Document:

EX-10.26

 Exhibit 10.26 

[***] = Certain information contained in this document, marked by brackets, has been omitted because it is both not material and would be
competitively harmful if publicly disclosed. 
 Execution Copy 

LICENSE AGREEMENT 

BETWEEN 
 TARVEDA
THERAPEUTICS, INC. 
 AND 

MADRIGAL PHARMACEUTICALS, INC. 

 Execution Copy 

LICENSE AGREEMENT 

This LICENSE AGREEMENT (this “Agreement”) is entered into as of September 14, 2016 (the
“Effective Date”) by and between Tarveda Therapeutics, Inc., a Delaware corporation (“Tarveda”) and Madrigal Pharmaceuticals, Inc., a Delaware corporation (“Madrigal”). Tarveda and Madrigal each may
be referred to herein individually as a “Party” or collectively as the “Parties.” 
 RECITALS 

WHEREAS, Madrigal possesses certain Patents, Know-How and expertise with
respect to the Agreement Products (each as defined below); 
 WHEREAS, Tarveda possesses expertise in developing and
commercializing human therapeutics; and 
 WHEREAS, Tarveda desires to obtain an exclusive, worldwide license under
the Madrigal Technology (as defined below) to develop and commercialize HDCs (as defined below), on the terms described in this Agreement; 

NOW, THEREFORE, in consideration of the respective covenants, representations, warranties and agreements set forth
herein, the Parties hereto agree as follows: 
 ARTICLE 1. 

DEFINITIONS 
 For purposes
of this Agreement, the following capitalized terms shall have the specified meanings. 
  

	1.1	 Affiliate. Affiliate means, as of any point in time and for so long as such relationship continues to
exist with respect to any Person, any other Person that controls, is controlled by or is under common control with such Person. A Person will be regarded as in control of another Person if it (a) owns or controls more than 50% of the equity
securities of the subject Person entitled to vote in the election of directors (or, in the case of a Person that is not a corporation, for the election of the corresponding managing authority), or (b) possesses, directly or indirectly, the
power to direct or cause the direction of the management or policies of such Person (whether through ownership of securities or other ownership interests, by contract or otherwise). 

 

	1.2	 Agreement Product. Agreement Product means all therapeutic products that contain HDCs, including but
not limited to (a) the Existing HDCs, (b) any HDCs generated by Tarveda, its Affiliates or its Sublicensees through the use of the Madrigal Technology, or (c) any HDCs generated by Tarveda, its Affiliates or its Sublicensees that are
Covered by a Valid Claim within the Madrigal Technology Patents. 

  

	1.3	 Applicable Law. Applicable Law means all applicable laws, statutes, rules, regulations and other
pronouncements having the effect of law of any federal, national, multinational, state, provincial, county, city or other political subdivision, agency or other body, domestic 

 Execution Copy 

Confidential 
  

 

	 	 
or foreign, including any applicable rules, regulations, guidelines, or other equirements of the Regulatory Authorities that may be in effect from time to time. 

 

	1.4	 Approval Application. Approval Application means either a New Drug Application or Biologics License
Application, whichever is applicable for the specific Agreement Product, filed with the FDA or the corresponding counterpart in jurisdictions other than the United States. 

 

	1.5	 Breaching Party. See Section 8.3.3. 

 

	1.6	 Business Day. Business Day means a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day
on which banking institutions in Boston, Massachusetts are authorized or obligated to close. 

  

	1.7	 Calendar Quarter. Calendar Quarter means the respective periods of three consecutive calendar months
ending on March 31, June 30, September 30 or December 31, during the Term, or the applicable part thereof during the first or last calendar quarter of the Term. 

 

	1.8	 Calendar Year. Calendar Year means any calendar year ending on December 31, or the applicable
part thereof during the first or last year of the Term. 

  

	1.9	 Commercialize. Commercialize or Commercializing means to market, promote, distribute, offer for sale,
sell, have sold, import, export or otherwise commercialize a product, to conduct activities, other than Development and Manufacturing, in preparation for the foregoing activities, including obtaining Price Approval, and to conduct post-approval
studies. When used as a noun, “Commercialization” means any and all activities involved in Commercializing. 

  

	1.10	 Commercially Reasonable Efforts. Commercially Reasonable Efforts means with respect to the efforts to
be expended by any Party with respect to any objective, commercially reasonable and good faith efforts to accomplish such objective. 

  

	 	1.10.1	 With respect to any objective relating to the Development, Manufacture or Commercialization of an Agreement
Product by a Party, “Commercially Reasonable Efforts” means those efforts normally used [***], with respect to a similar compound, product or product candidate, taking into account all Relevant Factors in effect at the time such efforts
are to be expended. It is expressly understood that, in certain circumstances, in light of all Relevant Factors, it may be consistent with the use of Commercially Reasonable Efforts for a Party to cease further Development, Manufacturing or
Commercialization of an Agreement Product in a particular country or generally. Further, to the extent that the performance of a Party’s obligations hereunder is adversely affected by the other Party’s failure to perform its obligations
hereunder, the impact of such performance failure shall be taken into account in determining whether the affected Party has used Commercially Reasonable Efforts to perform any such affected obligations. 

  
 2. 

 Execution Copy 

Confidential 
  

  

	 	1.10.2	 “Relevant Factors” means all relevant factors that may affect the Development,
Manufacturing or Commercialization of an Agreement Product, generally or in regard to any particular country, including (as applicable) to the extent not caused by the action or inaction of the applicable Party, or its Sublicensees or Affiliates:
actual and potential issues of safety, efficacy or stability; product profile (including product modality, category and mechanism of action); stage of development or life cycle status; actual and projected research, development, manufacturing, and
commercialization costs, timelines and budgets; any issues regarding the ability to manufacture or have manufactured the Agreement Product; the likelihood of obtaining Regulatory Approvals (including satisfactory reimbursement or pricing approvals)
and the timing and costs of such approvals; the labeling or anticipated labeling obtained or to be obtained with respect to the Agreement Product; the then-current competitive environment and the likely competitive environment at the time of
projected entry of the Agreement Product into the market; past performance of the Agreement Product or similar products; present and future market potential; existing or projected pricing, sales, reimbursement and profitability, for the Agreement
Product and for any competitive product or products; proprietary position, including the strength and duration of patent or other intellectual property protection and the likelihood and duration of any resulting intellectual property-based
exclusivity; the potential availability of regulatory exclusivity, the likelihood of obtaining such regulatory exclusivity and the likely length and effectiveness of such regulatory exclusivity; and any other relevant scientific, technical,
operational and commercial factors. 

  

	1.11	 Completion. Completion means, with respect to any clinical trial, the date on which
(a) the database(s) containing the applicable clinical trial data is determined to be complete and locked in order to permit the analysis of the primary and secondary endpoints of such clinical trial and (b) the final tables, listing and
figures, together with any additional post-hoc analyses needed to support the interpretation of the results from such clinical trial have been compiled (ignoring for this purpose, any roll-over study conducted
to collect additional data regarding the patients in such clinical trial after the collection of the data that will be used to evaluate the primary and secondary endpoints of the clinical trial). 

 

	1.12	 Controlled. Control or Controlled means with respect to any intellectual property right, data
or materials, possession of the right (whether by sole or joint ownership, license or otherwise, other than pursuant to this Agreement) to grant a license, access or other right in, to or under such intellectual property right, data or materials.

  

	1.13	 Conversion Election. See Section 3.9. 

 

	1.14	 Covered. Covered means, with respect to a Patent, a Valid Claim would (absent a license
thereunder or ownership thereof) be Infringed by the Exploitation of a product; provided, however, that in determining whether a Valid Claim that is a claim of a pending application would be Infringed, it
shall be treated as if issued as then currently being prosecuted. 

  
 3. 

 Execution Copy 

Confidential 
  

  

	1.15	 Development. Development means, with respect to an Agreement Product or Diagnostic Product,
all pre-clinical, clinical and non-clinical research and development activities for such Agreement Product or Diagnostic Product, including toxicology, pharmacology test
method development and stability testing, process development, formulation development, delivery system development, quality assurance and quality control development, statistical analysis, clinical trials (including
pre-approval clinical trials), regulatory affairs, pharmacovigilance, clinical trial regulatory activities, obtaining and maintaining Regulatory Approval. When used as a verb, “Develop” or
“Developing” means to engage in Development. 

  

	1.16	 Diagnostic Product. Diagnostic Product means an HSP90 targeting moiety (including inhibitors)
joined to a diagnostic agent via a linker. 

  

	1.17	 Disclosing Party. See Section 9.1. 

 

	1.18	 Effective Date. See first paragraph of this Agreement. 

 

	1.19	 Exclusive License. Exclusive License means the exclusive license provided for in Section 2.1.

  

	1.20	 Existing HDC. Existing HDC means STA-8666 and any and all
other HDCs previously conceived of by Madrigal or its collaborators. 

  

	1.21	 Exploit. Exploit means to Develop, Manufacture, or Commercialize a product. Cognates of the word
“Exploit” shall have correlative meanings. 

  

	1.22	 Filing Party. See Section 5.2. 

 

	1.23	 Force Majeure. Force Majeure means a condition beyond the control of a Party, including an act of
God, voluntary or involuntary compliance with any regulation, law or order of any government, war, civil commotion, labor strike or lock-out, epidemic, flood, failure or default of public utilities or common
carriers, destruction of production facilities or materials by fire, earthquake, storm or like catastrophe. 

  

	1.24	 Governmental Authority. Governmental Authority means any court, agency, department, authority
or other instrumentality of any national, state, county, city or other political subdivision. 

  

	1.25	 HDC. HDC means a drug consisting of a Heat Shock Protein 90 (HSP90) targeting moiety
(including inhibitors) joined to an anti-cancer agent or other disease controlling agent (payload) via a linker. 

  

	1.26	 HDC Patents and Know-How. HDC Patents and Know-How means the respective Patents and Know-How within the Madrigal Technology that relate exclusively or primarily to HDCs. 

 

	1.27	 Indemnified Party. See Section 7.3. 

  
 4. 

 Execution Copy 

Confidential 
  

  

	1.28	 Indemnifying Party. See Section 7.3. 

 

	1.29	 Infringed. Infringed means any infringement as determined by Applicable Law, including, without
limitation, direct infringement, contributory infringement or any inducement to infringe, provided however, that a judicial or administrative decision is not a pre-requisite to a Patent being Infringed for
purposes of this Agreement. 

  

	1.30	 Initiation. When used in reference to any clinical trial, Initiation of such clinical trial means
dosing of the first patient in such clinical trial. 

  

	1.31	 Insolvency Event. See Section 8.4. 

 

	1.32	 Inventory. See Section 3.4. 

 

	1.33	 Know-How.
Know-How means techniques, technology, trade secrets, inventions (whether patentable or not), methods, know-how, data and results (including pharmacological,
toxicological and clinical data and results), analytical and quality control data and results, regulatory documents, and other information, compositions of matter, cells, cell lines, assays, animal models and other physical, biological, or chemical
material. 

  

	1.34	 Liability. See Section 7.1. 

 

	1.35	 Madrigal. See first paragraph of this Agreement. 

 

	1.36	 Madrigal Breach Event. See Section 8.3. 

 

	1.37	 Madrigal Indemnified Party. See Section 7.1. 

 

	1.38	 Madrigal In-License Agreement. See Section 4.9.

  

	1.39	 Madrigal Technology. Madrigal Technology means all Patents,
Know-How and other intellectual property Controlled by Madrigal or its Affiliates during the term of the Agreement related to the Exploitation of HDCs (including, without limitation, the Existing HDCs).
Notwithstanding the foregoing, Madrigal Technology shall not include any Patents, Know-How or other intellectual property Controlled by any acquirer of Madrigal or any entity acquired by Madrigal, or any
Affiliate of such acquirer or entity, except for any Patents, Know-How or other intellectual property developed by such acquirer, entity or Affiliate through use of the Madrigal Technology as in existence on
the Effective Date. 

  

	1.40	 Madrigal Technology Patent. Madrigal Technology Patent means any Patent included in the
Madrigal Technology. 

  

	1.41	 Manufacture. Manufacture or Manufactured or Manufacturing means activities directed to making,
having made, producing, manufacturing, processing, filling, finishing, packaging, labeling, quality control testing and quality assurance release, shipping or storage of a product. When used as a verb, Manufacture means to engage in Manufacturing.

  
 5. 

 Execution Copy 

Confidential 
  

	1.42	 Marketing Approval. Marketing Approval means, with respect to any Agreement Product in a particular
jurisdiction, all approvals, licenses, registrations or authorizations necessary for the Commercialization of such Agreement Product in such jurisdiction, including, with respect to the United States, approval of an Approval Application for such
Agreement Product by the FDA, with respect to the European Union, approval of an Approval Application for such Agreement Product by the European Commission, and with respect to Japan, approval of an Approval Application for such Agreement Product by
the Ministry of Health, Labour and Welfare. 

  

	1.43	 Net Sales. Net Sales means the gross invoiced price for Agreement Products or Diagnostic Products
sold by Tarveda, its Affiliates or Sublicensees (the “Selling Party”) to Third Parties, less the following deductions from such gross amounts, to the extent such deductions are directly applicable or relatable to the sales of
Agreement Products or Diagnostic Products giving rise to the gross invoiced price: 

  

	 	(a)	 credits or allowances, if any are actually allowed, on account of price adjustments, recalls, claims,
damaged goods, rejections or returns of Agreement Products or Diagnostic Products previously sold (including product returned in connection with recalls or withdrawals) and amounts written off by reason of uncollectible debt [***];

  

	 	(b)	 import taxes, export taxes, excise taxes (including annual fees due under Section 9008 of the United
States Patient Protection and Affordable Care Act of 2010 (Pub. L. No. 111-48)), sales taxes, value-added taxes, consumption taxes, duties or other taxes levied on, absorbed, determined or imposed with
respect to such sales (excluding income or net profit taxes or franchise taxes of any kind), to the extent not reimbursed by a non-related party; 

 

	 	(c)	 insurance, customs charges, freight, shipping and other transportation costs incurred in shipping product to
such non-related parties, to the extent not reimbursed by a non-related party; 

 

	 	(d)	 discounts (including trade, quantity, cash discounts and fees for services) actually allowed, cash and non-cash coupons (to extent actually redeemed), retroactive price reductions, and charge back payments and rebates granted to any non-related party (including to governmental
entities or agencies, purchasers, reimbursers, customers, distributors, wholesalers, and group purchasing organizations and managed care organizations (and other similar entities and institutions)); and 

 

	 	(e)	 fees paid to purchasers, reimbursers, customers, distributors, wholesalers, and group purchasing
organizations and managed care organizations (and other similar entities and institutions) which effectively reduce the selling price or gross sales of the Agreement Product or Diagnostic Product. 

  
 6. 

 Execution Copy 

Confidential 
  

 A qualifying amount may be deducted only once regardless of the number of the preceding
categories that describe such amount. If a Selling Party makes any adjustment to such deductions after the associated Net Sales have been reported pursuant to this Agreement, the adjustments and payment of any royalties due will be reported with the
next quarterly report, [***]. Sales between or among Tarveda, its Affiliates and Sublicensees will be excluded from the computation of Net Sales if such sales are not intended for end use, but Net Sales will include the subsequent final sales to
Third Parties by Tarveda or any such Affiliates or Sublicensees. An Agreement Product or Diagnostic Product will not be deemed to be sold if the Agreement Product or Diagnostic Product is provided free of charge to a Third Party in reasonable
quantities as a sample consistent with industry standard promotional and sample practices. 
 If a sale, transfer or other disposition with
respect to Agreement Products or Diagnostic Product involves consideration other than cash or is not at arm’s length, then the Net Sales from such sale, transfer or other disposition will be calculated on the average Net Sales price of the
Agreement Product or Diagnostic Product in arm’s length sales for cash in the relevant country during the same Calendar Quarter as such sale, transfer or other disposition. 

Solely for purposes of calculating Net Sales, if Tarveda or its Affiliates or any permitted Sublicensee sells an Agreement Product in the form
of a combination product containing an Agreement Product and one or more other therapeutically or prophylactically active ingredients or delivery devices (whether combined in a single formulation or package, as applicable, or formulated separately
but packaged under a single label approved by a Regulatory Authority and sold together for a single price) (a “Combination Agreement Product”), Net Sales of such Combination Agreement Product for the purpose of determining the
payments due to Madrigal pursuant to this Agreement will be calculated [***]. 
  

	1.44	 New Madrigal Agreement. See Section 4.9. 

 

	1.45	 Non-Breaching Party. See Section 8.3.3.

  

	1.46	 Non-Filing Party. See Section 5.2.

  

	1.47	 Non-HDC Patents and
Know-How. See Section 5.3.1. 

  

	1.48	 Party. See first paragraph of this Agreement. 

 

	1.49	 Patent. Patent means any issued patent or pending patent application in any country,
jurisdiction or region (including inventor’s certificates and utility models), including all provisionals, non-provisionals, substitutions, continuations,
continuations-in-part, divisionals and renewals and all patents granted thereon, and all reissues, reexaminations, extensions, confirmations, revalidations,
registrations and patents of addition thereof, including patent term extensions and supplementary protection certificates, international patent applications filed under the Patent Cooperation Treaty (PCT) and any foreign equivalents to any of the
foregoing. 

  
 7. 

 Execution Copy 

Confidential 
  

	1.50	 Person. Person means an individual, sole proprietorship, partnership, limited partnership, limited
liability partnership, corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organization, including a government or political subdivision or department or
agency of a government. 

  

	1.51	 Phase 1 Clinical Trial. Phase 1 Clinical Trial means any human clinical trial of an Agreement Product
conducted mainly to evaluate the safety of chemical or biologic agents or other types of interventions that would satisfy the requirements of 21 C.F.R. § 312.21(a), as amended from time to time, or the corresponding regulations in jurisdictions
other than the United States. 

  

	1.52	 Phase 2a Clinical Trial. Phase 2a Clinical Trial means any human clinical trial of an Agreement
Product conducted mainly to test the effectiveness of chemical or biologic agents or other types of interventions for purposes of identifying the appropriate dose for a particular indication or indications that would satisfy the requirements of 21
C.F.R. § 312.21(b), as amended from time to time, or the corresponding regulations in jurisdictions other than the United States. 

  

	1.53	 Phase 2b Clinical Trial. Phase 2b Clinical Trial means any human clinical trial of an Agreement
Product conducted mainly to verify the appropriate dose for a Registration Study for a particular indication or indications that would satisfy the requirements of 21 C.F.R. § 312.21(b), as amended from time to time, or the corresponding
regulations in jurisdictions other than the United States. 

  

	1.54	 Price Approval. Price Approval means, in any jurisdiction where a governmental authority
authorizes reimbursement for, or approves or determines pricing for, pharmaceutical products as a condition of sale in such jurisdiction, receipt (or, if required to make such authorization, approval or determination effective, publication) of such
reimbursement authorization or pricing approval or determination. 

  

	1.55	 Prior Payments. See Section 7.6. 

 

	1.56	 Receiving Party. See Section 9.1. 

 

	1.57	 Registration Study. Registration Study means any human pivotal clinical trial of an Agreement Product
performed to gain evidence with statistical significance of the efficacy of such product in a target population, and to obtain expanded evidence of safety for such product that is needed to evaluate the overall benefit-risk relationship of such
product, to form the basis for approval of an Approval Application by a Regulatory Authority and to provide an adequate basis for physician labeling, as described in 21 C.F.R. 312.21(c), as amended from time to time, or the corresponding regulations
in jurisdictions other than the United States. 

  

	1.58	 Regulatory Approval. Regulatory Approval means any technical, medical or scientific license,
registration, authorization or and approval of any Regulatory Authority, necessary 

  
 8. 

 Execution Copy 

Confidential 
  

	 	 
for the Development, Manufacture or Commercialization of a pharmaceutical product in a regulatory jurisdiction. 

 

	1.59	 Regulatory Authority. Regulatory Authority means any national (e.g., the FDA), supra-national (e.g., the European Commission, the Council of the European Union, or the EMA), regional, state or local regulatory agency, department, bureau, commission, council or other governmental authority
involved in the granting of Regulatory Approvals or Price Approvals for pharmaceutical products in such country or countries. 

  

	1.60	 Residual Knowledge. Residual Knowledge means knowledge, techniques, experience and Know-How that are (a) reflected in any Confidential Information owned or Controlled by the Disclosing Party and (b) retained in the unaided memory of any authorized representative of the Receiving Party
after having access to such Confidential Information. A Person’s memory will be considered to be unaided if the Person has not intentionally memorized the Confidential Information for the purpose of retaining and subsequently using or
disclosing it. In no event, however, will Residual Knowledge include any knowledge, techniques, experience and Know-How to the extent (at any time, for such time) within the scope of any valid patent claim
owned or Controlled by the Disclosing Party. 

  

	1.61	 Royalty-Bearing Product. Royalty-Bearing Product means an Agreement Product or a Diagnostic
Product. 

  

	1.62	 STA-8666. STA-8666
means a synthetic small molecule drug conjugate comprised of a HSP90 inhibitor chemically linked to SN-38, the active metabolite of the topoisomerase I inhibitor irinotecan. 

 

	1.63	 Sublicense. Sublicense means, directly or indirectly, to sublicense, grant any other right
with respect to, or agree not to assert, any licensed right under any Patent, Know-How or other intellectual property right. When used as a noun, “Sublicense” means any agreement to Sublicense.

  

	1.64	 Sublicensee. Sublicensee means a Third Party, other than a distributor, to whom Tarveda (or a
Sublicensee or Affiliate) sublicenses any of the rights granted to Tarveda hereunder during the Term. 

  

	1.65	 Tarveda. See first paragraph of this Agreement. 

 

	1.66	 Tarveda Indemnified Party. See Section 7.2. 

 

	1.67	 Term. See Section 8.1. 

 

	1.68	 Third Party. Third Party means any Person other than Tarveda, Madrigal or their respective
Affiliates. 

  

	1.69	 Third Party Infringement. See Section 5.3.1. 

  
 9. 

 Execution Copy 

Confidential 
  

	1.70	 Valid Claim. Valid Claim means a claim of any issued and unexpired patent or patent
application within the Madrigal Technology Patents that has not been held invalid or unenforceable by a final decision of a court or governmental agency of competent jurisdiction, which decision can no longer be appealed or was not appealed within
the time allowed; provided, however, that if a claim of a pending patent application within the Madrigal Technology Patents shall not have issued [***] after the earliest filing date from which such claim takes priority,
such claim shall not constitute a Valid Claim for the purposes of this Agreement unless and until a patent issues with such claim (from and after which time the same would be deemed a Valid Claim). 

ARTICLE 2. 
 LICENSE

  

	2.1	 Exclusive License. Madrigal grants to Tarveda (and its Affiliates) an exclusive, worldwide,
royalty-bearing, sublicenseable license, under the Madrigal Technology, to Exploit HDCs (including, without limitation, Existing HDCs). In addition, Madrigal grants Tarveda (and its Affiliates) an exclusive, worldwide, royalty-bearing license to use
any HSP90 targeting moiety (including inhibitors) that is included within Madrigal Technology in the Exploitation of HDCs. For clarity, only one royalty rate shall be applicable to any given Royalty-Bearing Product regardless of whether both license
grants apply to such Royalty-Bearing Product. Additionally, under the foregoing license grants, Tarveda has the exclusive right to Exploit Diagnostic Products and such Diagnostic Products shall not be subject to any milestones, royalties or other
payments owed by Tarveda to Madrigal under this Agreement except as otherwise expressely provided for in Section 4.8.1. 

  

	2.2	 Exclusivity. During the Term, Madrigal (and its Affiliates) shall not Exploit, or authorize
(by license or otherwise) any Third Party to Exploit, [***], provided however, that the foregoing restriction shall not apply to any acquirer of Madrigal or any entity acquired by Madrigal, or any Affiliate of such acquirer or entity, so long as
such acquirer, entity or Affiliate does not use the Madrigal Technology as in existence on the Effective Date. 

  

	2.3	 No Implied Licenses. All rights in and with respect to any intellectual property Controlled by
a Party that are not expressly licensed, granted or assigned to the other Party under this Agreement are retained by the first Party. Except as expressly provided in this Agreement, no Party shall be deemed by estoppel or implication to have granted
the other Party any license or other right with respect to any intellectual property. Tarveda shall not use the Madrigal Technology except for the Exploitation of Agreement Products or Diagnostic Products. 

ARTICLE 3. 
 EXPLOITATION
OF AGREEMENT PRODUCTS 
  

	3.1	 Overview of Development. Tarveda will be solely responsible for all Development of Agreement
Products and Diagnostic Products, subject to the diligence terms set forth in Sections 3.8 and 3.9, at Tarveda’s sole expense. On and after the Effective Date, Tarveda shall bear all of the costs of carrying out activities related to the
Agreement Products and 

  
 10. 

 Execution Copy 

Confidential 
  

	 	 
Diagnostic Products other than any costs that were expended by Madrigal prior to the Effective Date and any costs related to the technology transfer outlined in Section 3.5 of this
Agreement. 

  

	3.2	 Commercialization of Agreement Products. Tarveda will be solely responsible for the
Commercialization of Agreement Products and Diagnostic Products, at Tarveda’s sole expense. 

  

	3.3	 Report of Progress. Tarveda will provide a written progress report annually to Madrigal by the
end of the first week of June of each Calendar Year, as well as a brief summary presentation by the end of the first week of December of each Calendar Year. 

  

	3.4	 Manufacture and Supply of Agreement Products. Madrigal hereby sells, conveys, assigns and
transfers to Tarveda all right, title and interest in and to all existing drug product, drug substance or other intermediary components of STA-8666 and any other Agreement Product (the
“Inventory”). Madrigal will transfer to Tarveda to the location designated by Tarveda using a carrier selected by and paid for by Madrigal EXW (Incoterms 2010) within 30 days of the Effective Date, (1) the Inventory and
(2) copies of all existing agreements related to the supply chain for the manufacture of clinical trial materials including but not limited to any agreements with [***]. Madrigal shall enter into customary documents, including an appropriate
bill of sale, if required, for the shipment of Inventory to Tarveda. Prior to delivery of such Inventory to Tarveda, Madrigal will store and handle all Inventory in the same manner and using the same degree of care in which such Inventory was stored
and handled immediately prior to the Effective Date. All transfers of Inventory under this Section 3.4 will include the original certificates of analysis and other related documents for such Inventory. 

For a period of [***] following the Effective Date, Madrigal will undertake Commercially Reasonable Efforts to provide access
to previous Madrigal personnel for technical support for the Manufacturing of clinical trial material and IND filing, it being understood that such personnel are no longer employed by Madrigal and that Madrigal cannot obligate such personnel to work
with Tarveda. Madrigal hereby authorizes Tarveda to directly engage any such personnel and shall waive any restrictions it may have with respect to such personnel in connection with the provision of such support to Tarveda. Any expenses of utilizing
such personnel shall be borne by Tarveda. 
 For a period of [***] following the Effective Date, Madrigal shall use
Commercially Reasonable Efforts to assist Tarveda in assuming (or if assumption is not possible, then otherwise obtaining the benefit of) any existing vendor agreement(s) for the Manufacture of any Agreement Product or component thereof. 

