Document:

EX-10.10

 Exhibit 10.10 

INVESTMENT AGREEMENT 

THIS INVESTMENT AGREEMENT (this “Agreement”), dated as of July [●], 2021, is by and among (i) 10X CAPITAL VENTURE
ACQUISITION CORP. II, a Cayman Islands exempted company (the “SPAC”), (ii) 10X CAPITAL SPAC SPONSOR II, LLC, a Cayman Islands limited liability company (the “Sponsor”), and (iii) [●]
(“Investor”). 
 WHEREAS, in connection with the initial public offering (the “IPO”) of units of the SPAC,
Investor has expressed an interest in acquiring up to [●] units in the IPO, which shall not exceed [●]% of the total outstanding Class A ordinary shares, par value $0.0001 per share (the “Class A Ordinary
Shares”), underlying the units (not including the over-allotment option) (the “IPO Indication”), at a price of $10.00 per unit. 

WHEREAS, the parties wish to enter into this Agreement pursuant to which Investor will have the option to purchase from the Sponsor
Class B ordinary shares, par value $0.0001 per share, of the SPAC (the “Founder Shares”) for the same value paid by the Sponsor, or approximately $0.003 per share. 

NOW THEREFORE, the parties hereto hereby agree as follows: 

Section 1. Sale and Purchase. 
  

	 	(a)	 In connection with the IPO Indication, and subject to the satisfaction of the conditions set forth in
Section 1(b), the Sponsor hereby agrees to sell to Investor [●] Founder Shares (such shares, the “Transferred Shares”) for an aggregate purchase price of $[●] ($0.003 per share) (the
“Transfer Price”) on the date of the closing of the IPO, and Investor will have the option to purchase the Transferred Shares (the “Transfer”). Concurrently with the Transfer, in consideration for the transfer of
the Transferred Shares, Investor shall pay the Transfer Price to the Sponsor in immediately available funds if Investor elects to exercise its option to purchase the Transferred Shares. 

 

	 	(b)	 Subject to (i) the fulfillment by Investor (but only to the extent actually allocated to Investor by the
underwriters) of the IPO Indication (which shall include the acquisition of 100% of the units of the SPAC allocated to Investor by the underwriters in the IPO, which number of allocated units shall not be greater than [●]% of the units offered
in the IPO (exclusive of any units that may be issued pursuant to the underwriters’ over-allotment option)) and (ii) Investor’s payment of the Transfer Price as contemplated by Section 1(a) of this Agreement,
the Transfer shall occur and be effective upon the closing of the IPO, automatically and without any action of any other party hereto. For the avoidance of doubt, the Investor shall not be required to participate in the over-allotment exercise or
any upsizing without first having the opportunity to purchase additional Transferred Shares at the Transfer Price. 

  

	 	(c)	 Notwithstanding anything to the contrary herein, both before and after the receipt of the Transferred Shares by
the Investor, the number of Transferred Shares shall not be subject to cut-back, reduction, mandatory repurchase, redemption or forfeiture for any reason, including (i) transfer of the Founder Shares to
any person, (ii) downsizing of the offering, (iii) failure of the underwriters to exercise their green shoe option, (iv) concessions or “earn-out” triggers in connection with the
negotiation of a Business Combination or other reasons, (v) or any other modification, without the Investor’s prior written consent. 

	 	(d)	 The obligations of Investor hereunder are subject to there being no material change in structure, terms and
conditions in the capital structure the SPAC from that set forth in the Registration Statement on Form S-1 filed with the United States Securities and Exchange Commission on July [●], 2021 (the
“Registration Statement”). 

 Section 2. Representations and Warranties of the
SPAC. The SPAC hereby represents and warrants to Investor, as follows: 
  

	 	(a)	 The SPAC has full power and authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby. 

  

	 	(b)	 This Agreement has been duly and validly executed and delivered by the SPAC and constitutes a legal, valid and
binding obligation of the SPAC enforceable against the SPAC in accordance with its terms. 

  

	 	(c)	 The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the
performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default under, any agreement or other instrument to which the SPAC is a party or by which the SPAC is bound, or any decree, order,
statute, rule or regulation applicable to the SPAC. 

  

	 	(d)	 On the date hereof, the authorized share capital of the SPAC consists of: 

 

	 	(1)	 500,000,000 Class A Ordinary Shares. There are currently no Class A Ordinary Shares issued and outstanding as
of the date hereof. 

