Document:

EX-10.19

 Exhibit 10.19 

REIMBURSEMENT AGREEMENT; 
 GENERAL
SECURITY AGREEMENT 
 This Reimbursement Agreement; General Security Agreement (this “Agreement”) is entered into as of April 9, 2010
(“Effective Date”) by and between SCYNEXIS, Inc., a Delaware corporation (“Debtor”), and sanofi-aventis, a French Société Anonyme (“Secured Party”). In consideration of the premises, covenants, and
agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows: 
  

	 	1.	On the date hereof, Debtor has entered into a Letter Agreement with HSBC Bank USA, National Association (the “Lender”), dated as of April 9, 2010 (the “Credit Agreement”). At the request of the
Debtor and in order to induce the Lender to make credit available to the Debtor, Secured Party has agreed to guaranty the repayment of sums owed by the Debtor to the Lender under the Credit Agreement, pursuant to that certain Guaranty dated as of
April 9, 2010 executed by the Secured Party in favor of the Lender or any other guaranty which may be issued by Secured Party to support any credit made available to Debtor (collectively, the “Guaranty”). 

In the event that Secured Party makes any payment to the Lender (or its successors, transferees, or assignees) pursuant to the Guaranty, the
Debtor hereby agrees to reimburse Secured Party or its designee for any and all payments made by the Secured Party to the Lender. (Such reimbursement obligations and all other sums payable by the Debtor to Secured Party pursuant to this Agreement
(including without limitation, principal, interest, (including but not limited to, all interest that accrues after the commencement of any case, proceeding or other action relating to bankruptcy, insolvency or reorganization of the Debtor), fees or
other amounts payable hereunder) and are hereinafter referred to as the “Obligations”). 
  

	 	2.	 The Debtor agrees to pay the amount of all outstanding Obligations in full within thirty (30) days of the Secured Party’s payment of such
amounts to the Lender (or any successor, transferee or assignee thereof). The Debtor agrees to pay interest on the unpaid amount of outstanding Obligations from the date such amount is paid to the Lender (or any successor, transferee or assignee
thereof) by the Secured Party until the date that the Debtor repays the Secured Party for such Obligations (“Interest Period”) at the rate of LIBOR plus five percent (5%). For the foregoing purposes, “LIBOR” shall mean, that rate
per annum for United States dollar deposits with a one month maturity for an amount equal or comparable to the outstanding principal balance under this Agreement, as reported on Telerate page 3750 (or if not so reported, then as determined by
Secured Party from another recognized source of interbank quotations of Secured Party’s choice), as of 11:00 a.m. London time, two (2) London business days prior to the commencement of each Interest Period for settlement in
immediately available funds by major top credit quality banks in the London Interbank Market. LIBOR shall be rounded to the next higher 1/16th of 1%. All computations of interest shall be made by
the Debtor 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 1 of 15 

 
on the basis of a year of 360 days, in each case for the actual number of days (including the first day, but excluding the last day) occurring in the period for which such interest is payable.
Interest shall be payable monthly on the first day of each calendar month during which the Obligations remain outstanding. 
  

	 	3.	The Debtor agrees that Secured Party and its employees, officers, and directors have no obligation as a condition to receiving reimbursement of amounts paid under the Guaranty or for the purposes of imposing liability
or otherwise (i) to determine whether the Debtor is in fact in default under the Credit Agreement or (ii) to determine whether there are any offsets or defenses to the sums paid by Secured Party under the Guaranty. The rights of Secured
Party to reimbursement of all sums paid by Secured Party under the Guaranty are unconditional. The Obligations shall survive any termination, repayment, cancellation, rescission, or amendment of the Credit Agreement, until such time that the Debtor
pays such Obligations in full in accordance with the terms of this Agreement. All rights of the Secured Party, all Obligations of the Debtor and the liens hereunder, are absolute and unconditional, irrespective of any lack of validity or
enforceability of the Credit Agreement, any related document or any other agreement, or any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Debtor in respect of the Obligations or this Agreement. In
addition, the Debtor agrees to pay Secured Party any reasonable attorneys’ fees incurred by Secured Party in collecting the Obligations from the Debtor or in enforcing this Agreement. 

 

	 	4.	Debtor shall defend, indemnify and hold the Secured Party harmless for all claims, actions, losses, damages, expenses (including court costs and attorneys’ fees) or other liabilities of any kind whatsoever, that
the Secured Party may suffer in connection with the Guaranty and this Agreement, except for such third party claims, actions, losses, damages, expenses or other liabilities that arise from the gross negligence or willful misconduct of Secured Party
or its employees, officers, directors or agents. 

  

	 	5.	All payments shall be made free and clear and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or
withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any governmental authority (collectively, “Taxes”). If any Taxes are required to be withheld from any amounts payable to the Secured Party hereunder, then
the amounts so payable to the Secured Party shall be increased, and the Debtor shall be liable to pay to the Secured Party the amount of such increase, to the extent necessary to yield to such Secured Party (after payment of all such Taxes) the full
amount of all Obligations payable hereunder. The Obligations shall be paid by the Debtor without regard to any equities between the Debtor and the Secured Party or any right of setoff or cross-claim. 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 2 of 15 

	 	6.	The Debtor expressly waives with respect to Secured Party only: (a) notice of acceptance of this Agreement and of all extensions of credit to the Debtor; (b) presentment and demand for payment of the
Obligations, (c) protest and notice of dishonor or of default; (d) any modifications, renewals or restatements of any obligation of Secured Party relating to the Obligations by operation of law or by action of any court, (e) all other
notices to which the Debtor might otherwise be entitled; (f) demand for payment or performance under this Agreement; and (g) any rights of the Debtor pursuant to North Carolina General Statute §26-7. 

 

	 	7.	In consideration of the Obligations, the Debtor agrees that, in order to provide Secured Party with security for payment and performance of all Obligations, the Debtor hereby grants the Secured Party (or any other
person designated by Secured Party) a first priority security interest in all of the Debtor’s right, title and interest in and to the following, whether now existing or hereafter from time to time acquired, made, created or accruing:
(i) all equipment, furniture, machinery, fixtures and appliances, and all software and databases (electronic or other) and the use and enjoyment of such software and databases, excluding the Debtor’s HEOS® information management software and/or the use and enjoyment thereof, together with all parts, accessories and attachments and all replacements thereof and additions thereto employed or useful in
the operation of the Debtor’s business and owned by Debtor, regardless of where located; (ii) all leasehold improvements owned by Debtor; (iii) all accounts receivable and (iv) all books and records, computer tapes and programs,
manuals, instructions and ledger books arising out of or related to any of the foregoing (collectively “Records”), and all accessions to, substitutions for and all replacements, products and proceeds of each of the foregoing, including
without limitation, with respect to all of the foregoing, insurance or condemnation proceeds owing therefrom (and any other rights or claims of Debtor (whether current, future, actual or contingent) granted pursuant to any insurance policy issued in
connection with the foregoing), all property received wholly or partly in trade or exchange of any of the foregoing, all leases of any of the foregoing, and all rents, revenues, issues, profits, and proceeds arising from the sale, lease, license,
encumbrance, collection or any other temporary or permanent disposition of any of the foregoing or any interest therein (all of the foregoing being hereinafter referred to collectively as the “Collateral”). The Debtor and the Secured Party
agree that the security interest hereby granted attaches upon the execution of this Agreement. 

 Secured Party shall have no
duty of care with respect to the Collateral, except that Secured Party shall exercise reasonable care with respect to Collateral in Secured Party’s custody, but shall be deemed to have exercised reasonable care if such property is accorded
treatment substantially equal to that which Secured Party accords its own property, or if Secured Party takes such action with respect to the Collateral as the Debtor shall request in writing, but no failure to comply with any such request nor any
omission to do any such act requested by the Debtor shall be deemed a failure to exercise reasonable care, nor shall Secured Party’s failure to take steps to preserve rights against any parties or property be deemed a failure to have exercised
reasonable care with respect to Collateral in Secured Party’s custody. 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 3 of 15 

 Notwithstanding anything to the contrary contained in this Agreement, and for valuable
consideration receipt of which is hereby acknowledged by the Debtor, the Debtor hereby irrevocably and immediately grants the Secured Party an irrevocable license to use the HEOS® information
management software, together with all parts, accessories and attachments and all replacements thereof and additions thereto, as loaded from time to time in any tangible Collateral, provided that the Secured Party undertakes not to make use of the
subject matter of such license prior to any Event of Default; the license granted hereunder by the Debtor includes, without limitation, the right for the Secured Party, at any time after the occurrence of an Event of Default, to grant sublicenses to
any third parties to use the subject matter of the license granted to the Secured Party pursuant to this provision. Besides, without prejudice and in addition to the rights (whether current, future, actual or contingent) of the Secured Party under
section 17 of this Agreement, the Secured Party shall have the right, at any time after the occurrence of an Event of Default, to assign or otherwise transfer (or create any trust over or any security interest in) all its rights (whether current,
fixture, actual or contingent) resulting from the license granted by the Debtor under this section 7, to, in favour of, or for the benefit of any third party. 
  

	 	8.	The Debtor further agrees and covenants, (a) that, if Secured Party so demands in writing at any time after the occurrence of an Event of Default hereunder, all proceeds of the Collateral shall be delivered to
Secured Party promptly in a manner satisfactory to Secured Party; (b) that, if Secured Party so demands in writing at any time after the occurrence of an Event of Default hereunder, all Records shall be delivered to Secured Party at the time
and place and in the manner in which specified by Secured Party’s demand; (c) to execute and deliver, upon request, any notice, statement, instrument, document, agreement or other papers and to perform any act requested by Secured Party
which may be necessary to create, perfect, preserve, validate or otherwise protect any security interest granted pursuant hereto or to enable Secured Party to exercise and enforce its rights hereunder or with respect to such security interest;
(d) that during the period that any sums owed to the Lender (or any successor, transferee or assignee thereof) under the Credit Agreement remain unpaid and prior to the termination of the Credit Agreement and thereafter for so long as this
Agreement remains in effect, the Debtor will not, without obtaining Secured Party’s prior written approval, dispose of (except in the ordinary course of business) or, create, incur, assume, or suffer to exist any lien, security interest in or
security title with respect to the Collateral pursuant to a security agreement subject to the Uniform Commercial Code or any similar law of any jurisdiction or otherwise, except as herein provided, and the Debtor will not sign or file or authorize
the signing or filing of a financing statement under the said Uniform Commercial Code of any jurisdiction with respect to the Collateral or any portion thereof, except as herein provided. 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 4 of 15 

	 	9.	The Debtor shall preserve and maintain the lien created by this Agreement and will protect and defend its title to the Collateral so that the lien so granted shall be and remain a first priority security interest in the
Collateral. If, in the Secured Party’s reasonable opinion, any lien may create an obligation having priority over the lien granted hereby, the Secured Party may, in addition to all other rights and remedies provided hereunder and under law or
equity, pay such lien and the amount of such payment shall be charged to the Debtor and secured by the lien granted hereby. The Debtor further agrees to provide Secured Party with such information as Secured Party may from time to time request with
respect to the location of any of the Debtor’s business. In addition, Secured Party will be notified promptly in writing of a change in location of the Debtor’s principal place of business or of a change in location of any Collateral, or
of a change in the Debtor’s name, identity or structure. 