Without limiting the generality of the foregoing, Madrigal shall support Tarveda in assuming (or if assumption is not
possible, then otherwise obtaining the benefit of) Madrigal’s existing arrangements with [***] and shall allow transfer of the existing reservation, if any, of allocating manufacturing capacity where they exist to Tarveda. 

  
 11. 

 Execution Copy 

Confidential 
  

 Tarveda will be solely responsible for all future Manufacturing of Agreement
Products and Diagnostic Products needed for Development and Commercialization of Agreement Products and Diagnostic Products. 
  

	3.5	 Technology Transfer and Data Sharing. 

 

	 	3.5.1	 Madrigal will provide to Tarveda such Know-How which is readily
available to Madrigal as Tarveda may reasonably request in order to practice the Madrigal Technology or to otherwise Exploit Agreement Products or Diagnostic Products in accordance with a mutually acceptable set of activities (including, in response
to any questions from a Regulatory Authority, Know-How related to HSP90 inhibitors). Notwithstanding the above, Madrigal will transfer to Tarveda all known files and data relating to STA-8666 and all other conjugates developed by Madrigal and all other known supporting documents related to the same. 

  

	 	3.5.2	 Such transfer will include all Know-How Controlled by Madrigal
regarding the prior development of HDCs that Tarveda may reasonably request for use in connection with Development of the Agreement Products or Diagnostic Products. Madrigal will undertake Commercially Reasonable Efforts to make its current and
former employees that have generated Know-How with respect to HDCs available for Tarveda to consult with in connection with the transfer of such Know-How.

  

	 	3.5.3	 After the completion of the technology transfer, Madrigal shall provide Tarveda access to any Know-How in the Madrigal Technology that Tarveda may reasonably request in order to practice the Madrigal Technology or to otherwise Exploit Agreement Products or Diagnostic Products to the extent any such Know-How has not been transferred (e.g., access to laboratory notebooks). 

  

	 	3.5.4	 Each Party shall designate in writing a senior level employee of such Party that will act as the primary
contact with respect to the technology transfer and such employee shall responsible for coordinating efforts with respect to the technology transfer. 

  

	3.6	 Regulatory Filings and Approvals. 

 

	 	3.6.1	 Registration Strategy for Agreement Products. Subject to Sections 3.8 and, Tarveda will have sole
responsibility for developing a registration strategy for each Agreement Product and Diagnostic Product and for coordinating all regulatory matters with respect to Agreement Products. 

 

	 	3.6.2	 Regulatory Filings and Approvals. Tarveda will file, in its own name, all applications for any form
of regulatory approval for all Agreement Products and Diagnostic Products. 

  

	 	3.6.3	 Inspections. Madrigal shall cooperate in good faith with respect to the conduct of any inspection by
any Regulatory Authority of any site or facility of Madrigal or any third party contract vendor who was engaged by Madrigal for the development 

  
 12. 

 Execution Copy 

Confidential 
  

	 	 
of the Agreement Products and Diagnostic Products including third party contract manufacturers. 

  

	3.7	 Publication of Results or other Information. Tarveda shall make all decisions regarding any
publication of pre-clinical data or clinical trial results or any other information regarding Development of Agreement Products and Diagnostic Products. 

 

	3.8	 Diligence. Tarveda will use Commercially Reasonable Efforts to Develop STA-8666. Tarveda will be deemed to be using such Commercially Reasonable Efforts [***]. In addition, Tarveda will use Commercially Reasonable Efforts to Develop at least one other Agreement Product and will begin
work on such other Agreement Product(s) as soon as is practicable after the Effective Date. 

  

	3.9	 Progress Required to Maintain Rights. In addition to its diligence obligations above, in order
to maintain its rights under the Exclusive License, Tarveda must achieve the following Progress Milestones by the specified dates: 

  

							
		 	Progress Milestone	  	Deadline	  	
		 	 [***]
	  	[***] after the Effective Date	  	
		 	 [***]
	  	[***] after [***]	  	
		 	 [***]
	  	[***] after [***]	  	
		 	 [***]
	  	[***] after [***]	  	

 Tarveda shall provide prompt written notice of achievement of each of the foregoing Progress
Milestones, or prompt notice of the failure to achieve any Progress Milestone by the date specified. Without limiting the generality of the foregoing, Tarveda will use Commercially Reasonable Efforts to achieve the foregoing Progress Milestones by
the specified target dates. Should Tarveda be unable to achieve such Progress Milestones in this Section 3.9 by the agreed upon dates and such delay is not related to external factors such as collaborators (including the [***]), external vendor
performance issues or other matters, in each case beyond Tarveda’s control, Madrigal will have the ability to undertake the following actions: (i) terminate the exclusive license relating to STA-8666
and (ii) convert the exclusive license to a non-exclusive license for any Agreement Product that is not in Development at the later of [***] from the Effective Date or date of such missed Progress
Milestones (the “Conversion Election”). For the sake of clarity, any Agreement Product that is in Development at the time of the Conversion Election, other than STA-8666, will continue to be
exclusively licensed to Tarveda. Madrigal shall be required to provide to Tarveda written notice of the Conversion Election within 30 days after the receipt of Tarveda’s notice of its failure to meet a Progress Milestone. For the further sake
of clarity, such failure to meet diligence timelines will allow such conversion of license as defined above but would not mean that Tarveda has violated its diligence obligations as 

  
 13. 

 Execution Copy 

Confidential 
  

 
long as Tarveda had used Commercially Reasonable Efforts for Development of Agreement Products. 
  

	3.10	 Effect of Sublicensing on Diligence Obligations and Achievement of Required Progress. Sublicensing
will not relieve Tarveda of its diligence obligations or of the requirement that Tarveda achieve certain Progress Milestones in order to maintain its rights under this Agreement. However, activity by Sublicensee(s) and under any Sublicense will
count toward satisfaction of Tarveda’s diligence obligations and achievement of any Progress Milestone by any Sublicensee will count as achievement of such milestone by Tarveda. 

ARTICLE 4. 
 FINANCIAL
PROVISIONS 
  

	4.1	 Initial Payments. Tarveda shall pay to Madrigal an upfront fee of $150,000 within [***] days
after the Effective Date. 

  

	4.2	 Development Milestones for First Agreement Product to Achieve Milestone. Tarveda shall pay
Madrigal the milestone payments set forth in this Section 4.2 upon the achievement of such milestone by the first Agreement Product to achieve such milestone. Each milestone payment may be earned one time only. 

 

							
		 	Milestone	  	Payment	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	

  

	4.3	 Development Milestones for Second Agreement Product to Achieve Milestone. Tarveda shall pay
Madrigal the milestone payments set forth in this Section 4.3 upon the achievement of such milestone by the second Agreement Product to achieve such milestone. Each milestone payment may be earned one time only. 

 

							
		 	Milestone	  	Payment	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	

  
 14. 

 Execution Copy 

Confidential 
  

							
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	

  

	4.4	 Commercial Milestones for First Agreement Product. Tarveda shall pay Madrigal the milestone
payments set forth in this Section 4.4 upon the achievement of such milestone by the first Agreement Product to be Commercialized. 

  

							
		 	 First Agreement Product to
Be
 Commercialized Achieves Annual

Worldwide Net Sales Equal to:
	  	Payment ($$ millions)	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	

 Each of the foregoing Commercial Milestone payments is payable one time only for the first
Agreement Product; if more than one milestone is achieved in the same year, all such milestones would be paid if not previously paid. For example, if Annual Worldwide Net Sales [***] in the first year, both the [***] milestone payments would be
payable. 
  

	4.5	 Commercial Milestones for Second Agreement Product. Tarveda shall pay Madrigal the milestone payments
set forth in this Section 4.5 upon the achievement of such milestone by the second Agreement Product to be Commercialized. 

  

							
		 	 Second Agreement Product to
Be
 Commercialized Achieves Annual

Worldwide Net Sales Equal to:
	  	Payment ($$ millions)	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	
		 	[***]	  	[***]	  	

 Each of the foregoing Commercial Milestone payments is payable one time only for the second
Agreement Product; if more than one milestone is achieved in the same year, all such milestones would be paid. For example, if Annual Worldwide Net Sales [***] in the first year, both the [***] milestone payments would be payable. 

  
 15. 

 Execution Copy 

Confidential 
  

	4.6	 Effect of Sublicensing on Achievement of Development and Commercial Milestones. Achievement by any
Sublicensee of any development milestone or Commercial Milestone will constitute achievement of such milestone by Tarveda (if not already achieved by Tarveda). Net Sales of the Agreement Product by Sublicensee(s) will count toward Net Sales of such
Agreement Product for the purpose of determining achievement of any Commercial Milestone. 

  

	4.7	 Notice and Payment. Tarveda shall provide Madrigal with written notice upon the achievement of
each of the milestone events set forth in Sections 4.2 through 4.5, such notice to be provided, within [***] days after Tarveda determines that such development milestone or Commercial Milestone has been achieved. Tarveda shall make the appropriate
milestone payment concurrently with such notice. 

  

	4.8	 Royalties. 

 

	 	4.8.1	 Royalty Rates. Tarveda shall pay Madrigal royalties based on the aggregate, worldwide Net Sales of
each Royalty-Bearing Product during a Calendar Year at the rates set forth in the table below. The obligation to pay royalties shall be imposed only once with respect to the same unit of a Royalty-Bearing Product. 

 

							
		 	  

Agreement Product
  
	  	
		 	Annual Worldwide Net Sales of Agreement Product	  	Royalty Rate	  	
		 	 Net Sales equal to or less
than [***]
	  	[***]	  	
		 	 Net Sales greater than [***]
but equal to or less than [***]
	  	[***]	  	
		 	 Net Sales greater than [***]
but equal to or less than [***]
	  	[***]	  	
		 	 Net Sales greater than
[***]
	  	[***]	  	
		 	 For Agreement Products Commercialized after
first Agreement Product, the royalty rate will be reduced [***] on the first two Net Sales rungs and [***] on the second two Net Sales rungs. By way of illustration, the royalty rate payable for the second Agreement Product and each subsequent
Agreement Product with respect to annual worldwide net sales: equal to or less than [***] would be [***]; greater than [***] but equal to or less than [***] would be [***]; greater than [***] but equal to or less than [***] would be [***]; and
greater than [***] would be [***].
	  	
		 	
		 	 Diagnostic
Product
  
	  	
		 	 For Diagnostic
Products, the royalty rate will be (a) [***] for a companion Diagnostic Product to an Agreement Product and (b) [***] for any other Diagnostic Product.
	  	

  
 16. 

 Execution Copy 

Confidential 
  

							
		 	Agreement Product	  	
		 	 	
		 	 Annual Worldwide Net Sales of

Agreement Product
	  	 Royalty Rate

 
	  	
		 	 Notwithstanding the foregoing to the
contrary, for a companion Diagnostic Product to an Agreement Product, with respect to net sales generated by a Sublicensee, Madrigal shall only receive the lower of (i) the above stated royalty for such companion Diagnostic Product and (ii)
[***] of any royalties received by Tarveda from such Sublicensee with respect to the sale of such companion Diagnostic Product.
	  	

  

	 	4.8.2	 Royalty Term. Royalties on any Agreement Product would be payable, on an Agreement Product-by-Agreement Product and country-by-country basis, until the later of
(i) expiration of the last Valid Claim contained in the Madrigal Technology Patents Covering the Agreement Product in such country; or (ii) expiration of regulatory exclusivity in such country (so long as [***] (by way of example, if an
Agreement Product [***] (but [***]), then the royalty term [***] would fall under clause (ii) above). Other than with respect to a Diagnostic Product that is a companion diagnostic to an Agreement Product, royalties on any Diagnostic Product
would be payable, on a Diagnostic Product-by-Diagnostic Product and country-by-country
basis, until the expiration of the last Valid Claim contained in the Madrigal Technology Patents Covering the Diagnostic Product in such country. With respect to a Diagnostic Product that is a companion diagnostic to an Agreement Product, royalties
on any such Diagnostic Product would be payable, on a Diagnostic Product-by-Diagnostic Product and
country-by-country basis, during the respective royalty term of the applicable Agreement Product for such companion Diagnostic Product. [***] the royalty rate following
expiration of the last Valid Claim in such country, but during the remaining term of any regulatory exclusivity, shall be reduced to [***] of the otherwise applicate royalty rate. 

 

	 	4.8.3	 Effect of Sublicensing on Royalties. Net Sales of a Royalty-Bearing Product by a Sublicensee will be
subject to the same royalty obligations as Net Sales by Tarveda. Net Sales by Sublicensee(s) will be aggregated with Net Sales by Tarveda for the purpose of determining the level of annual Net Sales of the applicable Royalty-Bearing Product so as to
determine the applicable royalty rate. 

  

	 	4.8.4	 Royalty Adjustment for Third Party Royalties for Blocking IP. The royalty payable with respect to Net
Sales of any Agreement Product in any country would be reduced by [***] of any amounts payable by Tarveda to a Third Party in order to obtain rights to any intellectual property that is necessary or useful for the Exploitation of an Agreement
Product in such country, but not to a royalty rate lower than [***] of the royalty rate that would have been otherwise applicable. 

  

	 	4.8.5	 Royalty Adjustment for Generic Entry. If a generic equivalent of an Agreement Product is approved for
marketing in any country, the royalty payable on Net Sales 

  
 17. 

 Execution Copy 

Confidential 
  

	 	 
of such Agreement Product in such country would be reduced, effective on the date of market entry of the generic in that country, to [***] of the amount otherwise payable on such Net Sales [***],
and if any such generic drug or equivalents gain collectively greater than [***] market share in such country based on unit sales as reported by IMS or similar source, no royalties would be payable in such country for so long as such market share is
maintained. 

  

	 	4.8.6	 Royalty Reports. During the Term, within [***] days after the end of each Calendar Quarter, Tarveda
shall deliver a report to Madrigal specifying on a Royalty-Bearing Product-by-Royalty-Bearing Product basis: (a) gross sales in the relevant Calendar Quarter,
(b) Net Sales in the relevant Calendar Quarter, including a summary of deductions applied to determine Net Sales; (c) a summary of the then-current exchange rate methodology then in use by Tarveda, (d) any adjustments under Sections
1.4.2, 4.8.2, 4.8.4 and or 4.8.5, (e) royalties payable on such Net Sales, and (f) achievement of any Commercial Milestone under Section 4.5. All royalty payments due for each Calendar Quarter shall be due and payable together with
Tarveda’s delivery of the applicable report under this Section 4.8.6. 

  

	4.9	 Sublicensing Fees. In the event that Tarveda enters into an agreement with a Sublicensee prior
to [***] and such Sublicense provides for the payment of an upfront fee to Tarveda, then Tarveda shall pay to Madrigal: (a) in the case of any upfront fee received by Tarveda with respect to a Sublicense granted prior to [***], [***] of the
amount by which such upfront fee exceeds [***]; and (b) in the case of any upfront fee received by Tarveda with respect to a Sublicense granted after [***], [***] of the amount by which such upfront fee exceeds [***]. Tarveda would be entitled
to offset [***] of any such payment to Madrigal against any future, commercial milestones or royalties owed to Madrigal under this Agreement. 

  

	4.10	 Payments to Third Parties under any New Madrigal Agreement. If any Madrigal Technology is in-licensed or acquired by Madrigal during the Term under agreements with Third Party licensors or sellers (such agreements, the “New Madrigal Agreements”), any payment obligations arising under the
New Madrigal Agreements as a result of the Exploitation of any Agreement Product or Diagnostic Product by Tarveda under this Agreement shall be paid solely by Madrigal. 

 

	4.11	 Payment Method; Currency. 

 

	 	4.11.1	 All payments under this Agreement shall be paid in U.S. Dollars, by wire transfer to an account designated
by Madrigal (which account Madrigal may update from time to time in writing). 

  

	 	4.11.2	 If any amounts that are relevant to the determination of amounts to be paid under this Agreement or any
calculations to be performed under this Agreement are denoted in a currency other than U.S. Dollars, then such amounts shall be converted to their U.S. Dollar equivalent using Tarveda’s then-current standard procedures and methodology,
including its then-current standard exchange rate methodology 

  
 18. 

 Execution Copy 

Confidential 
  

	 	 
for the translation of foreign currency expenses into U.S. Dollars or, in the case of Sublicensees, such similar methodology, consistently applied. 

 

	4.12	 Withholding Tax. Where any sum due to be paid to Madrigal hereunder is subject to any
withholding or similar tax, Tarveda shall pay such withholding or similar tax to the appropriate Government Authority and deduct the amount paid from the amount then due Madrigal, in a timely manner and promptly transmit to Madrigal an official tax
certificate or other evidence of such withholding sufficient to enable Madrigal to claim such payment of taxes. The Parties agree to cooperate with one another and use reasonable efforts to reduce or eliminate tax withholding or similar obligations
in respect of royalties, milestone payments, and other payments made by Tarveda to Madrigal under this Agreement. Madrigal shall provide Tarveda any tax forms that may be reasonably necessary in order for Tarveda not to withhold tax or to withhold
tax at a reduced rate under an applicable bilateral income tax treaty. Each Party shall provide the other with reasonable assistance to enable the recovery, as permitted by Applicable Laws, of withholding taxes, value added taxes, or similar
obligations resulting from payments made under this Agreement, such recovery to be for the benefit of the Party bearing such withholding tax or value added tax. 

 

	4.13	 Records, Audit. During the Term and for [***] years thereafter, Tarveda shall, and shall cause
its Affiliates and Sublicensees to, keep and maintain accurate and complete records regarding Net Sales during the [***] preceding Calendar Years. Upon reasonable prior written notice from Madrigal, Tarveda, its Sublicensees and Affiliates shall
permit an independent certified public accounting firm, selected by Madrigal and reasonably acceptable to Tarveda, to examine the relevant books and records of Tarveda and its Sublicensees and Affiliates, as may be reasonably necessary to verify the
reports submitted by Tarveda in accordance with Section 4.8.6. An examination by Madrgial under this Section 4.13 shall occur not more than once in any Calendar Year and shall be limited to the pertinent books and records for any Calendar
Year ending not more than [***] before the date of the request. No Calendar Year will be subject to audit under this Section 4.13 more than once. The accounting firm shall be provided access to such books and records at Tarveda’s or its
Sublicensee’s or Affiliate’s facility or facilities where such books and records are normally kept and such examination shall be conducted during normal business hours. Tarveda may require the accounting firm to sign a customary non-disclosure agreement before providing the accounting firm access to its facilities or records. Upon completion of the audit, the accounting firm shall provide both Madrigal and Tarveda a written report
disclosing whether the reports submitted by Tarveda are correct or incorrect and the specific details concerning any discrepancies. No other information shall be provided to Madrigal. If the report or information submitted by Tarveda results in an
underpayment or overpayment, the Party owing such underpaid or overpaid amount shall promptly pay such amount to the other Party, and, if, as a result of such inaccurate report or information, such amount is an underpayment by Tarveda of more than
[***], Tarveda shall reimburse Madrigal for the reasonable expense incurred by Madrigal in connection with the audit. 

  
 19. 

 Execution Copy 

Confidential 
  

	4.14	 Late Payment. Any payments or portions thereof due hereunder that are not paid when due,
including any amounts payable based on an audit under Section 4.15, shall accrue interest from the date due until paid at an annual rate equal to LIBOR plus [***] percent (or the maximum allowed by Applicable Law, if less).

 ARTICLE 5. 

INTELLECTUAL PROPERTY 
  

	5.1	 Ownership of Inventions – General Provisions. Each Party will retain sole ownership of any
intellectual property rights Controlled by such Party as of the Effective Date, or created or acquired by such Party independently of this Agreement. Ownership of any intellectual property created pursuant to this Agreement will follow inventorship
as determined under U.S. patent law. 

  

	5.2	 Management, Prosecution and Maintenance of Madrigal Technology. Tarveda will have the first
right at its expense, but not obligation, to file, prosecute and maintain the HDC Patents. Madrigal will have the first right at its expense, but not obligation, to file, prosecute and maintain all other Patents within the Madrigal Technology
Patents. The Party not undertaking the filing, prosecuting and maintaining of a specific Patent (the “Non-Filing Party”) shall reasonably cooperate with the Party which has undertaken such
actions (the “Filing Party”) requests for data, affidavits, and other information and assistance to support filing, prosecution and maintenance of the Patents within the Madrigal Technology Patents. The Filing Party shall promptly
upon receipt forward to the Non-Filing Party copies of any significant office actions, communications, and correspondence relating to the Madrigal Technology Patents for which it is responsible. The Non-Filing Party shall have the right to comment on and to discuss prosecution and maintenance activities with the Filing Party, and the Filing Party shall consider the same in good faith. The Filing Party will use
Commercially Reasonable Efforts to prepare, file, prosecute, defend and maintain all Patents specified under the Madrigal Technology Patents for which it has elected to undertake actions under this Section 5.2, provided,
however, that the Filing Party does not represent or warrant that any patent will issue or be granted based on patent applications contained in the Madrigal Technology Patents. Notwithstanding the foregoing, if the Filing Party
determines that it no longer intends to file, prosecute or maintain any Patent, the Filing Party shall notify the Non-Filing Party at least sixty (60) days prior to any applicable filing deadline. The Non-Filing Party shall have the right in its sole discretion (upon notice to the Filing Party) to file, prosecute or maintain such Patent at such Party’s expense. In the event that Tarveda does not elect to
file, prosecute or maintain an HDC Patent, then, if (a) Madrigal elects to do so, (b) a Patent issues (or remains issued), and (c) such Patent [***]. 

 

	5.3	 Enforcement of Madrigal Technology. 

 

	 	5.3.1	 Notice. If Tarveda or Madrigal becomes aware that any Madrigal Technology is being Infringed or
misappropriated by a Third Party (collectively, an “Third Party Infringement”), Tarveda or Madrigal, as the case may be, shall promptly notify the other Party thereof in writing, reasonably detailing the Third Party

  
 20. 

 Execution Copy 

Confidential 
  

	 	 
Infringement. Tarveda will have the sole right, but not the obligation, to enforce any HDC Patent or Know-How. Tarveda will have the first right, but not
the obligation, to enforce any other Patent or Know-How within the Madrigal Technology (such Patents and Know-How,
“Non-HDC Patents and Know-How”) against a Third Party Infringement with a Competitive Product. For the purposes of this Agreement, a
“Competitive Product” means any [***] being Exploited by a Third Party. 

  

	 	5.3.2	 Madrigal Role If Tarveda Enforces. Madrigal shall have the right to join such proceeding brought by
Tarveda at any time at its own expense. Madrigal shall join such proceeding if it is deemed to be a necessary party and may join such proceeding if otherwise requested by Tarveda, in each case subject to Tarveda bearing all of Madrigal’s
expenses and indemnifying Madrigal from any losses incurred as a result of Madrigal joining such action. Tarveda shall not admit the invalidity or unenforceability of any Madrigal Technology without Madrigal’s prior written consent. Tarveda
shall keep Madrigal reasonably informed prior to and during any such enforcement. Madrigal shall assist Tarveda, upon request and at Tarveda’s expense, in taking any other reasonable actions to enforce the Madrigal Technology against such Third
Party Infringement. 

  

	 	5.3.3	 Enforcement by Madrigal. If Tarveda fails to abate a Third Party Infringement with respect to a Non-HDC Patent or Know-How, or to file an action to abate such Third Party Infringement, within [***] after the notice set forth in Section 5.3.1, or if Tarveda
discontinues the prosecution of any such action, Madrigal at its expense may, in its discretion, undertake such action as it determines appropriate to enforce such Non-HDC Patents and Know-How. Madrigal shall keep Tarveda reasonably informed during any such enforcement. In such case, Tarveda shall assist Madrigal, upon request and at Madrigal’s expense, in taking any other reasonable actions
to enforce the Non-HDC Patents and Know-How against such Third Party Infringement, including if necessary, joining in such action. 

 

	 	5.3.4	 Recoveries. All monies recovered upon the final judgment or settlement of any action to enforce the
Madrigal Technology shall be used first to reimburse the costs and expenses (including reasonable attorneys’ fees and costs) of Madrigal and Tarveda (pro rata if the recovery is less than the amount to be reimbursed). The remaining portion of
any such recovery shall be shared [***] to the Party bringing such action and [***] to the other Party. 

  

	 	5.3.5	 No Liability for Unfavorable Outcome to Litigation. Neither Party shall incur any liability to the
other Party as a consequence of any litigation brought as provided above or any unfavorable decision resulting therefrom, including any decision holding any Patent invalid or unenforceable. 

 

	5.4	 Defense of Claims Brought by Third Parties. If a Third Party initiates a proceeding against
either Party claiming that intellectual property owned by or licensed to such Third Party is infringed by the Exploitation of any Agreement Product or Diagnostic Product, 

  
 21. 

 Execution Copy 

Confidential 
  

	 	 
each Party that is named as a defendant in such proceeding shall have the right to defend itself in such proceeding. The other Party shall reasonably assist the defending Party in defending such
proceeding and cooperate in any such litigation at the request and expense of the defending Party. The defending Party shall provide the other Party with prompt written notice of the commencement of any such proceeding and shall keep the other Party
apprised of the progress of such proceeding and shall promptly furnish the other Party with a copy of each communication relating to the alleged infringement that is received by such Party. If both Parties are named as defendants in any proceeding,
both Parties may defend such proceeding and the Parties shall reasonably cooperate with respect to such defense. 

  

	5.5	 Other Infringement. 

 

	 	5.5.1	 Patents and Know-How Solely Owned by Madrigal. Madrigal shall
retain all rights to pursue a Third Party Infringement of any Patent or Know-How solely owned by Madrigal against any party other than with respect to a Competitive Product and Madrigal shall retain all
recoveries with respect thereto. 

  

	 	5.5.2	 Patents and Know-How Solely Owned by Tarveda. Tarveda shall
retain all rights to pursue an infringement of any Patent or Know-How solely owned by Tarveda and Tarveda shall retain all recoveries with respect thereto. 

 

	5.6	 New Agreements. If, after the Effective Date, Madrigal enters into a New Madrigal Agreement
pursuant to which Madrigal would obtain rights to any intellectual property that would, if solely-owned by Madrigal, be included in the Madrigal Technology hereunder, Madrigal shall ensure that such New Madrigal Agreement provides Madrigal with the
right to sublicense such intellectual property to Tarveda under this Agreement on the same terms and conditions as such intellectual property would be licensed to Tarveda if solely-owned by Madrigal. 

 

	5.7	 Patent Listing. Tarveda shall have the sole right, but not the obligation, to submit to all
applicable Regulatory Authorities patent information pertaining to each applicable Agreement Product or Diagnostic Product pursuant to 21 U.S.C. § 355(b)(1)(G) (or any amendment or successor statute thereto), any similar statutory or regulatory
requirement enacted in the future, or any similar statutory or regulatory requirement in any non-U.S. country or other regulatory jurisdiction. 

 

	5.8	 Patent Term Extension. The Parties shall cooperate with each other in obtaining patent term
restoration in any country under any statute or regulation equivalent or similar to 35 U.S.C. § 156, where applicable to the Agreement Product or Diagnostic Product. Tarveda shall determine which relevant patents shall be extended (including,
without limitation, by filing supplementary protection certificates and any other extensions that are now or in the future become available). In the event that Tarveda determines not to pursue any such restoration or extension, it shall so inform
Madrigal and discuss in good faith with Madrigal such decision. Following any discussion requested by Madrigal, it shall abide by Tarveda’s determination and cooperate, as reasonably requested by Tarveda, in connection with the

  
 22. 

