Document:

Exclusive License Agreement - Dale N. Gerding, M.D.

 Exhibit 10.65 
 Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “***”. A
complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 
 EXCLUSIVE LICENSE
AGREEMENT 
 THIS EXCLUSIVE LICENSE AGREEMENT (this “Agreement”) dated as of February 20, 2006 (the
“Effective Date”), is entered into between Dale N. Gerding, M.D., an individual (“Dr. Gerding”), and ViroPharma Incorporated, a Delaware corporation (“ViroPharma”). 
 WHEREAS, Dr. Gerding is an individual inventor involved in the design and discovery of molecules and biologicals which affect diseases
including Clostridium difficile associated diseases and is the owner of an invention embodied in U.S. Patent and Trademark Office Patent *** and ***. 
 WHEREAS, the development of the above referenced patent was funded in part by the United States Department of Veterans Affairs and as a consequence, the licenses granted under this Agreement are subject
to overriding obligations to the U.S. Government as set forth in 37 CFR Part 501 and applicable government implementing regulations. Pursuant to 37 CFR Part 501, Dr. Gerding is required by law to grant to the U.S. Government a non-transferable,
paid up, non-exclusive, irrevocable license to use the invention by or on behalf of the U.S. Government for all governmental purposes throughout the world. Dr. Gerding has granted the aforementioned non-exclusive license to the invention to the
U.S. Government. 
 WHEREAS, ViroPharma is engaged in the research, development, production, and sale of pharmaceutical products
including Clostridium difficile-Associated Disease products, and desires to obtain an exclusive worldwide license in such technology to develop and commercialize products for use in the field of treatment and prevention of Clostridium
difficile-Associated Disease. 
 WHEREAS, the parties desire that ViroPharma shall be responsible for the development of,
obtaining regulatory approval for, manufacturing, marketing and selling the Products world-wide, ***, as more specifically set forth in Section 7. 
 WHEREAS, the parties desire that all development activities, including without limitation pre-clinical testing (toxicology and PK studies), human clinical trials and related work, for Products (as
hereinafter defined) shall be performed as directed by ViroPharma ***, as more specifically set forth in Section 7. 
 WHEREAS, the parties desire that ViroPharma shall be responsible for any studies (or portions of studies) necessary or desirable, in its sole reasonable judgment, for maintaining any regulatory approval in any country, as well as any
pre-marketing studies prior to regulatory approval and post-marketing studies conducted following a regulatory approval, as more specifically set forth in Section 7. 

 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein
contained, the parties agree as follows: 
 1. DEFINITIONS 
 1.1 “Affiliate” means, with respect to any Person, any other Person which directly or indirectly controls, is controlled by,
or is under common control with, such Person. A Person shall be regarded as in control of another Person if it owns, or directly or indirectly controls, at least forty percent (40%) of the voting stock or other ownership interest of the other
Person, or if it directly or indirectly possesses the power to direct or cause the direction of the management and policies of the other Person by any means whatsoever. 
 1.2 “CDAD” means Clostridium difficile-Associated Disease. 
 1.3 “Combination Product” means a pharmaceutical product with a unique NDC number (i) that contains (A) a Product or any analog, simple derivative, improvement or variation thereof, and (B) one or more other
active ingredients in physical admixture, and/or (ii) in which a finished form of NTCD or any analog, simple derivative, improvement or variation thereof is contained separately but contained in a single package as a unit with one or more other
pharmaceutical finished products. 
 1.4 “Confidential Information” means, with respect to a party, all
information of any kind whatsoever, and all tangible and intangible embodiments thereof of any kind whatsoever, which is disclosed by such party to the other party and is marked, identified as or otherwise acknowledged to be confidential at the time
of disclosure to the other party Notwithstanding the foregoing, Confidential Information of a party shall not include information which the other party can establish by written documentation (a) to have been publicly known prior to disclosure
of such information by the disclosing party to the other party, (b) to have become publicly known, without fault on the part of the other party, subsequent to disclosure of such information by the disclosing party to the other party,
(c) to have been received by the other party at any time from a source, other than the disclosing party, rightfully having possession of and the right to disclose such information, (d) to have been otherwise known by the other party prior
to disclosure of such information by the disclosing party to the other party, or (e) to have been independently developed by employees or agents of the other party without access to or use of such information disclosed by the disclosing party
to the other party. 
 1.5 “Contract Year” means the twelve (12) month period following the First
Commercial Sale, and each twelve (12) month period thereafter. 
 1.6 “FDA” means the United States Food
and Drug Administration or the successor agency thereto. 
 1.7 “Field” means the use of NTCD for the
detection, prevention and/or treatment of CDAD. 
 1.8 “First Commercial Sale” means, with respect to a
Product, the first sale by ViroPharma, its Affiliates or a sublicensee of such Product in a country. 
  

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 1.9 “Licensed IP Rights” means, collectively, the Licensed Patent Rights
and the Licensed Know-How Rights. 
 1.10 “Licensed Know-How Rights” means all trade secret and other know-how
rights in all information and data owned or controlled by Dr. Gerding that is not generally known (including, but not limited to, information and data regarding formulae, procedures, protocols, techniques and results of experimentation and
testing), that is necessary or useful for ViroPharma to make, use, develop, sell or seek regulatory approval to market a composition, or to practice any method or process, at any time claimed or disclosed in any issued patent or pending patent
application within the Licensed Patent Rights and in existence on the Effective Date, including but not limited to, the Typing System and methods for growing and maintaining the Materials. 
 1.11 “Licensed Patent Rights” means (a) all patents and patent applications owned or controlled by Dr. Gerding,
heretofore filed or having legal force in any country, which claim any discovery or inventions relating to NTCD, or the process of manufacture or use thereof (including without limitation those certain patent applications listed on Schedule A
hereto); (b) all patents that have issued or in the future issue from such patents and patent applications, including utility, model and design patents and certificates of invention; and (c) all divisionals, continuations,
continuations-in-part, reissues, renewals, extensions or additions to any such patent applications and patents. 
 1.12
“Materials” is defined in Section 3.1. 
 1.13 “NDA” means a New Drug Application,
Biologics License Application, Product License Application, or similar application which is required to be filed with the FDA to obtain a marketing approval of a Product in the United States. 
 1.14 “Net Sales” means, with respect to a Product, the invoiced gross sales price of such Product billed to independent
customers who are not Affiliates or sublicensees, less (a) credits, allowances, discounts and rebates to, and chargebacks from the account of, such independent customers for spoiled, damaged, out-dated, rejected or returned Product, withdrawals
and recalls and for retroactive price reductions and any other reasonable and customary allowances, credits or payments to third parties that effectively reduce the net selling price such as fee-for-services arrangements; (b) actual freight,
transportation, handling and insurance costs incurred in transporting such Product to the extent separately stated on such invoices to such customers, (c) fees and charges of wholesalers and distributors relating to the Products; (d) cash,
quantity and trade discounts and other similar price reductions; (e) sales, use, excise, value-added and other direct taxes incurred; (f) customs duties, surcharges and other governmental charges incurred by ViroPharma in connection with
the exportation or importation of such Product; (g) rebates paid to Third Party payors, including, but not limited to, federal and state payors or pharmacy benefit managers, and any other reductions in price actually repaid and mandated by any
governmental entity or required for participation in reimbursement programs, whether related to Product sales during the specific royalty period or not; and (h) a reasonable allowance for bad debt. 
  

