Document:

Stock Purchase Agreement and Letter of Intent, dated December 11, 1999

 EXHIBIT 4.10 
 STOCK PURCHASE AGREEMENT 
 AND 
 LETTER OF INTENT 
 BETWEEN 
 PHARMASSET, LTD. 
 AND

 SAMCHULLY PHARMACEUTICAL CO., LTD. 

 STOCK PURCHASE AGREEMENT 
 AND LETTER OF INTENT 
 THIS STOCK PURCHASE AGREEMENT (the
“Agreement”), effective as of December 11, 1999 (the “Effective Date”), is entered into by and between PHARMASSET, LTD., a company organized and existing under the laws of Barbados having its principal office at 1795
Peachtree Road N.E., Suite 350, Atlanta, Georgia 30309-2339, U.S.A. and laboratories located at 1860 Montreal Road, Tucker, Georgia 30084, U.S.A.(“Pharmasset”), and SAMCHULLY PHARMACEUTICAL CO., LTD., a company organized and
existing under the laws of Korea having its principal office located at 947-7 Daechi-Dong, Kangnam-Ku, Seoul, 135-735, KOREA (“Samchully”). 
 BACKGROUND 
 Whereas, Pharmasset and Samchully recognize the business value and opportunity
that can be created through a cooperative relationship; and 
 Whereas, Pharmasset and Samchully have agreed to explore the scope of a
strategic alliance relationship as set forth in Exhibit A to this Agreement (the “Letter of Intent”); 
 Now,
Therefore, in consideration of the foregoing recitals and the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound, do hereby agree as follows: 
 ARTICLE I 
 PURCHASE OF SHARES

 1.1 Purchase and Closing. Subject to the terms and conditions hereof, Pharmasset agrees to issue and sell to Samchully, and
Samchully hereby agrees to pay Pharmasset a purchase price in the amount of One Million Five Hundred Thousand U.S. Dollars (US$1,500,000)(the “Proceeds”) for the equivalent of Four Hundred Fifty-four Thousand Five Hundred Forty-Five
(454,545) whole shares of PHARMASSET Series A Preferred Stock (at US$3.30 per share). Payment for the Shares shall be made within twenty (20) business days following the Effective Date by wire transfer of immediately available funds
to: 
 Barclays Bank PLC, Barbados Offshore Banking Center for the account of Pharmasset LTD, account number 23-104-1532. The SWIFT code or
Routing Number is BARCBBBBOBU or CHIPS UID 240280. The full name and address of the bank are: Barclays Bank PLC, Barbados Offshore Banking Center, First Floor, Barclays House, P.O. Box 180, Rendezvous, Christ Church, Barbados; Telephone:
246-431-5294; Fax: 246-429-4785/228-8534. A contact person is Monica Odle (Mrs.), Manager, Offshore Corporate. 
 Upon receipt of
the Proceeds, Pharmasset shall within thirty (30) business days issue and deliver to Samchully a certificate evidencing the Shares. 
  

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 ARTICLE II 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 2.1 Representations and Warranties of
Pharmasset. Pharmasset hereby represents and warrants to Samchully as follows: 
 (a) Organization and Good
Standing. Pharmasset is a corporation duly organized, validly existing and in good standing under the laws of Barbados and has all requisite corporate power and corporate authority to carry on its business as now conducted and as proposed to be
conducted. 
 (b) Capitalization. The capital stock Pharmasset is authorized to issue and the number of outstanding
shares are as set forth on Exhibit B attached hereto. Before giving effect to the shares of Series A Preferred Shares of Pharmasset being issued to Samchully hereunder, an aggregate of 3,105,000 shares of Series A Preferred Shares of
Pharmasset are issued and outstanding. 
 (c) Articles of Incorporation and Bylaws. A true and complete copy of
Pharmasset’s current Articles of Incorporation and Bylaws (collectively, “Charter Documents”) are attached hereto as Exhibit C. 
 (d) Valid Issuance of the Shares. The Shares, when issued, sold and delivered in accordance with the terms of this Agreement, will be duly and validly issued, fully paid and nonassessable and, subject to the
warranties and representations contained in Section 2.3, will be issued in compliance with all applicable U.S. and state securities laws. 
 (e) Litigation. There is no action, suit, proceeding or investigation pending or, to the best of Pharmasset’s knowledge, threatened against Pharmasset. 
 (f) No Conflict with Other Instruments. Except as set forth on Exhibit D, Pharmasset is not in violation or default of any
provisions of Pharmasset’s Articles of Incorporation, Bylaws or other charter decree or contract to which Pharmasset is a party or by which Pharmasset is bound or of any provision of any statute, rule or regulation applicable to Pharmasset. The
execution, delivery and performance of this Agreement will not result in any violation of, be in conflict with, or constitute a default under, with or without the passage of time or the giving of notice: (i) any provision of the Charter
Documents; (ii) any provision of any judgment, decree or order to which Pharmasset is a party or by which Pharmasset is bound; (iii) any contract, agreement, obligation or commitment to which Pharmasset is a party or by which Pharmasset is
bound; or (iv) any statute, rule or regulation applicable to Pharmasset. 
 (g) Absence of Claims. There are no
actions, suits, claims, investigations or legal or administrative proceedings pending or, to the best of Pharmasset’s knowledge and belief, threatened, against Pharmasset, and there are no judgments, decrees or orders of any court, or
government department, commission or agency entered or existing against Pharmasset or any of its assets or properties. 
  

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 (h) No Broker. No finder, broker, agent, financial advisor or other intermediary
has acted on behalf of Pharmasset in connection with the offering or sale of the Shares or the negotiation or consummation of this Agreement or any of the transactions contemplated hereby. 
 (i) Disclosure. Attached hereto as Exhibit E is a copy of the unaudited balance sheet of Pharmasset dated the date set forth
therein. Pharmasset has provided to Samchully all of the additional information that Samchully has requested for purposes of making an investment decision to acquire the Shares. 
 (j) Authorization. Within thirty (30) days after the Effective Date, all corporate action on the part of Pharmasset, its
officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement will have been taken. Pharmasset has the requisite corporate power to enter into this Agreement and carry out and perform its obligations
under the terms of this Agreement. 
 (k) Due Execution. This Agreement has been duly authorized, executed and
delivered by Pharmasset and, upon due execution and delivery by Samchully, this Agreement will be a valid and binding agreement of Pharmasset, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or by equitable principles. 
 (l) Governmental Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state, local or provincial governmental authority on the part of
Pharmasset is required in connection with the consummation of the transactions contemplated by this Agreement, except for notices required or permitted to be filed with certain state and U.S. federal securities commissions. 
 2.2 Covenants of Pharmasset: Rule 144 Compliance. Pharmasset covenants to Samchully as follows: 
 With a view to making available the benefits of certain rules and regulations of the U.S. Securities and Exchange Commission (the “Commission”)
which may at any time permit the sale of the shares to the public without registration, at all times after ninety (90) days after any registration statement covering a public offering of securities of Pharmasset under the Securities Act of
1933, as amended (the “1933 Act”) shall have become effective (for which there can be no assurance), Pharmasset agrees to use commercially reasonable efforts to: (i) make and keep public information available, as those terms are
understood and defined in Rule 144 under the 1933 Act (“Rule 144”); (ii) file with the Commission in a timely manner all reports and other documents required of Pharmasset under the 1933 Act and the Securities Exchange Act of 1934
(the “Exchange Act”); (iii) furnish to Samchully upon request a written statement by Pharmasset as to Pharmasset’s compliance with the reporting requirements of Rule 144 and the Exchange Act, a copy of the most recent annual or
quarterly report of 

  

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Pharmasset, and such other reports and documents so filed by Pharmasset as such holder may reasonably request in availing itself of any rule or regulation of
the Commission allowing such holder to sell any shares without registration; and (iv) satisfy the requirements of all such rules and regulations (including the requirements for current public information, registration under the Exchange Act and
timely reporting to the Commission) at the earliest possible date after its first registered public offering. 
 2.3 Representations and
Warranties of Samchully. Samchully hereby represents and warrants to Pharmasset as follows: 
 (a) Investment
Intent. Samchully is purchasing the Shares for Samchully’s own account for investment and not with a view to, or for sale in connection with, any distribution of the Shares or any portion thereof and not with any present intention of
selling, offering to sell or otherwise disposing of or distributing the Shares or any portion thereof in any transaction other than a transaction exempt from registration under the 1933 Act. 
 (b) Information Concerning the Company. Samchully has had an opportunity to discuss with officers and directors of Pharmasset the
plans, operations and financial condition of Pharmasset and has received all such information as Samchully has deemed necessary and appropriate to enable Samchully to evaluate the financial risk inherent in making an investment in the Shares.

 (c) No Broker. No finder, broker, agent, financial advisor or other intermediary has acted on behalf of Samchully in
connection with the offering of the Shares or the negotiation or consummation of this Agreement or any of the transactions contemplated hereby. 
 (d) Economic Risk. Samchully is able, without impairing its financial condition, to hold the Shares for an indefinite period of time and to suffer a complete loss of Samchully’s investment. 
 2.4 Acknowledgment of Samchully. Samchully hereby acknowledges to Pharmasset that the Shares have not been registered under the 1933 Act and are
characterized as “restricted securities” under the 1933 Act and applicable regulations. Samchully further acknowledges that the Shares have not been registered under the Georgia Securities Act of 1973, as amended, and are being offered and
will be issued and sold in reliance upon an exemption afforded thereby. 
 ARTICLE III 
 TRANSFERS 
 3.1 Restrictions
on Transfer. 
 (a) Samchully shall not sell, transfer, assign, pledge, hypothecate or otherwise dispose of any of the
Shares unless and until the Shares are disposed of pursuant to and in conformity with an effective registration statement filed with the Commission pursuant to the 1933 Act or a valid exemption therefrom or pursuant to Rule 144. 
  

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 (b) Notwithstanding anything to the contrary in this Agreement, Samchully may transfer
the Shares to an affiliate of Samchully and such transferee shall be deemed an assignee of Samchully under this Agreement; provided that such affiliate has delivered to Pharmasset a written agreement making the representations and acknowledgments
set forth in Section 2.3 hereof and agreeing to be bound by the covenants set forth in this Agreement. 
 3.2 Legend. The
certificates representing the Shares may bear the following or similar restrictive legend: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION. THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR OTHERWISE TRANSFERRED, NOR WILL AN ASSIGNEE OR ENDORSEE HEREOF BE
RECOGNIZED AS AN OWNER OF THE SHARES BY THE ISSUER UNLESS (I) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND OTHER APPLICABLE SECURITIES LAWS WITH RESPECT TO THE SHARES AND THE TRANSFER SHALL THEN BE IN EFFECT, OR (II) IN THE
OPINION OF COUNSEL SATISFACTORY TO THE ISSUER, THE SHARES ARE TRANSFERRED IN A TRANSACTION WHICH IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF SUCH LAWS. 
 ARTICLE IV 
 REGISTRATION RIGHTS 
 4.1 Certain Definitions. When used in this Article IV of this Agreement, the following terms shall have the following respective meanings:

 “Commission” shall mean the U.S. Securities and Exchange Commission or any other federal agency at the time administering the
1933 Act and the Exchange Act. 
 “Form S-4” and “Form S-8” shall mean Form S-4 and Form S-8, respectively, under the
1933 Act as in effect on the Effective Date, or any substantially similar, equivalent or successor form under the 1933 Act. 
 “Holder” shall mean Samchully or any transferee of registration rights under Section 4.8 hereof who then holds any outstanding Registrable Securities. 
 The terms “register,” “registered” and “registration” refer to a registration effected by preparing and filing a
registration statement in compliance with the 1933 Act, and the declaration or ordering of the effectiveness of such registration statement. 
  

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 “Registrable Securities” means Shares of Pharmasset Series A Preferred Shares issued to
Samchully in accordance herewith and any such shares issued to Samchully by reason of any stock split, stock dividend, recapitalization or similar event which have not been sold to the public. 
 “Registration Expenses” shall mean all expenses incurred by Pharmasset in complying with Section 4.2 hereof, including, without
limitation, all registration, qualification and filing fees, printing expenses, escrow fees, fees and disbursements of counsel to Pharmasset, blue sky fees and expenses, and the expense of any special audits incident to or required by any such
registration (but excluding the compensation of regular employees of Pharmasset which shall be paid in any event by Pharmasset). 
 “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the applicable sale. 
 4.2
Company Registration. 
 (a) If, at any time or from time to time, Pharmasset shall determine to register any of its securities,
either for its own account or the account of a security holder or holders exercising their respective demand registration rights, other than a registration relating solely to employee benefit plans on Form S-8 or similar forms which may be
promulgated in the future or a registration on Form S-4 or similar forms which may be promulgated in the future relating solely to a Commission Rule 145 or similar transaction, Pharmasset will (i) promptly give to each Holder written notice
thereof and (ii) include in such registration (and any related qualification under Blue Sky laws or other compliance), and in any underwriting involved therein, all Registrable Securities of such Holders as specified in a written request or
requests made within fifteen (15) days after receipt of such written notice from Pharmasset. 
 (b) If the registration of which
Pharmasset gives notice is for a registered public offering involving an underwriting, Pharmasset shall so indicate in the notice given pursuant to Section 4.2(a). In such event the right of any Holder to registration pursuant to this
Section 4.2 shall be conditioned upon such Holder’s agreeing to participate in such underwriting and in the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to
distribute their securities through such underwriting shall (together with Pharmasset and the other holders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting by Pharmasset or by other holders exercising any demand registration rights. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice
to Pharmasset and the underwriter. Any securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. Notwithstanding any other provision of this Section 4.2, if the underwriter determines that marketing
factors require a limitation of the number of shares to be underwritten, the underwriter may exclude some or all of the shares of Registrable Securities from such registration and underwriting; provided, however that there shall first be
excluded shares proposed to be included by holders not possessing legal rights to include the same pursuant to this Section 4.2 or any similar provision and further provided the rights granted under this Section 4.2 shall be subject to any
superior registration rights granted to third parties. 
  

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 4.3 (Intentionally left blank) 
 4.4 Expenses of Registration. All Registration Expenses incurred in connection with any registration, qualification or compliance pursuant
to Sections 4.2 (exclusive of Selling Expenses and the fees and expenses of any special counsel to the selling Holders) shall be borne by Pharmasset. All Selling Expenses incurred in connection with any registrations hereunder shall be borne by the
holders of the securities registered pro rata on the basis of the number of shares registered. 
 4.5 Registration Procedures. In the
case of each registration, qualification or compliance effected by Pharmasset pursuant to this Article IV, Pharmasset will keep each Holder advised in writing as to the initiation of each registration, qualification and compliance and as to the
completion thereof. At its expense Pharmasset will: 
 (a) Keep such registration, qualification or compliance effective for a
period of one hundred twenty (120) days or until the Holder or Holders have completed the distribution described in the registration statement relating thereto, whichever first occurs; 
 (b) Prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in
connection with such registration statement as may be necessary to comply with the provisions of the 1933 Act with respect to the disposition of all securities covered by such registration statement; 
 (c) Furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements
of the 1933 Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 
 (d) Use its reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the
Holders, provided that Pharmasset shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions; 
 (e) In the event of any underwritten public offering, enter into and performs its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and performs its obligations under such an agreement; and 
 (f) Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the 1933 Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 
  

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 4.6 Indemnification. In the event any Registrable Securities are included in a registration
statement under Section 4.2: 
 (a) To the extent permitted by law, Pharmasset will indemnify each Holder, each of its
officers, directors and partners, and each person controlling such Holder within the meaning of Section 15 of the 1933 Act, with respect to which registration, qualification or compliance has been effected pursuant to this Article IV, and each
underwriter, if any, and each person who controls any underwriter within the meaning of Section 15 of the 1933 Act, against all expenses, claims, losses, damages and liabilities (or actions in respect thereof), including any of the foregoing
incurred in settlement of any litigation, commenced or threatened, arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, offering circular or other
document, or any amendment or supplement thereto, incident to any such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances in which they were made, not misleading, or any violation by Pharmasset of any rule or regulation promulgated under the 1933 Act applicable to Pharmasset and relating to action or inaction required
of Pharmasset in connection with any such registration, qualification or compliance, and will reimburse each such Holder, each of its officers and directors and partners, and each person controlling such Holder, each such underwriter and each person
who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action; provided, however, that the indemnity
agreement set forth in this Section 4.6(a) shall not apply to amounts paid in settlement of any such claim, loss damage, liability or action if such settlement is effected without the consent of Pharmasset, which consent shall not be
unreasonably withheld; provided further that Pharmasset will not be liable in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission or alleged untrue
statement or omission, made in reliance upon and in conformity with written information furnished to Pharmasset by an instrument duly executed by such Holder or underwriter and stated to be specifically for use therein. 
 (b) To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to
which such registration, qualification or compliance is being effected, indemnify Pharmasset, each of its directors and officers, each underwriter, if any, of Pharmasset’s securities covered by such a registration statement, each person who
controls Pharmasset or such underwriter within the meaning of Section 15 of the 1933 Act, and each other such Holder, each of its officers and directors and partners and each person controlling such Holder within the meaning of Section 15
of the 1933 Act, against all expenses, claims, losses, damages and liabilities (or actions in respect thereof) including any of the foregoing incurred in settlement of any litigation commenced or threatened, arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any such registration statement, prospectus, offering circular or other document, or any amendment or supplement thereto, incident to any such registration, qualification or
compliance or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading, or any
violation by Pharmasset of any rule or regulation promulgated under the 1933 Act applicable to Pharmasset in connection with any such registration, qualification, or 

  

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compliance, and will reimburse Pharmasset, such Holders, such directors, officers, partners, persons, underwriters or control persons for any legal or any
other expenses reasonably incurred in connection with investigation, preparing or defending any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue
statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document or any amendment or supplement thereto in reliance upon and in conformity with written information furnished to
Pharmasset by an instrument duly executed by such Holder and stated to be specifically for use therein; provided, however, that the indemnity agreement set forth in this Section 4.6(b) shall not apply to amounts paid in settlement of any
such claim, loss, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonable withheld; provided further, that the obligations of such Holders hereunder shall be
limited to an amount equal to the proceeds to each such Holder of Registrable Securities sold as contemplated herein. 
 (c)
Each party entitled to indemnification under this Section 4.6 (the “Indemnified Party” shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has
actual knowledge of any claim as to which indemnify may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall
conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at its own expense, and provided further that
the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 4.6 unless such failure resulted in actual detriment to the Indemnifying Party. No
Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Indemnified Party a release from all liability in respect of such claim or litigation. 
 (d) If the indemnification provided for in this Section 4.6 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to therein, then
the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as
any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or
omission. 
  

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 (e) The obligations of Pharmasset and Holders under this Section 4.6 shall survive
the completion of any offering of Registrable Securities in a registration statement under this Article IV. 
 4.7 Information by
Holder. The Holder or Holders of Registrable Securities included in any registration shall furnish to Pharmasset such information as Pharmasset may request in writing regarding such Holder or Holders and the distribution proposed by such Holder
or Holders and as shall be required in connection with any registration, qualification or compliance referred to in this Article IV. 
 4.8
Transfer of Registration Rights. The rights to cause Pharmasset to register securities granted under Section 4.2 may be assigned or otherwise conveyed to a transferee or assignee of Registrable Securities permitted in accordance with
Section 3.1, who shall be considered a “Holder” for purposes of this Article IV, provided that (a) Pharmasset is given written notice by such Holder at the time of or within a reasonable time (but not more than thirty
(30) days) after said transfer, stating the name and address of said transferee or assignee and identifying the securities with respect to which such registration rights are being assigned and (b) the transferee acquires at least 50,000
Shares in a private transaction. 
 4.9 Termination of Registration Rights. The registration rights granted pursuant to this Article
IV shall terminate upon the earlier of (i) the third anniversary of the effective date of Pharmasset’s Initial Public Offering (ii) as to any particular Holder, at such time after Pharmasset’s Initial Public Offering as all
Registrable Securities held by such Holder can be sold without compliance with the registration requirements of the 1933 Act pursuant to Rule 144 (including Rule 144(k)) promulgated thereunder. 
 4.10 Suspension of Sales. 
 (a) If any Registrable Securities are included in a registration statement pursuant to the terms of this Agreement, Holder will not (until further notice) effect sales thereof after receipt of written notice from Pharmasset pursuant to
Section 4.10(b) of the occurrence of an event specified therein in order to permit Pharmasset to correct or update the registration statement or prospectus, provided that the obligations of Pharmasset with respect to maintaining any
registration statement current and effective shall be extended by a period of days equal to the period said suspension is in effect. 
 (b) Pharmasset shall notify Holder promptly at any time when a prospectus relating thereto is required to be delivered under the 1933 Act of the happening of any event as a result of which the prospectus included in such registration
statement contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing and prepare and file
promptly with the Commission (but in no event later than five (5) business days following notice of the occurrence of such event to each seller of Registrable Securities) and promptly notify Holders of the filing of, a supplement to such
prospectus or an amendment to the registration statement so that, as thereafter 

  

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delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made and in the case of an amendment to the registration statement, use reasonable best
efforts to cause it to become effective as soon as possible. 
 ARTICLE V 
 ADDITIONAL PROVISIONS 
 5.1 Survival. All agreements,
representations and warranties contained herein shall survive the execution and delivery of this Agreement, the sale and purchase of the Shares, and any disposition of the Shares. All statements contained in a certificate or other instrument
executed and delivered by Pharmasset or Pharmasset’s duly authorized officers pursuant to this Agreement or in connection with the transactions contemplated hereby shall constitute additional representations and warranties by Pharmasset
hereunder. 
 5.2 Notices. All notices and other communications shall be hand delivered, sent by overnight mail service, or sent by
registered or certified mail, postage prepaid, return receipt requested, and addressed to the party at the address given below, or such other address as may hereafter be designated by notice in writing: 
 If to SAMCHULLY, to: 
 Samchully Pharmaceutical Co., Ltd. 
 Attention: Hee Moon Park, Ph.D. 
 8F Samtan Building 
 947-7 Daechi-dong 
 Kangnam-ku 
 Seoul 135-735, Korea 
 Facsimile: +82 (2) 561-6006 
 If to Pharmasset, to: 
 Executive Director 
 Pharmasset, Ltd. 
 1795 Peachtree Road N.E., Suite 350 
 Atlanta, GA 30309-2339, U.S.A. 
 Fax: 404-728-7726 
 with a copy to: 
 Director, Legal and Financial Affairs 
 Pharmasset, Inc. 
 1860 Montreal Road 
 Tucker, GA 30084, U.S.A. 
 Fax: 678-395-0030 
  

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 or to such other names or addresses as Pharmasset or Samchully, as the case may be, shall designate by notice to each
other person entitled to receive notices in the manner specified in this Section 5.2. Any such notice, instruction or communication shall be deemed to have been delivered upon receipt if delivered by hand, seven business days after it is sent
by registered or certified mail, return receipt requested, postage prepaid, three business days after it is sent via a reputable courier service, or when transmitted with electronic confirmation of receipt, if transmitted by facsimile (if such
transmission is on a business day; otherwise, on the next business day following such transmission). 
 5.3 No Waiver. No waiver of
any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. 
 5.4 Binding Nature of Agreement; Amendments. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of
the parties hereto. This Agreement may not be changed, modified, extended or terminated except by a written amendment executed by an authorized representative of each party. 
 5.5 Counterparts, Headings and Exhibits. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. The headings used in this Agreement are for convenience only and are not to be considered in construing or interpreting any term or provision of this Agreement. All Exhibits
hereto are hereby incorporated in this Agreement and made a part hereof. 
 5.6 Severability. If any provision of this Agreement shall
be held to be illegal, invalid or unenforceable, then such illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable any other provisions of this
Agreement, and this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not contained herein. 
 5.7 Governing Law. This Agreement shall be governed by the laws of the State of Georgia, U.S.A., as such laws are applied to contracts entered into and to be performed within such state and country. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement in duplicate originals by their proper officers as of the date and year first above
written. 
  

									
	 Pharmasset:
	 		 	Samchully:
	 PHARMASSET, LTD.
	 		 	 SAMCHULLY PHARMACEUTICAL CO., LTD.

					
	By:	 	/s/ Raymond F. Schinazi, Ph.D.	 		 	 By:
	 	/s/ Tae Sung Kim
	Name:	 	Raymond F. Schinazi, Ph.D.	 		 	Name:	 	Tae Sung Kim
	Title:	 	Director	 		 	Title:	 	President

  

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	By:	 	/s/ Bruno Lucidi
	Name:	 	 Bruno Lucidi

	Title:	 	 Director

  

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 EXHIBIT A 
 LETTER OF INTENT 
 Subject to the execution of the Stock Purchase Agreement with Pharmasset, Ltd., Pharmasset, Ltd.
(“Pharmasset”) and Samchully Pharmaceutical Co., Ltd. (“Samchully”) may, upon mutual consent, explore the scope of a strategic alliance relationship. Pharmasset will provide Samchully with information on research items and
Samchully will develop the production technology of the corresponding items. Details of this relationship shall be set forth in a separate agreement. 
 In
connection with Pharmasset’s other strategic partners, including Microbiológica Quimica e Farmacéutica Ltda of Brazil, Samchully is well aware of Pharmasset’s third party relationships with its strategic partners, and
Samchully is willing to collaborate with Pharmasset’s strategic partners in sales and manufacturing activities. 
 As consideration for the new business
opportunities generated for Samchully by Pharmasset, the parties will determine an appropriate sales commission rate on a case-by-case basis. 
  

									
	ACKNOWLEDGED AND AGREED	 		 	
			
	SAMCHULLY PHARM. CO., LTD.	 		 	PHARMASSET, LTD.
					
	By:	 	/s/ Tae Sung Kim	 		 	By:	 	/s/ Raymond F. Schinazi
	Name:	 	Tae Sung Kim	 		 	Name:	 	Raymond F. Schinazi, Ph.D.
	Title:	 	President	 		 	Title:	 	Director

  

									
					
		 		 		 	By:	 	/s/ Bruno Lucidi
		 		 		 	Name:	 	Bruno Lucidi
		 		 		 	Title:	 	Director

  

 15 

 EXHIBIT B 
 Capitalization 
  

									
	 	  	# of Shares
Authorized	  	# of Shares Issued
and Outstanding	  	# of Fully Diluted
Shares Outstanding*	  	Maximum Stock Plan
Grants**
	 Common Shares
	  	Unlimited	  	5,842,500(53.2%)	  	5,842,500(50.4%)	  	5,842,500(46.8%)
	 Series A Preferred
	  	Unlimited	  	2,830,000(25.8%)	  	2,830,000(24.4%)	  	2,830,000(22.7%)
	 Series B Preferred
	  	2,300,000	  	2,300,000(21.0%)	  	2,300,000(19.8%)	  	2,300,000(18.4%)
	 1998 Stock Plan
	  	1,500,000	  		  	626,000(5.4%)	  	1,500,000(12.1%)
		  		  	 	  	 	  	 
		  		  	10,972,500(100%)	  	11,589,500(100%)	  	12,472,500(100%)

  

	*	This column sets forth the number of shares that will be issued and outstanding upon exercise of the stock options that have been granted. 

  

	**	This column sets forth the number of shares that will be issued and outstanding upon exercise of the maximum number of stock options that currently could be granted under the 1998
Stock Plan (1,500,000 shares). 

  

 16 

 EXHIBIT C 
 Articles of Incorporation and Bylaws 

 [LOGO] 
  

					
		 		 	FORM 14
			
		 		 	COMPANY NO. 15461

 COMPANIES ACT OF BARBADOS 
 CERTIFICATE OF INCORPORATION WITH 
 RESTATED ARTICLES 
 PHARMASSET, LTD. 
 Name of Company 

I hereby certify that the Articles of Incorporation of the above-mentioned company were restated under section 205 of the Companies Act as set out in the attached
Restated Articles of Incorporation. 
  

	
	
	/s/
	Registrar of Companies

  

	
	June 4th, 1999
	Date of Restatement

 COMPANIES ACT OF BARBADOS 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	 1.      Name of Company:
	  	 2.      Company No

	 Pharmasset, Ltd.
	  	     15461

  

	3.	The classes and any maximum number of shares that the company is authorized to issue. 

 The annexed Schedule 1 is incorporated in this form. 
  

	4.	Restrictions if any on share transfers. 

 There shall be no
restrictions on the transfer of Shares 
  

	5.	Number (or minimum and maximum number) of directors. 

 There shall be a minimum of 3 and a maximum of 10 directors. 
  