 Execution Copy 

Confidential 
  

	 	 
foregoing (including by providing appropriate information and executing appropriate documents, to the extent reasonably available). 

 

	5.9	 Recording. If Tarveda deems it necessary or desirable to register or record this Agreement or
evidence of this Agreement with any patent office or other appropriate Governmental Authority in one or more jurisdictions, Madrigal shall reasonably cooperate to execute and deliver to Tarveda any documents accurately reflecting or evidencing this
Agreement that are necessary or desirable, in Tarveda’s reasonable judgment, to complete such registration or recordation. Tarveda shall reimburse Madrigal for all reasonable
out-of-pocket costs, including attorneys’ fees, incurred by Madrigal in complying with the provisions of this Section 5.9. 

ARTICLE 6. 

REPRESENTATIONS AND WARRANTIES 
  

	6.1	 Representations and Warranties of Tarveda. Tarveda hereby represents and warrants to Madrigal,
as of the Effective Date, that: 

  

	 	6.1.1	 it is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
incorporation or organization and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof; 

  

	 	6.1.2	 it (a) has the requisite power and authority and the legal right to enter into this Agreement and to
perform its obligations hereunder and (b) has taken all requisite action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; 

 

	 	6.1.3	 this Agreement has been duly executed and delivered on behalf of Tarveda and constitutes a legal, valid and
binding obligation, enforceable against it in accordance with the terms hereof; 

  

	 	6.1.4	 the execution, delivery and performance of this Agreement by Tarveda shall not constitute a default under or
conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it is bound, or violate any law or regulation of any court, governmental body or administrative or other agency having jurisdiction over
it; and 

  

	 	6.1.5	 Tarveda has obtained all necessary consents, approvals and authorizations of all governmental authorities
and other Persons or entities required to be obtained by it in connection with the execution and delivery of this Agreement. 

  

	6.2	 Representations and Warranties of Madrigal. Madrigal hereby represents and warrants to Tarveda, as of
the Effective Date, that: 

  
 23. 

 Execution Copy 

Confidential 
  

	 	6.2.1	 it is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
incorporation or organization and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof; 

  

	 	6.2.2	 it (a) has the requisite power and authority and the legal right to enter into this Agreement and to
perform its obligations hereunder and (b) has taken all requisite action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; 

 

	 	6.2.3	 this Agreement has been duly executed and delivered on behalf of Madrigal, and constitutes a legal, valid
and binding obligation, enforceable against it in accordance with the terms hereof; 

  

	 	6.2.4	 the execution, delivery and performance of this Agreement by Madrigal shall not constitute a default under
or conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it is bound, or violate any law or regulation of any court, governmental body or administrative or other agency having jurisdiction over
it; 

  

	 	6.2.5	 Madrigal has obtained all necessary consents, approvals and authorizations of all governmental authorities
and other Persons or entities required to be obtained by it in connection with the execution and delivery of this Agreement; 

  

	 	6.2.6	 to Madrigal’s knowledge, Madrigal is the sole and exclusive owner of all Patents, Know-How and other intellectual property included in the Madrigal Technology and the Madrigal Technology is free and clear of any liens, charges and encumbrances; 

 

	 	6.2.7	 as of the Effective Date, neither any license granted by Madrigal to any Third Party, nor any license
granted by any Third Party to Madrigal conflicts with the license grants to Tarveda hereunder and Madrigal is entitled to grant all rights and licenses (or sublicenses, as the case may be) under such Madrigal Technology as it purports to grant to
Tarveda under this Agreement; 

  

	 	6.2.8	 Schedule 6.2.8 sets forth a true, correct and complete list of all Madrigal Technology Patents as of the
Effective Date that are exclusively or primarily related to HDCs, all of which are owned by Madrigal; 

  

	 	6.2.9	 no Third Party has challenged in writing the extent, validity or enforceability of any Madrigal Technology
Patent (including by way of example through the institution or written threat of institution of interference, nullity or similar invalidity proceedings before the United States Patent and Trademark Office or any analogous foreign Governmental
Authority); 

  

	 	6.2.10	 Madrigal has complied with all Applicable Laws, including any disclosure requirements of the United States
Patent and Trademark Office or any analogous 

  
 24. 

 Execution Copy 

Confidential 
  

	 	 
foreign Governmental Authority, in connection with the prosecution and maintenance of the Madrigal Technology Patents and has timely paid all filing and renewal fees payable with respect to any
such Patents, except where any failure to do so would not have a material adverse effect on the rights granted to Tarveda taken as a whole; 

  

	 	6.2.11	 Madrigal has obtained assignments from the inventors of all inventorship rights relating to the Madrigal
Technology Patents, and all such assignments of inventorship rights relating to such Patents are valid and enforceable; 

  

	 	6.2.12	 to Madrigal’s knowledge, no Third Party has any right, title or interest in or to, or any license
under, any of the Madrigal Technology; 

  

	 	6.2.13	 to Madrigal’s knowledge, Madrigal has taken commercially reasonable measures consistent with industry
practices to protect the secrecy, confidentiality and value of all Madrigal Know-How that constitutes a trade secret under Applicable Law (including requiring all employees, consultants and independent
contractors to execute binding and enforceable agreements requiring all such employees, consultants and independent contractors to maintain the confidentiality of such Know-How) and, to Madrigal’s
knowledge, such Madrigal Know-How has not been used, disclosed to or discovered by any Third Party except pursuant to confidentiality agreements and there has not been a breach by any party to such
confidentiality agreements; 

  

	 	6.2.14	 no Madrigal Technology is subject to any funding agreement with any government or governmental agency;

  

	 	6.2.15	 there are no judgments or settlements against or owed by Madrigal or, to its knowledge, pending or
threatened in writing claims or litigation, in either case relating to the Madrigal Technology; 

  

	 	6.2.16	 there is no action, claim, demand, suit, proceeding, arbitration, grievance, citation, summons, subpoena,
inquiry or investigation of any nature, civil, criminal, regulatory or otherwise, in law or in equity, pending or, to the best knowledge of Madrigal, threatened in writing against Madrigal in connection with the Madrigal Technology or relating to
the transactions contemplated by this Agreement; and 

  

	 	6.2.17	 to its knowledge, Madrigal has not employed (and, to the best of its knowledge, has not used a contractor or
consultant that has employed) any Person debarred by the FDA (or subject to a similar sanction of EMA or foreign equivalent), or any Person that is the subject of an FDA debarment investigation or proceeding (or similar proceeding of EMA or foreign
equivalent), in any capacity in connection with the Madrigal Technology and the Development of Agreement Products. 

  

	6.3	 Madrigal Covenants. Madrigal hereby covenants to Tarveda that, except as expressly permitted under
this Agreement: 

  
 25. 

 Execution Copy 

Confidential 
  

	 	6.3.1	 Madrigal shall maintain and not breach any New Madrigal Agreements that provide a grant of rights from such
Third Party to Madrigal that are Controlled by Madrigal and are licensed or may become subject to a license from Madrigal to Tarveda under this Agreement; 

  

	 	6.3.2	 Madrigal shall promptly notify Tarveda of any material breach by Madrigal or a Third Party of any New
Madrigal Agreement, and in the event of a breach by Madrigal, shall permit Tarveda to cure such breach on Madrigal’s behalf upon Tarveda’s request; 

 

	 	6.3.3	 Madrigal shall not amend, modify or terminate any New Madrigal Agreement in a manner that would adversely
affect Tarveda’s rights hereunder without first obtaining Tarveda’s written consent, which consent may be withheld in Tarveda’s sole discretion; 

 

	 	6.3.4	 Madrigal shall not enter into any new agreement or other obligation with any Third Party, or amend an
existing agreement with a Third Party, in each case that restricts, limits or encumbers the rights granted to Tarveda under this Agreement (including, Tarveda’s right to review and comment on patent prosecution with respect to Mardigal
Technology Patents that are not exclusively or primarily related to HDCs); and 

  

	 	6.3.5	 Except with respect to the grant of a license to a Third Party to Exploit an HSP90 inhibitor itself as a
therapeutic agent or in combination with another pharmaceutically active agent (but not covalently linked to such agent), Madrigal shall not and shall cause its Affiliates not to (a) license, sell, assign or otherwise transfer to any Person any
Madrigal Technology (or agree to do any of the foregoing) or (b) incur or permit to exist, with respect to any Madrigal Technology, any lien, encumbrance, charge, security interest, mortgage, liability, grant of license to Third Parties or
other restriction (including in connection with any indebtedness), in both cases in a manner which would impair the rights granted to Tarveda herein. 

  

	6.4	 Disclaimer. Except as otherwise expressly set forth in this Agreement, neither Party nor its
Affiliates makes any representation or extends any warranty of any kind, either express or implied, including any warranty of merchantability or fitness for a particular purpose. Tarveda and Madrigal understand that each Agreement Product and
Diagnostic Product is the subject of ongoing Development and that neither Party can assure the safety, usefulness or commercial or technical viability of any Agreement Product or Diagnostic Product. 

ARTICLE 7. 

INDEMNIFICATION; INSURANCE 
  

	7.1	 Indemnification by Tarveda. Tarveda shall indemnify, defend and hold harmless Madrigal, each of its
Affiliates, and each of its and its Affiliates’ employees, officers, directors and agents (each, a “Madrigal Indemnified Party”) from and against any and all liability, loss, damage, expense (including reasonable
attorneys’ fees and expenses) and 

  
 26. 

 Execution Copy 

Confidential 
  

	 	 
cost (collectively, a “Liability”) that the Madrigal Indemnified Party may be required to pay to one or more Third Parties resulting from or arising out of:

  

	 	7.1.1	 any claims of any nature arising out of the Exploitation of any Agreement Product or Diagnostic Product by,
on behalf of, or under the authority of, Tarveda, other than (a) any claim that the Madrigal Technology used to Exploit any Agreement Product or Diagnostic Product was misappropriated by Madrigal from any Third Party (excluding any claims of
infringement of a Patent), or (b) claims for which Madrigal is required to indemnify Tarveda pursuant to Section 7.2; or 

  

	 	7.1.2	 the material breach by Tarveda of any of its representations, warranties or covenants set forth in this
Agreement, except to the extent caused by the gross negligence or intentional acts of Madrigal or any Madrigal Indemnified Party. 

  

	7.2	 Indemnification by Madrigal. Madrigal shall indemnify, defend and hold harmless Tarveda, each of its
Affiliates, Sublicensees, distributors and each of its and their respective employees, officers, directors and agents (each, a “Tarveda Indemnified Party”) from and against any and all Liabilities that the Tarveda Indemnified Party
may be required to pay to one or more Third Parties resulting from or arising out of: 

  

	 	7.2.1	 the material breach by Madrigal of any of its representations, warranties or covenants set forth in this
Agreement, except to the extent caused by the gross negligence or intentional acts of Tarveda or any Tarveda Indemnified Party; 

  

	 	7.2.2	 any claim that the Madrigal Technology used to Exploit any Agreement Product or Diagnostic Product was
misappropriated by Madrigal from any Third Party (excluding any claims of infringement of a Patent); or 

  

	 	7.2.3	 any claims of any nature arising out of the Development activities performed by Madrigal with respect to any
Agreement Product prior to the Effective Date, other than claims for which Tarveda is required to indemnify Madrigal pursuant to Section 7.1. 

  

	7.3	 Procedure. Each Party shall notify the other Party in writing if it becomes aware of a claim for
which indemnification may be sought hereunder. In case any proceeding (including any governmental investigation) shall be instituted involving any Party in respect of which indemnity may be sought pursuant to this ARTICLE 7, such Party (the
“Indemnified Party”) shall give prompt written notice of the indemnity claim to the other Party (the “Indemnifying Party”) and provide a copy to the Indemnifying Party of any complaint, summons or other written or
verbal notice that the Indemnified Party receives in connection with any such claim. An Indemnified Party’s failure to deliver written notice shall relieve the Indemnifying Party of liability to the Indemnified Party under this ARTICLE 7 only
to the extent such delay is prejudicial to the Indemnifying Party’s ability to defend such claim. Provided that the Indemnifying Party is not contesting the indemnity obligation, the Indemnified Party shall permit the Indemnifying Party to
control any litigation relating to such claim and the disposition of such claim by negotiated settlement or otherwise and any 

  
 27. 

 Execution Copy 

Confidential 
  

	 	 
failure to contest prior to assuming control shall be deemed to be an admission of the obligation to indemnify. The Indemnifying Party shall act reasonably and in good faith with respect to all
matters relating to such claim and shall not settle or otherwise resolve such claim without the Indemnified Party’s prior written consent which shall not be withheld, delayed or conditioned unreasonably other than settlements only involving the
payment of monetary awards for which the Indemnifying Party shall be fully-responsible. The Indemnified Party shall cooperate with the Indemnifying Party in such Party’s defense of any claim for which indemnity is sought under this Agreement,
at the Indemnifying Party’s sole cost and expense. 

  

	7.4	 Insurance. Tarveda shall maintain, at its cost, reasonable insurance against liability and
other risks associated with its Exploitation of the rights granted hereunder, and shall furnish to Madrigal evidence of such insurance upon request. Notwithstanding the foregoing, Tarveda may self-insure to the extent that it self-insures for its
other similar activities. 

  

	7.5	 LIMITATION OF CONSEQUENTIAL DAMAGES. Except for (a) claims of a Third Party that are
subject to indemnification under this ARTICLE 7, (b) claims arising out of a Party’s willful misconduct, or (c) a Party’s breach of ARTICLE 9, neither Party nor any of its Affiliates shall be liable to the other Party or its
Affiliates for any incidental, consequential, special, punitive or other indirect damages, lost data or cost of procurement of substitute goods or services, whether liability is asserted in contract, tort (including negligence and strict product
liability), indemnity or contribution, and irrespective of whether that Party or any representative of that Party has been advised of, or otherwise might have anticipated the possibility of, any such loss or damage. 

 

	7.6	 Limitation on Damages. In the event that it is determined that Madrigal is liable to Tarveda,
or any successor-in-interest or any other Person making a claim under or with respect to this Agreement, for amounts in excess of the amounts actually received by
Madrigal under Article 4 prior to the event giving rise to such claim (“Prior Payments”), then Madrigal shall only be required to cover any liabilities up to the amount of the Prior Payments, provided that Tarveda shall have the
right to off-set any future payments payable to Madrigal under Article 4 for any such amount of liabilities in excess of the amount of the Prior Payments. 

ARTICLE 8. 
 TERM AND
TERMINATION 
  

	8.1	 Term. The term of this Agreement (the “Term”) shall begin on the Effective Date and
shall expire, unless the Agreement is terminated earlier as provided below, on the last to expire of any payment obligation under this Agreement. 

  

	8.2	 Termination at Will by Tarveda. This Agreement may be terminated at any time by Tarveda on
[***] days’ notice to Madrigal, provided that no such termination shall be effective prior to Completion of the first Phase 1 Clinical Trial for STA-8666, unless the data package as of the Effective Date
does not allow an IND approval by the FDA for the 

  
 28. 

 Execution Copy 

Confidential 
  

	 	 
first Phase 1 Clinical Trial for STA-8666 without significant additional work or the first Phase 1 Clinical Trial for
STA-8666 is discontinued due to safety reasons. 

  

	8.3	 Termination for Material Breach. Either Party shall have the right to terminate this agreement
for the other Party’s material breach. 

  

	 	8.3.1	 Tarveda’s Right to Terminate. If Tarveda believes that Madrigal is in material breach of this
Agreement, then Tarveda may deliver notice of such material breach to Madrigal. If the breach is curable, Madrigal shall have [***] days ([***] days in the case of any default in a payment obligation) from the receipt of such notice to cure such
breach. If either Madrigal fails to cure such breach within the applicable period or the breach is not subject to cure (a “Madrigal Breach Event”), Tarveda in its sole discretion may terminate this Agreement by providing written
notice to Madrigal. 

  

	 	8.3.2	 Madrigal’s Right to Terminate. If Madrigal believes that Tarveda is in material breach of this
Agreement, then Madrigal may deliver notice of such material breach to Tarveda. If the breach is curable, Tarveda shall have [***] days ([***] days in the case of any default in a payment obligation) following receipt of such notice to cure such
breach. If Tarveda fails to cure such breach within the applicable period or the breach is not subject to cure, Madrigal in its sole discretion may terminate this Agreement by providing written notice to Tarveda. 

 

	 	8.3.3	 Disputes Regarding Material Breach. Notwithstanding the foregoing, if the Party that is in purported
breach of this Agreement (the “Breaching Party”) in this Section 8.3 disputes in good faith the existence, materiality, or failure to cure of any such breach, and provides notice to the other Party (the “Non-Breaching Party”) of such dispute within the relevant cure period, the Non-Breaching Party shall not have the right to terminate this Agreement, unless and until
the relevant dispute has been resolved. It is understood and acknowledged that during the pendency of such dispute, all the terms and conditions of this Agreement shall remain in effect and the Parties shall continue to perform all of their
respective obligations hereunder. 

  

	8.4	 Patent Challenge. Madrigal shall have the right to terminate this Agreement immediately upon
written notice to Tarveda if Tarveda or any of its Affiliates or Sublicensees, directly or indirectly through any Third Party, commences any interference or opposition proceeding with respect to, challenges the validity or enforceability of, or
opposes any extension of, or the grant of a supplementary protection certificate with respect to, any Madrigal Technology Patent. 

  

	8.5	 Termination for Insolvency. If either Party makes an assignment for the benefit of creditors,
appoints or suffers appointment of a receiver or trustee over all or substantially all of its property, files a petition under any bankruptcy or insolvency act or has any such petition filed against it that is not discharged within [***] days of the
filing thereof (each, 

  
 29. 

 Execution Copy 

Confidential 
  

	 	 
an “Insolvency Event”), then the other Party may terminate this Agreement in its entirety effective immediately upon written notice to insolvent Party. 

 

	 	8.5.1	 If Tarveda terminates this Agreement pursuant to this Section 8.5, all rights and licenses now or
hereafter granted by Madrigal to Tarveda under or pursuant to this Agreement, with respect to the Madrigal Technology Patents are, for all purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of rights to “intellectual
property” as defined in the U.S. Bankruptcy Code. Madrigal agrees that Tarveda, as licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code. If (x) a
case under the U.S. Bankruptcy Code is commenced by or against Madrigal, (y) this Agreement is rejected as provided in the U.S. Bankruptcy Code, and (z) Tarveda elects to retain its rights hereunder as provided in Section 365(n) of
the U.S. Bankruptcy Code, Madrigal (in any capacity, including debtor-in-possession) and its successors and assigns (including a trustee) shallnot interfere with
Tarveda’s rights under this Agreement, or any agreement supplemental hereto, to such intellectual property (including such embodiments), including any right to obtain such intellectual property (or such embodiments) from another entity, to the
extent provided in Section 365(n) of the U.S. Bankruptcy Code. 

  

	8.6	 Termination Upon Conversion Election. Upon election by Madrigal of the Conversion Election
pursuant to Section 3.9, this Agreement shall terminate with respect to STA-8666 only and the provisions of Section 8.7 shall only apply to STA-8666.

  

	8.7	 Consequences of Expiration or Termination of the Agreement. 

 

	 	8.7.1	 Expiration of Term. If this Agreement expires, rather than being terminated early, the Exclusive
License shall be fully paid and irrevocable. 

  

	 	8.7.2	 In General. On expiration or termination of this Agreement for any reason, the following terms shall
apply: 

  

	 	(a)	 Termination or expiration of this Agreement for any reason shall be without prejudice to any rights or
financial compensation that shall have accrued to the benefit of a Party prior to such termination or expiration. Such termination or expiration shall not relieve a Party from obligations that are expressly indicated to survive the termination or
expiration of this Agreement. 

  

	 	(b)	 The following provisions of this Agreement shall survive the expiration or termination of this Agreement:
Article 1 (to the extent relevant to other surviving provisions), Article 4 (to the extent of obligations accrued prior to expiration or termination), Section 5.1, Section 6.4, Article 7 (to the extent of Liabilities accruing prior to
expiration or termination), Section 8.7, Article 9, and Article 10. 

  
 30. 

 Execution Copy 

Confidential 
  

	 	8.7.3	 Termination. If this Agreement is terminated before the expiration of the Term by a Party, then, in
addition to the terms set forth in Section 8.7.2, the following terms shall apply: 

  

	 	(a)	 the Parties shall return (or destroy, as directed by the other Party) all data, files, records and other
materials containing or comprising the other Party’s Confidential Information including physical materials as described in Section 1.32. Notwithstanding the foregoing, the Parties shall be permitted to retain one copy of such data, files,
records, and other materials for archival and legal compliance purposes; 

  

	 	(b)	 except as set forth in Section 8.7.3(d), the applicable licenses granted by Madrigal to Tarveda under
this Agreement shall terminate, and Tarveda and its Affiliates shall cease Exploiting Agreement Products and Diagnostic Products (but only to the extent such Agreement Products or Diagnostic Products were either (i) generated using the Madrigal
Technology or (ii) Covered by an HDC Patent) or otherwise use the Madrigal Technology; 

  

	 	(c)	 except as explicitly set forth in Section 8.7.2, Tarveda shall have no further rights and Madrigal
shall have no further obligations under the Agreement; and 

  

	 	(d)	 any permitted Sublicense of Tarveda shall, at the Sublicensee’s option, survive such termination;
provided that the Sublicensee is not in material breach of any of its obligations under such Sublicense. In order to effect this provision, at the request of the Sublicensee, Madrigal shall enter into a direct license with the Sublicensee on
substantially the same terms as the Sublicense; provided that Madrigal shall not be required to undertake obligations in addition to those required by this Agreement, and that Madrigal’s rights under such direct license shall be
consistent with its rights under this Agreement, taking into account the scope of the license granted under such direct license. 

ARTICLE 9. 

CONFIDENTIALITY 
  

	9.1	 Confidentiality. Except to the extent expressly authorized by this Agreement or otherwise
agreed in writing, the Parties agree that, during the Term and for five years thereafter, each Party (the “Receiving Party”) receiving any Confidential Information of the other Party (the “Disclosing Party”)
hereunder shall: (a) keep the Disclosing Party’s Confidential Information confidential; (b) not publish, or allow to be published, and shall not otherwise disclose, or permit the disclosure of, the Disclosing Party’s Confidential
Information in any manner not expressly authorized pursuant to the terms of this Agreement; and (c) not use, or permit to be used, the Disclosing Party’s Confidential Information for any purpose other than as expressly authorized pursuant
to the terms of this Agreement. Without limiting the generality of the foregoing, to the extent that Tarveda provides to Madrigal 

  
 31. 

 Execution Copy 

Confidential 
  

	 	 
any Confidential Information owned by any Third Party, Madrigal shall handle such Confidential Information in accordance with the terms and conditions of this ARTICLE 9 applicable to a Receiving
Party. 

  

	9.2	 Authorized Disclosure. Notwithstanding the foregoing provisions of Section 9.1, each
Party may disclose Confidential Information belonging to the other Party to the extent such disclosure is reasonably necessary to: 

  

	 	9.2.1	 file or prosecute patent applications as contemplated by this Agreement; 

 

	 	9.2.2	 prosecute or defend litigation; 

 

	 	9.2.3	 exercise its rights and perform its obligations hereunder; 

 

	 	9.2.4	 subject to the remainder of this Section 9.2, to its advisors (including financial advisors, attorneys
and accountants), actual or potential acquisition partners, financing sources or investors and underwriters on a need to know basis; provided that such disclosure is covered by terms of confidentiality similar to those set forth herein (which
may include professional ethical obligations); or 

  

	 	9.2.5	 comply with Applicable Law. 

If a Party deems it reasonably necessary to disclose Confidential Information belonging to the other Party pursuant to this
Section 9.2, the Disclosing Party shall to the extent possible give reasonable advance written notice of such disclosure to the other Party and take reasonable measures to ensure confidential treatment of such information. In addition to the
foregoing, Tarveda may disclose Madrigal’s Confidential Information to Third Parties in connection with the actual or potential Exploitation of Agreement Products or Diagnostic Products; provided that such disclosure is covered by terms
of confidentiality similar to those set forth herein. 
 Notwithstanding anything to the contrary contained herein, in no
event may Madrigal disclose Tarveda’s Confidential Information to any Third Party (including any of Madrigal’s investors, collaborators or licensees) engaged in the Exploitation of a Competitive Product. 

 

	9.3	 SEC Filings and Other Disclosures. Either Party may disclose the terms of this Agreement to
the extent required to comply with Applicable Law, including the rules and regulations promulgated by the United States Securities and Exchange Commission or any equivalent governmental agency in any country; provided, that such Party shall
reasonably consider the comments of the other Party regarding confidential treatment sought for such disclosure. 

  

	9.4	 Residual Knowledge Exception. Notwithstanding any provision of this Agreement to the contrary,
Confidential Information shall not include Residual Knowledge. Any use made 

  
 32. 

 Execution Copy 

Confidential 
  

	 	 
by the Receiving Party of Residual Knowledge is on an “as is, where is” basis, with all faults and all representations and warranties disclaimed and at its sole risk.

  

	9.5	 Public Announcements. 

 

	 	9.5.1	 Announcement. Promptly following the execution and delivery of this Agreement, the Parties shall
issue a joint press release substantially in the form attached hereto as Schedule 9.5.1. The Parties shall negotiate in good faith to prepare a final press release within five (5) business days after the Effective Date. 

 

	 	9.5.2	 No Use of Names. Except for the public announcement described in Section , and as otherwise required
by Applicable Law, neither Party shall disclose or use the name or other identifying marks of the other Party in any advertisement, press release or other publicity inconsistent with such public announcement, without that Party’s prior written
approval. 

  

	9.6	 Publications. During the Term, Tarveda shall make all determinations in its sole discretion regarding
any proposed academic, scientific and medical publication or public presentation related to any Agreement Product or Diagnostic Product or any activities conducted pursuant to this Agreement. 

ARTICLE 10. 

MISCELLANEOUS 
  

	10.1	 Assignment. Neither this Agreement nor any interest hereunder shall be assignable by either
Party without the prior written consent of the other Party, except as follows: (a) a Party may, subject to the terms of this Agreement, assign its rights and obligations under this Agreement by way of sale of itself or the sale of the portion
of its business to which this Agreement relates, through merger, sale of assets or sale of stock or ownership interest; and (b) either Party may assign its rights and obligations under this Agreement to any of its Affiliates; provided
that such Party shall remain liable for all of its rights and obligations under this Agreement. The assigning or transferring Party shall promptly notify the other Party of any assignment or transfer under the provisions of this
Section 10.1. This Agreement shall be binding upon the successors and permitted assigns of the Parties and the name of a Party appearing herein shall be deemed to include the names of such Party’s successors and permitted assigns to the
extent necessary to carry out the intent of this Agreement. Any assignment not in accordance with this Section 10.1 shall be void. 

  

	10.2	 Force Majeure. Each Party shall be excused from the performance of its obligations under this
Agreement to the extent that such performance is prevented by Force Majeure and the nonperforming Party promptly provides notice of the prevention to the other Party. Such excuse shall be continued so long as the condition constituting force majeure
continues and the nonperforming Party uses Commercially Reasonable Efforts to remove the condition. 