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 1.15 “Non-Toxigenic” means strains of the Clostridium difficile
bacterium that do not produce any Clostridium difficile toxin. 
 1.16 “NTCD” means that certain
bacterium referred to as Non-Toxigenic Clostridium difficile. 
 1.17 “Person” means an individual,
corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not
specifically listed herein. 
 1.18 “Product” means any product in the Field (a) the use, manufacture,
offer for sale, sale or importation of which without the license granted herein would infringe one or more Valid Claims or (b) which is developed, made, used, sold, registered, or practiced using Licensed Know-how Rights or Materials, in whole
or in part. 
 1.19 “Reasonable Commercial Efforts” shall mean efforts and resources normally used by a
similarly situated pharmaceutical development and marketing company for a product or compound owned by it or to which it has rights, which is of similar market potential at a similar stage in its development or product life, taking into account
business judgment, issues of safety and efficacy, product profile, the competitiveness of the marketplace, the proprietary position of the compound or product, the regulatory structure involved, the profitability of the applicable products, and
other relevant factors and not less than the efforts applied by a party to its other projects of similar commercial potential. 
 1.20 “Royalty Term” means, with respect to each Product in each country, the longer of (a) *** or (b) *** years from the date of the First Commercial Sale of a Product in such country. 
 1.21 “Third Party” means any Person other than Dr. Gerding, ViroPharma and their respective Affiliates. 
 1.22 “Typing System” means that certain method of *** employing the *** that is used to identify and distinguish strains of
Clostridium difficile including NTCD as described in ***. 
 1.23 “Valid Claim” means either (a) a
claim of an issued and unexpired patent within the Licensed Patent Rights, which has not been permanently revoked or held unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or
unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer or otherwise or (b) a claim of a pending patent application within the Licensed Patent Rights, which
claim was filed in good faith and has not been abandoned or finally disallowed without the possibility of appeal or refiling of such application. 
 1.27 Other Rules of Interpretation. Unless the context clearly indicates otherwise, the following rules shall govern the interpretation of this Agreement: 
 (a) The definitions of all terms defined herein shall apply equally to the singular, plural, and possessive forms of such terms;

  

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 (b) All references herein to “days” shall mean calendar days; 
 (c) All references to “quarters” shall mean calendar quarters; 
 (d) All references to “U.S.”, “U.S.A.” or “United States: shall mean the United States of America; 
 (e) All references to “dollars” or “$” shall mean U.S. dollars; and 
 (f) All references to “Sections” shall mean the corresponding Sections of this Agreement unless otherwise indicated. 

2. LICENSE GRANT 
 2.1 Licensed IP Rights. Subject to the terms, conditions and limitations of this Agreement, Dr. Gerding hereby grants to ViroPharma an exclusive, royalty-bearing worldwide license (including the right to grant sublicenses as set
forth below) under the Licensed IP Rights to conduct research and to develop, make, use, offer for sale, sell and import Products for use in the Field. Dr. Gerding retains the right to practice the Licensed IP Rights for his non-commercial
research purposes related to the grant entitled ***, and any future VA or National Institutes of Health research grants approved in accordance with the terms of the Consulting Agreement between the parties of even date herewith. Dr. Gerding
retains all rights to the Licensed IP Rights outside of the Field. 
 2.2 Rights of the U.S. Government. The licenses
granted hereunder shall be subject to the overriding obligations to the U.S. Government set forth in 37 CFR Part 501 and applicable governmental implementing regulations, and to the license granted to the U.S. Government which are referred to in the
Whereas clauses. 
 2.3 Sublicenses. Dr. Gerding grants to ViroPharma the right to grant sublicenses to third
parties under the licenses granted in Section 2.1 (subject to the rights of the U.S. Government) provided that (a) ViroPharma agrees that every sublicense granted by ViroPharma shall provide that the obligations to Dr. Gerding shall
be binding upon the sublicensee as if it were a party to this Agreement; (b) this Agreement shall be referenced in each sublicense; (c) the execution of a sublicense shall not in any way diminish, reduce or eliminate any of
ViroPharma’s obligations under this Agreement, and ViroPharma shall remain primarily liable for such obligations, and (d) ViroPharma shall provide a copy of the sublicense agreement to Dr. Gerding within thirty (30) days of the
execution of such sublicense. 
 2.4 Access to the Licensed IP Rights. Dr. Gerding shall provide ViroPharma with
access to all documents and records regarding the Licensed IP Rights. 
 3. MATERIALS TRANSFER 
 3.1 Materials. Dr. Gerding shall provide to ViroPharma, or, at ViroPharma’s direction, to ViroPharma’s designee, a set
of all biological and other materials (as further described on Schedule B attached hereto) owned by or licensed to Dr. Gerding and that constitute or relate to NTCD (the “Materials”) pursuant to the provisions of Exhibit
1, which is attached hereto and made a part hereof. ViroPharma acknowledges and agrees that Dr. Gerding will retain a complete set of such Materials, which he may use pursuant to the retained rights set forth in Section 2.1. 
  

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 4. COMPENSATION FOR LICENSES 
 As consideration for the licenses granted to ViroPharma under this Agreement, ViroPharma shall pay Dr. Gerding the following fees,
milestone payments and royalties: 
 4.1 License Issuance Fee. ViroPharma shall pay to Dr. Gerding a *** and ***
license issuance fee of ***, payable within *** days after the Effective Date. 
 4.2 Milestone Payments. ViroPharma
shall pay Dr. Gerding the following *** milestone payments within thirty (30) days after the occurrence of each event set forth below: 
 (a)*** upon submission by ViroPharma, its Affiliate or a sublicensee to the FDA of the ***; 
 (b)*** upon receipt by ViroPharma, its Affiliate or a sublicensee from the FDA of the ***; 
 (c)*** upon receipt by ViroPharma, its Affiliate or a sublicensee from the FDA of the ***; and 
 (d)*** upon receipt by ViroPharma, its Affiliate or a sublicensee of the ***. 
 Notwithstanding anything to the contrary herein, only one milestone payment shall be payable by ViroPharma in connection with each event set forth in this Section 4.2. 
 4.3 Royalties. 
 4.3.1 Royalty Rate. In consideration for the license granted to ViroPharma herein, during the Royalty Term ViroPharma shall pay royalties to Dr. Gerding on aggregate Net Sales of Products by ViroPharma, its Affiliates and
sublicensees in each Contract Year, as follows (subject to the provisions of Section 4.3.3): 
 (a)*** of Net Sales of the
***; 
 (b)*** of Net Sales in excess of ***; and 
 (c)*** of Net Sales ***. 
 4.3.2 Combination Product. If a Product is sold as a Combination Product, Net Sales, for purposes of royalty payments on the Combination Product, shall be deemed to be attributable *** to the
Product and *** to the other components. 
 4.3.3 Third Party Royalties. In the event that ViroPharma, its Affiliates or
any sublicensee, in the exercise of their reasonable commercial judgment, is required to pay royalties to any Third Party or Third Parties in the aggregate amount specified

