Document:

EX-10.1

 Exhibit 10.1 

MANAGEMENT AGREEMENT 

Dated as of June 15, 2020 

This MANAGEMENT AND SERVICES AGREEMENT (this “Agreement”) is effective as of the 15th day of June, 2020,
among ROYALTY PHARMA PLC, a public limited company established under the laws of England and Wales (the “Company”), and RP MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”). Capitalized terms
used in the preamble and recitals of this Agreement and not otherwise defined therein are defined in Section 1 (Definitions). 

R E C I T A L S: 

WHEREAS, the Company was formed for the purpose of investing its assets in RP Holdings or any other Subsidiary; 

WHEREAS, the Company desires to avail itself of the experience, sources of information, advice and assistance of the Manager
and to have the Manager perform various investment management services for the Company; and 
 WHEREAS, the Manager is
willing to perform such services under the terms and conditions as set forth herein and in accordance with the terms of the Articles of Association of the Company (“Organizational Documents”) and subject to the oversight of the
Board of Directors. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1.         Definitions. 

Unless otherwise expressly provided in this Agreement, the following terms used in this Agreement shall have the following
meanings: 
  

			
	 “Advisers Act”
	  	 means the U.S. Investment Advisers Act of 1940, as amended.

		
	 “Affiliate”
	  	 with respect to any specified Person, any Person directly or indirectly Controlling, Controlled by or under common Control
with such Person; provided that for purposes of this Agreement, each of the Company and Pharmakon shall not be deemed to be an Affiliate of the Manager.

		
	 “Agreement”
	  	 shall have the meaning set forth in the preamble of this Agreement.

		
	 “Applicable Party”
	  	 means EPA Holdings, the Manager or an executive of the Manager or EPA Holdings (including Mr. Legorreta).

		
	 “Board of Directors”
	  	 means the board of directors of the Company.

			
	 “Business Day”
	  	 means a day which is not a Saturday, Sunday or a day on which banks in New York City, Dublin and London are authorized or
required by law to close.

		
	 “Cash Receipts”
	  	 with respect to each investment that is indirectly held by the Company through a Subsidiary, all cash proceeds received in
respect of such investment during the applicable period.

		
	 “Cause”
	  	 will exist where (i) an Applicable Party has committed (or in the case of Applicable Parties who are executives, caused EPA
Holdings or the Manager to commit) a material breach of the governing documents of the Company, the limited partnership agreement of a Continuing Investors Partnership, or this Agreement; (ii) an Applicable Party has committed (or in the case of
Applicable Parties who are executives, caused EPA Holdings or the Manager to commit) willful misconduct in connection with the performance of its duties under the terms of the governing documents of the Company, the limited partnership agreement of
a Continuing Investors Partnership, or this Agreement, (iii) there is a declaration of bankruptcy by the Applicable Party or (iv) there is a determination by any court with proper jurisdiction that an Applicable Party has committed an intentional
felony or engaged in any fraudulent conduct, in each such case of clauses (ii) and (iv) which has a material adverse effect on the business, assets or condition (financial or otherwise) or prospects of the RPI Group and its Affiliates (taken as a
whole).

		
	 “Code”
	  	 means the U.S. Internal Revenue Code of 1986, as amended and as hereafter amended, or any successor law.

		
	 “Company”
	  	 shall have the meaning set forth in the preamble of this Agreement.

		
	 “Competing Fund”
	  	 means a limited partnership or pooled investment vehicle, other than the Company or any direct or indirect Subsidiary of
the Company and any of the Legacy Vehicles for which the Manager or any of its Affiliates acts as the general partner or investment manager, that are formed for the purpose of investing in Royalty Investments, other than any vehicle managed by
Pharmakon or its successor, or any vehicle approved by the independent members of the Board of Directors.

  
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	 “Confidential Information”
	  	 any proprietary information relating to the organization, finances, business, transactions or affairs of the Company or the
Manager or any of their Affiliates as the case may be.

		
	 “Continuing International Investors Partnership”
	  	 RPI International Holdings 2019, LP, a Cayman Islands exempted limited partnership.

		
	 “Continuing Investors Partnership”
	  	 means each of the Continuing International Investors Partnership and the Continuing US Investors Partnership.

		
	 “Continuing US Investors Partnership”
	  	 RPI US Partners 2019, LP, a Delaware limited partnership.

		
	 “Control”
	  	 with respect to any Person, the possession, directly or indirectly, of power to direct or cause the direction of management
or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of such Person; provided, however, that customary approval and veto rights granted to minority equity holders of a Person
shall not be deemed to constitute “Control” of such Person.

		
	 “Effective Date”
	  	 means the date as of which the Manager ceases to furnish services to the Company.

		
	 “EPA Holdings”
	  	 RPI EPA Holdings, LP, a Delaware limited partnership.

		
	 “FATCA”
	  	 means the legislation known as the U.S. Foreign Account Tax Compliance Act, Sections 1471 through 1474 of the Code, and any
regulations (whether proposed, temporary or final), including any subsequent amendments, and administrative guidance promulgated thereunder (or which may be promulgated in the future), any intergovernmental agreements and related statutes,
regulations or rules and other guidance thereunder, any governmental authority pursuant to the foregoing, and any agreement entered into with respect thereto.

		
	 “Initial Term”
	  	 shall have the meaning set forth in Section 18 (Term).

		
	 “Indemnittee”
	  	 shall have the meaning set forth in Section 15(a) (Indemnification).

		
	 “Legacy Vehicle”
	  	 means any limited partnership, pooled investment vehicle or entity that is under common Control with or is managed by the
Manager or its Affiliates; provided that Legacy Vehicle shall

  
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		  	 not include the Company and any of its Subsidiaries that invests, directly or indirectly, in RPI or Old RPI.

		
	 “Manager”
	  	 shall have the meaning set forth in the preamble of this Agreement.

		
	 “Old RPI”
	  	 means Royalty Pharma Investments, an Irish Unit Trust.

		
	 “Operating and Personnel Payment”
	  	 shall have the meaning set forth in Section 12 (Operating and Personnel Payment).

		
	 “Organizational Documents”
	  	 shall have the meaning set forth in the recitals of this Agreement.

		
	 “Other Accounts”
	  	 means other funds, investment vehicles or accounts to which the Manager provides investment services.

		
	 “Person”
	  	 means a natural person, partnership, limited liability company, corporation, unincorporated association, joint venture,
trust, state or any other entity or any governmental agency or political subdivision thereof.

		
	 “Pharmakon”
	  	 means Pharmakon Advisors LP, a Delaware limited partnership.

		
	 “Renewal Term”
	  	 shall have the meaning set forth in Section 18 (Term).

		
	 “Royalties”
	  	 means intellectual property (including patents) or other contractual rights to income derived from the sales of, or
revenues generated by, pharmaceutical, biopharmaceutical, medical and/or healthcare products, processes, devices, or enabling and delivery technologies that are protected by patents, trademarks or copyrights, governmental or other regulations or
otherwise by contract.

		
	 “Royalty Investment”
	  	 means (i) Royalties; (ii) ownership interests in any entities formed for the purpose of holding Royalties or substantially
all of the assets of which consist of Royalties; (iii) any securities, investments or contracts that may provide a hedge for Royalties; and (iv) other assets and investments considered by the Manager to be related to the foregoing.

		
	 “RP Holdings”
	  	 means Royalty Pharma Holdings Limited, a company established under the laws of England and
Wales.

  
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	 “RPI”
	  	 means Royalty Pharma Investments 2019 ICAV, a Irish Collective Asset-management Vehicle.

		
	 “RPI Group”
	  	 means RPI and its Subsidiaries.

		
	 “Shareholder”
	  	 means a shareholder of the Company.

		
	 “Subsidiary”
	  	 means any Other Account, Control of which is held directly or indirectly by the Company.

		
	 “VAT”
	  	 means any value added tax or any similar sales, use or turnover tax.

 Section 2.         Interpretation and
Construction. 
 (a)         In this Agreement, unless a clear
contrary intention appears: 
 (i)         common nouns and
pronouns and any variation thereof shall be deemed to refer to masculine, feminine, or neuter, singular or plural, as the identity of the Person, Persons or other reference in the context requires; 

(ii)         where specific language is used to clarify by example a
general statement contained in this Agreement, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates; 

(iii)         “any” shall mean “one or more”;

 (iv)         “including” and with correlative meaning
“include” means including without limiting the generality of any description preceding such term; and 

(v)         all references to “funds”, “dollars”
or “payments” shall mean United States dollars. 
 (b)
        The language used in this Agreement has been chosen by the parties to express their mutual intent, and no rule of construction or interpretation requiring this Agreement to be construed or interpreted
against any party shall apply. 
 Section 3.         Appointment of the
Manager. The Manager shall act as manager to the Company and shall have the discretion to make all day-to-day decisions of the Company relating to its investment activities subject to the oversight, direction and control by the Board of
Directors. The Manager shall act as the “alternative investment fund manager” of the Company for the purposes of The Alternative Investment Fund Managers Directive 2011/61/EU and the relevant implementing and related information
thereunder, and shall do all such things and perform all such acts to maintain such status. The Manager undertakes to give the Company the benefit of its best judgment and efforts in rendering its services. 

  
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 Section 4.
        Authority of the Manager. In connection with its obligations hereunder, the Manager shall have the authority for and in the name of the Company, subject to Section 5 (Policies of the
Company) and Section 11 (Investments), to: 
 (a)
        invest the Company’s assets, through RP Holdings or any other Subsidiary; 

(b)         direct the formulation of investment policies and
strategies for the Company, and select and approve the investment of Company funds, all in accordance with the provisions and limitations of this Agreement; 

(c)         open, maintain and close bank accounts and draw checks or
other orders for the payment of money and open, maintain and close brokerage, money market fund and similar accounts; 

(d)         hire for usual and customary payments and expenses
consultants, brokers, attorneys, accountants and such other agents for the Company as it may deem necessary or advisable, and authorize any such agent to act for and on behalf of the Company; 

(e)         enter into, execute, maintain and/or terminate contracts,
undertakings, agreements and any and all other documents and instruments in the name of the Company and do or perform all such things as may be necessary or advisable in furtherance of the Company’s powers, objects or purposes or to the conduct
of the Company’s activities, including entering into acquisition agreements to make or dispose of investments (or consenting or authorizing any Subsidiary to do the same) which agreements may include such representations, warranties, covenants,
indemnities and guaranties as the Manager deems necessary or advisable; 
 (f)
        make, in its sole discretion, any and all elections for U.S. federal, state, local and foreign tax matters; 

(g)         manage, acquire or dispose of investments for the Company
as permitted hereunder and under the Organizational Documents; 

(h)         vote, in its sole discretion, any shares, units or
interests of any Subsidiary held by the Company or otherwise authorize, approve or adopt any matter presented to the holders of shares, units or interests of any Subsidiary held by the Company; 

(i)         engage attorneys, independent accountants, other service
providers, investment banks, accountants and other advisers and such other Persons as the Manager may deem necessary or advisable; 

(j)         provide service providers and advisers to the Company,
with such information and instructions as may be necessary to enable such service providers and advisers to perform their duties in accordance with the applicable agreements; 

  
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 (k)
        authorize any partner, member, employee or other agent of the Manager or its Affiliates or other agent of the Company to act for and on behalf of the Company in all matters incidental to the foregoing;
and 
 (l)         do any and all acts on behalf of the Company as
the Manager may deem necessary or advisable in connection with the maintenance and administration of the Company, and exercise all rights of the Company, with respect to their interest in any Person, including the voting of securities, participation
in arrangements with creditors, the institution and settlement or compromise of proceedings and other like or similar matters. 

The Company hereby appoints the Manager as its attorney-in-fact to act in the Company’s name, place and stead on behalf
of the Company in any and all matters relating to the investment of the cash and other assets of the Company and to sign, execute and deliver any and every conceivable right (including, without limitation, any contract, agreement, instrument,
consent, notice or acknowledgement) and to do all other acts and things and take any and every act or action, in each case in the Company’s name and on the Company’s behalf, which the Manager in its sole discretion deems necessary or
otherwise appropriate in the performance of its duties under this Agreement. The power of attorney hereby granted by the Company to the Manager pursuant to this Section shall remain in force during the continuance of this Agreement and all acts done
and documents signed or executed by the Manager in good faith in the purported exercise of any authority conferred by or purport to this power of attorney shall for all purposes be valid and binding on the Manager. 

Section 5.         Policies of the Company. The activities engaged in by
the Manager on behalf of the Company shall be subject to the policies, instructions, oversight and control of the Board of Directors. The Manager shall submit periodic reports to the Board of Directors regarding the Manager’s activities
hereunder on at least a quarterly basis or as otherwise instructed by the Board of Directors from time to time. 