	6.	Restrictions if any on business the company may carry on. 

 The company shall not engage in any business other than international business as defined in the international Business Companies Act, 1991-24. 
  

	7.	Other provisions if any. 

 The annexed Schedule 2 is
incorporated in this form. 
 The foregoing restated articles of incorporation correctly set out, without substantive change the corresponding
provisions of the articles of incorporation as amended and supersede the original articles of incorporation. 
  

					
	 8.      Date
	 	Signature	  	 Title

			
	 99-06-04
	 	 /s/ Sheridan A. Reece
 For Corporate Services Limited
	  	 Secretary

 For Ministry use only 

 Companies Act of Barbados  
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 
  

	2.	The classes and any maximum number of Shares that the company is authorized to issue. 

 The company is authorised to issue the following: 
  

	 	(i)	An unlimited number of Shares designated as Common Shares 

  

	 	(ii)	An unlimited number of Shares designated as Preferred Shares Series A 

  

	 	(iii)	2,300,000 Shares designated as Series B Preferred Shares. 

 The rights,
privileges, restrictions and conditions of the Common Shares, Preferred Shares Series A and Series B Preferred Shares are set out in Parts 2, 3 and 4 of this schedule. The Interpretation section with respect to Parts 2, 3 and 4 is contained in Part
l of this schedule. 
 Part 1 
 Interpretation
Section 
  

	1.1	“Affiliate” or “Affiliates” mean, as applied to the Company or any other specified Person, any Person directly or indirectly controlling,
controlled by or under direct or indirect common control with the Company (or other specified Person) and shall also include (a) any Person who is a director or officer of the Company (or such other specified Person) or beneficial owner of at
least 5% of any class of the then issued equity securities of the Company (or such other specified Person) and Family Members of any such Person, (b) any Person of which the Company (or such other specified Person) or an Affiliate (as defined
in clause (a) above) of the Company (or such other specified Person) shall, directly or indirectly, either beneficially own at least 10% of any class of such Person’s then issued equity securities, and (c) in the case of a specified
Person who is an individual, any Family Member of such Person. 

  

	1.2	“Articles of Incorporation” shall mean the Articles of Incorporation of the Company, as amended and/or restated from time to time. 

 

	1.3	“Board” shall mean the Board of Directors of the Company or any executive committee thereof to the extent such executive committee has the legal authority
under Barbados law to act on behalf of the Board of Directors. 

  

	1.4	“Common Shares” shall mean the Company’s Common Stock. 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	1.5	“Common Shares Deemed Outstanding” shall mean, at any given time, the number of Common Shares actually then in issue at such time, plus the number of Common
Shares issuable upon conversion of the Series B Preferred Shares, plus the number of Common Shares issuable upon the exercise in full of all Convertible Securities whether or not the Convertible Securities are convertible into Common Shares at such
time. 

  

	1.6	“Conversion Date” shall have the meaning set forth in Paragraph 4.4(a)(ii) hereof. 

  

	1.7	“Conversion Price” shall have the meaning set forth in Paragraph 4.4(b) hereof. 

  

	1.8	“Convertible Securities” shall mean securities or obligations that are exercisable for, convertible into or exchangeable for Common Shares. The term includes
options, warrants or other rights to subscribe for or purchase Common Shares or to subscribe for or purchase other securities that are convertible into or exchangeable for Common Shares. 

  

	1.9	“Equity Incentive Plan” means the 1998 Stock Plan, as adopted by the Board of Directors of the Company, pursuant to which 1,500,000 Common Shares are
currently authorised to be issued to officers, directors, employees and consultants of the Company or a Subsidiary. 

  

	1.10	“Excluded Securities” shall mean (i) Common Shares offered to the public pursuant to a Qualified IPO; (ii) up to 1,500,000 Common Shares issuable
to officers, directors, employees and consultants of the Company, pursuant to the exercise of options granted or Common Shares directly issued under the Equity Incentive Plan, subject to four (4) year vesting, and such options granted
thereunder; (iii) Common Shares issued upon conversion of Preferred Shares; (iv) any Common Shares issued to Emory University pursuant to Section 1.3 of that certain Stock Purchase Agreement dated December 10, 1998 between Emory
University and the Company; (v) Common Shares issued in a transaction contemplated by Paragraph 4.4(d) hereof; (vi) up to 1,000,000 Common Shares or Series A Preferred Shares issued in a transaction with a multi-national pharmaceutical
company; or its affiliate pursuant to an agreement executed on or before December 31, 1999, provided that such issuance is approved in advance by the Board and the holders of Series B Preferred Shares have been provided sufficient input to
ensure that such agreement and the securities to be issued thereunder contain terms and conditions reasonably acceptable to the holders of Series B Preferred Shares and (vii) 430,500 Preferred Shares Series A that have been issued but for which
full payment will not be received until July 31, 1999. 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	1.11	“Family Member” shall mean, as applied to any individual, such individual’s spouse, child (including a stepchild or an adopted child), grandchild,
parent, brother or sister thereof or any spouse of any of the foregoing, and each trust created for the exclusive benefit of one or more of them. 

  

	1.12	“Person” shall mean an individual, partnership, company, corporation, association, trust, joint venture, unincorporated organisation and any government,
governmental department or agency or political subdivision thereof. 

  

	1.13	“Preferred Shares” shall mean the Series A Preferred Shares and the Series B Preferred Shares. 

  

	1.14	“Preferred Stock” shall mean the preferred share capital of the Company. 

  

	1.15	“Purchase Price” shall mean $1.70 per share. 

  

	1.16	“Purchase Agreement” shall mean that certain Stock Purchase Agreement dated as of June 4th, 1999 among the purchaser(s) named therein and the Company,
as it may be amended from time to time. 

  

	1.17	“Qualified IPO” shall mean a fully underwritten, firm commitment public offering pursuant to an effective registration statement under the United States
Securities Act covering the offer and sale by the Company of Common Shares that is consummated on or prior to June 1, 2004 in which the aggregate net proceeds to the Company (after deducting underwriters’ discounts and commissions) equals
or exceeds US$20,000,000 and in which the price per Common Share offered to the public equals or exceeds US$8.50 (such price to be equitably adjusted in the event of any share dividend, share split, recapitalisation or other similar event) and the
listing of such Common Shares on a nationally recognised U.S. exchange or the Nasdaq Stock Market. 

  

	1.18	“Restricted Action” shall have the meaning set forth in Paragraph 4.3(a). 

  

	1.19	“Requisite Percentage” shall mean in excess of 50%. 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	1.20	“Sale of the Company” shall mean a single transaction or a series of transactions pursuant to which a Person or Persons acquire (i) share capital of the
Company possessing the voting power to elect a majority of the Company’s Board of directors (whether by merger, consolidation or sale or transfer of the Company’s share capital, provided, however, that a Qualified IPO that results in an
acquisition of voting power shall not be a Sale of the Company); or (ii) all or substantially all of the Company’s assets determined on a consolidated basis. 

  

	1.21	“Series A Preferred Shares” shall mean the Company’s Series A Preferred Shares, as in effect on date hereof and shall have the same meaning as
“Preferred Shares Series A”. 

  

	1.22	“Series B Preference Amount” of any Series B Preferred Share means an amount in cash equal to the Purchase Price plus all declared but unpaid dividends on
such Series B Preferred Share. 

  

	1.23	“Series B Preferred Shares” shall mean the Company’s Series B Preferred Shares as in effect on the date hereof. 

  

	1.24	“Stockholders’ Agreement” shall mean the certain Stockholders’ Agreement dated as of June 4th, 1999 among certain of the Company’s stockholders and the Company, as it may be amended from time to time. 

  

	1.25	“Subsidiary” shall mean, with respect to any Person, any company, corporation, partnership, association or other business entity of which (i) if a
company or corporation, a majority of the total voting power of Shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or other business entity, a majority of the partnership or other similar ownership
interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership
interest in a partnership, association or other business entity if such Person or Persons shall be allocated a majority of partnership, association or other business entity gains or losses or shall be or control the managing general partner of such
partnership, association or other business entity. 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	1.26	“Triggering Event” shall mean any one or more of the following events: 

  

	 	(i)	the Company’s breach in any material respect of its obligations to the holders of the Series B Preferred Shares under the Articles of Incorporation; or

  

	 	(ii)	any material breach by the Company of its obligations under the Purchase Agreement or under the Stockholders’ Agreement; 

 provided, that in either case the Company has failed to remedy the breach to the satisfaction of the holders of the Requisite Percentage of Series B
Preferred Shares within thirty (30) days of its having received written notice of such breach. 
 Part 2 
 Common Shares 
  

	2.1	Dividends 

  

	 	(i)	Subject to the provisions of paragraph 4.1, the holders of the Common Shares shall in each financial year of the Company be entitled to receive if declared by the Board of Directors
out of the monies or other property of the Company properly applicable to the payment of dividends non-cumulative dividends in an amount to be determined by and in the discretion of the Board of Directors of the Company. If in any year the Board of
Directors of the Company in its discretion decides to declare a dividend the same amount of dividend must be declared on each outstanding Common Share without preference or distinction. If in any year the Board of Directors in its discretion does
not declare any dividend then the rights of the holders of the Common Shares to any dividend for the year shall forever be extinguished. 

  

	 	(ii)	Subject to the provisions of paragraph 4.1, it shall be in the sole discretion of the Board of Directors of the Company whether in any financial year of the Company any dividend is
declared on any class or classes of Shares of the Company and it shall be in the sole discretion of the Board of Directors on which class or classes of Shares if any dividend is declared in a particular financial year of the Company provided that
there is compliance with the provisions of paragraph (i) of this Section. For purposes of greater certainty it is hereby stated that a dividend may be paid in money or property or by issuing fully paid Shares of the Company.

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	2.2	Voting 

  

	 	(i)	The holders of Common Shares shall be entitled to 1 vote for each Common Share held by them at all meetings of shareholders except such meetings at which pursuant to the Companies
Act only holders of a specified class of Shares are entitled to vote. 

  

	 	(ii)	A holder of fractional Common Shares issued by the Company shall be entitled proportionately to all the rights and privileges attached to a whole Common Share including without
limiting the generality of the foregoing the right to receive the appropriate portion of dividend, to receive the appropriate portion of the sum of the original issuance price per Common Share on liquidation or winding up of the Company, and the
right to exercise voting rights in respect of the fractional share. 

  

	2.3	Liquidation 

 The rights of the holders of Common
Shares in the event of a liquidation, dissolution or winding-up of the Company or other distribution of assets of the Company among shareholders for the purposes of winding-up its affairs, are as set fourth in paragraph 4.11. 
 Part 3 
 Preferred Shares Series A 
  

	3.1	Dividends 

  

	 	(i)	Subject to the provisions of paragraph 4.1, the holders of the Preferred Shares Series A shall in each financial year of the Company be entitled to receive, if declared by the Board
of Directors of the Company on the Preferred Shares Series A out of the monies or other property of the Company properly applicable to the payment of dividends, non-cumulative dividends in an amount to be determined by and at the discretion of the
Board of Directors of the Company. If in any year the Board of Directors in its discretion does not declare any dividends on the Preferred Shares Series A, then the rights of the holders of the Preferred Shares Series A to any dividend for the year
shall forever be extinguished. 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	 	(ii)	Subject to the provisions of paragraph 4.1, it shall be in the sole discretion of the Board of Directors of the Company whether in any financial year of the Company any dividend is
declared on any class or classes of Shares of the Company and it shall be in the sole discretion of the Board of Directors on which class or classes of Shares, if any, a dividend is declared in a particular financial year of the Company, provided
that there is compliance with the provisions of paragraph (i) of this Section. For purposes of greater certainty it is hereby stated that a dividend may be paid in money or property or by issuing fully paid Shares of the Company.

  

	3.2	Voting 

  

	 	(i)	The holders of Preferred Shares Series A shall be entitled to 1 vote for each Common Share into which the Preferred Share Series A held by them are convertible at all meetings of
shareholders except such meetings at which pursuant to the Companies Act only holders of a specified class of Shares are entitled to vote. 

  

	 	(ii)	For the avoidance of doubt the holder of fractional Preferred Shares Series A issued by the Company shall be entitled proportionately to all the rights and privileges attached to a
whole Preferred Share Series A including without limiting the generality of the foregoing the right to receive the appropriate portion of dividend, to receive the appropriate portion of the sum of the original issuance price per Preferred Share
Series A on liquidation or winding up of the Company, and the right to exercise voting rights in respect of the fractional share. 

  

	3.3	Conversion 

 The holders of Preferred Shares Series
A shall be entitled to convert these Shares at any time and at the election of the holder or holders thereof into Common Shares on a one for one basis (provided that the conversion rate shall be proportionately adjusted in the event of a share
split, dividend or reverse share split of the Common Shares). 
  

	3.4	Liquidation 

 Subject to the provisions of paragraph
4.11, in the event of a liquidation, dissolution or winding up of the Company or other distribution of assets of the Company among shareholders for the purposes of winding- up its affairs, the holders of Preferred Shares 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

 
Series A shall be entitled to receive out of the assets and property of the Company before any amount is paid or any property or assets of the Company is
distributed to holders of the Common Shares the sum of the original issuance price per Preferred Share Series A together with all dividends declared thereon and remaining unpaid. 
 Part 4 
 Series B Preferred Shares 
  

	4.1	Dividends 

 Except as otherwise provided herein or
as required by law, holders of Series B Preferred Shares shall be entitled to receive dividends only when and as declared by the Company’s Board of Directors with respect to the Series B Preferred Shares, only out of funds that are legally
available therefor and only in the event that the Company at the same time declares or pays any dividends upon the Common Shares (whether payable in cash, securities or other property). In the event that the Company declares or pays any dividends
upon the Common Shares (whether payable in cash, securities, or other property), other than dividends payable solely in Common Shares, the Company shall also declare and pay to the holders of the Series B Preferred Shares, at the same time that it
declares and pays such dividends to the holders of common Shares, the dividends which would have been declared and paid with respect to the Common Shares issuable upon conversion of the Series B Preferred Shares had all of the outstanding Series B
Preferred Shares been converted immediately prior to the record date for such dividend, or if no record date is fixed, the date as of which the record holders of Common Shares entitled to such dividends are to be determined. 
  

	4.2	Voting 

 Each holder of Series B Preferred Shares
shall be entitled to notice of, and attend and vote at, general meetings of the Company, and to act by written consent in the same manner as the holders of Common Shares. Each holder of Series B Preferred Shares shall be entitled to such number of
votes for the Series B Preferred Shares held by such holder on the record date fixed for such meeting, or on the effective date of any written resolution, as shall be equal to the whole number of Common Shares into which such holder’s Series B
Preferred Shares are convertible (in accordance with the terms of Paragraph 4.4 hereof), immediately after the close of business on the record date fixed for such meeting or the effective date of such written resolution. In addition, the holders

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

 
of Series B Preferred Shares shall be entitled to vote as a class on any amendment to the Articles of Incorporation or By-laws of the Company that would
adversely affect the rights and preferences of the Series B Preferred Shares. 
  

	4.3	Special Approval Rights 

  

	 	(a)	Restricted Actions 

 So long as the holders of Series B
Preferred Shares own, on a fully diluted basis, an aggregate percentage interest in the Company at least equal to fifty percent (50%) of their initial percentage ownership in the Company determined as of the closing date of the Purchase
Agreement, the affirmative vote or written consent of the holders of the Requisite Percentage of Series B Preferred Shares shall be necessary to authorise the Company to take any of the following actions (herein, each a “Restricted
Action”): 
  

	 	(i)	a merger or consolidation, or a sale or disposition of all or a substantial portion of the Company’s assets; 

  

	 	(ii)	acquisitions of the capital stock or of all or a substantial portion of the assets of any other Person or any investment involving another Person in an aggregate amount greater than
$1,500,000; 

  

	 	(iii)	the declaration or payment of dividends or other distributions upon, or the redemption or repurchase of, any of the outstanding Common Shares, Preferred Shares or other capital
stock of the Company, other than (A) repurchases from departing employees or consultants other than Restricted Stockholders (as defined in the Stockholders’ Agreement) pursuant to the terms of an agreement or plan or (B) redemptions
from Emory University, in accordance with its Stock Purchase Agreements dated June 29, 1998, December 10, 1998 and December 30, 1998 and from the University of Georgia Research Foundation, Inc. in accordance with its Stock
Purchase Agreement dated June 20, 1998, or (C) redemptions or repurchases under Section 5.2 of the Stockholders’ Agreement; 

  

	 	(iv)	the incurrence of indebtedness, including guaranties, letters of credit and capital leases by the Company to the extent the aggregate amount of indebtedness outstanding would exceed
$1,000,000; 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	 	(v)	the issuance of any additional equity securities, other than Excluded Securities; or 

  

	 	(vi)	any voluntary dissolution or liquidation of the Company. 

  

	 	(b)	Approval 

 The approval rights of the holders of Series B
Preferred Shares to authorise the Company to take any of the Restricted Actions as provided in this Paragraph 4.3 may be exercised by written consent of the holders of Series B Preferred Shares or at any general meeting of the Company, at a special
meeting of the holders of Series B Preferred Shares held for such purpose or by written consent. At each meeting of shareholders at which the holders of Series B Preferred Shares shall have the right, voting separately as a single class, to
authorise the Company to take any Restricted Action as provided in this Paragraph 4.3, the presence in person or by proxy of the holders of the Requisite Percentage of Series B Preferred Shares entitled to vote on the matter shall be necessary and
sufficient to constitute a quorum. At any such meeting or at any adjournment thereof, in the absence of a quorum of the holders of Series B Preferred Shares, a majority of the holders of such Shares present in person or by proxy shall have the power
to adjourn the meeting as to the actions to be taken by the holders of Series B Preferred Shares from time to time and place to place without notice other than announcement at the meeting until a quorum shall be present. 
  

	4.4	Conversion Rights 

  

	 	(a)	Conversion 

  

	 	(i)	At any time and from time to time, any holder of Series B Preferred Shares shall have the right, at its option, to convert all or any portion of each Series B Preferred Share
(including any fraction of a share) held by such holder into a number of fully paid Common Shares computed by dividing the Purchase Price by the Conversion Price in effect on the Conversion Date. 

 Notwithstanding any other provision hereof, if a conversion of Series B Preferred Shares is to be made in connection with a Qualified IPO or a Sale of
the Company, such conversion may, at the election of any holder tendering Series B Preferred Shares for conversion, be conditioned upon 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

 
the consummation of the Qualified IPO or Sale of the Company, in which case such conversion shall not be deemed to be effective until the consummation of
such Qualified IPO or Sales of the Company. 
 Each Series B Preferred Share shall automatically be converted into fully paid Common Shares
of the Company immediately upon the consummation of a Qualified IPO. Holders of Series B Preferred Shares so converted may deliver to the Company at its principal office (or such other office or agency of the Company as the Company may designate by
notice in writing to such holders) during its usual business hours, the certificate or certificates for the Shares so converted. As promptly as practicable thereafter, the Company shall issue and deliver to such holder a certificate or certificates
for the number of whole Common Shares to which such holder is entitled, together with any cash dividends and payment in lieu of fractional interests to which such holder may be entitled pursuant to this Paragraph 4.4. 
 Until such time as a holder of Series B Preferred Shares shall surrender its certificate or certificates therefor as provided above, such certificates
shall be deemed to represent the Common Shares to which such holder shall be entitled upon the surrender thereof. 
  

	 	(ii)	Subject to the provisions of Paragraph 4.4(a)(i), each conversion of Series B Preferred Shares shall be deemed to have been effected as of the close of business on the effective
date of such conversion specified in a written notice (the “Conversion Date”); provided, however, that the Conversion Date shall not be a date earlier than the date such notice is so given, and if such notice does not specify a conversion
date, the Conversion Date shall be deemed to be the date such notice is given to the Company. On the Conversion Date, the rights of the holder of such Series B Preferred Shares as such holder (including the right to receive dividends) shall cease
and the Person or Persons in whose name or names any certificate or certificates for Common Shares are to be issued upon such conversion shall be deemed to have become the holder or holders of record of the Common Shares represented thereby.

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	 	(iii)	As soon as practicable after the Conversion Date (but in any event within ten (10) business days after the holder has delivered the certificates or affidavits of lost
certificate evidencing the Series B Preferred Shares converted into Common Shares in accordance herewith), the Company shall deliver to the converting holder: 

  

	 	(a)	a certificate or certificates representing, in the aggregate, the number of Common Shares issued upon such conversion, in the same name or names as the certificates representing the
converted Shares and in such denomination or denominations as the converting holder shall specify and a cheque for cash with respect to any fractional interest in Common Shares as provided in Paragraph 4.4(a)(vii); and 

  

	 	(b)	a certificate representing any Shares that were represented by the certificate or certificates delivered to the Company in connection with such conversion but that were not
converted. 

  

	 	(iv)	The issuance of certificates for Common Shares upon conversion of Series B Preferred Shares shall be made without charge to the holders of such Series B Preferred Shares for any
issuance tax in respect thereof or other cost incurred by the Company in connection with such conversion and the related issuance of Common Shares. Upon conversion of any Series B Preferred Shares, the Company shall take all such actions as are
necessary in order to ensure that the Common Shares so issued upon such conversion shall be validly issued and fully paid. 

  

	 	(v)	The Company shall not close its books against the transfer of Series B Preferred Shares or of Common Shares issued or issuable upon conversion of Series B Preferred Shares in any
manner that interferes with the timely conversion of Series B Preferred Shares. The Company shall assist and co operate with any holder of Series B Preferred Shares required to make any governmental filings or obtain any governmental approval prior
to or in connection with any conversion of Series B Preferred Shares hereunder (including, without limitation, making any filings required to be made by the Company). 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	 	(vi)	The Company shall at all times reserve and keep available out of its authorised but unissued Common Shares, solely for the purpose of issuance upon the conversion of the Series B
Preferred Shares, such number of Common Shares as are issuable upon the conversion of all Series B Preferred Shares then in issue. All Common Shares that are so issuable shall, when issued in accordance with the terms hereof, be duly and validly
issued and fully paid and free from all taxes, liens and charges (other than those taxes, liens and charges caused by such holder of Series B Preferred Shares). The Company shall take all such actions as may be necessary to assure that all such
Common Shares may be so issued without violation of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which Common Shares may be listed (except for official notice of issuance which shall be
immediately delivered by the Company upon each such issuance). 

  

	 	(vii)	No fractional interest in Common Shares or script shall be issued upon conversion of the Series B Preferred Shares. If more than one Series B Preferred Share shall be surrendered
for conversion at any one time by the same holder, the number of full Common Shares issuable upon conversion thereof shall be computed on the basis of the aggregate number of Series B Preferred Shares so surrendered. Instead of any fractional
interests in Common Shares which would otherwise be issuable upon conversion of any Series B Preferred Shares, the Company shall pay a cash adjustment in respect of such fractional interest equal to the fair market value of such fractional interest
as determined by the Company’s Board of Directors. 

  

	 	(b)	Conversion Price; Antidilution Provisions. 

 The initial
conversion price shall be the Purchase Price, which may be adjusted from time to time hereafter (as so adjusted, the “Conversion Price”). If and whenever on or after the original date of issuance of the Series B Preferred Shares the
Company issues or sells, or in accordance with Paragraph 4.4(c) is deemed to have issued or sold, any of its Common Shares or Convertible Securities, other than Excluded Securities, for a consideration per share less than the Conversion Price in
effect immediately prior to the time of such issue or sale, then upon such issue or sale, the Conversion Price shall be reduced to an amount determined by 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

 
dividing (a) the sum of (1) the product derived by multiplying (i) the Conversion Price in effect immediately prior to such issue or sale
times (ii) the number of Common Shares Deemed Outstanding immediately prior to such issue or sale, plus (2) the consideration, if any, received (or deemed received pursuant to Paragraph 4.4(c)(ii)) by the Company upon such issue or sale,
by (b) the number of Common Shares Deemed Outstanding immediately after such issue or sale. 
  

	 	(c)	Effect on Conversion Price or Certain Events 

 For purposes
of determining the adjusted Conversion Price under Paragraph 4.4, the following shall be applicable: 
  

	 	(i)	Issuance of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities, whether or not the rights to exchange or convert any such
Convertible Securities are immediately exercisable, and the price per share for which Common Shares are issuable upon such conversion or exchange is less than the Conversion Price in effect immediately prior to the time of such issue or sale, then
the maximum number of Common Shares issuable upon conversion or exchange of such Convertible Securities shall be deemed to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities for such price per
share. For the purposes of this paragraph, the “price per share for which Common Shares are issuable” shall be determined by dividing (a) the total amount received or receivable by the Company as consideration for the issue or sale of
such Convertible Securities, plus the cumulative minimum aggregate amount of additional consideration, if any, payable to the Company upon the exercise, conversion or exchange thereof and, if applicable, the exercise, conversion and exchange of any
other Convertible Securities that such Convertible Securities may be converted into or exchanged for, by (b) the total maximum number of Common Shares issuable upon the conversion or exchange of all such Convertible Securities. No further
adjustment of the Conversion Price shall be made when Common Shares and, if applicable, any other Convertible Securities, are actually issued upon the exercise, conversion or exchange of such Convertible Securities. 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	 	(ii)	Change in Exercise Price or Conversion Rate. If the additional consideration payable to the Company upon the exercise, conversion or exchange of any Convertible Securities or
the rate at which any Convertible Securities are convertible into or exchangeable for Common Shares change at any time, the Conversion Price in effect at the time of such change shall be readjusted to the Conversion Price that would have been in
effect at such time had such Convertible Securities that are still in issue provided for such changed additional consideration or changed conversion rate, as the case may be, at the time such Convertible Securities were initially granted, issued or
sold; but only if as a result of such adjustment the Conversion Price then in effect hereunder is thereby reduced; and on the termination date of any right to exercise, convert or exchange such Convertible Securities, the Conversion Price then in
effect hereunder shall be increased to the Conversion Price that would have been in effect at the time of such termination had such Convertible Securities, to the extent issued immediately prior to such termination, never been issued.

  

	 	(iii)	Exceptions for Excluded Securities. Notwithstanding the foregoing, no adjustments shall be made under this Paragraph 4.4(c) with respect to the issuance of any Excluded
Securities. 

  

	 	(d)	Subdivision or Combination of Common Shares 

 If the
Company at any time subdivides (by any share split, share dividend, recapitalisation, or other distribution of Common Shares) its Common Shares then in issue into a greater number of Shares, the Conversion Price in effect immediately prior to such
combination shall be proportionately reduced, and conversely, in the event the Common Shares then in issue shall be combined (by reverse share split or otherwise) into a smaller number of Shares, the Conversion Price in effect immediately prior to
such combination shall be proportionately increased. 
  

	 	(e)	Certain Events 

 If an event not specified in this
Paragraph 4.4 occurs that has substantially the same economic effect on the Series B Preferred Shares as those specifically 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

 
enumerated, then this Paragraph 4.4 shall be construed liberally, mutatis mutandis, in order to give the Series B Preferred Shares the intended benefit of
the protections provided under this Paragraph 4.4. In such event the Company’s Board of Directors shall make an appropriate adjustment in the Conversion Price so as to protect the rights of the holders of Series B Preferred Shares; provided
that no such adjustment shall increase the Conversion Price as otherwise determined pursuant to this Paragraph 4.4 or decrease the number of Common Shares issuable upon conversion of each Series B Preferred Share. 
  

	 	(f)	Notices 

  

	 	(i)	Promptly after any adjustment of the Conversion Price, the Company shall give written notice thereof to all holders of Series B Preferred Shares, setting forth in reasonable detail
and certifying the calculation of such adjustment. 

  

	 	(ii)	The Company shall give written notice to all holders of Series B Preferred Shares at least twenty (20) days period to the date on which the Company closes its books or takes a
record (a) with respect to any dividend or distribution upon Common Shares, (b) with respect to any pro rata subscription offer to holders of Common Shares or (c) for determining rights to vote with respect to any dissolution or
liquidation. 

  

	 	(g)	Unpaid Dividends 

 Upon conversion, if any, of the Series B
Preferred Shares into Common Shares, all declared and unpaid dividends, if any, on the Series B Preferred Shares being converted shall be paid either in cash or Common Shares, at the election of the Board of Directors of the Company. 
  