  

	 	10.	The Debtor will maintain insurance on such of the Collateral, with such companies, in such amounts, against such risks and such insurers as Secured Party may reasonably request. All policies of insurance will specify
that Secured Party is an additional insured as its interest may appear and shall provide that such insurance shall not be cancelable by the Debtor or the insurer without at least 10 days advance written notice to Secured Party. In the event any or
all insurance hereinbefore provided for is canceled, any returned premium thereon shall be collected by Secured Party and may be applied by Secured Party to any part of the Obligations, whether matured or unmatured. If the Debtor fails to maintain
such insurance, Secured Party may, at its option, but without obligation, purchase such insurance or pay any premium owing, and any such sum paid by Secured Party shall be payable by the Debtor on demand by Secured Party or at its option may be
added to any of the Obligations and secured hereby. The Debtor shall deliver to the Secured Party such certificates, endorsements, and other evidence of such insurance as the Secured Party may reasonably request. The Debtor will pay all taxes,
license fees and other impositions on the Collateral as well as the cost of repairs and maintenance. Secured Party may, at its option, but without obligation, pay any and all amounts for taxes, repairs and other costs, expenses and liabilities, and
any such sum shall be payable on demand or added to the Obligations and secured hereby. 

 The Debtor shall cause the
Collateral to be maintained and preserved in good condition, repair, and working order, excepting ordinary wear and tear. The Debtor shall not permit any of the Collateral to become a fixture to any real estate that is not subject to a mortgage or
deed of trust made by the Debtor in favor of the Secured Party. The Debtor shall, on demand therefore by the Secured Party, deliver to the Secured Party any and all evidence of ownership of any of the Collateral (including without limitation,
certificates of title and applications for title). Debtor shall not misuse, conceal or in any way use or dispose of the Collateral unlawfully or contrary to the provisions of this Agreement or any insurance coverage. Loss of, damage to, or
uncollectability of the Collateral or any part thereof will not release Debtor from any of its obligations hereunder. The exercise by the Secured Party of any of the rights under this Agreement shall not release Debtor from any of its duties or
obligations under any such Collateral and the Secured Party is not obligated or liable under any such Collateral by reason of this Agreement, nor is the Secured Party obligated to perform any obligations or duties of the Debtor thereunder or to take
any action hereunder. 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 5 of 15 

	 	11.	The Debtor represents and warrants to Secured Party (which representations and warranties shall be deemed to be renewed as of the date of each renewal or extension of credit under any of the Obligations and shall
continue in effect until no Obligations remain outstanding and this Agreement is terminated) that: 

  

	 	a.	Except as set forth on Exhibit A, the Debtor is the absolute and sole owner of the Collateral free and clear of all security interests, liens, claims and encumbrances whatsoever, other than those evidenced by this
Agreement. 

  

	 	b.	The Collateral is located at the address(es) described on Exhibit B. 

  

	 	c.	Secured Party and any persons designated by it shall have the right to call at the place where the Collateral is located at any reasonable time and without hindrance or delay to inspect the Collateral.

  

	 	d.	The Debtor’s legal name is the name listed below and the following is the only names used by the Debtor during all or any part of the thirteen-year period preceding the date of this Agreement: 

SCYNEXIS, Inc., provided however that the Debtor was formerly known as “SCYNEXIS Chemistry & Automation, Inc.” and as
“ScyRex, Inc.” 
  

	 	e.	The Debtor will promptly advise Secured Party in writing of any change in name, identity or structure of the Debtor or any change of the Collateral locations listed above or the opening of any new places of business or
the closing of the Debtor’s existing places of business. 

  

	 	f.	Except as set forth on Exhibit A, the Debtor has the power to make, deliver and perform this Agreement and has taken all necessary action to authorize the execution, delivery and performance of this Agreement. This
Agreement is the valid obligation of the Debtor, legally binding upon the Debtor and enforceable in accordance with its terms. No consent or approval of any other person or entity, under the terms of any contract or otherwise, and no consent,
license, approval or authorization of any governmental authority, bureau or agency is required in connection with the execution, delivery, performance, validity and enforceability of this Agreement. 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 6 of 15 

	 	g.	The Debtor’s execution, delivery and performance of this Agreement, does not violate any of the terms, conditions or obligations of: (i) its certificate of incorporation or bylaws; (ii) any indenture,
contract, permit, agreement or other instrument to which Debtor is a party or by which it or any of the Collateral is bound; or (iii) any law, regulation, ruling, order, injunction, decree or other requirement applicable to or imposed upon the
Debtor by any law, the action of any court or other governmental authority or agency. 

  

	 	h.	The Debtor’s principal place of business is listed below: 

 3501C Tri-Center Boulevard

 Durham, North Carolina 27713 
  

	 	i.	Within thirty (30) days after the Effective Date of this Agreement, Debtor shall provide to the Secured Party written evidence that each secured party listed in Exhibit A has filed or authorized the Debtor to file
the applicable termination filing, for each filing officer with whom a financing statement was filed, terminating all security interests and liens granted pursuant to the Loan and Security Agreement and Master Security Agreement (each as defined in
Exhibit A). 

  

	 	j.	The Debtor has not during the period of October 31, 2009 until and including the Effective Date, (i) sold, leased, transferred or otherwise disposed of the Collateral or any part of the Collateral or any
interest therein; (ii) suffered any judgment affecting the Collateral or any part therein; or (iii) suffered any demolition or injury or waste to the Collateral, which materially impaired the value of such Collateral. The Debtor represents
and warrants that it is legally entitled to procure a full and unconditional release and discharge of any security right or interest which would, but for such discharge or release, rank equally with or superior to the security interest granted to
the Secured Party herein and that all obligations secured by such prior security interest have been paid in full. 

  

	 	12.	The following shall constitute defaults or events of default hereunder (“Events of Default”) : 

  

	 	a.	Failure by the Debtor to pay within five (5) days of when due any payments which are due and payable hereunder; or 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 7 of 15 

	 	b.	Failure by the Debtor to keep, perform or observe any covenant, term or condition required to be kept, performed or observed by the Debtor hereunder and the failure to cure the same within thirty (30) days after
receipt of notice of default from Secured Party, or Debtor’s breach of any representation or warranty contained herein in any material respect; or 

  

	 	c.	If the Debtor (i) files a petition or has a petition filed against it under the United States Bankruptcy Code or any proceeding for the relief of insolvent debtors; (ii) generally fails to pay its debts as
such debts become due; (iii) has a custodian appointed for the Debtor or for substantially all of its assets; (iv) benefits from or is subject to the entry of an order for relief by any court of insolvency, (v) makes an admission of
insolvency seeking the relief provided in the United States Bankruptcy Code or any other insolvency law; (vi) makes an assignment for the benefit of creditors; (vii) has a receiver appointed, voluntarily or otherwise, for its property;
(viii) suspends business; or (ix) becomes insolvent, however otherwise evidenced, and in the case of an involuntary petition or proceeding, the same is not dismissed within sixty (60) days after being filed; or 

 

	 	d.	Any attempted enforcement of or realization upon any security interest, lien or judgment affecting the Collateral or any part thereof; or 

 

	 	e.	Any attachment, garnishment, execution or other process is issued against any Collateral or any part thereof; or 

  

	 	f.	The Debtor’s creation, incurrence, assumption or suffering to exist any Lien on any of the Collateral or any part therein to secure the indebtedness of Debtor or any other person except for such existing Lien that
Debtor is legally entitled to have terminated as of the date hereof. For the foregoing purposes, “Lien” means any mortgage, pledge, hypothecation, encumbrance, lien (statutory or other), charge or other security interest or any similar
preferential agreement or arrangement and the filing of any financing statement under the Uniform Commercial Code or comparable laws of any jurisdiction; or 

  

	 	g.	Any actual or threatened demolition or injury or waste to the Collateral which may materially impair the value of the Collateral, except to the extent such demolition, injury or waste is covered by insurance; or

  

	 	h.	The Debtor commences the process of liquidation or dissolution or its charter expires or is revoked; or 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 8 of 15 

	 	i.	The Debtor sells, leases, transfers (or creates any trust for the benefit of any person) or otherwise disposes of the Collateral or any part of the Collateral, or any interest therein, contrary to the provisions of this
Agreement without prior consent of the Secured Party. 

  

	 	13.	 Upon the occurrence of an Event of Default, or at any time thereafter, Secured Party may declare any or all of the Obligations immediately due and
payable, without presentment, demand, protest, or notice of any kind, demand or notice to the Debtor. Furthermore, upon the occurrence of any such Event of Default, or at any time thereafter, Secured Party, at its option, may terminate any
obligation to guarantee any further advances or amounts then outstanding under the Credit Agreement and may notify the Lender (and/or any successor, transferee or assignee thereof) of such termination. Upon an Event of Default, or at any time
thereafter, Secured Party may also peacefully enter upon the Debtor’s premises, or wherever the Collateral is located, and peacefully take possession thereof, and maintain such possession on the Debtor’s premises, or demand and receive
such possession from any person who has possession thereof, or remove the Collateral or any part thereof, to such other places as the Secured Party may desire, all without any obligation, and without notice (except as specified below) and with or
without taking possession thereof, sell, lease, assign, grant options to purchase or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any location chosen by the Secured Party, for cash, on
credit or for future delivery, and at such price or prices and upon such other terms as are commercially reasonable. In addition to and independent of any of the ongoing rights or other rights, Secured Party shall also have all of the rights and
remedies provided to a secured party by the Uniform Commercial Code in effect in North Carolina at that time or other applicable law. In addition thereto, the Debtor further agrees that (i) in the event that notice is necessary under applicable
law, written notice mailed to the Debtor at the address given below five (5) business days prior to the date of public sale of any of the Collateral subject to the security interest created herein or prior to the day after which private sale of
any other disposition of said Collateral will be made shall constitute reasonable notice, but notice given in any other reasonable manner or at any other time shall be sufficient; (ii) in the event of sale or other disposition of any such
Collateral, Secured Party may apply the proceeds of any such sale or disposition to the satisfaction of its reasonable attorneys’ fees, legal expenses, and other costs and expenses reasonably incurred in connection with its taking, retaking,
holding, preparing for sale, and selling of the Collateral and to any of the Obligations in such order as Secured Party, in its discretion, may elect; (iii) without precluding any other methods of sale, the sale of Collateral shall have been
made in a commercially reasonable manner if conducted in conformity with reasonable commercial practices of lenders disposing of similar property but in any event Secured Party may sell on such terms as Secured Party may choose, without assuming any
credit risk and (iv) Secured Party may require the Debtor to assemble the Collateral, taking all necessary or appropriate action to preserve and keep it in good condition, and make such available to Secured Party at a place and time convenient
to both parties, all at the expense of the Debtor. Furthermore, in any such event, to the extent permitted under applicable law, the 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 9 of 15 

	 	
Debtor waives all rights which the Debtor has or may have as to notice and to a judicial hearing prior to any seizure of the Collateral by Secured Party and full power and authority are hereby
given Secured Party to sell, assign, and deliver the whole of the Collateral or any parties thereof, at any time(s) at any broker’s board, or at public or private sale, at its option, and no delay on its part in exercising any power of sale or
any rights or options hereunder, and no notice of demand, which may be given to or made upon the Debtor by Secured Party with respect to any power of sale or other right or option hereunder, shall constitute a waiver thereof, or limit or impair
Secured Party’s right to take any action or to exercise any power of sale or any other rights hereunder, without notice or demand, or prejudice Secured Party’s rights as against the Debtor in any respect. 