  

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below in order to secure technology rights reasonably necessary to practice the Licensed IP Rights without infringing the rights of such Third Party, then the amount of the royalties owing to
Dr. Gerding under Section 4.2 above with respect to sales of such Product in such country shall be reduced as follows: 
  

			
	 Amount of royalty to third party
	  	 Reduction to Section 4.3 royalty for such Product sales:

		
	***	  	***
		
	***	  	***

 4.4 License
Continuation Fee. In the event that ViroPharma has not filed an NDA for a Product with the FDA by the *** anniversary of the Effective Date, then on such *** anniversary date ***, ViroPharma shall pay to Dr. Gerding, a license continuation
fee of *** per *** until ViroPharma files an NDA with the FDA for a Product (in the aggregate, the “License Continuation Fee”). Such license continuation fee shall be payable *** within *** of such *** date until ViroPharma files an
NDA with the FDA for a Product. In the event a License Continuation Fee is paid, then *** of all future royalty payments otherwise due and owing to Dr. Gerding under Section 4.2 of this Agreement shall no longer be due and owing to
Dr. Gerding but instead shall ***, but only until the ***. 
 5. ROYALTY REPORTS AND ACCOUNTING 
 5.1 Royalty Reports. During the term of this Agreement following the First Commercial Sale of a Product, ViroPharma shall furnish to
Dr. Gerding a *** written report showing the calculation of royalties owing for the reporting period (including gross sales of all Products, on a Product-by-Product and country-by country basis, Net Sales, earned royalties, method of conversion
and payments due and amounts ***). With respect to sales of Products invoiced in United States dollars, all amounts shall be expressed in United States dollars. With respect to sales of Products invoiced in a currency other than United States
dollars, all amounts shall be expressed in the domestic currency of the party making the sale together with the United States dollar equivalent. The exchange rate will be the dollar exchange rate determined in accordance with GAAP, consistently
applied, and normal accounting practices used by ViroPharma to record revenues from such country for the period in question. Reports shall be due on the *** day following the close of each ***. ViroPharma shall keep complete and accurate records in
sufficient detail to enable the royalties payable hereunder to be determined. 
 5.2 Audits. 
 5.2.1 Upon the written request of Dr. Gerding and not more than *** in each calendar year, ViroPharma shall permit an independent
certified public accounting firm selected by Dr. Gerding and reasonably acceptable to ViroPharma to have access during normal business hours to such of the records of ViroPharma as may be reasonably necessary to verify the accuracy of the
royalty reports for any year ending not more than *** prior to the date of such request. The accounting firm shall disclose to Dr. Gerding only such information as is necessary to establish whether or not the reports are correct and the amount
of any discrepancies. 
  

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 5.2.2 If such accounting firm concludes that additional royalties were owed during such
period, ViroPharma shall pay the additional royalties within *** days of the date Dr. Gerding delivers to ViroPharma such accounting firm’s written report so concluding. The fees charged by such accounting firm shall be paid by
Dr. Gerding; provided, however, if the audit discloses that the royalties payable by ViroPharma for the audited period are more than *** of the royalties actually paid for such period, then ViroPharma shall pay the reasonable fees and expenses
charged by such accounting firm. Any overpayments of royalties determined during an audit shall be fully creditable against amounts payable by ViroPharma to Dr. Gerding in subsequent payment periods. 
 5.3 Confidential Financial Information. Dr. Gerding shall treat all financial information subject to review under this
Section 5 as confidential, and shall cause its accounting firm to retain all such financial information in confidence under Section 8 below, except to the extent necessary to enforce Dr. Gerding’s rights hereunder. 
 6. PAYMENTS 
 6.1 Payment Terms. Royalties shall be due and payable *** days following the end of each ***. Payment of royalties in whole or in part may be made in advance of such due date. ViroPharma shall be responsible for all payments that are
due to Dr. Gerding but have not been paid by ViroPharma’s Affiliates or sublicensees. All payments shall be payable within the time frames specified in this Section 6.1. 
 6.2 Exchange Control. If at any time legal restrictions prevent the prompt remittance of part or all of any payments due by
ViroPharma hereunder with respect to any country where the Product is sold, ViroPharma shall pay royalties and any other payments due to Dr. Gerding from ViroPharma’s other sources of dollars. 
 6.3 Overdue Payments. Royalties or any other payments provided for in this Agreement shall, when overdue, bear interest at a monthly
rate of *** over the reference rate or successive reference rates in effect at LaSalle Bank in Chicago, Illinois during each month of delinquency 
 6.4 Exchange Rate; U.S. Dollars. All amounts due Dr. Gerding shall be payable in dollars in Chicago, Illinois. When Products are sold for monies other than dollars, the earned royalties will
first be determined in the foreign currency of the country in which such Products were sold and then converted into equivalent dollars according to the formula set forth in Section 5.1. 
 6.5 Taxes; Bank Transfer Charges. Royalties earned with respect to sales occurring in any country outside the United States shall not
be reduced by any taxes, fees or other charges imposed by the government of such country on the remittance of royalty income. ViroPharma shall also be responsible for all bank transfer charges. 
  

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 7. DILIGENCE OBLIGATIONS 
 7.1 Product Approval and Product Supply in the United States. ViroPharma, ***, shall use Reasonable Commercial Efforts to develop,
test, and obtain regulatory approvals for Products in the United States. 
 7.2 Marketing and Sales in the United States.
ViroPharma shall use Reasonable Commercial Efforts to manufacture, market and sell the Products in the United States, and will prepare and be solely responsible for all advertising and promotional materials and marketing activities for Products.
ViroPharma shall also be responsible for developing and registering trademarks and copyrighting information for Products and shall own all such trademarks and copyrights. 
 7.3 European Market. ViroPharma (itself or by or through its Affiliates or sublicensees), ***, shall use Reasonable Commercial Efforts, to seek a Third Party to develop and commercialize the
Products, or develop the Products itself in the *** (the “European Countries”). 
 7.4 Records. ViroPharma shall
maintain records, in sufficient detail and in good scientific manner, which shall reflect all work done and results achieved in the performance of its research and development regarding the Licensed IP Rights and the Products (including all data in
the form required under all applicable laws and regulations). 
 7.5 Reports. Within *** days following the end of each
*** during the term of this Agreement, ViroPharma shall prepare and deliver to Dr. Gerding a written summary report which shall describe the research and development of Products during such ***. 
 8. REPRESENTATIONS AND WARRANTIES 
 8.1 Mutual Representations and Warranties. Each party hereby represents and warrants to the other party as follows: 
 8.1.1 Binding Obligation. This Agreement has been duly executed and delivered on behalf of such party, and constitutes a legal, valid, binding obligation, enforceable against such party in
accordance with its terms, except as enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization and other laws relating to or affecting creditors’ rights general and by general equitable principles.