Section 6.         Notice to the Board of Directors. The Manager shall
use commercially reasonable efforts to provide at least 72 hours (and, in any event at least 24 hours) prior written notice to the Board of Directors, in accordance with such procedures as they may specify from time to time upon written notice to
the Manager, for any the following actions: (i) any investment involving greater than $50 million (measured at the time of investment), (ii) any incurrence of indebtedness for borrowed money or securitization (including any refinancing
thereof) involving greater than $100 million(other than transactions for the purposes of hedging portfolio exposure) and (iii) any other material matter that is expressly designated by the Board of Directors in writing to the Manager as a
matter requiring prior written notice. 
 Section 7.
        Covenant/Devotion of Time. Without consent of the Board of Directors, the Manager shall not be permitted to manage an Other Account that invests in or acquires Royalties, directly or indirectly,
other than the Company, any Subsidiary and any Legacy Vehicle. The executives of the Manager must devote substantially all of their business time to managing the Company, its Subsidiaries and any Legacy Vehicle, unless otherwise approved
(i) prior to the date of this Agreement, by the investment committee of Old RPI or RPI or (ii) subsequent to the date of this Agreement, by the Board of Directors. Any action that has been 

  
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approved by the investment committee of Old RPI or New RPI or the Board of Directors as set forth in the immediately preceding sentence shall be set forth on Exhibit B. 

Section 8.         Non-Competition and Non-Solicit. 

(a)         Every named executive officer of the Manager shall not
during its tenure as an executive of the Manager and for a period of 18-months following the termination of its engagement with or employment by the Manager directly or indirectly, (i) close, advise, manage or act as the general partner,
investment manager, investor, consultant, independent contractor, servicer, advisor, director, officer, member, manager or employee to, of, in or for any Competing Fund or (ii) solicit the services of any Person who is then an employee of the
Manager or solicit any investor or potential investor in the Company or any Other Account. 
 (b)
        Each of the Manager and its Affiliates shall not during the time it is acting as manager or general partner or in a similar capacity for the Company and for a period of 12-months following any
termination of this Agreement for Cause or nonrenewal by the Manager directly or indirectly, close, advise, manage or act as the general partner, investment manager, investor, consultant, independent contractor, servicer, advisor, director, officer,
member, manager or employee to, of, in or for any Competing Fund. 
 Section 9.
        Status of the Manager. The Manager shall, for all purposes hereof, be an independent contractor and not an employee of the Company and nothing in this Agreement shall be construed as making the
Company a partner or co-venturer with the Manager or any of its Affiliates or Other Accounts. The Manager shall not have authority to act for, represent, bind or obligate the Company, except as specifically provided in this Agreement. 

Section 10.         Succession Plan. The Manager has established the
succession plan attached hereto as Exhibit A. 
 Section 11.
        Investments. All investments of the Company and other activities undertaken by the Manager on behalf of the Company shall at all times conform to and be in accordance with the requirements
imposed by the following: 
 (a)         any provisions of
applicable law and regulation; 
 (b)         provisions of the
Organizational Documents; provided, however, that the Manager shall not be bound by any update, modification or amendment of any Organizational Document unless and until it has been given notice thereof and has been provided with a
copy of such update, modification or amendment; and 
 (c)
        without prejudice to Section 6 (Notice to the Board of Directors), such policies, compliance procedures and reporting requirements as may be adopted from time to time by the Board of
Directors; provided, however, that the Manager shall not be bound by any such policies, unless and until it has been given notice thereof. 

Section 12.         Operating and Personnel Payment. 

  
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 (a)         The
Manager shall receive a quarterly operating and personnel payment of GBP 100,000 exclusive of VAT (the “Operating and Personnel Payment”). The Operating and Personnel Payment shall be payable quarterly in advance as of the first
Business Day of each fiscal quarter. The Company and its Subsidiaries shall have no personnel of their own. For any partial fiscal quarter in respect of which the Operating and Personnel Payment is being paid, the Company shall pay only a
proportionate amount thereof based on the number of days in such fiscal quarter. If this Agreement is terminated for Cause during a quarter, the Manager shall refund to the Company the amount of the Operating and Personnel Payment allocable to that
portion of the fiscal quarter following such termination and no further Operating and Personnel Payment shall be payable to the Manager hereunder. 

(b)         To the extent that an investment of the Company is made
through a Subsidiary other than RPI, then the Company shall cause such Subsidiary to enter into a management agreement with the Manager on substantially the same terms as the Management Agreement between the Manager and RPI, including with respect
to any operating and personnel payment. 
 Section 13.         Expenses of
the Manager. The Manager or its Affiliates, but not the Company or any of its Subsidiaries or any Shareholder, shall bear and be charged with the following costs and expenses of the Company’s activities (including, in each case, any related
VAT): (a) any costs and expenses of providing to the Company the office overhead necessary for the Company’s operations, including, but not limited to, rent and other normal overhead and operating expenses; (b) the compensation of the
Manager’s personnel, including, but not limited to, benefits, and other expenses for such personnel; and (c) similar expenses to the extent that such expenses are not subject to reimbursement by the Company pursuant to
Section 14 (Company Expenses). 
 Section 14.         Company
Expenses. The Company shall bear and be charged with all expenses of the Company and its Subsidiaries (through its investment in such Subsidiaries) other than expenses that are expressly borne by the Manager pursuant to Section 13
(Expenses of the Manager) including, without limitation, the following costs and expenses of the Company (including, in each case, any related VAT): 

(a)         all administrative and operating expenses incurred on its
behalf, including interest and financing expenses, expenses of custodians, administrators, accountants, auditors and outside counsel, the cost of the preparation of financial statements, reports to Shareholders, the annual audit, financial and tax
returns and tax reports required for the Company and the Shareholders, extraordinary items such as litigation and indemnification expenses, and any taxes, fees or other government charges levied against the Company; 

(b)         independent valuation expenses (if applicable); 

(c)         expenses incurred in providing any reporting to
Shareholders or regulatory reporting, printing and mailing costs; 

  
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 (d)         third
party research costs and expenses; 
 (e)         administrative
expenses (including any fee payable to an administrator, if appointed by the Company), government fees and taxes (if any); 

(f)         expenses incurred in connection with any meeting of the
Shareholders, including, without limitation, travel, meal and lodging expenses and ancillary activities related thereto; 

(g)         fees and expenses related to regulatory compliance
burdens of the Company or any Subsidiary or any investment of any Subsidiary, including compliance with FATCA; 

(h)         any registration or filing fees relating to the Company
or any Subsidiary; 
 (i)         all out-of-pocket costs and
expenses, if any, incurred in analyzing, conducting due diligence, holding, developing, negotiating, structuring, acquiring and disposing of investments and prospective investments, whether or not ultimately made, and disposing of actual
investments, including without limitation any financing, legal, accounting, advisory and consulting expenses in connection therewith (to the extent the Manager is not otherwise reimbursed by another party or the costs are not capitalized as part of
the acquisition price of the transaction); 
 (j)         expenses
(including travel expenses) incurred in connection with investigating investment opportunities, developing business opportunities for the Subsidiaries of the Company and monitoring their investments (including attending medical and industry
conferences); 
 (k)         interest on and fees and expenses
arising out of all borrowings made by or on behalf of the Company, including, but not limited to, the arranging thereof; 

(l)         costs of any litigation, Directors & Officers
liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the Company; 

(m)         expenses of liquidating the Company; 

(n)         any taxes, fees or other governmental charges levied
against the Company and all expenses incurred in connection with any tax audit, investigation, settlement or review of the Company; 

(o)         any expenses in connection with the Board of Directors;

 (p)         contributions to charities, research hospitals and
academic institutions reasonably related to the life sciences industry and the cost of sponsoring life science industry conferences and marketing events in each case, to strengthen the “Royalty Pharma” brand and relationships in the life
sciences community; provided that the expenses 

  
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set forth in this clause shall not exceed 0.25% of annual Cash Receipts during any fiscal year (measured as of the end of such fiscal year); 

(q)         legal and accounting fees and expenses and other expenses
incurred by the Company in connection with the preparation for, and conduct and closing of any offering of additional shares in the Company; 

(r)         the Company’s pro rata share of the expenses
incurred in the formation of any Subsidiary; and 
 (s)         any
costs and expenses incurred in connection with the contemplation of, formation of, listing and ongoing operation of the Company, including any third-party expenses of managing the Company, such as accounting, audit, legal, reporting, compliance,
administration (including directors’ fees), financial advisory, consulting, investor relations, and insurance expenses relating to the affairs of the Company. 

The Company shall promptly reimburse the Manager or any of its Affiliates, as the case may be, to the extent that any of the
costs and expenses set forth in this Section 14 are paid by such entities. 
 Section 15.
        Exculpation. 
 (a)
        To the fullest extent permitted by law, none of the Manager, its Affiliates (including EPA Holdings) and their respective officers, directors, stockholders, members, employees, agents and partners, and
any other person who serves at the request of the Manager on behalf of the Company as an officer, director, employee or agent of, or with respect to, any other entity (each, an “Indemnitee”) shall be liable to the Company or any
Subsidiary or any Shareholder for (i) any act or omission taken or suffered by an Indemnitee in connection with the conduct of the affairs of the Company or otherwise in connection with this Agreement or the matters contemplated herein, unless
such act or omission resulted from fraud, bad faith, willful misconduct, gross negligence, a material breach of this Agreement which is not cured in accordance with the terms of this Agreement or a violation of applicable securities laws by such
Indemnitee, and except that nothing herein shall constitute a waiver or limitation of any rights which a Shareholder of the Company may have under applicable securities laws or other laws and which may not be waived, or (ii) any mistake,
negligence, dishonesty or bad faith of any broker or other agent of the Company selected and monitored by the Manager with reasonable care. 

(b)         To the extent that, at law or in equity, the Manager has
duties (including fiduciary duties) and liabilities relating thereto to the Company or another Shareholder, the Manager acting under this Agreement or refraining from taking action under this Agreement, shall not be liable to the Company or to any
such other Shareholder for its actions or inaction, taken or suffered in good faith and in reliance on the provisions of this Agreement, provided, that such action or inaction does not constitute fraud, bad faith, willful misconduct or gross
negligence. The provisions of this Agreement, to the extent that they expand or restrict the duties and liabilities of the Manager otherwise 

  
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existing at law or in equity, are agreed by the Shareholders to modify to that extent such other duties and liabilities of the Manager. 

(c)         The Manager may consult with legal counsel and
accountants selected by it and any act or omission taken or suffered by it on behalf of the Company or in furtherance of the interests of the Company, taken or suffered in good faith and in reasonable reliance thereon, upon and in accordance with
the advice of such counsel or accountants shall be full justification for any such act or omission, and the Manager shall be fully protected and held harmless in so acting or omitting to act; provided, such counsel or accountants were
selected and monitored with reasonable care. Notwithstanding any of the foregoing to the contrary, the provisions of this Section shall not be construed so as to provide for the exculpation of any Indemnitee for any liability (including liability
under U.S. federal or state securities laws (which includes liability for violation of the anti-fraud provisions contained in Section 206 of the Advisers Act) which, under certain circumstances, impose liability even on Persons that act in good
faith), to the extent (but only to the extent) that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of this Section to the fullest extent permitted by law. 

Section 16.         Indemnification. 

(a)         To the fullest extent permitted by law, the Company shall
indemnify and save harmless each Indemnitee from and against any and all claims, liabilities, damages, losses, penalties, actions, judgments, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as
fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim or alleged claim) of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Indemnitee or to
which such Indemnitee may be subject by reason of its activities on behalf of the Company or any of its Subsidiaries or in furtherance of the interests of the Company or otherwise arising out of or in connection with the affairs of the Company, its
Subsidiaries or Affiliates, including the performance by such Indemnitee of any of the Manager’s responsibilities under this Agreement and/or under the governing documents of any Subsidiary or otherwise in connection with the matters
contemplated herein or therein; provided, that: (i) an Indemnitee shall be entitled to indemnification hereunder only to the extent that such Indemnitee’s conduct did not constitute fraud, bad faith, willful misconduct, gross
negligence, a material breach of this Agreement which is not cured in accordance with the terms of this Agreement or a violation of applicable securities laws; (ii) nothing herein shall constitute a waiver or limitation of any rights which a
Shareholder or the Company may have under applicable securities laws or other laws and which may not be waived; and (iii) the Company’s obligations hereunder shall not apply with respect to (x) economic losses or tax obligations
incurred by any Indemnitee as a result of such Indemnitee’s ownership of an interest in the Company or in Royalty Investments, (y) expenses of the Company that an Indemnitee has agreed to bear or (z) amounts recoverable by the
Indemnitee from other sources (including without limitation insurance) as provided in Section 16(d). The satisfaction of any indemnification and any saving harmless pursuant to this Section shall be from and limited to Company assets,
and no Shareholder shall have any personal liability on account thereof. The conduct of the 

  
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Manager and EPA Holdings shall be attributed to one another for purposes of determining whether indemnification is available pursuant to this Section and whether conduct meets the standards set
forth in Section 15 (Exculpation). 
 (b)
        Expenses reasonably incurred by an Indemnitee in defense or settlement of any claim that may be subject to a right of indemnification hereunder shall be advanced by the Company prior to the final
disposition thereof upon receipt of an undertaking by or on behalf of the Indemnitee to repay such amount to the extent that it shall be determined ultimately that such Indemnitee is not entitled to be indemnified hereunder. 