  

	10.3	 Representation by Legal Counsel. Each Party hereto represents that it has been represented by
legal counsel in connection with this Agreement and acknowledges that it 

  
 33. 

 Execution Copy 

Confidential 
  

	 	 
has participated in the drafting hereof. In interpreting and applying the terms and provisions of this Agreement, the Parties agree that no presumption shall exist or be implied against the Party
that drafted such terms and provisions. 

  

	10.4	 Notices. All notices which are required or permitted hereunder shall be in writing and
sufficient if delivered personally, sent by facsimile or emailed PDF (and promptly confirmed by personal delivery, registered or certified mail or overnight courier) or sent by nationally-recognized overnight courier, addressed as follows:

 If to Tarveda: 

Tarveda Therapeutics, Inc. 

134 Coolidge Avenue 
 Watertown,
Massachusetts 02472 
 Attn: Drew Fromkin, Chief Executive Officer 

with a copy to: 

Cooley LLP 
 500 Boylston
Street 
 Boston, Massachusetts 02116 

Attn: Marc Recht 

If to Madrigal: 

Madrigal Pharmaceuticals 
 200
Barr Harbor Drive, Suite 400 
 West Conshohocken, PA 19428 

Attn: Chief Executive Officer 

with a copy to: 

Stradling Yocca Carlson & Rauth, P.C. 

660 Newport Center Drive, 

Suite 1600 
 Newport Beach, CA
92660 
 Attn: Michael Lawhead 

or to such other address as the Party to whom notice is to be given may have furnished to the other Party in writing in
accordance herewith. Any such notice shall be deemed to have been given: (a) when delivered if personally delivered or sent by facsimile or email PDF on a Business Day (or if delivered or sent on a
non-business day, then on the next Business Day); or (b) on receipt if sent by overnight courier. 

  
 34. 

 Execution Copy 

Confidential 
  

	10.5	 Amendment. No amendment, modification or supplement of any provision of this Agreement shall be valid
or effective unless made in writing and signed by a duly authorized officer of each of Tarveda and Madrigal. 

  

	10.6	 Waiver. No provision of this Agreement shall be waived by any act, omission or knowledge of a Party
or its agents or employees except by an instrument in writing expressly waiving such provision and signed by a duly authorized officer of the waiving Party. The waiver by either of the Parties of any breach of any provision hereof by the other Party
shall not be construed to be a waiver of any succeeding breach of such provision or a waiver of the provision itself. 

  

	10.7	 Severability. If any clause or portion thereof in this Agreement is for any reason held to be
invalid, illegal or unenforceable, the same shall not affect any other portion of this Agreement, as it is the intent of the Parties that this Agreement shall be construed in such fashion as to maintain its existence, validity and enforceability to
the greatest extent possible. In any such event, this Agreement shall be construed as if such clause of portion thereof had never been contained in this Agreement, and there shall be deemed substituted therefor such provision as shall most nearly
carry out the intent of the Parties as expressed in this Agreement to the fullest extent permitted by Applicable Law. 

  

	10.8	 Descriptive Headings. The descriptive headings of this Agreement are for convenience only and shall
be of no force or effect in construing or interpreting any of the provisions of this Agreement. 

  

	10.9	 Export Control. This Agreement is made subject to any restrictions concerning the export of
products or technical information from the United States of America or other countries that may be imposed upon or related to Madrigal or Tarveda from time to time. Each Party agrees that it shall not export, directly or indirectly, any technical
information acquired from the other Party under this Agreement or any products using such technical information to a location or in a manner that at the time of export requires an export license or other governmental approval, without first
obtaining the written consent to do so from the appropriate Governmental Authority. 

  

	10.10	 Disputes. The Parties recognize that disputes as to certain matters may from time to time arise
during the Term or after the Term which relate to either Party’s rights and/or obligations hereunder. It is the objective of the Parties to establish procedures to facilitate the resolution of disputes arising under this Agreement in an
expedient manner by mutual cooperation and without resort to litigation. In the event of any disputes, controversies or differences which may arise between the Parties, out of or in relation to or in connection with this Agreement, including,
without limitation, any alleged failure to perform, or breach, of this Agreement, or any issue relating to the interpretation or application of this Agreement, then upon the request of either Party, the Parties agree to meet and discuss in good
faith a possible resolution thereof, which good faith efforts shall include at least one in-person meeting between the Chief Executive Officers (or his or her senior executive
non-counsel designee) of each Party. If the matter is not resolved within thirty (30) days 

  
 35. 

 Execution Copy 

Confidential 
  

	 	 
following the request for discussions, either Party may then invoke the provisions of Section 10.11. 

 

	10.11	 Arbitration. Any dispute, controversy or claim arising out of or relating to the validity,
construction, interpretation, enforceability, breach, performance, application or termination of this Agreement that is not resolved pursuant to Section 10.10, shall be settled by binding arbitration administered by the American Arbitration
Association pursuant to its Commercial Arbitration Rules (the “AAA Rules”) then in effect, except as otherwise provided herein. The arbitration shall be governed by the United States Federal Arbitration Act, 9 U.S.C. §§ 1-16 (the “Federal Arbitration Act”), to the exclusion of any inconsistent state laws. The arbitration shall be conducted by three arbitrators, who shall be selected in accordance with the AAA Rules. The
United States Federal Rules of Civil Procedure shall govern discovery and the rules of evidence for the arbitration. The arbitration will be conducted in Boston, Massachusetts, if initiated by Madrigal, and in Philadelphia, Pennsylvania, if
initiated by Tarveda, and the Parties consent to the personal jurisdiction of the United States federal courts, for any case arising out of or otherwise related to this arbitration, its conduct and its enforcement. Any situation not expressly
covered by this Agreement shall be decided in accordance with the AAA Rules. 

  

	10.12	 Governing Law. This Agreement, and all claims arising under or in connection therewith, shall
be governed by and interpreted in accordance with the substantive laws of The Commonwealth of Massachusetts, without regard to conflict of law principles thereof, except as to any issue which depends upon the validity, scope or enforceability of any
Patent, which issue shall be determined in accordance with the laws of the country in which such patent was issued. 

  

	10.13	 Entire Agreement. This Agreement constitutes and contains the complete, final and exclusive
understanding and agreement of the Parties and cancels and supersedes any and all prior negotiations, correspondence, understandings and agreements, whether oral or written, between the Parties respecting the subject matter hereof and thereof,
including that certain Confidentiality Agreement between Tarveda and Madrigal dated April 18, 2016, which is hereby superseded and replaced in its entirety as of the Effective Date, and any Confidential Information disclosed by the
Parties under such agreement shall be treated in accordance with the provisions of ARTICLE 9. 

  

	10.14	 Independent Contractors. Both Parties are independent contractors under this Agreement. Nothing
herein contained shall be deemed to create an employment, agency, joint venture or partnership relationship between the Parties hereto or any of their agents or employees, or any other legal arrangement that would impose liability upon one Party for
the act or failure to act of the other Party. Neither Party shall have any express or implied power to enter into any contracts or commitments or to incur any liabilities in the name of, or on behalf of, the other Party, or to bind the other Party
in any respect whatsoever. 

  

	10.15	 Interpretation. Except where the context expressly requires otherwise, (a) the use of any gender
herein shall be deemed to encompass references to either or both genders, and the 

  
 36. 

 Execution Copy 

Confidential 
  

	 	 
use of the singular shall be deemed to include the plural (and vice versa), (b) the words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation,” (c) the word “shall” shall be construed to have the same meaning and effect as the word “shall,” (d) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (e) any
reference herein to any Person shall be construed to include the Person’s successors and assigns, (f) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to
this Agreement in its entirety and not to any particular provision hereof, (g) all references herein to Sections, Schedules or Exhibits shall be construed to refer to Sections, Schedules or Exhibits of this Agreement, and references to this
Agreement include all Schedules and Exhibits hereto, (h) the word “notice” shall mean notice in writing (whether or not specifically stated) and shall include notices, consents, approvals and other written communications contemplated
under this Agreement, (i) provisions that require that a Party, the Parties or any committee hereunder “agree,” “consent” or “approve” or the like shall require that such agreement, consent or approval be specific
and in writing, whether by written agreement, letter, approved minutes or otherwise (but excluding e-mail and instant messaging), (j) references to any specific law, rule or regulation, or article, section or
other division thereof, shall be deemed to include the then-current amendments thereto or any replacement or successor law, rule or regulation thereof, (k) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), and
(l) the term “or” shall be interpreted in the inclusive sense commonly associated with the term “and/or.” 

  

	10.16	 No Third Party Rights or Obligations. No provision of this Agreement shall be deemed or construed in
any way to result in the creation of any rights or obligations in any Person not a Party to this Agreement except for the provisions of Article 7 (Indemnification) (with respect to which the persons to which Article 7 (Indemnification) applies shall
be Third Party beneficiaries for Article 7 (Indemnification) only in accordance with the terms and conditions of Article 7 (Indemnification)). 

  

	10.17	 Further Actions. Each Party agrees to execute, acknowledge and deliver such further
instruments, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

  

	10.18	 Counterparts. This Agreement may be executed in two counterparts, each of which shall be an original
and both of which shall constitute together the same document. Counterparts may be signed and delivered by facsimile or digital transmission (.pdf), each of which shall be binding when received by the applicable Party. 

 

	10.19	 Affiliates. Tarveda may perform any activities authorized under this Agreement itself or through any
of its Affiliates. Tarveda will be responsible for compliance by its Affilates 

  
 37. 

 Execution Copy 

Confidential 
  

	 	 
with this Agreement and will be responsible for all acts and omissions of such Affiliates as if committed or omitted by Tarveda. 

  
 38. 

 Execution Copy 

Confidential 
  

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

									
	 TARVEDA THERAPEUTICS, INC.
	 		 	 MADRIGAL PHARMACEUTICALS, INC.

					
	 By:
	 	 /s/ Drew Fromkin
	 		 	 By:
	 	 /s/ Paul A. Friedman

		 	 Drew Fromkin
	 		 		 	 Paul A. Friedman

  

 Execution Copy 

Confidential 
  

 Schedule 6.2.8 

Madrigal Technology Patents 
  

											
	    Country	 	Application No.	 	Filing Date	 	 Application

    Status
	 	Client Ref	 	Title
						
	[***]	 	 	 	 	 	 	 	 	 	 

  

 Execution Copy 

Confidential 
  

 Schedule 9.5.1 

Press Release 
 Madrigal
Pharmaceuticals and Tarveda Therapeutics Announce Exclusive License Agreement for 
 HSP90 Drug Conjugate (HDC) Oncology Lead Program
and Platform 
 - First clinical candidate PEN-866 positioned for clinical trials in 1H 2017
– 
 - Total payments to Madrigal could exceed $249 Million – 

Conshohocken, PA. and Watertown, MA– September     , 2016 – Madrigal
Pharmaceuticals, Inc. (NASDAQ: MDGL), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapeutic candidates for the treatment of cardiovascular, metabolic and liver diseases, and Tarveda
Therapeutics, Inc., a biopharmaceutical company discovering and developing PentarinsTM as a new class of targeted anti-cancer medicines to advance the treatment of patients with solid tumors, today announced an exclusive worldwide license agreement
providing for the discovery, development and commercialization by Tarveda of products based on Madrigal’s HSP90 Drug Conjugate (HDC) program, including the lead clinical candidate, PEN-866 (formerly STA-8666). 
 HDCs are designed to increase cancer cell killing while reducing collateral damage to normal
cells by selectively accumulating and retaining the HDCs in tumors. The clinical benefits of chemotherapies and other potent payloads are commonly limited by insufficient drug exposure in the tumor and/or systemic toxicities. HDCs are small-molecule
drugs consisting of an HSP90 targeting moiety joined to an anti-cancer payload via a linker optimized for controlled release of the payload inside cancer cells. They are designed to deliver a higher effective concentration of drug to the tumor
cells, which is retained in these cells to create a sustained therapeutic effect. Madrigal acquired the HDC program via its recent merger with Synta Pharmaceuticals, Inc. 

PEN-866 is an HDC that comprises an HSP90 ligand conjugated to
SN-38, the highly-potent, active metabolite of irinotecan. PEN-866 has shown an impressive degree of efficacy and durability of response in multiple preclinical tumor
models, including patient-derived xenograft models across multiple studies. SN-38 released from PEN-866 accumulated at high levels within the tumors and was associated
with increased and widespread cancer cell death when compared with irinotecan. 
 Under the terms of the agreement, Madrigal will receive an
upfront payment and is eligible to receive up to an aggregate of $163 million of contingent payments based upon the achievement of specified development, regulatory and sales milestones related to the first HDC product developed under the
agreement. Madrigal is also eligible to receive a tiered, single-digit royalty based on future worldwide sales of HDC products. Potential development, regulatory and sales milestone payments related to a second HDC product, if developed, would be
lower. Tarveda will be responsible for all of the development costs for the HDC program. 

  

 Execution Copy 

Confidential 
  

 “We are pleased to have completed this important and potentially valuable agreement with
Tarveda,” said Paul A. Friedman, M.D., Chairman and CEO of Madrigal. “This transaction is a key element of Madrigal’s strategy to out-license our novel oncology assets to organizations with the
oncology focus and resources to fully exploit the opportunity for product development and commercial success.” 
 The team at Tarveda
is comprised of seasoned oncology leaders, scientists and drug developers who are taking a novel approach to cancer treatment by creating PentarinsTM, which are miniaturized drug conjugates uniquely designed to target, penetrate and treat solid
tumors. Creating Pentarin drug conjugates that drive efficacy in solid tumors is the core expertise and focus of the team at Tarveda. 

“Through our Pentarin platform, Tarveda is developing therapeutics to address the limitations of current cancer therapies,” said
Drew Fromkin, President and CEO of Tarveda. “Pentarins penetrate deep into solid tumors and cause cancer cell death with highly selective targeting, tuned linkers and potent payloads that are chosen based on a keen understanding of the biology
and physiology of the targeted tumors. We are pleased to add the HSP90 program with lead drug program PEN-866 and the broader HSP90 platform to our strong and growing pipeline of oncology therapeutics, all of
which are supported by an impressive body of intellectual property and a wide range of conjugate discovery and development opportunities. Tarveda is particularly well-positioned to advance this program to create potential value for all
stakeholders.” 
 About Madrigal Pharmaceuticals, Inc. 

Madrigal Pharmaceuticals, Inc. is a company focused on the development of novel compounds for the treatment of cardiovascular-metabolic
diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead candidate, MGL¬3196, is an orally administered, small-molecule liver-directed ß-selective THR agonist with high liver uptake for the treatment of NASH and
dyslipidemia/hypercholesterolemia including in heterozygous and homozygous familial hypercholesterolemia (HeFH, HoFH). For more information, visit:
http://www.madrigalpharma.com. 

About Tarveda Therapeutics, Inc. 

Tarveda Therapeutics, Inc., is a biopharmaceutical company discovering and developing PentarinsTM as a new class of targeted anti-cancer
medicines to advance the treatment of patients with solid tumor cancers. Tarveda’s lead Pentarin drug candidate, PEN-221, is a miniaturized biologic drug conjugate that targets the somatostatin receptor
for treatment of patients with neuroendocrine cancers including small-cell lung cancer. Tarveda’s strategy includes developing its own proprietary Pentarins as well as applying the Pentarin platform to enhance the effectiveness of the targeting
moieties and payloads of pharmaceutical collaborators. Tarveda has attracted top-tier investors including Novo A/S, New Enterprise Associates, Flagship Ventures, NanoDimension, and Eminent Venture Capital.

  

 Execution Copy 

Confidential 
  

 Forward-Looking Statements 

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, and plans may be deemed forward-looking statements.
Forward-looking statements reflect management’s current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable,
they give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Actual results or events could differ materially from
the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various risks and uncertainties could cause actual results or events to differ materially from the forward-looking statements that we make, including,
but not limited to, our ability to successfully progress, partner or complete further development of our programs, the timing, cost and uncertainty of obtaining regulatory approvals, our ability to protect our intellectual property, changes in the
regulatory landscape, and other factors listed under “Risk Factors” in our filings with the Securities and Exchange Commission. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the
information contained in this press release except as required by law. 
 Contacts:  

Investors & Media: 
 Madrigal
Pharmaceuticals, Inc. 
 Marc Schneebaum  

IR@madrigalpharma.com 
 Tarveda
Therapeutics, Inc. 
 [Name] TBD 

[contact information]EX-10.27

 Exhibit 10.27 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (as the same may from time to time be amended, modified, supplemented or restated,
this “Agreement”) dated as of March 29, 2019 (the “Effective Date”) among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314
(“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 hereof or otherwise a party hereto from time to time including Oxford in its capacity as a Lender
(each a “Lender” and collectively, the “Lenders”), and TARVEDA THERAPEUTICS, INC., a Delaware corporation with an office located at 134 Coolidge Avenue, Watertown, Massachusetts 02472 (“Borrower”),
provides the terms on which the Lenders shall lend to Borrower and Borrower shall repay the Lenders. The parties agree as follows: 
  

	1.	 ACCOUNTING AND OTHER TERMS 

1.1         Accounting terms not defined in this Agreement shall be construed
in accordance with GAAP. Calculations and determinations must be made in accordance with GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this
Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. All references to “Dollars” or “$” are United States Dollars, unless otherwise noted.

  

	2.	 LOANS AND TERMS OF PAYMENT 

2.1        Promise to Pay. Borrower hereby unconditionally promises to
pay each Lender, the outstanding principal amount of all Term Loans advanced to Borrower by such Lender and accrued and unpaid interest thereon and any other amounts due hereunder as and when due in accordance with this Agreement. 

2.2        Term Loans. 

(a)         Availability. 

(i)        Subject to the terms and conditions of this Agreement, the Lenders agree,
severally and not jointly, to make term loans to Borrower on the Effective Date in an aggregate amount of Ten Million Dollars ($10,000,000) according to each Lender’s Term A Loan Commitment as set forth on Schedule 1.1 hereto (such term
loans are hereinafter referred to singly as a “Term A Loan”, and collectively as the “Term A Loans”). After repayment, no Term A Loan may be re-borrowed. 

(ii)        Subject to the terms and conditions of this Agreement, the Lenders agree,
severally and not jointly, during the Second Draw Period, to make term loans to Borrower in an aggregate amount up to Five Million Dollars ($5,000,000) according to each Lender’s Term B Loan Commitment as set forth on
Schedule 1.1 hereto (such term loans are hereinafter referred to singly as a “Term B Loan”, and collectively as the “Term B Loans”; each Term A Loan or Term B Loan is hereinafter referred
to singly as a “Term Loan” and the Term A Loans and the Term B Loans are hereinafter referred to collectively as the “Term Loans”). After repayment, no Term B Loan may be
re-borrowed. 

(b)        Repayment. Borrower shall make monthly payments of interest only
commencing on the first (1st) Payment Date following the Funding Date of each Term Loan, and continuing on the Payment Date of each successive month thereafter through and including the Payment Date immediately preceding the Amortization Date.
Borrower agrees to pay, on the Funding Date of each Term Loan, any initial partial monthly interest payment otherwise due for the period between the Funding Date of such Term Loan and the first Payment Date thereof. Commencing on the Amortization
Date, and continuing on the Payment Date of each month thereafter, Borrower shall make consecutive equal monthly payments of principal, together with applicable interest, in arrears, to each Lender, as calculated by Collateral Agent (which
calculations shall be deemed correct absent manifest error) based upon: (1) the amount of such Lender’s Term Loan, (2) the effective rate of interest, as determined in Section 2.3(a), and (3) a repayment schedule equal to
thirty (30) months with respect to the Term Loans if Term B Loans are made in accordance with the terms hereof and thirty-six (36) months with respect to the Term A Loans if Term B Loans are

  

 
not made. All unpaid principal and accrued and unpaid interest with respect to each Term Loan is due and payable in full on the Maturity Date. Each Term Loan may only be prepaid in accordance
with Sections 2.2(c) and 2.2(d). 
 (c)        Mandatory Prepayments. If the
Term Loans are accelerated following the occurrence of an Event of Default, Borrower shall immediately pay to Lenders, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of: (i) all outstanding
principal of the Term Loans plus accrued and unpaid interest thereon through the prepayment date, (ii) the Final Payment, (iii) the Prepayment Fee, plus (iv) all other Obligations that are due and payable, including Lenders’
Expenses and interest at the Default Rate with respect to any past due amounts. Notwithstanding (but without duplication with) the foregoing, on the Maturity Date, if the Final Payment had not previously been paid in full in connection with the
prepayment of the Term Loans in full, Borrower shall pay to Collateral Agent, for payment to each Lender in accordance with its respective Pro Rata Share, the Final Payment in respect of the Term Loan(s). 

(d)        Permitted Prepayment of Term Loans. Borrower shall have the option
to prepay all, but not less than all, of the Term Loans advanced by the Lenders under this Agreement, provided Borrower (i) provides written notice to Collateral Agent of its election to prepay the Term Loans at least thirty (30) days
prior to such prepayment, and (ii) pays to the Lenders on the date of such prepayment, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of (A) all outstanding principal of the Term Loans
plus accrued and unpaid interest thereon through the prepayment date, (B) the Final Payment, (C) the Prepayment Fee, plus (D) all other Obligations that are due and payable, including Lenders’ Expenses and interest at the Default
Rate with respect to any past due amounts. 
 2.3        Payment of
Interest on the Credit Extensions. 
 (a)        Interest Rate. Subject
to Section 2.3(b), the principal amount outstanding under the Term Loans shall accrue interest at a floating per annum rate equal to the Basic Rate, determined by Collateral Agent on the Funding Date of the applicable Term Loan and monthly
thereafter, which interest shall be payable monthly in arrears in accordance with Sections 2.2(b) and 2.3(e). Interest shall accrue on each Term Loan commencing on, and including, the Funding Date of such Term Loan, and shall accrue on the principal
amount outstanding under such Term Loan through and including the day on which such Term Loan is paid in full. 

(b)        Default Rate. Immediately upon the occurrence and during the
continuance of an Event of Default, Obligations shall accrue interest at a floating per annum rate equal to the rate that is otherwise applicable thereto plus five percentage points (5.00%) (the “Default Rate”). Payment or
acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of
Collateral Agent. 
 (c)        360-Day
Year. Interest shall be computed on the basis of a three hundred sixty (360) day year, and the actual number of days elapsed. 
  

(d)        Debit of Accounts. Collateral Agent and each Lender may debit (or
ACH) any deposit accounts, maintained by Borrower or any of its Subsidiaries, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes the Lenders under the Loan Documents when due. Any such
debits (or ACH activity) shall not constitute a set-off. 

(e)        Payments. Except as otherwise expressly provided herein, all
payments by Borrower under the Loan Documents shall be made to the respective Lender to which such payments are owed, at such Lender’s office in immediately available funds on the date specified herein. Unless otherwise provided, interest is
payable monthly on the Payment Date of each month. Payments of principal and/or interest received after 12:00 noon Eastern time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a
Business Day, the payment is due the next Business Day and additional fees or interest, as applicable, shall continue to accrue until paid. All payments to be made by Borrower hereunder or under any other Loan Document, including payments of
principal and interest, and all fees, expenses, indemnities and reimbursements, shall be made without set-off, recoupment or counterclaim, in lawful money of the United States and in immediately available
funds. 

  
 2. 

 2.4        Secured
Promissory Notes. The Term Loans shall be evidenced by a Secured Promissory Note or Notes in the form attached as Exhibit D hereto (each a “Secured Promissory Note”), and shall be repayable as set forth in this Agreement.
Borrower irrevocably authorizes each Lender to make or cause to be made, on or about the Funding Date of any Term Loan or at the time of receipt of any payment of principal on such Lender’s Secured Promissory Note, an appropriate notation on
such Lender’s Secured Promissory Note Record reflecting the making of such Term Loan or (as the case may be) the receipt of such payment. The outstanding amount of each Term Loan set forth on such Lender’s Secured Promissory Note Record
shall be prima facie evidence of the principal amount thereof owing and unpaid to such Lender, but the failure to record, or any error in so recording, any such amount on such Lender’s Secured Promissory Note Record shall not limit or otherwise
affect the obligations of Borrower under any Secured Promissory Note or any other Loan Document to make payments of principal of or interest on any Secured Promissory Note when due. Upon receipt of an affidavit of an officer of a Lender as to the
loss, theft, destruction, or mutilation of its Secured Promissory Note, Borrower shall issue, in lieu thereof, a replacement Secured Promissory Note in the same principal amount thereof and of like tenor. 

2.5        Fees. Borrower shall pay to Collateral Agent: 

(a)        Good Faith Deposit. An amount of Forty Thousand Dollars
($40,000.00), which amount has been received by Collateral Agent as a good faith deposit from Borrower on or about March 7, 2019 and shall be applied towards Lenders’ Expenses incurred through the Effective Date payable pursuant to
Section 2.5(e) hereof, and the balance left over, if any, shall be applied towards the facility fee due pursuant to Section 2.5(b) hereof. For the purposes of clarity, Borrower shall be responsible for all Lender’s Expenses payable
pursuant to Section 2.5(e) hereof and the facility fee due pursuant to Section 2.5(b) hereof; 

(b)        Facility Fee. A fully earned,
non-refundable facility fee of Seventy Five Thousand Dollars ($75,000.00) to be shared between the Lenders pursuant to their respective Commitment Percentages payable as follows: (i) Fifty Thousand
Dollars ($50,000.00) of the facility fee shall be due and payable on the Effective Date and (ii) the remaining Twenty Five Thousand Dollars ($25,000.00) of the facility fee shall be due and payable on the Funding Date of the Term B Loan. 

(c)        Final Payment. The Final Payment, when due hereunder, to be shared
between the Lenders in accordance with their respective Pro Rata Shares; 

(d)        Prepayment Fee. The Prepayment Fee, when due hereunder, to be
shared between the Lenders in accordance with their respective Pro Rata Shares; 

(e)        Lenders’ Expenses. All Lenders’ Expenses (including
reasonable attorneys’ fees and expenses for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due; and 

(f)        Non-Utilization Fee. A non-utilization fee, to be shared between the Lenders in accordance with their respective Pro Rata Shares, payable and due as follows: if the Second Draw Period commences and Borrower fails to draw the Term B Loans
hereunder, then promptly upon the earlier of the (i) date termination of the Second Draw Period or (ii) the date on which the Term Loans are prepaid, an amount equal to Two percent (2.00%) of the unfunded portion of the Term B Loans. For
the purposes of clarity, the parties agree Borrower shall be responsible for the non-utilization fee even if Borrower elects to prepay the Term Loans during the Second Draw Period. 

2.6        Withholding. Payments received by the Lenders from Borrower
hereunder will be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any governmental authority (including any
interest, additions to tax or penalties applicable thereto). Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such
payment or other sum payable hereunder to the Lenders, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after
the making of such required withholding or deduction, each Lender receives a net sum equal to the sum which it would have received had no withholding or deduction been required and Borrower shall pay the full

  
 3. 

 
amount withheld or deducted to the relevant Governmental Authority. Borrower will, upon request, furnish the Lenders with proof reasonably satisfactory to the Lenders indicating that Borrower has
made such withholding payment; provided, however, that Borrower need not make any withholding payment if the amount or validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in
full is bonded or reserved against by Borrower. The agreements and obligations of Borrower contained in this Section 2.6 shall survive the termination of this Agreement. 
  