 8.1.2 No Consents. All necessary consents, approvals and authorizations of all governmental authorities and other
Persons required to be obtained by such party in connection with this Agreement have been obtained. 
 8.1.3 No
Conflict. The execution and delivery of this Agreement and the performance of such party’s obligations hereunder (a) do not conflict with or violate any requirement of applicable laws, regulations or policies, and (b) do not
conflict with, or constitute a default under, any contractual obligation of him or it. 
  

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 8.2 ViroPharma’s Representations and Warranties. ViroPharma hereby represents
and warrants to Dr. Gerding as follows: 
 8.2.1 Corporate Existence. ViroPharma is a corporation duly organized,
validly existing and in good standing under the laws of the state in which it is incorporated. 
 8.2.2 Authorization and
Enforcement of Obligations. ViroPharma (a) has the corporate power and authority and the legal right to enter into this Agreement and to perform its obligations hereunder, and (b) has taken all necessary corporate action on its part to
authorize the execution and delivery of this Agreement and the performance of its obligations hereunder. 
 8.2.3 Compliance
with Law. ViroPharma shall comply in all material respects with all applicable laws and regulations in connection with its activities under this Agreement. 
 8.3 Dr. Gerding’s Representations and Warranties. At the Effective Date, Dr. Gerding represents and warrants to ViroPharma as follows: 
 8.3.1 Ownership. 
 (a) Dr. Gerding owns sufficient right, title and interest in the Licensed IP Rights to enter into this Agreement and to grant the licenses set forth herein, subject to the retained rights of the U.S. Government as described herein.

 (b) To Dr. Gerding’s knowledge, Dr. Gerding has disclosed to ViroPharma all agreements with any funding
agency or foundation that has provided support of any kind in the development of the Licensed IP Rights. 
 (c) The execution,
delivery and performance of this Agreement by Dr. Gerding does not conflict with any agreement, instrument or understanding, oral or written, to which he is a party or by which he may be bound. 
 8.3.2 Employment and Consulting Relationships. Except for his positions as set forth in Schedule C, (i) Dr. Gerding held
no other employment positions with any entity during the time that he first conceived of and developed the inventions that are embodied in the Licensed Patent Rights which is the period of time beginning in 1990 through the date of this Agreement,
and (ii) did not provide consulting services to any Third Party, excluding the VA, regarding NTCD during the time period set forth in Section 8.3.2(i). 
 8.3.3 Infringement. 
 (a) Dr. Gerding is not aware of any
infringement or misappropriation by a Third Party of the Licensed IP Rights. 
 (b) Dr. Gerding has no actual knowledge,
without independent investigation, of any Third Party patent, patent application or other intellectual property rights

  

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that would be infringed by practicing any process or method or by making, using or selling any composition which is claimed or disclosed in the Licensed Patent Rights or which constitutes
Licensed Know-How Rights. 
 (c) There are no pending or (to Dr. Gerding’s knowledge) threatened claims by any Third
Party and Dr. Gerding has never received any notice from a Third Party alleging that the use of NTCD infringes or misappropriates any patent, trade secret or any other intellectual property right of any Third Party. 
 8.4 “AS IS”; DISCLAIMER OF WARRANTIES. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, VIROPHARMA AGREES THAT
THE LICENSED PATENT RIGHTS ARE PROVIDED “AS IS”, AND THAT DR. GERDING MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE PERFORMANCE OF PRODUCTS INCLUDING THEIR SAFETY, EFFECTIVENESS, OR COMMERCIAL VIABILITY. FURTHER, THE LIMITED
WARRANTIES CONTAINED IN THIS SECTION ARE THE SOLE WARRANTIES GIVEN BY THE PARTIES AND ARE MADE EXPRESSLY IN LIEU OF AND EXCLUDE ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, INFRINGEMENT OR OTHERWISE, AND ALL
OTHER EXPRESS OR IMPLIED REPRESENTATIONS AND WARRANTIES PROVIDED BY COMMON LAW, STATUTE OR OTHERWISE ARE HEREBY DISCLAIMED BY BOTH PARTIES. 
 9. CONFIDENTIALITY 
 9.1 Confidential Information. During the term of
this Agreement, and for a period of *** years following the expiration or earlier termination hereof, each party shall maintain in confidence all Confidential Information of the other party, and shall not use, disclose or grant the use of the
Confidential Information of the other party to any third party except on a need-to-know basis to those directors, officers, employees, consultants, clinical investigators, contractors, (sub)licensees, distributors or permitted assignees, to the
extent such disclosure is reasonably necessary in connection with such party’s activities as expressly authorized by this Agreement. The foregoing obligations of confidentiality hereunder shall apply to each of ViroPharma and Dr. Gerding
as it relates to ***. To the extent that disclosure is authorized by this Agreement, prior to disclosure, each party hereto shall obtain agreement of any such person or entity to hold in confidence and not make use of the Confidential Information
for any purpose other than those permitted by this Agreement. Each party shall notify the other promptly upon discovery of any unauthorized use or disclosure of the other party’s Confidential Information. Notwithstanding anything to the
contrary, to the extent that any Confidential Information is identified by ViroPharma as a *** hereunder, then Dr. Gerding’s obligation to maintain the confidentiality thereof shall extend indefinitely. 
 9.2 Terms of this Agreement. Except as otherwise provided in this Agreement, neither party shall disclose any terms of this Agreement
to any third party without the prior consent of the other party provided that nothing herein shall restrict a party from disclosing the terms of this Agreement to its professional advisors (including without limitation its accountants, attorneys and
tax advisors) provided that such advisors are subject to confidentiality obligations at least as strict as those provided in this Section 9.2.