	4.5	Redemption 

  

	 	(a)	 The Series B Preferred Shares may be redeemed (in whole or in part) at the option of the holders of the Requisite Percentage of Series B Preferred Shares (the
“Participating Holders”) on or after the earlier to occur of (A) June 1, 2004, or (B) a Triggering Event (each an “Optional Redemption”). In any such case, the Participating Holders shall notify the Company in
writing of its or their intent to exercise the rights afforded by this Paragraph 4.5(a) (the “Redemption Notice”) 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	 	 
and specify a date not less than ten (10) nor more than sixty (60) days from the date of such notice on which the Series B Preferred Shares shall
be redeemed, which date may be extended by agreement of the Company and Participating Holders to the extent an appraisal pursuant to Paragraph 4.5(e) is being conducted (the “Optional Redemption Date”). Upon receipt of such notice, the
Company shall promptly notify the remaining holders of the Series B Preferred Shares of the Optional Redemption Date. The remaining holders have the right to become Participating Holders if they so elect by giving the Company written notice to such
effect within ten (10) days of having received such notice. The Company shall redeem on the Optional Redemption Date all Series B Preferred Shares being redeemed in cash by wire transfer of immediately available funds. Notwithstanding any other
provision herein, the right of the holders of Series B Preferred Shares to request an Optional Redemption shall terminate upon a Qualified IPO. 

 The price to be paid for each Series B Preferred Share being redeemed shall equal the sum of (i) the Series B Preference Amount and (ii) the Fair Market Value per share, as determined by the appraisal
procedure set forth in Paragraph 4.5(e) below, of the Common Shares (including fraction of a share) into which such Series B Preferred Share is convertible in accordance with the terms of Paragraph 4.4 hereof as of the date of the Redemption Notice.

  

	 	(b)	If the funds of the Company legally available for redemption of Series B Preferred Shares on an Optional Redemption Date are insufficient to redeem the total number of Series B
Preferred Shares then in issue entitled to redemption, the holders of Series B Preferred Shares entitled to redemption shall share ratably in any funds legally available for redemption of such Shares according to the respective amounts that would be
payable with respect to the full number of Shares owned by them if all such issued Shares were redeemed in full. At any time thereafter when additional funds of the Company are legally available for the redemption of such Series B Preferred Shares,
such funds will be used at the earliest permissible time to redeem the balance of such Shares or such portion thereof for which funds are then legally available. The Company shall be obligated, to the extent consistent with Barbados law and United
States’ generally accepted accounting principles, to make available sufficient earned surplus or capital surplus in order to permit the full and timely redemption of Series B Preferred Shares entitled to redemption. 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	 	(c)	If, for any reason, the Company fails to redeem all Series B Preferred Shares entitled to redemption on an Optional Redemption Date, (i) the unredeemed Shares shall remain in
issue and shall continue to have all the rights and preferences (including, without limitation, voting rights) provided for herein, and (ii) the holders of such unredeemed Shares shall have the ongoing right to be redeemed together with such
rights and remedies as may be available under applicable law. 

  

	 	(d)	The notices provided for in this paragraph 4.5 shall be sent, if by or on behalf of the Company, to the holders of the Series B Preferred Shares at their respective addresses as
shall then appear on the records of the Company, or if by any holder of Series B Preferred Shares to the Company at its principal executive office as set forth in the Purchase Agreement, by first class mail, postage prepaid, (i) notifying such
recipient of the redemption, the date of such redemption, the number of Series B Preferred Shares to be redeemed, and the redemption price therefor and (ii) in the case of any notice by or on behalf of the Company, stating the place or places
at which the Shares called for redemption shall, upon presentation and surrender of such certificates representing such Shares, be redeemed. 

  

	 	(e)	 The Fair Market Value of the Common Shares as of the date of the Redemption Notice for purposes of the redemption pursuant to paragraph 4.5(a) shall be initially
negotiated by the Company on the one hand and by the Participating Holders on the other. If the Company and the Participating Holders fail to agree on a determination of Fair Market Value within twenty (20) days after the Company’s receipt
of the Redemption Notice, then the Company and the Participating Holders shall endeavour to select a nationally recognized investment banking or accounting firm, that has experience valuing pharmaceutical companies (the “Appraiser”) to
conduct an appraisal of the Common Shares, such appraisal to be conducted within sixty (60) days after such Person has been notified of its selection as the Appraiser. If the Participating Holders and the Company cannot agree on a Person to be
the Appraiser within forty-five (45) days after such 20 day period, the Participating Holders, on the one hand, and the Company on the other, shall then have ten (10) days to each select a Person satisfying the requirements of an
Appraiser. If either party fails to select such a Person within the ten (10) day period, the Person who is selected by a party within the ten (10) day period shall be the Appraiser and shall conduct an 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	 	 
appraisal of the relevant Common Shares within sixty (60) days of the expiration of such ten (10) day period. If the Company and the Participating
Holders each selected a Person within such ten (10) day period, then the two selected Persons shall, within ten (10) days from the expiration of such ten (10) day period, select another Person satisfying the requirements of an
Appraiser who shall then be the Appraiser and who shall then conduct an appraisal of the Common Shares within sixty (60) days of being selected. In the event the two selected Persons shall fail to select a third Person satisfying the
requirements of an Appraiser within such ten (10) day period, then each of the two selected Persons shall then act as an Appraiser, and shall make an appraisal within sixty (60) days of the expiration of such ten (10) day period. In
such event, the Fair Market Value of such Common Shares shall be the average of the two appraisals. The appraisal (or appraisals) conducted pursuant to this Paragraph 4.5(e) shall determine the Fair Market Value of such Common Shares as of the date
of the Redemption Notice, which determination shall be final and binding on the parties. The reasonable cost of the appraisal shall be borne 50% by the Company and 50% by the Participating Holders, except that in the event two appraisals are
performed pursuant to this Paragraph 4.5(c), then each party shall bear the actual cost of the appraisal performed by its designee. 

  

	4.6	Status of Reacquired Shares 

 Any Series B Preferred
Shares redeemed pursuant to Paragraph 4.5 hereof or otherwise acquired by the Company in any manner whatsoever shall be cancelled and shall not under any circumstances be reissued; and the Company may from time to time take such appropriate
corporate action as may be necessary to reduce accordingly the number of authorized Series B Preferred Shares. 
  

	4.7	Exclusion of Other Rights 

 Except as may otherwise
be required by law, the Series B Preferred Shares shall not have any preferences or relative, participating, optional or other special rights, other than those specifically set out herein. 
  

	4.8	Identical Rights 

 Each Series B Preferred Share
shall have the same relative rights and preferences as, and shall be identical in all respects with, all other Series B Preferred Shares. 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 1 continued 
  

	4.9	Certificates 

 So long as any Series B Preferred
Shares are issued, there shall be set forth on the face or back of each share certificate issued by the Company a statement that the Company shall furnish without charge to each member who so requests a full statement of the designation and relative
rights, preferences and limitations of each class of share capital or series thereof that the Company is authorized to issue and of the authority of the Board of Directors to designate and fix the relative rights, preferences and limitations of each
series. 
  

	4.10	Severability 

 If any right, preference or
limitation of Series B Preferred Shares set out herein (as may be amended from time to time) is invalid, unlawful or incapable of being enforced by reason of any rule, law or public policy, all other rights, preferences and limitations set out
herein (as so amended) which can be given effect without implicating the invalid, unlawful or unenforceable right, preference or limitation shall, nevertheless, remain in full force and effect, and no right, preference or limitation herein set forth
shall be deemed dependent upon any other right, preference or limitation unless so expressed herein. 
  

	4.11	Liquidation Rights 

 In the event of any
liquidation, dissolution or winding up of the Company, whether voluntary or involuntary (which shall be deemed to include, at the option of the holders of the Requisite Percentage of Series B Preferred Shares, a Sale of the Company), (A) the
holders of Series B Preferred Shares shall be entitled to receive, prior to and in preference to the holders of Series A Preferred Shares, the Common Shares and any other capital stock of the Company, an amount in cash equal to the Series B
Preference Amount, (B) the holders of any other series of Preferred Stock shall next be entitled to receive amounts pursuant to their rights on liquidation, (C) the holders of Common Shares will next be entitled to receive the dollar
amount of their investment in such Common Shares, and (D) the remainder, if any, will be distributed to holders of Common Shares and Preferred Shares on the same basis as if the Preferred Shares had been converted to Common Shares in accordance
with paragraph 4.4. 

 Companies Act of Barbados 
 (Section 205) 
 RESTATED ARTICLES OF INCORPORATION 
  

			
	Name of Company	  	Company No.
		
	 Pharmasset, Ltd.
	  	15461

 Schedule 2 
  

	7.	Other provisions if any 

  

	 	(a)	Any invitation to the public to subscribe for Shares or debentures of the company is permitted. 

  

	 	(b)	In the case of an equality of votes on any question submitted to any meeting of the shareholders of the Company, the Chairman of the meeting shall on a ballot have a casting vote in
addition to any votes to which he may otherwise be entitled. 

 BARBADOS 
 THE COMPANIES ACT 1982 
 A COMPANY WITH SHARE CAPITAL 
 THE GENERAL BY-LAW 
 OF 
 PHARMASSET, LTD. 
  

 THE COMPANIES ACT 
 CAP 308 OF THE LAWS OF BARBADOS 
 GENERAL BY-LAW 
 TABLE OF CONTENTS 
  

			
	 	  	Chapter
	 INTERPRETATION
	  	1
		
	 REGISTERED OFFICE
	  	1
		
	 SEAL
	  	2
		
	 DIRECTORS
	  	2
		
	 BORROWING POWERS OF DIRECTORS
	  	2
		
	 MEETINGS OF DIRECTORS
	  	3
		
	 REMUNERATION OF DIRECTORS
	  	4
		
	 SUBMISSION OF CONTRACTS OR TRANSACTIONS TO SHAREHOLDERS FOR APPROVAL
	  	4
		
	 PROTECTION OF DIRECTORS AND OFFICERS
	  	4
		
	 INDEMNITIES TO DIRECTORS AND OFFICERS
	  	5
		
	 OFFICERS
	  	6
		
	 SHAREHOLDERS’ MEETINGS
	  	8
		
	 SHARES
	  	12
		
	 TRANSFER OF SHARES AND DEBENTURES
	  	12
		
	 DIVIDENDS
	  	13
		
	 VOTING IN OTHER COMPANIES
	  	13
		
	 INFORMATION AVAILABLE TO SHAREHOLDERS
	  	13
		
	 NOTICES
	  	14
		
	 CHEQUES, DRAFT AND NOTES
	  	15
		
	 EXECUTION OF INSTRUMENTS
	  	15
		
	 SIGNATURES
	  	16
		
	 FINANCIAL YEAR
	  	17

 THE COMPANIES ACT 
 CAP 308 OF THE LAWS OF BARBADOS 
 GENERAL BY-LAW (NO. 1) 
 A by-law relating generally to the conduct of the affairs of: 
 PHARMASSET, LTD., (hereinafter called the “Company”) 
 BE IT ENACTED as the general by-law of the Company as follows:

  

	1.	INTERPRETATION 

 1.1 In this by-law and all other by-laws of the Company,
unless the context otherwise requires: 
 (a) “Act” means the Companies Act Chapter 308 of the Laws of Barbados as from time
to time amended and every statute substituted therefor and, in the case of such substitution, any references in the by-laws of the Company to provisions of the Act shall be read as references to the substituted provisions therefor in the new statute
or statutes; 
 (b) “Regulations” means any Regulations made under the Act, and every regulation substituted therefor and,
in the case of such substitution, any references in the by-laws of the Company to provisions of the Regulations shall be read as references to the substituted provisions therefor in the new regulations; 
 (c) “By-Laws” means any by-law of the Company from time to time in force; 
 (d) all terms contained in the by-laws and defined in the Act or the Regulations shall have the meanings given to such terms in the Act or the
Regulations; and 
 (e) the singular includes the plural and the plural includes the singular; the masculine gender includes the feminine and
neuter genders; the word “person” includes bodies corporate, companies, partnerships, syndicates, trusts and any association of persons; and the word “individual” means a natural person. 
  

	2.	REGISTERED OFFICE 

 2.1 The registered office of the Company shall be in
Barbados at such address as the directors may fix from time to time by resolution. 
  

 1 

	3.	SEAL 

 3.1 The common seal of the Company shall be such as the directors
may by resolution from time to time adopt. The Company may have for its use anywhere outside of Barbados, an official seal, which shall be a facsimile of the common seal of the Company with the addition on its face of the name of every country,
district or place where it is to be used. 
  

	4.	DIRECTORS 

 4.1 Powers: Subject to any unanimous shareholder
agreement, the business and affairs of the Company shall be managed by the directors. 
 4.2 Number: There shall be not less than three and no more
than ten directors. 
 4.3 Election: Directors shall be elected by the shareholders on a show of hands unless a ballot is demanded in which case such
election shall be by ballot. 
 4.4 Tenure: Unless this tenure is sooner determined, a director shall hold office from the date on which he is elected
or appointed until the close of the annual meeting of the shareholders next following but he shall be eligible for re-election if qualified. 
  

	4.4.1	A director shall cease to be a director: 

  

	 	(a)	if he becomes bankrupt or compounds with his creditors or is declared insolvent; 

  

	 	(b)	if he is found to be of unsound mind or 

  

	 	(c)	if by notice in writing to the Company he resigns his office and any such resignation shall be effective at the time it is sent to the Company or at the time specified in the notice
whichever is later. 

 4.4.2 The shareholders of the Company may, by ordinary resolution passed at a special meeting of the shareholders,
remove any director from office and a vacancy created by the removal of a director may be filled at the meeting of the shareholders at which the director is removed. 
 4.5 Committee of Directors: The directors may appoint from among their number a committee of directors and subject to section 80(2) of the Act may delegate to such committee any of the powers of the directors.

  

	5.	BORROWING POWERS OF DIRECTORS 

 5.1 The directors may from time to time and
pursuant to a resolution of the Board: 
  

	 	(a)	borrow money upon credit of the Company; 

  

	 	(b)	issue, reissue, sell or pledge debentures of the Company; 

  

 2 

 (c) subject to section 53 of the Act, give a guarantee on behalf of the Company to secure
performance of an obligation of any person; and 
 (d) mortgage, charge, pledge or otherwise create a security interest in all
or any property of the Company, owned or subsequently acquired, to secure an obligation of the Company. 
 5.2 The directors may from time to time by
resolution delegate to any officer of the Company all or any of the powers conferred on the directors by paragraph 5.1 hereof to the full extent thereof or such lesser extent as the directors may in any such resolution provide. 
 5.3 The powers conferred by paragraph 5.1 hereof shall be in supplement of and not in substitution for any powers to borrow money for the purpose of the Company
possessed by its directors or officers independently of a borrowing by-law. 
 5.4 None of the directors shall at any time borrow money from the Company and
any action taken under this section 5 shall be duly authorized by the directors. 
  

	6.	MEETINGS OF DIRECTORS 

 6.1 Place of Meeting: Meetings of the
directors and of any committee of the directors may be held within or outside Barbados. 
 6.2 Notice: A meeting of the directors may be convened at
any time by any director or the Secretary, when directed or authorized by any director. Subject to subsection 76(l) of the Act the notice of any such meeting need not specify the purpose of or the business to be transacted at the meeting. Notice of
any such meeting shall be served in the manner specified in paragraph 18.1 hereof not less than two days (exclusive of the day on which the notice is delivered or sent but inclusive of the day for which notice is given) before the meeting is to take
place. A director may in any manner waive notice of a meeting of the directors and attendance of a director at a meeting of the directors shall constitute a waiver of notice of the meeting except where a director attends a meeting for the express
purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called. 
 6.2.1 It shall not be necessary to give
notice of a meeting of the directors to a newly elected or appointed director for a meeting held immediately following the election of directors by the shareholders or the appointment to fill a vacancy among the directors. 
  

 3 

 6.3 Quorum: A quorum necessary for the transaction of business of directors shall be a number which constitutes a
majority of the directors in office. A quorum may exercise all the powers of the directors. No business shall be transacted at a meeting of directors unless a quorum is present. 
 6.3.1 A director may, if all the directors consent, participate in a meeting of directors or of any committee of the directors by means of such telephone or other communications facilities as permit all persons
participating in the meeting to hear each other and a director participating in such a meeting by such means is deemed to be present at that meeting. 
 6.4
Voting: Questions arising at any meeting of the directors shall be decided by a majority of votes. In case of an equality of votes the chairman of the meeting in addition to his original vote shall have a second or casting vote. 

6.5 Resolution in lieu of meeting: Notwithstanding any of the foregoing provisions of this by-law a resolution in writing signed by all the directors entitled
to vote on that resolution at a meeting of the directors or any committee of the directors is as valid as if it had been passed at a meeting of the directors or any committee of the directors. 
  

	7.	REMUNERATION OF DIRECTORS 

 7.1 The remuneration to be paid to the
directors shall be such as the directors may from time to time determine and such remuneration may be in addition to the salary paid to any officer or employee of the Company who is also a director. The directors may also award special remuneration
to any director undertaking any special services on the Company’s behalf other than the routine work ordinarily required of a director and the confirmation of any such resolution or resolutions by the shareholders shall not be required. The
directors shall also be entitled to be paid their travelling and other expenses properly incurred by them in connection with the affairs of the Company. 
  

	8.	SUBMISSION OF CONTRACTS OR TRANSACTIONS TO SHAREHOLDERS FOR APPROVAL 

 8.1
The shareholders of the Company shall not be liable in respect act contract and or transactions approved by them as all liabilities and obligations in respect of such acts contracts and or transactions shall be borne by the Company. 
  

	9.	PROTECTION OF DIRECTORS AND OFFICERS 

 9.1 No director or officer of the
Company shall be liable to the Company for: - 
  

	 	(a)	the acts, receipts, neglects or defaults of any other director or officer or employee. 

  

 4 

	 	(b)	any loss, damage, or expense incurred by the Company through the insufficiency or deficiency of the title to any property acquired by the Company or for or on behalf of the Company;

  

	 	(c)	the insufficiency or deficiency of any security in or upon which any of the moneys of or belonging to the Company shall be placed out or invested; 

  

	 	(d)	any loss or damage arising from the bankruptcy, insolvency or tortuous act of any person, including any person with whom any moneys, securities or effects shall be lodged or
deposited; 

  

	 	(e)	any loss, conversion, misapplication or misappropriation of or any damage resulting from any dealings with any moneys, securities or other assets belonging to the Company;

  

	 	(f)	any other loss, damage or misfortune whatever which may happen in the execution of the duties of his respective office or trust or in relation thereto; 

 unless the same happens by or through his failure to exercise the powers and to discharge the duties of his office honestly and in good faith with a view to the best
interests of the Company and in connection therewith to exercise the case, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. 
 9.2 Nothing herein contained shall relieve a director or officer from the duty to act in accordance with the Act or regulations made thereunder or relieve him from liability for a breach thereof. 
 9.2.1 The directors for the time being of the Company shall not be under any duty or responsibility in respect of any contract, act or transaction whether or not made,
done or entered into in the name of or on behalf of the Company, except such as are submitted to and authorised or approved by the directors. 
 9.2.2 If any
director or officer of the Company is employed by or performs services for the Company otherwise than as a director or officer or is a member of a firm or a shareholder, director or officer of a body corporate which is employed by or performs
services for the Company, the fact of his being a shareholder, director or officer of the Company shall not disentitle such director or officer or such firm or body corporate, as the case may be, from receiving proper remuneration for such services.

  

	10.	INDEMNITIES TO DIRECTORS AND OFFICERS 

 10.1 Subject to section 97 of the
Act, except in respect of an action by or on behalf of the Company to obtain a judgment in its favour, the Company shall indemnify a director or officer of the 

  

 5 

 
Company, a former director or officer of the Company or a person who acts or acted at the Company’s request as a director or officer of a body corporate
of which the Company is or was a shareholder or creditor, and his personal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any
civil, criminal or administrative action or proceeding to which he is made a party by reason of being or having been a director or officer of such company, if: 
  

	 	(a)	he acted honestly and in good faith with a view to the best interests of the Company; and 

  

	 	(b)	in the case of a criminal or administrative action or proceeding this is enforced by a monetary penalty, he had reasonable grounds for believing that his conduct was lawful.

 The Company shall also indemnify such person in such other circumstances as the Act permits or requires. Nothing in this
By-Law shall limit the right of any person entitled to indemnity to claim indemnity apart from the provisions of this By-Law. 
 10.2 Insurance.
Subject to the Act, the Company may purchase and maintain insurance for the benefit of any person referred to in paragraph 10.1 against any liability incurred by him in his capacity as a Director or officer of the Company or of another body
corporate where he acts or acted in that capacity at the Company’s request. 
  

	11.	OFFICERS 

 11.1 Appointment: The directors shall as often as may be
required appoint a Secretary and, if deemed advisable, may as often as may be required appoint any of the following officers: a Chairman, a Deputy Chairman, a Managing Director, a President, one or more Vice-Presidents, a Treasurer, one or more
Assistant Secretaries or one or more Assistant Treasurers. A director may be appointed to any office of the Company but none of the officers except the Chairman, the Deputy Chairman, the Managing Director and the President need be a director. Two or
more of the aforesaid offices may be held by the same person. In case and whenever the same person holds the offices of Secretary and Treasurer he may but need not be known as the Secretary-Treasurer. The directors may from time to time appoint such
other officers and agents as they deem necessary who shall have such authority and shall perform such duties as may from time to time be prescribed by the directors. 
 11.2 Remuneration: The remuneration of all officers appointed by the directors shall be determined from time to time by resolution of the directors. The fact that any officer or employee is a 

  

 6 

 
director or shareholder of the Company shall not disqualify him from receiving such remuneration as may be determined. 
 11.3 Powers and Duties: All officers shall sign such contracts, documents or instruments in writing as require their respective signatures and shall respectively
have and perform all powers and duties incident to their respective offices and such other powers and duties respectively as may from time to time be assigned to them by the directors. 
 11.4 Delegation: In case of the absence or inability to act of any officer of the Company or for any other reason that the directors may deem sufficient the directors may delegate all or any of the powers of
such officer to any other officer or to any director. 
 11.5 Chairman: A Chairman shall, when present, preside at all meetings of the directors, and
any committee of the directors or the shareholders. 
 11.6 Deputy Chairman: If the Chairman is absent or is unable or refuses to act, the Deputy
Chairman (if any) shall, when present, preside at all meetings of the directors, and any committee of the directors, or the shareholders. 
 11.7 Managing
Director: A Managing Director shall exercise such powers and have such authority as may be delegated to him by the directors in accordance with the provisions of section 80 of the Act. 
 11.8 President: A President shall be the Chief Executive Officer of the Company. He shall be vested with and may exercise all the powers and shall perform all the
duties of a Chairman and Deputy Chairman if none be appointed or if the Chairman and the Deputy Chairman are absent or are unable or refuse to act. 
 11.9
Vice-President: A Vice-President or, if more than one, the Vice-Presidents, shall be vested with such powers and shall perform such duties as the directors may prescribe. 
 11.10 Secretary: The Secretary shall give or cause to be given notices for all meetings of the directors, any committee of the directors and the shareholders when directed to do so and shall have charge of the
minute books and seal of the Company and, subject to the provisions of paragraph 14.2 hereof, of the records (other than accounting records) referred to in section 170 of the Act. 
 11.11 Treasurer: Subject to the provisions of any resolutions of the directors, a Treasurer shall have the care and custody of all the funds and securities of the Company and shall deposit the same in the name
of the Company in such bank or banks or with such other depository or depositories 

  

 7 

 
as the directors may direct. He shall keep or cause to be kept the accounting records referred to in section 172 of the Act. He may be required to give such
bond for the faithful performance of his duties as the directors in their uncontrolled discretion may require but no director shall be liable for failure to require any such bond or for the insufficiency of any such bond or for any loss by reason of
the failure of the Company to receive any indemnity thereby provided. 
 11.12 Assistant Secretary and Assistant Treasurer: The Assistant Secretary
or, if more than one, the Assistant Secretaries in order of seniority, and the Assistant Treasurer or, if more than one, the Assistant Treasurers in order of seniority, shall respectively perform all the duties of the Secretary and the Treasurer,
respectively, in the absence or inability or refusal to act of the Secretary and the Treasurer, as the case may be. 
 11.13 General Manager or
Manager: The directors may from time to time appoint one or more General Managers or Managers and may delegate to him or them full power to manage and direct the business and affairs of the Company (except such matters and duties as by law must
be transacted or performed by the directors or by the shareholders) and to employ and discharge agents and employees of the Company or may delegate to him or them any lesser authority. A General Manager or Manager shall conform to all lawful orders
given to him by the directors of the Company and shall at all reasonable times give to the directors or any of them all information they may require regarding the affairs of the Company. Any agent or employee appointed by the General Manager or
Manager may be discharged by the directors. 
 11.14 Vacancies: If the office of any officer of the Company becomes vacant by reason of death,
resignation, disqualification or otherwise, the directors by resolution shall, in the case of the Secretary, and may, in the case of any other officer, appoint a person to fill such vacancy. 
  

	12.	SHAREHOLDERS’ MEETINGS 

 12.1 Annual Meeting: Subject to the
provisions of section 105 of the Act, the annual meeting of the shareholders shall be held on such day in each year and at such time as the directors may by resolution determine at any place within or outside of Barbados. 
 12.2 Special Meetings: Special meetings of the shareholders may be convened by order of the Chairman, the Deputy Chairman, the Managing Director, the President,
or by the directors at any date and time and at any place within Barbados or outside of Barbados. 
  

 8 

 12.2.1 The directors shall, on the requisition of the holders of not less than five percent of the issued shares of the
Company that carry a right to vote at the meeting requisitioned, forthwith convene a meeting of shareholders, and in the case of such requisition the following provisions shall have effect: - 
 (1) The requisition must state the purposes of the meeting and must be signed by the requisitionists and deposited at the Registered Office, and may
consist of several documents in like form each signed by one or more of the requisitionists. 
 (2) If the directors do not, within
twenty-one days from the date of the requisition being so deposited, proceed to convene a meeting, the requisitionists or any of them may themselves convene the meeting, but any meeting so convened shall be held after three months from the date of
such deposit. 
 (3) Unless subsection (3) of section 129 of the Act applies, the directors shall be deemed not to have duly convened
the meeting if they do not give such notice as is required by the Act within fourteen days from the deposit of the requisition. 
 (4) Any
meeting convened under this paragraph by the requisitionists shall be called as nearly as possible in the manner in which meetings are to be called pursuant to the by-laws and Divisions F. and P of Part 1 of the Act. 
 (5) A requisition by joint holders of shares must be signed by all such holders. 
 12.3 Notice. A printed, written or typewritten notice stating the day, hour and place of meeting shall be given by such notice on each shareholder entitled to vote at such meeting, on each director and on the
auditor of the Company in the manner specified in paragraph 18.1 hereof, not less than twenty-one days or more than fifty days (in each case exclusive of the day for which the notice is delivered or sent and of the day for which notice is given)
before the date of such meeting. Notice of a meeting at which special business is to be transacted shall state (a) the nature of that business in sufficient detail to permit the shareholder to form a reasoned judgment thereon, and (b) the
text of any special resolution to be submitted to the meeting. 
 12.4 Waiver of Notice: A shareholder and any other person entitled to attend a
meeting of shareholders may in any manner waive notice of a meeting of shareholders and attendance of any such person at a meeting of the shareholders shall constitute a waiver of notice of the meeting except where 

  

 9 

 
such person attends a meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

 12.5 Votes: Every question submitted to any meeting of shareholders shall be decided in the first instance by a show of hands unless a person
entitled to vote at the meeting has demanded a ballot and, if the articles so provide, in the case of an equality of votes the Chairman of the meeting shall on a ballot have a casting vote in addition to any votes to which he may be otherwise
entitled. 
 12.6 The holders of a majority in number of the total outstanding shares of the Company are entitled to vote at a meeting of shareholders,
present in person or represented by proxy, and shall constitute a quorum of the shareholders for all purposes, unless the representation of a larger number of shares is required by law; provided that at any meeting of the shareholders at which the
holders of a majority in number of the total outstanding shares of such class, present in person or represented by proxy, shall constitute a quorum of such class vote unless the representation of a larger number of shares is required by law. The
affirmative vote of the holders of a majority of shares in the Company present in person or by proxy at a meeting of the shareholders shall constitute approval by the shareholders of the Company unless a larger number of shares shall be required by
law; provided, however, that at any meeting of the shareholders at which the holders of any class of shares of the Company shall be entitled to vote separately as a class, the holders of a majority in the number of the shares of such class present
in person or represented by proxy at the meeting shall constitute approval by such class for purposes of such class approval unless the approval of a larger number of shares of such class shall be required by law. 
 12.6.1 At any meeting unless a ballot is demanded, a declaration by the Chairman of the meeting that a resolution has been carried or carried unanimously or by a
particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact. 
 12.6.2 When the Chairman, the Deputy
Chairman, the Managing Director, and the President are absent, the persons who are present and entitled to vote shall choose another director as Chairman of the meeting; but if no director is present or all the directors present decline to take the
chair, the persons who are present and entitled to vote shall choose one of their number to be Chairman. 
 12.6.3 A ballot, either before or after any vote
by a show of hands, may be demanded by any person entitled to vote at the meeting. If at any meeting, a ballot is demanded on the election of a Chairman or on the question of adjournment it shall be taken forthwith without adjournment. If at any

  

 10 

 
meeting a ballot is demanded either on any other question or as to the election of directors, the vote shall be taken by ballot in such manner and either at
once, later in the meeting or after the adjournment as the Chairman of the meeting directs. The result of a ballot shall be deemed to be the resolution of the meeting at which the ballot was demanded. A demand for a ballot may be withdrawn.