	3.	 CONDITIONS OF LOANS 

3.1        Conditions Precedent to Initial Credit Extension. Each Lender’s
obligation to make a Term A Loan is subject to the condition precedent that Collateral Agent and each Lender shall consent to or shall have received, in form and substance satisfactory to Collateral Agent and each Lender, such documents, and
completion of such other matters, as Collateral Agent and each Lender may reasonably deem necessary or appropriate, including, without limitation: 

(a)        original Loan Documents, each duly executed by Borrower and each
Subsidiary, as applicable; 
 (b)        duly executed original Control Agreements
with respect to any Collateral Accounts maintained by Borrower or any of its Subsidiaries; 

(c)        duly executed original Secured Promissory Notes in favor of each Lender
according to its Term A Loan Commitment Percentage; 
 (d)        the Operating
Documents and good standing certificates of Borrower and its Subsidiaries certified by the Secretary of State (or equivalent agency) of Borrower’s and such Subsidiaries’ jurisdiction of organization or formation and each jurisdiction in
which Borrower and each Subsidiary is qualified to conduct business, each as of a date no earlier than thirty (30) days prior to the Effective Date; 

(e)        a completed Perfection Certificate for Borrower and each of its
Subsidiaries; 
 (f)        the Annual Projections, for the current calendar year;

 (g)        duly executed original officer’s certificate for Borrower and
each Subsidiary that is a party to the Loan Documents, in a form acceptable to Collateral Agent and the Lenders; 

(h)        certified copies, dated as of date no earlier than thirty (30) days
prior to the Effective Date, of financing statement searches, as Collateral Agent shall request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute
Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

(i)        a landlord’s consent executed in favor of Collateral Agent in respect
of all of Borrower’s and each Subsidiaries’ leased locations; 

(j)        a bailee waiver executed in favor of Collateral Agent in respect of each
third party bailee where Borrower or any Subsidiary maintains Collateral having a book value in excess of One Hundred Thousand Dollars ($100,000.00); 

(k)        a duly executed legal opinion of counsel to Borrower dated as of the
Effective Date; 
 (l)        evidence satisfactory to Collateral Agent and the
Lenders that the insurance policies required by Section 6.5 hereof are in full force and effect, together with appropriate evidence showing loss payable and/or additional insured clauses or endorsements in favor of Collateral Agent, for the
ratable benefit of the Lenders; 

  
 4. 

 (m)        a copy of any applicable
Registration Rights Agreement or Investors’ Rights Agreement and any amendments thereto; 

(n)        a payoff letter from Silicon Valley Bank in respect of the Existing
Indebtedness (the “Payoff Letter”); 
 (o)        evidence that
(i) the Liens securing the Existing Indebtedness will be terminated and (ii) the documents and/or filings evidencing the perfection of such Liens, including without limitation any financing statements and/or control agreements, have or
will, concurrently with the initial Credit Extension, be terminated; and 

(p)        payment of the fees and Lenders’ Expenses then due as specified in
Section 2.5 hereof. 
 3.2        Conditions Precedent to all Credit
Extensions. The obligation of each Lender to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 

(a)        receipt by Collateral Agent of an executed Disbursement Letter in the form
of Exhibit B attached hereto; 
 (b)        the representations and
warranties in Section 5 hereof shall be true, accurate and complete in all material respects on the date of the Disbursement Letter and on the Funding Date of each Credit Extension; 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; and provided, further that those representations and warranties expressly referring to a specific date shall be true,
accurate and complete in all material respects as of such date, and no Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that
the representations and warranties in Section 5 hereof are true, accurate and complete 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; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; 

(c)        in such Lender’s sole discretion, there has not been any Material
Adverse Change or any material adverse deviation by Borrower from the Annual Projections of Borrower presented to and accepted by Collateral Agent and each Lender; 

(d)        to the extent not delivered at the Effective Date, duly executed original
Secured Promissory Notes and Warrants, in number, form and content acceptable to each Lender, and in favor of each Lender according to its Commitment Percentage, with respect to each Credit Extension made by such Lender after the Effective Date; and

 (e)        payment of the fees and Lenders’ Expenses then due as specified
in Section 2.5 hereof. 
 3.3        Covenant to Deliver.
Borrower agrees to deliver to Collateral Agent and the Lenders each item required to be delivered to Collateral Agent under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made
prior to the receipt by Collateral Agent or any Lender of any such item shall not constitute a waiver by Collateral Agent or any Lender of Borrower’s obligation to deliver such item, and any such Credit Extension in the absence of a required
item shall be made in each Lender’s sole discretion. 

3.4        Procedures for Borrowing. Subject to the prior satisfaction
of all other applicable conditions to the making of a Term Loan set forth in this Agreement, to obtain a Term Loan, Borrower shall notify the Lenders (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 noon
Eastern time five (5) Business Days prior to the date the Term Loan is to be made. Together with any such electronic, facsimile or telephonic notification, Borrower shall deliver to the Lenders by electronic mail or facsimile a completed
Disbursement Letter executed by a Responsible Officer or his or her designee. The Lenders may rely on any telephone notice given by a person whom a Lender reasonably believes is a Responsible Officer or designee. On the Funding Date, each Lender

  
 5. 

 
shall credit and/or transfer (as applicable) to the Designated Deposit Account, an amount equal to its Term Loan Commitment. 

 

	4.	 CREATION OF SECURITY INTEREST 

4.1        Grant of Security Interest. Borrower hereby grants Collateral
Agent, for the ratable benefit of the Lenders, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Collateral Agent, for the ratable benefit of the Lenders, the Collateral,
wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first
priority perfected security interest in the Collateral, subject only to Permitted Liens that are permitted by the terms of this Agreement to have priority to Collateral Agent’s Lien. If Borrower shall acquire a commercial tort claim (as defined
in the Code), Borrower, shall promptly notify Collateral Agent in a writing signed by Borrower, as the case may be, of the general details thereof (and further details as may be required by Collateral Agent) and grant to Collateral Agent, for the
ratable benefit of the Lenders, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Collateral Agent. 

If this Agreement is terminated, Collateral Agent’s Lien in the Collateral shall continue until the Obligations (other
than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as the Lenders’ obligation to make Credit Extensions has terminated,
Collateral Agent shall, at the sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. 

4.2        Authorization to File Financing Statements. Borrower hereby
authorizes Collateral Agent to file financing statements or take any other action required to perfect Collateral Agent’s security interests in the Collateral, without notice to Borrower, with all appropriate jurisdictions to perfect or protect
Collateral Agent’s interest or rights under the Loan Documents, including a notice that any disposition of the Collateral, except to the extent permitted by the terms of this Agreement, by Borrower, or any other Person, shall be deemed to
violate the rights of Collateral Agent under the Code. 
  

	5.	 REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants to Collateral Agent and the Lenders as follows: 

5.1        Due Organization, Authorization: Power and Authority.
Borrower and each of its Subsidiaries is duly existing and in good standing as a Registered Organization in its jurisdiction of organization or formation and Borrower and each of its Subsidiaries is qualified and licensed to do business and is in
good standing in any jurisdiction in which the conduct of its businesses or its ownership of property requires that it be qualified except where the failure to do so could not reasonably be expected to have a Material Adverse Change. In connection
with this Agreement, Borrower and each of its Subsidiaries has delivered to Collateral Agent a completed perfection certificate signed by an officer of Borrower or such Subsidiary (each a “Perfection Certificate” and collectively,
the “Perfection Certificates”). Borrower represents and warrants that (a) Borrower and each of its Subsidiaries’ exact legal name is that which is indicated on its respective Perfection Certificate and on the signature
page of each Loan Document to which it is a party; (b) Borrower and each of its Subsidiaries is an organization of the type and is organized in the jurisdiction set forth on its respective Perfection Certificate; (c) each Perfection
Certificate accurately sets forth each of Borrower’s and its Subsidiaries’ organizational identification number or accurately states that Borrower or such Subsidiary has none; (d) each Perfection Certificate accurately sets forth
Borrower’s and each of its Subsidiaries’ place of business, or, if more than one, its chief executive office as well as Borrower’s and each of its Subsidiaries’ mailing address (if different than its chief executive office); (e)
Borrower and each of its Subsidiaries (and each of its respective predecessors) have not, in the past five (5) years, changed its jurisdiction of organization, organizational structure or type, or any organizational number assigned by its
jurisdiction; and (f) all other information set forth on the Perfection Certificates pertaining to Borrower and each of its Subsidiaries, is accurate and complete (it being understood and agreed that Borrower and each of its Subsidiaries may
from time to time update certain information in the Perfection Certificates (including the information set forth in clause (d) above) after the Effective Date to the extent permitted by one or more specific provisions in this Agreement); 

  
 6. 

 
such updated Perfection Certificates subject to the review and approval of Collateral Agent. If Borrower or any of its Subsidiaries is not now a Registered Organization but later becomes one,
Borrower shall notify Collateral Agent of such occurrence within five (5) Business Days. 
 The execution, delivery and
performance by Borrower and each of its Subsidiaries of the Loan Documents to which it is a party have been duly authorized, and do not (i) conflict with any of Borrower’s or such Subsidiaries’ organizational documents, including its
respective Operating Documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law applicable thereto, (iii) contravene, conflict or violate any applicable order, writ, judgment,
injunction, decree, determination or award of any Governmental Authority by which Borrower or such Subsidiary, or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with,
or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect) or are being obtained pursuant to Section 6.1(b), or (v) constitute an event
of default under any material agreement by which Borrower or any of such Subsidiaries, or their respective properties, is bound. Neither Borrower nor any of its Subsidiaries is in default under any agreement to which it is a party or by which it or
any of its assets is bound in which such default could reasonably be expected to have a Material Adverse Change. 

5.2        Collateral. 

(a)        Borrower and each its Subsidiaries have good title to, have rights in, and
the power to transfer each item of the Collateral upon which it purports to grant a Lien under the Loan Documents, free and clear of any and all Liens except Permitted Liens, and neither Borrower nor any of its Subsidiaries have any Deposit
Accounts, Securities Accounts, Commodity Accounts or other investment accounts other than the Collateral Accounts or the other investment accounts, if any, described in the Perfection Certificates delivered to Collateral Agent in connection herewith
with respect to which Borrower or such Subsidiary has given Collateral Agent notice and taken such actions as are necessary to give Collateral Agent a perfected security interest therein. The Accounts are bona fide, existing obligations of the
Account Debtors. 
 (b)        On the Effective Date, and except as disclosed on
the Perfection Certificate (i) the Collateral is not in the possession of any third party bailee (such as a warehouse), and (ii) no such third party bailee possesses components of the Collateral in excess of One Hundred Thousand Dollars
($100,000.00). None of the components of the Collateral shall be maintained at locations other than as disclosed in the Perfection Certificates on the Effective Date or as permitted pursuant to Section 6.11. 

(c)        All Inventory is in all material respects of good and marketable quality,
free from material defects. 
 (d)        Borrower and each of its Subsidiaries is
the sole owner of the Intellectual Property each respectively purports to own, free and clear of all Liens other than Permitted Liens. Except as noted on the Perfection Certificates, neither Borrower nor any of its Subsidiaries is a party to, nor is
bound by, any material license or other material agreement with respect to which Borrower or such Subsidiary is the licensee that (i) prohibits or otherwise restricts Borrower or its Subsidiaries from granting a security interest in
Borrower’s or such Subsidiaries’ interest in such material license or material agreement or any other property, or (ii) for which a default under or termination of could interfere with Collateral Agent’s or any Lender’s
right to sell any Collateral. Borrower shall provide written notice to Collateral Agent and each Lender within ten (10) days of Borrower or any of its Subsidiaries entering into or becoming bound by any license or agreement with respect to
which Borrower or any Subsidiary is the licensee (other than over-the-counter software that is commercially available to the public). 

5.3        Litigation. Except as disclosed (i) on the Perfection
Certificates, or (ii) in accordance with Section 6.9 hereof, there are no actions, suits, investigations, or proceedings pending or, to Borrower’s knowledge, threatened in writing by or against Borrower or any of its Subsidiaries
involving more than One Hundred Thousand Dollars ($100,000.00). 

5.4        No Material Deterioration in Financial Condition; Financial
Statements. All consolidated financial statements for Borrower and its Subsidiaries, delivered to Collateral Agent fairly present, in conformity with GAAP, in all material respects the consolidated financial condition of Borrower and its
Subsidiaries, and the 

  
 7. 

 
consolidated results of operations of Borrower and its Subsidiaries. There has not been any material deterioration in the consolidated financial condition of Borrower and its Subsidiaries since
the date of the most recent financial statements submitted to any Lender. 

5.5        Solvency. Borrower and each of its Subsidiaries is
Solvent. 
 5.6        Regulatory Compliance. Neither Borrower
nor any of its Subsidiaries is an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Neither Borrower nor any of its Subsidiaries is engaged
as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower and each of its Subsidiaries has complied in all material respects with the Federal Fair Labor
Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined
and used in the Public Utility Holding Company Act of 2005. Neither Borrower nor any of its Subsidiaries has violated any laws, ordinances or rules, the violation of which could reasonably be expected to have a Material Adverse Change. Neither
Borrower’s nor any of its Subsidiaries’ properties or assets has been used by Borrower or such Subsidiary or, to Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous
substance other than in material compliance with applicable laws. Borrower and each of its Subsidiaries has obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental
Authorities that are necessary to continue their respective businesses as currently conducted. 
 None of Borrower, any of
its Subsidiaries, or any of Borrower’s or its Subsidiaries’ Affiliates or any of their respective agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement is (i) in violation of
any Anti-Terrorism Law, (ii) engaging in or conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law, or
(iii) is a Blocked Person. None of Borrower, any of its Subsidiaries, or to the knowledge of Borrower and any of their Affiliates or agents, acting or benefiting in any capacity in connection with the transactions contemplated by this
Agreement, (x) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (y) deals in, or otherwise engages in any transaction relating to, any
property or interest in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law. 

5.7        Investments. Neither Borrower nor any of its Subsidiaries
owns any stock, shares, partnership interests or other equity securities except for Permitted Investments. 

5.8        Tax Returns and Payments; Pension Contributions. Borrower and
each of its Subsidiaries has timely filed all required tax returns and reports, and Borrower and each of its Subsidiaries, has timely paid all foreign, federal, state, and material local taxes, assessments, deposits and contributions (i.e. local
taxes, assessments, deposits and contributions in an aggregate amount of $50,000 or more) owed by Borrower and such Subsidiaries, in all jurisdictions in which Borrower or any such Subsidiary is subject to taxes, including the United States, unless
such taxes are being contested in accordance with the following sentence. Borrower and each of its Subsidiaries, may defer payment of any contested taxes, provided that Borrower or such Subsidiary, (a) in good faith contests its obligation to
pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Collateral Agent in writing of the commencement of, and any material development in, the proceedings, and (c) posts bonds or takes any
other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Neither Borrower nor any of its Subsidiaries is aware of
any claims or adjustments proposed for any of Borrower’s or such Subsidiaries’, prior tax years which could result in additional taxes becoming due and payable by Borrower or its Subsidiaries. Borrower and each of its Subsidiaries have
paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and neither Borrower nor any of its Subsidiaries have, withdrawn from participation in, and have not permitted
partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower or its Subsidiaries, including any liability to the Pension
Benefit Guaranty Corporation or its successors or any other Governmental Authority. 

  
 8. 

 5.9          Use
of Proceeds. Borrower shall use the proceeds of the Credit Extensions solely as working capital and to fund its general business requirements in accordance with the provisions of this Agreement, and not for personal, family, household or
agricultural purposes. A portion of the proceeds of the Term A Loans shall be used by Borrower to repay the Existing Indebtedness in full on the Effective Date. 

5.10        Full Disclosure. No written representation, warranty
or other statement of Borrower or any of its Subsidiaries in any certificate or written statement given to Collateral Agent or any Lender, as of the date such representation, warranty, or other statement was made, taken together with all such
written certificates and written statements given to Collateral Agent or any Lender, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not
misleading (it being recognized that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and
forecasts may differ from the projected or forecasted results). 

5.11        Definition of “Knowledge.” For purposes of
the Loan Documents, whenever a representation or warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge,
after reasonable investigation, of the Responsible Officers. 
  

	6.	 AFFIRMATIVE COVENANTS 

Borrower shall, and shall cause each of its Subsidiaries to, do all of the following: 

6.1        Government Compliance. 

(a)        Maintain its and all its Subsidiaries’ legal existence and good
standing in their respective jurisdictions of organization and maintain qualification in each jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse Change. Comply with all laws, ordinances and
regulations to which Borrower or any of its Subsidiaries is subject, the noncompliance with which could reasonably be expected to have a Material Adverse Change. 

(b)        Obtain and keep in full force and effect, all of the material Governmental
Approvals necessary for the performance by Borrower and its Subsidiaries of their respective businesses and obligations under the Loan Documents and the grant of a security interest to Collateral Agent for the ratable benefit of the Lenders, in all
of the Collateral. Borrower shall promptly provide copies to Collateral Agent of any material Governmental Approvals obtained by Borrower or any of its Subsidiaries. 

6.2        Financial Statements, Reports, Certificates. 

(a)        Deliver to each Lender: 

(i)        as soon as available, but no later than thirty (30) days after the
last day of each month, a company prepared consolidated and consolidating balance sheet, income statement covering the consolidated operations of Borrower and its Subsidiaries for such month and, if such month is the last month of the quarter, a
cash flow statement covering the consolidated operations of Borrower and its Subsidiaries for such quarter, in each case certified by a Responsible Officer and in a form reasonably acceptable to Collateral Agent; 

(ii)        as soon as available, but no later than one hundred eighty
(180) days after the last day of Borrower’s fiscal year or within five (5) days of filing with the SEC, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the
financial statements from an independent certified public accounting firm acceptable to Collateral Agent in its reasonable discretion; 

(iii)        as soon as available after approval thereof by Borrower’s Board of
Directors, but no later than sixty (60) days after the last day of each of Borrower’s fiscal years, Borrower’s annual financial projections for the entire current fiscal year as approved by Borrower’s Board of Directors, which
such annual 

  
 9. 

 
financial projections shall be set forth in a quarter-by-quarter format (such annual financial projections as
originally delivered to Collateral Agent and the Lenders are referred to herein as the “Annual Projections”; provided that, any revisions of the Annual Projections approved by Borrower’s Board of Directors shall be delivered to
Collateral Agent and the Lenders no later than seven (7) days after such approval); 

(iv)        within five (5) days of delivery, copies of all statements, reports
and notices made available to Borrower’s security holders or holders of Subordinated Debt; 

(v)        in the event that Borrower becomes subject to the reporting requirements
under the Securities Exchange Act of 1934, as amended, within five (5) days of filing, all reports on Form 10-K, 10-Q and
8-K filed with the Securities and Exchange Commission, prompt notice of any changes to the capitalization table of Borrower that reflect an increase, decrease or transfer of 5% or more of the outstanding stock
of Borrower and of any amendments to the Operating Documents of Borrower or any of its Subsidiaries, together with copies of any documents reflecting such changes or amendments with respect thereto; 

(vi)        prompt notice of any event that could reasonably be expected to
materially and adversely affect the value of the Intellectual Property; 

(vii)        as soon as available, but no later than thirty (30) days after the
last day of each month, copies of the month-end account statements for each Collateral Account maintained by Borrower or its Subsidiaries, which statements may be provided to Collateral Agent and each Lender
by Borrower or directly from the applicable institution(s), and 

(viii)        other information as reasonably requested by Collateral Agent or any
Lender. 
 Notwithstanding the foregoing, documents required to be delivered pursuant to the terms hereof (to the extent any
such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on
Borrower’s website on the internet at Borrower’s website address. 

(b)        Concurrently with the delivery of the financial statements specified in
Section 6.2(a)(i) above but no later than thirty (30) days after the last day of each month, deliver to each Lender, a duly completed Compliance Certificate signed by a Responsible Officer. 

(c)        Keep proper books of record and account in accordance with GAAP in all
material respects, in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities. Borrower shall, and shall cause each of its Subsidiaries to, allow, at the sole cost of Borrower,
Collateral Agent or any Lender, during regular business hours upon reasonable prior notice (provided that no notice shall be required when an Event of Default has occurred and is continuing), to visit and inspect any of its properties, to examine
and make abstracts or copies from any of its books and records, and to conduct a collateral audit and analysis of its operations and the Collateral. Such audits shall be conducted no more often than twice every year unless (and more frequently if)
an Event of Default has occurred and is continuing. 

6.3        Inventory; Returns. Keep all Inventory in good and
marketable condition, free from material defects. Returns and allowances between Borrower, or any of its Subsidiaries, and their respective Account Debtors shall follow Borrower’s, or such Subsidiary’s, customary practices as they exist at
the Effective Date. Borrower must promptly notify Collateral Agent and the Lenders of all returns, recoveries, disputes and claims that involve more than One Hundred Thousand Dollars ($100,000.00) individually or in the aggregate in any calendar
year. 
 6.4        Taxes; Pensions. Timely file and require
each of its Subsidiaries to timely file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely file, all foreign, federal, state, and local taxes, assessments, deposits and contributions owed by Borrower
or its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.8 hereof, and shall deliver to Lenders, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to
fund all present pension, profit sharing and deferred compensation plans in accordance with the terms of such plans. 

  
 10. 

6.5        Insurance. Keep Borrower’s and its
Subsidiaries’ business and the Collateral insured for risks and in amounts standard for companies in Borrower’s and its Subsidiaries’ industry and location and as Collateral Agent may reasonably request. Insurance policies shall be in
a form, with companies, and in amounts that are reasonably satisfactory to Collateral Agent and Lenders. All property policies shall have a lender’s loss payable endorsement showing Collateral Agent as lender loss payee and waive subrogation
against Collateral Agent, and all liability policies shall show, or have endorsements showing, Collateral Agent, as additional insured. The Collateral Agent shall be named as lender loss payee and/or additional insured with respect to any such
insurance providing coverage in respect of any Collateral, and each provider of any such insurance shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Collateral Agent, that it will
give the Collateral Agent thirty (30) days prior written notice before any such policy or policies shall be materially altered or canceled. At Collateral Agent’s request, Borrower shall deliver certified copies of policies and evidence of
all premium payments. Proceeds payable under any policy shall, at Collateral Agent’s option, be payable to Collateral Agent, for the ratable benefit of the Lenders, on account of the Obligations. Notwithstanding the foregoing, (a) so long
as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any casualty policy up to One Hundred Thousand Dollars ($100,000.00) with respect to any loss, but not exceeding One Hundred Thousand
Dollars ($100,000.00), in the aggregate for all losses under all casualty policies in any one year, toward the replacement or repair of destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or
like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Collateral Agent has been granted a first priority security interest, and (b) after the occurrence and during the continuance of an Event of
Default, all proceeds payable under such casualty policy shall, at the option of Collateral Agent, be payable to Collateral Agent, for the ratable benefit of the Lenders, on account of the Obligations. If Borrower or any of its Subsidiaries fails to
obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons, Collateral Agent and/or any Lender may make, at Borrower’s expense, all or part of such payment or obtain
such insurance policies required in this Section 6.5, and take any action under the policies Collateral Agent or such Lender deems prudent. 

6.6        Operating Accounts. 

(a)        Maintain all of Borrower’s and its Subsidiaries’ Collateral
Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent. 

(b)        Borrower shall provide Collateral Agent five (5) days’ prior
written notice before Borrower or any of its Subsidiaries establishes any Collateral Account. In addition, for each Collateral Account that Borrower or any of its Subsidiaries, at any time maintains, Borrower or such Subsidiary shall cause the
applicable bank or financial institution at or with which such Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Collateral Agent’s
Lien in such Collateral Account in accordance with the terms hereunder prior to the establishment of such Collateral Account, which Control Agreement may not be terminated without prior written consent of Collateral Agent. The provisions of the
previous sentence shall not apply to (i) Cash Collateralization Account and (ii) deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s, or any of
its Subsidiaries’, employees and identified to Collateral Agent by Borrower as such in the Perfection Certificates. 

(c)        Neither Borrower nor any of its Subsidiaries shall maintain any Collateral
Accounts except Collateral Accounts maintained in accordance with Sections 6.6(a) and (b). 

6.7        Protection of Intellectual Property Rights. Borrower and each
of its Subsidiaries shall: (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property that is material to Borrower’s business; (b) promptly advise Collateral
Agent in writing of material infringement by a third party of its Intellectual Property; and (c) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Collateral
Agent’s prior written consent. 
 6.8        Litigation
Cooperation. Commencing on the Effective Date and continuing through the termination of this Agreement, make available to Collateral Agent and the Lenders, without expense to Collateral Agent or the Lenders, Borrower and each of
Borrower’s officers, employees and agents and Borrower’s Books, to the extent that Collateral Agent or any Lender may reasonably deem them necessary to prosecute or defend any third-

  
 11. 

 
party suit or proceeding instituted by or against Collateral Agent or any Lender with respect to any Collateral or relating to Borrower. 

6.9        Notices of Litigation and Default. Borrower will give
prompt written notice to Collateral Agent and the Lenders of any litigation or governmental proceedings pending or threatened (in writing) against Borrower or any of its Subsidiaries, which could reasonably be expected to result in damages or costs
to Borrower or any of its Subsidiaries of One Hundred Thousand Dollars ($100,000.00) or more or which could reasonably be expected to have a Material Adverse Change. Without limiting or contradicting any other more specific provision of this
Agreement, promptly (and in any event within three (3) Business Days) upon Borrower becoming aware of the existence of any Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of
Default, Borrower shall give written notice to Collateral Agent and the Lenders of such occurrence, which such notice shall include a reasonably detailed description of such Event of Default or event which, with the giving of notice or passage of
time, or both, would constitute an Event of Default. 

6.10        Intentionally Omitted. 

6.11        Landlord Waivers; Bailee Waivers. In the event that
Borrower or any of its Subsidiaries, after the Effective Date, intends to add any new offices or business locations, including warehouses, or otherwise store any portion of the Collateral with, or deliver any portion of the Collateral to, a bailee,
in each case pursuant to Section 7.2, then Borrower or such Subsidiary will first receive the written consent of Collateral Agent and, in the event that the new location is the chief executive office of the Borrower or such Subsidiary or the
Collateral at any such new location is valued in excess of One Hundred Thousand ($100,000.00) in the aggregate, such bailee or landlord, as applicable, must execute and deliver a bailee waiver or landlord waiver, as applicable, in form and substance
reasonably satisfactory to Collateral Agent prior to the addition of any new offices or business locations, or any such storage with or delivery to any such bailee, as the case may be. 

6.12        Creation/Acquisition of Subsidiaries. In the event
Borrower, or any of its Subsidiaries creates or acquires any Subsidiary, Borrower shall provide prior written notice to Collateral Agent and each Lender of the creation or acquisition of such new Subsidiary and take all such action as may be
reasonably required by Collateral Agent or any Lender to cause each such Subsidiary to become a co-Borrower hereunder or to guarantee the Obligations of Borrower under the Loan Documents and, in each case,
grant a continuing pledge and security interest in and to the assets of such Subsidiary (substantially as described on Exhibit A hereto); and Borrower (or its Subsidiary, as applicable) shall grant and pledge to Collateral Agent, for the
ratable benefit of the Lenders, a perfected security interest in the stock, units or other evidence of ownership of each such newly created Subsidiary. 

