country in the Licensee Territory, Licensee shall Commercialize the Products in such country in accordance with the Commercialization
Plan. Within six (6) months of receipt of Regulatory Approval in any country in the Licensee Territory, Licensee shall commence sales
of Products within such country.

 

    	 	18	 

     

    

 

8.2            Updates;
Amendments. The JSC shall review the Commercialization Plan at least annually, and shall make
amendments thereto with respect to the Commercialization of the Product. In addition, either Party, through its representatives on the
JSC, may propose amendments to the Commercialization Plan at any time.

 

8.3            Responsibility
for Commercialization in the Licensee Territory. Subject to the terms and conditions of this
Article 8 (Commercialization), Licensee shall have sole control over and decision-making authority in, at its cost and expense,
implementing the JSC-approved Commercialization Plan for the Products in the Licensee Territory. Licensee shall, with respect to the Products
in the Licensee Territory, have full ownership of and control over: (a) developing the strategy for, and negotiating with applicable
Governmental Authorities regarding, the price and reimbursement status of the Product; (b) marketing and promotion; (c) booking
sales, and distribution and performance of related services; (d) handling all aspects of order processing, invoicing and collection,
inventory and receivables; (e) providing customer support, including handling medical queries, and performing other related functions;
and (f) conforming its practices and procedures to applicable Laws relating to the marketing, detailing and promotion of the Products
in the Licensee Territory.

 

8.4            Cross-Territorial
Restrictions.

 

(a)            Licensee
Restrictions. As permitted by Law, Licensee shall not, and shall ensure that its Affiliates will not, either directly or indirectly,
knowingly promote, market, distribute, import, sell or have sold any Product, including via internet or mail order, into the Licensor
Territory. As to the Licensor Territory, Licensee shall not, and shall ensure that its Affiliates will not: (i) establish or maintain
any branch, warehouse or distribution facility for any Product in the Licensor Territory, (ii) engage in any advertising or promotional
activities relating to any Product that are directed primarily to customers or other purchasers or users of such Product located in the
Licensor Territory, (iii) solicit orders for such Product from any prospective purchaser located in the Licensor Territory, (iv) sell
or distribute any such Product to any person in the Licensee Territory who it knows intends to sell such Product in the Licensor Territory
or (v) deliver or tender (or cause to be delivered or tendered) any Product into a country in the Licensor Territory. If Licensee
receives any order from a prospective purchaser located in the Licensor Territory, then Licensee shall immediately refer that order to
Licensor, and Licensee shall not accept any such orders.

 

(b)            Licensor
Restrictions. As permitted by Law, Licensor shall not, and shall ensure that its Affiliates will not, either directly or indirectly,
knowingly promote, market, distribute, import, sell or have sold any Product, including via internet or mail order, into countries in
the Licensee Territory. As to such countries in the Licensee Territory, Licensor shall not, and shall ensure that its Affiliates will
not: (i) establish or maintain any branch, warehouse or distribution facility for any Product in such countries for the sale of such
Product in such country, (ii) engage in any advertising or promotional activities relating to any Product that are directed primarily
to customers or other purchasers or users of such Product located in such countries, (iii) solicit orders from any prospective purchaser
located in such countries, (iv) sell or distribute any Product to any person in the Licensor Territory who it knows intends to sell
any Product in such countries or (v) deliver or tender (or cause to be delivered or tendered) any Product into a country in the Licensee
Territory. If Licensor receives any order from a prospective purchaser located in the Licensee Territory, then Licensor shall immediately
refer that order to Licensee, and Licensor shall not accept any such orders.

 

    	 	19	 

     

    

 

8.5            Territorial
Coordination. The Parties shall, where appropriate, coordinate their Commercialization activities
among the Licensor Territory and the Licensee Territory, through the JSC, which coordination may include implementation of a global branding
strategy and/or development and execution of a commercial launch and pre-launch plan for Product.

 

8.6            Reports.
Licensee shall update the JSC at each regularly scheduled JSC meeting regarding its Commercialization activities with respect to the Products
in the Licensee Territory. Each such update will be in a form to be agreed by the JSC and will summarize Licensee’s significant
Commercialization activities with respect to the Products in the Licensee Territory pursuant to this Agreement, covering subject matter
at a level of detail reasonably requested by Licensor.

 

9.            Compensation

 

9.1            Upfront
Payment. As consideration for the licenses and Options granted hereunder, Licensee shall make
a non-refundable upfront cash payment in an amount equal to Ten Million Dollars ($10,000,000) (the “Upfront Payment”)
to Licensor. The Upfront Payment shall be payable in accordance with the following schedule:

 

	Amount	Deadline (the “Upfront Payment Deadline”)
	Thirty-Three Percent (33%) of gross proceeds received in the Private Placement	No later than the earlier of (a) sixty (60) days following the consummation of a Qualifying Merger or (b) December 15, 2021.
	Remaining balance of the Upfront Payment	No later than the earlier of (a) the twelve (12)-month anniversary of the consummation of a Qualifying Merger or (b) within sixty (60) days of when Licensee receives more than Twenty Million Dollars ($20,000,000) from a business combination with Dragon SPAC and/or private placement proceeds directly into the Combined Company (inclusive of the €8,830,000 received by Dragon SPAC from Napo pursuant to the Subscription Agreement, with the Dollar-equivalent of such amount calculated using the exchange rate as of the date of the Subscription Agreement).

 

    	 	20	 

     

    

 

9.2            Payment
Upon Option Exercise. On an Option-by-Option basis, upon Licensee’s exercise of an Option
in accordance with this Agreement, Licensee shall make the applicable non-refundable payment set forth in the table below (each, an “Option
Exercise Fee”) within three (3) days of the Licensee’s delivery of the Option Exercise Notice for such Option:

 

	Option	Option Exercise Fee
	Tier B Option	Fifteen Million Dollars ($15,000,000)
	Tier C Option	Twenty-Five Million Dollars ($25,000,000)

 

9.3            Milestone
Payments. Licensee shall pay Licensor the following one-time milestone payments within thirty
(30) days after the first of the occurrence of a “Milestone Event” as set forth in the tables below. Each milestone payment
set forth in this Section 9.3 is payable only once (i.e., the first time the milestone event is achieved for a Product) and is non-refundable
once paid.