(c)         The right of any Indemnitee to the indemnification
provided herein shall extend to such Indemnitee’s heirs, executors, administrators, successors, assigns and legal representatives and shall be cumulative of, and in addition to, any and all rights to which such Indemnitee may otherwise be
entitled by contract or as a matter of law or equity. Notwithstanding the foregoing, no Indemnitee may have any other rights to indemnification from the Company or enter into, or make any claim under, any other agreement with the Company (whether
direct or indirect) providing for indemnification except as otherwise set forth in this Agreement. 
 (d)
        Any Person entitled to indemnification from the Company hereunder shall first seek recovery under any other indemnity or any insurance policies by which such Person is indemnified or covered, as the
case may be, but only to the extent that the indemnitor with respect to such indemnity or the insurer with respect to such insurance policy provides (or acknowledges its obligation to provide) such indemnity or coverage on a timely basis, as the
case may be, and, if such Person is other than the Manager, such Person shall obtain the written consent of the Manager prior to entering into any compromise or settlement which would result in an obligation of the Company to indemnify such Person;
and if liabilities arise out of the conduct of the affairs of the Company and any other Person for which the Person entitled to indemnification from the Company hereunder was then acting in a similar capacity, the amount of the indemnification
provided by the Company shall be limited to the Company’s proportionate share thereof as determined by the Manager in light of its fiduciary duties to the Company and the Shareholders. 

(e)         Notwithstanding any of the foregoing to the contrary, the
provisions of this Section shall not be construed so as to provide for the indemnification of any Indemnitee for any liability (including liability under U.S. federal or state securities laws (which includes liability for violation of the anti-fraud
provisions contained in Section 206 of the Advisers Act) which, under certain circumstances, impose liability even on Persons that act in good faith), to the extent (but only to the extent) that such indemnification would be in violation of
law, but shall be construed so as to effectuate the provisions of this Section to the fullest extent permitted by law. 

Section 17.         Limitations on Reference to the Manager. The Company
shall not distribute or circulate any sales literature, promotional or, save where required by applicable law, regulation or court order, other material which contains any reference to the Manager without the

  
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prior approval of the Manager, and, where practicable, shall submit in draft form all such materials requiring approval of the Manager, allowing sufficient time for review by the Manager and its
counsel prior to any deadline for printing. If the Manager ceases to furnish services to the Company, the Company at its expense: 

(a)         as promptly as practicable, shall take all necessary
action to cause the Organizational Documents to be amended to eliminate any reference to the Manager; and 

(b)         within 60 days after the Effective Date, shall cease to
use in any other manner, including use in any `sales literature or promotional material, the name of the Manager, save where required by applicable law, regulation or court order. 

Section 18.         Term. This Agreement shall have an initial term of
ten years (the “Initial Term”) ending on July 1, 2030 and shall have successive automatic renewal terms of three years thereafter (each, a “Renewal Term”), unless terminated by the Manager or the Company on at
least 180 days’ prior written notice to the other party prior to the expiration of the Initial Term or any Renewal Term. The Manager and the Company shall meet to discuss renewal at least one year prior to the expiration of the Initial Term and
any Renewal Term. 
 Section 19.         Removal. Subject to the
following provisions of this Section, during the Initial Term and each Renewal Term, this Agreement may only be terminated by the Company for Cause. If the Management Agreement with RPI, Old RPI, RP Holdings or any other Subsidiary is
terminated for Cause then this Agreement shall automatically be terminated. The Company shall have the right to terminate the Manager following (i) a determination of Cause by a court or governmental body of competent jurisdiction in a final
judgement or (ii) an admission of Cause by the Manager or EPA Holdings. In the event that Mr. Legorreta commits an act constituting Cause (while he is acting as chief executive officer of the Company), such action shall be imputed to EPA
Holdings and the Manager. Any act constituting Cause committed by any other executive of EPA Holdings or the Manager (including Mr. Legorreta if he is no longer acting as chief executive officer of the Company) shall not be imputed to EPA
Holdings and the Manager if the Manager terminates such executive’s engagement with, employment by or relationship with the Manager and EPA Holdings within such reasonable period of time as may be agreed to by the Board of Directors;
provided that if such executive is not terminated within such period of time then such Cause event shall be imputed to EPA Holdings and the Manager. 

Section 20.         Choice of Law. Notwithstanding the place where this
Agreement may be executed by any of the parties hereto, the parties expressly agree that all of the terms and provisions hereof shall be governed by and construed under the laws of the State of New York applicable to contracts made and to be
entirely performed in such state. 
 Section 21.
        Confidentiality. Save as may be required by law or by any regulatory authority or agency or as may otherwise be contemplated by this Agreement, each of the parties hereto hereby covenants and
undertakes with the other party hereto to keep secret and confidential and not to disclose to any person any Confidential Information PROVIDED HOWEVER that no party shall be required to keep secret and confidential any Confidential Information which
has properly entered the public domain otherwise than through the default of 

  
 14 

 
such party save where the parties are compelled to do so by any self-regulatory body or by law. No public announcement shall be made or circular, notice or advertisement issued in connection with
the subject matter of this Agreement by either of the parties hereto without the prior approval of the other party hereto 

Section 22.         Severability. If any provision of this Agreement is
invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof which may be held
invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable. 

Section 23.         Force Majeure. The Manager shall not be responsible
for any loss of or damage to any property, securities, instruments or other assets of the Company for any failure to fulfil any of its duties hereunder if such loss, damage or failure is directly or indirectly caused by or due to any act of God,
storm, tempest, accident, fire, water damage, riot, civil commotion, rebellion, strike, lock-out, government or military action or any other cause or circumstance beyond the control of the Manager, provided that the Manager shall use all reasonable
efforts to minimize the effects thereof.Forum. To the fullest extent permitted by law, in the event of any proceeding arising out of the terms and conditions of this Agreement, the parties hereto irrevocably (i) consent and submit to the
exclusive jurisdiction of the Supreme Court, State of New York, New York County and of the U.S. District Court for the Southern District of New York, (ii) waive any defense based on doctrines of venue or forum non conveniens, or similar
rules or doctrines, and (iii) agree that all claims in respect of such a proceeding must be heard and determined exclusively in the Supreme Court, State of New York, New York County or the U.S. District Court for the Southern District of New
York. Process in any such proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. 

Section 25.         Notices. 

(a)         Each notice relating to this Agreement shall be in
writing and delivered in person, by registered or certified mail, by Federal Express or similar overnight courier service, by electronic mail (e-mail) to the address or e-mail address on record. 

(b)         Unless otherwise specifically provided in this Agreement,
a notice shall be deemed to have been effectively given when delivered personally, if delivered on a Business Day; the next Business Day after personal delivery, if delivered personally on a day that is not a Business Day; four Business Days after
being deposited in the United States mail, postage prepaid, return receipt requested, if mailed; on the next Business Day after being deposited for next day delivery with Federal Express or similar overnight courier; and when a reply e-mail
acknowledging receipt is received by the sender, if e-mailed. 
 Section 26.
        Entire Agreement. This Agreement contains all of the terms agreed upon or made by the parties relating to the subject matter of this Agreement, and supersedes all prior and contemporaneous
agreements, negotiations, correspondence, undertakings and communications of the parties, oral or written, respecting such subject matter. 

  
 15 

 Section 27.
        Amendments and Waivers. No provision of this Agreement may be amended, modified, waived or discharged except as agreed to in writing by the parties. The failure of a party to insist upon strict
adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

Section 28.         Binding Effect; Assignment. This Agreement shall be
binding upon and inure to the benefit the Company, the Manager, each Indemnified Party and their respective successors and permitted assigns. Any Person that is not a signatory to this Agreement but is nevertheless conferred any rights or benefits
hereunder (e.g., officers, partners and employees of the Manager and others who are entitled to indemnification hereunder) shall be entitled to such rights and benefits as if such Person were a signatory hereto, and the rights and benefits of
such Person hereunder may not be impaired without such Person’s express written consent. No assignment (as that term is defined under the Advisers Act) by either party of all or any portion of its rights, obligations or liabilities under this
Agreement shall be permitted without the prior written consent of the other party to this Agreement. 
 Section 29.
        Headings. The headings of the Sections of this Agreement are for convenience of reference only, and are not to be considered in construing the terms and provisions of this Agreement. References
to “Section” in this Agreement shall be deemed to refer to the indicated Section of this Agreement, unless the context clearly indicates otherwise. 

Section 30.         Discretion; Good Faith. Whenever in this Agreement
the Manager is permitted or required to make a decision (i) in its “discretion” or under a grant of similar authority or latitude, the Manager shall be entitled to consider such interests and factors as it desires, including its own
interests, or (ii) in its “good faith” or under another express standard, the Manager shall act under such express standard, shall not be subject to any other or different standard imposed by applicable law and may exercise its
discretion differently with respect to different investors. 
 Section 31.
        Counterparts. Counterparts may be executed through the use of separate signature pages or in any number of counterparts with the same effect as if the parties executing such counterparts had all
executed one counterpart. Each party understands and agrees that any portable document format (PDF) file, facsimile or other reproduction of its signature on any counterpart shall be equal to and enforceable as its original signature and that any
such reproduction shall be a counterpart hereof that is fully enforceable in any court or arbitral panel of competent jurisdiction. 

Section 32.         Survival. The provisions of the Section entitled
Operating and Personnel Payment (only to the extent that the Operating and Personnel Payment is earned by the Manager prior to termination of this Agreement), and the Sections entitled Covenant/Devotion of Time, Non-Competition, Succession Plan,
Exculpation, Indemnification, Limitations on Reference to the Manager, Choice of Law, Forum, Notices, Entire Agreement, Binding Effect; Assignment, Survival and Waiver of Jury Trial shall survive the termination of this Agreement. 

Section 33.         Waiver of Jury Trial. EACH PARTY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY 

  
 16 

 
TO THE EXTENT PERMITTED BY LAW IN ANY PROCEEDING ARISING OUT OF THE TERMS AND CONDITIONS OF THIS AGREEMENT. THIS WAIVER APPLIES TO ANY PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE. EACH PARTY ACKNOWLEDGES THAT IT HAS RECEIVED THE ADVICE OF COMPETENT COUNSEL. 
 [The rest of this page is intentionally
left blank.] 

  
 17 

 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be
executed as of the date first set forth above. 
  

			
	 ROYALTY PHARMA PLC
	  	RP MANAGEMENT, LLC
		
	 By: /s/ Pablo
Legorreta                            
	  	By: /s/ George Lloyd                            
	 Name: Pablo Legorreta
	  	Name: George Lloyd
	 Title: Director
	  	Title: Executive Vice President, Investments
		  	& General Counsel

 Management Agreement Signature Page 

 Exhibit A - Succession Plan 

Succession 
 The Compensation
Committee of the Board of Directors, in consultation with the Manager, will develop temporary and permanent succession plans for senior management of the Manager, including Pablo Legorreta, Terrance Coyne, Chris Hite, George Lloyd, and James
Reddoch. These succession plans will be updated and reviewed periodically with the Compensation Committee, which will report to the Board of Directors. 

Temporary Succession Plan 
 The
temporary succession plan: 
  

	 	•	 	 will provide a plan for filling the position of the CEO and other member of the senior management on a
temporary basis if such person is incapacitated, quits, is terminated, or is otherwise unable to fulfill his duties (“Unavailable”); 

  

	 	•	 	 will name one or more current members of senior management of the Manager as potential interim CEO(s) in the
event Mr. Legorreta or his successor is Unavailable; and 

  

	 	•	 	 will also address potential replacements, contingent hires and/or other temporary arrangements for other
members of the senior management of the Manager in the event such person is Unavailable. 

 The Compensation Committee, in
consultation with the Manager, will assess and provide feedback to the Manager regarding the Manager’s senior management team, with the objective of evaluating the Manager’s internal capabilities to handle an executive transition,
including the ability of certain executives to assume other senior executive roles on an interim or permanent basis, should it become necessary. 

The Board of Directors will meet promptly following the triggering of the temporary succession plan to begin discussions regarding a permanent
replacement for the CEO or other members of senior management. 
 Permanent Succession 

If the CEO or another member of senior management of the Manager is Unavailable, that Unavailability is expected to be permanent, and the
temporary succession plan does not provide a replacement for that member of senior management that is approved as a long-term replacement for that position by a majority of the independent directors of the Board of Directors, the Manager, in
consultation with the Compensation Committee of the Board of Directors, will immediately retain an executive recruiting firm to begin a search process for a permanent replacement for the position in question. The search for a permanent successor may
include current members of senior management of the Manager, whether or not named in the proposed in the temporary succession plan. The appointment of any permanent successor to the CEO shall be subject to the consent of a majority of the
independent directors of the Board of Directors. 