6.13        Further Assurances. 

(a)        Execute any further instruments and take further action as Collateral
Agent or any Lender reasonably requests to perfect or continue Collateral Agent’s Lien in the Collateral or to effect the purposes of this Agreement. 

(b)        Deliver to Collateral Agent and Lenders, within five (5) days after
the same are sent or received, copies of all material correspondence, reports, documents and other filings with any Governmental Authority that could reasonably be expected to have a material adverse effect on any of the Governmental Approvals
material to Borrower’s business or otherwise could reasonably be expected to have a Material Adverse Change. 
  

	7.	 NEGATIVE COVENANTS 

Borrower shall not, and shall not permit any of its Subsidiaries to, do any of the following without the prior written consent
of the Required Lenders: 
 7.1        Dispositions. Convey, sell,
lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary
course of business; (b) of worn out or obsolete Equipment; and (c) in connection with Permitted Liens, Permitted Investments and Permitted Licenses. 

  
 12. 

 7.2        Changes in
Business, Management, Ownership, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses engaged in by Borrower as of the Effective Date or reasonably related thereto;
(b) liquidate or dissolve; or (c) (i) any Key Person shall cease to be actively engaged in the management of Borrower unless written notice thereof is provided to Collateral Agent within five (5) days of such change, or
(ii) enter into any transaction or series of related transactions in which the stockholders of Borrower who were not stockholders immediately prior to the first such transaction own more than forty nine percent (49%) of the voting stock of
Borrower immediately after giving effect to such transaction or related series of such transactions (other than by the sale of Borrower’s equity securities in a public offering, a private placement of public equity or to venture capital
investors so long as Borrower identifies to Collateral Agent the venture capital investors prior to the closing of the transaction). Borrower shall not, without at least thirty (30) days’ prior written notice to Collateral Agent:
(A) add any new offices or business locations, including warehouses (unless such new offices or business locations (ii) contain less than One Hundred Thousand Dollars ($100,000.00) in assets or property of Borrower or any of its
Subsidiaries and (ii) are not Borrower’s or its Subsidiaries’ chief executive office); (B) change its jurisdiction of organization, (C) change its organizational structure or type, (D) change its legal name, or
(E) change any organizational number (if any) assigned by its jurisdiction of organization. 

7.3        Mergers or Acquisitions. Merge or consolidate, or
permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock, shares or property of another Person. A Subsidiary may merge or
consolidate into another Subsidiary (provided such surviving Subsidiary is a “co-Borrower” hereunder or has provided a secured Guaranty of Borrower’s Obligations hereunder) or with (or into)
Borrower provided Borrower is the surviving legal entity, and as long as no Event of Default is occurring prior thereto or arises as a result therefrom. Without limiting the foregoing, Borrower shall not, without Collateral Agent’s prior
written consent, enter into any binding contractual arrangement with any Person to attempt to facilitate a merger or acquisition of Borrower, unless (i) no Event of Default exists when such agreement is entered into by Borrower, (ii) such
agreement does not give such Person the right to claim any fees, payments or damages from Borrower in excess of Two Hundred Fifty Thousand Dollars ($250,000), and (iii) Borrower notifies Collateral Agent in advance of entering into such an
agreement. 
 7.4        Indebtedness. Create, incur, assume, or be
liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 

7.5        Encumbrance. Create, incur, allow, or suffer any Lien on any
of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, or permit any Collateral not to be subject to the first priority security
interest granted herein (except for Permitted Liens that are permitted by the terms of this Agreement to have priority over Collateral Agent’s Lien), or enter into any agreement, document, instrument or other arrangement (except with or in
favor of Collateral Agent, for the ratable benefit of the Lenders) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower, or any of its Subsidiaries, from assigning, mortgaging, pledging, granting a
security interest in or upon, or encumbering any of Borrower’s or such Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of “Permitted Liens” herein. 

7.6        Maintenance of Collateral Accounts. Maintain any
Collateral Account except pursuant to the terms of Section 6.6 hereof. 

7.7        Distributions; Investments. (a) Pay any dividends
(other than dividends payable solely in capital stock) or make any distribution or payment in respect of or redeem, retire or purchase any capital stock (other than repurchases pursuant to the terms of employee stock purchase plans, employee
restricted stock agreements, stockholder rights plans, director or consultant stock option plans, or similar plans, provided such repurchases do not exceed One Hundred Thousand Dollars ($100,000.00) in the aggregate per fiscal year) or
(b) directly or indirectly make any Investment other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8        Transactions with Affiliates. Directly or indirectly enter
into or permit to exist any material transaction with any Affiliate of Borrower or any of its Subsidiaries, except for (a) transactions that are in the ordinary course of Borrower’s or such Subsidiary’s business, upon fair and
reasonable terms that are no less favorable to Borrower or such Subsidiary than would be obtained in an arm’s length transaction with a non-affiliated Person, and (b) Subordinated Debt or equity
investments by Borrower’s investors in Borrower or its Subsidiaries. 

  
 13. 

 7.9        Subordinated
Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any
document relating to the Subordinated Debt which would increase the amount thereof or adversely affect the subordination thereof to Obligations owed to the Lenders. 

7.10        Compliance. Become an “investment company”
or a company controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the
Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to
occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a Material Adverse Change, or permit any of its Subsidiaries to do so; withdraw or permit
any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be
expected to result in any liability of Borrower or any of its Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority. 

7.11        Compliance with Anti-Terrorism Laws. Collateral Agent
hereby notifies Borrower and each of its Subsidiaries that pursuant to the requirements of Anti-Terrorism Laws, and Collateral Agent’s policies and practices, Collateral Agent is required to obtain, verify and record certain information and
documentation that identifies Borrower and each of its Subsidiaries and their principals, which information includes the name and address of Borrower and each of its Subsidiaries and their principals and such other information that will allow
Collateral Agent to identify such party in accordance with Anti-Terrorism Laws. Neither Borrower nor any of its Subsidiaries shall, nor shall Borrower or any of its Subsidiaries permit any Affiliate to, directly or indirectly, knowingly enter into
any documents, instruments, agreements or contracts with any Person listed on the OFAC Lists. Borrower and each of its Subsidiaries shall immediately notify Collateral Agent if Borrower or such Subsidiary has knowledge that Borrower, or any
Subsidiary or Affiliate of Borrower, is listed on the OFAC Lists or (a) is convicted on, (b) pleads nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering or
predicate crimes to money laundering. Neither Borrower nor any of its Subsidiaries shall, nor shall Borrower or any of its Subsidiaries, permit any Affiliate to, directly or indirectly, (i) conduct any business or engage in any transaction or
dealing with any Blocked Person, including, without limitation, the making or receiving of any contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating
to, any property or interests in property blocked pursuant to Executive Order No. 13224 or any similar executive order or other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has
the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law. 
  

	8.	 EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement:

 8.1        Payment Default. Borrower fails to (a) make
any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall
not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made
during the cure period); 
 8.2        Covenant Default. 

(a)        Borrower or any of its Subsidiaries fails or neglects to perform any
obligation in Sections 6.2 (Financial Statements, Reports, Certificates), 6.4 (Taxes), 6.5 (Insurance), 6.6 (Operating Accounts), 6.7 (Protection of Intellectual Property Rights), 6.9 (Notice of Litigation and Default), 6.11 (Landlord Waivers;
Bailee Waivers), 6.12 (Creation/Acquisition of Subsidiaries) or 6.13 (Further Assurances) or Borrower violates any covenant in Section 7; or 

  
 14. 

 (b)        Borrower, or any of its
Subsidiaries, fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8)
under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within
the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not
in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure
period). Grace periods provided under this Section shall not apply, among other things, to financial covenants or any other covenants set forth in subsection (a) above; 

8.3        Material Adverse Change. A Material Adverse Change occurs;

 8.4        Attachment; Levy; Restraint on Business. 

(a)        (i) The service of process seeking to attach, by trustee or similar
process, any funds of Borrower or any of its Subsidiaries or of any entity under control of Borrower or its Subsidiaries on deposit with any Lender or any Lender’s Affiliate or any bank or other institution at which Borrower or any of its
Subsidiaries maintains a Collateral Account, or (ii) a notice of lien, levy, or assessment is filed against Borrower or any of its Subsidiaries or their respective assets by any government agency, and the same under subclauses (i) and (ii)
hereof are not, within ten (10) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; and

 (b)        (i) any material portion of Borrower’s or any of its
Subsidiaries’ assets is attached, seized, levied on, or comes into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower or any of its Subsidiaries from conducting any part of its business;

 8.5        Insolvency. (a) Borrower or any of its Subsidiaries
is or becomes Insolvent; (b) Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and not dismissed or stayed within forty-five
(45) days (but no Credit Extensions shall be made while Borrower or any Subsidiary is Insolvent and/or until any Insolvency Proceeding is dismissed); 

8.6        Other Agreements. There is a default in any agreement
to which Borrower or any of its Subsidiaries is a party with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of Two Hundred
Fifty Thousand Dollars ($250,000.00) or that could reasonably be expected to have a Material Adverse Change; 

8.7        Judgments. One or more judgments, orders, or decrees
for the payment of money in an amount, individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance
carrier) shall be rendered against Borrower or any of its Subsidiaries and shall remain unsatisfied, unvacated, or unstayed for a period of ten (10) days after the entry thereof (provided that no Credit Extensions will be made prior to the
satisfaction, vacation, or stay of such judgment, order or decree); 

8.8        Misrepresentations. Borrower or any of its
Subsidiaries or any Person acting for Borrower or any of its Subsidiaries makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Collateral Agent and/or Lenders or to
induce Collateral Agent and/or the Lenders to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; 

8.9        Subordinated Debt. A default or breach occurs under any
agreement between Borrower or any of its Subsidiaries and any creditor of Borrower or any of its Subsidiaries that signed a subordination, intercreditor, or other similar agreement with Collateral Agent or the Lenders, or any creditor that has
signed such an agreement with Collateral Agent or the Lenders breaches any terms of such agreement; 

  
 15. 

8.10        Guaranty. (a) Any Guaranty terminates or ceases
for any reason to be in full force and effect; 
 (a)        any Guarantor does not
perform any obligation or covenant under any Guaranty; (c) any circumstance described in Sections 8.3, 8.4, 8.5, 8.7, or 8.8 occurs with respect to any Guarantor, or (d) the liquidation, winding up, or termination of existence of any
Guarantor that is an entity; 
 8.11        Governmental Approvals.
Any Governmental Approval shall have been revoked, rescinded, suspended, modified in an adverse manner, or not renewed in the ordinary course for a full term and such revocation, rescission, suspension, modification or non-renewal has resulted in or could reasonably be expected to result in a Material Adverse Change; or 

8.12        Lien Priority. Any Lien created hereunder or by any other
Loan Document shall at any time fail to constitute a valid and perfected Lien on any of the Collateral purported to be secured thereby, subject to no prior or equal Lien, other than Permitted Liens which are permitted to have priority in accordance
with the terms of this Agreement. 
  

	9.	 RIGHTS AND REMEDIES 

9.1        Rights and Remedies. 

(a)        Upon the occurrence and during the continuance of an Event of Default,
Collateral Agent may, and at the written direction of Required Lenders shall, without notice or demand, do any or all of the following: (i) deliver notice of the Event of Default to Borrower, (ii) by notice to Borrower declare all
Obligations immediately due and payable (but if an Event of Default described in Section 8.5 occurs all Obligations shall be immediately due and payable without any action by Collateral Agent or the Lenders) or (iii) by notice to Borrower
suspend or terminate the obligations, if any, of the Lenders to advance money or extend credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Collateral Agent and/or the Lenders (but if an Event of
Default described in Section 8.5 occurs all obligations, if any, of the Lenders to advance money or extend credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Collateral Agent and/or the
Lenders shall be immediately terminated without any action by Collateral Agent or the Lenders). 

(b)        Without limiting the rights of Collateral Agent and the Lenders set forth
in Section 9.1(a) above, upon the occurrence and during the continuance of an Event of Default, Collateral Agent shall have the right at the written direction of the Required Lenders, without notice or demand, to do any or all of the
following: 
 (i)        foreclose upon and/or sell or otherwise liquidate, the
Collateral; 
 (ii)        apply to the Obligations any (a) balances and
deposits of Borrower that Collateral Agent or any Lender holds or controls, or (b) any amount held or controlled by Collateral Agent or any Lender owing to or for the credit or the account of Borrower; and/or 

(iii)        commence and prosecute an Insolvency Proceeding or consent to Borrower
commencing any Insolvency Proceeding. 
 (c)        Without limiting the rights of
Collateral Agent and the Lenders set forth in Sections 9.1(a) and (b) above, upon the occurrence and during the continuance of an Event of Default, Collateral Agent shall have the right, without notice or demand, to do any or all of the
following: 
 (i)        settle or adjust disputes and claims directly with Account
Debtors for amounts on terms and in any order that Collateral Agent considers advisable, notify any Person owing Borrower money of Collateral Agent’s security interest in such funds, and verify the amount of such account; 

(ii)        make any payments and do any acts it considers necessary or reasonable to
protect the Collateral and/or its security interest in the Collateral. Borrower shall assemble the Collateral if Collateral Agent requests and make it available in a location as Collateral Agent reasonably designates. Collateral Agent may enter

  
 16. 

 
premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to
its security interest and pay all expenses incurred. Borrower grants Collateral Agent a license to enter and occupy any of its premises, without charge, to exercise any of Collateral Agent’s rights or remedies; 

(iii)        ship, reclaim, recover, store, finish, maintain, repair, prepare for
sale, and/or advertise for sale, the Collateral. Collateral Agent is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s and each of its
Subsidiaries’ labels, patents, copyrights, mask works, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production
of, advertising for sale, and selling any Collateral and, in connection with Collateral Agent’s exercise of its rights under this Section 9.1, Borrower’s and each of its Subsidiaries’ rights under all licenses and all franchise
agreements inure to Collateral Agent, for the benefit of the Lenders; 

(iv)        place a “hold” on any account maintained with Collateral Agent
or the Lenders and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 

(v)        demand and receive possession of Borrower’s Books; 

(vi)        appoint a receiver to seize, manage and realize any of the Collateral,
and such receiver shall have any right and authority as any competent court will grant or authorize in accordance with any applicable law, including any power or authority to manage the business of Borrower or any of its Subsidiaries; and 

(vii)        subject to clauses 9.1(a) and (b), exercise all rights and remedies
available to Collateral Agent and each Lender under the Loan Documents or at law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

Notwithstanding any provision of this Section 9.1 to the contrary, upon the occurrence of any Event of Default,
Collateral Agent shall have the right to exercise any and all remedies referenced in this Section 9.1 without the written consent of Required Lenders following the occurrence of an Exigent Circumstance. As used in the immediately preceding
sentence, “Exigent Circumstance” means any event or circumstance that, in the reasonable judgment of Collateral Agent, imminently threatens the ability of Collateral Agent to realize upon all or any material portion of the
Collateral, such as, without limitation, fraudulent removal, concealment, or abscondment thereof, destruction or material waste thereof, or failure of Borrower or any of its Subsidiaries after reasonable demand to maintain or reinstate adequate
casualty insurance coverage, or which, in the judgment of Collateral Agent, could reasonably be expected to result in a material diminution in value of the Collateral. 

9.2        Power of Attorney. Borrower hereby irrevocably appoints
Collateral Agent as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s
or any of its Subsidiaries’ names on any checks or other forms of payment or security; (b) sign Borrower’s or any of its Subsidiaries’ names on any invoice or bill of lading for any Account or drafts against Account Debtors;
(c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Collateral Agent determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies;
(e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the
Collateral into the name of Collateral Agent or a third party as the Code or any applicable law permits. Borrower hereby appoints Collateral Agent as its lawful
attorney-in-fact to sign Borrower’s or any of its Subsidiaries’ name on any documents necessary to perfect or continue the perfection of Collateral
Agent’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity obligations) have been satisfied in full and Collateral Agent and the Lenders are under no
further obligation to make Credit Extensions hereunder. Collateral Agent’s foregoing appointment as Borrower’s or any of its Subsidiaries’ attorney in fact, and all of Collateral Agent’s rights and powers, coupled with an
interest, are irrevocable until all Obligations (other than inchoate indemnity obligations) have been fully repaid and performed and Collateral Agent’s and the Lenders’ obligation to provide Credit Extensions terminates. 

  
 17. 

 9.3        Protective
Payments. If Borrower or any of its Subsidiaries fail to obtain the insurance called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower or any of its Subsidiaries is obligated to
pay under this Agreement or any other Loan Document, Collateral Agent may obtain such insurance or make such payment, and all amounts so paid by Collateral Agent are Lenders’ Expenses and immediately due and payable, bearing interest at the
Default Rate, and secured by the Collateral. Collateral Agent will make reasonable efforts to provide Borrower with notice of Collateral Agent obtaining such insurance or making such payment at the time it is obtained or paid or within a reasonable
time thereafter. No such payments by Collateral Agent are deemed an agreement to make similar payments in the future or Collateral Agent’s waiver of any Event of Default. 

9.4        Application of Payments and Proceeds. Notwithstanding
anything to the contrary contained in this Agreement, upon the occurrence and during the continuance of an Event of Default, (a) Borrower irrevocably waives the right to direct the application of any and all payments at any time or times
thereafter received by Collateral Agent from or on behalf of Borrower or any of its Subsidiaries of all or any part of the Obligations, and, as between Borrower on the one hand and Collateral Agent and Lenders on the other, Collateral Agent shall
have the continuing and exclusive right to apply and to reapply any and all payments received against the Obligations in such manner as Collateral Agent may deem advisable notwithstanding any previous application by Collateral Agent, and
(b) the proceeds of any sale of, or other realization upon all or any part of the Collateral shall be applied: first, to the Lenders’ Expenses; second, to accrued and unpaid interest on the Obligations (including any interest which, but
for the provisions of the United States Bankruptcy Code, would have accrued on such amounts); third, to the principal amount of the Obligations outstanding; and fourth, to any other indebtedness or obligations of Borrower owing to Collateral Agent
or any Lender under the Loan Documents. Any balance remaining shall be delivered to Borrower or to whoever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct. In carrying out the foregoing,
(x) amounts received shall be applied in the numerical order provided until exhausted prior to the application to the next succeeding category, and (y) each of the Persons entitled to receive a payment in any particular category shall
receive an amount equal to its pro rata share of amounts available to be applied pursuant thereto for such category. Any reference in this Agreement to an allocation between or sharing by the Lenders of any right, interest or obligation
“ratably,” “proportionally” or in similar terms shall refer to Pro Rata Share unless expressly provided otherwise. Collateral Agent, or if applicable, each Lender, shall promptly remit to the other Lenders such sums as may be
necessary to ensure the ratable repayment of each Lender’s portion of any Term Loan and the ratable distribution of interest, fees and reimbursements paid or made by Borrower. Notwithstanding the foregoing, a Lender receiving a scheduled
payment shall not be responsible for determining whether the other Lenders also received their scheduled payment on such date; provided, however, if it is later determined that a Lender received more than its ratable share of scheduled payments made
on any date or dates, then such Lender shall remit to Collateral Agent or other Lenders such sums as may be necessary to ensure the ratable payment of such scheduled payments, as instructed by Collateral Agent. If any payment or distribution of any
kind or character, whether in cash, properties or securities, shall be received by a Lender in excess of its ratable share, then the portion of such payment or distribution in excess of such Lender’s ratable share shall be received by such
Lender in trust for and shall be promptly paid over to the other Lender for application to the payments of amounts due on the other Lenders’ claims. To the extent any payment for the account of Borrower is required to be returned as a voidable
transfer or otherwise, the Lenders shall contribute to one another as is necessary to ensure that such return of payment is on a pro rata basis. If any Lender shall obtain possession of any Collateral, it shall hold such Collateral for itself and as
agent and bailee for Collateral Agent and other Lenders for purposes of perfecting Collateral Agent’s security interest therein. 

9.5        Liability for Collateral. So long as Collateral Agent
and the Lenders comply with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Collateral Agent and the Lenders, Collateral Agent and the Lenders shall not be liable or responsible for:
(a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears
all risk of loss, damage or destruction of the Collateral. 

9.6        No Waiver; Remedies Cumulative. Failure by Collateral
Agent or any Lender, at any time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Collateral Agent or any Lender thereafter to demand
strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by Collateral Agent and the Required Lenders and then is only effective for the specific instance and purpose for which it is given. The
rights and remedies of Collateral Agent and the Lenders under this Agreement and the other Loan Documents are cumulative. 

  
 18. 

 
Collateral Agent and the Lenders have all rights and remedies provided under the Code, any applicable law, by law, or in equity. The exercise by Collateral Agent or any Lender of one right or
remedy is not an election, and Collateral Agent’s or any Lender’s waiver of any Event of Default is not a continuing waiver. Collateral Agent’s or any Lender’s delay in exercising any remedy is not a waiver, election, or
acquiescence. 
 9.7        Demand Waiver. Borrower waives, to the
fullest extent permitted by law, demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments,
chattel paper, and guarantees held by Collateral Agent or any Lender on which Borrower or any Subsidiary is liable. 
  

	10.	 NOTICES 

All notices, consents, requests, approvals, demands, or other communication (collectively, “Communication”)
by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S.
mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier
with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. Any of Collateral Agent,
Lender or Borrower may change its mailing address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 10. 
  

					
		 	 If to Borrower:
	 	 TARVEDA THERAPEUTICS, INC.

		 		 	 134 Coolidge Avenue

		 		 	 Watertown, Massachusetts 02472

		 		 	 Attn: Brian Roberts, Chief Financial Officer

		 		 	 Fax: (617) 923-4101

			
		 	 with a copy (which
	 	 Cooley LLP

		 	 shall not constitute
	 	 Wilber A. Barillas

		 	 notice) to:
	 	 500 Boylston Street, 14th Floor

		 		 	 Boston, MA 02116-3736

		 		 	 Fax: (617) 937-2400

		 		 	 Email: wbarillas@cooley.com

			
		 	 If to Collateral Agent:
	 	 OXFORD FINANCE LLC

		 		 	 133 North Fairfax Street

		 		 	 Alexandria, Virginia 22314

		 		 	 Attention: Legal Department

		 		 	 Fax: (703) 519-5225

		 		 	 Email: LegalDepartment@oxfordfinance.com 

			
		 	 with a copy (which
	 	 Greenberg Traurig, LLP

		 	 shall not constitute
	 	 One International Place

		 	 notice) to:
	 	 Boston, MA 02110

		 		 	 Attn: Jonathan Bell, Esq.

		 		 	 Fax: (617) 310-6001

		 		 	 Email: bellj@gtlaw.com

  

	11.	 CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

New York law governs the Loan Documents without regard to principles of conflicts of law. Borrower, Lenders and Collateral
Agent each submit to the exclusive jurisdiction of the State and Federal courts in the City of 

  
 19. 

 
New York, Borough of Manhattan. NOTWITHSTANDING THE FOREGOING, COLLATERAL AGENT AND THE LENDERS SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN THE
COURTS OF ANY OTHER JURISDICTION WHICH COLLATERAL AGENT AND THE LENDERS (IN ACCORDANCE WITH THE PROVISIONS OF SECTION 9.1) DEEM NECESSARY OR APPROPRIATE TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE COLLATERAL AGENT’S AND THE
LENDERS’ RIGHTS AGAINST BORROWER OR ITS PROPERTY. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon
lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints,
and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by
Borrower in accordance with, Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, first
class, registered or certified mail return receipt requested, proper postage prepaid. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, BORROWER, COLLATERAL AGENT, AND THE LENDERS EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH
OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR EACH PARTY TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
  

	12.	 GENERAL PROVISIONS 

12.1        Successors and Assigns. This Agreement binds and is
for the benefit of the successors and permitted assigns of each party. Borrower may not transfer, pledge or assign this Agreement or any rights or obligations under it without Collateral Agent’s and each Lender’s prior written consent
(which may be granted or withheld in Collateral Agent’s and each Lender’s discretion, subject to Section 12.6). The Lenders have the right, without the consent of or notice to Borrower, to sell, transfer, assign, pledge, negotiate, or
grant participation in (any such sale, transfer, assignment, negotiation, or grant of a participation, a “Lender Transfer”) all or any part of, or any interest in, the Lenders’ obligations, rights, and benefits under
this Agreement and the other Loan Documents; provided, however, that any such Lender Transfer (other than a transfer, pledge, sale or assignment to an Eligible Assignee) of its obligations, rights, and benefits under this Agreement and
the other Loan Documents shall require the prior written consent of the Required Lenders (such approved assignee, an “Approved Lender”). Borrower and Collateral Agent shall be entitled to continue to deal solely and directly with
such Lender in connection with the interests so assigned until Collateral Agent shall have received and accepted an effective assignment agreement in form satisfactory to Collateral Agent executed, delivered and fully completed by the applicable
parties thereto, and shall have received such other information regarding such Eligible Assignee or Approved Lender as Collateral Agent reasonably shall require. Notwithstanding anything to the contrary contained herein, so long as no Event of
Default has occurred and is continuing, no Lender Transfer (other than a Lender Transfer (i) in respect of the Warrants or (ii) in connection with (x) assignments by a Lender due to a forced divestiture at the request of any
regulatory agency; or (y) upon the occurrence of a default, event of default or similar occurrence with respect to a Lender’s own financing or securitization transactions) shall be permitted, without Borrower’s consent, to any Person
which is an Affiliate or Subsidiary of Borrower, a direct competitor of Borrower or a vulture hedge fund, each as determined by Collateral Agent. 

12.2        Indemnification. Borrower agrees to indemnify, defend and hold
Collateral Agent and the Lenders and their respective directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Collateral Agent or the Lenders (each, an “Indemnified Person”) harmless
against: (a) all obligations, demands, claims, and liabilities (collectively, “Claims”) asserted by any other party in connection with; related to; following; or arising from, out of or under, the transactions contemplated by
the Loan Documents; and (b) all losses or Lenders’ Expenses incurred, or paid by Indemnified Person in connection with; related to; following; or arising from, out of or under, the transactions contemplated by the Loan Documents between
Collateral Agent, and/or the Lenders and Borrower (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such 

  
 20. 

 
Indemnified Person’s gross negligence or willful misconduct. Borrower hereby further indemnifies, defends and holds each Indemnified Person harmless from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the fees and disbursements of counsel for such Indemnified Person) in connection with any
investigative, response, remedial, administrative or judicial matter or proceeding, whether or not such Indemnified Person shall be designated a party thereto and including any such proceeding initiated by or on behalf of Borrower, and the
reasonable expenses of investigation by engineers, environmental consultants and similar technical personnel and any commission, fee or compensation claimed by any broker (other than any broker retained by Collateral Agent or Lenders) asserting any
right to payment for the transactions contemplated hereby which may be imposed on, incurred by or asserted against such Indemnified Person as a result of or in connection with the transactions contemplated hereby and the use or intended use of the
proceeds of the loan proceeds except for liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements directly caused by such Indemnified Person’s gross negligence or willful
misconduct. 
 12.3        Time of Essence. Time is of the
essence for the performance of all Obligations in this Agreement. 