 

	Milestone Event	Milestone Due
	(a)  Licensor’s
delivery to Licensee of a highly concentrated liquid or lyophilized drug product suitable for administration in a Clinical Study for
SBS
	Two Million Five Hundred Thousand Dollars ($2,500,000)
	
    (b)  Licensee exercises Tier B
Option and NDA Approval for CTD for Crofelemer in the U.S. is received
	Five Million Dollars ($5,000,000)
	
    (c)  Licensee exercises Tier B
Option and Regulatory Approval for CTD for Crofelemer is received in any country in the Tier 1 Territory
	Five Million Dollars ($5,000,000)

 

9.4            Royalty
Payments.

 

(a)            Royalty
Rate. As further consideration for the licenses and Options granted hereunder, Licensee shall make royalty payments to Licensor on
Net Sales of Products in each country in the Licensee Territory, as calculated by multiplying the applicable royalty rate by the corresponding
amount of incremental Net Sales in such country, as follows:

 

	Annual Net Sales of Products in the Applicable Country	Royalty Rate
	For that portion of annual Net Sales up to One Hundred Million Dollars ($100,000,000)	Twelve Percent (12%)
	
    For that portion of annual Net Sales greater than One Hundred
Million Dollars ($100,000,000) but less than Five Hundred Million Dollars ($500,000,000)
	Fifteen Percent (15%)
	
    For that portion of annual Net Sales equal to or greater than
Five Hundred Million Dollars ($500,000,000)
	Eighteen Percent (18%)

 

    	 	21	 

     

    

 

(b)            Royalty
Term. Licensee’s obligation to pay royalties pursuant to this Section 9.4 (Royalty Payments) shall commence, on
a country-by-country and Product-by-Product basis, upon the First Commercial Sale of such Product in such country and shall continue until
the latest of (i) the expiration of the last-to-expire Valid Claim included in the Licensed Patents or Licensee Arising Patents,
in each case, that claims the composition of matter, manufacture, use or sale of such Product in such country; (ii) the initiation
of sales of a Generic Product with respect to such Product in such country; and (iii) the twentieth (20th) anniversary of the First
Commercial Sale of such Product in such country (the “Royalty Term”).

 

(c)            Royalty
Reduction. If a Product is generating Net Sales in a country in the Territory during the Royalty Term in such country at a time when
the composition of matter, manufacture, use or sale of such Product is not covered by a Valid Claim included in the Licensed Patents in
such country, then the royalty rate applicable to Net Sales of such Product in such country shall be reduced by fifty percent (50%) for
the remainder of the Royalty Term in such country in respect of such Product.

 

9.5            Royalty
Reports and Payment. Within forty-five (45) days after each Quarter commencing with the Quarter
during which the First Commercial Sale of a Product is made anywhere in the Licensee Territory, Licensee shall provide Licensor with a
report (the “Royalty Report”) that contains the amount of Net Sales of Product in each country or other jurisdiction
in the Licensee Territory during the applicable Quarter and calculation of the amount of royalties due on such Net Sales for such Quarter,
on a Product-by-Product and country-by-country basis. Concurrent with the delivery of the Royalty Report, Licensee shall pay in Dollars
all royalties owed with respect to Net Sales for such Quarter.

 

9.6            Currency;
Exchange Rate. All payments to be made by Licensee to Licensor under this Agreement shall be
made in Dollars by bank wire transfer in immediately available funds to a bank account designated by written notice from Licensor.

 

9.7            Late
Payments. If Licensor does not receive payment of any sum due to it on or before the due date
therefor, simple interest shall thereafter accrue on the sum due to Licensor from the due date until the date of payment at a rate per
annum (but with interest accruing on a daily basis) equal to the London Interbank Offered Rate (“LIBOR”), the successor
thereto (if any), or the highest rate allowable by applicable Law, whichever is less.

 

    	 	22	 

     

    

 

 

9.8          Taxes.

 

(a)            Taxes
on Income. Each Party shall pay all taxes imposed on its share of income arising directly or indirectly from the efforts of, or the
receipt of any payment by, such Party under this Agreement.

 

(b)            Tax
Cooperation. Licensee agrees to cooperate with Licensor and to use reasonable efforts to reduce or eliminate tax withholding or similar
obligations in respect of the Upfront Payment, milestones, royalties and other payments made by Licensee to Licensor under this Agreement.
Licensor shall provide Licensee with any tax forms that may be reasonably necessary in order for Licensee not to withhold tax or to withhold
tax at a reduced rate under an applicable bilateral income tax treaty a reasonable time prior to the date the applicable payment is due.
Licensee shall provide Licensor with reasonable assistance to enable the recovery, as permitted by Law, of withholding taxes, value added
taxes or similar obligations resulting from payments made under this Agreement, such recovery to be for the benefit of Licensor.

 

9.9          Financial
Records and Audits. Licensee shall maintain complete and accurate records in sufficient detail
to permit Licensor to confirm the accuracy of royalty payments under this Agreement. Upon reasonable prior notice, such records shall
be open for examination during regular business hours for a period beginning on the Original Agreement Effective Date until five (5) years
from the termination or expiry of this Agreement, at Licensor’s expense, not more often than once each Calendar Year, by an independent
certified public accounting firm selected by Licensor, and for the sole purpose of verifying the accuracy of the royalty reports furnished
by Licensee under this Agreement or any royalty payments made, or required to be made, by Licensee under this Agreement. Any such accounting
firm shall not disclose Licensee’s Confidential Information to Licensor, except to the extent such disclosure is necessary to verify
the accuracy of the royalty reports furnished by Licensee or the royalty payments under this Agreement. If such audit reveals any underpayment,
Licensee shall pay such amount within thirty (30) days after the date of the accountant’s report, plus interest (as set forth in
Section 9.7 (Late Payments)) from the original due date (unless challenged in good faith by Licensee, in which case any dispute
with respect thereto shall be resolved in accordance with Section 15.4 (Arbitration of Claims)). If such audit reveals any
overpayment, such amount shall be creditable against future royalty payments due under this Agreement (or promptly refunded to Licensee,
if there is no future royalty payment due). Licensor shall bear the full cost of such audit unless such audit reveals an underpayment
by Licensee of more than five percent (5%) of the amount actually due for the audited time period, in which case Licensee shall reimburse
Licensor for the costs for such audit.

 

10.          Intellectual
Property Matters

 

10.1        Ownership
of Inventions. Each Party shall solely own any Inventions made solely by it and/or its Affiliates’
employees, agents, or independent contractors (“Sole Inventions”). The Parties shall jointly own any Inventions that
are made jointly by employees, agents, or independent contractors of one Party and its Affiliates together with by employees, agents,
or independent contractors of the other Party and its Affiliates (“Joint Inventions”). For clarity, the determination
of which Party “made” a particular Invention shall be made, with respect to patentable Inventions, in accordance with the
rules of inventorship under U.S. patent laws. All Patents claiming patentable Joint Inventions shall be referred to herein as “Joint
Patents.” Except to the extent either Party is restricted by the licenses granted to the other Party under this Agreement, each
Party shall be entitled to practice, license, assign and otherwise exploit the Joint Inventions and Joint Patents without the duty of
accounting to or seeking consent from the other Party.

 

    23 

     

    

 

10.2        Disclosure
of Inventions.

 

(a)            Each
Party shall promptly disclose to the other Party all Joint Inventions, including any invention disclosures, or other similar documents,
submitted to it by its employees, agents or independent contractors describing such Joint Inventions, and shall promptly respond to any
reasonable request from the other Party for additional information relating to such Joint Inventions.

 

(b)            Promptly
following the provision of the report in Section 9.5 (Royalty Reports and Payment), Licensee shall disclose to Licensor all
Sole Inventions (including any invention disclosures, or other similar documents, submitted to it by its employees, agents or independent
contractors describing such Sole Inventions) made by it and/or its Affiliates in the preceding Quarter and shall promptly respond to any
reasonable request from Licensor for additional information relating to such Sole Inventions.