  

	 	(2)	 50,000,000 Class B ordinary shares, par value $0.0001 per share (the “Class B Ordinary Shares”).
There are currently 7,666,667 Class B Ordinary Shares issued and outstanding as of the date hereof. All of the issued and outstanding Class B Ordinary Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance
with all applicable federal and state securities laws. 

  

	 	(3)	 1,000,000 preference shares, par value $0.0001 per share (the “Preference Shares”). There are
currently no Preference Shares issued and outstanding as of the date hereof. 

  

	 	(e)	 All corporate action required to be taken by the SPAC’s board of directors and shareholders in order to
authorize the SPAC to enter into this Agreement and to issue the Class A Ordinary Shares and Transferred Shares has been taken or will be taken prior to the IPO. All action on the part of the shareholders, directors and officers of the SPAC
necessary for the execution and delivery of this Agreement, the performance of all obligations of the SPAC under this Agreement to be performed as of the IPO, and the issuance and delivery of the Class A Ordinary Shares and Transferred Shares has
been taken or will be taken prior to the IPO. This Agreement, when executed and delivered by the SPAC, shall constitute the valid and legally binding obligation of the SPAC, enforceable against the SPAC in accordance with its terms except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to
the availability of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights Agreement may be limited by applicable federal or state securities
laws. 

  

	 	(f)	 The SPAC has complied, and will continue to comply, with all applicable laws, including, without limitation,
the Anti-Corruption Laws and the Anti-Money Laundering Laws. 

  

	 	(g)	 The SPAC has not, and agrees that it shall not, in connection with the transactions contemplated by this
Agreement, or in connection with any other business transactions involving Investor or its subsidiaries, make any payment, transfer anything of value, or offer anything of value, directly or indirectly: 

 

	 	•	 	 to any governmental official or employee (including employees of a government corporation or public international
organization) or to any political party or candidate for public office; or 

  

	 	•	 	 to any other person or entity if such payments or transfers would violate the laws of the country in which made,
the laws of the United States, including the trade sanction and economic embargo programs enforced by OFAC or the laws of any other applicable country. 

“Anti-Corruption Laws” means any applicable law, regulation, or rule related to combating corruption or bribery, including, but not
limited to, the United States Foreign Corrupt Practices Act of 1977 as amended and any other applicable law. 
 “Anti-Money Laundering
Laws” means any applicable law, regulation, or rule related to combating money laundering, suspicious transactions, trade embargos, economic sanctions, or terrorist financing, including, but not limited to, the US Bank Secrecy Act of 1986, the
USA Patriot Act of 2001 (in each case to the extent applicable to the Parties and to this Agreement), the Specially Designated Nationals List or any similar list maintained by the Office of Foreign Assets Control (“OFAC”) at the United
States Department of the Treasury. 
  

	 	(h)	 There are no pending or, to the knowledge of the SPAC, threatened, actions, which, if determined adversely,
would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the SPAC to enter into and perform its obligations under this Agreement. 

 

	 	(i)	 If Investor acquires the Transferred Shares and Class A Ordinary Shares in accordance with the terms of this
Agreement, it will acquire good and valid title to the Transferred Shares and Class A Ordinary Shares, free and clear of all liens, encumbrances, equities or claims. 

Section 3. Representations and Warranties of the Sponsor. The Sponsor hereby represents and warrants to
Investor, as follows: 
  

	 	(a)	 The Sponsor has full power and authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby. 

  

	 	(b)	 This Agreement has been duly and validly executed and delivered by the Sponsor and constitutes a legal, valid
and binding obligation of the Sponsor enforceable against the Sponsor in accordance with its terms. 

  

	 	(c)	 The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the
performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default under, any agreement or other instrument to which the Sponsor is a party or by which the Sponsor is bound, or any decree,
order, statute, rule or regulation applicable to the Sponsor. 

  

	 	(d)	 The terms set forth in this Agreement are as favorable to the Investor as the terms granted to all other
investors entering into a similar agreement to purchase Founder Shares of the SPAC in connection with expressing interest in the IPO, provided that the Investor acknowledges that Founders Shares have been offered to the Sponsor, executive officers,
advisors, directors and director nominees of the SPAC in connection with their service and the Sponsor expressly reserves the right to issue membership interests in the Sponsor its sole discretion. 

 

	 	(e)	 The Sponsor has complied, and will continue to comply, with all applicable laws, including, without limitation,
the Anti-Corruption Laws and the Anti-Money Laundering Laws. 