 

	 	14.	Any and all of Secured Party’s rights with respect to the security interest hereunder shall continue unimpaired, and the Debtor shall be and remain obligated in accordance with the terms hereof, notwithstanding the
release or substitution of any Collateral at any time or of any rights or of interest therein, or any delay, extension of time, renewal, compromise or other indulgence granted by Secured Party in reference to any of the Obligations, or any
promissory note, draft, bill of exchange or other instrument given in connection therewith, the Debtor hereby waiving all notice of any such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to
be bound thereby as fully and effectually as if the Debtor had expressly agreed thereto in advance. 

  

	 	15.	No delay on Secured Party’s part in exercising any power of sale, option or other right hereunder, and no notice or demand which may be given to or made upon the Debtor by Secured Party, shall constitute a waiver
thereof, or limit or impair Secured Party’s right to take any action or to exercise any other power of sale, option or any other right hereunder, without notice or demand, or prejudice Secured Party’s rights as against the Debtor in any
respect. 

  

	 	16.	The Debtor shall, from time to time, promptly execute and file such financing statements as Secured Party may request in order to create, evidence, perfect or preserve any security interest granted or purported to be
granted hereby or to enable the Secured Party to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Secured Party is authorized, at its option, to file financing or continuation statement(s) or amendments thereto
without the signature of the Debtor with respect to any of the Collateral; the Debtor agrees to reimburse Secured Party for the expense of any such filing. The Debtor will furnish to the Secured Party from time to time statements and schedules
further identifying and describing the Collateral and such other reports in connection with the Collateral as the Secured Party may reasonably request, all in reasonable detail, and will permit the Secured Party and/or its designated agents, at any
time during the Debtor’s usual business hours, to inspect and/or conduct audits with respect to the Collateral. The Debtor hereby irrevocably appoints the Secured Party the Debtor’s attorney-in-fact, with full authority to take any action
and to execute any instrument that the Secured Party may deem necessary to carry-out the provisions of this Agreement, including without limitation, to execute and file any UCC financing statements the Secured Party deems necessary or appropriate.

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 10 of 15 

	 	17.	Secured Party may assign or otherwise transfer this Agreement, or any instrument(s) evidencing all or any of the Obligations, and any agreement relating thereto (other than the Guaranty, which shall not be assigned or
transferred by Secured Party) and, upon the occurrence of an Event of Default, may deliver all or any of the Collateral to the transferee(s), who shall thereupon become vested with all the powers and rights in respect thereto given to Secured Party
herein or in the instrument(s) transferred, and Secured Party shall thereafter be forever relieved and fully discharged from any liability or responsibility with respect thereto, without prejudice to the retention by Secured Party of all rights and
powers hereby given with respect to any and all instruments, rights or property not so transferred. The Debtor may not assign its rights or delegate its duties hereunder without Secured Party’s written consent. 

 

	 	18.	This is a continuing agreement and shall remain in full force and effect until revoked by Secured Party in writing or written notice shall have been received from the Debtor by Secured Party that it has been revoked,
but any such notice by the Debtor shall not release the notifying party (or parties) from any liability, responsibility, lien or security interest created hereunder with respect to such of the Obligation(s) as may have been theretofore incurred and
any renewals, extensions or modifications of such Obligations and any expenses paid or incurred by Secured Party in endeavoring to collect the Obligations, including attorneys’ fees, or realize upon the Collateral or in enforcing this
Agreement. Furthermore, if this Agreement is terminated, or revoked by operation of law as against the Debtor, the Debtor will indemnify and save Secured Party, its successors or assigns, harmless from any loss which may be suffered or incurred by
Secured Party in making, giving, granting or extending any loan or other credit, or otherwise acting, hereunder prior to receipt by Secured Party of notice in writing of such termination or revocation. 

 

	 	19.	The Debtor agrees that the security interest granted hereby shall remain in full force and effect and shall not be released by Secured Party until all Obligations have been indefeasibly paid in full and such payments
are no longer subject to rescission, recovery or repayment upon the bankruptcy, insolvency, reorganization, moratorium, receivership or similar proceeding affecting the Debtor. 

 

	 	20.	The Debtor will upon demand pay to the Secured Party the amount of any and all reasonable expenses (including fees and disbursements of its counsel) which the Secured Party may incur in connection with (i) the
custody, use or operation of, or the sale of, or other realization upon, any of the Collateral, or (ii) the exercise or enforcement of any of the rights of the Secured Party hereunder. 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 11 of 15 

	 	21.	This Agreement shall be governed by the laws of the State of North Carolina in all respects, including matters of construction, validity and performance (without regard to its principles of conflicts of law); none of
its terms or provisions may be waived, altered, modified, limited or amended except by an agreement expressly referring hereto and to which Secured Party consents in writing duly signed for Secured Party and on its behalf; the rights granted to
Secured Party herein shall be supplementary and in addition to those granted in any other agreements with respect to the Obligations. This Agreement binds the Debtor, its successors and assigns, and inures to the benefit of the Secured Party, its
successors and assigns. 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 12 of 15 

 Executed this the 9th day of April, 2010. 

 

					
	Very truly yours,	 	
	  
 SCYNEXIS, INC.
	 	
			
	By: 	 	/s/ Yves Ribeill	 	(Seal)
		 	Yves Ribeill, President	 	

  

			
	ACCEPTED AND AGREED
	  
 SANOFI-AVENTIS

		
	By:	 	/s/ Jérôme Contamine
	Name:	 	Jérôme Contamine
	Title:	 	Executive Vice President and Chief Financial Officer

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 13 of 15 

 EXHIBIT A 

Outstanding Security Interests, Liens, Claims and Encumbrances 

A. 
 The Debtor is a party to that certain
Venture Loan and Security Agreement (the “Loan and Security Agreement”), dated July 14, 2006, by and among Debtor, Horizon Technology Funding Company LLC (“Horizon”) and Bridge Bank, N.A. (“Bridge Bank”), pursuant
to which the Debtor granted Horizon and Bridge Bank a security interest in certain of its assets to secure the Debtor’s obligations pursuant thereto. Upon the repayment of all outstanding obligations of the Debtor pursuant to the Loan and
Security Agreement, which will be effected in connection with the closing of the Credit Agreement using a portion of the proceeds thereof, all security interests and liens granted pursuant to the Loan and Security Agreement will be immediately
terminated. 
 B. 
 The Debtor is a party to
that certain Master Security Agreement No. 4081055 dated June 28, 2004 (the “Master Security Agreement”), as amended, by and between the Debtor and Oxford Finance Corporation (“Oxford”), pursuant to which the Debtor
granted Oxford a security interest in certain of its assets to secure the Debtor’s obligations pursuant thereto. Upon the repayment of all outstanding obligations of the Debtor pursuant to the Master Security Agreement, which will be effected
in connection with the closing of the Credit Agreement using a portion of the proceeds thereof, all security interests and liens granted pursuant to the Master Security Agreement will be immediately terminated. 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 14 of 15 

 EXHIBIT B 

Location of Collateral 
 A. 

3501C Tricenter Blvd 
 Durham, NC 27713 

USA 
 B. 

7020 Kit Creek Road 
 Building 2, Suite 160 

Research Triangle Park, NC 27709 
 USA 

  
 Scynexis, Inc. (Debtor) —
sanofi-aventis (Secured Party) 
 Reimbursement Agt; General Security Agt 

April 2010 
 Page 15 of 15EX-10.20

 Exhibit 10.20 

EXECUTION COPY 
 Guarantee
Extension Agreement 
 This Guarantee Extension Agreement (this “Agreement”) dated as of 5 March 2013 (the
“Guarantee Extension Agreement Effective Date”), is made and entered into between Sanofi, a French Société Anonyme (“Sanofi”) and Scynexis, Inc., a Delaware corporation (“Scynexis”,
together with Sanofi, the “Parties”). 
 RECITALS 

WHEREAS, SCYNEXIS and HSBC Bank USA, National Association (“HSBC”) entered into a credit facility on April 9, 2010 in
the total principal amount of USD 15,000,000 the “Facility”); 
 WHEREAS, Sanofi and HSBC entered into that certain
Stand-Alone First Demand Guarantee, dated as of April 9, 2010, as in effect at any given time (the “Guarantee”) by which Sanofi guaranteed the Facility; 

WHEREAS, the Parties entered into that certain Reimbursement Agreement; General Security Agreement dated as of April 9, 2010 (the
“Security Agreement”); 
 WHEREAS, the Parties entered into that certain Addendum dated April 9, 2010 (the
“Addendum”) whereby Scynexis agreed to use the proceeds of certain transactions to repay amounts owing to HSBC under the Facility under the conditions specified therein; 

WHEREAS, Scynexis and HSBC contemplate amending the Facility to provide postponement of the Maturity Date (as defined in the Facility) of the
Facility to 31 December 2014, by entering into that certain First Amendment to Facility, a final draft of which is attached hereto as Exhibit C (the “First Amendment to Facility”, and collectively with the Facility as
amended thereby, the “Amended Facility”); 
 WHEREAS, Scynexis has requested that Sanofi amend and extend the Expiration
Date of the Guarantee (as defined therein) to and including 30 January 2015; 
 WHEREAS, Sanofi is willing to amend and extend such
Expiration Date of the Guarantee subject to: (i) receipt by Sanofi and Merial of the Observer Agreements (defined below) and, (ii) other terms hereunder; 

WHEREAS, as a condition to and in consideration of the amendment and extension of the Guarantee, Sanofi requires that Scynexis enter into this
Agreement; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties
agree as follows: 

  
 1 

 SECTION 1. CONDITIONS PRECEDENT 

Sanofi shall procure extension of the Guarantee to 30 January 2015, in form and substance satisfactory to Sanofi and HSBC, no later than
on 11 March 2013, close of business (New York time) and this Agreement shall become effective, provided all of the following conditions precedent are met: 
  

	 	A.	Sanofi Board Observation Rights. Scynexis shall have fully executed and delivered to Sanofi that certain Board Observation Rights Agreement by and between Parties, substantially in the same form as the form
attached hereto as Exhibit A, no later than on      March 2013 (the “Sanofi Observer Agreement”). 