 12.6.4 If two or more persons hold shares jointly, one of those holders present at a meeting of shareholders may, in the absence of the other, vote the
shares; but if two or more of those persons who are present, in person or by proxy vote, they must vote as one on the shares jointly held by them. 
 12.7
Proxies: Votes at meetings of the shareholders may be given either personally or by proxy or, in the case of a shareholder who is a body corporate or association, by an individual authorised by a resolution of the directors or governing body
of that body corporate or association to represent it at meetings of shareholders of the Company. 
 12.7.1 A proxy shall be executed by the shareholder or
his attorney authorised in writing and is valid only at the meeting in respect of which it is given or any adjournment thereof. 
  

	12.7.2	A person appointed by proxy need not be a shareholder. 

 12.7.3 Subject to
the provisions of Part V of the Regulations, a proxy may be in the following form or as near thereto as circumstances require or permit: 
 The undersigned
shareholder of Pharmasset, Ltd. hereby appoints
                                        
             of
                                        
                            , or failing him,
                                        
                                        
                                     of
                                        
     as the nominee of the undersigned to attend and act for the undersigned and on behalf of the undersigned at the meeting of the shareholders of the said Company to be held on
                     day of
                                
19         and at any adjournment or adjournments thereof in the same manner, to the same extent and with the same powers as if the undersigned were present at the said meeting or such adjournment or
adjournments thereof. 
 DATED this
                         day of
                 19         
 Signature of shareholder 
 12.8
Adjournment. The Chairman of any meeting may with the consent of the meeting adjourn the same from time to time to a fixed time and place and no notice of such adjournment need be given to the shareholders unless the meeting is adjourned by
one or more adjournments for an 

  

 11 

 
aggregate of thirty days or more in which case notice of the adjourned meeting shall be given as for an original meeting. Any business that might have been
brought before or dealt with at the original meeting in accordance with the notice calling the same may be brought before or dealt with at any adjourned meeting for which no notice is required. 
  

	12.9	Quorum: Reference is made to paragraph 12.6 above. 

 12.10
Resolution in lieu of meeting: Notwithstanding any of the foregoing provisions of this by-law a resolution in writing signed by all the shareholders entitled to vote on that resolution at a meeting of the shareholders is, subject to section
128 of the Act, as valid as if it had been passed at a meeting of the shareholders. 
  

	13.	SHARES 

 13.1 Allotment and Issuance: Subject to the Act, the
articles and any unanimous shareholder agreement, shares in the capital of the Company may be allotted and issued by resolution of the directors at such times and on such terms and conditions and to such persons or class of persons as the directors
determine. 
 13.2 Certificate. Share certificates and the form of share transfer shall (subject to section 181 of the Act) be in such form as the
directors may by resolution approve and such certificates shall be signed by a Director, the Chairman or a Deputy Chairman or a Managing Director or a President or a Vice-President and the Secretary or an Assistant Secretary holding office at the
time of signing. 
 13.2.1 The directors or any agent designated by the directors may in their or his discretion direct the issuance of a new share or other
such certificate in lieu of and upon cancellation of certificate that has been mutilated or in substitution for a certificate claimed to have been lost, destroyed or wrongfully taken, on payment of such reasonable fee and on such terms as to
indemnity, reimbursement of expenses and evidence of loss and of title as the directors may from time to time prescribe, whether generally or in any particular case. 
  

	14.	TRANSFER OF SHARES AND DEBENTURES 

 14.1 Transfer: The shares of
debentures of the Company may be transferred by a written instrument of transfer signed by the transferor and naming the transferee. 
 14.2
Registers: Registers of shares and debentures issued by the Company shall be kept at the registered office of the Company or at such other place in Barbados as may from time to time be designated by resolution of the directors. 
  

 12 

 14.3 Surrender of Certificates: Subject to section 179 of the Act, no transfer of shares or debentures shall be
registered unless or until the certificate representing the shares or debentures to be transferred has been surrendered for cancellation. 
 14.4
Shareholders Indebted to the Company: If so provided in the articles, the Company has a lien on a share registered in the name of a shareholder or his personal representative for a debt of that shareholder to the Company. By way of
enforcement of such lien the directors may refuse to permit the registration of a transfer of such share. 
  

	15.	DIVIDENDS 

 15.1 The directors may from time to time by resolution declare
and the Company may pay dividends on the issued and outstanding shares in the capital of the Company subject to the provisions (if any) of the articles and sections 51 and 52 of the Act. 
 15.1.1 In case several persons are registered as the joint holders of any shares, any one of such persons may give effectual receipts for all dividends and payment on account of dividends. 
  

	16.	VOTING IN OTHER COMPANIES 

 16.1 All shares or debentures carrying voting
rights in any other body corporate that are held from time to time by the Company may be voted at any and all meetings of shareholders, debenture holders (as the case may be) of such other body corporate and in such manner and by such person as the
directors of the Company shall from time to time determine. The offices of the Company may for and on behalf of the Company from time to time: - 
 (a) execute and deliver proxies; and 
 (b) arrange for the issuance of voting certificates or other evidence of the right to vote;
in such names as they may determine without the necessity of a resolution or other action by the directors. 
  

	17.	INFORMATION AVAILABLE TO SHAREHOLDERS 

 17.1 Except as provided by the Act,
no shareholder shall be entitled to any information respecting any details or conduct of the Company’s business which in the opinion of the directors it would be inexpedient in the interests of the Company to communicate to the public.

 17.2 The directors may from time to time, subject to rights conferred by the Act, determine whether and to what extent and at what time and place and
under what conditions or regulations the documents, books and registers and accounting records of the Company or any of them shall be open 

  

 13 

 
to the inspection of shareholders and no shareholder shall have any right to inspect any document or book or register or accounting record of the Company
except as conferred by statute or authorised by the directors or by a resolution of the shareholder. 
  

	18.	NOTICES 

 18.1 Method of giving notice: Any notice or other document
required by the Act, the Regulations, the articles or the by-laws to be sent to any shareholder, debenture holder, director or auditor may be delivered personally or sent by prepaid mail or cable or telefax to any such person at his latest address
as shown in the records of the Company or its transfer agent and to any such director at his latest address as shown in the records of the Company or in the latest notice filed under section 66 or 74 of the Act, and to the auditor at his business
address. 
 18.2 Waiver of notice: Notice may be waived or the time for the notice may be waived or abridged at any time with the consent in writing
of the person entitled thereto. 
 18.3 Undelivered notices: If a notice or document is sent to a shareholder or debenture holder by prepaid mail in
accordance with this paragraph and the notice or document is returned on three consecutive occasions because the shareholder or debenture holder cannot be found, it shall not be necessary to send any further notices or documents to the shareholder
or debenture holder until he informs the Company in writing of his new address. 
 18.4 Shares and debentures registered in more than one name: All
notices or other documents with respect to any shares or debentures registered in more than one name shall be given to whichever of such persons is named first in the records of the Company and any notice or other document so given shall be
sufficient notice or delivery to all the holders of such shares or debentures. 
 18.5 Persons becoming entitled by operation of law: Subject to
section 184 of the Act, every person who by operation of law, transfer or by any other means whatsoever becomes entitled to any share is bound by every notice or other document in respect of such share that, previous to his name and address being
entered in the records of the Company, is duly given to the person from whom he derives his titles to such share. 
 18.6 Deceased Shareholders:
Subject to section 184 of the Act, any notice or other document delivered or sent by prepaid mail, cable or telefax or left at the address of any shareholder as the same appears in the records of the Company shall, notwithstanding that such
shareholder is deceased, and whether or not the Company has notice of his death, be deemed to have been duly 

  

 14 

 
served in respect of the shares held by him (whether held solely or with any other person) until such other person is entered in his stead in the records of
the Company as the holder or one of the holders thereof and such services shall for purposes be deemed a sufficient service of such notice or document on his personal representatives and on all persons, if any, interested with him in such shares.

 18.7 Signature to notices: The signature of any director or officer of the Company to any notice or document to be given by the Company may be
written, stamped, typewritten or printed or partly written, stamped typewritten or printed. 
 18.8 Computation of time: Where a notice extending over
a number of days or other period is required under any provisions of the articles or the by-laws the day of sending the notice shall, unless it is otherwise provided, be counted in such number of days or other period. 
 18.9 Proof of service: Where a notice required under paragraph 18.1 hereof is delivered personally to the person to whom is it addressed or delivered to his
address as mentioned in paragraph 18.1 hereof, service shall be deemed to be at the time of delivery of such notice. 
 18.9.1 Where such notice is sent by
post, service of the notice shall be deemed to be effected forty-eight hours after posting if the notice was properly addressed and posted by prepaid mail. 
 18.9.2 Where the notice is sent by cable or telefax, service is deemed to be effected on the date on which the notice is sent. 
 18.9.3 A
certificate of an officer of the Company in office at the time of the making of the certificate or of any transfer agent of shares of any class of the Company as to facts in relation to the delivery or sending of any notice shall be conclusive
evidence of those facts. 
  

	19.	CHEQUES, DRAFT AND NOTES 

 19.1 All cheques, drafts or orders for the
payment of money and all notes and acceptances and bills of exchange shall be signed by such officers or persons and in such manner as the directors may from time to time designate by resolution. 
  

	20.	EXECUTION OF INSTRUMENTS 

  

	20.1	Contracts, documents or instruments in writing requiring the signature of the Company may be signed by: 

 (a) a Director, a Chairman, a Deputy Chairman, a Managing Director, a President or a Vice-President together with the Secretary (or an Assistant
Secretary) or the Treasurer (or an Assistant Treasurer); or 
  

 15 

 (b) any two directors 
 and all contracts, documents and instruments in writing so signed shall be binding upon the Company without any further authorization or formality. The directors shall have the power from time to time by resolution to
appoint any officers or persons on behalf of the Company either to sign certificates for shares in the Company and contracts, documents and instruments in writing generally or to sign specific contracts, documents or instruments in writing.

 20.1.1 The common or any facsimile seal of the Company may be affixed to contracts, documents and instruments in writing signed as aforesaid or by any
officers or persons specified in paragraph 20.1 hereof. 
  

	20.1.2	Subject to section 134 of the Act: 

 (a) A Director, the
Chairman, a Deputy Chairman, a Managing Director, a President or a Vice-President together with the Secretary or the Treasurer; or 
 (b) any
two directors 
 shall have authority to sign and execute (under the seal of the Company or otherwise) all the instruments that may be necessary for the
purpose of selling, assigning, transferring, exchanging, converting or conveying any such shares, stocks, bonds, debentures, rights, warrants or other securities. 
  

	21.	SIGNATURES 

 21.1 The signature of a Chairman, a Deputy Chairman, a
Managing Director, a President, a Vice-President, the Secretary, the Treasurer, an Assistant Secretary or an Assistant Treasurer or any director of the Company or any officer or person, appointed pursuant to paragraph 20.1 hereof by resolution of
the directors may, if specially authorised by resolution of the directors, be printed, engraved, lithographed or otherwise mechanically reproduced upon any certificate for shares in the Company or contract, document or instrument in writing, bond,
debenture or other security of the Company executed or issued by or on behalf of the Company. Any document or instrument in writing on which the signature of any such officer or person is so reproduced shall be deemed to have been manually signed by
such officer or person whose signature is so reproduced and shall be deemed to have been manually signed by such officer or person whose signature is so reproduced and shall be as valid to all intents and purposes as if such document or instrument
in writing had been signed 

  

 16 

 
manually and notwithstanding that the officer or person whose signature is so reproduced has ceased to hold office at the date on which such document or
instrument in writing is delivered or issued. 
  

	22.	FINANCIAL YEAR 

 22.1 The directors may from time to time by resolution
establish the financial year of the company. 
 ENACTED this
                                        
day of
                                        ,
1999 
  

					
			
	 /s/
	 		 	 /s/

	Director	 		 	 Secretary
 Corporate Services Limited

  

 17 

 EXHIBIT D 
 Compliance with Law 
  

	1.	In February 1999, Pharmasset offered 580,000 shares of Series A Preferred Stock at $1 per share to 15 individuals (the “Offered Shares”). In February 1999 Pharmasset sold
an aggregate of 149,500 of the Offered Shares at $1.00 per share paid in cash (the “Fully Paid Shares”). An aggregate of 430,500 of the Offered Shares (580,000 shares less the Fully Paid Shares) are payable as described on Exhibit
B hereof. Four of the individuals that were offered Offered Shares were officers and directors of Pharmasset and were offered an aggregate of 408,000 shares of Series A Preferred Stock; an additional two individuals were co-founders of the
Pharmasset. Since these offers (and issuances) may not have been made in compliance with applicable state and federal securities laws, Pharmasset may, subject to the advice of counsel, do a rescission offer in accordance with applicable state and
federal securities laws, but does not anticipate any of such shareholders will rescind their investment in the Series A Preferred Stock. 

  

	2.	In May 1999, Pharmasset offered and sold an aggregate of 25,000 shares of Series A Preferred Stock at $1 per share to Mahmoud H. el Kouni payable as follows: (a) an aggregate
of 18,000 shares as reimbursement to Dr. el Kouni for patent expenses pursuant to a certain License and Consulting Agreement entered into between Pharmasset and Dr. el Kouni, et al., and (b) an aggregate of 7,000 shares paid in cash.
Since these issuances may not have been made in compliance with applicable state and federal securities laws, Pharmasset may, subject to the advice of counsel, do a rescission offer in accordance with applicable state and federal securities laws,
but does not anticipate Dr. el Kouni will decide to rescind his investment in the Series A Preferred Stock. 

 EXHIBIT E 
 Unaudited Balance Sheet 

 Pharmasset, Ltd. 
 Consolidated Financial Statements 
 October 31, 1999- Unaudited 
 (In Thousands) 
 BALANCE SHEET 
 10 Months Ended October 31, 1999 
  

					
		
	ASSETS	  			
	 Cash & cash equivalents
	  	$	5,644	 
	 Other
	  	 	128	 
	 Total Current Assets
	  	$	5,772	 
		  	 	 	 
	 Leasehold improvements and equip.
	  	 	948	 
	 Patents, net
	  	 	58	 
	 Start up costs, net
	  	 	134	 
	 Deposits
	  	 	23	 
	 Miscellaneous
	  	 	10	 
		  	 	1,173	 
	 Total Assets
	  	$	6,945	 
		
	LIABILITIES & EQUITY	  			
	 Compensation payable
	  	$	59	 
	 Accounts payable
	  	 	0	 
	 Accrued Expenses
	  	 	0	 
	 Total Current Liabilities
	  	$	59	 
	 Deferred Revenue
	  	 	100	 
		  	 	 	 
	 Total Liabilities
	  	$	159	 
	 Shareholders Equity
	  			
	 Series A Preferred
	  	 	3,105	 
	 Series B Preferred
	  	 	3,935	 
	 Common stock
	  	 	206	 
	 Capital stock expense
	  	 	(54	)
	 Retained earnings prior year
	  	 	(238	)
	 Retained earnings current year
	  	 	(168	)
		  	 	 	 
	 Total shareholders equity
	  	 	6,786	 
	 Total Liabilities & Equity
	  	$	6,945	 

 Pharmasset- Highly ConfidentialCollaboration Agreement, dated October 29, 2004

 EXHIBIT 10.1 
 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
 COLLABORATION AGREEMENT 
 This
COLLABORATION AGREEMENT (the “Agreement”), having a date of October 29, 2004 (the “Effective Date”), is made by and between, on the one hand, F. HOFFMANN-LA ROCHE LTD, a Swiss corporation, having its principal place of
business at Grenzacherstrasse 124, CH-4070, Basel, Switzerland and HOFFMANN-LA ROCHE INC., a New Jersey corporation, having its principal place of business at 340 Kingsland Street, Nutley, New Jersey 07110 (collectively “Roche”) and, on
the other hand, PHARMASSET, INC., a Delaware corporation, having its principal place of business at 1860 Montreal Road, Tucker, Georgia 30084 (“Pharmasset”). 
 RECITALS 
 WHEREAS, Pharmasset has a discovery and development program relating to
2’-fluoronucleoside compounds, and owns related intellectual property rights; 
 WHEREAS, Roche has expertise in the research,
development, manufacture and commercialization of pharmaceutical products; 
 WHEREAS, Roche desires to secure rights to further develop and
commercialize products developed and to be developed pursuant to the Collaboration (as defined below); 
 NOW THEREFORE, in consideration of
the mutual covenants and promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Pharmasset and Roche agree as follows: 
 ARTICLE 1. DEFINITIONS 
 As used in
this Agreement, the following terms, whether used in the singular or plural, shall have the following meanings: 
  

	1.1	“Affiliate” means (a) a business entity which owns, directly or indirectly, more than fifty percent (50%) of the voting shares or other means of control of a
Party; or (b) a business entity in which more than fifty percent (50%) of the voting shares or other means of control are owned by a Party, either directly or indirectly; or (c) a business entity, the majority ownership of which is
directly or indirectly common to the majority ownership of a Party. Anything to the contrary in this paragraph notwithstanding, [***], a [***] corporation (“[***]”), and [***], a [***] corporation (“[***]”), shall not be deemed
an Affiliate of Roche until the existing [***] agreements pursuant to which Roche has relinquished [***] rights in [***] and [***], respectively, expire or are earlier terminated or otherwise are in relevant part no longer of force or effect or
earlier if Roche provides written notice to Pharmasset of its intent to have [***] and/or [***] treated as an Affiliate under this Agreement. 

  

 1 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	1.2	“Agreement Term” means the term of this Agreement, as more fully described in Section 17.1. 

  

	1.3	“API” means active pharmaceutical ingredient. 

  

	1.4	“Bundled Product” means Product(s) sold to a Third Party for use with one or more other products or services, wherein the Product(s) and the other product or services are
sold for one unit price, even though packaged separately. 

  

	1.5	“Claim” shall have the meaning given in Section 19.1(a). 

  

	1.6	“CMC Derisking Activities” shall have the meaning given in Schedule 8. 

  

	1.7	“CMC Subcommittee” shall have the meaning given in Section 8.1(e). 

  

	1.8	“Collaboration” means discovery and development by the Parties of Primary Compounds and Potential Licensed Compounds during the Collaboration Period, and thereafter
development and commercialization of Licensed Compounds by Roche and Pharmasset, in each case pursuant to this Agreement. 

  

	1.9	“Collaboration Period” means the period of time commencing January 1, 2005 and ending [***], unless extended by Roche as per Section 4.4.

  

	1.10	“Combination Product” means any co-formulated product containing both a pharmaceutically active agent that causes it to be considered a Product and one or more other
pharmaceutically active agents that are not Licensed Compounds. 

  

	1.11	“Compound Claim” shall mean, for a given Product, a claim in a Pharmasset Patent Right, Joint Patent Right or Roche Patent Right Covering the molecule per se of a Licensed
Compound that is contained, in whole or as a component thereof, as an active ingredient of such Product. 

  

	1.12	“Control” or “Controlled” means, with respect to any intellectual property right, possession by a Party of the ability (whether by ownership, license or
otherwise) to grant access, a license or a sublicense to such intellectual property right without violating the terms of any agreement or other arrangement with any Third Party. 

  

	1.13	“Cost of Goods” means the manufacturing [***] of either (a) [***], or (b) [***], provided that such [***]. Cost of Goods shall include [***] and [***].
Notwithstanding the foregoing, in the event that [***]. For clarity, “Cost of Goods” shall be [***]. 

  

	1.14	 “Cover” (including the variations such as “Covered”, “Coverage” or “Covering”) means that the selling of a given compound or
product would infringe a Patent Right (including pending claims that, if issued, would be infringed so long as the pendency of the patent application and any parent applications to which such patent application claim priority have not been pending
for more than ten (10)

  

 2 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
years) in the absence of a license under such Patent Right. The determination of whether a compound or product is Covered by a particular Patent Right shall
be made on a country-by-country basis. 

  

	1.15	“Development Plan” means the plan of development for a Licensed Compound developed by the Parties, outlining the global development of such Licensed Compound through
Regulatory Approval. The initial Development Plan for the Primary Compound is attached as Schedule 1. The Parties may amend each Development Plan from time to time through the Joint Development and Marketing Committee in accordance with
Section 9.3. 

  

	1.16	“Dispute” shall have the meaning given in Section 18.2. 

  

	1.17	“Effective Date” shall have the meaning given in the first paragraph hereof. 

  

	1.18	“End of Phase 1” means, for a given Potential Licensed Compound, the completion of all the criteria listed in Schedule 5 during the Collaboration Period.

  

	1.19	“EU MAA Filing” means an application for marketing authorization filed in any country in the European Union or Switzerland for a given Product. 

 

	1.20	“European Approval” means all Regulatory Approvals necessary for selling and marketing a Product in an European Major Market Country. 

  

	1.21	“European Major Market Country” means the [***]. 

  

	1.22	“European Union” means the countries comprising the European Union as of the Effective Date. 

  

	1.23	“Executives” shall have the meaning given in Section 8.1(c). 

  

	1.24	“Expiration Date” shall have the meaning given in Section 17.1. 

  

	1.25	“FDA” means the US Food and Drug Administration. 

  

	1.26	“Field” means human healthcare for all indications, including the HCV Indication. 

  

	1.27	“GLP Tox Completion” means, for a given Potential Licensed Compound, the transmittal to Roche of all of the data from all of the studies and activities criteria listed in
Schedule 4, in the form of a final report, including statistical analysis of such data. 

  

	1.28	“HCV Indication” means treatment or prevention of hepatitis C virus infection in humans. 

  

	1.29	 “HCV Target Screening Patent License” means any license to a Patent Right Covering an assay, technology platform or research tool for screening drug

  

 3 

	 	 
candidates that inhibit HCV polymerase, but shall not include any Pre-existing Pharmasset Third Party License. 

  

	1.30	“IND” means an Investigational New Drug Application filed with the FDA, or the foreign equivalent, for human clinical testing of a drug. 

  

	1.31	“Initiation of Phase 1” means the date that a patient is first dosed with a Product in a Phase 1 clinical trial. 

  

	1.32	“Initiation of Phase 2” means the date that a patient is first dosed with a Product in a Phase 2 clinical trial whose interim assessment, as decided by the Joint
Development and Marketing Committee, will be used to support a Phase 3 clinical trial. 

  

	1.33	“Initiation of Phase 3” means the date that a patient is first dosed with a Product in a Phase 3 clinical trial. In the event a Phase 2 clinical trial and a Phase 3
clinical trial constitute component parts of a combined trial, “Initiation of Phase 3” means the formal commencement date pursuant to the applicable protocol of the Phase 3 clinical trial component part. 

  

	1.34	“Japan Approval” means all Regulatory Approvals necessary for selling and marketing a Product in Japan. 

  

	1.35	“Japan NDA Filing” means an application for marketing authorization filed in Japan for a given Product. 

  

	1.36	“JDMC” shall have the meaning given in Section 8.1. 

  

	1.37	“Joint Inventions shall have the meaning given in Section 14.1(a). 

  

	1.38	“Joint Patent Rights” shall have the meaning given in Section 14.1(c). 

  

	1.39	“JRC” shall have the meaning given in Section 8.2. 

  

	1.40	“Know-How” means data, knowledge and information, including materials, samples, chemical manufacturing data, toxicological data, pharmacological data, preclinical data,
assays, platforms, formulations, specifications, quality control testing data, that are necessary or useful for the discovery, manufacture, development or commercialization of Licensed Compounds or Products. 

  

	1.41	“Launch” means, with respect to a Product in a country, the date of the first commercial sale to a Third Party of the given Product following Regulatory Approval in the
given country. 

  

	1.42	“Licensed Collaboration Compound” means a Licensed Compound other than a Primary Compound. 

  

 4 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	1.43	“Licensed Compound” means Primary Compound, and if Roche exercises its Option for a given Potential Licensed Compound, then also the given Potential Licensed Compound and
its pro-drugs. 

  

	1.44	“Major Market Countries” means the [***] and any European Major Market Country. 

  

	1.45	“Option” shall have the meaning given in Section 2.1(c). 

  

	1.46	“Option Exercise Period” means the period commencing on the Effective Date and ending ninety (90) days after the end of the Collaboration Period.

  

	1.47	“Party” means Roche or Pharmasset, and “Parties” means Roche and Pharmasset. 

  

	1.48	“Patent” means any patent or patent application, in any country, including any patents issuing on such patent application, and further including any substitution,
extension or supplementary protection certificate, reissue, reexamination, renewal, division, continuation or continuation-in-part of any of the foregoing and any independently patentable improvements to any of the foregoing.

  

	1.49	“Patent Rights” means all rights under any Patent. 

  

	1.50	“Pharmasset Adjusted Gross Sales” means the amount of [***] of (i) [***], (ii) [***], (iii) [***], (iv) [***] and (v) [***]. [***] will be [***].
For the avoidance of doubt, the [***]. The calculation for Pharmasset Adjusted Gross Sales shall be consistently applied and made in accordance with financial and accounting standards used by Pharmasset in preparing its audited financial statements.

  

	1.51	“Pharmasset Indemnified Parties” shall have the meaning given in Section 19.1(a). 

  

	1.52	“Pharmasset Inventions” shall have the meaning given in Section 14.1(b). 

  

	1.53	“Pharmasset Know-How” means all Know-How that Pharmasset owns, or otherwise has the right to grant rights to use, during the Agreement Term. 

  

	1.54	“Pharmasset Net Sales” means Pharmasset Adjusted Gross Sales [***] of [***] on a [***] (e.g. [***]). The calculation for Pharmasset Net Sales shall be consistently applied
and made in accordance with financial and accounting standards used by Pharmasset in preparing its audited financial statements. 

  

	1.55	“Pharmasset Patents” means Patents included in the Pharmasset Patent Rights. 

  

	1.56	“Pharmasset Patent Rights” means all Patent Rights that are necessary or useful for the discovery, manufacture, development or commercialization of Licensed Compounds or
Products, that Pharmasset owns or otherwise Controls, and has the right to grant rights under, during the Agreement Term, including without limitation, those Patent Rights arising from Pharmasset Inventions. 

  

 5 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	1.57	“Pharmasset Territory” means Latin America (i.e., Mexico, the Caribbean, and Central and South America) and the Korean peninsula (i.e., North Korea and South Korea).

  

	1.58	“Phase 1” means the first phase of human clinical trials of a drug required by the FDA or other equivalent regulatory authority to gain evidence of safety in enrollees, as
described in 21 C.F.R. Part 312, as it may be amended. 

  

	1.59	“Phase 2” means the second phase of human clinical trials of a drug required by the FDA or other equivalent regulatory authority to gain evidence of efficacy in the target
population, determine optimal dosage, and obtain expanded evidence of safety for Product(s), as described in 21 C.F.R. Part 312, as it may be amended. 

  

	1.60	“Phase 3” means the third phase of human clinical trials of a drug required by the FDA or other equivalent regulatory authority to gain evidence of efficacy in the target
population and obtain expanded evidence of safety for Product(s), as described in 21 C.F.R. Part 312, as it may be amended. 

  

	1.61	“POC Study” means a [***] Phase 1 study designed to show clinical proof of concept in a multiple-ascending-dose study. 

  

	1.62	“Potential Licensed Compound” means any [***] (excluding any [***]) owned or Controlled by Pharmasset, other than a Primary Compound, which has been screened for HCV
polymerase inhibition and has been shown to have activity against HCV polymerase, in accordance with Schedule 1.62. Potential Licensed Compound shall not include Gemcitibine or derivatives or pro-drugs thereof. For clarity, no [***] shall, at any
time [***], be deemed [***]. 

  

	1.63	“Pre-Existing Pharmasset Third Party Licenses” means the Third-Party licenses obtained by Pharmasset on or before the Effective Date of this Agreement listed in Schedule
7A hereto. 