 Exhibit B –Approved Actions 

 

	 	•	 	 Pablo Legorreta acting as a trustee, executor, administrator, manager, investment advisor, consultant or in
any other similar capacity solely for, on behalf of, with respect to or in connection with any Legorreta Family Trust or Legorreta Family Entity. For purposes of the foregoing, (a) a “Legorreta Family Trust” shall mean
(i) any trust established at any time by any Legorreta Family Member for the primary benefit of one or more Legorreta Family Members and/or (ii) the estate of any deceased Legorreta Family Member; (b) a “Legorreta Family
Entity” shall mean a corporation, partnership limited liability company or similar entity the sole shareholders, members or partners of which are one or more Legorreta Family Members; (c) a “Legorreta Family Member”
shall mean: (i) Pablo Legorreta, (ii) a spouse or former spouse of Pablo Legorreta, (iii) a descendant of Pablo Legorreta, (iv) a grandparent of Pablo Legorreta or of any spouse or former spouse of Pablo Legorreta, (v) a
descendant of such a grandparent, and/or (vi) a spouse or former spouse of any descendant described in (iii) and (v); and (d) the word “descendant” shall include any individual adopted prior to the age of 18 years and any
descendant of such an individual. 

  

	 	•	 	 Pablo Legorreta is a co-founder of and has significant influence over Pharmakon Advisors, LP
(“Pharmakon”). Mr. Legorreta owns a 33% economic interest in Pharmakon. 

  

	 	•	 	 The Manager is affiliated and shares physical premises with ITB-Med AB (“ITBMed”), which is a
biopharmaceutical company. ITB-Med leases office space under a lease from the Manager. Pablo Legorreta is also a substantial equity holder of ITB-Med’s parent entity and has the right to appoint a portion of the board members of such parent
entity 

  

	 	•	 	 Pablo Legorreta serving as a member of the board of directors of New York Academy of Sciences, Rockefeller
University, Brown University, the Hospital for Special Surgery, Pasteur Foundation (the U.S. affiliate of the French Institute Pasteur), Open Medical Institute, Park Avenue Armory, Epizyme, Inc., ITB-Med Pharmaceuticals, Nefro Health and ProKidney,
LLC 

  

	 	•	 	 Pablo Legorreta is Honorary Chairman of Alianza Médica para la Salud 

 

	 	•	 	 Christopher Hite serving as a member of the advisory board of FasterCuresEX-10.2

 Exhibit 10.2 

Execution Version 

EXCHANGE AGREEMENT 

ROYALTY PHARMA PLC 
 AND

 ROYALTY PHARMA HOLDINGS LIMITED 

AND 
 RPI US PARTNERS
2019, LP 
 AND 

RPI INTERNATIONAL HOLDINGS 2019, LP 

AND 
 RPI INTERNATIONAL
PARTNERS 2019, LP 
 AND 

RPI EPA HOLDINGS, LP 
  

 
 Eighth Floor 

Ten Bishops Square 
 London E1 6EG

 Tel: + 44 20 7012 9600 
 Fax: +
44 20 7012 9601 

 CONTENTS 
  

					
	 CLAUSE
	  	 PAGE

			
	 1.
	    	 Interpretation
	  	   2

			
	 2.
	    	 Investor Exchange
	  	   6

			
	 3.
	    	 EPA Exchange
	  	   8

			
	 4.
	    	 Adjustments to Exchange Rate
	  	 10

			
	 5.
	    	 Transfer Restrictions
	  	 11

			
	 6.
	    	 Restrictions on Exchanges
	  	 11

			
	 7.
	    	 Share Capital
	  	 11

			
	 8.
	    	 Assignment and Other Dealings
	  	 12

			
	 9.
	    	 Entire Agreement; Effective Date
	  	 12

			
	 10.
	    	 Variation and Waiver
	  	 13

			
	 11.
	    	 Costs and Expenses
	  	 13

			
	 12.
	    	 Notices
	  	 13

			
	 13.
	    	 Severance
	  	 16

			
	 14.
	    	 Third Party Rights
	  	 16

			
	 15.
	    	 Further Assurances
	  	 16

			
	 16.
	    	 Counterparts
	  	 16

			
	 17.
	    	 Governing Law and Jurisdiction
	  	 16

			
	 18.
	    	 Tax Treatment
	  	 16

 THIS EXCHANGE AGREEMENT (the “Agreement”) is entered into as a deed
and is made on 16 June 2020. 
 BETWEEN: 
  

	(1)	 ROYALTY PHARMA PLC, a public limited company incorporated in England and Wales with company number
12446913 and with its registered office at The Pavilions, Bridgwater Road, Bristol BS13 8AE (“Parent”); 

  

	(2)	 ROYALTY PHARMA HOLDINGS LIMITED, a private limited company incorporated in England and Wales with
company number 12453789 and with its registered office at The Pavilions, Bridgwater Road, Bristol BS13 8AE (“Holdings”); 

  

	(3)	 RPI US PARTNERS 2019, LP, a Delaware limited partnership (the “Continuing US Investors
Partnership”); 

  

	(4)	 RPI INTERNATIONAL HOLDINGS 2019, LP, a Cayman Islands limited partnership (the “Continuing
International Investors Partnership”); 

  

	(5)	 RPI INTERNATIONAL PARTNERS 2019, LP, a Cayman limited partnership (“RPI International
Partners ” and together with Continuing International Investors Partnership and Continuing US Investors Partnership, the “Continuing Investors Partnerships”); and 

 

	(6)	 RPI EPA HOLDINGS, LP, a Delaware limited partnership (“EPA Holdings”).

 RECITALS: 
  

	(A)	 In connection with the initial public offering of Parent A Shares (the “IPO”), the Parent
intends to consummate the transactions described in Recitals (B) and (C) below and in the Registration Statement on Form S-1 originally filed with the Commission on 22 May 2020, as amended
(Registration No. 333-238632). 

  

	(B)	 In connection with the IPO (i) the Continuing Investors Partnerships will hold Parent B Shares directly
or indirectly, and (ii) Holdings will issue Holdings B Shares to be held indirectly by the Continuing Investors Partnerships (to be held directly by the Depositary, who will issue Holdings B DRs to RPI International Partners and the Continuing
US Investors Partnership). 

  

	(C)	 In connection with the IPO, Holdings will also issue the Holdings C Share to EPA Holdings, which will
entitle EPA Holdings to bonus issuances of EPA B Shares by Holdings (to be issued to the Depositary, who will issue EPA B DRs to EPA Holdings) from time to time, in accordance with the terms of the Holdings Articles. 

 

	(D)	 The parties to this Exchange Agreement wish to provide for the exchange of (i) Holdings B DRs for
Parent A Shares, and (ii) EPA B DRs for Parent A Shares in connection with and either before or following the IPO, in each case on the terms and subject to the conditions set forth herein. 

 

	(E)	 Parent shall not have any obligation to acquire any Holdings B DRs or EPA B DRs pursuant to the terms of
this Agreement unless a Continuing Investors Partnership or EPA Holdings has properly exercised an Exchange Right with respect to such Holdings 

  
 1 

	 	 
B DRs or EPA B DRs in accordance with the terms of and subject to the conditions of this Agreement. 

  

	(F)	 The Parties intend that any Exchange consummated hereunder be treated for U.S. federal income tax purposes,
to the extent permitted by law, as a taxable sale of Holdings B Shares, including for these purposes the EPA B Shares. 

  

	(G)	 In consideration of the mutual covenants and undertakings contained herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties have entered into this Agreement on the terms set out herein. 

IT IS AGREED as follows: 
  

	1.	 INTERPRETATION 

 

	1.1	 The following definitions shall apply in this Agreement: 

“Act” means the Companies Act 2006, as amended from time to time; 

“Business Day” means a day other than a Saturday, Sunday or public holiday in England when banks in London and New
York are open for business; 
 “Cede” means Cede & Co., nominee for DTC; 

“Code” means the Internal Revenue Code of 1986, as amended; 

“Commission” means the U.S. Securities and Exchange Commission or any successor thereto; 

“Continuing Investor” means an investor who holds an LP Interest; 

“Depositary” means any depositary, custodian or nominee approved by the Parent Board or the Holdings Board
(as applicable) that holds or will hold legal title to the Parent A Shares, Holdings B Shares or EPA B Shares (as applicable) for the purposes of facilitating beneficial ownership of such Parent A Shares, Holdings B Shares or EPA B Shares (as
applicable) by the Continuing Investors Partnerships or EPA Holdings or any Continuing Investors or EPA Investors (as applicable); 

“DTC” means The Depository Trust Company; 

“Encumbrance” means a mortgage, charge, pledge, lien, assignment, option, restriction, equity, right of first
refusal, right of pre-emption, third party right or interest, other encumbrance or security interest of any kind, or other type of deed or arrangements having similar effect; 

“EPA B DRs” means the depositary receipts issued by a Depositary to EPA Holdings in respect of the EPA B
Shares; 
 “EPA B Interests” means the EPA B DRs (together with the corresponding interest in EPA B Shares); 

  
 2 

 “EPA B Shares” means the Holdings B Shares issued to EPA
Holdings in respect of equity performance awards awarded in accordance with the terms of the Holdings Articles and the terms of the Holdings C Share; 

“EPA Distribution Notice” means a written notice from an EPA Investor to EPA Holdings, in a form satisfactory
to EPA Holdings and substantially in the form attached hereto as Schedule 3; 
 “EPA Exchange” means an
exchange of EPA B Interests for Parent A Shares pursuant to the terms of this Agreement; 
 “EPA Exchange Closing
Date” has the meaning provided in clause 3.4; 
 “EPA Investor” means a person who holds
partnership interests in EPA Holdings; 
 “Exchange” means either an EPA Exchange or an Investor Exchange,
as the case may be; 
 “Exchange Election Notice” means a written notice from a Continuing Investor to a
Continuing Investors Partnership, substantially in the form attached hereto as Schedule 1; 
 “Exchange
Notice” means a written notice from the relevant Continuing Investors Partnership or EPA Holdings, as applicable, to each of Holdings and Parent, substantially in the form attached hereto as Schedule 2; 

“Exchange Rate” means the number of Parent A Shares receivable (i) for each Holdings B DR in an Investor
Exchange pursuant to clause 2 of this Agreement, or (ii) for each EPA B DR in an EPA Exchange pursuant to clause 3 of this Agreement. The initial Exchange Rate will be 1:1 and will be subject to further adjustments from time to time in
accordance with clause 4 of this Agreement; 
 “Exchange Right” means the right of the Continuing US
Investors Partnership or RPI International Partners to implement an Investor Exchange in accordance with the terms of this Agreement; 

“Governmental Entity” means any court, administrative agency, regulatory or self-regulatory body, commission
or other governmental authority, quasi-governmental organization, board, bureau, or instrumentality, domestic or foreign, and any subdivision, department or branch of any of the foregoing, or any private body exercising any tax, regulatory or
governmental or quasi-governmental authority or any securities exchange; 
 “Governmental Order” means any
writ, judgment, injunction, order, decree, stipulation, determination or award of any nature entered by or with any Governmental Entity with competent jurisdiction; 

“Holdings Articles” means the articles of association of Holdings in effect from time to time; 

  
 3 

 “Holdings B DRs” means the depositary receipts issued by a
Depositary to the Continuing US Investors Partnership and RPI International Partners in respect of the Holdings B Shares; 

“Holdings B Interests” means the full beneficial ownership of and full entitlement to the Holdings B DRs
distributed (or to be distributed) by a Continuing Investors Partnership to a Continuing Investor pursuant to an Exchange Election Notice (together with the corresponding interest in Holdings B Shares); 

“Holdings B Shares” means the non-voting class B ordinary shares of
US$10.22343609 in the capital of Holdings as at the date hereof; 
 “Holdings Board” means the board of
directors of Holdings, as constituted from time to time; 
 “Holdings C Share” means the non-voting class C ordinary share of US$1 in the capital of Holdings as at the date hereof; 

“Investor Exchange” means an exchange of Holdings B Interests for Parent A Shares pursuant to the terms of
this Agreement; 
 “Investor Exchange Closing Date” has the meaning provided in clause 2.4; 

“IPO” has the meaning provided in Recital (A); 

“Lock-Up Agreements” means each of the respective lock-up agreements entered into in connection with the IPO between the underwriters to the IPO and certain individual counterparties thereto, pursuant to which such individual counterparties agree, among other
things, not to undertake certain dealings with respect to their interests in Parent A Shares without the consent of the underwriters; 

“Lock-Up Period” means the period of 180 days following the date of
the final prospectus relating to the IPO; 
 “LP Interest” means a limited partnership interest in the
Continuing US Investors Partnership or the Continuing International Investors Partnership; 
 “Parent A
DRs” means the depositary receipts issued by a Depositary to, or for the benefit of, the Continuing Investors or EPA Holdings in respect of the Parent A Shares; 

“Parent A Shares” means the voting ordinary class A shares of US$0.0001 each in the capital of Parent as at
the date hereof; 
 “Parent Articles” means the articles of association of Parent in effect from time to
time; 
 “Parent B Shares” means the voting class B shares of US$0.000001 each in the capital of Parent as
at the date hereof; 
 “Parent Board” means the board of directors of Parent, as constituted from time to
time; 

  
 4 

 “Parent Deferred Shares ” means the deferred shares in the
capital of Parent; 
 “Parent Restricted A Shares ” has the meaning provided in clause 5.1; and 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
  

	1.2	 Clause and Schedule headings shall not affect the interpretation of this Agreement. 

 

	1.3	 References to clauses and Schedules are to clauses of and Schedules to this Agreement and references to
paragraphs are to paragraphs of the relevant Schedule. 