  

	 	(f)	 The Sponsor has not, and agrees that it shall not, in connection with the transactions contemplated by this
Agreement, or in connection with any other business transactions involving Investor or its subsidiaries, make any payment, transfer anything of value, or offer anything of value, directly or indirectly: 

 

	 	•	 	 to any governmental official or employee (including employees of a government corporation or public international
organization) or to any political party or candidate for public office; or 

  

	 	•	 	 to any other person or entity if such payments or transfers would violate the laws of the country in which made,
the laws of the United States, including the trade sanction and economic embargo programs enforced by OFAC or the laws of any other applicable country. 

  

	 	(g)	 There are no pending or, to the knowledge of the Sponsor, threatened, actions, which, if determined adversely,
would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Sponsor to enter into and perform its obligations under this Agreement. 

  
 2 

 Section 4. Representations and Warranties of Investor.
Investor hereby represents and warrants to the SPAC and the Sponsor, as follows: 
  

	 	(a)	 Investor has full power and authority to execute and deliver this Agreement and to perform its obligations
hereunder. 

  

	 	(b)	 This Agreement has been duly and validly executed and delivered by Investor and constitutes a legal, valid and
binding obligation of Investor enforceable against Investor in accordance with its terms. 

  

	 	(c)	 The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the
performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default under, any agreement or other instrument to which Investor is a party or by which Investor is bound, or any decree, order,
statute, rule or regulation applicable to Investor. 

  

	 	(d)	 Investor is an “accredited investor” as that term is defined in Regulation D promulgated under the
Securities Act of 1933, as amended. 

  

	 	(e)	 The Investor has complied, and will continue to comply, with all applicable laws, including, without
limitation, the Anti-Corruption Laws and the Anti-Money Laundering Laws. 

  

	 	(f)	 The Investor has not, and agrees that it shall not, in connection with the transactions contemplated by this
Agreement, or in connection with any other business transactions involving Investor or its subsidiaries, make any payment, transfer anything of value, or offer anything of value, directly or indirectly: 

 

	 	•	 	 to any governmental official or employee (including employees of a government corporation or public international
organization) or to any political party or candidate for public office; or 

  

	 	•	 	 to any other person or entity if such payments or transfers would violate the laws of the country in which made,
the laws of the United States, including the trade sanction and economic embargo programs enforced by OFAC or the laws of any other applicable country. 

Section 5. Additional Agreements and Acknowledgements of Investor. 

 

	 	(a)	 Without written consent of the Company and Sponsor, the Investor agrees not to transfer, assign or sell any
Transferred Shares or the Class A Ordinary Shares issuable upon conversion of the Transferred Shares held by it until the date the SPAC consummates a Business Combination (as defined below). For the avoidance of doubt, this Section 5 shall not
restrict the Investor from transferring, assigning or selling any Class A Common Stock or units acquired in the IPO or in the open market. 

  

	 	(b)	 Investor acknowledges that the SPAC was formed for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”). Investor hereby agrees with the SPAC that if the SPAC seeks shareholder approval of a
proposed Business Combination, then in connection with such proposed Business Combination, Investor shall vote all Founder Shares in favor of such proposed Business Combination. Notwithstanding the foregoing, nothing shall prevent the Investor from
seeking redemption for any Class A Ordinary Shares it acquires in the IPO or in the open market in accordance with the terms and conditions applicable to the Class A Ordinary Shares and the IPO described in the Registration Statement.

  

	 	(c)	 Investor acknowledges that it is aware the SPAC will establish a trust account (the “Trust
Account”) for the benefit of its public shareholders upon the closing of the IPO. Investor agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the SPAC as a
result of any liquidation of the SPAC with respect to the Transferred Shares. For the avoidance of doubt, this Section 5(c) shall only apply to any interest of Investor in the Transferred Shares, but shall not limit Investor’s rights or
recourse with respect to any interests in Class A Ordinary Shares. 

  

	 	(d)	 In connection with the IPO, the SPAC shall enter into a registration rights agreement (the
“Registration Rights Agreement”) with the Sponsor, Investor and certain other parties thereto in the form filed as an exhibit to the SPAC’s Registration Statement. The Registration Rights Agreement shall provide Investor with
registration rights with respect to the Transferred Shares that are no less favorable to Investor than the registration rights of the Sponsor set forth therein. 