 

10.3        Patent
Prosecutions.

 

(a)            Licensed
Patents.

 

(1)            Licensor
shall have the first right to, and shall use reasonable endeavors to, file, prosecute and maintain all Licensed Patents in the Licensee
Territory, at Licensor’s own cost and expense. For the purpose of this Article 10 (Intellectual Property Rights), “prosecution”
shall include any post-grant proceeding including patent interference proceeding, opposition proceeding and reexamination.

 

(2)            Licensor
shall consult with Licensee and keep Licensee reasonably informed of the status of the Licensed Patents in the Licensee Territory and
shall promptly provide Licensee with all material correspondence received from any Government Authority in connection therewith. In addition,
Licensor shall use reasonable endeavors to provide Licensee with drafts of all proposed material filings and correspondence to any Government
Authority with respect to the Licensed Patents in the Licensee Territory for Licensee’s review and comment prior to the submission
of such proposed filings and correspondences. Licensor shall confer with Licensee and consider in good faith Licensee’s comments
prior to submitting such filings and correspondences, but, for the avoidance of doubt, shall decide (in its absolute discretion) whether
to adopt any of Licensee’s comments.

 

(3)            Licensor
shall notify Licensee of any decision to cease prosecution and/or maintenance of, or not to continue to pay the expenses of prosecution
and/or maintenance of, any Licensed Patents in the Licensee Territory at least forty-five (45) days prior to any filing or payment due
date, or any other due date that requires action, in connection with such Licensed Patent. If Licensor makes such a decision to cease
prosecution and/or maintenance of, or not to continue to pay the expenses of prosecution and/or maintenance of, any Licensed Patents in
the Licensee Territory, Licensor shall permit Licensee, at its discretion and at its sole expense, to continue prosecution or maintenance
of such Licensed Patent. Licensee’s prosecution or maintenance of such Licensed Patent shall not change the Parties’ respective
rights and obligations under this Agreement with respect to such Licensed Patent other than those expressly set forth in this Section 10.3(a)(3).

 

    24 

     

    

 

(b)           Joint
Patents.

 

(1)            Licensee
shall have the first right in its sole discretion to file, prosecute and maintain any Joint Patents in the Licensee Territory, at Licensee’s
own cost and expense.

 

(2)            Licensee
shall consult with Licensor and keep Licensor reasonably informed of the status of the Joint Patents in the Licensee Territory and shall
promptly provide Licensor with material correspondences received from patent authorities in connection therewith. In addition, Licensee
shall promptly provide Licensor with drafts of all proposed material filings and correspondences to the patent authorities with respect
to the Joint Patents in the Licensee Territory for Licensor’s review and comment prior to the submission of such proposed filings
and correspondences. Licensee shall confer with Licensor and consider in good faith Licensor’s comments prior to submitting such
filings and correspondences.

 

(3)            Licensee
shall notify Licensor of any decision to cease prosecution and/or maintenance of, or not to continue to pay the expenses of prosecution
and/or maintenance of, any Joint Patents in the Licensee Territory at least forty-five (45) days prior to any filing or payment due date,
or any other due date that requires action, in connection with such Joint Patent. If Licensee makes such a decision to cease prosecution
and/or maintenance of, or not to continue to pay the expenses of prosecution and/or maintenance of, any Joint Patents in the Licensee
Territory, Licensee shall permit Licensor, at its discretion and expense, to continue prosecution or maintenance of such Joint Patent.
Licensor’s prosecution or maintenance of such Joint Patent shall not change the Parties’ respective rights and obligations
under this Agreement with respect to such Joint Patent other than as expressly set forth in this Section 10.3(b)(3).

 

(c)           Licensee
Patents. Licensee shall have the sole right to file, prosecute and maintain the Licensee Patents in the Licensee Territory, at Licensee’s
cost and expense.

 

(d)           Cooperation
in Prosecution. Each Party shall provide the other Party all reasonable assistance and cooperation in the patent prosecution efforts
provided above in this Section 10.3 (Patent Prosecution), including providing any necessary powers of attorney and executing any
other required documents or instruments for such prosecution.

 

10.4        Patent
Enforcement.

 

(a)            Notification.
Each Party shall promptly notify the other party if it becomes aware of any alleged or threatened infringement by a Third Party of any
of the Licensed Patents (“Infringement”).

 

(b)           Enforcement
Right. Licensee shall have the first right to bring and control any legal action in connection with any Infringement in the Licensee
Territory at its own expense and as it reasonably determines appropriate. If Licensee decides not to enforce the Licensed Patents against
such Infringement or does not bring such legal action or otherwise take commercially reasonable action to abate such Infringement before
the earlier of: (i) sixty (60) days after the notice provided pursuant to Section 10.4(a) (Notification), or (ii) ten
(10) Business Days before the time limit (if any) set forth in applicable Law for the filing of such legal action (provided that
notice of infringement has been provided pursuant to Section 10.4(a) (Notification) prior to such time limit), then Licensor
shall have the right to bring and control any legal action in connection with such Infringement in the Licensee Territory at its own expense
as it reasonably determines appropriate.

 

    25 

     

    

 

(c)           Cooperation.
At the request and expense of the Party bringing the action under Section 10.4(b) (Enforcement Right) above, the other
Party shall provide reasonable assistance in connection therewith, including by executing reasonably appropriate documents, cooperating
in discovery and joining as a plaintiff party to the action if required by applicable Law to pursue such action. In connection with any
such proceeding, the enforcing Party shall keep the other Party reasonably informed of the status and progress of such enforcement action,
and shall reasonably consider the other Party’s comment on any such efforts. The non-enforcing Party shall be entitled to separate
representation in such matter by counsel of its own choice and at its own expense, but such Party shall at all times cooperate fully with
the enforcing Party.

 

(d)           Expense
and Recoveries. The enforcing Party shall be solely responsible for the cost and expenses incurred in connection with the enforcement
action under Section 10.4(b) (Enforcement Right). If such Party recovers monetary damages from any Third Party in such
enforcement action brought against an Infringement, such recovery shall be allocated first to the reimbursement of any expenses incurred
by the Parties in such enforcement action, and any remaining amounts shall be retained by the enforcing Party, provided that, if
Licensee is the enforcing Party, such remaining amounts shall be included in the Net Sales subject to the royalty payment by Licensee
to Licensor under Section 9.4 (Royalty Payments).

 

10.5        Trademarks.

 

(a)            Coordination.
Licensee will notify Licensor of the Trademarks and trade dress it intends to use on Products in the Licensee Territory.

 

(b)            Licensor
Trademarks. In any country in the Licensee Territory where a Licensor Trademark is registered and Licensee in its sole discretion
elects to use such Licensor Trademark:

 

(1)            Licensee
shall comply strictly with the directions provided to Licensee by Licensor regarding the form and manner of the application of such Licensor
Trademark. Apart from such Licensor Trademark, no other Trademark or logo of the Licensor may be affixed to, or used in connection with,
the Products in such country. Upon advance written notice to Licensor, Licensee may register the Licensor Trademarks in any applicable
country(ies) in the Licensee Territory in Licensor’s name. In connection with Licensee’s use of the Licensor Trademarks, Licensee
shall comply with all applicable Laws.

