LOAN AGREEMENT dated as of March 30, 2022 by and between R-Bridge Investment Four Pte. Ltd., as Lender, and TREVENA SPV2 LLC, as Borrower

Exhibit 10.1

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CERTAIN CONFIDENTIAL INFORMATION IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

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LOAN AGREEMENT

dated as of March 30, 2022

by and between

R-Bridge Investment Four Pte. Ltd.,

as Lender,

and

XXXXXXX SPV2 LLC,

as Borrower

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Table of Contents

Page

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Table of Contents

(continued)

Page

Section 11.01Losses74

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Exhibits to the Disclosure Letter

Exhibit AForm of Assignment and Acceptance

Exhibit BForm of Fully Blocked Account Control Agreement

Exhibit CForm of Springing Blocked Account Control Agreement

Exhibit DForm of Contribution Agreement

Exhibit EForm of Intercompany License Agreement

Exhibit FForm of Revenue Interest Purchase Agreement

Exhibit G-1Form of Parent Guarantee

Exhibit G-2Form of TRVN SPV1 Guarantee

Exhibit H-1Form of Form of Parent Equity Contribution Agreement

Exhibit H-2Form of TRVN RC Equity Contribution Agreement

Exhibit I[Reserved]

Exhibit JForm of Security Agreement

Exhibit KForm of Stock Pledge Agreement

Exhibit L-1Form of Officer’s Certificate

Exhibit L-2Form of Second and Third Tranche Loan Officer’s Certificate

Exhibit MForm of Solvency Certificate

Exhibit NForm of Licensee Consent

Exhibit OForm of Licensee Instruction Letter

Exhibit PForm of Perfection Certificate

Exhibit QLicense Agreement

Exhibit RForm of Payment Date Distribution Report

Exhibit SForm of Warrant

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Schedules to the Disclosure Letter

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Schedule 7.01(a)Jurisdictions

Schedule 7.01(n)(i)Applicable Patents (Patents in the United States or the Territory owned or controlled by Parent, Borrower or Subsidiary including the Licensed Patents)

Schedule 7.01(n)(xxiv)Party infringement of issued Patents; notice to Third Party of issued

Patents.

Schedule 7.01(n)(xxvi)Copyrights, trademarks, trade secrets or net names material to

Exploitation of Licensed Product

Schedule 7.01(r)(ii)Amendments to License Agreement

Schedule 7.02(n)Material Contracts

Schedule 7.02(z)Indebtedness

Schedule 7.02(o)(vii)Contracts (other than the License Agreement) between Parent and

Licensee; Other Agreements

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This LOAN AGREEMENT (this “Agreement”) dated as of March 30, 2022, is entered into by and between R-Bridge Investment Four Pte. Ltd., a Singapore private company limited by shares, as lender (“Lender”), and Xxxxxxx SPV2 LLC, a Delaware limited liability company, as borrower (“Borrower”). Capitalized terms not otherwise defined herein shall have the meanings set forth in, or by reference in, Article I below.

RECITALS

WHEREAS, Borrower intends to acquire all of Parent’s right, title and interest in, to and under the Transferred Assets pursuant to that certain Contribution and Servicing Agreement, dated as of the Closing Date (the “Contribution Agreement”), by and between Parent and Borrower, in the form attached as Exhibit D to the Disclosure Letter, and, in connection therewith, to acquire a royalty-free, fully-paid license under certain intellectual property related to the Transferred Assets pursuant to that certain Intercompany License Agreement, dated as of the Closing Date (the “Intercompany License Agreement”), by and between Parent and Borrower, in the form attached as Exhibit E to the Disclosure Letter;

WHEREAS, pursuant to that certain Revenue Interest Purchase Agreement, dated as of the Closing Date (the “Revenue Interest Purchase Agreement”), by and between Parent and Borrower, in the form attached as Exhibit F to the Disclosure Letter, Borrower intends to acquire all of Parent’s right, title and interest in, to and under the Purchased Revenue Interest and the Purchased Additional Revenue Interest;

WHEREAS, in connection with the transactions contemplated by the Contribution Agreement and the Revenue Interest Purchase Agreement, Borrower has requested that Lender make term loans to Borrower in an aggregate principal amount of up to Forty Million Dollars ($40,000,000), the proceeds of which will be used by Borrower in accordance with Section 8.02; and

WHEREAS, in partial consideration therefor, Borrower shall issue the Warrant to Lender and provide the Lender with the Additional Royalty Right;

WHEREAS, Lender is willing to extend such credit to Borrower on the terms and subject to the conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual promises of the Parties, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is mutually agreed by the Parties as follows:

Article I​
CERTAIN DEFINITIONS
Section 1.01Definitions. As used herein:

“Account Bank” means Pacific Western Bank or such other bank or financial institution approved by each of Lender and Borrower.