  

	 	B.	Merial Board Observation Rights. Scynexis shall have fully executed and delivered to Merial Limited (“Merial”) that certain Board Observation Rights Agreement by and between Scynexis and Merial,
substantially in the same form as the form attached hereto as Exhibit B, no later than on 6 March 2013 (the “Merial Observer Agreement”, together with the Sanofi Observer Agreement, the “Observer
Agreements”). 

  

	 	C.	Execution. Sanofi shall have received this Agreement duly executed and delivered by Scynexis no later than on 6 March 2013. 

 

	 	D.	Fourth Amended and Restated Investors Rights Agreement. No later than on 7 March 2013, Scynexis shall have delivered to each of Merial and Sanofi an original copy fully executed by Scynexis and the relevant
shareholders of a Fourth Amended and Restated Investor Rights Agreement (the “Fourth Amendment Agreement”), it being acknowledged and agreed that pdf signature pages shall be sufficient for purposes of this condition.

  

	 	E.	Absence of Default. As of 11 March 2013, no Default or Event of Default under the Facility or the Security Agreement and no GEA EOD (as defined below) under this Agreement shall have occurred or be
continuing. 

  

	 	F.	Representations and Warranties. All representations and warranties of Scynexis contained in the Security Agreement, in this Agreement, and in the Observer Agreements shall be true and correct in all respects with
the same effect as though such representations and warranties had been made as of the Guarantee Extension Agreement Effective Date. 

  

	 	G.	Additional Documents. Sanofi shall have received such other statements, opinions, certificates, documents, and information with respect to the matters contemplated by this Agreement, the Observer Agreements, the
Fourth Amendment Agreement, the Security Agreement, the Guarantee, the Facility and/or the First Amendment to the Facility as Sanofi may reasonably request. 

  
 2 

 SECTION 2. COVENANTS 

Until the later of (i) all obligations of Sanofi under or in connection with the Guarantee (whether current, future, actual or
contingent) irrevocably terminating and (ii) Sanofi having been irrevocably indemnified (by cash payment) in full by Scynexis for all amounts Sanofi shall have paid (if any) under or in connection with the Guarantee, Scynexis covenants to
Sanofi that: 
  

	 	A.	Notice of HSBC Correspondence. Scynexis shall immediately forward any notice or correspondence from HSBC concerning either the Revolving Facility or the Term Facility (as defined in the Facility) other than mere
interest rate fixing notices to Sanofi at the address listed in Section 5.B. 

  

	 	B.	Notice of Insolvency. Scynexis will promptly provide notice to Sanofi at the address named in Section 5.B. upon occurrence of or anticipation of insolvency as contained in Section 7(f) of the
Facility. 

  

	 	C.	 Financial Statements, Reports, Certificates. Scynexis shall deliver to Sanofi: (i) as soon as available, but in any event within 30 days
after the end of each calendar month, a company prepared consolidated and consolidating balance sheet, income statement, and statement of cash flows covering Scynexis’s operations during such period, in a form and substance reasonably
acceptable to Sanofi and certified by a Responsible Officer; (ii) (a) as soon as available, but in any event within 45 days of the end of each fiscal quarter the consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows of Scynexis and its subsidiaries as of the end of and for such fiscal quarter, each prepared in accordance with GAAP, and (b) in the case of the financial statements referred to in the foregoing clause
(a), a certification by the chief financial officer of Scynexis to the effect that such consolidated financial statements present fairly in all material respects the financial conditions and results of operations of Scynexis and its subsidiaries on
a consolidated basis in accordance with GAAP, consistently applied (subject to normal year-end adjustments); (iii) as applicable, (a) as soon as available, but in any event within 60 days of the end of each fiscal semi-annual period the
consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows of Scynexis and its subsidiaries as of the end of and for such fiscal semi-annual period, each prepared in accordance with GAAP, and
(b) in the case of the financial statements referred to in the foregoing clause (a), a certification by the chief financial officer of Scynexis to the effect that such consolidated financial statements present fairly in all material respects
the financial conditions and results of operations of Scynexis and its subsidiaries on a consolidated basis in accordance with GAAP, consistently applied (subject to normal year-end adjustments); (iv) as soon as available, but in any event
within 150 days after the end of Scynexis’s fiscal year, audited consolidated and consolidating financial statements of Scynexis prepared in accordance with generally acceptable accounting principles, consistently applied; (v) an annual
budget, approved by Scynexis’s Board of Directors, as soon as available but not later than 15 days after the 

  
 3 

	 	
beginning of each fiscal year of Scynexis during the term of this Agreement; (vi) if applicable, copies of all statements, reports and notices sent or made available by Scynexis to any
holders of Subordinated Debt; (vii) promptly upon receipt of notice thereof, a report of any legal actions pending or threatened against Scynexis or any subsidiary that could reasonably be expected to result in damages or costs to Scynexis or
any subsidiary of $300,000 in aggregate or more; (viii) promptly upon receipt, each management letter prepared by Scynexis’s independent certified public accounting firm regarding Scynexis’s management control systems; and
(ix) such budgets, sales projections, operating plans or other financial information generally prepared by Scynexis in the ordinary course of business as Sanofi may reasonably request from time to time. 

 

	 	a.	In addition, Scynexis shall also furnish to Sanofi any other material information pertaining to: (i) the financial condition or prospects of Scynexis; (ii) the ability of Scynexis to service the HSBC credit
under the Facility as amended from time to time; (iii) the terms of the Credit Agreement; (iv) the Collateral (as defined in the Security Agreement) granted to Sanofi by the Security Agreement; (v) the terms of the Security Agreement,
(vi) the terms of the Guarantee, or (vii) any change in the status of items (i)-(vi) above. 

  

	 	b.	At the same time as the financial statements required above for Scynexis are delivered, Scynexis shall deliver to Sanofi a certificate signed by Scynexis’ chief financial officer to the effect that, with reference
to the circumstances and facts then prevailing, no GEA EOD (as defined below), no Event of Default as defined in Section 12 of the Security Agreement, no failure to comply with the terms of the Addendum thereof dated 9 April 2010,
no Event of Default as defined in Section 7 of the Amended Facility, and no event which, with the giving of notice or the lapse of time, or both, would constitute such an event of default, has occurred and is continuing (any such event
of default or default, a “Credit Event”). 

  

	 	c.	As soon as possible, and in any event within three (3) calendar days after becoming aware of the occurrence of a Credit Event, Scynexis shall deliver to Sanofi a written statement of a Responsible Officer
satisfactory to Sanofi setting forth details of the Credit Event, and the action which Scynexis has taken or proposes to take with respect thereto. 

For the purposes of this Agreement, “Responsible Officer” shall mean each of the Chief Executive Officer, or the Chief
Financial Officer of Scynexis. For the purposes of this Agreement, “Subordinated Debt” shall mean any debt incurred by Scynexis that is subordinated in writing to the debt owing by Scynexis to Sanofi on terms reasonably acceptable
to Sanofi (and is identified as being such by Scynexis and Sanofi). 

  
 4 

 SECTION 3. REPRESENTATIONS AND WARRANTIES. 

Scynexis represents and warrants to Sanofi that the following statements are true and correct in all material respects (and without limiting
the foregoing, that the following sections A, C, D, F, G, J, K, and L shall be true and correct on the Guarantee Extension Agreement Effective Date, on the extension of the Guarantee, on each day the commitment fee is payable under
Section 1.4 of the Amended Facility, on each repayment date under the Amended Facility, and on each interest payment date under the Amended Facility): 
  

	 	A.	Corporate Power and Authority. Scynexis has all requisite power and authority to enter into this Agreement, the Fourth Amendment Agreement, and the Observer Agreements and to carry out the transactions
contemplated by this Agreement, the Fourth Amendment Agreement, the Amended Facility, and the Observer Agreements. 

  

	 	B.	Authorization of Agreements. The execution and delivery of this Agreement, the Fourth Amendment Agreement, the First Amendment to the Facility, and the Observer Agreements by Scynexis has been duly authorized by
all necessary action on the part of Scynexis and any relevant Scynexis shareholder. 

  

	 	C.	Reaffirmation of Security Agreement Representations and Warranties. All representations and warranties contained in the Security Agreement, the First Amendment to the Facility, the Fourth Amendment Agreement and
the Observer Agreements are true and correct in all material respects as of the Guarantee Extension Agreement Effective Date, as of the effective date of the extension of the Guarantee, and as of the effective date of the First Amendment to
Facility. 

  

	 	D.	No Conflict. The execution, delivery and performance of this Agreement, the Fourth Amendment Agreement, the First Amendment to Facility, and the Observer Agreements by Scynexis does not and will not:
(i) violate: (A) any provision of any law or any governmental rule or regulation applicable to Scynexis; (B) the certificate or articles of incorporation or by-laws of Scynexis; or (C) any order, judgment or decree of any court
or other agency or government binding on Scynexis; (ii) conflict with, result in a breach or constitute (with or without due notice or lapse of time or both) a conflict, breach or default under any Contractual Obligation of Scynexis, which such
breach or default would give rise to any liability (or liabilities) and/or other payment obligation(s) of Scynexis (whether current, future, actual or contingent) of at least $300,000 in aggregate; or (iii) require any approval of stockholders,
members or partners or any approval or consent of any Person under any Contractual Obligation of Scynexis, except for such approvals or consents which will be obtained on or before the Guarantee Extension Agreement Effective Date and disclosed to
Sanofi. 

  
 5 

 For the purposes of this Agreement, “Person” shall mean any individual, corporation, limited
liability company, partnership, joint venture, joint stock company, trust, land trust, business trust, employee benefit plan or trust, unincorporated organization or other entity. For the purposes of this Agreement, “Material Adverse
Effect” shall mean (a) a material adverse change in, or a material adverse effect upon, the assets, properties, operations, business, condition, or prospects (financial or otherwise) of Scynexis, (b) a material impairment of the
ability of any of Scynexis or an Affiliate of Scynexis to perform under any Loan Document (as defined in the Observer Agreements) to which it is a party, or (c) a material adverse effect upon the legality, validity, binding effect, or
enforceability against Scynexis of any Loan Document to which it is a party. For the purposes of this Agreement, “Contractual Obligations” shall mean as to any Person, any provision of any security issued by such Person or of any
agreement, undertaking, contract, indenture, mortgage, lien, deed of trust or other instrument or arrangement (whether in writing or otherwise) and whether now existing or contingent on some future event to which such Person is a party or by which
it or any of such Person’s property is or may become bound. 
  