 

(2)            Licensee
shall ensure that all Products sold by Licensee carrying the Licensor Trademark and all related quotations, specifications, descriptive
literature and other materials carrying the Licensor Trademark, will be marked with the appropriate trademark notices in accordance with
Licensor’s instructions.

 

    26 

     

    

 

(3)            Licensee
agrees that it shall not, directly or indirectly: (A) take, omit to take, or permit any action which is intended to dilute the Licensor
Trademark or tarnish or bring into disrepute the reputation of or goodwill associated with the Licensor Trademark or Licensor, or which
is intended to invalidate or jeopardize any registration of the Licensor Trademark; or (B) apply for, or obtain, or assist any person
or entity in applying for or obtaining any registration of the Licensor Trademark, or any Trademark, service mark, trade name, or other
indicia confusingly similar to the Licensor Trademark in any country in the Licensee Territory.

 

(4)            Licensee
may prepare, file, prosecute and maintain the Licensor Trademarks in the Licensee Territory in the name of Licensor, and Licensee may
enforce and defend the Licensor Trademarks in the Licensee Territory, in each case, in its discretion and at its sole cost and expense.

 

(c)            Licensee
Trademarks. In any countries in the Licensee Territory where a Licensor Trademark is not registered or Licensee in its sole discretion
elects not to use a Licensor Trademark, Licensee will be responsible, at its sole cost, for selecting, filing and maintaining its own
Trademarks for use in relation to the Commercialization of Products in such country (the “Licensee Trademarks”) and
shall have sole discretion with respect to its choice of Licensee Trademarks, subject only to review and discussion at the JSC and Licensee’s
obligations under Section 10.5(b) (Licensor Trademarks). Licensee shall consider in good faith any reasonable comments
provided by Licensor in connection with Licensee’s choice of such trademarks and trade dress. Licensee shall own all right, title,
and interest in and to any such Licensee Trademarks and assumes full responsibility, at its sole expense, for any infringement of its
Licensee Trademarks by a Third Party.

 

10.6        Common
Interest. All information exchanged between the Parties’ representatives pursuant to this
Article 10 (Intellectual Property Rights) regarding the preparation, filing, Prosecution, maintenance, or enforcement of Patents
and Trademarks will be the disclosing Party’s Confidential Information. In addition, the Parties acknowledge and agree that, with
regard to such preparation, filing, prosecution, maintenance, and enforcement of the Licensed Patents and Trademarks, the interests of
the Parties as licensor and licensee are to obtain the strongest patent and Trademark protection possible, and as such, are aligned and
are legal in nature. The Parties agree and acknowledge that they have not waived, and nothing in this Agreement constitutes a waiver of,
any legal privilege concerning such Patents, including privilege under the common interest doctrine and similar or related doctrines.

 

11.          Representation
and Warranties; Covenants

 

11.1        Representations
and Warranties of Each Party. Each Party represents and warrants to the other Party as of the
Original Agreement Effective Date that:

 

(a)            it
has the full right, power and authority to enter into this Agreement, to perform its obligations hereunder; and

 

(b)           this
Agreement has been duly executed by it and is legally binding upon it, enforceable in accordance with its terms, and does not conflict
with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound, nor violate any
material law or regulation of any court, governmental body or administrative or other agency having jurisdiction over it.

 

    27 

     

    

 

11.2        Representations
and Warranties of Licensor. Licensor represents and warrants to Licensee as of the Original Agreement
Effective Date that:

 

(a)            Title;
Encumbrances. Licensor solely owns the entire right, title and interest in and to the Licensed IP, free and clear from any mortgages,
pledges, liens, security interests, conditional and installment sale agreement, encumbrances, charges or claim of any kind (collectively,
 “Liens”), except for Liens issued to lenders in connection with secured borrowings by Licensor or its Affiliates, and
it has the right to grant the licenses to Licensee as purported to be granted pursuant to this Agreement, and Licensor has not previously
granted any license or rights under the Licensed IP that is inconsistent with the license granted to Licensee hereunder;

 

(b)            Notice
of Infringement. In the three (3) years prior to the Original Agreement Effective Date, Licensor has not received any written
notice from any Third Party asserting or alleging that any research or development of any Product by or on behalf of Licensor prior to
the Original Agreement Effective Date infringed or misappropriated the intellectual property rights of such Third Party;

 

(c)            No
Proceeding. There are no pending, and to Licensor’s knowledge, no threatened, adverse actions, suits, claims, interferences
or formal governmental investigations involving any Product and/or the Licensed IP by or against Licensor or any of its Affiliates in
or before any Government Authority;

 

(d)            Licensed
Patents. (i) Exhibit A includes all Patents that are owned by or licensed to Licensor or its Affiliates as of the
Original Agreement Effective Date and are reasonably necessary for or directly related to Licensor in the research, Development, Manufacture,
use, and/or Commercialization of Crofelemer, Lechlemer and/or Product; (ii) none of the Licensed Patents are subject to any pending,
or to Licensor’s knowledge, threatened, re-examination, opposition, interference or litigation proceedings; and (iii) to Licensor’s
knowledge, there are no acts or omissions of Licensor that would (A) constitute inequitable conduct, fraud or misrepresentation with
respect to any Licensed Patents, or (B) render any Licensed Patents invalid or unenforceable in whole or in part; and

 

(e)            Licensor
Trademarks and Trademark Applications. Licensor makes no representations or warranties regarding any Licensor Trademarks, which are
being licensed “AS IS, WHERE IS”.

 

11.3        Disclaimer.
EXCEPT AS EXPRESSLY STATED IN THIS ARTICLE 11 (REPRESENTATIONS AND WARRANTIES; Covenants),
(A) NO REPRESENTATION, CONDITION OR WARRANTY WHATSOEVER IS MADE OR GIVEN BY OR ON BEHALF OF Licensor
OR Licensee; AND (B) ALL OTHER CONDITIONS AND WARRANTIES WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE ARE HEREBY EXPRESSLY
EXCLUDED, INCLUDING ANY CONDITIONS AND WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT.

 

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11.4        Covenants.
Each Party covenants that in performing its obligations or exercising its rights under this Agreement: (a) it shall comply with all
applicable Laws, industry guidance and codes of practice; and (b) it shall not employ or engage any Person who has been debarred
or disqualified by any Regulatory Authority or, to its knowledge, is the subject of debarment or disqualification proceedings by any Regulatory
Authority.