  

	1.64	“Pre-Existing Roche Third Party Licenses” means the Third-Party licenses obtained by Roche on or before the Effective Date of this Agreement listed in Schedule 7B hereto.

  

	1.65	“Primary Compound” means the compound known as PSI-6130 and its pro-drugs. 

  

	1.66	“Primary Product” means any and all products that include, in whole or as a component thereof, Primary Compound. 

  

	1.67	“Product” means any and all products that include, in whole or as a component thereof, Licensed Compound or Licensed Collaboration Compound. 

  

	1.68	 “Reasonable Diligence” means the [***] standard of effort as used by such Party, or in any [***], for the activities to be undertaken pursuant to this
Agreement for [***]. It is understood that such [***]. The Parties acknowledge that [***] do not always 

  

 6 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
[***]. Whether [***] has exercised Reasonable Diligence (i) with respect to [***], (ii) with respect to [***]. 

  

	1.69	“Regulatory Approval” means any approvals (including pricing and reimbursement approvals), licenses, registrations or authorizations of any national or international or
local regulatory authority, department, bureau or other governmental entity, necessary for the manufacture, marketing and sale of a Product in a regulatory jurisdiction in the Territory. 

  

	1.70	“Relinquished Compound” means a Potential Licensed Compound for which Roche has relinquished rights in accordance with Sections 2.1(h), 4.2(a)(iii) or 4.2(b)(ii).

  

	1.71	“Relinquished Product” shall have the meaning given in Section 2.1(h). 

  

	1.72	“Research Plan” means the plan of research attached as Schedule 2, developed by the Parties, outlining the work expected to be performed with respect to a Potential
Licensed Compound or a pro-drug of the Primary Compound as part of the Collaboration, as such plan may be updated from time to time as provided in this Agreement. 

  

	1.73	“Rights” shall have the meaning given in Section 2.1(h). 

  

	1.74	“Roche Adjusted Gross Sales” means the amount of [***], of (i) [***], (ii) [***], (iii) [***], (iv) [***], and (v) [***]. [***] will be [***]. For
the avoidance of doubt, [***]. 

  

	1.75	“Roche Indemnified Parties” shall have the meaning given in Section 19.1(b). 

  

	1.76	“Roche Inventions” shall have the meaning given in Section 14.1(a). 

  

	1.77	“Roche Know-How” means all Know-How that Roche owns, or otherwise has the right to grant rights to use, during the Agreement Term. 

  

	1.78	“Roche Net Sales” means Roche Adjusted Gross Sales [***] of (i) [***], or (ii) [***] on a [***] (e.g. [***]). [***]. 

  

	1.79	“Roche Patents” means Patents included within the Roche Patent Rights. 

  

	1.80	 “Roche Patent Rights” means all Patent Rights that are necessary or useful for the discovery, manufacture, development or commercialization of Licensed
Compounds or Products, that Roche owns or otherwise Controls, and has the right 

  

 7 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
to grant rights under, during the Agreement Term, including without limitation, those Patent Rights arising from Roche Inventions.

  

	1.81	“Roche Territory” means all countries and territories in the world other than the Pharmasset Territory. 

  

	1.82	“Third Party” means a person or entity other than (i) Pharmasset or any of its Affiliates or (ii) Roche or any of its Affiliates. 

  

	1.83	“US” means the United States of America and its possessions and territories. 

  

	1.84	“US Launch” means Launch in the US. 

  

	1.85	“US NDA Filing” means a New Drug Application filed with the FDA for a Product. 

  

	1.86	“Valid Claim” means a claim in a Patent that Covers a Product and (i) has not been held permanently revoked, unenforceable or invalid by a final unappealable decision
of a court or government agency of competent jurisdiction over such claim, (ii) has not been admitted to be invalid or unenforceable through disclaimers, consent decrees or otherwise or (iii) in the case of a patent application, has not
been pending for more than [***] ([***]) years after the filing of its first priority application. 

  

	1.87	“Valid Compound Claim” means a Valid Claim that is a Compound Claim. 

 ARTICLE 2. GRANTS 
  

	2.1	License Grants; Option. 

  

	 	(a)	Subject to the terms and conditions of this Agreement, Pharmasset hereby grants to Roche, with respect to Primary Compound, an exclusive license, including the right to grant
sublicenses in accordance with Section 2.3, under the Pharmasset Patent Rights, and to use the Pharmasset Know-How, solely to make, use, offer for sale, sell and import such Products containing a Primary Compound in the Roche Territory.

  

	 	(b)	Subject to the terms and conditions of this Agreement, Roche hereby grants to Pharmasset, with respect to each Licensed Compound, an exclusive license, including the right to grant
sublicenses in accordance with Section 2.3, under the Roche Patent Rights, and to use the Roche Know-How, solely to make, use, offer for sale, sell and import Products containing such Licensed Compounds in the Pharmasset Territory.

  

	 	(c)	 Subject to the terms and conditions of this Agreement, commencing on the Effective Date and ending at the conclusion of the Option Exercise Period, Pharmasset
hereby grants to Roche, with respect to each Potential Licensed Compound, the right to exercise an option (“Option”) to obtain an exclusive license, including the right to grant sublicenses in 

  

 8 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
accordance with Section 2.3, under the Pharmasset Patent Rights, and to use the Pharmasset Know-How, in each case solely to make, use, offer for sale,
sell and import Products containing such Potential Licensed Compound in the Roche Territory. 

  

	 	(d)	If Roche has exercised its Option for a particular Potential Licensed Compound, then, subject to the terms and conditions of this Agreement, Roche shall thereby have, with respect
to such designated Potential Licensed Compound, an exclusive license, including the right to grant sublicenses in accordance with Section 2.3, under the Pharmasset Patent Rights, and to use the Pharmasset Know-How, in each case solely to make,
use, offer for sale, sell and import Products containing Potential Licensed Compound in the Roche Territory. 

  

	 	(e)	Notwithstanding anything else contained herein to the contrary, Pharmasset at all times reserves such rights in the Pharmasset Patents and the Pharmasset Know-How as is necessary to
allow Pharmasset to research and develop Potential Licensed Compounds, and manufacture Licensed Compounds and Products, anywhere in the world. 

  

	 	(f)	Roche may exercise its Option for a given Potential Licensed Compound by giving Pharmasset written notice to such effect prior to the conclusion of the Option Exercise
Period, and by (i) making payment to Pharmasset of either (A) the payment specified in Section 4.2(a)(i) or (B) the payment specified in Section 4.2(a)(ii), or (ii) taking such other actions to exercise its Option as
provided in Sections 3.1(d), 4.2(c), or 4.2(d). 

  

	 	(g)	Prior to [***] but after [***], Pharmasset may, [***]. 

  

	 	(h)	If Roche declines to exercise its Option pursuant to Section 2.1(c) for a given Potential Licensed Compound, either pursuant to Section 4.2, or in response to
Pharmasset’s request pursuant to Section 2.1(g), Roche shall relinquish its right to license that particular Potential Licensed Compound and any Products containing such Potential Licensed Compound as a Licensed Compound; and any such
relinquished Potential Licensed Compound shall be deemed a Relinquished Compound. During the [***] if Pharmasset wishes to [***], then the following procedures must be followed and the following conditions must be satisfied before Pharmasset may
[***]: 

  

	 	(i)	[***]; 

  

	 	(ii)	[***]; 

  

	 	(iii)	[***]. Nothing in this Section 2.1(h)(iii) shall require [***]; and 

  

	 	(iv)	[***]. 

  

 9 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	2.2	Pharmasset’s Rights to Grant Licenses to Third Parties. Pharmasset shall not, without Roche’s prior written consent, grant a right or license to any Third Party,
under any Pharmasset Patent Right, in the Roche Territory, to make, use, offer for sale, sell or import any [***] (excluding any [***]) for an HCV Indication, except as otherwise provided in Section 2.1(h). Pharmasset may, without Roche’s
prior consent, grant a right or license to any Third Party under any Pharmasset Patent Right, to make, use, offer for sale, sell or import any [***], which is not a Licensed Compound or Potential Licensed Compound, for any other indication, except
as provided in Section 2.1(h). 

  

	2.3	Sublicense Rights. 

  

	 	(a)	Subject to the restriction set forth in Section 2.3(b) below, the rights and licenses granted to Roche shall include the right of Roche to grant sublicenses to its Affiliates
and Third Parties to make, use, offer for sale, sell or import Products in the Territory for use in the Field. If Roche grants such a sublicense, Roche shall ensure that all of the applicable terms and conditions of this Agreement shall apply to the
Affiliate or Third Party sublicensee to the same extent as they apply to Roche for all purposes. Roche assumes full responsibility for the performance of all obligations and observance of all terms so imposed on such Affiliate or Third Party
sublicensee and shall itself account to Pharmasset for all payments due under this Agreement by reason of such sublicense. 

  

	 	(b)	Notwithstanding Section 2.3(a), [***]. 

  

	2.4	Pharmasset Co-Promotion Right. Pharmasset shall have the right to co-promote any Product in the US, as specified in this Section 2.4. For purposes of this Agreement,
“co-promote” and “co-promotion” shall mean the marketing, promotion, detailing and advertisement of Product by or on behalf of Pharmasset, or any of its Affiliates, under the relevant Regulatory Approvals and the then existing
trademarks. “Co-promote” and “co-promotion” shall not mean the sale or distribution of a Product. Pharmasset may exercise its co-promotion right with regard to a Product by giving written notice thereof to Roche at any time
during the period commencing upon NDA Filing in the US for such Product and ending three (3) months following such date, provided that at the time of such exercise Pharmasset has an established sales force in the US directed to sales to HIV
treatment providers. Upon Pharmasset’s exercise of its co-promotion right, the Parties shall negotiate in good faith and enter into a written co-promotion agreement (the “Co-Promotion Agreement”) to be executed reasonably prior to the
anticipated first Launch of such Product. In addition to any other terms agreed to by the Parties, the Co-Promotion Agreement shall contain the terms set forth in Schedule 3 hereto. 

  

 10 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 ARTICLE 3. DILIGENCE 
  

	3.1	Diligence. 

  

	 	(a)	Pharmasset shall use Reasonable Diligence in proceeding with the discovery and development of the Potential Licensed Compounds, except that Pharmasset’s obligation hereunder
shall expire upon the expiration of the Option Exercise Period. 

  

	 	(b)	From and after (i) the Effective Date with regard to the Primary Compound, and (ii) the effective date of Roche’s exercise of its Option with regard to a given
Potential Licensed Compound,[***] shall [***], or [***], as the case may be, including [***]. 

  

	 	(c)	[***] shall [***], as applicable. 

  

	 	(d)	If Pharmasset fails to use Reasonable Diligence in the performance of GLP Tox Completion activities for a Potential Licensed Compound (unless the JRC determines that such activities
are not necessary for development of such Potential Licensed Compound), then Roche shall have the right to exercise its Option for such Potential Licensed Compound at no cost to Roche. If Roche fails to use Reasonable Diligence in the performance of
the Development Plan with respect to a Licensed Compound (including, in the case of early exercise of an Option, any remaining GLP Tox Completion activities to the extent that the JDMC determines that such activities are necessary for development of
such Potential Licensed Compound), then Pharmasset shall have the right to reversion of such Licensed Compound in accordance with the provisions of Section 17.4. 

  

	 	(e)	With respect to [***], if [***], then [***] shall [***]. With respect to [***], if [***], then [***] shall [***]. For clarity, [***]. 

 ARTICLE 4. PAYMENTS TO PHARMASSET 
  

	4.1	Research and Development Payments. 

  

	 	(a)	Within ten (10) business days after the Effective Date, Roche shall make a payment to Pharmasset of [***]. This upfront payment represents reimbursement of Pharmasset’s
research and development expenses relating to its HCV research program, which were incurred by Pharmasset prior to the Effective Date or, except with respect to payments otherwise contemplated by this Agreement to be made to Pharmasset, are incurred
by Pharmasset after the Effective Date through and including December 31, 2004. 

  

	 	(b)	During each year of the Collaboration Period, Roche shall make a payment of [***] dollars ($[***]), due and payable within fifteen (15) business days after the first day of
each calendar year (January 1) during the Collaboration Period, with the first such payment being due and payable by January 23, 2005. 

  

 11 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	(c)	During each year of the Collaboration Period, Roche shall make aggregate payments totaling [***] dollars ($[***]), payable in four (4) equal quarterly installments of [***]
dollars ($[***]). Each installment is due and payable within fifteen (15) business days after the first day of each calendar quarter, with the first such payment being due and payable by January 23, 2005. 

  

	 	(d)	These installment payments set forth in Sections 4.1(b) and 4.1(c) are intended to partially reimburse Pharmasset’s internal FTE costs. 

  

	4.2	Option Exercise. 

  

	 	(a)	Within thirty (30) days after GLP Tox Completion for a given Potential Licensed Compound, provided another Product is also under development and/or commercialization at the
same time, Roche shall have the option of: 

  

	 	(i)	[***]; 

  

	 	(ii)	[***]; or 

  

	 	(iii)	[***] 

  

	 	(b)	If Roche makes the election provided for under Section 4.2(a)(ii) above, then upon the completion of the first clinical study to assess the multiple ascending dose in HCV
infected patients, provided that another Product is also under development and/or commercialization at the same time, Roche shall have the further option of: 

  

	 	(i)	[***]; or 

  

	 	(ii)	[***]. 

  

	 	(c)	Roche may exercise its Option for any given Potential Licensed Compound during the Collaboration Period and prior to GLP Tox Completion for such compound. If, at such time
(i) another Product is also under development and/or commercialization or (ii) there is no Product under development and/or commercialization but Roche has not met its diligence obligations under Article 3 with respect thereto, then
Roche’s exercise of its Option shall be on the terms and conditions set forth in Section 4.2(a). 

  

	 	(d)	If, at any time during the Collaboration Period, there is no Licensed Compound or Product then under development and/or commercialization but Roche has met its diligence obligations
under Article 3 with respect to such compound, then Roche may, upon written notice to Pharmasset, exercise its Option for the Potential Licensed Compound of Roche’s choice at no cost to Roche. After Roche exercises its Option, the designated
Potential Licensed Compound shall be deemed a Licensed Compound, and any products containing such compound shall be deemed Products. 

  

 12 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	(e)	From and after the exercise of its Option with respect to a Potential Licensed Compound, Roche shall assume responsibility for all of the activities, costs and expenses related to
the further development and commercialization of the corresponding Licensed Compound and related Products. In the event that Roche exercises its Option earlier than GLP Tox Completion, Pharmasset shall have no responsibility for any GLP Tox
Completion activities that were not initiated prior to Roche’s exercise of its Option, and Roche shall assume such responsibility for the remaining GLP Tox Completion activities, to the extent that the JDMC determines that such activities are
necessary for development of such Potential Licensed Compound. For clarity, in the event that Roche does not exercise its Option at GLP Tox Completion, Pharmasset shall not be required to conduct further development of such Potential Licensed
Compound. 

  

	4.3	Development Event Fees. 

  

	 	(a)	Primary Compound. Roche shall pay to Pharmasset the following nonrefundable payments (shown in [***] of US Dollars) upon the first occurrence of the following events for the
Primary Compound: 

  

			
	 Event
	  	Payment
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

  

 13 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	(b)	Licensed Compounds. Roche shall pay to Pharmasset the following nonrefundable payments (shown in [***] of US dollars) upon the first occurrence of the following events for
Licensed Compound: 

  

					
	 Event
	  	Payment for First
Achievement of
Event	  	Payment for Second
and Each Subsequent
Achievement of Event
	 [***]
	  	[***]	  	[***]

  

	 	(c)	Timing of Payments. Each payment in Section 4.3(a) and (b) shall be due and payable by Roche within fifteen (15) business days after the later of (i) the
occurrence of the applicable event and (ii) receipt by Roche of an invoice from Pharmasset for such amount. 

  

	 	(d)	Payment Occurrences. 

  

	 	(i)	Roche shall make each of the payments set forth in Section 4.3(a) only once for the first occurrence of each event, regardless of how many times such event may be subsequently
achieved. 

  

 14 

	 	(ii)	Roche shall make each of the payments set forth in the second column of Section 4.3(b) captioned “Payment for First Achievement of Event” only once for the first
occurrence of each event, regardless of how many times such event may be subsequently achieved for the same or another compound. Roche shall make each of the payments set forth in the third column of Section 4.3(b) captioned “Payment for
Second and Each Subsequent Achievement of Event” once for each of the second or any subsequent achievement(s) of such event, provided, however, that such payments shall be made only once per compound, regardless of how many times such event may
be subsequently achieved for the same compound (i.e., such payment shall be made multiple times for multiple compounds but only once per compound). Furthermore, Roche shall make the payments set forth in the third column of Section 4.3(b) only
if it has previously made the payment in the second column for the corresponding event for a different compound. 

  

	 	(iii)	In Section 4.3(b), if event 2 is achieved prior to achievement of event 1A or 1B for the same compound, then the corresponding payment for event 1A or 1B, as the case may be,
shall become due and payable upon the achievement of event 2 as if event 1A or 1B, as the case may be, had then been achieved. If any of events 3, 4 or 5 are achieved prior to achievement of event 2 for the same compound, then the corresponding
payment for event 2 shall become due and payable upon the achievement of event 3, 4 or 5 as if event 2 had then been achieved. Other than as described in this Section 4.3(d)(iii), the achievement of a later event shall not trigger the payment
corresponding to any earlier event. 

  

	 	(iv)	For clarity, Roche shall make the payment in the 3rd column of Section 4.3(b) for event 1B upon the first achievement of event 1B, which shall be triggered only in the event
there are at least two Licensed Compounds in development at that time. Also for clarity, Roche shall make the payment in the 3rd column of Section 4.3(b) for event 12 upon the first achievement of event 12, which shall be triggered only in the
event there is US Regulatory Approval for a Licensed Compound and a Licensed Collaboration Compound to be used in combination. 

  

 15 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	(e)	Credits. If, during the Agreement Term, the development and/or commercialization of all Licensed Compounds have been terminated (other than for breach by Roche), then Roche
may, at its option and discretion, designate one Potential Licensed Compound to be a Licensed Collaboration Compound at no additional cost to Roche under the terms of Section 4.2(d). If Roche has already made the payment required under Sections
4.2(a) or 4.2(b) to exercise such Option (the “Option Exercise Fee”), then Roche may credit the Option Exercise Fee against any milestone payments for such Licensed Collaboration Compound owed to Pharmasset in the future.

  

	4.4	Payment for Extension of Collaboration Period. Roche shall have the right, but not the obligation, to extend the Collaboration Period as follows: 

  

	 	(a)	If Roche provides written notice to Pharmasset, no later than [***], of Roche’s election to have the Collaboration Period extended for an additional year, until [***], then the
Collaboration Period shall be so extended (“First Extension”), and Roche must then make the research funding payments specified in Sections 4.1(b) and 4.1(c) for such additional year under the terms and conditions set forth in
Section 4.1. 

  

	 	(b)	If Roche has elected to exercise its right to First Extension, then Roche shall have the further right, but not the obligation, to extend the Collaboration Period by another year.
Roche may exercise its right to such an extension by providing written notice to Pharmasset, no later than [***], of Roche’s election to have the Collaboration Period extended for an additional year, until [***] (“Second Extension”).
If the Collaboration Period is extended for a second year, Roche must then make the research funding payments specified in Sections 4.1(b) and 4.1(c) for such additional year under the terms and conditions set forth in Section 4.1.

 ARTICLE 5. ROYALTIES 
  

	5.1	Royalties to Pharmasset. Roche shall pay to Pharmasset the following royalty payments based on the Roche Net Sales for a given Product, which payments shall be subject to
adjustment as provided in this Article 5. 

  

	 	(a)	For any year in which annual Roche Net Sales of a Product is less than or equal to [***] dollars ($[***]), such royalty payments shall be calculated by multiplying the royalty rates
specified below by the incremental annual Roche Net Sales of such Product: 

  

			
	 Annual Roche Net Sales
	  	 Royalty Rate (%)

	(in [***] of US Dollars)	  	 
	[***]	  	[***]
	[***]	  	[***]

  

 16 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	  	For example, if in [***], the [***] shall be [***]. The [***] may be [***]. 

  

	 	(b)	For any [***] in which [***], [***] shall pay to [***]. 

  

	 	(c)	For any [***] in which [***], [***] shall pay to [***]. 

  

	 	(d)	Notwithstanding the above, commencing on the date that is the [***] ([***]) anniversary of the first commercial sale of Product in the Roche Territory, for any calendar year
(January through December) in which annual Roche Net Sales of a Product is less than or equal to [***] dollars ($[***]), such royalty payments shall be calculated by multiplying the percentages specified below by the incremental annual Roche Net
Sales of such Product: 

  

			
	 Annual Roche Net Sales
	  	 Royalty Rate (%)

	(in [***] of US Dollars)	  	 
	[***]	  	[***]
	[***]	  	[***]

  

	 	  	For example, if in [***], the [***] shall be [***]. The [***] may be [***]. 

  

	 	(e)	Term of Royalty Payments. Roche’s obligation to make royalty payments to Pharmasset under Section 5.1 with respect to a Product shall commence on the Launch of such
Product in any country of the Roche Territory. The Roche Net Sales in a given country shall be included for purposes of calculating royalties under Section 5.1 from such Launch date until the later of (a) expiration of the last to expire
Valid Compound Claim of a Patent Covering such Product in such country, or (b) [***] ([***]) years from the Launch of such Product in such country. 

  

	 	(f)	 Adjustments Related to Absence of Valid Claims. If there is no Valid Claim in a Pharmasset Patent, Roche Patent or any Patent contained in the Joint Patent
Rights, Covering the sale of a given Product in a country of the Roche Territory or if in a country, the only such Valid Claim Covers only a synthesis method and/or a manufacturing process, then Roche may calculate royalties in such country for such
Product for any time period in which there is no such Valid Claim (or in which the only 

  

 17 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
such Valid Claim Covers only a synthesis method and/or manufacturing process) as if Roche Net Sales were equal to [***] percent ([***]%) of the actual amount
of Roche Net Sales for that time period. 

  

	5.2	Royalty Reduction. 

  

	 	(a)	Cost of Goods Protection. Commencing on January 1st after the first full year of Net Sales after the Launch of a Primary Product in the Roche Territory, if Pharmasset is the single source of API supply of such Primary Product and if, in a given calendar year, Roche’s Cost of
Goods for such Primary Product exceed [***] percent ([***]%) of Roche Net Sales for such Primary Product, Roche shall be entitled to deduct from its royalty payments to Pharmasset [***] of the amount by which Roche’s Cost of Goods exceed such
[***] percent ([***]%) threshold. For clarity, there shall be no royalty reduction by reason of Roche’s Cost of Goods (i) if Roche is the single source of API supply of Primary Product, or (ii) on any Product that contains a Licensed
Collaboration Compound. 

  

	 	(b)	Third Party Royalties. If Roche, based upon advice by independent legal counsel, determines in good faith that it is in the economic best interests of the Parties in the
Collaboration to obtain a license under Patent Rights of a Third Party for a Valid Compound Claim, then Roche may deduct from its royalty payments to Pharmasset in a given calendar year [***] of the amount of any royalty payment (other than any
royalty payment associated with Pre-Existing Roche Third Party Licenses) made by Roche to such Third Party in such calendar year for such license. If Roche, based upon advice by independent legal counsel, determines in good faith that it is in the
economic best interests of the Parties in the Collaboration to obtain a license under Patent Rights of a Third Party for a Valid Claim (other than one Covering a synthesis method and/or manufacturing process), then Roche may deduct from its royalty
payments to Pharmasset in a given calendar year [***] of the amount of any royalty payment (other than any royalty payment associated with Pre-Existing Roche Third Party Licenses) made by Roche to such Third Party in such calendar year for such
license. Any permitted royalty reduction shall be applied giving effect to any stacking credit or other allowance for a reduction in royalty payments by Roche to such Third Party. Notwithstanding the above, Roche shall be solely responsible for any
HCV Target Screening Patent License royalties. 

  

	 	(c)	 Floor on Royalty Reduction. In no event shall the reduction required by this Section 5.2 cause Roche’s royalty payments to Pharmasset for a given
Product in a given calendar year to be lower than [***] percent [***]% of Roche Net Sales of such Product. If any royalty reduction is not fully deducted in any calendar year because of the royalty floor, any remaining royalty reduction shall be
carried forward to the succeeding calendar year. At the end of the Term of this Agreement (i.e., upon 

  

 18 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
expiration of Roche’s royalty obligations), any unused carryforward royalty reductions shall be extinguished. 

  

	5.3	Royalties to Roche. Pharmasset shall pay to Roche the following royalty payments based on the Pharmasset Net Sales for a given Product, which payments shall be subject to
adjustment as provided in this Article 5. 

  

	 	(a)	For any year in which annual Pharmasset Net Sales of a Product is less than or equal to [***] dollars ($[***]), such royalty payments shall be calculated by multiplying the royalty
rates specified below by the incremental annual Pharmasset Net Sales of such Product: 

  

			
	 Annual Pharmasset Net Sales
	  	 Royalty Rate (%)

	(in [***] of US Dollars)	  	 
	[***]	  	[***]
	[***]	  	[***]

  

	 	  	For example, if in [***], the [***] shall be [***]. The [***] may be [***]. 

  

	 	(b)	For any [***] in which [***], [***] shall pay to [***]. 

  

	 	(c)	For any [***] in which [***], [***] shall pay to [***]. 

  

	 	(d)	Notwithstanding the above, commencing on the date that is the [***] ([***]) anniversary of the first commercial sale of Product in the Pharmasset Territory, for any calendar year
(January through December) in which annual Pharmasset Net Sales of a Product is less than or equal to [***] dollars ($[***]), such royalty payments shall be calculated by multiplying the percentages specified below by the incremental annual
Pharmasset Net Sales of such Product: 

  

			
	 Annual Pharmasset Net Sales
	  	 Royalty Rate (%)

	(in Millions of US Dollars)	  	 
	[***]	  	[***]
	[***]	  	[***]

  

	 	  	For example, if in [***], the [***] shall be [***]. The [***] may be [***]. 

  

	 	(e)	 Term of Royalty Payments. Pharmasset’s obligation to make royalty payments to Roche under this Section 5.3 with respect to a Product shall commence
on the Launch of such Product in any country of the 

  

 19 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
Pharmasset Territory. The Pharmasset Net Sales in a given country shall be included for purposes of calculating royalties under this Section 5.3 from
such Launch date until the later of (a) expiration of the last to expire Valid Compound Claim in a Patent Covering such Product in such country, or (b) [***] ([***]) years from the Launch of such Product in such country.

  

	 	(f)	Adjustments Related to Absence of Valid Claims. If there is no Valid Claim in a Pharmasset Patent, Roche Patent or in any Patent contained in the Joint Patent Rights,
Covering the sale of a given Product in a country of the Pharmasset Territory or if in a country the only such Valid Claim Covers only a synthesis method and/or a manufacturing process, then Pharmasset may calculate royalties in such country for
such Product for any time period in which there is no such Valid Claim (or in which the only such Valid Claim Covers only a synthesis method and/or manufacturing process) as if Pharmasset Net Sales were equal to [***] percent ([***]%) of the actual
amount of Pharmasset Net Sales for that time period. 

  

	 	(g)	Third Party Royalties. If Pharmasset, based on advice by independent legal counsel, determines in good faith that it is in the economic best interests of the Parties in the
Collaboration to obtain a license under Patent Rights of a Third Party for a Valid Compound Claim, then Pharmasset may deduct from its royalty payments to Roche in a given calendar year [***] of the amount of any royalty payment (other than any
royalty payment associated with Pre-Existing Pharmasset Third Party Licenses) made by Pharmasset to such Third Party in such calendar year for such license. If Pharmasset, based on advice by independent legal counsel, determines in good faith that
it is in the economic best interests of the Parties in the Collaboration to obtain a license under Patent Rights of a Third Party for a Valid Claim (other than one Covering a synthesis method or manufacturing process) in a country in the Pharmasset
Territory, then Pharmasset may deduct from its royalty payments to Roche in a given calendar year [***] of the amount of any royalty payment (other than any royalty payment associated with Pre-Existing Pharmasset Third Party Licenses) made by
Pharmasset to such Third Party in such calendar year for such license. Any permitted royalty reduction shall be applied giving effect to any stacking credit or other allowance for a reduction in royalty payments by Pharmasset to such Third Party.