  

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Notwithstanding the foregoing, the parties shall agree upon the substance of information that can be used to describe the terms of this transaction, and each party may disclose such information,
as modified by mutual agreement from time to time, without the other party’s consent. 
 9.3 Permitted Disclosures.
The confidentiality obligations contained in this Section 9 shall not apply to the extent that the receiving party is required (a) to disclose information by law, order or regulation of a governmental agency or a court of competent
jurisdiction, or (b) to disclose information to any governmental agency for purposes of obtaining approval to test or market a Product, provided in either case that the receiving party shall provide written notice thereof to the other party and
sufficient opportunity to object to any such disclosure or to request confidential treatment thereof. 
 10. PATENTS AND
INTELLECTUAL PROPERTY 
 10.1 Prosecution and Maintenance. 
 10.1.1 During the term of the Agreement, ViroPharma shall, ***, diligently and in the reasonable exercise of its commercial judgment,
prepare, file, prosecute, maintain and defend the Licensed Patent Rights. ViroPharma shall give Dr. Gerding an opportunity to review and comment on the text of each patent application within the Licensed Patent Rights before filing, and shall
provide Dr. Gerding with a copy of such patent application as filed, together with notice of its filing date and serial number. Dr. Gerding shall cooperate with ViroPharma, execute all lawful papers and instruments and make all rightful
oaths and declarations as may be necessary in the preparation, prosecution and maintenance of the Licensed Patent Rights. 
 10.1.2 If ViroPharma does not intend to file for patent protection or does not wish to continue preparation, prosecution, or maintenance of a Licensed Patent Right, then it shall give Dr. Gerding at least *** days advance written
notice of its intention to abandon prosecution and/or maintenance of any Licensed Patent Rights. In such case, Dr. Gerding may elect in his sole discretion to continue preparation, filing and prosecution or maintenance of the to be discontinued
Licensed Patent Rights ***. Gerding shall then own any such Licensed Patent Rights and ViroPharma shall execute such documents and perform such acts as may be reasonably necessary for Gerding to file or to continue prosecution or maintenance,
including assigning ownership of such Licensed Patent Rights to Gerding. ***. The licenses granted under this Agreement with respect to such discontinued Licensed Patent Rights shall terminate. 
 10.1.3 ViroPharma will consult Dr. Gerding and will keep Dr. Gerding continuously informed of all matters relating to the
preparation, filing, prosecution and maintenance of the Licensed Patent Rights covered by this Agreement including, but not limited to, disclosing to Dr. Gerding the complete text of all such Licensed Patent Rights. Except as provided in
Section 10.1.2 for discontinued Licensed Patent Rights, ViroPharma will be responsible *** of all patent preparation, filing, prosecution and maintenance (including ***) for all Licensed Patent Rights worldwide. 
 10.1.4 ViroPharma shall be have sole control, in its sole discretion, with respect to the preparation, filing, prosecution and maintenance
of patents and patent applications relating to any innovation that constitutes an improvement, modification or enhancement to NTCD and which is made or conceived by or on behalf of ViroPharma after the Effective Date. 
  

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 10.2 Enforcement. 
 10.2.1 Each party shall notify the other party of any infringement known to such party of any Licensed Patent Rights and shall provide the
other party with the available evidence, if any, of such infringement. 
 10.2.2 ViroPharma, ***, have the right to determine
the appropriate course of action to enforce the Licensed Patent Rights from infringement. ViroPharma shall take appropriate action to enforce the Licensed Patent Rights, to control any litigation or other enforcement action and to enter into, or
permit, the settlement of any such litigation or other enforcement action with respect to the Licensed Patent Rights or the Improvement Patent Rights and shall consider, in good faith, the interests of Dr. Gerding in so doing. Dr. Gerding
shall have the right, ***, to be represented in such action by his own counsel. If ViroPharma does not, within *** days of receipt of notice from Dr. Gerding under Section 10.2.1, abate the infringement or file suit to enforce the Licensed
Patent Rights against at least one infringing party, Dr. Gerding shall have the right to take whatever action he deems appropriate to enforce the Licensed Patent Rights; provided, however, that, within *** days after receipt of notice of
Dr. Gerding’s intent to file such suit, ViroPharma shall have the right to jointly prosecute such suit and to fund up to *** of such suit. Dr. Gerding and ViroPharma shall reasonably cooperate with each other in the planning and
execution of any action to enforce the Licensed Patent Rights. The party controlling any such enforcement action shall not settle the action or otherwise consent to an adverse judgment in such action that diminishes the rights or interests of the
non-controlling party without the prior written consent of the other party. 
 10.2.3 The costs and expenses of all suits
brought by a party under this Section 10.2 ***, if it participates in such suit, ***, out of any damages or other monetary awards recovered therein in favor of Dr. Gerding or ViroPharma. Each party shall recover their respective ***,
associated with any litigation or settlement thereof from any recovery made by any party. Any excess amount shall ***. 
 10.3 Intellectual Property Ownership. As between Dr. Gerding and ViroPharma, all innovations relating to NTCD (including any related data developed in connection therewith) solely owned by ViroPharma (the “ViroPharma
IP”) shall be owned by ViroPharma. Dr. Gerding acknowledges that he has no ownership interest in any trade secrets, data, intellectual property and other know-how rights developed by *** pursuant to the agreement between ViroPharma and
***. 
 11. TERMINATION 
 11.1 Expiration. Unless earlier terminated in accordance with the provisions of Section 11.2, 11.3, 11.4, 11.5 or 11.6, this Agreement shall remain in effect on a Product-by-Product basis and
country-by-country basis for the applicable Royalty Term. 
 11.2 Termination by ViroPharma. ViroPharma may terminate
this Agreement, in its sole discretion, upon *** days prior written notice to Dr. Gerding. Upon

  

 - 13 - 

 
termination of this Agreement pursuant to this Section 11.2, ViroPharma shall, for a period of *** following such termination, use Reasonable Commercial Efforts to work with Dr. Gerding
to convey ViroPharma’s rights to any ViroPharma IP to a Third Party on commercially reasonable terms and conditions acceptable to ViroPharma and Dr. Gerding, acting in good faith and in the exercise of reasonable commercial judgment.

 11.3 Termination for Cause. A party may terminate this Agreement upon or after the material breach of this Agreement
by the other party if the other party has not cured such material breach within *** days after written notice thereof by the non-breaching party (*** days for a payment default); provided, however, if any material breach is not capable of being
cured within such *** day period and the other party is diligently undertaking to cure such material breach as soon as commercially feasible thereafter under the circumstances, the breaching party shall have an additional *** of days to cure such
breach. The parties agree that failure to make a payment when due shall be capable of remedy within such *** period under all circumstances. 
 11.4 Termination Due to an Event of Force Majeure. If an event of Force Majeure as set forth in Section 13.8 should continue for a period of ***, the party not suspending performance due to an
event of Force Majeure shall be entitled to terminate this Agreement upon written notice to the other party. 
 11.5
Termination Due to Bankruptcy, Insolvency or Receivership of ViroPharma. Dr. Gerding may terminate this Agreement *** to ViroPharma (a) upon the institution by or against ViroPharma of insolvency, receivership or bankruptcy
proceedings or any other proceedings for the settlement of ViroPharma’s debts, provided, however with respect to involuntary proceedings, that such proceedings are not dismissed within *** days; (b) upon ViroPharma’s making an
assignment for the benefit of creditors; or (c) upon the ViroPharma’s dissolution or ceasing to do business. 
 11.6
Termination For Failure to Pay License Continuation Fee. Dr. Gerding may terminate this Agreement *** to ViroPharma if ViroPharma has failed to pay a License Continuation Fee as required pursuant to the provisions of Section 4.4 of
this Agreement. 
 11.7 Paid Up License. Upon expiration of this Agreement pursuant to Section 11.1 on a
Product-by-Product basis and country-by-country basis, ViroPharma shall have an irrevocable, paid-up, exclusive, perpetual license under the Licensed Know-How Rights for use in the Field. 
 11.8 Consequences of Expiration or Termination. If this Agreement is terminated or expires for any reason, the parties shall have the
following rights and obligations: 
 (a) Except where expressly provided for otherwise in this Agreement, termination of this
Agreement shall not relieve the parties hereto of any liability, including any obligation to make payments hereunder, which accrued hereunder prior to the effective date of such termination, nor preclude any party from pursuing all rights and
remedies it may have hereunder or at law or in equity with respect to any breach of this Agreement nor prejudice any party’s right to obtain performance of any obligation. 
  