 

12.           Indemnification;
Liability; INSURANCE

 

12.1        Indemnification
by Licensor. Licensor shall indemnify and hold Licensee, its Affiliates, and their respective
officers, directors, agents and employees (“Licensee Indemnitees”) harmless from and against any Claims against them
arising or resulting from: (a) the negligence or willful misconduct of any of the Licensor Indemnitees; (b) the breach of this
Agreement by Licensor, including any warranties or representations made by Licensor to Licensee under this Agreement; or (c) the
Development, Manufacture or Commercialization of Crofelemer, Lechlemer and/or any Product by or on behalf of Licensor or any of its Affiliates
or licensees prior to the Original Agreement Effective Date; except in each case, to the extent such Claims result from the activities
set forth in Section 12.2 (Indemnification by Licensee) for which Licensee is obligated to indemnify Licensor Indemnitees.

 

12.2        Indemnification
by Licensee. Licensee shall indemnify and hold Licensor, its Affiliates and their respective
trustees, officers, directors, agents and employees (“Licensor Indemnitees”) harmless from and against any Claims against
them arising or resulting from: (a) the negligence or willful misconduct of any of the Licensee Indemnitees; (b) the breach
of this Agreement by Licensee, including any warranties or representations made by Licensee to Licensor under this Agreement; or (c) the
Development, Manufacture or Commercialization of Crofelemer, Lechlemer and/or any Product by or on behalf of Licensee or any of its Affiliates
or sublicensees after the Original Agreement Effective Date; except in each case, to the extent such Claims result from the activities
set forth in Section 12.1 (Indemnification by Licensor) for which Licensor is obligated to indemnify Licensee Indemnitees.

 

12.3        Indemnification
Procedure. If either Party is seeking indemnification under Sections 12.1 (Indemnification
by Licensor) or 12.2 (Indemnification by Licensee) (the “Indemnified Party”), it shall inform the other
Party (the “Indemnifying Party”) of the Claim giving rise to the obligation to indemnify pursuant to such Section as
soon as reasonably practicable after receiving notice of the Claim. The Indemnifying Party shall have the right to assume the defense
of any such Claim for which it is obligated to indemnify the Indemnified Party. The Indemnified Party shall cooperate with the Indemnifying
Party and the Indemnifying Party’s insurer as the Indemnifying Party may reasonably request, and at the Indemnifying Party’s
cost and expense. The Indemnified Party shall have the right to participate, at its own expense and with counsel of its choice, in the
defense of any Claim that has been assumed by the Indemnifying Party. Neither Party shall have the obligation to indemnify the other Party
in connection with any settlement made without the Indemnifying Party’s written consent, which consent shall not be unreasonably
withheld or delayed. If the Parties cannot agree as to the application of Section 12.1 (Indemnification by Licensor) or 12.2
(Indemnification by Licensee) to any Claim, pending resolution of the dispute pursuant to Section 15.4 (Arbitration and
Claims), the Parties may conduct separate defenses of such Claims, with each Party retaining the right to claim indemnification from
the other Party in accordance with Section 12.1 (Indemnification by Licensor) or 12.2 (Indemnification by Licensee)
upon resolution of the underlying Claim.

 

    29 

     

    

 

12.4        Mitigation
of Loss. Each Indemnified Party shall take and shall procure that its Affiliates take all such
reasonable steps and action as are reasonably necessary or as the Indemnifying Party may reasonably require in order to mitigate any Claims
(or potential losses or damages) under this Article 12 (Indemnification; Liability; Insurance). Nothing in this Agreement
shall or shall be deemed to relieve any Party of any common law or other duty to mitigate any losses incurred by it.

 

12.5        Limitation
of Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL,
PUNITIVE, OR INDIRECT DAMAGES (INCLUDING CONSEQUENTIAL OR INCIDENTAL LOSS OF PROFIT, LOSS OF OPPORTUNITY OR LOSS OF USE) ARISING FROM
OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING THE FOREGOING,
NOTHING IN THIS SECTION 12.5 (LIMITATION OF LIABILITY) IS INTENDED TO OR SHALL LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS
OR OBLIGATIONS OF ANY PARTY UNDER SECTION 12.1 (INDEMNIFICATION BY LICENSOR) OR 12.2 (INDEMNIFICATION BY LICENSEE),
OR DAMAGES AVAILABLE FOR A PARTY’S BREACH OF CONFIDENTIALITY OBLIGATIONS IN ARTICLE 13 (CONFIDENTIALITY; PUBLICATION).

 

12.6         Insurance.
Licensee shall procure maintain insurance, including product liability insurance, or shall self-insure, in each case in a manner adequate
to cover its obligations hereunder and consistent with normal business practices of prudent companies similarly situated at all times
during which any Product is being clinically tested or commercially distributed or sold by Licensee hereunder. Licensee shall procure
insurance or self-insure at its own expense. Licensee shall name Licensor and its subsidiaries and affiliates as an additional insured
on each such policy. Such insurance does not create a limit of Licensee’s liability with respect to its indemnification obligations
under this Article 12 (Indemnification; Liability; Insurance). Licensee shall provide Licensor with written evidence of such
insurance or self-insurance upon request. In the event of any notice of cancellation or non-renewal of such insurance, Licensee will take
all necessary steps to ensure continuity of coverage and provide to Licensor written disclosure thirty (30) days in advance of such cancellation
or non-renewal.

 

13.          Confidentiality;
Publication

 

13.1        Duty
of Confidence. Subject to the other provisions of this Article 13 (Confidentiality; Publication):

 

(a)            all
Confidential Information disclosed by a Party (the “Disclosing Party”) or its Affiliates under this Agreement shall
be maintained in confidence and otherwise safeguarded by the recipient Party (the “Receiving Party”), in the same manner
and with the same protection as such Receiving Party maintains its own confidential information;

 

    30 

     

    

 

(b)            the
Receiving Party may only use any such Confidential Information for the purposes of performing its obligations or exercising its rights
under this Agreement;

 

(c)            the
Receiving Party may disclose Confidential Information of the other Party to: (i) its Affiliates and sublicensees; and (ii) employees,
directors, agents, contractors, consultants and advisers of the Receiving Party and its Affiliates and sublicensees, (iii) to such
Party’s directors, attorneys, independent accountants or financial advisors for the sole purpose of enabling such directors, attorneys,
independent accountants or financial advisors to provide advice to such Party, in each case to the extent reasonably necessary for the
purposes of, and for those matters undertaken pursuant to, this Agreement; provided that such Persons are bound to maintain the confidentiality
of, and non-use obligations in respect of, the Confidential Information in a manner consistent with the confidentiality provisions of
this Agreement; and

 

(d)            the
Receiving Party may disclose Confidential Information of the other Party to actual or potential investors, acquirers, collaborators, licensees,
sublicensees and other financial or commercial partners solely for the purpose of evaluating or carrying out an actual or potential investment,
acquisition, collaboration or licensing or sublicensing arrangement in connection with the Receiving Party; provided that such
Persons are bound to maintain the confidentiality of, and non-use obligations in respect of, the Confidential Information in a manner
consistent with the confidentiality provisions of this Agreement, provided that the duration may be shorter if consistent with applicable
industry norms.