 

	 	(e)	 In no event shall the Investor have any obligation to make any additional capital contributions or to loan the
SPAC or the Sponsor any funds unless otherwise agreed to by the Investor. 

  
 3 

 Section 6. Miscellaneous. 

 

	 	(a)	 Any notice or communication under this Agreement shall be in writing and given by (i) deposit in the
United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) recognized courier or overnight delivery service providing evidence of delivery, or
(iii) transmission by hand delivery, electronic mail or facsimile, if to the Sponsor, to: 10X Capital SPAC Sponsor II LLC, 1 World Trade Center, 85th Floor, New York, NY 10007, if to the
SPAC, to: 10X Capital Venture Acquisition Corp. II, 1 World Trade Center, 85th Floor, New York, NY 10007; and, if to the Investor, at the Investor’s address or contact information as set
forth on the signature page attached hereto. 

  

	 	(b)	 This Agreement shall be governed by the internal laws (and not the law of conflicts) of the State of New York.

  

	 	(c)	 This Agreement may not be amended, modified or waived without the written consent of the parties hereto.

  

	 	(d)	 The rights and obligations under this Agreement may not be assigned by any party hereto without the prior
written consent of the other parties. 

  

	 	(e)	 From time to time, at the reasonable request of any of the other parties hereto, each party hereto shall
execute and deliver such additional documents and instruments and take such further lawful action as may be necessary to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement.

  

	 	(f)	 Any term or provision of this Agreement which is invalid or unenforceable shall be ineffective to the extent of
such invalidity or unenforceability without rendering invalid or unenforceable the remaining rights of the person intended to be benefited by such provision or any other provisions of this Agreement. 

 

	 	(g)	 This Agreement may be executed in two or more counterparts, each of which shall constitute an original, and all
of which taken together shall constitute one and the same instrument. Any signature page delivered by a facsimile machine or electronic mail shall be binding to the same extent as an original signature page. 

 

	 	(h)	 Neither the SPAC nor Sponsor nor any affiliate thereof shall disclose the identity of Investor or its
affiliates or principals (in any regulatory filing or otherwise), except as required by applicable law or in connection with any inquiry by a governmental authority, without the prior consent of Investor, which shall not be unreasonably withheld or
delayed. 

 * * * * * 

[Signature page follows] 

  
 4 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first
written above. 
  

			
	INVESTOR:
	[●]	 	
		
	By:	 	  

	Name:	 	[●]
	Title:	 	[●]
		
		 	Address:
		
		 	Phone:
		
		 	Email:
	
	SPAC:
	
	 10X CAPITAL VENTURE

ACQUISITION CORP. II

		
	By:	 	  

	Name:	 	Hans Thomas
	Title:	 	Chief Executive Officer
	
	SPONSOR:
	
	10X CAPITAL SPAC SPONSOR II LLC
	
	By: Hans Thomas, its managing member
		
	By:	 	  

	Name:	 	Hans Thomas
	Title:	 	Managing Member

  
 [Signature Page to
Investment Agreement]Document

FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this
“Amendment”), dated as of July 29, 2021 (the “Amendment Effective Date”), is made by and among Ardelyx, Inc., a Delaware corporation (“Borrower”), SLR Investment Corp., a Maryland corporation and formerly known as Solar Capital Ltd. (“Solar”), in its capacity as collateral agent for Lenders (in such capacity, together with its successors and assigns in such capacity, “Collateral Agent”), and the Lenders listed on Schedule 1.1 of the Loan and Security Agreement (as defined below) or otherwise a party hereto from time to time including Solar in its capacity as a Lender and Western Alliance Bank, an Arizona corporation, as a Lender (each a “Lender” and collectively, the “Lenders”).

The Borrower, the Lenders and Collateral Agent are parties to a Loan and Security Agreement dated as of May 16, 2018 (as amended, restated or modified from time to time, including by that certain First Amendment to Loan and Security Agreement, dated as of October 9, 2020, that certain Second Amendment to Loan and Security Agreement, dated as of March 1, 2021, and that certain Third Amendment to Loan and Security Agreement, dated as of May 5, 2021, the “Loan and Security Agreement”). The Borrower has requested that the Lenders agree to certain amendments to the Loan and Security Agreement. The Lenders have agreed to such request, subject to the terms and conditions hereof.

Accordingly, the parties hereto agree as follows:

SECTION 1      Definitions; Interpretation.