	 	E.	No HSBC Correspondence. Scynexis has not received any notice or correspondence pertaining to, threatening, suggesting or stating that there has been or may have been an Event of Default or Default (as such terms
are defined in the Facility) under the Facility. 

  

	 	F.	Solvent; No Fraudulent Transfer. No event or circumstance contemplated by Section 7(f) of the Facility with respect to Scynexis has occurred and consummation of the transactions contemplated by this
Agreement, the Fourth Amendment Agreement, the First Amendment to Facility, and the Observer Agreements, will cause the occurrence of any such event or circumstance. No transfer of property is being made and no obligation is being incurred by
Scynexis or any subsidiary in connection with the transactions contemplated by this Agreement, the Fourth Amendment Agreement, the First Amendment to Facility, and the Observer Agreements with the intent or where the effect is to hinder, delay or
defraud either present or future creditors of Scynexis or any subsidiary. 

  

	 	G.	Outstanding Balance. Scynexis has provided to Sanofi a summary of the outstanding balance of both the Revolving Facility and the Term Facility as of the Guarantee Extension Agreement Effective Date.

  

	 	H.	Binding Obligation. This Agreement, the Fourth Amendment Agreement, the First Amendment to Facility, and the Observer Agreements have been duly executed and delivered by Scynexis and this Agreement, the Fourth
Amendment Agreement, the First Amendment to Facility, and the Observer Agreements are the legally valid and binding obligations of Scynexis, enforceable against Scynexis in accordance with their respective terms. 

 

	 	I.	Absence of Default – Omnibus. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Agreement, the Fourth Amendment Agreement, the First
Amendment to Facility, or the Observer Agreements that would constitute an Event of Default or Default (as defined in the Facility). 

  
 6 

	 	J.	Absence of Default – Security Agreement and Amended Facility. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Agreement, the Fourth
Amendment Agreement, the First Amendment to Facility, or the Observer Agreements that would constitute an Event of Default or Default under the Security Agreement or the Amended Facility. 

 

	 	K.	Absence of Guarantee Extension Agreement Event of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Agreement, the Fourth Amendment
Agreement, the First Amendment to Facility, or the Observer Agreements that would constitute an Event of Default or Default under the Guarantee Extension Agreement. 

SECTION 4. GUARANTEE EXTENSION AGREEMENT EVENTS OF DEFAULT 

The following shall constitute Guarantee Extension Agreement Events of Default (each, a “GEA EOD”) hereunder: 

 

	 	A.	Any representation or warranty made (i) by Scynexis in this Guarantee Extension Agreement or any related document or in connection with the extension of the Guarantee or (ii) in any certificate, statement or
report made in compliance with this Guarantee Extension Agreement shall prove to have been false in any respect when made, repeated, and deemed repeated. 

  

	 	B.	Any covenant made by Scynexis in this Guarantee Extension Agreement or any related document or in connection with the extension of the Guarantee or made in compliance with this Guarantee Extension Agreement shall prove
to have materially not have been complied with. 

  

	 	C.	Any covenant made (i) by Scynexis in this Guarantee Extension Agreement or any related document or in connection with the extension of the Guarantee or (ii) in any certificate, statement or report made in
compliance with this Guarantee Extension Agreement shall have proved to have been breached, provided that the following grace periods apply: 

  

	 	a.	Under Section 2.A. of this Agreement: 

  

	 	i.	Five (5) Business Days, where the correspondence does not relate to an Event of Default under Section 7 of the Facility, 

 

	 	ii.	Two (2) Business Days, where the correspondence does relate to an Event of Default under Section 7 of the Facility, 

 

	 	b.	Under Section 2.B. of this Agreement, there is no grace period, 

  

	 	c.	Under Section 2.C. of this Agreement, five (5) Business Days. 

 For the purposes of this
Agreement, “Business Day” shall mean any day other than a Saturday, Sunday, or a day on which commercial banks are authorized or required to close in New York. 

  
 7 

 SECTION 5. MISCELLANEOUS 
  

	 	A.	Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the laws of the State of North Carolina, without giving effect to applicable principles of conflicts of laws
thereof. 

  

	 	B.	Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made as of the date delivered or mailed if delivered in person, by telecopy, cable,
telegram or telex, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties as follows: 

if to Sanofi: 
 Sanofi 

54 rue La Boétie 
 75008
Paris, France 
 Attention: Marie Debans; Corinne Cervantes; Alexander de Daranyi 

with a copy to: 
 Life Sciences
Law 
 870 Martin Luther King, Jr. Blvd. 

Chapel Hill, NC 27514 
 Attention:
Sheila Mikhail 
 if to Scynexis: 

3501 C Tricenter Boulevard 

Durham, North Carolina 27713 

Attn: Yves Ribeill, Ph.D 

          President and Chief Executive Officer 

Tel: (919) 544-8600 
 Fax:
(919) 544-8697 
  

	 	C.	Terms Defined. As used herein, capitalized terms shall have the meanings given to them in the Facility, as in effect at any given time, except as otherwise defined herein, or as the context otherwise requires,
provided that, the definitions of Preferred Stock and Holders shall have the meanings given to them in the Fourth Amendment Agreement. 

  

	 	D.	 Waiver. On or prior to the Guarantee Extension Agreement Effective Date, and contingent upon Scynexis fully executing and delivering that
certain Certificate attached to the HEOS Waiver (as defined below), Sanofi has waived in writing, all of its rights in connection with HEOS ® information management software, together with all
parts, accessories, attachments, replacements thereof and additions thereto other than any 

  
 8 

	 	
hardware including any tangible Collateral (as defined in the Security Agreement) in which such elements have been uploaded in the past (collectively, the “HEOS Software” the
waiver referred to as the “HEOS Waiver”), as further described in the HEOS Waiver, attached hereto as Exhibit D. Any inaccuracy of any representation or warranty and any breach of any covenant hereunder arising in connection
with the HEOS Software shall not constitute a breach hereunder to the extent waived in the HEOS Waiver. 

  

	 	E.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original agreement, but all of which together shall constitute one and the same agreement.

  

	 	F.	Entire Agreement. This Agreement, and the terms and provisions hereof, constitute the entire understanding and agreement between the Parties hereto with respect to the subject matter hereof and supersedes any and
all prior or contemporaneous amendments or understandings with respect to the subject matter hereof; whether express or implied, oral or written. 

  

	 	G.	Severability. In case any provision in this Agreement shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Agreement and the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  

	 	H.	Further Assurances. The Parties each, at any time or from time to time shall execute and deliver or cause to be executed and delivered such further assurances, instruments, consents, waivers, or documents as may
be reasonably necessary to fulfill the terms and conditions of this Agreement. The responsible party shall promptly cure any defects in the execution and delivery of the documents evidencing the granting of the board observer rights and immediately
execute and deliver to the other Party all such other and further instruments as may be reasonably required from time to time in order to satisfy or comply with the covenants and agreements made in this Agreement. 

 

	 	I.	Specific Performance. Irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with the terms hereof, and the Parties shall be entitled to specific performance of
the terms hereof, in addition to any other remedy at law or equity. 

  

	 	J.	 Venue. SCYNEXIS HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY SHALL BE BROUGHT EXCLUSIVELY IN THE FEDERAL AND STATE COURTS LOCATED IN THE STATE OF NORTH CAROLINA AND HEREBY EXPRESSLY SUBMITS TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE

  
 9 

	 	
PURPOSES THEREOF AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT SUCH COURTS ARE AN INCONVENIENT FORUM. SCYNEXIS HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF THE
AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN SECTION 5.B. OF THIS AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE 10
DAYS AFTER SUCH MAILING. 

 [SIGNATURE PAGE FOLLOWS) 

  
 10 

 IN WITNESS WHEREOF, Scynexis and Sanofi have caused this Agreement to be executed by their
respective duly authorized agents or officers, to be effective as of the Effective Date. 
  

			
	SCYNEXIS, INC.
		
	By:	 	/s/ Yves Ribeill
	Name:	 	Yves Ribeill
	Title:	 	President and CEO
	
	SANOFI
		
	By:	 	/s/ Jerome Contamine
	Name:	 	Jerome Contamine
	Title:	 	Executive Vice President, Chief Financial Officer

  
 11 

 Exhibit A 

Sanofi Board Observation Rights Agreement 

 BOARD OBSERVATION RIGHTS AGREEMENT 

This Board Observation Rights Agreement (this “Agreement”) is made and entered into as of 5 March 2013 (the
“Effective Date”) by and between Sanofi, a French Société Anonyme (“Sanofi”), and Scynexis, Inc,, a Delaware corporation (“Scynexis”, together with Sanofi, the
“Parties”). 
 RECITALS 

WHEREAS, Sanofi and HSBC Bank USA, National Association (“HSBC”) entered into that certain Stand-Alone First Demand
Guarantee, dated as of April 9, 2010, as subsequently amended (the “Guarantee”), whereby Sanofi guaranteed the loan; 

WHEREAS, the Parties entered into that certain Reimbursement Agreement; General Security Agreement dated as of April 9, 2010 (the
“Security Agreement”); 
 WHEREAS, Scynexis has requested that Sanofi amend and extend the Expiration Date of the Guarantee
(as defined therein) to and including 30 January 2015; 
 WHEREAS, Sanofi is willing to amend and extend the Expiration Date of the
Guarantee, subject to the terms of that certain Guarantee Extension Agreement dated as of 5 March 2013, by and between Parties (the “GEA”); 

WHEREAS, in consideration of the amendment and extension of the Guarantee, Sanofi requires that Scynexis obtain all necessary consents to
grant and shall subsequently grant Sanofi and Merial Limited (“Merial”) board observation rights; 
 WHEREAS, Merial is the
Animal Health Division of Sanofi; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties agree as follows: 
 SECTION 1. RIGHTS GRANTED 

As consideration for the amendment and extension of the Guarantee, Scynexis hereby grants Sanofi the following rights: 

 

	 	A.	Additional Observer Rights. In addition to the contractual board observer rights Sanofi shall be entitled to in Section 1.B. below, Sanofi shall be entitled to receive and Scynexis shall furnish:
(a) nonpublic financial information about Scynexis; (b) the same financial information as set forth in Sections 3.1(a), (b) and (c) of that certain Fourth Amended and Restated Investor Rights Agreement of
Scynexis dated as of 5 March 2013 (the “Fourth Amended and Restated Investor Rights Agreement”); and (c) inspection rights equivalent to the rights set out in Section 3.2 of the Fourth Amended and Restated
Investor Rights Agreement. 