 

13.2        Exceptions.
The foregoing obligations in Section 13.1 (Duty of Confidence) shall not apply to the extent that the Receiving Party can
demonstrate that such Confidential Information:

 

(a)            is
known by the Receiving Party at the time of its receipt without an obligation of confidentiality, and not through a prior disclosure by
the Disclosing Party, as documented by the Receiving Party’s business records;

 

(b)            is
in the public domain before its receipt from the Disclosing Party, or thereafter enters the public domain through no fault of the Receiving
Party;

 

(c)            is
subsequently disclosed to the Receiving Party by a Third Party who may lawfully do so and is not under an obligation of confidentiality
to the Disclosing Party; or

 

(d)            is
developed by the Receiving Party independently and without use of, or reference to, any Confidential Information received from the Disclosing
Party, as documented by the Receiving Party’s business records.

 

Any combination of features or disclosures shall
not be deemed to fall within the foregoing exclusions merely because individual features are published or available to the general public
or in the rightful possession of the Receiving Party unless the combination itself and principle of operation are published or available
to the general public or in the rightful possession of the Receiving Party.

 

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13.3        Authorized
Disclosures. Notwithstanding the obligations set forth in Sections 13.1 (Duty of Confidence)
and 13.5 (Security Exchange Disclosures), a Party may disclose the other Party’s Confidential Information to the extent such
disclosure is required by Law, judicial or administrative process, provided that in such event the Receiving Party shall promptly
inform the Disclosing Party of such required disclosure and provide the Disclosing Party an opportunity to challenge or limit the disclosure
obligations. Confidential Information that is disclosed pursuant to this Section 13.3 (Authorized Disclosures) shall remain
otherwise subject to the confidentiality and non-use provisions of this Article 13 (Confidentiality; Publication), and the
Receiving Party disclosing Confidential Information pursuant to Law or court order shall take all steps reasonably necessary, including
seeking of confidential treatment or a protective order to ensure the continued confidential treatment of such Confidential Information.

 

13.4        Technical
Publication. The Parties shall ensure that all publications, and other forms of public disclosure
such as abstracts and presentations, of results of studies carried out under this Agreement or otherwise relating to any Product in the
Licensee Territory and the Licensor Territory (each of the foregoing, a “Publication”) comply with the strategy established
by the JSC pursuant to Section 4.1(c)(5). Neither Party nor their Affiliates shall submit for publication, publish or present a Publication
without the opportunity for prior review and comment by the other Party, except to the extent required by Laws. A Party seeking, or whose
Affiliate is seeking, to submit, publish or present a Publication shall provide the JSC with a written copy of the Publication for an
opportunity to approve, review and comment on the proposed Publication at least thirty (30) days before its intended submission for publication
or presentation. The JSC shall provide the Party seeking, or whose Affiliate is seeking, to publish or present with its comments in writing,
if any, within thirty (30) days after receipt of such proposed Publication. The Party seeking, or whose Affiliate is seeking, to publish
or present shall consider in good faith any comments thereto provided by the JSC and shall comply with the JSC’s request to remove
any and all of such other Party’s Confidential Information from the proposed Publication. In addition, the Party seeking, or whose
Affiliate is seeking, to publish or present shall delay the submission for a period of up to thirty (30) days if the non-publishing Party
on the JSC can demonstrate reasonable need for such delay to prepare and file a patent application for which it has prosecution control
pursuant to this Agreement. For clarity, a Party seeking to publish or present a Publication shall not have the right to publish or present
such Publication without the JSC’s written approval. The Party seeking, or whose Affiliate is seeking, to publish or present shall
provide the other Party a copy of the manuscript, abstract or presentation at the time of the submission or presentation, as applicable.
Each Party agrees to acknowledge the contributions of the other Party and its Affiliates and their employees in all Publications, as scientifically
appropriate.

 

13.5        Security
Exchange Disclosures. Subject to Section 13.3 (Authorized Disclosures) above, neither
Party shall disclose the terms of this Agreement without the prior written consent of the other Party (which shall not be unreasonably
withheld or delayed) except as may be required by applicable Law in accordance with the requirements of this Section 13.5 (Security
Exchange Disclosures). A Party may disclose the terms of this Agreement in securities filings with the Securities Exchange Commission
(or equivalent foreign agency) to the extent required by applicable Law after complying with the procedure set forth in this Section 13.5
(Security Exchange Disclosures). In such event, the Party seeking such disclosure shall prepare a draft confidential treatment
request and redacted version of this Agreement to request confidential treatment for this Agreement, and the other Party agrees to promptly
(and in any event, no less than five (5) days after receipt of such confidential treatment request and proposed redactions) give
its input in a reasonable manner in order to allow the Party seeking disclosure to file its request within the time lines proscribed by
applicable Law. The Party seeking such disclosure shall exercise reasonable endeavors to obtain confidential treatment of the Agreement
from the Securities Exchange Commission (or equivalent foreign agency) as represented by the redacted version reviewed by the other Party.

 

    32 

     

    

 

13.6        Press
Release and Use of Names. Each Party shall not make any public announcement concerning the entry
into this Agreement without the prior written consent of the other Party. Each Party shall have the right to use the other Party’s
name and logo in presentations, the company’s website, collateral materials, corporate overviews and other public disclosures contemplated
by Sections 13.3 (Authorized Disclosures) and 13.5 (Security Exchange Disclosures), in each case only to describe the licensing
relationship. Any other use by a Party of the other Party’s name and logo shall be subject to such other Party’s prior written
consent.

 

14.           Term,
Cancellation and Termination

 

14.1        Term.
The term of this Agreement shall commence upon the Original Agreement Effective Date and, unless earlier terminated pursuant to this Article 14
(Term, Cancellation and Termination), shall remain in effect, on a Product-by-Product and country-by-country basis, until the expiration
of the Royalty Term for such Product in such country and expires in its entirety upon the expiration of the Royalty Term for the last
Product in the last country in the Licensee Territory (the “Term”). Upon the expiration (but not earlier termination)
of the Royalty Term for a particular Product in a particular country, (a) provided that all outstanding amounts under Article 9
(Compensation) have been paid by Licensee, the license granted by Licensor to Licensee under Section 2.1 (Licensor Grant
to Licensee) for such Product in such country shall continue and become fully-paid, royalty-free, perpetual and irrevocable and (b) the
license granted by Licensee to Licensor under Section 2.2 (Licensee Grant to Licensor) for such Product in such country shall
continue and become fully-paid, royalty-free, perpetual and irrevocable.

 

14.2        Termination.

 

(a)            Termination
for Failure to Make Upfront Payment. If Licensee fails to make the Upfront Payment on or before the Upfront Payment Deadline, then
Licensor shall have the right, in its sole discretion to terminate this Agreement effective on written notice of termination to Licensee.

 

(b)            Termination
for Material Breach. If either Party believes that the other is in breach of its material obligations hereunder, then the non-breaching
Party may deliver notice of such breach to the other Party, and the allegedly breaching Party shall have sixty (60) days from such notice
to dispute or cure such breach. If the allegedly breaching Party fails to cure, or fails to dispute, that breach within such time period,
then the Party originally delivering the notice of breach may terminate this Agreement effective on written notice of termination to the
other Party.