 - 14 - 

 (b) If this Agreement is terminated by Dr. Gerding pursuant to Section 11.3,
11.4, 11.5 or 11.6 or by ViroPharma pursuant to Section 11.2 or 11.4, the licenses granted under this Agreement shall terminate. 
 (c) Unless this Agreement has expired or has been terminated by ViroPharma for cause as provided under the provisions of Section 11.3 or an expiration of the Agreement pursuant to Section 11.1 in which case this Section shall not
apply, ViroPharma, its Affiliates and any sublicensees shall within *** days of the date of the termination of this Agreement, return any documentation and all copies of documentation (in any media) in its possession, custody or control that contain
Dr. Gerding’s Confidential Information, but none of ViroPharma’s Confidential Information, and shall certify in writing that it has done so after a reasonable examination of all its files where such documentation has been maintained.

 11.9 Survival. Expiration or termination of this Agreement shall not relieve the parties of any obligation accruing
prior to such expiration or termination, and the provisions of Sections 5.2, 5.3, 8, 9, 11.7, 11.8, 11.9, 12 and 13.4 shall survive the expiration or termination of this Agreement. 
 12. INDEMNIFICATION AND INSURANCE 
 12.1 Indemnification. 
 12.1.1 By ViroPharma. ViroPharma shall at
all times during the term of this Agreement and thereafter, defend, indemnify and hold Dr. Gerding, his successors, heirs and assigns (“Indemnitees”), harmless from and against any and all losses, costs, claims, damages, liabilities
and expenses (including reasonable attorneys’ and professional fees and other expenses of litigation) (collectively, “Liabilities”), including Liabilities resulting from a claim, suit, or proceeding
(“Claim”) made or brought by a Third Party against an Indemnitee arising out of (a) the death or injury to any person or persons or out of any damage to property; (b) resulting from the development, manufacture,
use, sale, lease, consumption, advertisement, storage or handling of Products by ViroPharma, its Affiliates or sublicensees, or their representatives, agents or subcontractors under this Agreement, or (c) any actual or alleged violation of law
resulting therefrom; provided however, that no indemnification shall be payable by ViroPharma to the extent that the Liabilities result from Dr. Gerding’s breach of any representation, warranty or covenant set forth in Sections 8.1
and 8.3. 
 12.2 Insurance. ViroPharma shall maintain insurance (including product liability insurance) with respect to
the research, development and commercialization of Products by ViroPharma in such amounts as ViroPharma customarily maintains with respect to the research, development and commercialization of its similar products. ViroPharma shall maintain such
insurance for so long as it continues to research, develop or commercialize any Products, and thereafter for so long as ViroPharma customarily maintains insurance covering the research, development or commercialization of its similar products.

  

 - 15 - 

 13. MISCELLANEOUS 
 13.1 Notices. Any consent, notice or report required or permitted to be given or made under this Agreement by one of the parties to
the other shall be in writing and addressed to such other party at its address indicated below, or to such other address as the addressee shall have last furnished in writing to the addressor, and shall be effective upon receipt by the addressee.

  

			
	If to Dr. Gerding:	  	Dale N. Gerding, M.D.
		  	680 N. Lake Shore Drive, # 1121
		  	Chicago, Illinois 60611
		  	Fax: (312) 649-6726
		
	If to ViroPharma:	  	ViroPharma Incorporated
		  	397 Eagleview Boulevard
		  	Exton, Pennsylvania 19341
		  	Attention: Vice President, Business Development
		  	Fax: (610) 458-7380

 13.2
Assignment. Except as otherwise expressly provided under this Agreement neither this Agreement nor any right or obligation hereunder may be assigned or otherwise transferred (whether voluntarily, by operation of law or otherwise), without the
prior express written consent of the other party; provided, however, that ViroPharma may, without such consent, assign this Agreement and its rights and obligations hereunder in connection with the transfer or sale of all or substantially all of its
business whether through merger, consolidation, change in control or similar transaction and provided that Dr. Gerding may assign his rights to receive payment due hereunder to a Third Party without the consent of ViroPharma. Any permitted
assignee shall assume all obligations of its assignor under this Agreement. Any purported assignment or transfer in violation of this Section 13.2 shall be void. 
 13.3 Binding Effect. Subject to the limitations on assignment set forth in Section 13.2, this Agreement shall be binding upon and inure to the benefit of (a) any personal representatives,
successors in interest and assigns of Dr. Gerding, and (b) any successors in interest and assigns of ViroPharma. 
 13.4 Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law principles thereof. 
 13.5 Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof. All
express or implied representations, agreements and understandings, either oral or written, heretofore made are expressly superseded by this Agreement, provided that each party hereby acknowledges and agrees that the ***. Notwithstanding the
foregoing, that certain Consulting Agreement of even date herewith, that certain Consulting Agreement between the parties dated December 9, 2004, and that certain non-disclosure agreement dated January 13, 2006, shall not be superseded
hereby and shall continue in full force and effect in accordance with their terms. 
  

 - 16 - 

 13.6 Independent Contractors. Each party hereby acknowledges that the parties shall
be independent contractors and that the relationship between the parties shall not constitute a partnership, joint venture or agency. Neither party shall have the authority to make any statements, representations or commitments of any kind, or to
take any action, which shall be binding on the other party, without the prior consent of the other party to do so. Without limiting the generality of the foregoing, Dr. Gerding shall not be entitled to any of the benefits which ViroPharma may
make available to its employees, including, but not limited to, group health or life insurance, profit-sharing or retirement benefits. Dr. Gerding is solely responsible for all tax returns and payments required to be filed with, or made to, any
U.S. federal, state or local tax authority with respect to his receipt of fees under this Agreement. No part of Dr. Gerding’s compensation will be subject to withholding by ViroPharma for the payment of any social security, federal, state
or any other employee payroll taxes. ViroPharma will regularly report amounts paid to Dr. Gerding by filing Form 1099-MISC with the Internal Revenue Service as required by law. 
 13.7 Waiver. The waiver by a party of any right hereunder, or of any failure to perform or breach by the other party hereunder, shall
not be deemed a waiver of any other right hereunder or of any other breach or failure by the other party hereunder whether of a similar nature or otherwise. 
 13.8 Force Majeure. Neither party shall be held liable or responsible to the other party nor be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or
performing any term of this Agreement to the extent, and for so long as, such failure or delay is caused by or results from causes beyond the reasonable control of the affected party including but not limited to fire, floods, embargoes, war, acts of
war (whether war be declared or not), insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in acting by any governmental authority or the other party. 
 13.9 Counterparts. 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. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as
of the Effective Date. 
  