  

	5.4	 Bundled Products. In the event that either Party or any of its Affiliates or sublicensees intends to sell a Bundled Product, the Parties shall meet
approximately one (1) year prior to the anticipated commercial launch of such Bundled Product to negotiate in good faith and agree to an appropriate adjustment to the calculation of Roche or Pharmasset Adjusted Gross Sales (whichever is
appropriate) (the “Adjusted Gross Sales”) to reflect the relative significance and 

  

 20 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
value (including consideration of relative market share, sales potential and price potential) of the Product and the other pharmaceutically active product(s)
bundled with the Product. If, after [***], the [***]. If [***], such [***] shall be [***]. The Parties agree that [***] shall not [***]. 

  

	5.5	Combination Products. 

  

	 	(a)	Roche Sales. In the event Roche or any of its Affiliates or sublicensees sells a Combination Product,[***] shall equal [***]. 

  

	 	(b)	Pharmasset Sales. In the event Pharmasset or any of its Affiliates or sublicensees sells a Combination Product, [***] shall equal [***]. 

 ARTICLE 6. COMMERCIALIZATION PAYMENTS 
  

	6.1	Net Sales Event Payments. Roche shall pay to Pharmasset the following one-time payments for each Product, payable the first time the applicable sales threshold is met based
upon the annual Roche Net Sales for such Product. 

  

			
	 Annual Roche Net Sales
	  	 Payment

	(In [***] of US Dollars)	  	(In [***] of US Dollars)
	[***]	  	[***]
	[***]	  	[***]

  

	6.2	For clarity, if the [***] is made, without [***] having been made, then [***] shall make [***]. 

 ARTICLE 7. PAYMENT, REPORTING, AUDITING 
  

	7.1	Currency and Conversion. 

  

	 	(a)	Method and Currency of Payment. All payments under this Agreement are stated and shall be payable in US dollars by wire transfer to a bank in the United States designated in
writing by the party to which the payment is due. 

  

 21 

	 	(b)	Currency Conversion for Roche Net Sales. Whenever calculation of Roche Net Sales requires conversion from any foreign currency, Roche shall convert the monthly amount of
Roche Net Sales in such foreign currency into US dollars as computed in the central Roche currency conversion system, using the YTD average monthly rate of exchange at the time for such currencies as retrieved from the Reuters System used by Roche
(or some other source agreed upon by the Parties for any particular country) for each month of the reporting period. If convenient for Roche, such conversion may be made initially into Swiss Francs and then into U.S. Dollars for purposes of
calculating royalties, provided that Pharmasset is not disadvantaged by reason of such multiple conversions (e.g., that the conversion rates used by Roche do not reflect transaction costs of conversion). The currency conversion system used by Roche
shall be subject to audit by Pharmasset as described in Section 7.4 and, if it is determined that the conversion system does not reflect the fair market value of the currencies in question, the above currency conversion process shall be
modified as necessary to effect currency conversion at fair market value. 

  

	 	(c)	Roche Sublicensees. For sublicensees in a country, when calculating the Roche Net Sales, Roche shall require the sublicensee to report to Roche the amount of such sales
within thirty (30) days from the end of the reporting period. 

  

	 	(d)	Currency Conversion for Pharmasset Net Sales. Whenever calculation of Pharmasset Net Sales requires conversion from any foreign currency, Pharmasset shall convert the monthly
amount of Pharmasset Net Sales in such foreign currency into US dollars using the average rate of exchange using the average rate of exchange published in the Wall Street Journal (or some other source agreed upon by the Parties for any particular
country) for each month of the reporting period. 

  

	7.2	Payments. 

  

	 	(a)	After the Launch of a Product in any country of the Roche Territory: 

  

	 	(i)	Roche shall calculate royalty payments set forth in Article 5 and milestone payments set forth in Article 6 quarterly as of March 31, June 30, September 30
and December 31 (each being the last day of an accounting period). 

  

	 	(ii)	 Following the quarter ended December 31 in each year in which royalties are calculated on an annualized (i.e., not incremental) basis, Roche shall determine
the royalties due for the immediately preceding calendar year, and adjust the payment due to Pharmasset for the quarter ended December 31 

  

 22 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
by the amount necessary to make the aggregate payments made for the four quarters of such year equal the amount due for the entire year; provided, however,
that if [***] shall determine the [***]. 

  

	 	(iii)	Roche shall pay such payments quarterly within forty-five (45) days after the end of each reporting period in which Roche Net Sales occur during the Agreement Term.

  

	 	(b)	With each such payment under Section 7.2(a), Roche shall deliver to Pharmasset the following information, and methodology for its calculation, stated separately for the US and
the rest of the Roche Territory: 

  

	 	(i)	Roche Net Sales for each Product; and 

  

	 	(ii)	the royalty payments and milestone payments due to Pharmasset for such reporting period. 

  

	 	(c)	If [***] requests [***] thereto, [***] agrees to [***]. 

  

	 	(d)	After the Launch of a Product in any country of the Pharmasset Territory: 

  

	 	(i)	Pharmasset shall calculate royalty payments set forth in Article 5 and milestone payments set forth in Article 6 quarterly as of
March 31, June 30, September 30 and December 31 (each being the last day of an accounting period). 

  

	 	(ii)	Following the quarter ended December 31 in each year in which royalties are calculated on an annualized (i.e., not incremental) basis, Pharmasset shall determine the royalties
due for the immediately preceding calendar year, and adjust the payment due to Roche for the quarter ended December 31 by the amount necessary to make the aggregate payments made for the four quarters of such year equal the amount due for the
entire year; provided, however, that if [***] of a [***] shall determine [***], and [***] for such [***]. 

  

	 	(iii)	Pharmasset shall pay such payments quarterly within forty-five (45) days after the end of each reporting period in which Pharmasset Net Sales occur during the Agreement Term.

  

	 	(e)	With each such payment under Section 7.2(c), Pharmasset shall deliver to Roche the following information, and methodology for its calculation, stated for the Pharmasset
Territory: 

  

	 	(i)	Pharmasset Net Sales for each Product; and 

  

	 	(ii)	the royalty payments due to Roche for such reporting period. 

  

 23 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	(f)	In the event that a Party (the “Payor”) does not pay to the other Party (the “Payee”) any amounts due under this Agreement within the applicable time period set
forth herein, such payment shall bear interest, to the extent permitted by applicable law, at an annual rate of interest equal to the average [***] calculated based on the number of [***] such a [***]. 

  

	7.3	Taxes. 

  

	 	(a)	If the laws or regulations of any country require withholding of taxes of any type, levies on Pharmasset or its Affiliates, or other charges against Pharmasset or its Affiliates
with respect to any amounts payable under this Agreement to Pharmasset, Roche shall promptly pay such tax, levy or charge for and on behalf of Pharmasset or its Affiliates to the proper governmental authority, and shall promptly furnish Pharmasset
with a receipt evidencing such payment. Roche shall have the right to deduct any such tax, levy or charge actually paid from payment due Pharmasset hereunder or to be promptly reimbursed by Pharmasset if no further payments are due Pharmasset
hereunder. 

  

	 	(b)	If the laws or regulations of any country require withholding of taxes of any type, levies on Roche or its Affiliates, or other charges against Roche or its Affiliates with respect
to any amounts payable under this Agreement to Roche, Pharmasset shall promptly pay such tax, levy or charge for and on behalf of Roche or its Affiliates to the proper governmental authority, and shall promptly furnish Roche with a receipt
evidencing such payment. Pharmasset shall have the right to deduct any such tax, levy or charge actually paid from payment due Roche hereunder or to be promptly reimbursed by Roche if no further payments are due Roche hereunder.

  

	 	(c)	Notwithstanding anything contained herein to the contrary, all amounts payable under this Collaboration Agreement are exclusive of any applicable value added tax or other sales
taxes (“VAT”). If a Party determines that it must account for VAT in respect of any payments made to it hereunder (the “Responsible Party”), it shall notify the other Party as soon as practicable, and the other Party shall, in
addition to the amounts payable by it hereunder, pay to the Responsible Party the amount of an such VAT within thirty (30) days of its receipt of proof of payment of such VAT by the Responsible Party. 

  

	 	(d)	Each Party agrees to assist the other Party in claiming exemption from such deductions or withholdings under double taxation or similar agreement or treaty from time to time in
force and in minimizing the amount required to be so withheld or deducted. 

  

 24 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	7.4	Accounting. 

  

	 	(a)	During the Agreement Term and for a period of three years thereafter, each Party shall, and shall cause its Affiliates and sublicensees to, maintain at their respective principal
places of business records and books of account containing all particulars that may be necessary for the purpose of calculating all payments due under this Agreement. During the Agreement Term and for a period of three (3) years thereafter, a
Party (the “Auditing Party”) shall have the right to engage on its own behalf the other Party’s (the “Audited Party”) independent, certified public accountant, to perform, on behalf of the Auditing Party, during the
Agreement Term and for a period of three years thereafter, an audit of such books and records of the Audited Party and its Affiliates and sublicensees as may be necessary to confirm any amounts payable to the Auditing Party under this Agreement for
the period or periods requested by the Auditing Party or to confirm the accuracy of any report made under this Agreement. 

  

	 	(b)	Such audits shall be conducted during normal business hours upon reasonable prior written notice from the Auditing Party (minimum of thirty (30) days) in such a manner as to
not unnecessarily interfere with the Audited Party’s normal business activities, and shall be permitted with respect to records and books covering the three (3) years immediately preceding the date of notification of the audit.

  

	 	(c)	The Auditing Party shall use all information, data, documents and abstracts obtained during an audit conducted pursuant to this Section 7.4 solely for the purposes described in
Section 7.4(a). The Auditing Party shall treat all such information, data, documents and abstracts as the Audited Party’s Confidential Information subject to Article 16 of this Agreement and, except in the event of a dispute between the
Parties regarding amounts payable hereunder or the results of any audit, the Auditing Party shall not retain such information, data, documents and abstracts for more than three (3) years from the end of the calendar year to which each shall
pertain. Audit results shall be shared by the Parties. 

  

	 	(d)	If any audit hereunder reveals an underpayment, the Audited Party shall promptly make up such underpayment. If any audit hereunder reveals an overpayment, the Auditing Party shall
promptly reimburse such overpayment. The Auditing Party shall bear the full cost of any audit under this Section 7.4, unless such audit discloses an underpayment by the Audited Party of more than [***] of the amount owed hereunder in which case
the Audited Party shall bear the full cost of such audit, together with interest on any such underpayment from the date otherwise due through the date of payment at the rate set forth in Section 7.2(e). 

  

 25 

	 	(e)	The failure of a Party to request verification of any payment calculation within the three (3) year period following receipt of such payment shall be considered acceptance of
such calculation by the Party. 

 ARTICLE 8. GOVERNANCE 
  

	8.1	Primary Compound and Licensed Collaboration Compound. A joint development and marketing committee (the “JDMC”) shall oversee all matters relating to the research,
global development and marketing of Primary Compounds and Licensed Collaboration Compounds in the Roche Territory, after completion of GLP tox studies for such compounds. 

  

	 	(a)	Organization. The JDMC shall be formed within thirty (30) days after the Effective Date. The JDMC shall consist of six (6) members – three (3) members to
be designated by Roche and three (3) members to be designated by Pharmasset. Each Party shall notify the other Party in writing of the members designated by such Party within thirty (30) days after the Effective Date. Any Party may
withdraw the designation of any of its members of the JDMC and designate a replacement at any time by giving prior written notice of the withdrawal and identifying the replacement to the other Party. The chairperson of the JDMC shall be from Roche.
Initially Roche will try to ensure that one member of the JDMC is a member of the standard Roche decision making bodies (Research Development Committee, Life Cycle Committee). 

  

	 	(b)	Meetings. The JDMC shall hold meetings at least quarterly during the Collaboration Period and semi-annually thereafter, on mutually agreeable dates, with the location of the
meetings to alternate between Pharmasset’s facilities and Roche’s facilities in Nutley, New Jersey, or Basel, Switzerland (or such other locations as may be mutually agreed to by the Parties). The frequency and location of such meetings
may be modified by mutual agreement of the Parties. Each Party shall pay its own expenses associated with meetings. Each Party may, in its discretion, invite employees of such Party who are not members of the JDMC and consultants who have entered
appropriate confidentiality agreements to attend meetings of the JDMC. The Roche Global Alliance Director shall attend the JDMC meetings and will serve as the primary contact person for all non-scientific matters. 

  

	 	(c)	Responsibilities: The JDMC will have the following responsibilities: 

  

	 	(i)	Discuss and agree upon the Development Plan, material changes and amendments which cause a material delay in the US NDA Filing and/or the EU MAA Filing; 

  

 26 

	 	(ii)	Review the progress of the project teams and discuss and agree upon their annual goals; 

  

	 	(iii)	Review, discuss and agree upon presentations to be given to the Roche internal decision making bodies; 

  

	 	(iv)	Discuss the reports on development submitted by Roche and the progress of material activities in the Development Plan; 

  

	 	(v)	Discuss and agree upon the clinical and non-clinical study protocols; 

  

	 	(vi)	Discuss all draft study reports of the Phase 1 POC study performed by Pharmasset and the final reports of these studies; 

  

	 	(vii)	Discuss material submissions to the FDA and the EMEA and reasonable ways to expedite these submissions; 

  

	 	(viii)	Facilitate and coordinate the exchange of information; 

  

	 	(ix)	Ensure communication to the project teams of decisions made by the JDMC; 

  

	 	(x)	Inform the other party on up-coming major internal events and decisions and communicate to the other party on the results of such events and the decisions taken;

  

	 	(xi)	Ensure communication to Pharmasset by Roche of any major issues, plans and/or expected decisions discussed by Roche’s internal development teams; 

  

	 	(xii)	Discuss Pharmasset’s plans of its development activities in the Pharmasset territories and material changes and amendments thereof with the Development Plan in order to align
such activities with the Roche’s global development strategy; and 

  

	 	(xiii)	Discuss the progress of Pharmasset’s development in the Pharmasset territories. 

  

	 	(d)	Decision-Making. Decisions of the JDMC shall be by consensus, with each Party getting one vote. 

  

	 	(i)	If the JDMC is unable to decide a matter by consensus, the Parties shall refer such matter for resolution to the Global Head of Roche Pharma (or a designee) and the Chief Executive
Officer of Pharmasset (or a designee) (the “Executives”). 

  

 27 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	(ii)	If after sixty (60) days the Executives are unable to resolve any such matter after good faith discussions, then each [***] shall have [***] as to [***], except (A) [***],
and (B) in the event that [***], with respect to [***]. 

  

	 	(e)	Roche Internal Project Team. A Roche internal project team will be formed to manage the day-to-day activities of the Collaboration subject to the terms and conditions of this
Agreement. This internal team will be responsible for implementing the recommendations of the JDMC and will be subject to the governance of the standard Roche decision-making bodies. 

  

	 	(f)	CMC Subcommittee. The JDMC shall appoint a subcommittee comprised of representatives from both Pharmasset and Roche (the “CMC Subcommittee”) to handle day-to-day
issues relating to chemistry/manufacturing/control technical development (“CMC”) and technical regulatory issues (e.g., synthetic route, market formulation and supply chain structure). This CMC Subcommittee shall report to the JDMC and
shall meet regularly as needed, but no less often than quarterly. Schedule 6 of this Agreement provides guidance as to the issues and matters to be considered by the CMC Subcommittee. 

  

	 	(g)	Progress Reports. At each JDMC meeting, both Parties shall provide a report to the JDMC, summarizing in reasonable detail the results to date of the Collaboration. After each
meeting, the JDMC shall prepare a report summarizing the discussions held and conclusions reached and setting forth plans for the Collaboration for the next six (6) months. 

  

	8.2	Potential Licensed Compounds. A joint research committee (the “JRC”) shall monitor the progress of the research program for Potential Licensed Compounds, and permit
collaboration, wherever possible, during compound discovery through GLP Tox Completion or End of Phase 1, as applicable, for any given Potential Licensed Compound. The JRC shall be responsible for overseeing the research and development of Potential
Licensed Compounds for which Roche has not yet exercised its Option. Upon Roche’s exercise of its Option to a Potential Licensed Compound, the JDMC shall take over responsibility for such Potential Licensed Compound; and governance for such
compound shall be in accordance with Section 8.1 above. 

  

	 	(a)	 Organization. The JRC shall be formed within thirty (30) days after the Effective Date. The JRC shall consist of four (4) members – two
(2) members to be designated by Roche and two (2) members to be 

  

 28 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
designated by Pharmasset. Each Party shall notify the other Party in writing of the members designated by such Party within thirty (30) days after the
Effective Date. Any Party may withdraw the designation of any of its members of the JRC and designate a replacement at any time by giving prior written notice of the withdrawal and identifying the replacement to the other Party. The chairperson of
the JRC shall be from Pharmasset. 

  

	 	(b)	Meetings. The JRC shall hold meetings at least quarterly during the Collaboration Period, with the location of the meetings with the location of the meetings to alternate
between Pharmasset’s facilities and Roche’s facilities in Nutley, New Jersey, and Basel, Switzerland (or such other locations as may be mutually agreed to by the Parties). The frequency and location of such meetings may be modified by
mutual agreement of the Parties. Each Party shall pay its own expenses associated with meetings. Each Party may, in its discretion, invite employees of such Party and consultants who have entered into appropriate confidentiality agreements who are
not members of the JRC to attend meetings of the JRC. The Roche Global Alliance Director shall attend the JRC meetings and will serve as the primary contact person for all non-scientific matters. 

  

	 	(c)	Decision-Making. Decisions of the JRC shall be by consensus, with each Party getting one vote. If the JRC is unable to decide a matter by consensus, the Parties shall refer
such matter for resolution to the Global Head of Roche Pharma Research (or a designee) and the Chief Executive Officer of Pharmasset (or a designee) (the “Executives”). If the Executives are unable to resolve any such matter after [***],
then [***] shall have [***] with respect to [***] so long as such [***]. 

  

	 	(d)	Progress Reports. Within thirty (30) days after the end of each calendar quarter, Pharmasset shall prepare and deliver to Roche and the JRC a written progress report,
summarizing in reasonable detail the results to date of the Collaboration. After each meeting, the JRC shall prepare a report summarizing the discussions held and conclusions reached and setting forth plans for the Collaboration for the next six
(6) months. 

  

	8.3	PSI-6130 Pro-Drugs. The JRC shall monitor the progress of the research program for potential pro-drugs of PSI-6130 through completion of GLP tox studies for each potential
pro-drug. After completion of GLP tox studies, the JDMC shall have responsibility for such pro-drugs in accordance with the governance process outlined in Section 8.1. 

  

	 	(a)	 Decision-Making. Decisions of the JRC shall be by consensus, with each Party getting one vote. However, if the JRC is unable to decide a matter by consensus,
the Parties shall refer such matter for resolution to the Global Head of Roche Pharma Research (or a designee) and the Chief Executive Officer of Pharmasset (or a designee) (the 

  

 29 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
“Executives”). If the Executives are unable to resolve any such matter after sixty (60) days, then [***] shall have final say.

  

	 	(b)	Transition to JDMC for Decision-Making. After completion of GLP tox studies, the JDMC shall have responsibility for such pro-drugs in accordance with the governance process
outlined in Section 8.1. 

  

	 	(c)	Prodrug Team. A joint project team will be formed to manage the day-to-day activities required for the prodrug and subject to the terms and conditions of this Agreement. This
internal team will be responsible for implementing the recommendations of the JRC. 

  

	8.4	Compound Reports. 

  

	 	(a)	In addition to the progress reports of Section 8.2(d), Pharmasset shall prepare and deliver to Roche, at least once per quarter, a report containing the following:

  

	 	(i)	the data from the activities listed in Schedule 4 (defining GLP Tox Completion) for each Potential Licensed Compound; and 

  

	 	(ii)	if Roche has not exercised its Option for a given Potential Licensed Compound within sixty (60) days after GLP Tox Completion for such Potential Licensed Compound, the data
from the activities listed in Schedule 5 for each such Potential Licensed Compound. 

  

	8.5	Effect of Option Exercise on Governance. Notwithstanding anything to the contrary in Section 8.2, once Roche exercises its Option for a Potential Licensed Compound, the
JDMC shall have purview over Potential Licensed Compound as a Licensed Collaboration Compound in accordance with Section 8.1. 

  

	8.6	Sublicense of Obligations. 

  

	 	(a)	Roche acknowledges that Pharmasset may subcontract Pharmasset’s obligations under this Agreement. However, prior to entering into any significant subcontracts relating to
activities under the Research Plan or the development activities listed in Section 9.1(a), Pharmasset shall first solicit the advice and input of Roche with respect to such subcontract. 

  

	 	(b)	Pharmasset acknowledges that Roche may subcontract Roche’s obligations under this Agreement. However, prior to entering into any significant subcontracts under the Research
Plan, Roche shall first solicit the advice and input of Pharmasset with respect to such subcontract. 

 ARTICLE 9. RESEARCH
AND DEVELOPMENT 
  

	9.1	Primary Compounds. 

  

	 	(a)	For Primary Compound, the Parties have established a Development Plan, attached to this Agreement as Schedule 1. Under the Development Plan for Primary Compound, Pharmasset shall
conduct the following activities in support of development in the Roche Territories: 

  

	 	(i)	[***]; 

  

 30 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	(ii)	[***]; and 

  

	 	(iii)	[***]. 

  

	 	(b)	Other than activities completed by Pharmasset pursuant to 9.1(a) above, Pharmasset shall not have any obligation for any other studies relating to the Primary Compound to achieve
(i) [***], and (ii) [***]. Roche may undertake some or all of these studies for the Primary Compound as determined by the JDMC. 

  

	 	(c)	Subject to Article 11 and pursuant to the Development Plan, Roche shall conduct all other activities in support of obtaining Regulatory Approval in the Roche Territory pursuant to
the Development Plan. 

  

	 	(d)	Each [***] shall [***] except that [***] shall [***]. If [***] has the [***] will be [***], assuming that [***]. If [***] undertakes any of the [***], the [***] shall be [***].

  

	 	(e)	If the JDMC determines to pursue development of the pro-drug of PSI-6130, then a Development Plan shall be established and certain of the activities contemplated by
Section 9.1(a) and the reimbursement provided for in Section 9.1(d) may be allocated toward such pro-drug as the JDMC may determine. If Pharmasset is required to perform activities for the pro-drug that Pharmasset previously performed for
PSI-6130 (as listed in 9.1(a)), then Pharmasset shall be reimbursed for its actual expenses incurred to perform such activities, including the cost of any API manufactured, at the request of the JDMC, by Pharmasset, its Affiliates or a Third Party
(at Pharmasset’s direction) whether or not such API has been used. 

  

	 	(f)	The Parties contemplate that Pharmasset will participate in process research and process development activities (including formulation, analytical, QC and the like) to such extent
as defined by the CMC Committee as sanctioned by the JDMC. [***] shall [***] for its [***]. The [***] shall be [***]. [***] shall [***], and [***] shall [***]. 

  

	 	(g)	Subject to Article 11 and the Pharmasset development plan for the Pharmasset Territory, Pharmasset shall, at its own cost, conduct all activities in support of obtaining Regulatory
Approval in the Pharmasset Territory. 

  

	9.2	 Potential Licensed Compounds. Pharmasset will undertake to discover and develop Potential Licensed Compounds during the Collaboration Period pursuant to the
Research Plan. Pharmasset shall have final say regarding compound design, although Roche may participate in design of compounds through the JRC. For a given Potential Licensed Compound, prior to exercise of its Option but during the Collaboration
Period, Roche, at its expense, shall have the right, but not the obligation, to conduct activities with respect to the Potential Licensed Compounds in accordance with the Research Plan. If Roche conducts an activity, it shall provide Pharmasset with
the data and results of such activity, and 

  

 31 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
Pharmasset shall own such data and results to the extent that Roche has the right and ability to grant Pharmasset ownership rights in such data and results;
provided, however, Pharmasset shall not allow a Third Party to use or access such data and results without prior written consent from Roche unless and until the Potential Licensed Compound becomes a Relinquished Compound.

  

	9.3	Licensed Compounds. The Development Plan for the Primary Compound is attached hereto as Schedule 1. For a given Potential Licensed Compound, promptly following the exercise
by Roche of its Option designated such Potential Licensed Compound as a Licensed Collaboration Compound, the Parties shall, through JDMC, develop and adopt a Development Plan for such Licensed Collaboration Compound. Each Development Plan shall
specify, among other things, that Roche shall conduct, at its own cost and expense, all activities in support of obtaining Regulatory Approval in the Roche Territory. Such Development Plan may be amended from time to time in accordance with Article
8. 

  

	9.4	Existing [***] Programs. Any existing [***] compounds (excluding any [***]) [***], whether [***] or including or using [***], shall [***]; and any such [***] shall be [***].
For clarity, Roche shall retain rights to such compounds and products whether or not it chooses to develop such products and shall retain rights to such compounds and products upon termination or expiration of this Agreement.

 ARTICLE 10. REGULATORY MATTERS 
  

	10.1	Regulatory Approvals. 

  

	 	(a)	 Roche, at its sole cost, shall pursue all Regulatory Approvals related to Products in the Roche Territory, including the preparation and filing of applications for
clinical trials and Regulatory Approvals, as well as any and all governmental approvals required to manufacture, have manufactured and sell Products in the Roche Territory. Without limiting the generality of the foregoing, Roche shall be responsible
for pursuing, compiling and submitting all regulatory filing documentation, and for interacting with regulatory authorities, for all Products in all countries in the Roche Territory. During such time, Roche or its Affiliates shall own and file, at
its cost, all regulatory filings and Regulatory Approvals for all Products in all countries of the Roche Territory. Roche shall supply Pharmasset with a copy of all material communications related to any Product to and from any regulatory authority
for all Major Market Countries, promptly after receipt of such communication from such 

  

 32 

	 	 
authority or concurrently with sending such communication to such authority, as applicable. Upon request of Pharmasset, Roche shall supply Pharmasset with a
copy of all such communications in all other countries in the Roche Territory. 

  

	 	(b)	Pharmasset, at its sole cost, shall pursue all Regulatory Approvals (other than manufacturing) related to Products in the Pharmasset Territory, including the preparation and filing
of applications for Regulatory Approvals, as well as any and all governmental approvals required to sell Products in the Pharmasset Territory. Without limiting the generality of the foregoing, Pharmasset shall be responsible for pursuing, compiling
and submitting all regulatory filing documentation, and for interacting with regulatory authorities, for all Products in all countries in the Pharmasset Territory. During such time, Pharmasset or its Affiliates shall own and file, at its cost, all
regulatory filings and Regulatory Approvals for all Products in all countries of the Pharmasset Territory. Upon request of Roche, Pharmasset shall supply Roche with a copy of all such communications in all countries in the Pharmasset Territory.

  

	10.2	Pharmacovigilance. 

  

	 	(a)	The Parties agree to inform each other about adverse events occurring or having occurred in connection with the use of Products in sufficient time to allow all Parties to comply
with all applicable laws, rules and regulations in their respective territories. 

  

	 	(b)	No later than the initiation of the first clinical trial of a Product, the Parties shall execute a separate detailed pharmacovigilance agreement specifying the procedure for
exchange of information relating to adverse drug reactions which may occur (i) during development and (ii) after Launch. 

  

	 	(c)	Roche, at its sole cost, shall report to appropriate authorities in the Roche Territory in accordance with and as required by all applicable laws, rules and regulations all adverse
events, adverse drug reactions, serious adverse events and serious adverse drug reactions related to use of Products anywhere in the Roche Territory. 

  

	 	(d)	Pharmasset, at its sole cost, shall report to appropriate authorities in the Pharmasset Territory in accordance with and as required by all applicable laws, rules and regulations
all adverse events, adverse drug reactions, serious adverse events and serious adverse drug reactions related to use of Products anywhere in the Pharmasset Territory. 

  

	 	(e)	 Both Parties shall maintain a safety database that allows them to manage safety data collected and to fulfill their regulatory responsibilities in 

  

 33 

	 	 
their respective territories. After transfer of the historical clinical safety data to Roche, Roche shall maintain the global safety database for each
Product, which shall be searched to provide answers to safety queries for the preparation of Analyses of Similar Events (ASIMEs) and for safety reports. Transfer of historical clinical safety data from Pharmasset to Roche shall occur as soon as
possible but, in any event, no later than Roche’s initiation of clinical trial enrollment activities. 

  

	10.3	Transfer of Regulatory Responsibilities in the Roche Territory. The JDMC shall agree upon a process for transferring regulatory responsibilities to Roche. If, at Roche’s
request, Pharmasset continues to hold the IND for a Product after completion of the POC Study, then Roche shall reimburse Pharmasset for its reasonable expenses incurred in connection with activities relating to holding the IND, including direct
internal labor costs, which shall be reimbursed at a rate of $150 per hour. 