  

	1.4	 The Schedules form part of this Agreement and shall have effect as if set out in full in the body of this
Agreement. Any reference to this Agreement includes the Schedules. 

  

	1.5	 A reference to this Agreement or to any other Agreement or document referred to in this Agreement is
a reference to this Agreement or such other agreement or document as varied, superseded or novated (in each case, other than in breach of the provisions of this Agreement or the provisions of the agreement or document in question, as appropriate)
from time to time. 

  

	1.6	 Unless the context otherwise requires, words in the singular shall include the plural and in the plural
shall include the singular. 

  

	1.7	 Unless the context otherwise requires, a reference to one gender shall include a reference to the other
genders. 

  

	1.8	 A “person” includes a natural person, corporate or unincorporated body (whether or not
having a separate legal personality). 

  

	1.9	 A reference to a party means an original party to this Agreement, together with their permitted
assigns 

  

	1.10	 A reference to a company shall include any company, corporation or other body corporate, wherever and
however incorporated or established. 

  

	1.11	 A reference to a holding company or a subsidiary means a holding company or a subsidiary (as
the case may be) as defined in section 1159 of the Act and for the purposes only of the membership requirement contained in sections 1159(1)(b) and (c), a company shall be treated as a member of another company even if its shares in that other
company are registered in the name of: 

  

	 	(a)	 another person (or its nominee), by way of security or in connection with the taking of security; or

  

	 	(b)	 its nominee. 

  

	1.12	 A reference to “writing” or “written” includes emails.

  

	1.13	 Any words following the terms “including”, “include”, “in
particular” or “for example ” or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms. 

  
 5 

	1.14	 Where the context permits, other and otherwise are illustrative and shall not limit the sense
of the words preceding them. 

  

	1.15	 A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time, provided that, as between the parties, no such amendment, extension or re-enactment made after the date of this Agreement shall apply for the
purposes of this Agreement to the extent that it would impose any new or extended obligation, liability or restriction on, or otherwise adversely affect the rights of, any party. 

 

	1.16	 A reference to a statute or statutory provision shall include all subordinate legislation made from time to
time under that statute or statutory provision. 

  

	1.17	 Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

  

	1.18	 A reference to a time of day is, unless otherwise stated, a reference to London time. 

 

	2.	 INVESTOR EXCHANGE 

 

	2.1	 Upon the terms and subject to the conditions of this clause 2, each Continuing Investors Partnership, upon
receipt of an Exchange Election Notice executed by, or on behalf of, a Continuing Investor in a form satisfactory to it, will, as soon as practicable thereafter and in any event within five Business Days of receipt of the Exchange Election Notice,
deliver an Exchange Notice and a copy of such Exchange Election Notice to the Parent and Holdings specifying the number of Holdings B Interests which are to be exchanged for Parent A Shares in accordance with the provisions of this clause 2.

  

	2.2	 No Investor Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith
determination of Holdings, such Investor Exchange would pose a material risk that Holdings would be a “publicly traded partnership” as defined in Section 7704 of the Code, provided that an Investor Exchange will not be prohibited on
this basis for so long as Holdings continues to satisfy the “private placements” safe harbor pursuant to Section 1.7704-1 of the Treasury Regulations promulgated under Section 7704 of the
Code. 

  

	2.3	 Each Investor Exchange pursuant to this clause 2 shall be at the Exchange Rate in effect at the applicable
closing date of such Investor Exchange. 

  

	2.4	 If an Exchange Notice has been delivered pursuant to this clause 2, then subject to clauses 2.6 to 2.10, the
closing of such Investor Exchange shall occur within three Business Days of delivery of such Exchange Notice or such later date as may be agreed between the Continuing Investor Partnership delivering the relevant Exchange Notice, Holdings and the
Parent (the “Investor Exchange Closing Date”). 

  

	2.5	 On or before the Investor Exchange Closing Date, the parties shall take the following actions in order to
implement an Investor Exchange: 

  

	 	(a)	 the relevant Continuing Investors Partnership will take the actions which such Continuing Investors
Partnership has been authorized or instructed to take under the applicable Exchange Election Notice; 

  
 6 

	 	(b)	 Parent will issue new Parent A Shares (as determined by reference to the applicable Exchange Rate) to the
nominee for the Depositary on behalf of the relevant Continuing Investor and instruct the Depositary to issue corresponding new Parent A DRs to, or for the benefit of, the Continuing Investor in consideration for the transfer to Parent of the
relevant Holdings B Interests; 

  

	 	(c)	 subject to clauses 2.6 and 2.7 below, as and to the extent applicable, Parent or the relevant Continuing
Investors Partnership will instruct the Depositary to (i) cancel such Parent A DRs, (ii) procure the transfer by its nominee of the underlying Parent A Shares to Cede, as nominee for DTC, and (iii) instruct DTC to credit the account
of the applicable DTC participant, for the benefit of the Continuing Investor, with the relevant number of Parent A Shares; and 

  

	 	(d)	 Parent will automatically re-designate into Parent Deferred Shares,
in accordance with the provisions of the Parent Articles, a number of Parent B Shares registered in the name of the relevant Continuing Investors Partnership equivalent to the number of Parent A Shares issued. 

 

	2.6	 If an Exchange Election Notice has been served in respect of Parent A Shares that are Parent Restricted A
Shares and/or subject to the terms of the Lock-Up Agreements, in each case to the extent applicable, then until such time as the Parent A Shares cease to be Parent Restricted Shares and/or subject to the terms
of the Lock-Up Agreements, the relevant Parent A Shares will continue to be held in the name of the nominee for the Depositary on behalf of the relevant Continuing Investor in accordance with the provisions of
clause 2.5(b) above, with the Continuing Investor holding Parent A DRs, or Parent A DRs being held on their behalf by one or more nominees. 

  

	2.7	 Subject to clause 2.6 above, if an Exchange Election Notice has been served by or on behalf of a Continuing
Investor in circumstances where the DTC participant account details, and associated contact information, are not specified in the Exchange Election Notice, then until such time as the relevant Continuing Investor provides such outstanding
information by notice in writing to each of Holdings, Parent and the Depositary, the relevant Parent A Shares to which the Continuing Investor is entitled will continue to be held in the name of the nominee for the Depositary on behalf of the
relevant Continuing Investor in accordance with the provisions of clause 2.5(b) above, with the Continuing Investor holding Parent A DRs, or Parent A DRs being held on their behalf by one or more nominees. 

 

	2.8	 The obligation of any of the parties to consummate an Investor Exchange in accordance with this clause 2
shall be subject to the condition that there shall be no Governmental Order that is then in effect that restrains or prohibits the Investor Exchange. 

  

	2.9	 Notwithstanding any other provision of this Agreement, the obligation of the Parent and Holdings to
consummate an Investor Exchange in accordance with this clause 2 shall be subject to the good faith determination by Parent that such Investor Exchange would not be prohibited by applicable law or regulation and would not violate any contract,
commitment, agreement, instrument, arrangement, understanding, obligation or undertaking to which the Parent or Holdings is subject. 

  

	2.10	 If, for any reason, Parent determines in its sole and absolute discretion that the mechanics for
implementing an Investor Exchange pursuant to clause 2.5 are not 

  
 7 

	 	 
practicable, breach any applicable law or regulation or result in or may result in any adverse effect or require any onerous action (including for the avoidance of doubt, the preparation of any
valuation report under s.593 of the Act) then each of the parties agrees to enter into, authorize and approve (including through the provision of any necessary shareholder approvals) such alternative transaction structure as Parent may propose in
order to issue the same number of Parent A Shares as would otherwise have been issued through an Investor Exchange, including, without limitation: 

  

	 	(a)	 by delaying an Investor Exchange in order to comply with any applicable law or regulation (including,
without limitation, the production by Parent of a valuation report under s.593 of the Act); 

  

	 	(b)	 by cancelling the Holdings B Shares which are the subject of the relevant Investor Exchange, together with
any associated capital reduction of Holdings; or 

  

	 	(c)	 by transferring Holdings B Shares which are the subject of the relevant Investor Exchange rather than
transferring Holdings B DRs contemplated by the Exchange Election Notice representing such Holdings B Shares. 

  

	3.	 EPA EXCHANGE 

 

	3.1	 Upon the terms and subject to the conditions of this clause 3, EPA Holdings will, upon issuance of any EPA B
Shares, as soon as practicable thereafter and in any event within five Business Days of issuance of such EPA B Shares deliver an Exchange Notice to the Parent and Holdings specifying the number of EPA B Interests that are to be exchanged for Parent
A Shares in accordance with the provisions of this clause 3. 

  

	3.2	 No EPA Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith
determination of Holdings, such EPA Exchange would pose a material risk that Holdings would be a “publicly traded partnership” as defined in Section 7704 of the Code, provided that an EPA Exchange will not be prohibited on this basis
for so long as Holdings continues to satisfy the “private placements” safe harbor pursuant to Section 1.7704-1 of the Treasury Regulations promulgated under Section 7704 of the Code

  

	3.3	 Each EPA Exchange pursuant to this clause 3 shall be at the Exchange Rate in effect at the applicable
closing date of such EPA Exchange. 

  

	3.4	 If an Exchange Notice has been delivered pursuant to this clause 3, then subject to clauses 3.6 to 3.9
below, the closing of such EPA Exchange shall occur within three Business Days of issuance of such Exchange Notice or such later date as may be agreed between EPA Holdings, Holdings and the Parent (the “EPA Exchange Closing Date”).

  

	3.5	 On or before the EPA Exchange Closing Date, the parties shall take the following actions in order to
implement an EPA Exchange: 

  

	 	(a)	 EPA Holdings will take all actions which are necessary to implement the EPA Exchange in accordance with the
terms of this Agreement; 

  

	 	(b)	 Parent will issue new Parent A Shares (as determined by reference to the applicable Exchange Rate) to the
nominee for the Depositary on behalf of EPA 

  
 8 

	 	 
Holdings and instruct the Depositary to issue corresponding new Parent A DRs to, or for the benefit of, EPA Holdings in consideration for the transfer to Parent of the relevant EPA B Interests,
provided that EPA Holdings may, in its sole discretion following receipt of an EPA Distribution Notice, subsequently transfer such Parent A DRs to an EPA Investor; and 

 

	 	(c)	 subject to clause 3.6 below, Parent or EPA Holdings will instruct the Depositary to (i) cancel such
Parent A DRs, (ii) procure the transfer by its nominee of the underlying Parent A Shares to Cede, as nominee for DTC, and (iii) instruct DTC to credit the accounts of the applicable DTC participant for the benefit of either EPA Holdings,
or, subject to prior receipt by EPA Holdings of an EPA Distribution Notice in respect of the relevant Parent A DRs, the relevant EPA Investor with the relevant number of Parent A Shares. 

 

	3.6	 If an Exchange Notice has been served in respect of Parent A Shares that are Parent Restricted A Shares
and/or subject to the terms of the Lock-Up Agreements, in each case to the extent applicable, then until such time as the Parent A Shares cease to be Parent Restricted Shares and/or subject to the terms of the
Lock-Up Agreements, the relevant Parent A Shares will continue to be held in the name of the nominee for the Depositary on behalf of EPA Holdings or the relevant EPA Investor (as applicable) in accordance with
the provisions of clause 3.5(b) above, with EPA Holdings or the relevant EPA Investor (as applicable) holding Parent A DRs or Parent A DRs being held on behalf of EPA Holdings or the relevant EPA Investor (as applicable) by one or more nominees.

  

	3.7	 The obligation of any of the parties to consummate an EPA Exchange in accordance with this clause 3 shall be
subject to the condition that there shall be no Governmental Order that is then in effect that restrains or prohibits the EPA Exchange. 

  

	3.8	 Notwithstanding any other provision of this Agreement, the obligation of the Parent and Holdings to
consummate an EPA Exchange in accordance with this clause 3 shall be subject to the good faith determination by Parent that such EPA Exchange would not be prohibited by applicable law or regulation and would not violate any contract, commitment,
agreement, instrument, arrangement, understanding, obligation or undertaking to which the Parent or Holdings is subject. 