			
		 	 /s/ Dale N. Gerding

		 	Dale N. Gerding, M.D.
	
	ViroPharma Incorporated
		
	By	 	 /s/ Richard de Rosen

		
	Name	 	 /s/ Richard de Rosen

		
	Title	 	 CEO, President and Chairman

  

 - 17 - 

 SCHEDULE A 
 LICENSED PATENT RIGHTS 
  

							
	 Country
	  	 Patent No.
	  	 Filing Date
	  	 Issue Date

				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***
				
	***	  	***	  	***	  	***

  

	*	Issued from a *** 

  

 - 18 - 

 SCHEDULE B 
 MATERIALS 
 A sample of each NTCD ***, which will specifically include
types ***. All types will be provided in duplicate, one specimen in *** and the second ***. 
  

 - 19 - 

 SCHEDULE C 
 EMPLOYMENT (1990 to 2006) 
  

			
	1980-1992	 	Chief, Infectious Disease Section, VA Medical Center, Minneapolis, MN.
	1992-2003	 	Chief, Medical Service, Lakeside Division, VA Chicago HCS, Chicago, IL.
	1992-2003	 	Professor and Associate Chairman, Department of Medicine, Northwestern University Medical School, Chicago, Illinois.
	1999-2000	 	Editor, icanPrevent and icanMD, ican, INC., Eden Prairie, Minnesota (Sabbatical)
	2003-Present	 	Associate Chief of Staff Research & Development, Hines VA Hospital, Hines, IL.
	2003-present	 	Professor, Department of Medicine, Loyola University Chicago Stritch School of Medicine, Maywood, IL

  

 - 20 -Warrant to Purchase Common Stock

 Exhibit 4.3 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO
THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 WARRANT TO PURCHASE COMMON STOCK 
  

			
	Company:	 	TITAN PHARMACEUTICALS, INC., a Delaware corporation
	Number of Shares:	 	42,254
	Warrant Price:	 	$2.13 per Share
	Issue Date:	 	December 23,2009
	Expiration Date:	 	The 5th anniversary after the Issue Date
	Credit Facility:	 	This Warrant is issued in connection with the Loan and Security Agreement between Company and Oxford Finance Corporation dated as of the Closing Date (as defined therein), as
amended from time to time (the “Loan Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable
consideration, including without limitation the mutual promises contained in the Loan Agreement OXFORD FINANCE CORPORATION (together with any successor or permitted assignee or transferee of this Warrant, “Holder”) is entitled to purchase
the number of fully paid and nonassessable shares of the common stock (the “Shares”) of the Company at the Warrant Price, all as set forth above and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the
terms and conditions set forth in this Warrant. 
 ARTICLE 1. EXERCISE. 
 1.1 Method of Exercise. Holder may exercise this Warrant by delivering the original of this Warrant together with a duly executed
Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Article 1.2, Holder shall also deliver to the Company a check, wire transfer
(to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 
 1.2 Conversion Right. In lieu of exercising this Warrant as specified in Article 1.1, Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by
dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market
value of the Shares shall be determined pursuant to Article 1.3. 

 1.3 Fair Market Value. The fair market value of each Share shall be the closing price
of a Share reported for the business day immediately before Holder delivers this Warrant together with its Notice of Exercise to the Company. 
 1.4 Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this Warrant and, if applicable, the Company receives payment of the aggregate Warrant Price, the Company
shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so acquired. 
 1.5 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation on surrender and cancellation of this Warrant,
the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 
 1.6 Treatment of Warrant Upon
Acquisition of Company. 
 1.6.1 “Acquisition”. For the purpose of this Warrant, “Acquisition”
means any sale, license, or other disposition of all or substantially all of the assets of the Company, or any reorganization, consolidation, or merger of the Company where the holders of the Company’s securities before the transaction
beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. 
 1.6.2
Treatment of Warrant at Acquisition. 
 A) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition
that is not an asset sale and in which the sole consideration is cash, either (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such
Acquisition or (b) if Holder elects not to exercise the Warrant, this Warrant will expire upon the consummation of such Acquisition. The Company shall provide the Holder with written notice of its request relating to the foregoing (together
with such reasonable information as the Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed
Acquisition. 
 B) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is an “arms
length” sale of all or substantially all of the Company’s assets (and only its assets) to a third party that is not an Affiliate (as defined below) of the Company (a “True Asset Sale”), either (a) Holder shall exercise its
conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the Warrant, this Warrant will continue until the
Expiration Date if the Company continues as a going concern following the closing of any such True Asset Sale. The Company shall provide the Holder with written notice of its request relating to the foregoing (together with such reasonable
information as the Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition. 
 C) Upon the closing of any Acquisition other than those particularly described in subsections (A) and (B) above, the successor entity shall assume
the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were
outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly. 
  

 2 

 As used herein “Affiliate” shall mean any person or entity that owns or controls directly
or indirectly ten (10) percent or more of the stock of Company, any person or entity that controls or is controlled by or is under common control with such persons or entities, and each of such person’s or entity’s officers,
directors, joint venturers or partners, as applicable. 
 ARTICLE 2. ADJUSTMENTS TO THE SHARES. 
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on the shares of its common stock payable in common
stock, or other securities, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of
record as of the date the dividend occurred. If the Company subdivides the shares of its common stock by reclassification or otherwise into a greater number of shares or takes any other action that causes the outstanding shares of its common stock
to become converted into a greater number of shares of common stock, the number of Shares shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Company’s common stock are
combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 
 2.2 Reclassification, Exchange, Combinations or Substitution. Upon any reclassification, exchange, substitution, or other event that
results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property
that Holder would have received for the Shares if this Warrant had been exercised or converted immediately before such reclassification, exchange, substitution, or other event. The Company or its successor shall promptly issue to Holder an amendment
to this Warrant setting forth the number and kind of such new securities or other property issuable upon exercise or conversion of this Warrant as a result of such reclassification, exchange, substitution or other event that results in a change of
the number and/or class of securities issuable upon exercise or conversion of this Warrant and the amended Warrant Price. The amendment to this Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Article 2.2 shall
similarly apply to successive reclassifications, exchanges, substitutions, or other events. 
 2.3 No Impairment. The
Company shall not, by amendment of its Certificate of Incorporation or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all such action as may be
necessary or appropriate to protect Holder’s rights under this Article against impairment. 
  