“Accreted Principal” has the meaning set forth in Section 3.01(c).

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“Additional Royalty Right” means the right to receive the amounts payable pursuant to clause (iii) of Section 4.04(a).

“Additional Royalty Right Payments” has the meaning set forth in Section 4.04(a)(iii)(2).

“Affiliate” means any Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with another Person.

“Agreement” has the meaning set forth in the preamble hereto.

“Anti-Corruption Laws” all laws, rules, and regulations concerning or relating to bribery or corruption, including, without limitation, the U.S. Foreign Corrupt Practices Act of 1977, as amended.

“Applicable Law” means, with respect to any Person, all Laws, rules, regulations and orders of Governmental Authorities applicable to such Person or any of its properties or assets.

“Assignee” means any other Person to which a Lender has assigned or is assigning its rights and obligations hereunder, whether in whole or in part.

“Assignment and Acceptance” means a written instrument of assignment in the form attached as Exhibit A to the Disclosure Letter, executed by and between the parties to an assignment under Section 12.01 hereof.

“Assignment Relating to the Purchased Revenue Interest” means the Assignment and Assumption Agreement, dated as of the Closing Date, delivered by Parent to Borrower under the Revenue Interest Purchase Agreement with respect to the Purchased Revenue Interest and the Purchased Additional Revenue Interest.

“Assignment Relating to the Transferred Assets” means the Assignment and Assumption Agreement, dated as of the Closing Date, delivered by Parent to Borrower under the Contribution Agreement with respect to the Transferred Assets.

“Bankruptcy Law” means Title 11 of the United States Code entitled “Bankruptcy” and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions (domestic or foreign) from time to time in effect and affecting the rights of creditors generally.

“Blocked Account” means, collectively, any segregated deposit account established and maintained at the Account Bank pursuant to a Blocked Account Control Agreement, the Security Agreement and this Agreement.

“Blocked Account Control Agreement” means, collectively, any Fully Blocked Account Control Agreement and any Springing Blocked Account Control Agreement.

“Borrower” has the meaning set forth in the preamble hereto.

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“Borrower Account” that certain deposit account with account number ending in [***] established by Borrower at Account Bank, which shall be subject to the control of Lender pursuant to the Springing Blocked Account Control Agreement, and any successor Borrower Account entered into in accordance with Section 4.03.

“Borrower’s Organizational Documents” means the certificate of formation and limited liability company agreement (or similar documents) of Borrower or the functional equivalent of the foregoing.

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable Law to remain closed.

“Calendar Quarter” means, for the first calendar quarter, the period beginning on the Closing Date and ending on the last day of the calendar quarter in which the Closing Date falls, and thereafter each successive period of three (3) consecutive calendar months ending on March 31, June 30, September 30 or December 31.

“Capital Stock” of any Person means any and all shares, interests, memberships, ownership interest units, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, and including, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, and including, if such Person is a limited liability company, membership interests and any other interest or participation that confers on a Person the right to receive an interest in the profits and losses of, or distributions of property of, such limited liability company, in each case whether outstanding on the date hereof or issued after the date hereof, but excluding any Indebtedness convertible into or exchangeable for such equity.

“Change of Control” means (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of (i) more [***] of the equity interests of Borrower or Parent entitled to vote for members of its board of directors on a fully diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right) or (ii) [***] of the equity interests of Borrower or Parent entitled to vote for members of its board of directors on a fully diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right), or (b) that consummation of any transaction or series of related transactions that results in the sale, disposition or other transfer of all or substantially all of Parent’s business or assets.

“Change of Control Payment Date” has the meaning set forth in Section 3.03.

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“Change-Over Date” means the first Quarterly Payment Date to occur following the end of the first calendar quarter to commence after the date the Principal Amount of the Loan, together with any accrued interest, has been repaid in full, and Lender has no further obligations to extend either the Second Tranche Loan or the Third Tranche Loan.