  
 1 

	 	B.	Sanofi Observer. Until the later of (i) all obligations of Sanofi under or in connection with the Guarantee (whether current, future, actual or contingent) irrevocably terminating and (ii) Sanofi having
been irrevocably indemnified (by cash payment) in full by Scynexis for all amounts Sanofi shall have paid (if any) under or in connection with the Guarantee, Scynexis shall invite Sanofi, and Sanofi shall have the right, but not the obligation, to
designate one (1) individual who shall be reasonably acceptable to Scynexis, which consent shall not be unreasonably withheld, conditioned, or delayed (the “Sanofi Observer”) to attend in a nonvoting observer capacity all
meetings of the Board of Directors of Scynexis (the “Scynexis Board”), provided that, Sanofi will exercise reasonableness when deciding whether to send such Sanofi Observer to any meeting of the Scynexis Board taking
into consideration available meeting space, and in connection therewith, Scynexis shall give the Sanofi Observer copies of all notices, minutes, consents and other materials, financial or otherwise, which Scynexis provides to the Scynexis Board;
provided, however, that Scynexis reserves the right to exclude the Sanofi Observer from access to any material or meeting or portion thereof if Scynexis believes upon advice of counsel that such exclusion is reasonably necessary to
preserve the attorney-client privilege between Scynexis and its counsel, to protect highly confidential information, or if the information relates to a transaction or arrangement with a third party whose business is competitive with the business of
Sanofi or its affiliates and the Scynexis Board reasonably determines that it is in the best interest of Scynexis to withhold such information from Sanofi Observer; provided that such exclusion of the Sanofi Observer is to the minimum
extent required to preserve the attorney-client privilege, to protect highly confidential information, or to protect competitive third parties interests, as applicable. 

 

	 	C.	 Confidentiality. Sanofi Observer agrees to use, and to use the same degree of care that Sanofi Observer uses to protect its own confidential
information and to keep confidential any information furnished to it pursuant to Sections 3.1 and 3.2 of the Fourth Amended and Restated Investor Rights Agreement that Scynexis identifies as being confidential or proprietary (so
long as such information is not in the public domain), except that Sanofi Observer may disclose such proprietary or confidential information to any subsidiary, affiliate or parent of Sanofi as long as such subsidiary, affiliate or parent is advised
of the confidentiality provisions of this Section 1.C. Sanofi Observer shall have no obligations of confidentiality or non-use with respect to information (i) at such time as it enters the public domain through no fault of Sanofi
Observer; (ii) that is communicated to it by a third party free of any obligation of confidentiality to Scynexis known to Sanofi Observer; or (iii) that is developed by Sanofi Observer or its agents independently of and without reference
to any confidential information communicated by Scynexis. Without limiting the foregoing, 

  
 2 

	 	
the Sanofi Observer may disclose all information provided to the Sanofi Observer in connection with the Sanofi Observer’s rights under this Agreement to Sanofi and to any subsidiary, parent
or affiliate of Sanofi, provided that, Sanofi Observer may not disclose any information provided to it that Scynexis identifies as being confidential or proprietary (unless the addressee of the disclosure is advised of the
confidentiality provisions of this Section 1.C.), except to the extent required to be disclosed by law, court order, or regulatory process, (but solely to the extent such information has not otherwise been disclosed by Scynexis to
Sanofi’s shareholders as a result of its ongoing business relationship). Nothing in this Agreement shall prevent disclosure to any stock exchange, subsidiary, affiliate, parent, attorney, tax authority, financial, antitrust, trade or life
science regulator, auditor, or accountant of Sanofi or of any subsidiary thereof. Sanofi and the Sanofi Observer shall have no fiduciary duty, including, without limitation, a duty of loyalty or care, to Scynexis or any shareholder of the Company,
under Delaware law or otherwise, with respect to or arising from Sanofi’s and the Sanofi Observer’s rights and position as a board observer or receipt of information from Scynexis. Notwithstanding any other provision in this Agreement, the
obligation of confidentiality and non-use of this Section 1.C. shall only apply to information which in the reasonable judgment of Scynexis and Sanofi from content and circumstances is confidential. 

 

	 	D.	Termination. The rights described in this Agreement shall terminate and be of no further force or effect upon the later of: (a) the first date that Sanofi and Sanofi’s affiliates no longer hold any
shares of Scynexis’s stock (or shares of Scynexis’s stock issued upon conversion thereof) or (b) Sanofi no longer has any obligations under the Guarantee and Scynexis no longer has any obligations under the Security Agreement. In
addition, Sanofi shall have the right to replace or terminate Sanofi Observer any time, without prior notice to Scynexis, and without cause. The confidentiality provision of this Agreement shall survive any termination for five (5) years.

 SECTION 2. REPRESENTATIONS AND WARRANTIES 

Scynexis represents and warrants to Sanofi as of the Effective Date that the following statements are true and correct in all material
respects: 
  

	 	A.	Corporate Power and Authority. Scynexis has all requisite power and authority to enter into this Agreement and to carry out the transactions contemplated by this Agreement. 

 

	 	B.	Authorization of Agreements. The execution and delivery of this Agreement by Scynexis has been duly authorized by all necessary action on the part of Scynexis. 

 

	 	C.	Necessary Consents. All necessary consents, approvals, waivers, instruments, amendments, registrations, and authorizations of all governmental authorities and other Persons, including, without limitation, the
Scynexis Board and shareholders of Scynexis, in connection with this Agreement have been obtained. 

  
 3 

	 	D.	No Conflict. The execution, delivery and performance of this Agreement by Scynexis does not and will not: (i) violate: (A) any provision of any law or any governmental rule or regulation applicable to
Scynexis; (B) the certificate or articles of incorporation or partnership agreement or other agreements by which Scynexis is bound, other constitutive documents or by-laws of the Scynexis; or (C) any order, judgment or decree of any court
or other agency or government binding on the Scynexis; (ii) conflict with, result in a breach or constitute (with or without due notice or lapse of time or both) a conflict, breach or default under any Contractual Obligation of Scynexis, except
to the extent such conflict, breach or default could not reasonably be expected to have a Material Adverse Effect, or has otherwise been specifically waived by Sanofi, in writing; or (iii) require any approval of stockholders, directors,
members or partners or any approval or consent of any Person under any Contractual Obligation of Scynexis, except for such approvals or consents which will be obtained on or before the Effective Date and disclosed to Sanofi, and except for any such
approvals or consents the failure of which to obtain will not have a Material Adverse Effect. 

 For the purposes of this
Agreement, “Person” shall mean any individual, corporation, limited liability company, partnership, joint venture, joint stock company, trust, land trust, business trust, employee benefit plan or trust, unincorporated organization
or ether entity. For the purposes of this Agreement, “Material Adverse Effect” shall mean (a) a material adverse change in, or a material adverse effect upon, the assets, properties, operations, business, or condition
(financial or otherwise) of Scynexis, (b) a material impairment of the ability of Scynexis or an affiliate of Scynexis to perform under any Loan Document (as defined below) to which it is a party, or (c) a material adverse effect upon the
legality, validity, binding effect, or enforceability against Scynexis of any Loan Document to which it is a party. For the purposes of this Agreement, “Contractual Obligations” shall mean as to any Person, any provision of any
security issued by such Person or of any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument or arrangement (whether in writing or otherwise) to which such Person is a party or by which it or any of such
Person’s property is bound. For the purposes of this Agreement, “Loan Documents” shall mean the Security Agreement, the GEA, that Credit Agreement by and between HSBC and Scynexis, dated as of April 9, 2010 (the
“Credit Agreement”), as in effect at any given time, that certain Board Observation Rights Agreement, by and between Merial and Scynexis, dated as of      March 2013 (the “Merial BORA”)
and this Agreement. 

  
 4 

	 	E.	Binding Obligation. This Agreement has been duly executed and delivered by Scynexis and the Agreement is the legally valid and binding obligation of Scynexis, enforceable against Scynexis in accordance with its
respective terms. 

  

	 	F.	Absence of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Agreement that would constitute an Event or Default or Default (as defined
in the Facility). 

 SECTION 3. MISCELLANEOUS 
  

	 	A.	Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the laws of the State of North Carolina, without giving effect to applicable principles of conflicts of laws
thereof. 

  

	 	B.	Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made as of the date delivered or mailed if delivered in person, by telecopy, cable,
telegram or telex, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties as follows: 

if to Sanofi: 
 Sanofi 

54 rue La Boétie 
 75008
Paris, France 
 Attention: Marie Debans; Corinne Cervantes; Alexander de Daranyi 

with a copy to: 
 Life Sciences
Law 
 870 Martin Luther King, Jr. Blvd. 

Chapel Hill, NC 27514 
 Attention:
Sheila Mikhail 
 if to Scynexis: 

3501C Tricenter Boulevard 

Durham, North Carolina 27713 

Attn: Yves Ribeill, Ph.D. 

          President and Chief Executive Officer 

Tel: (919) 544-8600 
 Fax:
(919) 544-8697 

  
 5 

	 	C.	Indemnity. Without prejudice to the provisions of Section 1.C. and without creating any implication that observer owes any fiduciary duties of any kind, including, without limitation, a duty of
loyalty or care, to Scynexis, its shareholders, its affiliates and other related Persons or any other person or entity, Scynexis shall, to the maximum extent legally permissible, indemnify, defend and hold harmless each and every person who may
serve or who has served at any time as a Sanofi Observer against any and all losses, costs, expenses and liabilities of any type, kind or nature, including, without limitation, counsel fees and expenses, judgments, fines, excise taxes, penalties and
settlement payments, or other costs, incurred by or imposed upon such person in connection with any threatened, pending or completed action, suit or proceeding, whether in law or in equity, in which he or she may become involved as a result of, by
virtue of being a Sanofi Observer, or by reason of his or her service in such capacity. 

 The indemnification provided
hereunder shall inure to the benefit of the heirs, executors and administrators of persons entitled to indemnification hereunder. The right of indemnification under this Section 3.C. shall be in addition to and not exclusive of all other
rights to which any person may be entitled. 
 No amendment or repeal of the provisions of this Section 3.C. which adversely
affects the right of an indemnified person under this Section 3.C. shall apply to such person with respect to those acts or omissions which occurred at any time prior to such amendment or repeal, unless such amendment or repeal was voted
by or was made with the written consent of Sanofi. 
  

	 	D.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original agreement, but all of which together shall constitute one and the same agreement.

  

	 	E.	Entire Agreement. This Agreement, and the terms and provisions hereof, constitute the entire understanding and agreement between the Parties hereto with respect to the subject matter hereof and supersedes any and
all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written. 

  

	 	F.	Severability. In case any provision in this Agreement shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Agreement and the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  

	 	G.	 Further Assurances. The Parties each, at any time or from time to time, shall execute and deliver or cause to be executed and delivered such
further assurances, instruments, consents, waivers, or documents as may be reasonably necessary to fulfill the terms and conditions of this Agreement. The responsible party shall promptly cure any defects in the execution and delivery of the
documents evidencing 

  
 6 

	 	
the granting of the board observer rights and immediately execute and deliver to the other Party all such other and further instruments as may be reasonably required from time to time in order to
satisfy or comply with the covenants and agreements made in this Agreement. 