 3 

 2.4 Fractional Shares. No fractional Shares shall be issuable upon exercise or
conversion of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional
share interest by paying Holder the amount computed by multiplying the fractional interest by the fair market value of a full Share computed as set forth in Article 1.3 above. 
 2.5 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company shall promptly notify Holder in writing,
and, at the Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon
written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 
 ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 
 3.1
Representations and Warranties. The Company represents and warrants and covenants to the Holder as follows: all Shares which may be issued upon the exercise of the purchase right represented by this Warrant shall, upon issuance, be duty
authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. 
 3.2 Notice of Certain Events. If the Company proposes at any time (a) to declare any dividend or distribution upon any of its
stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to effect any reclassification or recapitalization of any of its stock; (c) to merge or consolidate with or into any other
corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up, then, in connection with each such event, the Company shall give Holder: (1) at least 10 days prior written notice of
the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of common stock will be entitled thereto) or for determining rights to vote, if any, in respect of the
matters referred to in (a) above; and (2) in the case of the matters referred to in (b) and (c) above at least 10 days prior written notice of the date when the same will take place (and specifying the date on which the holders
of common stock will be entitled to exchange their common stock for securities or other property deliverable upon the occurrence of such event). Company will also provide information requested by Holder reasonably necessary to enable the Holder to
comply with the Holder’s accounting or reporting requirements. 
 3.3 No Shareholder Rights. Except as provided in
this Warrant, the Holder will not have any rights as a shareholder of the Company until the exercise of this Warrant. 
 ARTICLE 4.
REPRESENTATIONS, WARRANTIES OF THE HOLDER. The Holder represents and warrants to the Company as follows: 
 4.1
Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by the Holder will be acquired for investment for the Holder’s account, not as a nominee or agent, and not with a view to the public
resale or distribution within the meaning of the Act. Holder also represents that the Holder has not been formed for the specific purpose of acquiring this Warrant or the Shares. 
  

 4 

 4.2 Disclosure of Information. The Holder has received or has had full access to all
the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. The Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without
unreasonable effort or expense) necessary to verify any information furnished to the Holder or to which the Holder has access. 
 4.3 Investment Experience. The Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. The Holder has experience as an investor in securities of companies in the development stage
and acknowledges that the Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that the Holder is capable of
evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and
duration that enables the Holder to be aware of the character, business acumen and financial circumstances of such persons. 
 4.4 Accredited Investor Status. The Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act. 
 4.5 The Act. The Holder understands that this Warrant and the Shares issuable upon exercise or conversion hereof have not been registered under the Act in reliance upon a specific exemption
therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. The Holder understands that this Warrant and the Shares issued upon any exercise or conversion hereof must
be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. 
 ARTICLE 5. MISCELLANEOUS. 
 5.1 Term. This Warrant is exercisable in whole or in part at any time and from time to time on or before the Expiration Date. 
 5.2 Legends. This Warrant and the Shares shall be imprinted with a legend in substantially the following form: 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO
THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
  

 5 

 5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable
upon exercise of this Warrant may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment
representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to any affiliate of Holder.
Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144, including, without limitation, current information as referenced in Rule 144(c), Holder represents that it
has complied with Rule 144(d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule 144(f), and the Company is provided with a copy of Holder’s notice of proposed sale. 
 5.4 Transfer Procedure. After receipt by Holder of the executed Warrant, Holder may transfer this Warrant to any affiliate of Holder,
by execution of an Assignment substantially in the form of Appendix 2. Subject to the provisions of Article 5.3 and upon providing Company with written notice, any subsequent Holder may transfer all or part of this Warrant or the Shares issuable
upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, any subsequent Holder will give the Company notice of
the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable).

 5.5 Notices. All notices and other communications from the Company to the Holder, or vice versa, shall be deemed
delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may (or on the first business day after
transmission by facsimile) be, in writing by the Company or such Holder from time to time. Effective upon receipt of the fully executed Warrant and the initial transfer described in Article 5.4 above, all notices to the Holder shall be addressed as
follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 
 Oxford Finance
Corporation 
 133 N. Fairfax Street 
 Alexandria, VA 22314 
 Attn: Tim A. Lex, Chief Operating Officer 
 Telephone: (703) 519-4900 
 Facsimile: (703) 519-5225 
 Notice to the Company shall be addressed as follows until the
Holder receives notice of a change in address: 
 Titan Pharmaceuticals, Inc. 
 400 Oyster Point Blvd., Suite 505 
 South San Francisco, CA 94080 
 Attn: Chief Financial Officer 
 Tel.: (650) 244-4990 
 Fax: (650) 244-4956 
  

 6 

 5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
 5.7 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from
the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 
 5.8 Automatic Conversion
upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share as determined in accordance with Article 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically
be deemed on and as of such date to be converted pursuant to Article 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver a certificate
representing the Shares (or such other securities) issued upon such conversion to the Holder. 
 5.9 Counterparts. This
Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement. 
 5.10 Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 
 [Balance of Page Intentionally Left Blank] 
  

 7 

			
	“COMPANY”
	
	TITAN PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Sunil Bhonsie

	Name:	 	  

		 	Sunil Bhonsie
	Title:	 	President

  

			
	“HOLDER”
	
	OXFORD FINANCE CORPORATION
		
	By:	 	 /s/ T.A. Lex

	Name:	 	 T.A. Lex

		 	(Print)
	Title:	 	COO

 [Signature Page to
Warrant to Purchase Common Stock] 

 APPENDIX 1 
 NOTICE OF EXERCISE 
 1. Holder elects to
purchase                      shares of the Common Stock of TITAN PHARMACEUTICALS, INC. pursuant to the terms of the attached Warrant, and tenders
payment of the purchase price of the shares in full. 
 [or] 
 1. Holder elects to convert the attached Warrant into Shares in the manner specified in the Warrant. This conversion is exercised for
                     of the Shares covered by the Warrant. 
 [Strike paragraph that does not apply.] 
 2. Please issue a certificate or
certificates representing the shares in the name specified below: 
  

					
		 	  
	 	
		 	 Holders Name
	 	
			
		 	  
	 	
		 	  
	 	
		 	 (Address)
	 	

 3. By its execution below and for the benefit of the Company, Holder hereby restates
each of the representations and warranties in Article 4 of the Warrant as the date hereof. 
  

			
	HOLDER:
	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	(Date):	 	  

 APPENDIX 2 
 ASSIGNMENT 
 For value received, Oxford Finance Corporation
hereby sells, assigns and transfers unto 
 Name: 
 Address: 
 Tax ID: 
 that certain Warrant to Purchase Stock issued by TITAN PHARMACEUTICALS, INC. (the “Company”), on December     , 2009 (the “Warrant”) together with all rights, title
and interest therein. 
  

			
	OXFORD FINANCE CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	Date:	 	  

 By its execution below, and for the benefit of the Company,                      makes each of the
representations and warranties set forth in Article 4 of the Warrant and agrees to all other provisions of the Warrant as of the date hereof. 
  

			
	  

	By:	 	  

	Name:	 	  

	Title:

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