“Chinese Regulatory Approval” means any and all approvals, licenses, registrations or authorizations of any Regulatory Agency (including NMPA) necessary for commercially distributing, selling, promoting, marketing and otherwise Commercializing the Licensed Product in the People’s Republic of China, including pricing and reimbursement approvals where reasonably necessary for the sale of Licensed Product.

“Closing Date” means the date hereof.

“Code” means the Internal Revenue Code of 1986, as amended.

“Collateral” means all of Borrower’s right, title and interest in, to and under, the following property, whether now owned or hereafter acquired and wherever located:

(a)the Transferred Assets (including, without limitation, the License Agreement (including the right to all payments in respect of the Royalty Interest from time to time)), the Contribution Agreement, and the Assignment Relating to the Transferred Assets;

(b)the Intercompany License Agreement;

(c)the Purchased Revenue Interest, the Revenue Interest Purchase Agreement and the Assignment Relating to the Purchased Revenue Interest;

(d)the Collection Account and all money and other property deposited or maintained in the Collection Account;

(e)all accounts, chattel paper, deposit accounts (and all money and other property deposited or maintained therein), documents, equipment, fixtures, general intangibles, goods, instruments (including intercompany promissory notes), inventory, investment property, letter-of-credit rights, letters of credit, commercial tort claims, money, and supporting obligations;

(f)all rights (contractual and otherwise and whether constituting accounts, contract rights, financial assets, cash, investment property or general intangibles) arising under, connected with or in any way related to the assets described in the foregoing clauses (a), (b), (c), (d) or (e) (including, without limitation, (i) the right to receive the Royalty Reports, (ii) the right to audit the records of the Licensee as described in Section 8.9 of the License Agreement and (iii) the right to make claims against the Licensee for breach of the License Agreement);

(g)all accessions, substitutions and replacements for, and all rents, profits and products of, any assets described in the foregoing clauses (a), (b), (c), (d), (e) or (f);

(h)all proceeds of any assets described in the foregoing clauses (a), (b), (c), (d), (e), (f) or (g);

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(i)all books and records related to any assets described in the foregoing clauses (a), (b), (c), (d), (e), (f), (g) or (h);

provided that in no event shall Collateral include any of the following: (i) any governmental licenses or state or local franchises, charters and authorizations to the extent and for so long as a security interest in any such license, franchise, charter or authorization is prohibited or restricted thereby (other than to the extent that such restriction or prohibition would be rendered ineffective pursuant to the anti-non assignment provisions of the UCC or other Applicable Law), (ii) any license or agreement (or rights thereunder) to the extent that and for so long as a grant of a security interest therein would violate or invalidate such license or agreement, result in a breach thereof or create a right of termination in favor of any other Person (other than an Affiliate of Borrower) party thereto (other than to the extent that such restriction or prohibition would be rendered ineffective pursuant to the anti-non assignment provisions of the UCC or other Applicable Law), or (iii) any intent to use trademarks; provided, further, that, for the avoidance of doubt, in no event shall the Collateral include any Excluded Asset (as defined in the Contribution Agreement) or rights related thereto; provided, further, that the term “Collateral” shall include all proceeds and products of any assets described in clauses (i), (ii) or (iii) of the immediately preceding proviso.

“Collection Account” that certain deposit account with account number ending in [***] established by Borrower at Account Bank, which shall be subject to the sole dominion and control of Lender pursuant to the Fully Blocked Account Control Agreement, and any successor Collection Account entered into in accordance with Section 4.03.

“Collection Amount” means, with respect to any Calendar Quarter, (a) all amounts in respect of the Royalty Interest received by Parent or Borrower during such Calendar Quarter and (b) the Purchased Revenue Interest Amount (as defined in the Revenue Interest Purchase Agreement) paid or payable by Parent to Borrower in respect of such Calendar Quarter in accordance with Section 4.01(n) of the Revenue Interest Purchase Agreement and any amounts paid or payable by Parent to Borrower in accordance with Section 4.10(p) of the Revenue Interest Purchase Agreement during such Calendar Quarter.

“Commercialization” means, on a country-by-country basis, any and all activities with respect to the distribution, marketing, detailing, promotion, selling and securing of reimbursement of a Licensed Product in such country, which shall include, as applicable, post-marketing approval studies, post-launch marketing, promoting, detailing, marketing research, distributing, customer service, selling a Licensed Product, importing, exporting or transporting a Licensed Product for sale, and regulatory compliance with respect to the foregoing. When used as a verb, “Commercialize” means to engage in Commercialization.