12.4        Severability of Provisions. Each provision of this
Agreement is severable from every other provision in determining the enforceability of any provision. 

12.5        Correction of Loan Documents. Collateral Agent and the Lenders may
correct patent errors and fill in any blanks in this Agreement and the other Loan Documents consistent with the agreement of the parties. 

12.6        Amendments in Writing; Integration. (a) No
amendment, modification, termination or waiver of any provision of this Agreement or any other Loan Document, no approval or consent thereunder, or any consent to any departure by Borrower or any of its Subsidiaries therefrom, shall in any event be
effective unless the same shall be in writing and signed by Borrower, Collateral Agent and the Required Lenders provided that: 

(i)        no such amendment, waiver or other modification that would have the effect
of increasing or reducing a Lender’s Term Loan Commitment or Commitment Percentage shall be effective as to such Lender without such Lender’s written consent; 

(ii)        no such amendment, waiver or modification that would affect the rights
and duties of Collateral Agent shall be effective without Collateral Agent’s written consent or signature; 

(iii)        no such amendment, waiver or other modification shall, unless signed by
all the Lenders directly affected thereby, (A) reduce the principal of, rate of interest on or any fees with respect to any Term Loan or forgive any principal, interest (other than default interest) or fees (other than late charges) with
respect to any Term Loan (B) postpone the date fixed for, or waive, any payment of principal of any Term Loan or of interest on any Term Loan (other than default interest) or any fees provided for hereunder (other than late charges or for any
termination of any commitment); (C) change the definition of the term “Required Lenders” or the percentage of Lenders which shall be required for the Lenders to take any action hereunder; (D) release all or substantially all of
any material portion of the Collateral, authorize Borrower to sell or otherwise dispose of all or substantially all or any material portion of the Collateral or release any Guarantor of all or any portion of the Obligations or its guaranty
obligations with respect thereto, except, in each case with respect to this clause (D), as otherwise may be expressly permitted under this Agreement or the other Loan Documents (including in connection with any disposition permitted hereunder); (E)
amend, waive or otherwise modify this Section 12.6 or the definitions of the terms used in this Section 12.6 insofar as the definitions affect the substance of this Section 12.6; (F) consent to the assignment, delegation or other
transfer by Borrower of any of its rights and obligations under any Loan Document or release Borrower of its payment obligations under any Loan Document, except, in each case with respect to this clause (F), pursuant to a merger or consolidation
permitted pursuant to this Agreement; (G) amend any of the provisions of Section 9.4 or amend any of the definitions of Pro Rata Share, Term Loan Commitment, Commitment Percentage or that provide for the Lenders to receive their Pro Rata
Shares of any fees, payments, setoffs or proceeds of Collateral hereunder; (H) subordinate the Liens granted in favor of Collateral Agent securing the Obligations; or (I) amend any of the provisions of Section 12.10. It is hereby
understood and agreed that all Lenders shall be deemed directly affected by an amendment, waiver or other modification of the type described in the preceding clauses (C), (D), (E), (F), (G) and (H) of the preceding sentence; 

  
 21. 

 (iv)        the provisions of the
foregoing clauses (i), (ii) and (iii) are subject to the provisions of any interlender or agency agreement among the Lenders and Collateral Agent pursuant to which any Lender may agree to give its consent in connection with any amendment,
waiver or modification of the Loan Documents only in the event of the unanimous agreement of all Lenders. 

(b)        Other than as expressly provided for in Section 12.6(a)(i)-(iii),
Collateral Agent may, if requested by the Required Lenders, from time to time designate covenants in this Agreement less restrictive by notification to a representative of Borrower. 

(c)        This Agreement and the Loan Documents represent the entire agreement about
this subject matter and supersede prior negotiations or agreements.             All prior agreements, understandings, representations, warranties, and negotiations between the parties about
the subject matter of this Agreement and the Loan Documents merge into this Agreement and the Loan Documents. 

12.7        Counterparts. This Agreement 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 Agreement. 

12.8        Survival. All covenants, representations and warranties made
in this Agreement continue in full force and effect until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the
termination of this Agreement) have been satisfied. The obligation of Borrower in Section 12.2 to indemnify each Lender and Collateral Agent, as well as the confidentiality provisions in Section 12.9 below, shall survive until the statute
of limitations with respect to such claim or cause of action shall have run. 

12.9        Confidentiality. In handling any confidential information of
Borrower, the Lenders and Collateral Agent shall exercise the same degree of care that it exercises for their own proprietary information, but disclosure of information may be made: (a) subject to the terms and conditions of this Agreement, to
the Lenders’ and Collateral Agent’s Subsidiaries or Affiliates, or in connection with a Lender’s own financing or securitization transactions and upon the occurrence of a default, event of default or similar occurrence with respect to
such financing or securitization transaction; (b) to prospective transferees (other than those identified in (a) above) or purchasers of any interest in the Credit Extensions (provided, however, the Lenders and Collateral Agent shall,
except upon the occurrence and during the continuance of an Event of Default, obtain such prospective transferee’s or purchaser’s agreement to the terms of this provision or to similar confidentiality terms); (c) as required by law,
regulation, subpoena, or other order; (d) to Lenders’ or Collateral Agent’s regulators or as otherwise required in connection with an examination or audit; (e) as Collateral Agent reasonably considers appropriate in exercising
remedies under the Loan Documents; and (f) to third party service providers of the Lenders and/or Collateral Agent so long as such service providers have executed a confidentiality agreement with the Lenders and Collateral Agent with terms no
less restrictive than those contained herein. Confidential information does not include information that either: (i) is in the public domain or in the Lenders’ and/or Collateral Agent’s possession when disclosed to the Lenders and/or
Collateral Agent, or becomes part of the public domain after disclosure to the Lenders and/or Collateral Agent; or (ii) is disclosed to the Lenders and/or Collateral Agent by a third party, if the Lenders and/or Collateral Agent does not know
that the third party is prohibited from disclosing the information. Collateral Agent and the Lenders may use confidential information for any purpose, including, without limitation, for the development of client databases, reporting purposes, and
market analysis. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. The agreements provided under this Section 12.9 supersede all prior agreements, understanding, representations, warranties,
and negotiations between the parties about the subject matter of this Section 12.9. 

12.10        Right of Set Off. Borrower hereby grants to Collateral
Agent and to each Lender, a lien, security interest and right of set off as security for all Obligations to Collateral Agent and each Lender hereunder, whether now existing or hereafter arising upon and against all deposits, credits, collateral and
property, now or hereafter in the possession, custody, safekeeping or control of Collateral Agent or the Lenders or any entity under the control of Collateral Agent or the Lenders (including a Collateral Agent affiliate) or in transit to any of
them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Collateral Agent or the Lenders may set off the same or any part thereof and apply the same to any liability or obligation of
Borrower even though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL 

  
 22. 

 
RIGHTS TO REQUIRE COLLATERAL AGENT TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO
SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

12.11    Cooperation of Borrower. If necessary, Borrower agrees to (i) execute any
documents (including new Secured Promissory Notes) reasonably required to effectuate and acknowledge each assignment of a Term Loan Commitment or Loan to an assignee in accordance with Section 12.1, (ii) make Borrower’s management
available to meet with Collateral Agent and prospective participants and assignees of Term Loan Commitments or Credit Extensions (which meetings shall be conducted no more often than twice every twelve months unless an Event of Default has occurred
and is continuing), and (iii) assist Collateral Agent or the Lenders in the preparation of information relating to the financial affairs of Borrower as any prospective participant or assignee of a Term Loan Commitment or Term Loan reasonably
may request. Subject to the provisions of Section 12.9, Borrower authorizes each Lender to disclose to any prospective participant or assignee of a Term Loan Commitment, any and all information in such Lender’s possession concerning
Borrower and its financial affairs which has been delivered to such Lender by or on behalf of Borrower pursuant to this Agreement, or which has been delivered to such Lender by or on behalf of Borrower in connection with such Lender’s credit
evaluation of Borrower prior to entering into this Agreement. 
  

	13.	 DEFINITIONS 

13.1    Definitions. As used in this Agreement, the following terms have the
following meanings: 
 “Account” is any “account” as defined in the Code with such additions to
such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as
may hereafter be made. 
 “Affiliate” of any Person is a Person that owns or controls directly or
indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company,
that Person’s managers and members. 
 “Agreement” is defined in the preamble hereof. 

“Amortization Date” is, (i) with respect to each Term Loan, October 1, 2021, if Term B Loans are
made in accordance with the terms hereof, and (ii) with respect to Term A Loan, April 1, 2021, if Term B Loans are not made. 

“Annual Projections” is defined in Section 6.2(a). 

“Anti-Terrorism Laws” are any laws relating to terrorism or money laundering, including Executive Order
No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by OFAC. 

“Approved Fund” is any (i) investment company, fund, trust, securitization vehicle or conduit that is
(or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business or (ii) any Person (other than a natural person) which temporarily warehouses
loans for any Lender or any entity described in the preceding clause (i) and that, with respect to each of the preceding clauses (i) and (ii), is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) a
Person (other than a natural person) or an Affiliate of a Person (other than a natural person) that administers or manages a Lender. 

“Approved Lender” is defined in Section 12.1. 

  
 23. 

 “Basic Rate” is with respect to any Term Loan, the per
annum rate of interest (based on a year of three hundred sixty (360) days) equal to the greater of (a) Eight percent (8.00%) and (b) the sum of (i) thirty (30) day U.S. LIBOR rate reported in The Wall Street Journal on the
last Business Day of the month that immediately precedes the month in which the interest will accrue, plus (ii) Five and Fifty Hundredths percent (5.50%). If The Wall Street Journal (or another nationally recognized rate reporting source
acceptable to Collateral Agent) no longer reports the U.S. LIBOR Rate or if such interest rate no longer exists or if The Wall Street Journal no longer publishes the U.S. LIBOR Rate or ceases to exist, Collateral Agent may in good faith select a
replacement interest rate or replacement publication, as the case may be. Notwithstanding the foregoing, the Basic Rate for the Term Loan for the period from the Effective Date through and including March 31, 2019 shall be Eight percent
(8.00%). 
 “Blocked Person” is any Person: (a) listed in the annex to, or is otherwise subject to the
provisions of, Executive Order No. 13224, (b) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (c) a Person
with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law, (d) a Person that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order
No. 13224, or (e) a Person that is named a “specially designated national” or “blocked person” on the most current list published by OFAC or other similar list. 

“Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are Borrower’s or any of its Subsidiaries’ books and records including
ledgers, federal, and state tax returns, records regarding Borrower’s or its Subsidiaries’ assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing
such information. 
 “Business Day” is any day that is not a Saturday, Sunday or a day on which Collateral
Agent is closed. 
 “Cash Collateralization Account” is Borrower’s deposit account maintained with
Silicon Valley Bank and disclosed on the Perfection Certificate on the Effective Date, which is used for the exclusive purpose of securing Indebtedness described in clause (g) of the definition of Permitted Indebtedness and the total deposit
wherein may not exceed Two Hundred Thousand Dollars ($200,000.00) at any given time. 
 “Cash Equivalents”
are (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper
maturing no more than one (1) year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc., and (c) certificates of deposit maturing no more than
one (1) year after issue provided that the account in which any such certificate of deposit is maintained is subject to a Control Agreement in favor of Collateral Agent. For the avoidance of doubt, the direct purchase by Borrower or any of its
Subsidiaries of any Auction Rate Securities, or purchasing participations in, or entering into any type of swap or other derivative transaction, or otherwise holding or engaging in any ownership interest in any type of Auction Rate Security by
Borrower or any of its Subsidiaries shall be conclusively determined by the Lenders as an ineligible Cash Equivalent, and any such transaction shall expressly violate each other provision of this Agreement governing Permitted Investments.
Notwithstanding the foregoing, Cash Equivalents does not include and Borrower, and each of its Subsidiaries, are prohibited from purchasing, purchasing participations in, entering into any type of swap or other equivalent derivative transaction, or
otherwise holding or engaging in any ownership interest in any type of debt instrument, including, without limitation, any corporate or municipal bonds with a long-term nominal maturity for which the interest rate is reset through a dutch auction
and more commonly referred to as an auction rate security (each, an “Auction Rate Security”). 

“Claims” are defined in Section 12.2. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the
State of New York; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in
Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Collateral Agent’s Lien on any
Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of 

  
 24. 

 
New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such
attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A.

 “Collateral Account” is any Deposit Account, Securities Account, or Commodity Account, or any other bank
account maintained by Borrower or any Subsidiary at any time. 
 “Collateral Agent” is, Oxford, not in its
individual capacity, but solely in its capacity as agent on behalf of and for the benefit of the Lenders. 

“Commitment Percentage” is set forth in Schedule 1.1, as amended from time to time. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such
term as may hereafter be made. 
 “Communication” is defined in Section 10. 

“Compliance Certificate” is that certain certificate in the form attached hereto as
Exhibit C. 
 “Contingent Obligation” is, for any Person, any direct or indirect
liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed,
co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and
(c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange
rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the
Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support
arrangement. 
 “Control Agreement” is any control agreement entered into among the depository institution
at which Borrower or any of its Subsidiaries maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower or any of its Subsidiaries maintains a Securities Account or a Commodity Account, Borrower and such
Subsidiary, and Collateral Agent pursuant to which Collateral Agent obtains control (within the meaning of the Code) for the benefit of the Lenders over such Deposit Account, Securities Account, or Commodity Account. 

“Copyrights” are any and all copyright rights, copyright applications, copyright registrations and like
protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Term Loan or any other extension of credit by Collateral Agent or Lenders for
Borrower’s benefit. 
 “Default Rate” is defined in Section 2.3(b). 

“Deposit Account” is any “deposit account” as defined in the Code with such additions to such term
as may hereafter be made. 
 “Designated Deposit Account” is Borrower’s deposit account, account
number 3302085709, maintained with Silicon Valley Bank. 

  
 25. 

 “Disbursement Letter” is that certain form attached hereto
as Exhibit B. 
 “Dollars,” “dollars” and “$” each mean lawful
money of the United States. 
 “Effective Date” is defined in the preamble of this Agreement. 

“Eligible Assignee” is (i) a Lender, (ii) an Affiliate of a Lender, (iii) an Approved Fund and
(iv) any commercial bank, savings and loan association or savings bank or any other entity which is an “accredited investor” (as defined in Regulation D under the Securities Act of 1933, as amended) and which extends credit or buys
loans as one of its businesses, including insurance companies, mutual funds, lease financing companies and commercial finance companies, in each case, which either (A) has a rating of BBB or higher from Standard & Poor’s Rating
Group and a rating of Baa2 or higher from Moody’s Investors Service, Inc. at the date that it becomes a Lender or (B) has total assets in excess of Five Billion Dollars ($5,000,000,000.00), and in each case of clauses (i) through
(iv), which, through its applicable lending office, is capable of lending to Borrower without the imposition of any withholding or similar taxes; provided that notwithstanding the foregoing, “Eligible Assignee” shall not include, unless an
Event of Default has occurred and is continuing, (i) Borrower or any of Borrower’s Affiliates or Subsidiaries or (ii) a direct competitor of Borrower or a vulture hedge fund, each as determined by Collateral Agent. Notwithstanding the
foregoing, (x) in connection with assignments by a Lender due to a forced divestiture at the request of any regulatory agency, the restrictions set forth herein shall not apply and Eligible Assignee shall mean any Person or party and
(y) in connection with a Lender’s own financing or securitization transactions, the restrictions set forth herein shall not apply and Eligible Assignee shall mean any Person or party providing such financing or formed to undertake such
securitization transaction and any transferee of such Person or party upon the occurrence of a default, event of default or similar occurrence with respect to such financing or securitization transaction; provided that no such sale, transfer, pledge
or assignment under this clause (y) shall release such Lender from any of its obligations hereunder or substitute any such Person or party for such Lender as a party hereto until Collateral Agent shall have received and accepted an effective
assignment agreement from such Person or party in form satisfactory to Collateral Agent executed, delivered and fully completed by the applicable parties thereto, and shall have received such other information regarding such Eligible Assignee as
Collateral Agent reasonably shall require. 
 “Equipment” is all “equipment” as defined in the
Code with such additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“Equity Event” is the receipt by Borrower on or after the Effective Date of unrestricted net cash proceeds of
not less than Thirteen Million Dollars ($13,000,000), on or before March 31, 2020 and the delivery of evidence (reasonably acceptable to Collateral Agent) thereof by Borrower to Collateral Agent on or before such date, from either (i) the
issuance and sale by Borrower of its equity securities or (ii) from the up-front payments from a business development transaction. 

“ERISA” is the Employee Retirement Income Security Act of 1974, as amended, and its regulations. 

“Existing Indebtedness” is the indebtedness of Borrower to Silicon Valley Bank in the aggregate principal
outstanding amount as of the Effective Date of approximately Eight Million One Hundred Thirty Thousand Six Hundred Twenty-Five Dollars ($8,130,625) pursuant to that certain Loan and Security Agreement, dated June 1, 2017, entered into by and
between Silicon Valley Bank and Borrower. 
 “Event of Default” is defined in Section 8. 

“Final Payment” is a payment (in addition to and not a substitution for the regular monthly payments of
principal plus accrued interest) due on the earliest to occur of (a) the Maturity Date, or (b) the acceleration of any Term Loan, or (c) the prepayment of a Term Loan pursuant to Section 2.2(c) or (d), equal to the original
principal amount of such Term Loan multiplied by the Final Payment Percentage, payable to Lenders in accordance with their respective Pro Rata Shares. 

“Final Payment Percentage” is Five percent (5.00%). 

  
 26. 

 “Funding Date” is any date on which a Credit Extension is
made to or on account of Borrower which shall be a Business Day. 
 “GAAP” is generally accepted accounting
principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other Person as may be approved by a significant segment of the accounting profession in the United States, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” are all “general intangibles” as defined in the Code in effect on the date
hereof with such additions to such term as may hereafter be made, and includes without limitation, all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work, whether
published or unpublished, any patents, trademarks, service marks and, to the extent permitted under applicable law, any applications therefor, whether registered or not, any trade secret rights, including any rights to unpatented inventions, payment
intangibles, royalties, contract rights, goodwill, franchise agreements, purchase orders, customer lists, route lists, telephone numbers, domain names, claims, income and other tax refunds, security and other deposits, options to purchase or sell
real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of
insurance and rights to payment of any kind. 
 “Governmental Approval” is any consent, authorization,
approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Guarantor” is any Person providing a Guaranty in favor of Collateral
Agent. 
 “Guaranty” is any guarantee of all or any part of the Obligations, as the same may from time to
time be amended, restated, modified or otherwise supplemented. 
 “Indebtedness” is (a) indebtedness
for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital
lease obligations, and (d) Contingent Obligations. 
 “Indemnified Person” is defined in
Section 12.2. 
 “Insolvency Proceeding” is any proceeding by or against any Person under the United
States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Insolvent” means not Solvent. 

“Intellectual Property” means all of Borrower’s or any Subsidiary’s right, title and interest in
and to the following: 
 (a)        its Copyrights, Trademarks and Patents; 

(b)        any and all trade secrets and trade secret rights, including, without
limitation, any rights to unpatented inventions, know-how, operating manuals; 

(c)        any and all source code; 

  
 27. 

 (d)        any and all design rights
which may be available to Borrower; 
 (e)        any and all claims for damages by
way of past, present and future infringement of any of the foregoing, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f)        all amendments, renewals and extensions of any of the Copyrights,
Trademarks or Patents. 
 “Inventory” is all “inventory” as defined in the Code in effect on the
date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without
limitation such inventory as is temporarily out of any Person’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or
other securities), and any loan, advance, payment or capital contribution to any Person. 
 “Key Person” is
each of Borrower’s (i) Chief Executive Officer, who is Drew Fromkin as of the Effective Date, (ii) Chief Financial Officer, who is Brian Roberts as of the Effective Date and (iii) Chief Science Officer, who is Richard Wooster as
of the Effective Date. 
 “Lender” is any one of the Lenders. 

“Lenders” are the Persons identified on Schedule 1.1 hereto and each assignee that becomes a party to
this Agreement pursuant to Section 12.1. 
 “Lenders’ Expenses” are all audit fees and expenses,
costs, and expenses (including reasonable attorneys’ fees and expenses, as well as appraisal fees, fees incurred on account of lien searches, inspection fees, and filing fees) for preparing, amending, negotiating, administering, defending and
enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred by Collateral Agent and/or the Lenders in connection with the Loan Documents. 

“Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security interest, or other encumbrance of
any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 
 “Loan
Documents” are, collectively, this Agreement, the Warrants, the Perfection Certificates, each Compliance Certificate, each Disbursement Letter, any subordination agreements, any note, or notes or guaranties executed by Borrower or any other
Person, and any other present or future agreement entered into by Borrower, any Guarantor or any other Person for the benefit of the Lenders and Collateral Agent in connection with this Agreement; all as amended, restated, or otherwise modified.

 “Material Adverse Change” is (a) a material impairment in the perfection or priority of Collateral
Agent’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations or condition (financial or otherwise) of Borrower or any Subsidiary; or (c) a material impairment of the
prospect of repayment of any portion of the Obligations. 
 “Maturity Date” is, for each Term Loan,
March 1, 2024. 
 “Obligations” are all of Borrower’s obligations to pay when due any debts,
principal, interest, Lenders’ Expenses, the Prepayment Fee, the Final Payment, and other amounts Borrower owes the Lenders now or later, in connection with, related to, following, or arising from, out of or under, this Agreement or, the other
Loan Documents (other than the Warrants), or otherwise, and including interest accruing after Insolvency Proceedings begin (whether or not allowed) and debts, liabilities, or obligations of Borrower assigned to the Lenders and/or Collateral Agent,
and the performance of Borrower’s duties under the Loan Documents (other than the Warrants). 

  
 28. 

 “OFAC” is the U.S. Department of Treasury Office of Foreign
Assets Control. 
 “OFAC Lists” are, collectively, the Specially Designated Nationals and Blocked Persons
List maintained by OFAC pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and regulations of OFAC or pursuant to
any other applicable Executive Orders. 
 “Operating Documents” are, for any Person, such Person’s
formation documents, as certified by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person
is a corporation, its bylaws in current form, 
 (a)        if such Person is a
limited liability company, its limited liability company agreement (or similar agreement), and 

(b)        if such Person is a partnership, its partnership agreement (or similar
agreement), each of the foregoing with all current amendments or modifications thereto. 
 “Patents” means
all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and
continuations-in-part of the same. 

“Payment Date” is the first (1st) calendar day of each calendar month, commencing on May 1, 2019. 

“Payoff Letter” is defined in Section 3.1(n). 

“PEN-221 Event” is (i) the receipt by Borrower, on or before
March 31, 2020, of: (A) positive data in the Phase IIa clinical trial of Borrower’s drug candidate PEN-221, which positive data for the purposes of this Agreement shall mean a median tumor
progression free survival of 8 months or greater of at least 17 patients, in a single cohort in such clinical trial, which patients have (1) gastrointestinal neuroendocrine tumors, (2) have not yet received Lutathera and (3) have
received Pen-221 at a dose level at or below 8.8mg/liter2 and (B) evidence from the same clinical trial that PEN-221 has an acceptable safety profile, which
evidence combined with the positive data described in clause (i)(A) supports continued development of PEN-221 into Phase III testing; and (ii) the receipt by Collateral Agent, on or before March 31,
2020, of the evidence of occurrence of the event described in clause (i) along with a written certification (in such form and substance as are acceptable to Collateral Agent) by Borrower’s Chief Executive Officer, Chief Medical Officer and
Board of Directors of occurrence of the event described in clause (i)(B). 

“PEN-866 Event” is the commencement of the Phase IIa clinical trials
of Borrower’s drug candidate PEN-866, on or before March 31, 2020 and the delivery of evidence (reasonably acceptable to Collateral Agent) thereof by Borrower to Collateral Agent on or before such
date. 
 “Perfection Certificate” and “Perfection Certificates” is defined in
Section 5.1. 
 “Permitted Indebtedness” is: 

(a)        Borrower’s Indebtedness to the Lenders and Collateral Agent under this
Agreement and the other Loan Documents; 
 (b)        Indebtedness existing on the
Effective Date and disclosed on the Perfection Certificate(s); 

(c)        Subordinated Debt; 

(d)        unsecured Indebtedness to trade creditors incurred in the ordinary course
of business; 
 (e)        Indebtedness consisting of capitalized lease obligations
and purchase money Indebtedness, in each case incurred by Borrower or any of its Subsidiaries to finance the acquisition, repair, improvement or construction of fixed or capital assets of such person, provided that (i) the aggregate outstanding
principal amount of 

  
 29. 

 
all such Indebtedness does not exceed One Hundred Fifty Thousand Dollars ($150,000.00) at any time and (ii) the principal amount of such Indebtedness does not exceed the lower of the cost or
fair market value of the property so acquired or built or of such repairs or improvements financed with such Indebtedness (each measured at the time of such acquisition, repair, improvement or construction is made); 

(f)        Indebtedness incurred as a result of endorsing negotiable instruments
received in the ordinary course of Borrower’s business; 

(g)        Indebtedness in respect of credit cards and reimbursement obligations
pursuant to letters of credit, in each case, incurred in the ordinary course of business; provided, however, the aggregate amount of the outstanding Indebtedness under this clause (g) may not to exceed $200,000 at any time; and 

(h)        extensions, refinancings, modifications, amendments and restatements of any
items of Permitted Indebtedness (a) through (g) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose materially more burdensome terms upon Borrower, or its Subsidiary, as the case
may be. 
 “Permitted Investments” are: 

(a)        Investments disclosed on the Perfection Certificate(s) and existing on the
Effective Date; 
 (b)        (i) Investments consisting of cash and Cash
Equivalents, and (ii) any Investments permitted by Borrower’s investment policy, as amended from time to time, provided that such investment policy (and any such amendment thereto) has been approved in writing by Collateral Agent; 

(c)        Investments consisting of the endorsement of negotiable instruments for
deposit or collection or similar transactions in the ordinary course of Borrower; 

(d)        Investment consisting of Deposit Accounts in which Collateral Agent has a
perfected security interest; 
 (e)        Investments in connection with Transfers
permitted by Section 7.1; 
 (f)        Investments consisting of
(i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its
Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of Directors; not to exceed One Hundred Thousand Dollars ($100,000) in the aggregate for (i) and (ii) in any fiscal year; 

(g)        Investments (including debt obligations) received in connection with the
bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(h)        Investments consisting of notes receivable of, or prepaid royalties and
other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (h) shall not apply to Investments of Borrower in any Subsidiary; and 

(i)        non-cash Investments in joint
ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical support.