 

    33 

     

    

 

(c)            Termination
for Insolvency. Subject to the applicable Bankruptcy Code in any country, each Party may terminate this Agreement in its entirety
upon immediate written notice if the other Party (i) applies for or consents to the appointment of, or the taking of possession by,
a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property, (ii) makes a general assignment
for the benefit of its creditors, (iii) commences a voluntary case under the Bankruptcy Code of any country, (iv) files a petition
seeking to take advantage of any Laws relating to bankruptcy, insolvency, reorganization, winding-up, or composition or readjustment of
debts, (v) fails to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in any
involuntary case under the Bankruptcy Code of any country, (vi) takes any corporate action to effect any of the foregoing, (vii) has
a proceeding or case commenced against it in any court of competent jurisdiction, seeking (A) its liquidation, reorganization, dissolution
or winding-up, or the composition or readjustment of its debts, (B) the appointment of a trustee, receiver, custodian, liquidator
or the like of all or any substantial part of its assets, or (C) similar relief under the Bankruptcy Code of any country, or an order,
judgment or decree approving any of the foregoing is entered, and, in each case (A) through (C), such proceeding or case continues
unstayed for a period of sixty (60) days, or (viii) has an order for relief against it entered in an involuntary case under the Bankruptcy
Code of any country. All rights and licenses granted under or pursuant to this Agreement by each Party to the other Party, as applicable,
are and shall otherwise be deemed to be, for purposes of Section 365(n) of the Title 11, United States Code, as amended (the
 “US Bankruptcy Code”), licenses of rights to “intellectual property” as defined under Article 101(35A)
of the US Bankruptcy Code.

 

(d)           Termination
for Failure to Develop or Commercialize. In the event that Licensee (i) does not perform Development activities for a Product
in any country in accordance with the Development Plan or (ii) fails to Commercialize a Product in any country in the Licensee Territory
in accordance with the Commercialization Plan, then Licensor may provide written notice of such non-performance or failure to Licensee.
If Licensee fails to cure such non-performance or failure within ninety (90) days after receipt of such notice, Licensor may terminate
this Agreement with respect to such country and such Product by providing thirty (30) days’ prior written notice thereof to Licensee.

 

14.3        Effect
of Termination.

 

(a)            Upon
the termination of this Agreement for any reason, each Party shall promptly return all embodiments of the other Party’s Confidential
Information which are in its power, possession, custody or control; provided, that each Party may retain one copy of such Confidential
Information for the sole purpose of performing any continuing obligations hereunder or exercising any continuing rights hereunder or for
archival purposes and shall continue to comply with the terms of Article 13 (Confidentiality; Publication) in respect of the
same.

 

(b)           Termination
for Failure to Make Upfront Payment. If this Agreement is terminated by Licensor pursuant to Section 14.2(a) (Termination
for Failure to Make Upfront Payment), then, in addition to the consequences set forth in Section 14.3(a), (1) the licenses
granted by Licensor to Licensee under the Licensed IP and all rights relating thereto shall terminate; and (2) all amounts outstanding
at the date of termination other than the Upfront Payment shall immediately be due and payable to Licensor by Licensee.

 

    34 

     

    

 

(c)            Termination
by Licensor for Material Breach, Insolvency or Failure to Develop or Commercialize. If this Agreement is terminated by Licensor
under Section 14.2(a) (Termination for Material Breach), Section 14.2(c) (Termination for Insolvency),
or Section 14.2(d) (Termination for Failure to Develop or Commercialize), then, in addition to the consequences set forth
in Section 14.3(a), (1) the licenses granted by Licensor to Licensee under the Licensed IP and all rights relating thereto shall
terminate for all Licensed Indications, except HIV-related diarrhea to the extent that, as of the effective date of termination, Licensee
either (A) has received Regulatory Approval for the Product for the HIV-related diarrhea Indication in at least one country in the
Tier 1 Territory or (B) has submitted a Regulatory Approval Application for the Product for the HIV-related diarrhea Indication in
at least one country in the Tier 1 Territory; (2) all amounts outstanding at the date of termination shall immediately be due and
payable to Licensor by Licensee; (3) Licensee shall grant to Licensor a fully paid up, perpetual, sublicenseable, nonexclusive license,
under Licensee Arising IP and Licensee Trademarks, for Licensor to Develop, Manufacture and Commercialize Products or any other products
anywhere in the world, and (4) at Licensor’s request and expense, Licensee shall transfer to Licensor all information and data
relating to Crofelemer, Lechlemer and/or Product, including but not limited to Regulatory Materials and related data from clinical trials
or preclinical testing of Crofelemer, Lechlemer and/or Product, in each case to the extent such information and data are included in the
Licensee Arising IP.

 

14.4        Survival.
Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such expiration or termination.
Without limiting the foregoing, the provisions of Articles 1 (Definitions), 12 (Indemnification; Liability; Insurance) and
15 (Miscellaneous), and Sections 9.7 (Late Payments), 9.9 (Financial Records and Audits), 10.1 (Ownership of Inventions),
10.3(b) (Joint Patents), 10.3(c) (Licensee Patents), 10.3(d) (Cooperation in Prosecution), 13.1 (Duty
of Confidence), 13.2 (Exceptions), 13.3 (Authorized Disclosures), 13.5 (Security Exchange Disclosures), 14.1
(Term), 14.3 (Effect of Termination), and 14.4 (Survival) shall survive the expiration or termination of this Agreement
for any reason.

 

15.           Miscellaneous

 

15.1        Notices.
Unless otherwise provided in this Agreement, all notices permitted or required under this Agreement
shall be in writing and shall be delivered personally, sent by facsimile with a hard copy confirmation of receipt, or sent by express
delivery service to the address provided by one Party to the other Party from time to time. Notices shall be effective upon receipt in
the case of personal delivery, on the date of the hard copy confirmation of receipt in the case of delivery by facsimile or on the date
the notice is delivered to the applicable address in the case of delivery by express overnight service.

 

15.2        Successors
and Assigns. This Agreement or any of the severable rights and obligations inuring to the benefit
of or to be performed by Licensor hereunder may be assigned by Licensor to a Third Party, including its affiliates, in whole or in part,
without the need to obtain Licensee’s consent thereto. Licensee may not assign its rights or obligations under this Agreement or
delegate its duties hereunder without the prior written consent of Licensor.

 

15.3         Independent
Contractors. In performing this Agreement, each of the Parties will operate as, and have the
status of, an independent contractor. This Agreement does not create any agency, employment, partnership, joint venture, franchise or
other similar or special relationship between the Parties. Neither Party will have the right or authority to assume or create any obligations
or to make any representations, warranties or commitments on behalf of the other Party or its affiliates, whether express or implied,
or to bind the other Party or its affiliates in any respect whatsoever.

 

    35 

     

    

 

15.4        Arbitration
of Claims. All disputes arising out of or in connection with this Agreement, including its validity
or a breach thereof, as well as all questions of arbitrability, shall be finally settled under the Rules of Arbitration of the International
Chamber of Commerce (“ICC Rules”) by three arbitrators. Each Party shall appoint one arbitrator. If a Party fails to
appoint an arbitrator within thirty (30) days of the commencement of the arbitration, such appointment shall be made by the President
of the ICC International Court of Arbitration. The two arbitrators appointed in accordance with the preceding sentences shall appoint
the third arbitrator, who shall be the chairperson of the tribunal. If the two arbitrators fail to appoint the third arbitrator within
thirty (30) days of the appointment of the second of the arbitrators, the appointment of the third arbitrator shall be made by the President
of the ICC International Court of Arbitration.