(a)Terms Defined in Loan and Security Agreement. All capitalized terms used in this Amendment (including in the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Loan and Security Agreement.

(b)Interpretation. The rules of interpretation set forth in Section 1.1 of the Loan and Security Agreement shall be applicable to this Amendment and are incorporated herein by this reference.

SECTION 2      Amendments to the Loan and Security Agreement.

(a)The Loan and Security Agreement shall be amended as follows effective as of the Amendment Effective Date:

(i)Section 2.2(b)(ii) of the Loan and Security Agreement is amended and restated as
follows:

“(ii) Commencing on the Amortization Date, and continuing on the Payment Date of each month thereafter, Borrower shall (i) make monthly payments of interest to the respective Lender to which such payments are owed in accordance with their respective Pro Rata Shares, as calculated by Collateral Agent (which calculations shall be deemed correct absent manifest error) based upon the effective rate of interest applicable to the Term Loan, as determined in Section 2.3(a) plus (ii) make consecutive equal monthly payments of principal to the respective Lender to which 

such payments are owed in accordance with their respective Pro Rata Shares, as calculated by Collateral Agent (which calculations shall be deemed correct absent manifest error) based upon: (A) the respective principal amounts of such Lender’s Term Loan outstanding less the additional principal payment (if any) pursuant to the proviso at the end of this sentence, and (B) a repayment schedule equal to the number of months from (and including) the Amortization Date through (and including) the Maturity Date; provided, however, if the Amortization date is November 1, 2021, Borrower shall make an additional principal payment to Lenders on such date in an amount equal to $13,888,888.89, without any Prepayment Premium in respect of such additional principal payment. All unpaid principal and accrued and unpaid interest with respect to each such Term Loan is due and payable in full on the Maturity Date. The Term Loan may only be prepaid in accordance with Sections 2.2(c) and 2.2(d).”

(ii)The defined term “Amortization Date” is hereby amended and restated in its entirety as follows:

“Amortization Date” means December 1, 2021; provided, however, if the FDA does not approve the Borrower’s New Drug Application for tenapanor for control of serum phosphorus in adult chronic kidney disease patients (CKD) on dialysis on or before October 25, 2021, subject to reasonable verification by Collateral Agent (including supporting documentation reasonably requested by Collateral Agent), then the Amortization Date shall mean November 1, 2021.

(b)References Within Loan and Security Agreement. Each reference in the Loan and Security Agreement to “this Agreement” and the words “hereof,” “herein,” “hereunder,” or words of like import, shall mean and be a reference to the Loan and Security Agreement as amended by this Amendment.

SECTION 3    Conditions of Effectiveness. The effectiveness of Section 2 of this Amendment shall be subject to the satisfaction of each of the following conditions precedent:

(a)Fees and Expenses. The Borrower shall have paid (i) an amendment fee of Fifty Thousand Dollars ($50,000) to be shared between the Lenders seventy percent (70%) to Solar and thirty percent (30%) to Western Alliance Bank, and (ii) all invoiced costs and expenses then due in accordance with Section 5(e).

(b)This Amendment. Collateral Agent shall have received this Amendment, executed by Collateral Agent, the Lenders and the Borrower.

(c)Representations and Warranties; No Default. On the Amendment Effective Date, after giving effect to the amendment of the Loan and Security Agreement contemplated hereby:

(i)The representations and warranties contained in Section 4 shall be true and correct in all material respects on and as of the Amendment Effective Date as though made on and as of such date; and

(ii)There exist no Events of Default.

SECTION 4    Representations and Warranties. To induce the Lenders to enter into this Amendment, the Borrower hereby confirms, as of the date hereof, (a) that the representations and warranties made by 

it in Section 5 of the Loan and Security Agreement and in the other Loan Documents are true and correct in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; (b) that there has not been and there does not exist a Material Adverse Change; and (c) that the information included in the Perfection Certificate most recently delivered to Collateral Agent pursuant to Section 6.2(a)(xiv) of the Loan Agreement remains true and correct in all material respects. For the purposes of this Section 4, (i) each reference in Section 5 of the Loan and Security Agreement to “this Agreement,” and the words “hereof,” “herein,” “hereunder,” or words of like import in such Section, shall mean and be a reference to the Loan and Security Agreement as amended by this Amendment, and (ii) any representations and warranties which relate solely to an earlier date shall not be deemed confirmed and restated as of the date hereof (provided that such representations and warranties shall be true, correct and complete in all material respects as of such earlier date).