 “Permitted Licenses” are (A) licenses of over-the-counter software that is commercially available to the public, and (B) non-exclusive and exclusive licenses for the use of the Intellectual Property of
Borrower or any of its Subsidiaries entered into in the ordinary course of business, provided, that, with respect to each such license described in clause (B), (i) no Event of Default has occurred or is continuing at the time of such license;
(ii) the license constitutes 

  
 30. 

 
an arms-length transaction, the terms of which, on their face, do not provide for a sale or assignment of any Intellectual Property and do not restrict the ability of Borrower or any of its
Subsidiaries, as applicable, to pledge, grant a security interest in or lien on, or assign or otherwise Transfer any Intellectual Property; (iii) in the case of any exclusive license, (x) Borrower delivers ten (10) days’ prior
written notice and a brief summary of the terms of the proposed license to Collateral Agent and the Lenders and delivers to Collateral Agent and the Lenders copies of the final executed licensing documents in connection with the exclusive license
promptly upon consummation thereof, and (y) any such license could not result in a legal transfer of title of the licensed property but may be exclusive in respects other than territory and may be exclusive as to territory only as to discrete
geographical areas outside of the United States; and (iv) all upfront payments, royalties, milestone payments or other proceeds arising from the licensing agreement that are payable to Borrower or any of its Subsidiaries are paid to a Deposit
Account that is governed by a Control Agreement. 
 “Permitted Liens” are: 

(a)        Liens existing on the Effective Date and disclosed on the Perfection
Certificates or arising under this Agreement and the other Loan Documents; 

(b)        Liens for taxes, fees, assessments or other government charges or levies,
either (i) not due and payable or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of
1986, as amended, and the Treasury Regulations adopted thereunder; 

(c)        liens securing Indebtedness permitted under clause (e) of the
definition of “Permitted Indebtedness,” provided that (i) such liens exist prior to the acquisition of, or attach substantially simultaneous with, or within twenty (20) days after the, acquisition, lease, repair,
improvement or construction of, such property financed or leased by such Indebtedness and (ii) such liens do not extend to any property of Borrower other than the property (and proceeds thereof) acquired, leased or built, or the improvements or
repairs, financed by such Indebtedness; 
 (d)        Liens of carriers,
warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Twenty Five Thousand
Dollars ($25,000.00), and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property
subject thereto; 
 (e)        Liens to secure payment of workers’
compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(f)        Liens incurred in the extension, renewal or refinancing of the indebtedness
secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

(g)        leases or subleases of real property granted in the ordinary course of
Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other
than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit
granting Collateral Agent or any Lender a security interest therein; 

(h)        banker’s liens, rights of setoff and Liens in favor of financial
institutions incurred in the ordinary course of business arising in connection with Borrower’s deposit accounts or securities accounts held at such institutions solely to secure payment of fees and similar costs and expenses and provided such
accounts are maintained in compliance with Section 6.6(b) hereof; 

  
 31. 

 (h)        Liens arising from
judgments, decrees or attachments in circumstances not constituting an Event of Default under Section 8.4 or 8.7; 

(j)        Liens consisting of Permitted Licenses; and 

(k)        Liens on the Cash Collateralization Account or other cash collateral
pledged to secure Indebtedness permitted pursuant to clause (g) of the defined term “Permitted Indebtedness”, provided that the aggregate amount of Indebtedness secured shall not exceed $200,000. 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture,
company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Post Closing Letter” is that certain Post Closing Letter dated as of the Effective Date by and between
Collateral Agent and Borrower. 
 “Prepayment Fee” is, with respect to any Term Loan subject to prepayment
prior to the Maturity Date, whether by mandatory or voluntary prepayment, acceleration or otherwise, an additional fee payable to the Lenders in amount equal to: 

(i)        for a prepayment made on or after the Funding Date of such Term Loan
through and including the first anniversary of the Funding Date of such Term Loan, three percent (3.00%) of the principal amount of such Term Loan prepaid; 

(ii)        for a prepayment made after the date which is after the first anniversary
of the Funding Date of such Term Loan through and including the second anniversary of the Funding Date of such Term Loan, two percent (2.00%) of the principal amount of the Term Loans prepaid; and 

(iii)        for a prepayment made after the date which is after the second
anniversary of the Funding Date of such Term Loan and prior to the Maturity Date, One percent (1.00%) of the principal amount of the Term Loans prepaid. 

“Pro Rata Share” is, as of any date of determination, with respect to each Lender, a percentage (expressed as
a decimal, rounded to the ninth decimal place) determined by dividing the outstanding principal amount of Term Loans held by such Lender by the aggregate outstanding principal amount of all Term Loans. 

“Registered Organization” is any “registered organization” as defined in the Code with such
additions to such term as may hereafter be made. 
 “Required Lenders” means (i) for so long as all of
the Persons that are Lenders on the Effective Date (each an “Original Lender”) have not assigned or transferred any of their interests in their Term Loan, Lenders holding one hundred percent (100%) of the aggregate outstanding
principal balance of the Term Loan, or (ii) at any time from and after any Original Lender has assigned or transferred any interest in its Term Loan, Lenders holding at least sixty six percent (66%) of the aggregate outstanding principal
balance of the Term Loan and, in respect of this clause (ii), (A) each Original Lender that has not assigned or transferred any portion of its Term Loan, (B) each assignee or transferee of an Original Lender’s interest in the Term Loan,
but only to the extent that such assignee or transferee is an Affiliate or Approved Fund of such Original Lender, and (C) any Person providing financing to any Person described in clauses (A) and (B) above; provided, however, that this
clause (C) shall only apply upon the occurrence of a default, event of default or similar occurrence with respect to such financing. 

“Requirement of Law” is as to any Person, the organizational or governing documents of such Person, and any
law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its
property is subject. 

  
 32. 

 “Responsible Officer” is any of the President, Chief
Executive Officer, or Chief Financial Officer of Borrower acting alone. 
 “Second Draw Period” is the
period commencing on the date that is the earlier of (i) the earliest date by which both the Equity Event and the PEN-866 Event shall have occurred or (ii) the date of the occurrence of the PEN-221 Event and ending on the earliest of (i) the date that is thirty (30) days immediately after the date of the commencement of the Second Draw Period, (ii) March 31, 2020 and (iii) the
occurrence of an Event of Default; provided, however, that the Second Draw Period shall not commence if on the date of the occurrence of the Equity Event, PEN-866 Event or
PEN-221 Event, as applicable, an Event of Default has occurred and is continuing. 

“Secured Promissory Note” is defined in Section 2.4. 

“Secured Promissory Note Record” is a record maintained by each Lender with respect to the outstanding
Obligations owed by Borrower to Lender and credits made thereto. 
 “Securities Account” is any
“securities account” as defined in the Code with such additions to such term as may hereafter be made. 

“Solvent” is, with respect to any Person: the fair salable value of such Person’s consolidated assets
(including goodwill minus disposition costs) exceeds the fair value of such Person’s liabilities; such Person is not left with unreasonably small capital after the transactions in this Agreement; and such Person is able to pay its debts
(including trade debts) as they mature. 
 “Subordinated Debt” is indebtedness incurred by Borrower or any
of its Subsidiaries subordinated to all Indebtedness of Borrower and/or its Subsidiaries to the Lenders (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Collateral Agent and the Lenders
entered into between Collateral Agent, Borrower, and/or any of its Subsidiaries, and the other creditor), on terms acceptable to Collateral Agent and the Lenders. 

“Subsidiary” is, with respect to any Person, any Person of which more than fifty percent (50%) of the voting
stock or other equity interests (in the case of Persons other than corporations) is owned or controlled, directly or indirectly, by such Person or through one or more intermediaries. 

“Term Loan” is defined in Section 2.2(a)(ii) hereof. 

“Term A Loan” is defined in Section 2.2(a)(i) hereof. 

“Term B Loan” is defined in Section 2.2(a)(ii) hereof. 

“Term Loan Commitment” is, for any Lender, the obligation of such Lender to make a Term Loan, up to the
principal amount shown on Schedule 1.1. 
 “Term Loan Commitments” means the aggregate amount of
such commitments of all Lenders. 
 “Trademarks” means any trademark and servicemark rights, whether
registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transfer” is defined in Section 7.1. 

“Warrants” are those certain Warrants to Purchase Stock dated as of the Effective Date, or any date
thereafter, issued by Borrower in favor of each Lender or such Lender’s Affiliates. 
 [Balance of Page Intentionally Left
Blank] 

  
 33. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the Effective Date. 
  

					
	        	 	 BORROWER:

		
		 	 TARVEDA THERAPEUTICS, Inc.

			
		 	 By:
	 	 /s/ Brian Roberts

		 	 Name:
	 	 Brian Roberts

		 	 Title:
	 	 Chief Financial Officer

  

					
	        	 	 COLLATERAL AGENT AND LENDER:

		
		 	 OXFORD FINANCE LLC

			
		 	 By:
	 	 /s/ Colette H. Featherly

		 	 Name:
	 	 Colette H. Featherly

		 	 Title:
	 	 Senior Vice President

 [Signature Page to Loan and Security Agreement] 

 SCHEDULE 1.1 

Lenders and Commitments 

Term A Loans 

					
	Lender	  	Term Loan Commitment	  	Commitment Percentage
	OXFORD FINANCE LLC	  	$10,000,000	  	100.00%
	TOTAL	  	$10,000,000	  	100.00%

  

					
	Term B Loans
	Lender	  	Term Loan Commitment	  	Commitment Percentage
	OXFORD FINANCE LLC	  	$5,000,000	  	100.00%
	TOTAL	  	$5,000,000	  	100.00%

  

					
	Aggregate (all Term Loans)
	Lender	  	Term Loan Commitment	  	Commitment Percentage
	OXFORD FINANCE LLC	  	$15,000,000	  	100.00%
	TOTAL	  	$15,000,000	  	100.00%

 EXHIBIT A 

Description of Collateral 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money,
leases, license agreements, franchise agreements, General Intangibles (except as noted below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts
and other Collateral Accounts, all certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial
assets, whether now owned or hereafter acquired, wherever located; and 
 All Borrower’s Books relating to the
foregoing, and any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of
the foregoing. 
 Notwithstanding the foregoing, the Collateral does not include (i) any Intellectual Property;
provided, however, the Collateral shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is
necessary to have a security interest in such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property only to the
extent necessary to permit perfection of Collateral Agent’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property; (ii) any license or contract, in each case if the granting
of a Lien in such license or contract is prohibited by or would constitute a default under the agreement governing such license or contract (but (A) only to the extent such prohibition is enforceable under applicable law and (B) other than
to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-408 or 9-409 (or any other Section)
of Division 9 of the Code); provided that upon the termination, lapsing or expiration of any such prohibition, such license or contract, as applicable, shall automatically be subject to the security interest granted in favor of Collateral Agent
hereunder and become part of the “Collateral”; (iii) any Equipment encumbered by a Lien described in clause (c) of the defined term “Permitted Lien”, if under the terms of equipment financing giving rise to such Lien, the
grant of a Lien on such Equipment is prohibited; provided further that the aggregate value of all such Equipment does not exceed $150,000.00; provided further that such Equipment shall be deemed “Collateral” hereunder if such third
party’s Lien is released or otherwise terminated; and (iv) Cash Collateralization Account used exclusively to maintain cash collateral subject to a Lien described in clause (k) of the defined term “Permitted Lien”, if under
the terms of the associated cash collateral pledge documentation giving rise to such Lien, the grant of a Lien on the Cash Collateralization Account is prohibited. 

Pursuant to the terms of a certain negative pledge arrangement with Collateral Agent and the Lenders, Borrower has agreed not
to encumber any of its Intellectual Property. 

 EXHIBIT B 

Form of Disbursement Letter 

[see attached] 

 DISBURSEMENT LETTER 

[DATE] 
 The undersigned, being
the duly elected and acting __________________ of TARVEDA THERAPEUTICS, INC., a Delaware corporation with an office located at 134 Coolidge Avenue, Watertown, Massachusetts 02472 (“Borrower”), does hereby certify to OXFORD
FINANCE LLC (“Oxford” and “Lender”), as collateral agent (the “Collateral Agent”) in connection with that certain Loan and Security Agreement dated as of March 29, 2019, by and among
Borrower, Collateral Agent and the Lenders from time to time party thereto (the “Loan Agreement”; with other capitalized terms used below having the meanings ascribed thereto in the Loan Agreement) that: 

1.    The representations and warranties made by Borrower in Section 5 of the Loan Agreement and in the other Loan
Documents are true and correct in all material respects as of the date hereof. 
 2.    No event or condition has
occurred that would constitute an Event of Default under the Loan Agreement or any other Loan Document. 

3.    Borrower is in compliance with the covenants and requirements contained in Sections 4, 6 and 7 of the Loan
Agreement. 
 4.    All conditions referred to in Section 3 of the Loan Agreement to the making of the Loan to be
made on or about the date hereof have been satisfied or waived by Collateral Agent. 
 5.    No Material Adverse Change
has occurred. 
 6.    The undersigned is a Responsible Officer. 

[Balance of Page Intentionally Left Blank] 

 7.        The proceeds of the Term
[A][B] Loan shall be disbursed as follows: 
  

			
	 Disbursement from Oxford:
	  	
	 Loan Amount
	  	$_________
	 Plus:
	  	
	 --Deposit Received
	  	$_________
		
	 Less:
	  	
	 --Facility Fee
	  	($_________)
	 [--Existing Debt Payoff to be remitted to [PAYOFF BANK] per the Payoff Letter dated
[DATE]
	  	($_________)]
	 [--Interim Interest
	  	($_________)]
	 --Lender’s Legal Fees
	  	($_________)*
		
	 Net Proceeds due from Oxford:
	  	$_________
		
	 TOTAL TERM [A][B] LOAN NET PROCEEDS FROM LENDERS
	  	$_________

 8.        The [initial][Term Loan][Term A Loan] shall
amortize in accordance with the Amortization Table attached hereto. 
 9.        The
aggregate net proceeds of the Term Loans shall be transferred to the Designated Deposit Account as follows: 
  

			
		
	Account Name:	  	[BORROWER]
		
	Bank Name:	  	[                          ]
		
	Bank Address:	  	[                          ]
		
	Account Number:	  	
		  	                                   
   
	ABA Number:	  	[                          ]

 [Balance of Page Intentionally Left Blank] 

 
  

 
 * Legal fees and costs are through the Effective Date. Post-closing legal fees and costs, payable after the Effective Date, to be invoiced and paid post-closing. 

 Dated as of the date first set forth above. 

 

	
	BORROWER:
	
	TARVEDA THERAPEUTICS, INC.
	
	By:                                     
                                  
	Name:                                     
                             
	Title:                                     
                               

  

	
	COLLATERAL AGENT AND LENDER:
	
	OXFORD FINANCE LLC
	
	By:                                     
                                  
	Name:                                     
                             
	Title:                                     
                               

  
  

[Signature Page to Disbursement Letter] 

 AMORTIZATION TABLE 

(Term [A][B] Loan) 
 [see attached]

 EXHIBIT C 

Compliance Certificate 
  

			
	TO:	  	OXFORD FINANCE LLC, as Collateral Agent and Lender
		
	FROM:	  	TARVEDA THERAPEUTICS, INC.

 The undersigned authorized officer (“Officer”) of TARVEDA THERAPEUTICS, INC.
(“Borrower”), hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement by and among Borrower, Collateral Agent, and the Lenders from time to time party thereto (the “Loan
Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings given them in the Loan Agreement), 

(a)            Borrower is in complete compliance for the period
ending ____________ with all required 

(b)            covenants except as noted below; 

(c)            There are no Events of Default, except as noted
below; 
 (d)            Except as noted below, all
representations and warranties of Borrower stated in the Loan Documents are true and correct in all material respects on this date; 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; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such
date. 
 (e)            Borrower, and each of Borrower’s
Subsidiaries, has timely filed all required tax returns and reports, Borrower, and each of Borrower’s Subsidiaries, has timely paid all foreign, federal, state, and local taxes, assessments, deposits and contributions owed by Borrower, or
Subsidiary, except as otherwise permitted pursuant to the terms of Section 5.8 of the Loan Agreement; 

(f)            No Liens have been levied or claims made against
Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Collateral Agent and the Lenders. 

Attached are the required documents, if any, supporting our certification(s). The Officer, on behalf of Borrower, further certifies that the
attached financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes and except, in the case
of unaudited financial statements, for the absence of footnotes and subject to year-end audit adjustments as to the interim financial statements. 

Please indicate compliance status since the last Compliance Certificate by circling Yes, No, or N/A under “Complies” column. 

 

													
	 	  	Reporting Covenant	  	Requirement	  	Actual	 	 	  	Complies
							
	1)	  	Financial statements	  	Monthly within 30 days	  		 	Yes	  	No	  	N/A
							
	2)	  	Annual (CPA Audited) statements	  	Within 180 days after FYE	  		 	Yes	  	No	  	N/A
							
	3)	  	Annual Financial Projections/Budget (prepared on a quarterly basis)	  	Annually (within 10 days of FYE), and when revised	  		 	Yes	  	No	  	N/A
							
	4)	  	A/R & A/Pagings	  	If applicable	  		 	Yes	  	No	  	N/A
							
	5)	  	8-K, 10-K and 10-Q Filings	  	If applicable, within 5 days of filing	  		 	Yes	  	No	  	N/A
							
	6)	  	Compliance Certificate	  	Monthly within 30 days	  		 	Yes	  	No	  	N/A
							
	7)	  	IP Report	  	When required	  		 	Yes	  	No	  	N/A

 Deposit and Securities Accounts 

(Please list all accounts; attach separate sheet if additional space needed) 

 

													
	 	  	Institution Name	  	Account Number	  	New Account?	  	Account Control Agreement in place?
							
	 1)
	  		  		  	Yes	  	No	  	Yes	  	No
							
	 2)
	  		  		  	Yes	  	No	  	Yes	  	No
							
	 3)
	  		  		  	Yes	  	No	  	Yes	  	No
							
	 4)
	  		  		  	Yes	  	No	  	Yes	  	No

 Other Matters 

 

							
	1)	 	Have there been any changes in management since the last Compliance Certificate?	    	Yes	    	No
				
	2)	 	Have there been any transfers/sales/disposals/retirement of Collateral or IP prohibited by the Loan Agreement?	    	Yes	    	No
				
	3)	 	Have there been any new or pending claims or causes of action against Borrower that involve more than One Hundred Thousand Dollars ($100,000.00)?	    	Yes	    	No
				
	4)	 	Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries? If yes,	    	Yes	    	No
		 	provide copies of any such amendments or changes with this Compliance Certificate.	    		    	

 Exceptions 

Please explain any exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions.” Attach
separate sheet if additional space needed.) 
  

	
	TARVEDA THERAPEUTICS, INC.
	
	By:                                     
                                
	Name:                                     
                           
	Title:                                     
                             
	
	Date:                                     
                             

  

			
	LENDER USE ONLY
		
	Received
by:                                        
              	 	Date:                      
		
	Verified
by:                                        
                	 	Date:                      
		
	Compliance Status:          Yes                        
        No	 	

 EXHIBIT D 

Form of Secured Promissory Note 

[see attached] 

 SECURED PROMISSORY NOTE 

(Term [A][B] Loan) 
  

			
	$__________________	  	Dated: [DATE]

 FOR VALUE RECEIVED, the undersigned, TARVEDA THERAPEUTICS, INC., a Delaware corporation with
an office located at 134 Coolidge Avenue, Watertown, Massachusetts 02472 (“Borrower”) HEREBY PROMISES TO PAY to the order of OXFORD FINANCE LLC (“Lender”) the principal amount of
[                ] MILLION DOLLARS ($    ) or such lesser amount as shall equal the outstanding principal balance of the Term [A][B] Loan made
to Borrower by Lender, plus interest on the aggregate unpaid principal amount of such Term [A][B] Loan, at the rates and in accordance with the terms of the Loan and Security Agreement dated March 29, 2019 by and among Borrower, Lender, Oxford
Finance LLC, as Collateral Agent, and the other Lenders from time to time party thereto (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”). If not sooner paid, the entire principal
amount and all accrued and unpaid interest hereunder shall be due and payable on the Maturity Date as set forth in the Loan Agreement. Any capitalized term not otherwise defined herein shall have the meaning attributed to such term in the Loan
Agreement. 
 Principal, interest and all other amounts due with respect to the Term [A][B] Loan, are payable in lawful
money of the United States of America to Lender as set forth in the Loan Agreement and this Secured Promissory Note (this “Note”). The principal amount of this Note and the interest rate applicable thereto, and all payments made
with respect thereto, shall be recorded by Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Note. 

The Loan Agreement, among other things, (a) provides for the making of a secured Term [A][B] Loan by Lender to Borrower,
and (b) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events. 

This Note may not be prepaid except as set forth in Section 2.2 (c) and Section 2.2(d) of the Loan Agreement. 

This Note and the obligation of Borrower to repay the unpaid principal amount of the Term [A][B] Loan, interest on the Term
[A][B] Loan and all other amounts due Lender under the Loan Agreement is secured under the Loan Agreement. 
 Presentment
for payment, demand, notice of protest and all other demands and notices of any kind in connection with the execution, delivery, performance and enforcement of this Note are hereby waived. 

Borrower shall pay all reasonable fees and expenses, including, without limitation, reasonable attorneys’ fees and costs,
incurred by Lender in the enforcement or attempt to enforce any of Borrower’s obligations hereunder not performed when due. 

This Note shall be governed by, and construed and interpreted in accordance with, the internal laws of the State of New York.

 The ownership of an interest in this Note shall be registered on a record of ownership maintained by Lender or its agent.
Notwithstanding anything else in this Note to the contrary, the right to the principal of, and stated interest on, this Note may be transferred only if the transfer is registered on such record of ownership and the transferee is identified as the
owner of an interest in the obligation. Borrower shall be entitled to treat the registered holder of this Note (as recorded on such record of ownership) as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable
or other claim to or interest in this Note on the part of any other person or entity. 
 [Balance of Page Intentionally Left Blank]

 IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed by one
of its officers thereunto duly authorized on the date hereof. 
  

	
	BORROWER:
	
	TARVEDA THERAPEUTICS, INC.
	
	By:                                     
                                         
   
	Name:                                     
                                       
	Title:                                     
                                         

  
  
  

 
 Term [A][B] Loan Secured Promissory Note

 LOAN INTEREST RATE AND PAYMENTS OF PRINCIPAL 

 

									
	 Date
	  	 Principal
	  	 Amount Interest
Rate
	  	 Scheduled
Payment Amount
	  	 Notation By

 CORPORATE BORROWING CERTIFICATE 

 

					
	BORROWER:	  	TARVEDA THERAPEUTICS, INC.	  	DATE: [DATE]
	LENDER:	  	OXFORD FINANCE LLC, as Collateral Agent and Lender

 I hereby certify as follows, as of the date set forth above: 

1.        I am the Secretary, Assistant Secretary or other officer of Borrower. My title is as set
forth below. 
 2.        Borrower’s exact legal name is set forth above. Borrower is a
corporation existing under the laws of the State of Delaware. 
 3.        Attached hereto as
Exhibit A and Exhibit B, respectively, are true, correct and complete copies of (i) Borrower’s Articles/Certificate of Incorporation (including amendments), as filed with the Secretary of State of the state in which Borrower
is incorporated as set forth in paragraph 2 above; and (ii) Borrower’s Bylaws. Neither such Articles/Certificate of Incorporation nor such Bylaws have been amended, annulled, rescinded, revoked or supplemented, and such
Articles/Certificate of Incorporation and such Bylaws remain in full force and effect as of the date hereof. 

4.        The following resolutions were duly and validly adopted by Borrower’s Board of
Directors at a duly held meeting of such directors (or pursuant to a unanimous written consent or other authorized corporate action). Such resolutions are in full force and effect as of the date hereof and have not been in any way modified,
repealed, rescinded, amended or revoked, and the Lenders may rely on them until each Lender receives written notice of revocation from Borrower. 

[INSERT CUSTOMIZED RESOLUTIONS] 

RESOLVED, that any one of the following officers or employees of Borrower, whose names, titles and signatures are below,
may act on behalf of Borrower: 
  

							
	
                      Name
	  	 Title
	  	 Signature
	  	
Authorized to
Add or Remove
Signatories

				
		  		  		  	☐
				
		  		  		  	☐
				
		  		  		  	☐
				
		  		  		  	☐

  

					
	 

    
	 	 RESOLVED FURTHER, that any one of the persons designated above with a checked box beside
his or her name may, from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Borrower.
	  	
                       
   

			
		 	 RESOLVED FURTHER, that all acts authorized by the above resolutions and any prior acts relating
thereto are ratified.
	  	

 [Balance of Page Intentionally Left Blank] 

 5.            The persons listed
above are Borrower’s officers or employees with their titles and signatures shown next to their names. 
  

	
	
By:                  
                                         
         

	
	
Name:                 
                                         
    

	
	
Title:                 
                                         
      

 *** If the Secretary, Assistant Secretary or other certifying officer executing above is designated by
the resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Borrower. 

I, the ________________ of Borrower, hereby certify as to paragraphs 1 through 5 above, as [print title] of the date set forth above. 

 

	
	
By:                  
                                         
         

	
	
Name:                 
                                         
    

	
	
Title:                 
                                         
      

  
  
  

[Signature Page to Corporate Borrowing Certificate] 

 EXHIBIT A 

Articles/Certificate of Incorporation (including amendments) 

[see attached] 

 EXHIBIT B 

Bylaws 
 [see
attached] 

			
	 DEBTOR:
	  	TARVEDA THERAPEUTICS, INC.
	 SECURED PARTY:
	  	OXFORD FINANCE LLC, 
as Collateral Agent

 EXHIBIT A TO UCC FINANCING STATEMENT 

Description of Collateral 

The Collateral consists of all of Debtor’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money,
leases, license agreements, franchise agreements, General Intangibles (except as noted below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts
and other Collateral Accounts, all certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial
assets, whether now owned or hereafter acquired, wherever located; and 
 All Debtor’s Books relating to the foregoing,
and any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the
foregoing. 
 Notwithstanding the foregoing, the Collateral does not include (i) any Intellectual Property; provided,
however, the Collateral shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to
have a security interest in such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property only to the extent necessary
to permit perfection of Collateral Agent’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property; (ii) any license or contract, in each case if the granting of a Lien in such
license or contract is prohibited by or would constitute a default under the agreement governing such license or contract (but (A) only to the extent such prohibition is enforceable under applicable law and (B) other than to the extent
that any such term would be rendered ineffective pursuant to Sections 9-406, 9-408 or 9-409 (or any other Section) of Division 9
of the Code); provided that upon the termination, lapsing or expiration of any such prohibition, such license or contract, as applicable, shall automatically be subject to the security interest granted in favor of Collateral Agent hereunder and
become part of the “Collateral”; (iii) any Equipment encumbered by a Lien described in clause (c) of the defined term “Permitted Lien”, if under the terms of equipment financing giving rise to such Lien, the grant of a Lien
on such Equipment is prohibited; provided further that the aggregate value of all such Equipment does not exceed $150,000.00; provided further that such Equipment shall be deemed “Collateral” hereunder if such third party’s Lien is
released or otherwise terminated; and (iv) Cash Collateralization Account used exclusively to maintain cash collateral subject to a Lien described in clause (k) of the defined term “Permitted Lien”, if under the terms of the
associated cash collateral pledge documentation giving rise to such Lien, the grant of a Lien on the Cash Collateralization Account is prohibited. 

Pursuant to the terms of a certain negative pledge arrangement with Collateral Agent and the Lenders, Debtor has agreed not to
encumber any of its Intellectual Property. 
 Capitalized terms used but not defined herein have the meanings ascribed in
the Uniform Commercial Code in effect in the State of New York as in effect from time to time (the “Code”) or, if not defined in the Code, then in the Loan and Security Agreement by and between Debtor, Secured Party and the other Lenders
party thereto (as modified, amended and/or restated from time to time).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]