  

	10.4	Data Access. Except with respect to the global safety database, each Party shall permit the other Party access to, and grant the other Party the right to reference and use,
all clinical and manufacturing data associated with any submissions for approvals or other issues associated with any Licensed Compound at no cost. Such data shall include, but is not limited to, preclinical and clinical data, regulatory filings,
Regulatory Approvals, CMC data and any adverse event reports or information. In furtherance of the foregoing, each Party shall, promptly upon the request of the other Party, deliver a letter to the FDA (or the relevant regulatory authority)
authorizing the other Party to reference the drug master files and other regulatory filings of the authorizing Party related to Products. For clarity, Roche shall not provide Pharmasset with direct access to Roche’s global safety database;
rather, Roche shall allow Pharmasset to submit database queries for the purpose of generating ASIMEs and required safety reports. 

 ARTICLE 11. MANUFACTURE AND SUPPLY 
  

	11.1	Primary Compound and Primary Product. 

  

	 	(a)	For clinical supply of a Primary Compound, Pharmasset will establish a single source of API for both the Roche Territory and the Pharmasset Territory, and shall be responsible for
providing clinical supply at Cost of Goods until the Initiation of Phase 2. 

  

	 	(b)	For clinical supply of a Primary Compound after Initiation of Phase 2 and for commercial supply of Primary Product, the JDMC shall decide, at least twelve (12) months prior to
the anticipated Initiation of Phase 2, whether Roche or Pharmasset shall establish a single source of API for both the Roche Territory and the Pharmasset Territory. 

  

 34 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	(i)	If Pharmasset is selected as the single source of supply, then Pharmasset shall provide: (1) Phase 2 and Phase 3 clinical supply of API to Roche for the Roche Territory at
Pharmasset’s Cost of Goods, not to exceed $[***]/kg ([***]); and (2) commercial supply of API to Roche for the Roche Territory (including samples) at a transfer price equal to Pharmasset’s Cost of Goods plus [***]%, the total price to
Roche not to exceed $[***]/kg ([***]). 

  

	 	(ii)	If the JDMC decides that Pharmasset shall have responsibility and authority for establishing a single source of API for both the Roche Territory and the Pharmasset Territory, then
Roche shall have a right to establish itself (or a Third Party) as the secondary source of API supply, provided however, Roche may not supply in excess of [***]% of the requirements for the global supply (unless Roche becomes the primary source, as
set forth in Section 11.1(b)(iii) below). 

  

	 	(iii)	If Roche is selected as the single source of supply, then Roche shall provide: (1) Phase 2 and Phase 3 clinical supply of API to Pharmasset for the Pharmasset Territory at
Roche’s Cost of Goods, not to exceed $[***]/kg ([***]); and (2) commercial supply of API to Pharmasset for the Pharmasset Territory (including samples) at a transfer price of (A) [***] during such time period as Pharmasset is
paying a royalty to Roche pursuant to Section 5.3, or (B) [***]%, the total price to Pharmasset not to exceed $[***]/kg ([***]). 

  

	 	(iv)	If the JDMC decides that Roche shall have responsibility and authority for establishing a single source of API for both the Roche Territory and the Pharmasset Territory, then
Pharmasset shall have a right to establish itself (or a Third Party) as the secondary source of API supply, provided however, Pharmasset may not supply in excess of [***]% of the requirements for the global supply (unless Pharmasset becomes the
primary source, as set forth in Section 11.1(b)(i)). 

  

	 	(v)	In the event that Roche is a source of API, it may contract with Pharmasset for certain processes, or supply intermediates at a reasonable mark-up, to be negotiated in good faith,
to Pharmasset’s Cost of Goods for such intermediates. 

  

	 	(c)	 The Party manufacturing and supplying API hereunder shall use Reasonable Diligence to improve the efficiency of the manufacturing 

  

 35 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
process, including without limitation, cost of API, yield and delivery timing, in order to reduce the Cost of Goods. 

  

	 	(d)	Each Party shall be responsible for manufacturing and packaging of finished goods containing Product for its own territory based upon common formulation for both clinical and
commercial supply. 

  

	11.2	Technology Transfer to Roche; Transfer Deliverables. Upon a determination by the JDMC, in accordance with Section 11.1(b)(iii), that Roche will establish a single source
of supply for API, then Pharmasset shall, as promptly as practicable following such determination, transfer to Roche and its designated supplier the physical embodiment of the Pharmasset Know-How as necessary to enable Roche or such designated
supplier to manufacture the Licensed Compound(s). 

  

	11.3	GMP Audits by Roche. Pharmasset shall use reasonable efforts to ensure that Roche has the right to conduct GMP audits upon reasonable notice of any Third Party suppliers used
by Pharmasset to supply Roche with Products, Licensed Compounds, API or intermediates. If Pharmasset itself acts as a supplier, then Roche shall have a right to conduct GMP audits of Pharmasset’s facilities upon reasonable notice.

  

	11.4	GMP Audits by Pharmasset. Roche shall use reasonable efforts to ensure that Pharmasset has the right to conduct GMP audits upon reasonable notice of any Third Party suppliers
used by Roche to supply Pharmasset with Products, Licensed Compounds, API or intermediates. If Roche itself acts as a supplier, then Pharmasset shall have a right to conduct GMP audits of Roche’s facilities upon reasonable notice.

  

	11.5	Licensed Collaboration Compounds. The JDMC shall determine the optimal manufacturing and supply chain arrangements for each Licensed Collaboration Compound.

 ARTICLE 12. COMMERCIALIZATION 
  

	12.1	Decision Making. Roche shall have sole responsibility and decision-making authority for the marketing, promotion, sale and distribution of Products in the Roche Territory,
except as expressly set forth in any Co-Promotion Agreement entered into between the Parties pursuant to Section 2.4. Pharmasset shall have sole responsibility and decision-making authority for the marketing, promotion, sale and distribution of
Products in the Pharmasset Territory, subject to Section 12.2. 

  

	12.2	Grant of Rights in the Pharmasset Territory. Pharmasset may grant rights to a Third Party to distribute, promote, market or sell a Product in the Pharmasset Territory
(“Pharmasset Commercialization Rights”). However, prior to [***], [***] shall first [***]. If, after [***], then [***] shall be [***]. 

  

	12.3	Cross-Border Sales. To the extent permitted by law, each of the Parties shall take reasonable measures to prevent any re-sales of Products originally sold by such Party or
its Affiliates, sublicensees or distributors in such Party’s territory into the other Party’s territory. 

  

 36 

 ARTICLE 13. TRADEMARKS 
  

	13.1	Ownership of Trademarks. 

  

	 	(a)	Roche shall own all trademarks used in connection with Products in the Roche Territory, and shall, at its sole cost, be responsible for procurement, maintenance, enforcement and
defense of all trademarks used in connection with Products in the Roche Territory. 

  

	 	(b)	Pharmasset shall own all trademarks used in connection with Products in the Pharmasset Territory, and shall, at its sole cost, be responsible for procurement, maintenance,
enforcement and defense of all trademarks used in connection with Products in the Pharmasset Territory. 

  

	13.2	Single Trademark. It is the intent of the Parties that the Parties shall select a single trademark to be used for each given Licensed Compound throughout the world; provided
that a different trademark may be used in a particular country if the single trademark is not appropriate. 

 ARTICLE 14.
PATENT RIGHTS 
  

	14.1	Ownership of Patent Rights. Title to inventions, discoveries, improvements and other technology, whether or not patentable (collectively, “Inventions”), and any
patent or patent application claiming such Inventions, shall be as set forth below. Inventorship shall be determined under the patent laws of the country in which the relevant patent application was filed. 

  

	 	(a)	Roche shall own Inventions and any patent or patent applications claiming such Inventions wherein the inventors consist of employees, agents or consultants of Roche (but no
Pharmasset employees, agents or consultants) (“Roche Inventions”). 

  

	 	(b)	Pharmasset shall own Inventions and any patent or patent applications claiming such Inventions wherein the inventors consist of employees, agents or consultants of Pharmasset (but
no Roche employees, agents or consultants) (“Pharmasset Inventions”). 

  

	 	(c)	Pharmasset and Roche shall own jointly Inventions invented jointly by employees, agents or consultants of Pharmasset and Roche (“Joint Inventions”) and any patent or
patent applications claiming such Inventions (“Joint Patent Rights”). 

  

	 	(d)	Roche shall grant to Pharmasset a fully paid-up, non-exclusive, worldwide license to any Joint Patent Rights for all fields; and Pharmasset shall likewise grant to Roche a fully
paid-up, non-exclusive, worldwide license to any Joint Patent Rights for all fields. 

  

 37 

	14.2	Patent Prosecution and Maintenance. 

  

	 	(a)	Pharmasset shall have the right, but not the obligation, at its own cost, to prepare, file, prosecute and maintain all Pharmasset Patents (including prior Pharmasset Patents and
patent applications in respect of Pharmasset Inventions) using outside patent counsel of Pharmasset’s choice with strategic input on such choice of counsel from Roche. 

  

	 	(b)	If Pharmasset does not wish to prepare, file, prosecute or maintain any Pharmasset Patent in a country on the list of designated countries specified in Schedule 9A (the
“Pharmasset Designated Countries”), then Pharmasset shall so notify Roche and Roche shall have the right to prepare, file, prosecute, and maintain any such patent at its own costs and at its own discretion in such country. Roche shall copy
Pharmasset on all material correspondence relating to the prosecution and maintenance of such Pharmasset Patent in such country. 

  

	 	(c)	Roche shall have the right, but not the obligation, at its own cost, to prepare, file, prosecute and maintain all Roche Patents (including patents and patent applications in respect
of Roche Inventions) using outside patent counsel of Roche’s choice with strategic input on such choice of counsel from Pharmasset. 

  

	 	(d)	If Roche does not wish to prepare, file, prosecute or maintain any such patent, in a country on the list of designated countries specified in Schedule 9B (the “Roche Designated
Countries”), then Roche shall so notify Pharmasset and Pharmasset shall have the right to prepare, file, prosecute, and maintain any such patent at its own costs and at its own discretion in such country. Pharmasset shall copy Roche on all
material correspondence relating to the prosecution and maintenance of such patent in such country. 

  

	 	(e)	Roche shall be responsible for the preparation, filing, prosecution, and maintenance of all Joint Patent Rights in the Roche Territory, using patent counsel of Roche’s choice
with strategic input on such choice of counsel from Pharmasset. All costs associated with filing, prosecution, and maintenance of Joint Patent Rights in the Roche Territory shall be borne by Roche. 

  

	 	(f)	Pharmasset shall be responsible for the preparation, filing, prosecution, and maintenance of all Joint Patent Rights in the Pharmasset Territory, using patent counsel of
Pharmasset’s choice with strategic input on such choice of counsel from Roche. 

  

	 	(g)	 If the Party bearing the costs of patent prosecution and maintenance of Joint Patents in accordance with subsections (e) and (f) above (the
“Cost-Bearing Party”) does not intend to cover such costs as to a 

  

 38 

	 	 
particular country, it shall promptly notify the other Party. Upon such notification, (i) the Cost-Bearing Party shall assign its right and interest in
such Joint Patent Rights to the other Party at no cost, and (ii) if the Cost-Bearing Party is Roche, Pharmasset shall have the right to prepare, file, prosecute and maintain such Joint Patent Right in such country. 

 

	14.3	Enforcement of Pharmasset Patents. Each Party shall inform the other Party promptly upon learning of any infringement of the Pharmasset Patents. Pharmasset shall have the
right to enforce and defend, at its own cost, all Pharmasset Patents (excluding the Third Party patents licensed to Pharmasset as of the Effective Date). Roche shall cooperate with and assist Pharmasset in the enforcement of the Pharmasset Patents
upon the reasonable request of Pharmasset, including joining as a party to any enforcement action, provided, however, that Pharmasset shall reimburse Roche for its reasonable litigation expenses (including legal fees charged by Roche’s
independent counsel, not including any internal costs associated with activities performed by Roche employees). In the event that Pharmasset does not pursue an enforcement action within a period of one hundred twenty (120) days following
reasonable notification of the infringement of the Pharmasset Patents, then Roche shall have the right to bring such action at its own cost. Roche may join Pharmasset as a party in such actions, provided, however, that Roche shall reimburse
Pharmasset for its reasonable litigation expenses (including legal fees charged by Pharmasset’s independent counsel, not including any internal costs associated with activities performed by Pharmasset employees). 

  

	14.4	Enforcement of Roche Patents. Each Party shall inform the other Party promptly upon learning of any infringement of the Roche Patents. Roche shall have the right to enforce
and defend, at its own cost, all Roche Patents. Pharmasset shall cooperate with and assist Roche in the enforcement of the Roche Patents upon the reasonable request of Roche, including joining as a party to any enforcement action, provided, however,
that Roche shall reimburse Pharmasset for its reasonable litigation expenses (including legal fees charged by Pharmasset’s independent counsel, not including any internal costs associated with activities performed by Pharmasset employees). In
the event that Roche does not pursue an enforcement action within a period of one hundred twenty (120) days following reasonable notification of the infringement of the Roche Patents, then Pharmasset shall have the right to bring such actions
at its own cost. Pharmasset may join Roche as a party in such actions, provided, however, that Pharmasset shall reimburse Roche for its reasonable litigation expenses (including legal fees charged by Roche’s independent counsel, not including
internal costs associated with activities performed by Roche’s employees). 

  

 39 

	14.5	Enforcement of Joint Patent Rights. 

  

	 	(a)	Roche shall inform Pharmasset promptly upon learning of any infringement to the Joint Patents in the Roche Territory. Roche shall have the right to enforce and defend, at its own
cost, all Joint Patents in Roche Territory. Pharmasset shall cooperate with and assist Roche in the enforcement of the Joint Patents upon the reasonable request of Roche, including joining as a party to any enforcement action, provided, however,
that Roche shall reimburse Pharmasset for its reasonable litigation expenses (including legal fees charged by Pharmasset’s independent counsel, not including any internal costs associated with activities performed by Pharmasset employees). In
the event that Roche does not pursue an enforcement action within a period of one hundred twenty (120) days following reasonable notification of the infringement of the infringement of Joint Patent Rights, then Pharmasset shall have the right
to bring such action at its own cost. Pharmasset may join Roche as a party in such actions provided, however, that Pharmasset shall reimburse Roche for its reasonable litigation expenses (including legal fees charged by Roche’s independent
counsel not including any internal costs associated with activities performed by Roche employees). 

  

	 	(b)	Pharmasset shall inform Roche promptly upon learning of any infringement to the Joint Patents in the Pharmasset Territory. Pharmasset shall have the right to enforce and defend, at
its own cost, all Joint Patents in Pharmasset Territory. Roche shall cooperate with and assist Pharmasset in the enforcement of the Joint Patents upon the reasonable request of Pharmasset, including joining as a party to any enforcement action,
provided, however, that Pharmasset shall reimburse Roche for its reasonable litigation expenses (including legal fees charged by Roche’s independent counsel, not including any internal costs associated with activities performed by Roche
employees). In the event that Pharmasset does not pursue an enforcement action within a period of one hundred twenty (120) days following reasonable notification of the infringement of the infringement of the Joint Patents, then Roche shall
have the right to bring such action at its own cost. Roche may join Pharmasset as a party in such actions, provided, however, that Roche shall reimburse Pharmasset for its reasonable litigation expenses (including legal fees charged by
Pharmasset’s independent counsel, not including any internal costs associated with activities performed by Pharmasset employees). 

  

 40 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	14.6	Recoveries. Any damages, monetary awards or other amounts recovered, whether by judgment or settlement, pursuant to any suit, proceeding or other legal action taken under
Sections 14.3, 14.4 or 14.5 shall first be applied to reimburse the Parties for their respective costs and expenses (including reasonable attorneys’ fees and costs) incurred in prosecuting such action or conducting such settlement. Any amounts
remaining shall be allocated between the Parties as follows: 

  

	 	(a)	For any Joint Patents, regardless of which Party brings the enforcement action, the amounts remaining shall be [***]; 

  

	 	(b)	If a Party enforces its own Patent in its own territory (i.e., Roche enforcing a Roche Patent in the Roche Territory, or Pharmasset enforcing a Pharmasset Patent in the Pharmasset
Territory), then [***] shall [***], except that to the extent any such [***] is [***], such [***] shall be [***] and the other [***] shall be [***]. 

  

	 	(c)	If a Party enforces its own Patent in the other Party’s territory (i.e., Roche enforcing a Roche Patent in the Pharmasset Territory, or Pharmasset enforcing a Pharmasset Patent
in the Roche Territory), then the Party enforcing its own Patent shall retain the greater of (i) [***], or (ii) [***]. 

  

	 	(d)	If a Party enforces the other Party’s Patent in the other Party’s territory (i.e., Roche enforcing a Pharmasset Patent in the Pharmasset Territory, or Pharmasset enforcing
a Roche Patent in the Roche Territory), [***]. 

  

	14.7	Patent Licenses From Third Parties. 

  

	 	(a)	Pre-existing Pharmasset Third Party Licenses. Pharmasset shall maintain all Pre-existing Pharmasset Third Party Licenses at [***]. If a Third Party claims a payment is due
from under a Pre-Existing Pharmasset Third Party License, related to any Product, and Pharmasset does not agree to make such payment, Pharmasset shall immediately advise Roche in writing of such disagreement. 

  

	 	(b)	HCV Target Screening Patent Licenses. Roche shall obtain and maintain any HCV Target Screening Patent License at [***] cost, if Roche determines such license is required,
except that [***] will be responsible for milestone and royalty payments associated with such license that are specific to the [***] Territory. For clarity, [***] shall have no responsibility for any HCV Target Screening Patent Licenses with respect
to Relinquished Compounds. 

  

	 	(c)	 Pre-existing Roche Third Party Licenses; Other Third Party Licenses. Roche shall maintain all Pre-existing Roche Third Party Licenses at [***]. If a Third
Party claims a payment is due from under a Pre-existing Roche Third Party License, related to any Product, and Roche does not agree to make such payment, Roche shall immediately advise 

  

 41 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	 
Pharmasset in writing of such disagreement. In addition, except as provided for in Sections 14.7(a) or 14.7(b), [***] Territory. Notwithstanding the
preceding sentence, [***] shall be responsible for a pro rata share ([***] percent ([***]%)) of (i) any up-front amounts, and (ii) all milestone and royalty payments that are specific to the [***] Territory, but only if the patent license
required to sell a Licensed Compound is a license to a Patent Right containing a Valid Claim Covering the Product in a country in the [***] Territory and such patent license is not a Pre-existing Roche Third Party License.

  

	 	(d)	Process for Entering into Third Party Patent License Agreements. Roche shall consider in good faith Pharmasset’s input in any negotiations for Third Party patent
licenses; and [***] shall not [***]. Any disputes over whether to enter into a particular Third Party patent license agreement shall be subject to the arbitration procedure specified in Article 18. 

  

	 	(e)	Future Third Party [***] Licenses. If, during the Collaboration Period, either Party or its Affiliates (the “Identifying Party”) identify a [***] compounds
(excluding any [***] technology) not Controlled by a Party (“Related Technology”), the Identifying Party shall notify and disclose to the other Party all available information concerning such Related Technology. After such notice has been
provided, the Party receiving such notice shall have thirty (30) days from the date of such notice to notify the Identifying Party of its interest in such Related Technology. If both Parties are interested in such Related Technology, then,
regardless of which Party is the Identifying Party, Pharmasset shall, together with Roche, negotiate with the relevant Third Party to obtain rights to the Related Technology and bring it within the scope of the license grant to Roche under
Section 2.1 as part of Pharmasset Patent Rights. In furtherance thereof, [***] shall [***], and otherwise [***] associated with [***], except that [***] shall be [***] that are [***]. In the event Pharmasset is the Identifying Party and Roche
(i) notifies Pharmasset that it does not desire to bring such Related Technology within the scope of the license grant to Roche, or (ii) fails to notify Pharmasset within such thirty (30) day period of its desire to include the
Related Technology as part of the license grant under Section 2.1, Pharmasset may acquire the rights to such Related Technology outside the collaboration and such rights shall not be subject to this Agreement. In the event Roche is the
Identifying Party and Pharmasset (i) notifies Roche that it does not desire to enter into a license agreement for such Related Technology, or (ii) fails to notify Roche of its interest in such Related Technology, then Roche may acquire the
rights to such Related Technology outside the collaboration and such rights shall not be subject to this Agreement. For clarity, this Section does not apply to any pre-existing licenses and agreements entered into prior to the Effective Date of this
Agreement. 

  

 42 

 ARTICLE 15. REPRESENTATIONS AND WARRANTIES 
  

	15.1	Mutual Representations and Warranties. Each Party warrants and represents to the other Party that: 

  

	 	(a)	it has the full right and authority to enter into this Agreement and that it is not aware of any impediment that would inhibit its ability to perform the obligations imposed on it
by this Agreement; 

  

	 	(b)	all corporate action on the part of such Party, its officers, directors and stockholders necessary for (i) the authorization, execution and delivery of this Agreement and
(ii) the performance of all obligations of such Party hereunder has been taken, and this Agreement constitutes the legal and binding obligation of such Party, enforceable against such Party in accordance with its terms;

  

	 	(c)	the execution of this Agreement and the performance of the transactions contemplated by this Agreement by such Party will not conflict with or result in a breach of any of the
terms, conditions or provisions of, or constitute a default under any agreement or other instrument to which such Party is a party or by which it or any of its property is bound; 

  

	 	(d)	it has the right to grant the licenses granted under this Agreement; and 

  

	 	(e)	it has not intentionally failed to disclose any information within its knowledge that would materially affect the other Party’s decision to enter into this Agreement, and that
no information provided by it in connection with this Agreement contains any untrue statement of material fact or omits to state a material fact. 

  

	15.2	Additional Representations and Warranties. 

  

	 	(a)	Pharmasset represents and warrants to Roche that, as of the Effective Date, the only Pharmasset Pre-existing Third Party Licenses are those listed in Schedule 7A.

  

	 	(b)	Roche represents and warrants to Pharmasset that, as of the Effective Date, Roche has not intentionally failed to disclose the existence of any Roche Pre-existing Third Party
Licenses needed for this Collaboration. 

  

	 	(c)	Pharmasset represents and warrants to Roche that, as of the Effective Date, that no Third Parties, including any governmental agencies or authorities, have asserted that any Third
Parties have rights to any Pharmasset Patent Rights or Pharmasset Know-How. 

  

 43 

	 	(d)	Pharmasset represents and warrants to Roche that, as of the Effective Date, it is not involved in any litigation, arbitration or other dispute that could adversely affect its
ability to grant the licenses and rights granted in Section 2.1 or to fulfill its obligations under this Agreement. 

  

	15.3	Disclaimer. THE FOREGOING REPRESENTATIONS AND WARRANTIES ARE IN LIEU OF ALL OTHER REPRESENTATIONS AND WARRANTIES NOT EXPRESSLY SET FORTH HEREIN. EACH OF PHARMASSET AND ROCHE
DISCLAIM ALL OTHER REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, WITH RESPECT TO THEIR RESPECTIVE RESEARCH, DEVELOPMENT AND COMMERCIALIZATION EFFORTS HEREUNDER, INCLUDING WHETHER THE PRODUCTS CAN BE SUCCESSFULLY DEVELOPED OR MARKETED,
AND THE ACCURACY, PERFORMANCE, UTILITY, RELIABILITY, TECHNOLOGICAL OR COMMERCIAL VALUE, COMPREHENSIVENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE WHATSOEVER OF THE PRODUCTS OR ANY RESEARCH. EXCEPT WITH RESPECT TO ANY CLAIM BY A THIRD
PARTY FOR INDEMNIFICATION PURSUANT TO SECTION 19.1, IN NO EVENT SHALL EITHER PHARMASSET OR ROCHE BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT BASED ON CONTRACT, TORT OR ANY OTHER LEGAL
THEORY. 

 ARTICLE 16. CONFIDENTIAL INFORMATION 
  

	16.1	Treatment of Confidential Information. In carrying out its obligations under this Agreement, each Party will be sharing confidential and proprietary data and information
(“Confidential Information”) with the other Party. Except as expressly permitted by this Agreement, each Party shall, and shall cause its Affiliates to, treat Confidential Information received from the other Party (the “Disclosing
Party”) or its Affiliates as it treats its own proprietary information of like nature and importance. During the Agreement Term and for a period of five (5) years thereafter, the Party in receipt of the Disclosing Party’s Confidential
Information (the “Receiving Party”) shall not disclose, divulge or otherwise communicate such Confidential Information to any Third Party, or use it for any purpose except pursuant to and in order to carry out its obligations under this
Agreement. Notwithstanding the foregoing, the Receiving Party may disclose Confidential Information of the Disclosing Party to the Receiving Party’s directors, officers, employees, Affiliates, consultants, subcontractors, sublicensees or agents
to the extent reasonably necessary to carry out its obligations under this Agreement, provided that such directors, officers, employees, Affiliates, consultants, subcontractors, sublicensees or agents have been advised of the confidential nature of
such information and have agreed to maintain such information as confidential to the same extent required by this Article 16. 

  

 44 

	16.2	Exceptions to Definition of Confidential Information. Confidential Information shall not include information that the Receiving Party can demonstrate:

  

	 	(a)	was known by the Receiving Party or its Affiliates prior to the date it was disclosed to the Receiving Party or its Affiliates by the Disclosing Party or its Affiliates, as
evidenced by the prior written records of the Receiving Party or its Affiliates; 

  

	 	(b)	is lawfully disclosed to the Receiving Party or its Affiliates by a Third Party rightfully in possession of such information, either before or after the date of the disclosure to
the Receiving Party or its Affiliates; 

  

	 	(c)	becomes generally known to the public through no act or omission on the part of the Receiving Party or its Affiliates, either before or after the date of the disclosure to the
Receiving Party or its Affiliates; 

  

	 	(d)	is independently developed by the Receiving Party or its Affiliates without reference to or reliance upon any Confidential Information of the Disclosing Party or its Affiliates; or

  

	 	(e)	is required to be disclosed by the Receiving Party or its Affiliates pursuant to a judicial or governmental order, provided that the Receiving Party gives the Disclosing Party
sufficient notice to permit Disclosing Party to seek a protective order or other similar order with respect to such Information. 

  

	16.3	Exceptions. The restrictions set forth in this Article 16 and Section 19.2 shall not prevent either Party from (i) disclosing Confidential Information in connection
with preparing, filing, prosecuting or maintaining a patent application or its resulting patents related to a Product in accordance with Article 14, (ii) disclosing Confidential Information to governmental agencies to the extent required or
desirable to obtain a Regulatory Approval, (iii) disclosing Confidential Information to potential private investors (under a confidentiality agreement at least as restrictive as the provisions of this Article 16) in connection with fundraising
activities, (iv) disclosing Confidential Information to underwriters and financial advisors (under an obligation of confidentiality) in connection with the public offering of securities, or (v) disclosing Confidential Information that is
reasonably determined is required to be disclosed by the Receiving Party (to comply with applicable securities or other laws) to public investors or governmental agencies in connection with the public offering of securities, provided that in all of
the above cases, the Party disclosing Confidential Information of the Disclosing Party shall use all reasonable efforts to provide prior written notice of such disclosure to the Disclosing Party and to take reasonable and lawful actions to avoid or
limit such disclosure or to assist the Disclosing Party in avoiding or limiting such disclosure. 

  

 45 

	16.4 	Previous Non-Disclosure Agreement. Notwithstanding anything contained herein to the contrary, that certain Mutual Non-Disclosure Agreement, dated as of May 25, 2004, by
and between the Parties shall remain in full force and effect as to the information disclosed between the Parties prior to the date hereof. 

  

	16.5 	Publications. The following provisions shall apply to the Parties with respect to all publications, presentations and other public disseminations of any information relating
to Licensed Compounds or to scientific work performed as part of the Collaboration: 

  

	 	(a)	The Party desiring to publish, present or otherwise publicly disseminate such information (the “Publishing Party”) shall provide the other Party with a copy of any
proposed publication, presentation or other public dissemination at least thirty (30) days prior to submission for publication, presentation or other public dissemination so as to provide such other Party an opportunity to recommend any changes
it reasonably believes are necessary to preserve the Confidential Information belonging in whole or in part to such other Party or to preserve such other Party’s ability to obtain a patent or patents Covering any Invention. The incorporation of
such recommended changes shall not be unreasonably refused. 