  

	 	H.	Specific Performance. Irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with the terms hereof, and the Parties shall be entitled to specific performance of
the terms hereof, in addition to any other remedy at law or equity. 

  

	 	I.	Venue. SCYNEXIS HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY SHALL BE
BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NORTH CAROLINA AND HEREBY EXPRESSLY SUBMITS TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES THEREOF AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT SUCH
COURTS ARE AN INCONVENIENT FORUM. SCYNEXIS HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID,
TO ITS ADDRESS SET FORTH IN SECTION 3.B. OF THIS AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING. 

[SIGNATURE PAGE FOLLOWS] 

  
 7 

 IN WITNESS WHEREOF, Scynexis and Sanofi have caused this Agreement to be executed by their
respective duly authorized agents or officers, to be effective as of the Effective Date. 
  

			
	SCYNEXIS, INC.
		
	By:	 	/s/ Yves Ribeill
	Name:	 	Yves Ribeill
	Title:	 	President and CEO
	
	SANOFI
		
	By:	 	/s/ Jérôme Contamine
	Name:	 	Jérôme Contamine
	Title:	 	Executive Vice President, Chief Financial Officer

  
 8 

 Exhibit B 

Merial Board Observation Rights Agreement 

 BOARD OBSERVATION RIGHTS AGREEMENT 

This Board Observation Rights Agreement (this “Agreement”) is made and entered into as of 8 March 2013 (the
“Effective Date”) by and between Merial Limited, a company domesticated in Delaware (“Merial”), and Scynexis, Inc., a Delaware corporation (“Scynexis”, together with Merial, the
“Parties”). 
 RECITALS 

WHEREAS, Sanofi, a French Société Anonyme (“Sanofi”), and HSBC Bank USA, National Association
(“HSBC”) entered into that certain Stand-Alone First Demand Guarantee, dated as of April 9, 2010, as subsequently amended (the “Guarantee”), whereby Sanofi guaranteed the loan; 

WHEREAS, Scynexis has requested that Sanofi amend and extend the Expiration Date of the Guarantee (as defined therein) to and including
30 January 2015; 
 WHEREAS, Sanofi is willing to amend and extend the Expiration Date of the Guarantee, subject to the terms of that
certain Guarantee Extension Agreement, dated as of      March 2013, by and between the Parties (the “GEA”); 

WHEREAS, in consideration of the amendment and extension of the Guarantee, Sanofi requires that Scynexis obtain all necessary consents to
grant and shall subsequently grant Sanofi and Merial board observation rights; 
 WHEREAS, Merial is the Animal Health Division of Sanofi;

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as
follows: 
 SECTION 1. RIGHTS GRANTED 

As consideration for the amendment and extension of the Guarantee, Scynexis hereby grants Merial the following rights: 

 

	 	A.	Additional Observer Rights. In addition to the contractual board observer rights Merial shall be entitled to in Section 1.B. below, Merial shall be entitled to receive and Scynexis shall furnish:
(a) nonpublic financial information about Scynexis; (b) the same financial information as set forth in Sections 3.1(a), (b) and (c) of that certain Fourth Amended and Restated Investor Rights Agreement
of Scynexis, dated as of March      2013 (the “Fourth Amended and Restated Investor Rights Agreement”); and (c) inspection rights equivalent to the rights set out in Section 3.2 of the
Fourth Amended and Restated Investor Rights Agreement. 

  
 1 

	 	B.	Merial Observer. Scynexis shall invite Merial, and Merial shall have the right, but not the obligation, to designate one (1) individual who shall be reasonably acceptable to Scynexis, during any period that
a representative of Merial is not a member of the Board of Directors of Scynexis (the “Scynexis Board”), which consent shall not be unreasonably withheld, conditioned, or delayed (the “Merial Observer”) to attend in
a nonvoting observer capacity all meetings of the Scynexis Board, and in connection therewith, Scynexis shall give the Merial Observer copies of all notices, minutes, consents and other materials, financial or otherwise, which Scynexis provides to
the Scynexis Board; provided, however, that Scynexis reserves the right to exclude the Merial Observer from access to any material or meeting or portion thereof if Scynexis believes upon advice of counsel that such exclusion is
reasonably necessary to preserve the attorney-client privilege between Scynexis and its counsel, to protect highly confidential information, or if the information relates to a transaction or arrangement with a third party whose business is
competitive with the business of Merial or its affiliates and the Scynexis Board reasonably determines that it is in the best interest of Scynexis to withhold such information from Merial; provided that such exclusion of the Merial Observer
is to the minimum extent required to preserve the attorney-client privilege, to protect highly confidential information, or to protect competitive third parties interests, as applicable. 

 

	 	C.	 Confidentiality. Merial Observer agrees to use, and to use the same degree of care that Merial Observer uses to protect its own confidential
information and to keep confidential any information furnished to it pursuant to Sections 3.1 and 3.2 of the Fourth Amended and Restated Investor Rights Agreement, that Scynexis identifies as being confidential or proprietary
(so long as such information is not in the public domain), except that Merial Observer may disclose such proprietary or confidential information to any subsidiary, affiliate or parent of Merial as long as such subsidiary, affiliate or parent is
advised of the confidentiality provisions of this Section 1.C. Merial Observer shall have no obligations of confidentiality or non-use with respect to information (i) at such time as it enters the public domain through no fault of
Merial; (ii) that is communicated to it by a third party free of any obligation of confidentiality to Scynexis known to Merial Observer; or (iii) that is developed by Merial Observer or its agents independently of and without reference to
any confidential information communicated by Scynexis. Without limiting the foregoing, the Merial Observer may disclose all information provided to the Merial Observer in connection with the Merial Observer’s rights under the this Agreement to
Merial, Sanofi and to any subsidiary, parent or affiliate of Sanofi, provided that, Merial Observer may not disclose any information provided to it that Scynexis identifies as being confidential or proprietary (unless the addressee of
the disclosure is advised of the confidentiality provisions of this Section 1.C.), except to the extent required to be disclosed by law, court order or regulatory process, (but solely to the extent such

  
 2 

	 	
information has not otherwise been disclosed by Scynexis to Merial’s shareholders as a result of its ongoing business relationship). Nothing in this Agreement shall prevent disclosure to any
stock exchange, subsidiary, affiliate, parent, attorney, tax authority, financial, antitrust, trade or life science regulator, auditors, accountants of Merial or of any parent or subsidiary thereof. Merial and the Merial Observer shall have no
fiduciary duty, including, without limitation, a duty of loyalty or care, to Scynexis or any shareholder of Scynexis, under Delaware law or otherwise, with respect to or arising from Merial’s and the Merial Observer’s rights and position
as a board observer or receipt of information from Scynexis. Notwithstanding any other provision in this Agreement, the obligation of confidentiality and non-use of this Section 1.C. shall only apply to information which in the
reasonable judgment of Scynexis and Merial from content and circumstances is confidential. 

  

	 	D.	Termination. The rights described in this Agreement shall terminate and be of no further force or effect upon the later of: (a) the first date that Merial and Merial’s affiliates no longer hold any
shares of Scynexis’s stock (or shares of Scynexis’s stock issued upon conversion thereof) or (b) Sanofi no longer has any obligations under the Guarantee and Scynexis no longer has any obligations under the Security Agreement.
In addition, Merial shall have the right to replace or terminate the Merial Observer any time, without prior notice to Scynexis, and without cause. The confidentiality provision of this Agreement shall survive any termination for five
(5) years. 

 SECTION 2. REPRESENTATIONS AND WARRANTIES 

Scynexis represents and warrants to Merial as of the Effective Date that the following statements are true and correct in all material
respects: 
  

	 	A.	Corporate Power and Authority. Scynexis has all requisite power and authority to enter into this Agreement and to carry out the transactions contemplated by this Agreement. 

 

	 	B.	Authorization of Agreements. The execution and delivery of this Agreement by Scynexis has been duly authorized by all necessary action on the part of Scynexis. 

 

	 	C.	Necessary Consents. All necessary consents, approvals, waivers, instruments, amendments, registrations, and authorizations of all governmental authorities and other Persons, including, without limitation, the
Scynexis Board and shareholders of Scynexis, in connection with this Agreement have been obtained. 

  

	 	D.	 No Conflict. The execution, delivery and performance of this Agreement by Scynexis does not and will not: (i) violate: (A) any
provision of any law or any governmental rule or regulation applicable to Scynexis; (B) the certificate or articles of incorporation or partnership agreement or other agreements by which Scynexis is bound, other constitutive documents or
by-laws of the Scynexis; or (C) any order, 

  
 3 

	 	
judgment or decree of any court or other agency or government binding on the Scynexis; (ii) conflict with, result in a breach or constitute (with or without due notice or lapse of time or
both) a conflict, breach or default under any Contractual Obligation of Scynexis, except to the extent such conflict, breach or default could not reasonably be expected to have a Material Adverse Effect, or has otherwise been specifically waived by
Sanofi in writing; or (iii) require any approval of stockholders, directors, members or partners or any approval or consent of any Person under any Contractual Obligation of Scynexis, except for such approvals or consents which will be obtained
on or before the Effective Date and disclosed to Merial, and except for any such approvals or consents the failure of which to obtain will not have a Material Adverse Effect. 

For the purposes of this Agreement, “Person” shall mean any individual, corporation, limited liability company, partnership,
joint venture, joint stock company, trust, land trust, business trust, employee benefit plan or trust, unincorporated organization or other entity. For the purposes of this Agreement, “Material Adverse Effect” shall mean (a) a
material adverse change in, or a material adverse effect upon, the assets, properties, operations, business, or condition (financial or otherwise) of Scynexis, (b) a material impairment of the ability of Scynexis or an affiliate of Scynexis to
perform under any Loan Document (as defined in the First Amendment to Credit Agreement) to which it is a party, or (c) a material adverse effect upon the legality, validity, binding effect, or enforceability against Scynexis of any Loan
Document to which it is a party. For the purposes of this Agreement, “Contractual Obligations” shall mean as to any Person, any provision of any security issued by such Person or of any agreement, undertaking, contract, indenture,
mortgage, deed of trust or other instrument or arrangement (whether in writing or otherwise) to which such Person is a party or by which it or any of such Person’s property is bound. For the purposes of this Agreement, “Loan
Documents” shall mean that certain Security Agreement by and between Sanofi and Scynexis, dated as of April 9, 2010 (the “Security Agreement”), the GEA, that certain Facility, by and between Scynexis and HSBC, dated as
of April 9, 2010 (the “Facility”), as in effect at any given time, that certain Board Observation Rights Agreement, by and between Sanofi and Scynexis, dated as of March      2013 (the
“Sanofi BORA”) and this Agreement. 
  