  

	3.9	 If, for any reason, Parent determines in its sole discretion that the mechanics for implementing an EPA
Exchange pursuant to clause 3.5 are not practicable, breach any applicable law or regulation or result in or may result in any adverse effect or require any onerous action (including for the avoidance of doubt, the preparation of any valuation
report under s.593 of the Act) then each of the parties agrees to enter into, authorize and approve (including through the provision of any necessary shareholder approvals) such alternative transaction structure as Parent may propose in order to
issue the number of Parent A Shares as would otherwise have been issued through an EPA Exchange, including, without limitation: 

  

	 	(a)	 by delaying an EPA Exchange in order to comply with any applicable law or regulation (including, without
limitation, the production by Parent of a valuation report under s.593 of the Act); 

  
 9 

	 	(b)	 by cancelling the EPA B Shares which are the subject of the relevant EPA Exchange, together with any
associated capital reduction of Holdings; and 

  

	 	(c)	 by transferring EPA B Shares which are the subject of the relevant EPA Exchange rather than transferring EPA
B DRs representing such EPA B Shares. 

  

	4.	 ADJUSTMENTS TO EXCHANGE RATE 

 

	4.1	 The Exchange Rate as of the date of this Agreement shall be 1:1. The Exchange Rate shall be adjusted
accordingly if there is (i) any subdivision of the Holdings B Shares into a greater number of Holdings B Shares or consolidation of the Holdings B Shares into a smaller number of Holdings B Shares (in each case howsoever effected, including by
way of share split, reverse share split, share distribution, reclassification, reorganization, recapitalization or otherwise) or any similar event, in each case that is not accompanied by an identical adjustment of the Parent A Shares, or
(ii) any sub-division of the Parent A Shares into a greater number of Parent A Shares or consolidation of the Parent A Shares into a smaller number of Parent A Shares (in each chase howsoever effected,
including by way of share split, reverse share split, share distribution, reclassification, reorganization, recapitalization or otherwise) or any similar event, in each case that is not accompanied by an identical adjustment of the Holdings B
Shares, in either case, an “Adjustment Event”. 

  

	    	 For example, and purely for illustrative purposes, if an Adjustment Event occurs pursuant to which each
Holdings B Share is sub-divided from one share of US$0.01 each into ten shares of US$0.001 each, then the Exchange Rate should be adjusted so that, immediately following such Adjustment Event, the Exchange
Rate would be 10:1, i.e. ten Holdings B Shares would be exchanged for one Parent A Share. 

  

	4.2	 If there is any reclassification, reorganization, recapitalization or other similar transaction in which the
Parent A Shares are converted or changed into another security, securities or other property, then upon any subsequent Exchange, Parent shall procure that the relevant Continuing Investors Partnership or EPA Holdings (as the case may be) shall
receive an amount of such security, securities or other property that such person would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalisation or other similar
transaction, taking into account any adjustment as a result of any subdivision into a greater number of securities or other property or consolidation into a smaller number of securities or other property (in each case howsoever effected, including
by way of share split, reverse share split, share distribution, reclassification, reorganization, recapitalization or otherwise) or any similar event that occurs after the effective time of such reclassification, reorganization, recapitalization or
other similar transaction. 

  

	4.3	 For the avoidance of doubt if there is any reclassification, reorganization, recapitalization or other
similar transaction in which the Parent A Shares are converted or changed into another security, securities or other property, Parent shall procure that this clause 4 shall continue to be applicable, mutatis mutandis, with respect to such
security or other property. 

  
 10 

	5.	 TRANSFER RESTRICTIONS 

 

	5.1	 Each Continuing Investors Partnership understands and agrees, and EPA Holdings understands and agrees, that:

  

	 	(a)	 the Parent A Shares to be issued following completion of an Exchange (any such Parent A Shares, being
referred to herein as “Parent Restricted A Shares”) may not be transferred except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of this
Agreement; 

  

	 	(b)	 unless exchanged pursuant to an effective registration statement or Rule 144 under the Securities Act, the
Parent Restricted A Shares are restricted securities under the Securities Act and the rules and regulations promulgated thereunder; and 

  

	 	(c)	 it shall not transfer (or solicit any offers in respect of any transfer of any Parent Restricted A Shares),
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of this Agreement. 

  

	5.2	 Any attempt to transfer any Parent Restricted A Shares otherwise than in compliance with this Agreement
shall be void ab initio, and Parent shall not, and shall cause any transfer agent not to, give any effect in Parent’s share register to such an attempted transfer. 

 

	6.	 RESTRICTIONS ON EXCHANGES 

 

	6.1	 If Parent is dissolved, liquidated or wound up for any reason, any Exchange Right shall expire upon final
distribution of the assets of the Parent pursuant to the operation of such dissolution, liquidation or winding-up process. 

 

	6.2	 Save for the transfer restrictions set out in clause 5, the provisions of clauses 6.1 above and any other
applicable provisions of this Agreement, the Exchange Right granted pursuant to the terms of this Agreement shall not have any restrictions on exercise. 

  

	7.	 SHARE CAPITAL 

 

	7.1	 Parent shall ensure to the fullest extent possible in accordance with applicable law that at all times it is
able to issue in compliance with its constitution and applicable law the maximum number of Parent A Shares required by applicable law for the purposes of issuing Parent A Shares upon the exchange of Holdings B DRs and Holdings B Shares or EPA B DRs
and EPA B Shares for Parent A Shares in accordance with the terms of this Agreement. 

  

	7.2	 If any Parent A Shares require registration with or approval of any Governmental Entity under any federal,
state or national law before such Parent A Shares may be issued following an Exchange, Parent shall use reasonable efforts to cause such Parent A Shares to be duly registered or approved, as the case may be. 

 

	7.3	 Parent shall list and register (where required) and use its reasonable efforts to maintain the listing and
registration (if applicable) of the Parent A Shares required to be delivered 

  
 11 

	 	 
upon completion of any Exchange prior to such delivery in accordance with the requirements of the securities exchange upon which the Parent A Shares are listed at the time of such Exchange (it
being understood that any such Parent A Shares may be subject to transfer restrictions under applicable securities laws). 

  

	7.4	 Subject to compliance by the Continuing Investors Partnerships and EPA Holdings with the relevant terms of
this Agreement applicable to each of them, Parent hereby covenants to the Continuing Investors Partnerships and EPA Holdings that all Parent A Shares issued upon an Exchange will, upon issuance, be validly issued and fully paid.

  

	7.5	 This Agreement shall apply to (i) the Holdings B DRs and Holdings B Shares held by the Continuing
Investors Partnerships as of the date hereof, (ii) any Holdings B DRs or Holdings B Shares acquired by the Continuing Investors Partnerships after the date hereof, and (iii) any EPA B DRs or EPA B Shares acquired by EPA Holdings after the
date hereof. This Agreement shall apply to, mutatis mutandis, and all references to Holdings B DRs, Holdings B Shares, EPA B DRs or EPA B Shares shall be deemed to include, any security, securities or other property of Parent or Holdings that
may be issued in respect of, in exchange for or in substitution of Holdings B DRs, Holdings B Shares, EPA B DRs or EPA B Shares, as the case may be, by reason of any distribution, dividend, subdivision or consolidation (howsoever effected, including
by way of share split, reverse share split, share distribution, reclassification, reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction). 

 

	7.6	 Save to the extent expressly contemplated by this Agreement (and to the extent within their power), Parent
and Holdings shall use all reasonable efforts to remove any impediment that in the good faith judgment of Parent and Holdings would cause any Exchange to be prohibited by applicable law or regulation or that would case an Exchange to violate any
contract, commitment, agreement, instrument, arrangement, understanding, obligation or undertaking to which the Parent or Holdings is subject. 

  

	8.	 ASSIGNMENT AND OTHER DEALINGS 

 

	    	 No party shall assign, transfer, mortgage, charge, subcontract, declare a trust over or deal in any other
manner with any or all of his rights and obligations under this Agreement (or any other document referred to in it) without the prior written consent of each of the other parties to this Agreement. 

 

	9.	 ENTIRE AGREEMENT; EFFECTIVE DATE 

 

	9.1	 This Agreement, together with the Parent Articles, the Holdings Articles and any Exchange Notice served in
accordance with the terms of this Agreement, constitutes the entire agreement between the parties and supersedes and extinguishes all previous discussions, correspondence, negotiations, drafts, agreements, promises, assurances, warranties,
representations, arrangements and understandings between them, whether written or oral, relating to its subject matter. 

  

	9.2	 Each party acknowledges that in entering into this Agreement, it does not rely on, and shall have no
remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement or any Exchange Notice served in accordance with the terms of this Agreement.

  
 12 

	9.3	 Nothing in this clause 9 shall limit or exclude any liability for fraud. 

 

	10.	 VARIATION AND WAIVER 

 

	10.1	 No variation of this Agreement shall be effective unless it is in writing and signed by or on behalf of each
of the parties to this Agreement. 

  

	10.2	 A waiver of any right or remedy under this Agreement or by law is only effective if it is given in writing
and is signed by the party waiving such right or remedy. Any such waiver shall apply only to the circumstances for which it is given and shall not be deemed a waiver of any subsequent breach or default. 

 

	10.3	 A failure or delay by any party to exercise any right or remedy provided under this Agreement or by law,
whether by conduct or otherwise, shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. 

 

	10.4	 No single or partial exercise of any right or remedy provided under this Agreement or by law shall prevent
or restrict the further exercise of that or any other right or remedy. 

  

	10.5	 A person that waives a right or remedy provided under this Agreement or by law in relation to one person, or
takes or fails to take any action against that person, does not affect its rights or remedies in relation to any other person. 

  

	11.	 COSTS AND EXPENSES 

 

	11.1	 Except as expressly provided in this Agreement, each party shall pay its own costs and expenses incurred in
connection with the negotiation, preparation, execution and performance of this Agreement (and any documents referred to in it), provided that to the fullest extent permitted by applicable law Parent shall bear any transfer taxes, stamp taxes or
duties, or other similar taxes in connection with, or arising by reason of any Exchange. 

  

	11.2	 Parent shall promptly co-operate in all filings required to be made
under the Hart-Scott Rodino Antitrust Improvement Act of 1976, as amended in connection with any Exchange (but Parent shall not be obliged to bear and shall be reimbursed by the relevant Continuing Investors Partnership or EPA Holdings (as the case
may be) for the expenses of any such filing or of any information request from any Governmental Entity relating thereto). 

  

	12.	 NOTICES 

  

	12.1	 A notice given to a party under or in connection with this Agreement shall be in writing and shall be
delivered by hand or sent by pre-paid first-class post, recorded delivery or special delivery in each case to that party’s address, or sent by email to that party’s email address, in each case as
specified in clause 12.2 (or to such other address or email address as that party may notify to the other party in accordance with this Agreement). 

  

	12.2	 The addresses and email addresses for service of notices are: 

 

	 	(a)	 In the case of Parent: 

  
 13 

	 	(i)	 address: its registered office address for the time being 

 

	 	    	 Royalty Pharma, plc 

	 	    	 110 East 59th Street 

	 	    	 New York, New York 10022; 

 

	 	(ii)	 email address:transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The Board of Directors, 

 

	 	(b)	 In the case of Holdings: 

 

	 	(i)	 address: its registered office address for the time being 

 

	 	    	 Royalty Pharma Holdings Ltd. 

	 	    	 c/o Royalty Pharma, plc 

	 	    	 110 East 59th Street 

	 	    	 New York, New York 10022; 

 

	 	(ii)	 email address: transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The Board of Directors; and 

 

	 	(c)	 In the case of the Continuing US Investors Partnership: 

 

	 	(i)	 address: 

  

	 	    	 RPI US Partners 2019, LP 

	 	    	 c/o Royalty Pharma, plc 

	 	    	 110 East 59th Street 

	 	    	 New York, New York 10022; 

 

	 	(ii)	 email address: transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The General Partner, 

 

	 	(d)	 In the case of the Continuing International Investors Partnership: 

 

	 	(i)	 address: 

  

	 	    	 RPI International Holdings 2019, LP 

	 	    	 c/o Royalty Pharma, plc 

	 	    	 110 East 59th Street 

	 	    	 New York, New York 10022 

 

	 	(ii)	 email address: transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The General Partner, 

 

	 	(e)	 In the case of RPI International Partners: 

  
 14 

	 	(i)	 address: 

  

	 	    	 RPI International Partners 2019, LP 

	 	    	 c/o Royalty Pharma, plc 

	 	    	 110 East 59th Street 

	 	    	 New York, New York 10022; 

 

	 	(ii)	 email address: transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The General Partner, 

 

	 	(f)	 In the case of EPA: 

 

	 	(i)	 address: 

  

	 	    	 RPI EPA Holdings, LP 

	 	    	 c/o Royalty Pharma, plc 

	 	    	 110 East 59th Street 

	 	    	 New York, New York 10022; 

 

	 	(ii)	 email address: transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The General Partner. 