SECTION 5      Miscellaneous.

(a)Loan Documents Otherwise Not Affected; Reaffirmation. Except as expressly amended pursuant hereto or referenced herein, the Loan and Security Agreement and the other Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects. The Lenders’ and Collateral Agent’s execution and delivery of, or acceptance of, this Amendment shall not be deemed to create a course of dealing or otherwise create any express or implied duty by any of them to provide any other or further amendments, consents or waivers in the future. The Borrower hereby reaffirms the grant of security under Section 4.1 of the Loan and Security Agreement and hereby reaffirms that such grant of security in the Collateral secures all Obligations under the Loan and Security Agreement, including without limitation any Term Loans funded on or after the Amendment Effective Date, as of the date hereof.

(b)Conditions. For purposes of determining compliance with the conditions specified in Section 3, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Collateral Agent shall have received notice from such Lender prior to the Amendment Effective Date specifying its objection thereto.

(c)Release. In consideration of the agreements of Collateral Agent and each Lender contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower, on behalf of itself and its successors, assigns, and other legal representatives, hereby fully, absolutely, unconditionally and irrevocably releases, remises and forever discharges Collateral Agent and each Lender, and its successors and assigns, and its present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Collateral Agent, Lenders and all such other persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which Borrower, or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment, including, without limitation, for or on account of, or in relation to, or in any way in connection with the Loan Agreement, 

or any of the other Loan Documents or transactions thereunder or related thereto. Borrower understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. Borrower agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.

(d)No Reliance. The Borrower hereby acknowledges and confirms to Collateral Agent and the Lenders that the Borrower is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person. Costs and Expenses. The Borrower agrees to pay to Collateral Agent within the later of (i) ten (10) days following its receipt of an invoice, or (ii) ten (10) days following the Amendment Effective Date, the reasonable and documented out-of-pocket costs and expenses of Collateral Agent and the Lenders party hereto, and the reasonable and documented fees of counsel to Collateral Agent and the Lenders party thereto, in connection with the negotiation, preparation, execution and delivery of this Amendment and any other documents to be delivered in connection herewith on the Amendment Effective Date.

(e)Binding Effect. This Amendment binds and is for the benefit of the successors and permitted assigns of each party.

(f)Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAWS OTHER THAN THE LAWS OF THE STATE OF NEW YORK (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW)), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE COLLATERAL.

(g)Complete Agreement; Amendments; Exit Fee Agreement. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements with respect to such subject matter. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents. For the avoidance of doubt and notwithstanding anything to the contrary in this Amendment, Borrower (a) reaffirms its obligations under the Exit Fee Agreement, including without limitation its obligation to pay the Exit Fee (as defined in the Exit Fee Agreement) if and when due thereunder, and (b) agrees that the defined term “Loan Agreement” as defined in the Exit Fee Agreement shall on and after the Amendment Effective Date mean the Loan and Security Agreement as amended by this Amendment and may be amended, restated or modified from time to time on or after the Amendment Effective Date.

(h)Severability of Provisions. Each provision of this Amendment is severable from every other provision in determining the enforceability of any provision.

(i)Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, 

and all taken together, constitute one Amendment. Delivery of an executed counterpart of a signature page of this Amendment by facsimile, portable document format (.pdf) or other electronic transmission will be as effective as delivery of a manually executed counterpart hereof.

(j)Loan Documents. This Amendment and the documents related thereto shall constitute Loan Documents

(k)Electronic Execution of Certain Other Documents. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Amendment and the transactions contemplated hereby (including without limitation assignments, assumptions, amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by Collateral Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

[Balance of Page Intentionally Left Blank; Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment, as of the date  first above written.
BORROWER:

ARDELYX, INC.,
as Borrower

By: /s/ Justin Renz
Name: Justin Renz
Title: Chief Financial Officer

COLLATERAL AGENT AND LENDER: SLR INVESTMENT CORP.,
as Collateral Agent and a Lender

By: /s/ Anthony Storino
Name: Anthony Storino
Title: Authorized Signatory

LENDER:

SCP PRIVATE CREDIT INCOME FUND SPV, LLC,
as a Lender

By: /s/ Anthony Storino
Name: Anthony Storino
Title: Authorized Signatory

LENDER:

WESTERN ALLIANCE BANK,
as a Lender

By: /s/ Bill Wickline
Name: Bill Wickline
Title: Head of Life Sciences

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