	 	E.	Binding Obligation. This Agreement has been duly executed and delivered by Scynexis and the Agreement is the legally valid and binding obligation of Scynexis, enforceable against Scynexis in accordance with its
respective terms. 

  

	 	F.	Absence of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Agreement that would constitute an Event of Default or Default (as defined
in the Facility). 

  
 4 

 SECTION 3. MISCELLANEOUS 
  

	 	A.	Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the laws of the State of North Carolina, without giving effect to applicable principles of conflicts of laws
thereof. 

  

	 	B.	Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made as of the date delivered or mailed if delivered in person, by telecopy, cable,
telegram or telex, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties as follows: 

if to Merial: 
 Merial Limited

 3239 Satellite Boulevard 

Duluth, Georgia 30096 
 Attention:
US General Counsel 
 Fax: 678-638-3960 

with a copy to: 
 Life Sciences
Law 
 870 Martin Luther King, Jr. Blvd. 

Chapel Hill, NC 27514 
 Attention:
Sheila Mikhail 
 if to Scynexis: 

3501C Tricenter Boulevard 

Durham, North Carolina 27713 

Attn: Yves Ribeill, Ph.D 

          President and Chief Executive Officer 

Tel: (919) 544-8600 
 Fax:
(919) 544-8697 
  

	 	C.	 Indemnity. Without prejudice to the provisions of Section 1.C. and without creating any implication that observer owes any
fiduciary duties of any kind, including, without limitation, a duty of loyalty or care, to Scynexis, its shareholders, its affiliates and other related Persons or any other person or entity, Scynexis shall, to the maximum extent legally permissible,
indemnify, defend and hold harmless each and every person who may serve or who has served at any time as a Merial Observer against any and all losses, costs, expenses and liabilities of any type, kind or nature, including, without limitation,
counsel fees and expenses, judgments, fines, excise taxes, penalties and settlement payments, or other costs, incurred by or imposed upon 

  
 5 

	 	
such person in connection with any threatened, pending or completed action, suit or proceeding, whether in law or in equity, in which he or she may become involved as a result of, by virtue of
being a Merial Observer, or by reason of his or her service in such capacity. 

 The indemnification provided hereunder shall
inure to the benefit of the heirs, executors and administrators of persons entitled to indemnification hereunder. The right of indemnification under this Section 3.C. shall be in addition to and not exclusive of all other rights to which
any person may be entitled. 
 No amendment or repeal of the provisions of this Section 3.C. which adversely affects the right of
an indemnified person under this Section 3.C. shall apply to such person with respect to those acts or omissions which occurred at any time prior to such amendment or repeal, unless such amendment or repeal was voted by or was made with
the written consent of Merial. 
  

	 	D.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original agreement, but all of which together shall constitute one and the same agreement.

  

	 	E.	Entire Agreement. This Agreement, and the terms and provisions hereof, constitute the entire understanding and agreement between the Parties hereto with respect to the subject matter hereof and supersedes any and
all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written. 

  

	 	F.	Severability. In case any provision in this Agreement shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Agreement and the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  

	 	G.	Further Assurances. The Parties each, at any time or from time to time, shall execute and deliver or cause to be executed and delivered such further assurances, instruments, consents, waivers, or documents as may
be reasonably necessary to fulfill the terms and conditions of this Agreement. The responsible party shall promptly cure any defects in the execution and delivery of the documents evidencing the granting of the board observer rights and immediately
execute and deliver to the other Party all such other and further instruments as may be reasonably required from time to time in order to satisfy or comply with the covenants and agreements made in this Agreement. 

 

	 	H.	Specific Performance. Irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with the terms hereof, and the Parties shall be entitled to specific performance of
the terms hereof, in addition to any other remedy at law or equity. 

  
 6 

	 	I.	Venue. SCYNEXIS HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY SHALL BE
BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NORTH CAROLINA AND HEREBY EXPRESSLY SUBMITS TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES THEREOF AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT SUCH
COURTS ARE AN INCONVENIENT FORUM. SCYNEXIS HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID,
TO ITS ADDRESS SET FORTH IN SECTION 3.B. OF THIS AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING. 

[SIGNATURE PAGE FOLLOWS] 

  
 7 

 IN WITNESS WHEREOF, Scynexis and Merial have caused this Agreement to be executed by their
respective duly authorized agents or officers, to be effective as of the Effective Date. 
  

			
	SCYNEXIS, INC.
		
	By:	 	/s/ Yves Ribeill
	Name:	 	Yves Ribeill
	Title:	 	President and CEO

  

			
	MERIAL LIMITED
		
	By:	 	/s/ Jose Barella
	Name:	 	Jose Barella
	Title:	 	Global Chairman

  
 8 

 Exhibit C 

Final Draft of First Amendment to Facility 

 AMENDMENT NO. 1 dated as of March 8, 2013 to the credit agreement referred to below (this
“Amendment No. 1”), between SCYNEXIS, INC., a corporation organized under the laws of Delaware (the “Company”), and HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association organized under the laws
of the United States of America (the “Bank”). 
 WHEREAS, the Company and the Bank are party to a credit agreement dated as
of April 9, 2010 (the “Existing Credit Agreement”), providing for revolving credit loans and a term loan to be made by the Bank to the Company in an aggregate principal amount of up to $15,000,000; and 

WHEREAS, the parties hereto desire to amend the Existing Credit Agreement in certain respects, including to extend the maturity thereof. 

NOW, THEREFORE, the parties hereto hereby agree as follows: 

Section 1. Definitions. Except as otherwise expressly defined herein, terms defined in the Existing Credit Agreement are used
herein as defined therein. 
 Section 2. Amendments. Subject to the satisfaction of the conditions precedent specified in
Section 4 below and to the accuracy, on the Effective Date (as defined below), of the representations and warranties contained in Section 3 below, the Existing Credit Agreement shall be amended as follows: 

2.01 References. References in the Existing Credit Agreement to “this Letter Agreement” (and indirect references such as
“hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Existing Credit Agreement as amended hereby. 

2.02 Extension of Maturity Date. Section 1.1(a) of the Existing Credit Agreement shall be amended by replacing the date “11
March, 2013” with the date “31 December, 2014”. 
 2.03 Interest Period. Section 1.8(a) of the Existing Credit
Agreement shall be amended by adding the words “(as to which term a quotation for the London interbank offered rate is published)” following the words “90 days”. 

Section 3. Representations and Warranties. The Company represents and warrants to the Bank that as of the date hereof both
immediately prior to and after giving effect to this Amendment No. 1 (a) the representations and warranties of the Company set forth in the Existing Credit Agreement are true and correct on and as of the date hereof as if made on and as of
the date hereof, as if each reference therein to “this Letter Agreement” included reference to this Amendment No. 1, and (b) no Event of Default or event which with notice or lapse of time or both would become an Event of
Default, has occurred and is continuing. 
 Section 4. Conditions Precedent. As provided in Section 2 above, the amendments
to the Existing Credit Agreement set forth in said Section 2 shall become effective subject to the satisfaction of the following conditions precedent on or before March 11, 2013 (the first date upon which such conditions shall have been
satisfied herein referred to as the “Effective Date”): 

  
 1 

 4.01 Documents. The Bank shall have received the following documents, each of which shall
be satisfactory to the Bank in form and substance: 
 (a) Amendment No. 1. An executed copy of this Amendment No. 1. 

(b) Secretary’s Certificate. A certificate from the Secretary of the Company certifying (i) as to the incumbency and
signature of each officer authorized to execute and deliver on behalf of the Company this Amendment No. 1, (ii) that attached thereto are the true and complete copies of the Certificate of Incorporation and the By-Laws of the Company and
all amendments thereto, and (iii) that attached thereto is a true and complete copy of the resolutions of the Board of Directors of the Company authorizing the execution, delivery and performance by the Company of this Amendment No. 1 (or,
in each case, written confirmation that such documents have not changed since those delivered in connection with the most recent amendment of the Existing Credit Agreement). 

(c) Confirmation and Extension of Guaranty. A letter from Sanofi (formerly, sanofi-aventis) extending the expiration date of the
Guaranty to January 30, 2015 and confirming that the Guaranty remains in full force and effect after giving effect to this Amendment No. 1. 

Section 5. Miscellaneous. Except as otherwise expressly set forth herein, nothing in this Amendment No. 1 shall be deemed to
constitute an amendment or modification of any provision of the Existing Credit Agreement. This Amendment No. 1 may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument
and any of the parties hereto may execute this Amendment No. 1 by signing any such counterpart. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or other electronic transmission (i.e., a
“pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof. This Amendment No. 1 shall be governed by, and construed in accordance with, the law of the State of New York. 

[signature page follows] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. l to be duly executed and
delivered as of the day and year first above written. 
  

			
	 COMPANY
  

SCYNEXIS, INC.

		
	By: 	 	/s/ Yves Ribeill
		 	Name: Yves Ribeill
		 	Title: CEO & President

  

			
	 BANK
  

HSBC BANK USA, NATIONAL ASSOCIATION

		
	By: 	 	/s/ Courtney Wright
		 	Name: Courtney Wright
		 	 Title: Vice President

          Multinationals #19791

  
 3 

 Exhibit D 

HEOS Waiver 

 WAIVER 

REFERENCE IS HEREBY MADE to that certain Reimbursement Agreement; General Security Agreement by and between Sanofi, a French Société Anonyme
(“Secured Party”), and Scynexis, Inc., a Delaware Corporation (“Debtor”), dated as of April 9, 2010 (the “Security Agreement”). Unless otherwised defined herein, capitalized terms used in this
document shall have the meaning ascribed to them in the Security Agreement. 
 On the basis of the attached certificate executed by Charles F. Osborne, Jr.
in his personal capacity, on or about the date hereof, (i) the Secured Party hereby irrevocably acknowledges and agrees that the Debtor has disposed of all rights in HEOS® information
management software, together with all parts, accessories, attachments, replacements thereof and additions thereto other than any hardware including any tangible Collateral in which such elements have been uploaded in the past (collectively the
“HEOS Software”) and (ii) the Secured Party hereby irrevocably and unconditionally waives all licenses, rights (including, without limitation, any rights to sublicense the HEOS Software and any rights to assign or transfer its
rights to the HEOS Software, regardless of any past or future event giving rise to an Event of Default (as defined in the Security Agreement) or otherwise) and claims (whether current, future, actual or contingent) the Secured Party has or may have
with respect to the HEOS Software under or in connection with section 7 of the Security Agreement. 
  

			
	SANOFI
		
	By: 	 	/s/ Jerome Contamine
	Jérôme Contamine
	Executive Vice President, Chief Financial Officer

 Date: 8 March 2013 

  
 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]