 

	12.3	 A party may change its details for service of notices as specified in clause 12.2 by giving notice to the
other parties. Any change notified pursuant to this clause 12 shall take effect at 9.00 am on the later of the date (if any) specified in the notice as the effective date for the change or five Business Days after deemed receipt of the notice.

  

	12.4	 Delivery of a notice is deemed to have taken place (provided that all other requirements in this clause 12
have been satisfied) if delivered by hand, at the time the notice is left at the address, or if sent by email, at the time of transmission, provided that the subject line of the email identifies that it is a notice being given under this Agreement,
or if sent by pre-paid first class post, recorded delivery or special delivery on the second Business Day after posting unless, in each case, such deemed receipt would occur outside business hours (meaning
9.00 am to 5.30 pm Monday to Friday on a day that is not a public holiday in the place of deemed receipt), in which case deemed receipt will occur at 9.00 am on the day when business next starts in the place of deemed receipt (and, for the purposes
of this clause 12, all references to time are to local time in the place of deemed receipt). 

  

	12.5	 In providing service in accordance with clause 12.4 above, it shall be sufficient to prove (i) that
personal delivery was made, (ii) that the envelope containing such notice was properly addressed and delivered into the custody of the postal authority as a prepaid first class recorded delivery or airmail letter (as appropriate), (iii) that
the envelope containing such notice was properly addressed and delivered into the custody of the courier service provider, or (iv) that the email was sent to the correct email address of the recipient. 

 

	12.6	 This clause 12 does not apply to the service of any proceedings or other documents in any legal action.

  
 15 

	13.	 SEVERANCE 

 

	    	 If any provision of this Agreement is held by any court of competent jurisdiction to be invalid, illegal or
unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or
deletion of a provision or part-provision under this clause 13 shall not affect the validity and enforceability of the rest of this Agreement. 

  

	14.	 THIRD PARTY RIGHTS 

 

	14.1	 A person who is not a party to this Agreement shall not have any rights under the Contracts (Rights of Third
Parties) Act 1999 to enforce any term of this Agreement. 

  

	14.2	 The rights of the parties to terminate, rescind or agree any variation, waiver or settlement under this
Agreement are not subject to the consent of any other person. 

  

	15.	 FURTHER ASSURANCES 

 

	    	 Each party to this Agreement shall execute, deliver, acknowledge and file such other documents as may be
reasonably requested from time to time by any other party hereto to give effect to and carry out the transactions contemplated in this Agreement. 

  

	16.	 COUNTERPARTS 

 

	    	 This Agreement may be executed in any number of counterparts, each of which when executed and delivered
shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement. 

  

	17.	 GOVERNING LAW AND JURISDICTION 

 

	17.1	 This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or
formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. 

 

	17.2	 Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to
settle any dispute or claim that arises out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims). 

 

	18.	 TAX TREATMENT 

 

	    	 The parties to this Agreement intend that this Agreement shall be treated as part of the partnership
agreement of Holdings pursuant to Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder.
Except as otherwise required by applicable law: (a) the parties shall report each Exchange consummated hereunder as a taxable sale of Holdings B Shares by a Continuing Investor or an EPA Investor (as applicable) to Parent; and (b) no party
shall take a contrary position on any income tax return, amendment thereof or communication with a taxing authority (unless a final “determination” within the meaning of Section 1313(a)(1) of the Code requires a different tax
treatment). 

  
 16 

 IN WITNESS WHEREOF this Agreement has been executed and delivered as a Deed on the
date first stated above. 

  
 17 

			
	  EXECUTED and DELIVERED as a DEED
	
	  for and on behalf of
	
	  ROYALTY PHARMA PLC
		
	By:	 	  /s/ Pablo Legorreta
	
	Name:   Pablo Legorreta
	
	Title:   Director

  
  

			
	IN THE PRESENCE OF:
		
	   
	 	   

	
	Witness’s signature:    /s/ Jason Mehar
	
	Witness’s name:   Jason Mehar
	
	 Witness’s address:   110 E. 59th Street, Suite 3300

                          
       New York, NY 10022

			
	  EXECUTED and DELIVERED as a DEED
	
	  for and on behalf of
	
	   ROYALTY PHARMA HOLDINGS

  LIMITED

		
	By:	 	  /s/ Pablo Legorreta
	
	Name: Pablo Legorreta
	
	Title: Director

  
  

			
	IN THE PRESENCE OF:
		
	   
	 	   

	
	Witness’s signature:    /s/ Jason Mehar
	
	Witness’s name: Jason Mehar
	
	 Witness’s address: 110 E. 59th Street, Suite 3300

                          
     New York, NY 10022

			
	  EXECUTED and DELIVERED as a DEED
	
	  for and on behalf of
	
	  RPI US PARTNERS 2019, LP
	
	 /s/ Pablo Legorreta

	
	Signature of Director/Authorised Signatory
	
	 Pablo Legorreta

	
	Print Name

			
	  EXECUTED and DELIVERED as a DEED
	
	  for and on behalf of
	
	   RPI INTERNATIONAL HOLDINGS 2019,

  LP

	
	 /s/ Pablo Legorreta

	
	Signature of Director/Authorised Signatory
	
	 Pablo Legorreta

	
	Print Name

			
	  EXECUTED and DELIVERED as a DEED
	
	  for and on behalf of
	
	   RPI INTERNATIONAL PARTNERS 2019,

  LP

	
	 /s/ Pablo Legorreta

	
	Signature of Director/Authorised Signatory
	
	 Pablo Legorreta

	
	Print Name

			
	  EXECUTED and DELIVERED as a DEED
	
	  for and on behalf of
	
	  RPI EPA HOLDINGS, LP
	
	 /s/ Pablo Legorreta

	
	Signature of Director/Authorised Signatory
	
	 Pablo Legorreta

	
	Print Name

 SCHEDULE 1 

EXCHANGE ELECTION NOTICE 

☐        The undersigned hereby irrevocably elects to exchange the number of its limited
partnership interests (“LP Interests”) indicated below in either RPI International Holdings 2019, LP, or RPI US Partners 2019, LP for Holdings B Interests and, subject to the terms of that certain Exchange Agreement dated [●]
2020 (“Exchange Agreement”), to immediately exchange such Holdings B Interests for Class A ordinary shares (the “Parent A Shares”) of Royalty Pharma plc (“Parent”). Capitalized terms used but
not defined herein shall have the meanings provided in the Exchange Agreement. 
 Number of RPI International Holdings 2019, LP 

LP Interests to be
exchanged                                       
                  
 Number of RPI US Partners 2019, LP 

LP Interests to be
exchanged                                       
                  
 The DTC
Participant Account into which the undersigned’s interests in Parent A Shares are to be received following completion of the Investor Exchange contemplated by this Exchange Election Notice (together with the undersigned’s contact
information) is as follows: 
 DTC Participant Account
Number                                        
         
 Contact
Information                                       
                                

                        
                                         
                                      

                        
                                         
                                      

By executing this Exchange Election Notice, the undersigned (i) confirms that the undersigned has received a copy of and
has reviewed the terms and conditions of the Exchange Agreement and irrevocably elects to exchange the number of its LP Interests indicated above for commensurate Holdings B Interests as satisfaction in full of all obligations of the relevant
Continuing Investors Partnerships in respect of such LP Interests; and (ii) irrevocably elects to exchange all Holdings B Interests received in respect of such LP Interests for Parent A Shares pursuant to the terms and conditions of the
Exchange Agreement. 
 The undersigned hereby represents and warrants and agrees that (i) the undersigned has full
legal capacity to execute and deliver this Exchange Election Notice and to perform the undersigned’s obligations hereunder; (ii) this Exchange Election Notice constitutes a legal, valid and binding obligation of the undersigned;
(iii) this Exchange Election Notice has been duly executed and delivered by the undersigned; (iv) the undersigned has valid title to the LP Interests free and clear of any Encumbrance; (v) the LP Interests will be transferred to the
applicable Continuing Investors Partnership free and clear of any Encumbrance, other than transfer restrictions imposed by or under applicable securities laws, the Exchange Agreement or any Lock-Up Agreement;
(vi) the Holdings B Interests will be transferred to the Parent free and clear of any Encumbrance, other than transfer restrictions imposed by or under applicable securities laws, the Exchange Agreement or any
Lock-Up Agreement; and (vii) no consent, approval, authorization, order, registration or qualification of any third party or Governmental Entity having jurisdiction over the undersigned or the LP
Interests or the Holdings B Interests is required to be obtained by the undersigned for the redemption of the LP Interests or transfer 

 
of such Holdings B Interests to the Parent. 
 Notwithstanding any
other provision herein, by providing this Exchange Election Notice, the undersigned (a) makes all of the representations and gives all of the warranties set out herein to each of the Parent and the relevant Continuing Investors Partnership,
(b) makes all of the representations and gives all of the warranties which it has previously provided to the relevant Continuing Investors Partnership in connection with its subscription for the LP Interests to the Parent in connection with the
Investor Exchange, which are deemed repeated to the Parent hereby, (c) confirms that such representations and warranties remain correct, (d) permits any documentation and supporting information containing such representations and
warranties or referred to in, or supplied in connection with, the same to be provided to the Parent, (e) agrees to notify the Parent as soon as reasonably practicable following becoming aware that any such representations and warranties are, or
may be, incorrect, and (f) authorizes the relevant Continuing Investors Partnership or Parent to take all such actions, do all such things and, on behalf of the Continuing Investor, approve, execute or sign and deliver all documents, consents,
forms of agreements, as are contemplated pursuant to the terms of this Exchange Election Notice and the Exchange Agreement or, in the absolute discretion of the relevant Continuing Investors Partnership, are reasonably necessary or desirable in
order to implement the Investor Exchange, including, amongst other matters: (i) providing instructions to the Depositary and/or DTC (via the Depositary or otherwise) on behalf of the relevant Continuing Investor, (ii) if applicable,
directing the Depositary to register the Continuing Investor as holder of the Holdings B DRs prior to completion of the Investor Exchange, (iii) directing the Depositary to register Parent as holder of the Holdings B DRs following completion of
the Investor Exchange, and (iv) providing or obtaining any shareholder approvals required or desirable to implement the Investor Exchange, including through any alternative procedure contemplated by clause 2.10 of the Exchange Agreement. 

On or prior to the Investor Exchange Closing Date (to the extent necessary to implement the Investor Exchange on the Investor
Exchange Closing Date): (a) each Continuing Investors Partnership is authorized to redeem such LP Interests in the relevant Continuing Investors Partnership as is set out above and (b) subject to clause 2.10 of the Exchange Agreement, in
consideration for the redemption contemplated in the preceding clause (a), the relevant Continuing Investors Partnership will be authorized by the undersigned to distribute and, if applicable, subsequently, to instruct the Depositary to transfer the
number of Holdings B DRs corresponding to the number of LP Interests specified herein, in accordance with the instructions set out herein, on behalf of the undersigned to Parent. 

If the Investor Exchange is implemented in accordance with the terms of Section 12.4.3 of the limited partnership
agreement of the Continuing US Investors Partnership, the undersigned authorizes the Continuing US Investors Partnership to take all such actions, do all such things and, on behalf of the Continuing Investor, approve, execute or sign and deliver all
documents, consents, forms of agreements, as are, in the absolute discretion of the Continuing US Investors Partnership, reasonably necessary or desirable in relation to the treatment of 8% of the Continuing Investor’s LP Interests held as at
the date of this Agreement (the “Restricted LP Interests”) taking account of the arrangements contemplated by the limited partnership agreement of the Continuing US Investors Partnership or otherwise, including, without limitation,
the treatment of the Restricted LP Interests in accordance with the special limited partnership interest issued to the general partner of the Continuing US Investors Partnership pursuant to the terms of Annex C of the limited partnership agreement
of the Continuing US Investors Partnership. 

 The undersigned hereby reaffirms and acknowledges its obligations under the
limited partnership agreement of the applicable Continuing Investors Partnership to comply with and join and enter into the Lock-Up Agreement, to the extent that the
Lock-Up Period continues to apply. By signing and returning this Exchange Election Notice, to the extent that the Lock-Up Period continues to apply, the undersigned
accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements contained in the Lock-Up Agreement, with all attendant rights, duties and obligations thereunder. If the Lock-Up Period continues to apply at the time of execution of this Exchange Election Notice, the undersigned has attached to this Exchange Election Notice, or hereby instructs the applicable Continuing Investors
Partnership to execute on its behalf and attach to this Exchange Election Notice, a duly executed signature page to the Lock-Up Agreement, in substantially the form attached as Appendix 1 to this Exchange
Election Notice, and the undersigned acknowledges and agrees that the parties to the Lock-Up Agreement may treat the execution and delivery of such signature page by, or on behalf of, the undersigned as the
execution and delivery of the Lock-Up Agreement by the undersigned and, upon receipt of this Exchange Election Notice by the applicable Continuing Investors Partnership, the signature by or on behalf of the
undersigned shall constitute a counterpart signature to the signature page of the Lock-Up Agreement. 