 

(a)            The
place, or legal seat, of the arbitration shall be New York, New York, and the language of the arbitration shall be English.

 

(b)            In
addition to the ICC Rules, the Parties agree that the arbitration shall be conducted in accordance with the IBA Rules on the Taking
of Evidence in International Arbitration, as current on the date of the commencement of any arbitration.

 

(c)            Subject
to Section 12.5 (Limitation of Liability) above, the arbitrators shall have the power to grant any interim or provisional
measures that they deem appropriate, including but not limited to injunctive relief and specific performance, and any interim or provisional
measures that the arbitrators order may be specifically enforced by any court of competent jurisdiction as a final award. Nothing herein,
however, shall authorize the arbitrators to act as amiable compositeurs or to proceed ex aequo et bono, and the arbitrators
shall have no authority to exercise rights of jura novit curia. Each party hereto retains the right to seek interim measures from
a judicial authority, and any such request shall not be deemed incompatible with the agreement to arbitrate or a waiver of the right to
arbitrate.

 

(d)            The
arbitrators may award to the prevailing Party, if any, as determined by the arbitrators, its costs and expenses, including reasonable
attorneys’ fees. Judgment upon any award rendered by the arbitrators may be entered in any court of competent jurisdiction.

 

No information concerning
an arbitration, beyond the names of the parties and the relief requested, may be unilaterally disclosed to a third party by any party
unless required by law. Any documentary or other evidence given by a party or witness in the arbitration shall be treated as confidential
by any party whose access to such evidence arises exclusively as a result of its participation in the arbitration, and shall not be disclosed
to any third party (other than a witness or expert), except as may be required by law. Any party who commences any judicial proceeding
in connection with an arbitration initiated hereunder shall endeavor to have the judicial record of any such proceeding sealed to the
extent permitted by law.

 

15.5         Governing
Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the
State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York
or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

 

    36 

     

    

 

15.6        Severability.
If any provision of this Agreement or portion thereof is determined by a court of competent jurisdiction,
or declared under any law, rule or regulation of any government having jurisdiction over the Parties hereto, to be invalid, illegal
or otherwise unenforceable, then such provision will, to the extent permitted by the court or government not be voided but will instead
be construed to give effect to its intent to the maximum extent permissible under applicable law and the remainder of this Agreement will
remain in full force and effect according to its terms.

 

15.7        Entire
Agreement; Modification; Waiver. This Agreement, including the Exhibits, together with the IFD
Product Supply and Technology Transfer Agreement, the Non-IFD Product Supply Agreement, the Non-IFD Product Technology Transfer Agreement,
the Pharmacovigilance Agreement (each when executed) and any other documents delivered pursuant hereto or thereto constitute the entire
agreement of the Parties concerning the subject matter hereof and supersedes any and all prior or contemporaneous, written or oral negotiations,
correspondence, understandings and agreements, between the Parties respecting the subject matter of this Agreement. The Parties acknowledge
and agree that this Agreement amends, restates, supersedes and replaces the Original Agreement in its entirety. No supplement, modification
or amendment to this Agreement shall be binding unless evidenced by a writing signed by an authorized officer of each Party. No waiver
of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar,
nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the Party making the waiver.

 

15.8        Execution;
Counterparts. This Agreement shall not be binding in whole or in part upon the Parties unless
and until duly executed by or on behalf of both Parties hereto, in which event this Agreement shall be effective as of the Effective Date.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original instrument enforceable in accordance with
its terms and all of which shall constitute but one and the same agreement of the Parties.

 

15.9        Further
Assurances. Each Party shall do and perform, or cause to be done and performed, all such further
acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other Party
may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

15.10      Waiver
of Jury Trial. Each Party hereby waives to the fullest extent permitted by applicable Law, any
right it may have to a trial by jury in respect to any litigation directly or indirectly arising out of, under or in connection with this
Agreement. Each Party (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise,
that such other party would not, in the event of litigation, seek to enforce that foregoing waiver, and (b) acknowledges that it
and the other Parties have been induced to enter into this Agreement, as applicable, by, among other things, the mutual waivers and certifications
in this Section 15.10.

 

[Remainder of page intentionally
left blank; signature page follows]

 

    37 

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have caused this Agreement to be executed by their duly authorized officers or representatives as of the Effective Date.

 

	 	LICENSOR:
	 	 
	 	Napo
    Pharmaceuticals, Inc.
	 	 
	 	By:	/s/
    Lisa A. Conte       
	 	Name:
    Lisa A. Conte
	 	Title:
    President& CEO
	 	 
	 	LICENSEE:
	 	 
	 	Napo
    Therapeutics S.p.A
	 	 
	 	By:	/s/
    Massimo Mineo      
	 	Name:
    Massimo Mineo
	 	Title:
    CEO

 

[Signature Page to Amended
and Restated License Agreement]

 

     

     

    

 

EXHIBIT A

 

Licensed Patents

 

	Number	 	Country	 	 	Title	 	 	Application

Number	 	 	Application

Date	 	 	Grant

Date	 	 	Expiration

Date	 	 	Status	 
	[****]	 	 	[****	]	 	 	[****	]	 	 	[****	]	 	 	[****	]	 	 	[****	]	 	 	[****	]	 	 	[****	]

 

     

     

    

 

EXHIBIT B

 

Indications

 

Tier A

 

		1.	Short bowel syndrome (“SBS”) and intestinal failure (“IF” and, together
with SBS, “SBS-IF”)

 

		2.	HIV-related diarrhea

 

		3.	Symptomatic relief and treatment in patients with congenital diarrheal disorders (“CDDs”)

 

Tier B

 

		4.	Cancer therapy-related diarrhea (“CTD”)

 

Tier C

 

		5.	Irritable bowel syndrome (“IBS”)

 

		6.	Functional/idiopathic diarrhea

 

		7.	Inflammatory diarrhea, including acute and/or long-hauler Covid-related diarrhea (“COVID-Related
Diarrhea”)

 

		8.	Symptomatic relief and treatment in patients with inflammatory bowel disease (“IBD”)

 

		9.	All other potential Indications for Crofelemer or Lechlemer, such as acute infectious diarrhea from pathogens

 

     

     

    

 

EXHIBIT C

 

Licensee Territory

 

European Union

United Kingdom 

Switzerland 

Norway 

Sweden 

Liechtenstein 

Iceland 

Croatia 

Albania 

Andorra 

 Armenia

Bosnia and Herzegovina

Vatican City 

Kosovo 

Moldova 

Monaco 

 Montenegro

North Macedonia

San Marino 

Serbia 

Turkey 

 Ukraine

 

     

     

    

 

EXHIBIT D

 

Licensor Trademarks

 

 None

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