  

	 	(b)	If such other Party provides written notice (“Notice”) to the Publishing Party within fifteen (15) days of receipt of the copy of the proposed publication,
presentation or other public dissemination that such publication, presentation or other public dissemination in its reasonable judgment (i) discloses information about an Invention for which the other Party desires patent protection or
(ii) discloses Confidential Information of the other Party, the Publishing Party shall prevent such publication or delay such publication, presentation or other dissemination until the Parties have agreed on mutually acceptable modifications
thereto so as not to prejudice the other Party’s right to obtain a patent and not to disclose the other Party’s Confidential Information. In the case of Inventions, a delay shall be for a period reasonably sufficient to permit the timely
preparation and filing of a patent application(s) or application(s) on the Invention, and in no event less than sixty (60) days from the date of Notice. 

 ARTICLE 17. TERM AND TERMINATION 
  

	17.1 	 Agreement Term. The Agreement Term shall commence on the Effective Date and expire, unless earlier terminated upon the mutual written agreement of the
Parties or in accordance with the provisions of this Article 17, on the date of expiration of all royalty and other payment obligations (the “Expiration Date”) under this Agreement. Upon the Expiration Date, (i) the licenses granted
to Roche by Pharmasset under this Agreement and (ii) the licenses granted to Pharmasset by Roche, shall become fully paid-up and irrevocable, subject to any 

  

 46 

	 	 
obligations which have accrued prior to the Expiration Date, except for any payments for commercial supply of Product pursuant to Article 11 or the terms of
any applicable supply agreement. 

  

	17.2 	Termination for Breach. 

  

	 	(a)	Each Party (the “Non-Breaching Party”) shall be entitled to terminate this Agreement (i) on a Product-by-Product, country-by-country basis, by written notice to the
other Party (the “Breaching Party”) in the event that the Breaching Party is in default of any of its material obligations hereunder relating to such Product and such country and fails to remedy such default within sixty (60) days
(or, in the case of payment defaults, within thirty (30)) days after provision of written notice thereof by the Non-Breaching Party identifying the alleged breach in reasonable detail. Notwithstanding the foregoing, the non-Breaching Party
shall be entitled to terminate this Agreement in its entirety in the event that, as a result of such breach, the non-Breaching Party is unable to recognize substantially all financial benefits of this Agreement when taken as a whole.

  

	 	(b)	The effective date of termination of this Agreement in its entirety under this Section 17.2 for an unremedied breach of a material obligation shall be the date sixty
(60) days (or, in the case of an unremedied payment default, thirty (30) days) after provision of written notice thereof by the Non-Breaching Party. 

  

	17.3 	Roche’s Rights to Terminate. Roche shall have the unilateral right to terminate this Agreement, on a Product-by-Product basis, either on a worldwide basis or on a
country-by-country basis, by providing six (6) months prior written notice to Pharmasset. Such termination pursuant to this Section 17.3 shall be effective six (6) months after Roche provides such written notice to Pharmasset.

  

	17.4 	Consequences of Termination or Reversion. 

  

	 	(a)	Reversion of License and Assignment of Roche Rights. Upon any termination of this Agreement pursuant to this Article 17 or other reversion or relinquishment as contemplated
by Sections 2.1(h), 3.1(d), 3.1(e), 4.2(a)(iii) or 4.2(b)(ii), any and all licenses granted by Pharmasset to Roche under this Agreement shall terminate with respect to the Product(s) and country(ies) to which the termination relates on the effective
date of such termination, and the following provisions shall apply: 

  

	 	(i)	 Roche shall, upon Pharmasset’s written request, assign and transfer to Pharmasset, or its Affiliates as requested by Pharmasset, at no expense to Pharmasset or
its Affiliates, and free of any liens, pledges, security interests or other 

  

 47 

	 	 
financial encumbrances other than those incurred in accordance with this Agreement and in the commercialization of the Product, all of Roche’s right,
title and interest in and to: 

  

	 	(1)	all regulatory filings (such as INDs and drug master files), Regulatory Approvals, and clinical trial agreements (to the extent assignable and not cancelled) for such Product(s) in
such country(ies), 

  

	 	(2)	all trademarks specific to such Product(s) in such country(ies), not including any housemarks or trademarks used in connection with any products other than such Product(s), and

  

	 	(3)	all data, including clinical data, materials and information of any kind or nature whatsoever, in Roche’s possession or in the possession of its Affiliates or its or their
respective agents related to such Product(s) in such country(ies). All such filings, approvals and data transferred to Pharmasset pursuant to this Section 17.4 shall be deemed to be Pharmasset Confidential Information. 

 

	 	(ii)	In addition, for each (A) Licensed Compound for which rights have reverted to Pharmasset in accordance with Sections 3.1(d) or 3.1(e) and (B) Product for which
Roche’s rights have been terminated pursuant to Sections 17.2 or 17.3, Roche shall grant to Pharmasset a sole and exclusive, fully paid-up right and license under Roche Patent Rights and Roche Know-How, to make, have made, use, offer for sale,
sell and import such terminated Product(s) in such terminated countries; provided, however that Pharmasset shall be responsible for the payment of all royalty and milestone payments owed by Roche to any Third Party as a result of the development or
commercialization by Pharmasset of compounds or Products for which rights have been obtained by Pharmasset in accordance with Sections 3.1(d), 3.1(e), 17.2 or 17.4. 

  

	 	(iii)	 If Roche is responsible for clinical or commercial supply of Product at the time of termination, then Roche shall supply, or cause to be supplied, to Pharmasset,
upon Pharmasset’s written request, Pharmasset’s or its licensee’s clinical or commercial requirements of Product and Licensed Compounds, pursuant to a supply agreement to be 

  

 48 

	 	 
negotiated in good faith by the Parties, provided that (1) any and all or part of Roche’s remaining supply and inventory of Product(s) and Licensed
Compound(s), and any intermediates useful for the synthesis of Product(s) and Licensed Compound(s), shall be provided to Pharmasset at no cost, (2) any additional requirements for Product and Licensed Compound shall be supplied to Pharmasset or
its licensee at Roche’s Cost of Goods, and (3) Roche’s supply obligation shall not continue for more than twenty-four (24) months after the termination of this Agreement, and (4) Roche shall maintain the same quality and
specifications for manufacturing Product and/or Licensed Compounds as immediately prior to notice of termination, and (5) Pharmasset shall effect a transfer as soon as practicable of Product(s) and Licensed Compound(s) manufacturing activities
from Roche to another supplier. Roche shall also transfer to Pharmasset or its designated supplier a manufacturing transfer package that will enable Pharmasset or such designated supplier to manufacture the Product(s) and Licensed Compound(s) in a
timely manner. 

  

	 	(iv)	If Roche is supplying Product pursuant to any ongoing or completed clinical trial or for a compassionate use program or similar supply of Product, Roche shall continue to supply
Product to any patients who are already enrolled and receiving Product in such clinical trial or compassionate use program, and Pharmasset shall not assume any such obligations. 

  

	 	(v)	Other than in Section 17.4(a)(iii) above, Roche shall cease manufacturing, processing, producing and selling Products. 

  

	 	(b)	Royalty and Payment Obligations. Termination of this Agreement by either Party for any reason will not release Roche from any obligation to pay royalties or milestones or to
make any payments to Pharmasset which were accrued prior to the effective date of termination (including for sales made and events achieved under Articles 5 and 6, prior to the date of termination) or that relate to Product(s) or country/countries
to which such termination does not relate. However, termination of this Agreement by either Party for any reason will release Roche from any obligation to pay royalties or make any payments to Pharmasset which would have otherwise become accrued
after the effective date of termination (provided that Roche shall be obligated to pay royalties and milestones for payments received after the effective date of termination for Products sold prior to such effective date). 

 

 49 

	 	(c)	Non-Exclusive Remedy for Breach. The provisions of this Section 17.4 are not intended to be exclusive and are without prejudice to the rights of the Parties to seek any
other rights and remedies that they may have under this Agreement or otherwise. 

  

	17.5 	Survival of Obligations. Sections 5.2(c), 14.1, 14.5, 14.6(a), 17.4, 17.5, 19.1, 19.2 and 19.6 and Articles 7, 16 and 18, and any definitions used in any such Section or
Article, shall survive the termination of this Agreement in its entirety. Except for obligations which clearly are not intended to continue in respect of a partial termination pursuant to Section 17.4 (including the applicable diligence
obligation), with respect to the country or Product terminated, all obligations in this Agreement shall survive such partial termination. 

 ARTICLE 18. LAW AND ARBITRATION 
  

	18.1 	Governing Law. This Agreement shall be governed by the laws of the State of Delaware without regard to its conflict of laws rules or principles. 

  

	18.2 	Arbitration. All disputes, controversies or claims (each a “Dispute”) arising out of this Agreement shall be settled by arbitration conducted in accordance with the
rules then in effect of the American Arbitration Association (“AAA”). Either Party may submit a Dispute to arbitration if the Parties are not able to settle such Dispute amicably within forty-five (45) days after appropriate officers
of the Parties have had good faith discussions to resolve the Dispute. Any such arbitration shall take place in Wilmington, Delaware, or in a venue mutually agreed by the Parties. Any such arbitration shall be conducted by a panel of three
(3) arbitrators. Each Party shall designate one (1) arbitrator, and the two (2) arbitrators designated by the Parties shall select the third arbitrator, all within the time limits established by the then existing rules of the AAA. If
scientific or technical matters are a central issue of the Dispute, at least one of the arbitrators chosen hereunder shall have educational training and/or experience sufficient to demonstrate a reasonable level of knowledge in the Field and
pharmaceutical drug development. If the two (2) arbitrators designated by the Parties are unable to agree upon a third arbitrator within two (2) months after submission of the matter to arbitration, the AAA shall select such third
arbitrator within three (3) months of such original submission. The written decision of the panel of arbitrators shall be final and binding on the Parties and may be enforced in any court having jurisdiction over the Parties or their current
assets. 

 ARTICLE 19. MISCELLANEOUS 
  

	19.1 	Indemnification. 

  

	 	(a)	 Roche shall defend Pharmasset and its Affiliates and its and their respective directors, officers, employees and agents (the “Pharmasset Indemnified
Parties”) at Roche’s cost and expense, and shall indemnify and hold Pharmasset and the Pharmasset Indemnified Parties harmless 

  

 50 

	 	 
from and against any claims, losses, costs, damages, fees or expenses (including reasonable attorney’s fees) (each a “Claim”) to the extent
arising out of or otherwise relating to (1) acts or omissions of Roche or its Affiliates in the conduct of the Collaboration, (2) the development, manufacture, use, offer for sale, sale or other disposition of any product by Roche, its
Affiliates or sublicensees, and each of their respective distributors, representatives or anyone in privity therewith (other than Pharmasset and its Affiliates and licensees), (3) any breach by Roche of a representation, warranty or covenant
contained in this Agreement, or (4) the gross negligence or willful misconduct of Roche, its Affiliates or sublicensees and each of their respective distributors, representatives or anyone in privity therewith. In the event of a Claim against
the Pharmasset Indemnified Parties by a Third Party, Pharmasset shall promptly notify Roche in writing of the Claim (provided that any failure or delay to so notify Roche shall not excuse any obligation of Roche except to the extent Roche is
actually prejudiced thereby) and Roche solely shall manage and control, at its sole expense, the defense of the Claim and its settlement; provided further that Roche shall not settle any Claim without the prior written consent of Pharmasset. The
Pharmasset Indemnified Parties shall cooperate with Roche and, at their option and expense, may be represented in any such action or proceeding by counsel of their choice. The Pharmasset Indemnified Parties shall provide Roche with access to any and
all documents and information in their possession relating to the Claim. Roche shall not be liable for any litigation costs or expenses incurred by the Pharmasset Indemnified Parties without Roche’s written authorization. Notwithstanding the
foregoing, Roche shall not be obligated to indemnify Pharmasset against any Claims to the extent that Pharmasset would be obligated to indemnify Roche against such Claims in accordance with Section 19.1(b). 

  

	 	(b)	 Pharmasset shall defend Roche and its Affiliates and its and their respective directors, officers, employees and agents (the “Roche Indemnified Parties”)
at Pharmasset’s cost and expense, and shall indemnify and hold Roche and the Roche Indemnified Parties harmless from and against any Claim to the extent arising out of or otherwise relating to (1) acts or omissions of Pharmasset in the
conduct of the Collaboration, (2) the development, manufacture, use, offer for sale, sale or other disposition of any product by Pharmasset, its Affiliates, licensees other than Roche, sublicensees and each of their respective distributors,
representatives or anyone in privity therewith, (3) any breach by Pharmasset of a representation, warranty or covenant contained in this Agreement, or (4) the gross negligence or willful misconduct of Pharmasset, its Affiliates, licensees
other than Roche, sublicensees and each of their respective distributors, representatives or anyone in privity therewith. In the event of a Claim against the Roche Indemnified Parties by a Third Party, Roche shall promptly notify 

  

 51 

	 	 
Pharmasset in writing of the Claim (provided that any failure or delay to notify shall not excuse any obligation of Pharmasset except to the extent
Pharmasset is actually prejudiced thereby) and Pharmasset solely shall manage and control, at its sole expense, the defense of the Claim and its settlement; provided further that Pharmasset shall not settle any Claim without the prior written
consent of Roche. The Roche Indemnified Parties shall cooperate with Pharmasset and, at their option and expense, may be represented in any such action or proceeding by counsel of their choice. The Roche Indemnified Parties shall provide Pharmasset
with access to any and all documents and information in their possession relating to the Claim. Pharmasset shall not be liable for any litigation costs or expenses incurred by the Roche Indemnified Parties without Pharmasset’s written
authorization. Notwithstanding the foregoing, Pharmasset shall not be obligated to indemnify Roche against any Claims to the extent that Roche would be obligated to indemnify Pharmasset against such Claims in accordance with Section 19.1(a).

  

	19.2 	Publicity. Neither Party shall issue any news release or make any other public announcement, written or oral, relating to this Agreement, including its terms, without the
prior approval of the other Party, except solely to the extent a Party is advised by its legal counsel that the same is required by law. Each Party shall limit any legally required public disclosure of the financial terms set forth in this Agreement
to the minimum extent required by law (by, for example, requesting confidential treatment of such terms in documents required to be filed with the US Securities and Exchange Commission). Notwithstanding the foregoing, any Party may, upon
consultation with the other Party, disclose from time-to-time the general economic structure of and results from the transactions contemplated hereby to its shareholders, creditors or ratings agencies as it deems necessary or appropriate.

  

	19.3 	Force Majeure. Neither Party shall be responsible to the other Party for nonperformance or delay in performance of the terms or conditions of this Agreement due to acts of
God, acts of governments, war (declared or undeclared), acts of terrorism, riots, strikes, accidents in transportation, or other causes beyond the reasonable control of such Party, but such force majeure shall toll any and all obligations (other
than payment obligations) and time periods for so long as such force majeure continues. Upon the occurrence of an event of force majeure, the Party whose performance is affected thereby shall notify the other Party promptly of such event. Upon the
cessation of such event, such Party shall take all reasonable steps within its power to resume with the least possible delay compliance with its obligations hereunder. 

  

	19.4 	 Bankruptcy. Any licenses or rights granted under or pursuant to this Agreement by Pharmasset to Roche are, and shall otherwise be deemed to be, for purposes
of Section 365(n) of Title 11, US Code (the “Bankruptcy Code”), licenses of rights to “intellectual property” as defined under Section 101(35A) of the Bankruptcy Code. The Parties agree that during the Agreement Term,
each Party, as a 

  

 52 

	 	 
licensee of rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code, subject to the
continued performance of its obligations under this Agreement. 

  

	19.5 	Waiver. The waiver by a Party of a breach or a default of any provision of this Agreement by the other Party shall not be construed as a waiver of any subsequent breach of
the same or any other provision hereof, nor shall any delay or omission on the part of a Party to exercise or avail itself of any right, power or privilege that it has or may have hereunder operate as a waiver of that or any other right, power or
privilege of such Party hereunder. 

  

	19.6 	Notices. Any notice or other communication required or permitted to be given in connection with this Agreement must be in writing and may be given by any of the following
methods: (i) personal delivery with a signed acknowledgement of receipt; (ii) registered or certified mail, postage prepaid, return receipt requested; or (iii) by overnight delivery service with a signed acknowledgement of receipt.
Notice shall be effective when delivered to the addressee at the address listed below or such other address as the addressee shall have specified in a written notice actually received by the addresser. 

 If to Pharmasset: 
 Pharmasset, Inc.

 1860 Montreal Road 
 Tucker,
Georgia 30084 
 Attn: Legal Affairs 
 and 
 Morgan, Lewis & Bockius LLP 
 502 Carnegie Center 
 Princeton, NJ 08540 
 Attn: Randall B. Sunberg, Esq. 
 If to Roche:

 F. Hoffmann-La Roche Ltd 
 Grenzacherstrasse 124 
 CH-4070 
 Basel, Switzerland 
 Attn: Legal Department 
 and 
 Hoffmann La-Roche Inc. 
 340 Kingsland Street 
 Nutley, NJ 07110 
 Attn.: Corporate Secretary 
  

 53 

	19.7 	Relationship of the Parties. The Parties are independent contractors. Nothing herein is intended, or shall be deemed, to constitute a partnership, agency, joint venture or
employment relationship between the Parties. Neither Party shall be responsible for the other Party’s acts or omissions; and neither Party shall have authority to speak for, represent or obligate the other Party in any way without prior written
authority from the other Party. 

  

	19.8 	Entire Agreement. This Agreement and the Schedules attached hereto (which Schedules are incorporated herein by reference and are deemed to be a part of this Agreement for all
purposes) constitute the entire agreement of the Parties with respect to the subject matter hereof and supersede all prior understandings and writings between the Parties relating thereto. No amendment, waiver, alteration or modification of any of
the provisions of this Agreement shall be binding unless made in writing and signed by the Parties. 

  

	19.9 	Headings. The headings contained in this Agreement are for convenience of reference only and shall not be considered in interpreting this Agreement. 

 

	19.10 	Severability. In the event that any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable because it is invalid or in conflict with any
law of any relevant jurisdiction, the validity of the remaining provisions of this Agreement shall not be affected thereby, and the Parties shall negotiate a substitute provision that, to the extent possible, accomplishes the original business
purpose of the unenforceable provision. During the period of such negotiation, and thereafter if no substituted provision is agreed upon in writing by the Parties, any such provision which is enforceable in part but not in whole shall be enforced to
the maximum extent permitted by law. 

  

	19.11 	Assignment. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either Party without the prior written consent of the other Party, except
to an Affiliate of the assigning Party or to any other party who acquires all or substantially all of the pharmaceutical business of the assigning Party by merger, sale of assets or otherwise, in each case so long as such Affiliate or other party
agrees in writing to be bound by all the terms of this Agreement. 

  

	19.12 	Successors and Assigns. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the Parties hereto and their successors and
permitted assigns. 

  

	19.13 	 Interpretation. The words “include,” “includes” and “including” when used in this Agreement shall be deemed to be followed by
the phrase “without limitation.” All references herein to Articles, Sections, and Schedules shall be deemed references to Articles and Sections of, and Schedules to, this Agreement unless the context shall otherwise require. Except as
otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with International Financial Reporting Standards (“IFRS”), as in effect from time to time. Unless the context otherwise
requires, countries shall 

  

 54 

	 	 
include all territories thereof. A Licensed Compound and all of its pro-drugs shall be deemed to the same for the purposes of payments under Articles 4, 5, 6
and 9 of this Agreement. 

  

	19.14 	Rights and Obligations of Roche. The obligations of “Roche” hereunder shall be joint and several as to both F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. The
rights of “Roche” hereunder shall be applicable to either F. Hoffmann-La Roche Ltd or Hoffmann-La Roche Inc. 

  

	19.15 	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
instrument. 

 [Remainder of Page Intentionally Left Blank] 
  

 55 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed in their names by their
properly and duly authorized officers or representatives as of the date first written above. 
  

									
	 PHARMASSET, INC.
	 		 	 HOFFMANN-LA ROCHE INC.

					
	By:	 	 /s/ P. Schaefer Price
	 		 	 By:
	 	 /s/ Dennis E. Burns

	 Title:
	 	 President and CEO
	 		 	 Title:
	 	 Vice President

		 		 		 		 	 Global Head of Business Development

			
		 		 	 F. HOFFMANN-LA ROCHE LTD

					
		 		 		 	 By:
	 	 /s/ Peter Huang

		 		 		 	 Title:
	 	 Global Head

		 		 		 		 	 Pharma Partnering

					
		 		 		 	 By:
	 	 /s/ Stephan Arnold

		 		 		 	 Title:
	 	 Deputy Director

  

 56 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 1 
 [***] 
  

					
	 [***]
	 	Task Name	  	[***]

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 1.62 
 SCREENING PRINCIPLES 
 [***] will screen [***]. [***]. 
  

	**	The procedures set forth in this Schedule 1.62 are intended to clarify [***]. 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 2A 
 [***] 
 The parties will [***] for [***]. [***] will focus their efforts on [***] and [***]. [***] are listed below. It is
anticipated that [***], but will exclude [***]. This [***] will be [***] on [***] basis. Both [***] and [***] will be [***]. 
 [***] 
 [***] will [***] in accord with [***]. [***] will establish [***]. 
 [***]

 As a [***] strategy for [***], the first objective of [***] is [***]. 
 The activities required to [***] will be [***] and allocated as [***]. 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 2B 
 [***] 
 Mean [***] from [***]. 
 [***], activity [***]. 
 [***] that [***] should be [***], and not preclude [***] with (i) [***], or (ii) [***]. 
 [***] that [***] should be not [***]. 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 3 
 SUMMARY TERMS FOR CO-PROMOTION OF PRODUCT 
  

	1.	CO-PROMOTION TERRITORY. The “Co-Promotion Territory” shall be the US. 

  

	2.	ASSIGNMENT. Pharmasset may not assign its co-promotion rights without Roche’s express written consent; provided, however, that Pharmasset may assign such rights to any
Affiliate of Pharmasset. 

  

	3.	MARKETING. The Co-Promotion Agreement shall provide that Pharmasset shall detail Product to HIV treating physicians in the US, which may or may not be exclusive to Roche
detailing Product to HIV treating physicians. If Pharmasset exercises its right to detail Product to HIV treating physicians in the US, the Parties’ respective rights and obligations with respect to detailing and marketing shall be set forth in
the Co-Promotion Agreement. Such detailing shall commence on the date Roche commences detailing of the Product and shall expire on the first date Roche no longer details such Product. The HIV treatment providers to which Pharmasset shall provide
details may be either HIV treating physicians that Roche is targeting for Product (“Targeted Providers”), or may be HIV treating physicians that are not Targeted Providers (“Non-Target Providers”). For Targeted Providers, both
Parties shall provide details in a manner to be decided by the JPT (see below), except that Pharmasset shall have sole discretion, after JPT discussion, to determine the number of details or the specific Targeted Providers to be detailed by
Pharmasset. For Non-Targeted Providers, solely Pharmasset shall provide details in a manner to be decided by the JPT, except that Pharmasset shall have sole discretion, after JPT discussion, to determine the number of details or the specific
Non-Targeted Providers to be detailed by Pharmasset. Pharmasset may subcontract its sales employees to fulfill its detail obligations only upon prior written consent of Roche, not to be unreasonably withheld. [***]. 

  

	4.	REVENUE SPLIT. For so long as Pharmasset is detailing to Non-Target Providers, Pharmasset shall receive a royalty on Net Sales attributable to prescriptions from the
Non-Target Providers, to be set forth in the Co-Promotion Agreement, in addition to the royalties otherwise provided for under Article 5 of the Collaboration Agreement. Pharmasset may also detail Targeted Providers without additional compensation,
as otherwise provided for under Article 5 of the Collaboration Agreement. [***] . 

  

	5.	GOVERNANCE. Within ninety (90) days after Pharmasset’s notice to Roche that it wishes to co-promote, the Parties shall form a Joint Promotional Team
(“JPT”), which shall oversee the co-promotional activities of the Parties with respect to Target Providers and Non-Target Providers. The JPT shall consist of six (6) members, three (3) members to be designated by Roche and three
(3) members to be designated by Pharmasset. Any Party may withdraw the designation of any of its members of the JPT and designate a replacement at any time by giving prior written notice of the withdrawal and identifying the replacement to the
other Party. 

 Decisions of the JPT shall be by consensus. The chairperson of the JPT shall be from Roche. If the JPT is
unable to decide a matter by consensus, the Parties shall refer such matter for resolution to the Executives. If the Executives are unable to resolve a matter after good faith discussions, the final decision shall rest with Roche, provided such
decision shall not commit Pharmasset to incur an expense that it had not previously agreed to incur or that would increase any expense that Pharmasset is otherwise responsible for or that would limit Pharmasset’s ability to obtain payment under
Section 4 above, with obtaining Pharmasset’s prior written consent. 
 The Co-Promotion Plan shall set forth the detailed plan for
commercialization of Product in the US on a calendar-year basis, including: (a) strategies for detailing and co-promoting, as applicable, of Products, including recommended target doctors for such activities; (b) allocation between the
Parties of responsibilities for marketing activities; (c) anticipated marketing, sales and promotion efforts by each Party (or its Affiliates) (including number and position of details, and sampling activities); (d) market and sales
forecasts in a form to be agreed between the Parties via the JDMC; (e) advertising, public relations and other promotional programs and sampling, to be used in co-promotion; (f) medical affairs programs, including professional symposia and
other educational activities, and medical affairs studies based upon JDMC-approved protocols; (g) Phase 4 clinical trials (based upon JDMC-approved protocols) in the US relating to Products; and (h) as appropriate, a training plan for the
Parties’ sales representatives. In addition to the detailed plan and budget for the current calendar year, an outline of the projected plan and estimated budget for the next calendar year shall be included. 
 Roche shall be responsible for the distribution and sale of Product and for invoicing and booking sales in the US. 
  

	6.	ROCHE’S OBLIGATIONS AND AUTHORITY. Roche shall be ultimately responsible for establishing and modifying the terms and conditions with respect to the sale of the Product,
including pricing for the relevant Product. Roche shall provide Pharmasset, without charge, with a master copy of the same training materials as Roche uses to train its own sales force regarding the detailing and promotion of the Product, and with a
master copy of such promotional materials as may be specified in the Co-Promotion Plan. Pharmasset shall then supply, at its own cost, copies of such training and/or promotional materials to its sales force. At Pharmasset’s request, Roche shall
make available sales and training personnel to assist Pharmasset in training Pharmasset’s sales force to detail and promote the Product. For avoidance of doubt, each Party has final responsibility for the adequate training of its own sales
force. Roche shall provide Pharmasset proportional allocation of samples as Roche provides to its own sales force. 

  

	7.	INDEMNIFICATION. Each Party shall indemnify the other Party for all Third Party claims relating to the marketing or promotion of the Product to the extent that such
indemnifying Party or its representatives are negligent or fail to promote the Product in accordance with applicable federal, state and local laws, rules and regulations. 

	8.	DEFINITIVE AGREEMENT. In addition to terms described in this Heads of Agreement, the Co-Promotion Agreement shall contain ordinary and customary terms for an agreement in
which a pharmaceutical product of like nature is co-promoted in the US, such as insurance, warranties and the like. 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 4 
 [***] 
 [***] to be [***]: 
 [***] 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 5 
 [***] 
 [***] to be [***]: 
 [***] 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 6 
 [***] 
  

							
	 	    	[***]	    	[***]	    	[***]
	 Regulatory [***]
	    		    		    	
				
	 Process [***]
	    		    		    	
				
	 [***]
	    		    		    	
				
	 Early [***]
	    		    	[***]	    	
				
	 [***] Characterization
	    		    		    	
				
	 [***] Support
	    		    		    	
				
	 [***] Support
	    		    		    	
				
	 [***] Support
	    		    		    	

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 7A 
 PRE-EXISTING PHARMASSET LICENSES 
 License Agreement between Apath, LLC and Pharmasset,
Ltd. (now Pharmasset, Inc.) dated October 18, 2000, regarding [***]. 
 License Agreement among [***], [***], and Pharmasset, Ltd. (now Pharmasset,
Inc.) dated [***], regarding [***]. 

 SCHEDULE 7B 
 PRE-EXISTING ROCHE LICENSES 
 None. 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 8 
 [***] 
  

	1.	Upon [***] for [***]; 

  

	2.	[***]; and 

  

	3.	[***] regarding [***] are fulfilled; or 

  

	4.	In the event that [***], then [***] will [***]. 

  

	5.	In the event [***], [***] will [***]. 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 9A 
 PHARMASSET DESIGNATED COUNTRIES 
 [***] 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 SCHEDULE 9B 
 ROCHE DESIGNATED COUNTRIES 
 [***]

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