The undersigned hereby acknowledges and agrees that: 

 

	 	(a)	 the Parent Restricted A Shares to be issued following completion of an Exchange may not be transferred
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of the Exchange Agreement; 

 

	 	(b)	 unless exchanged pursuant to an effective registration statement or Rule 144 under the Securities Act, the
Parent Restricted A Shares are restricted securities under the Securities Act and the rules and regulations promulgated thereunder; and 

  

	 	(c)	 it shall not transfer (or solicit any offers in respect of any transfer of any Parent Restricted A Shares)
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of the Exchange Agreement. 

The parties hereto intend that this Exchange Election Notice shall be treated as part of the partnership agreement of Holdings
pursuant to Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. Except as otherwise
required by applicable law: (a) the parties shall report each Exchange consummated hereunder as a taxable sale of Holdings B Shares by a Continuing Investor to Parent; and (b) no party shall take a contrary position on any income tax
return, amendment thereof or communication with a taxing authority (unless a final “determination” within the meaning of Section 1313(a)(1) of the Code requires a different tax treatment). 

The undersigned hereby irrevocably constitutes and appoints each officer of RPI EPA Holdings, LP as the attorney-in-fact and agent of the undersigned, with full power of substitution, as its true and lawful
attorneys-in-fact and agents to do any and all things and to take any and all actions that may be necessary or desirable, in the absolute discretion of RPI EPA Holdings,
LP, to implement the Investor Exchange which is the subject of this Exchange Election Notice or anything otherwise contemplated by this Exchange Election Notice. 

 The undersigned hereby agrees that each of the Parent and the relevant
Continuing Investors Partnership shall have the right to enforce against the undersigned any of the representations made or warranties given by the undersigned in favour of the Parent and the relevant Continuing Investors Partnership pursuant to the
terms of this Exchange Election Notice. 
 This Exchange Election Notice should be executed and mailed, delivered or e-mailed to RPI EPA Holdings, LP, at the following address or email address:  
 By Regular,
Registered or Certified Mail; Hand or Overnight Delivery: 
 [RPI International Holdings 2019, LP]/[RPI US Partners 2019, LP]1 
 c/o RPI EPA Holdings, LP 

110 East 59th Street, Suite 3300 

New York, NY 10022 
 (212) 883-2288 
 By E-mail Transmission: 

transfers@royaltypharma.com 

Subject Line: Exchange Election 

Notwithstanding the place where this Exchange Election Notice has been executed by the undersigned, it is expressly agreed
that all of the terms and provisions hereof shall be governed by and construed under the laws of the State of New York applicable to contracts made and to be entirely performed in such state. 

To the fullest extent permitted by law, in the event of any proceedings arising out of the terms and conditions of this
Exchange Election Notice, the parties hereto irrevocably (i) consent and submit to the exclusive jurisdiction of the Supreme Court, State of New York, New York County and of the U.S. District Court for the Southern District of New York,
(ii) waive any defense based on doctrines of venue or forum non conveniens, or similar rules and doctrines, and (iii) agree that all claims in respect of such a proceeding must be heard and determined exclusively in the Supreme
Court, State of New York, New York County or the U.S. District Court for the Southern District of New York. Process in any such proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such
court. 
 IN WITNESS WHEREOF, the undersigned has executed this Exchange Election Notice this
     day of
                                    . 2020. 

 

			
		 	LIMITED PARTNER:
		
		 	 
		 	 (write name of Limited Partner)

		
		 	
By:                      
                                         
  

	 Name:
	 	
	 Title:
	 	

  

1 Delete as applicable 

 Acknowledgement by Continuing Investors Partnership 

[RPI International Holdings 2019, LP]/[RPI US Partners 2019, LP]2 acknowledges receipt of
this Exchange Election Notice and further acknowledges that, immediately following the redemption of the LP Interests in accordance with the terms of this Exchange Election Notice, the full beneficial ownership of and the full entitlement to the
Holdings B DRs the subject of this Exchange Election Notice will pass to the relevant Continuing Investor, and accordingly [RPI International Holdings 2019, LP]/[RPI US Partners 2019, LP]3 will no
longer hold such Holdings B DRs as its property but on behalf of, and to the order of, the relevant Continuing Investor. 
 Signed for and
on behalf of [RPI International Holdings 2019, LP]/[RPI US Partners 2019, LP]4 
  

                       
                                         

 By: RPI EPA Holdings, LP 
 in its capacity as general
partner of 
 [RPI International Holdings 2019, LP]/[RPI US Partners 2019,LP]5 

 
  

2 Delete as applicable 

3 Delete as applicable 

4 Delete as applicable 

5 Delete as applicable 

 Annex 1 to Exchange Election Notice 

Form of signature page to Lock-Up Agreement 

 

			
	 Very truly yours,

		
	  
	 	  

		 	 Exact Name of Holder

		
		 	  

		 	 Authorized Signature

		
		 	  

		 	 Name of Authorized Signatory, if applicable

		
		 	  

		 	 Title of Authorized Signatory, if applicable

 SCHEDULE 2 

EXCHANGE NOTICE 
 [On
letterhead of relevant Continuing Investors Partnership or EPA Holdings] 
 Royalty Pharma PLC 

Suite 1, 3rd Floor 

11-12 St. James’s Square 

London 
 United Kingdom 

Royalty Pharma Holdings Limited 
 Suite 1, 3rd Floor 
 11-12 St. James’s Square 

London 
 United Kingdom 

[DATE] 
 Exchange Notice 

We refer to the Exchange Agreement entered into on [●] 2020 between Royalty Pharma PLC, Royalty Pharma Holdings Limited, RPI US Partners
2019, LP, RPI International Holdings 2019, LP, RPI International Partners 2019, LP and RPI EPA Holdings, LP (the “Exchange Agreement”). 

Terms defined in the Exchange Agreement shall have the same meaning when used in this notice. 

[This notice constitutes an Exchange Notice for the purposes of clause 2.1 of the Exchange Agreement and we hereby confirm that we have
received a validly completed and executed Exchange Election Notice from a Continuing Investor specifying that such Continuing Investor wishes to exchange the number of LP Interests specified in the attached Exchange Election Notice for Parent A
Shares in accordance with the terms of the Exchange Agreement and we hereby confirm that [●] Holdings B DRs be exchanged for Parent A Shares in accordance with the terms of the Exchange Agreement. 

Simultaneously with the issuance of the relevant Parent A Shares in accordance with the terms of clause 2 of the Exchange Agreement, an
equivalent number of Parent B Shares registered in the name of the undersigned should be re-designated into Parent Deferred Shares.]6 

[This notice constitutes an Exchange Notice for the purposes of clause 3.1 of the Exchange Agreement and we hereby confirm that we have been
issued with [●] EPA B Interests by Holdings which are to be exchanged for Parent A Shares in accordance with the terms of the Exchange Agreement.]7 

 
  

6 Delete in the context of an EPA Exchange. 

7 Delete in the context of an Investor Exchange 

 Yours sincerely 
  

                       
                              

[Name of relevant Continuing Investors Partnership]/[EPA Holdings] 

 SCHEDULE 3 

EPA DISTRIBUTION NOTICE 

The undersigned acknowledges that Royalty Pharma Holdings Limited (“Holdings”) has issued EPAs to RPI EPA Holdings,
LP (“EPA Holdings”) in accordance with the terms of the Holdings Articles. Capitalized terms used but not defined herein shall have the meanings provided in the Exchange Agreement dated [●], 2020 (“Exchange
Agreement”). 
 The DTC Participant Account into which the undersigned’s interests in Parent A Shares are to
be received following completion of an applicable EPA Exchange (together with the undersigned’s contact information) is as follows: 

DTC Participant Account
Number                                        
                                         
    
 Contact
Information                                       
                                        
                             

                     
                                         
                                         
                                      

                     
                                         
                                         
                                      

The undersigned further acknowledges that, pursuant to the terms of clause 3.1 of the Exchange Agreement, following the
issuance of EPA B Shares to EPA Holdings in satisfaction of EPAs, EPA Holdings shall serve notice on each of Parent and Holdings to exchange its EPA B Interests for Parent A Shares in accordance with the terms of the Exchange Agreement 

The undersigned hereby represents and warrants and agrees that (i) the undersigned has full legal capacity to execute and
deliver this EPA Distribution Notice and to perform the undersigned’s obligations hereunder; (ii) this EPA Distribution Notice constitutes a legal, valid and binding obligation of the undersigned; and (iii) this EPA Distribution
Notice has been duly executed and delivered by the undersigned. 
 By providing this EPA Distribution Notice, the
undersigned (a) makes all of the representations and gives all of the warranties set out herein to each of the Parent and EPA Holdings, and (b) authorizes EPA Holdings or Parent to take all such actions, do all such things and on behalf of
the undersigned approve, execute or sign and deliver all documents, consents, forms or agreements as, in the absolute discretion of EPA Holdings, are reasonably necessary or desirable in order to implement any distribution or transfer of Parent A
DRs or Parent A Shares to the undersigned at any time following completion of an EPA Exchange, including, amongst other matters, providing instructions to the Depositary and/or DTC (via the Depositary or otherwise) on behalf of the undersigned. 

The undersigned hereby acknowledges its obligations to comply with and join and enter into the
Lock-Up Agreement, to the extent that the Lock-Up Period continues to apply. By signing and returning this EPA Distribution Notice, to the extent that the Lock-Up Period continues to apply, the undersigned accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements contained in the Lock-Up
Agreement, with all attendant rights, duties and obligations thereunder. The parties to the Lock-Up Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of
the Lock-Up Agreement by the undersigned and, upon receipt of this EPA Distribution Notice by EPA Holdings, the signature by or on behalf of the undersigned set forth below shall constitute a counterpart
signature to the signature page of the Lock-Up Agreement. 

 The undersigned hereby acknowledges and agrees that: 

 

	 	(a)	 the Parent Restricted A Shares to be issued following completion of an EPA Exchange may not be transferred
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of the Exchange Agreement; 

 

	 	(b)	 unless exchanged pursuant to an effective registration statement or Rule 144 under the Securities Act, the
Parent Restricted A Shares are restricted securities under the Securities Act and the rules and regulations promulgated thereunder; and 

  

	 	(c)	 it shall not transfer (or solicit any offers in respect of any transfer of any Parent Restricted A Shares)
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of the Exchange Agreement. 

The parties hereto intend that this EPA Distribution Notice shall be treated as part of the partnership agreement of Holdings
pursuant to Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. Except as otherwise
required by applicable law: (a) the parties shall report each Exchange consummated hereunder as a taxable sale of Holdings B Shares by EPA Holdings to Parent; and (b) no party shall take a contrary position on any income tax return,
amendment thereof or communication with a taxing authority (unless a final “determination” within the meaning of Section 1313(a)(1) of the Code requires a different tax treatment). 

The undersigned hereby irrevocably constitutes and appoints each officer of EPA Holdings as the
attorney-in-fact and agent of the undersigned, with full power of substitution, as its true and lawful
attorneys-in-fact and agents to do any and all things and to take any and all actions that may be necessary to distribute or transfer Parent A DRs or Parent A Shares to
the undersigned at any time following completion of an EPA Exchange. 
 The undersigned hereby agrees that each of the
Parent and EPA Holdings shall have the right to enforce against the undersigned any of the representations made or warranties given by the undersigned in favour of the Parent and EPA Holdings pursuant to the terms of this EPA Distribution Notice.

 This EPA Distribution Notice should be executed and mailed, delivered or e-mailed
to EPA Holdings, at the following address or email address:  
 By Regular, Registered or Certified Mail; Hand or Overnight
Delivery: 
 RPI EPA Holdings, LP 

110 East 59th Street, Suite 3300 

New York, NY 10022 
 (212) 883-2288 
 By E-mail Transmission: 

transfers@royaltypharma.com 

Subject Line: Exchange Election 

 Notwithstanding the place where this EPA Distribution Notice has been
executed by an EPA Investor, it is expressly agreed that all of the terms and provisions hereof shall be governed by and construed under the laws of the State of New York applicable to contracts made and to be entirely performed in such state. 

To the fullest extent permitted by law, in the event of any proceedings arising out of the terms and conditions of this EPA
Distribution Notice, the parties hereto irrevocably (i) consent and submit to the exclusive jurisdiction of the Supreme Court, State of New York, New York County and of the U.S. District Court for the Southern District of New York,
(ii) waive any defense based on doctrines of venue or forum non conveniens, or similar rules and doctrines, and (iii) agree that all claims in respect of such a proceeding must be heard and determined exclusively in the Supreme
Court, State of New York, New York County or the U.S. District Court for the Southern District of New York. Process in any such proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such
court. 
 IN WITNESS WHEREOF, the undersigned has executed this EPA Distribution Notice this
         day of
                                         
       . 2020. 
  

			
	EPA INVESTOR:
	
	  

	 (write name of EPA Investor)

		
	 By:
	 	  

		 	     Name:

		 	     Title:

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