“Common Stock” has the meaning set forth in the Warrant.

“Confidential Information” means any and all technical and non-technical non-public information provided by either Party to the other (including, without limitation, any notices or other information provided pursuant to Section 8.08 and all information previously provided or made available in accordance with the Confidentiality Agreement), either directly or indirectly, whether in graphic, written, electronic or oral form, and marked or identified at the time of

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disclosure as confidential, or which by its context would reasonably be deemed to be confidential whether or not such information is marked as confidential, including without limitation information relating to a Party’s revenues, net sales, costs, technology, products and services, and any business, financial or customer information relating to a Party. Confidential Information shall not include any information that a Party can demonstrate was: (i) known to the general public at the time of its disclosure to such Party or its Affiliates, or thereafter became generally known to the general public, other than as a result of actions or omissions of the receiving Party or its Affiliates in violation of such Party’s obligations under Section 12.17; (ii) known by the receiving Party or its Affiliates prior to the date of disclosure by the disclosing Party; (iii) disclosed to the receiving Party or its Affiliates on an unrestricted basis from a source unrelated to the disclosing Party and not known by the receiving Party or its Affiliates to be under a duty of confidentiality to the disclosing Party; or (iv) independently developed by the receiving Party or its Affiliates by personnel that did not use the Confidential Information of the disclosing Party in connection with such development.

“Confidentiality Agreement” means that certain Mutual Nondisclosure Agreement by and between Parent and R-Bridge Healthcare Investment Advisory, Ltd., dated August 17, 2021.

“Contract” means any agreement, contract, lease, commitment, license and other arrangement that is legally binding.

“Contribution” means the sale, assignment, transfer, contribution and conveyance of the Transferred Assets pursuant to the Contribution Agreement.

“Contribution Agreement” has the meaning set forth in the recitals hereto.

“Contributor Event of Default” has the meaning set forth in the Contribution Agreement.

“Controlled Affiliate” with respect to any Person means any other Person directly or indirectly controlling, controlled by or under common control with, such Person. For the purposes of this Agreement, “control” (including, with correlative meaning, the terms “controlling” and “controlled”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

“Cut-Off Date” means, with respect to any Quarterly Payment Date, the fifth (5th) Business Day preceding such Quarterly Payment Date.

“Default” means any condition or event which constitutes an Event of Default or which, with the giving of notice or the lapse of time or both (in each case to the extent described in the relevant subclauses of the definition of “Event of Default”) would, unless cured or waived, become an Event of Default.

“Default Rate” means, for any period for which an amount is overdue, a rate per annum equal for each day in such period to the lesser of (i) three percent (3.0%) plus the rate of interest otherwise applicable to the Loan as provided in Section 4.01 and the definition of “Fixed Interest” and (ii) the maximum rate of interest permitted under Applicable Law.

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“Deficiency Amount” has the meaning set forth in Section 3.01(c).

“Disclosure Letter” means the Confidential Disclosure Letter, dated as of the Closing Date, and delivered by Borrower and the Parent to the Lender.

“Dispute(s)” means any opposition, interference, reexamination, injunction, claim, suit, action, citation, summons, subpoena, hearing, inquiry, investigation (by the International Trade Commission or otherwise), complaint, arbitration, mediation, demand, decree or other dispute, disagreement, proceeding, claim or inter partes review (other than standard patent prosecution before a Patent Office).

“Disqualified Capital Stock” of any Person means any class of Capital Stock of such Person that, by its terms, or by the terms of any related agreement or of any security into which it is convertible, puttable or exchangeable, is, or upon the happening of any event (other than a Change of Control) or the passage of time would be, required to be redeemed by such Person, whether or not at the option of the holder thereof, or matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, in whole or in part, on or prior to the date which is ninety-one (91) days after the Loan Maturity Date; provided, however, that any class of Capital Stock of such Person that, by its terms, authorizes such Person to satisfy in full its obligations with respect to the payment of dividends or upon maturity, redemption (pursuant to a sinking fund or otherwise) or repurchase thereof or otherwise by the delivery of Capital Stock that is not Disqualified Capital Stock, and that is not convertible, puttable or exchangeable for Disqualified Capital Stock or Indebtedness, will not be deemed to be Disqualified Capital Stock so long as such Person satisfies its obligations with respect thereto solely by the delivery of Capital Stock that is not Disqualified Capital Stock.

“Dollars” or “$” means lawful money of the United States of America.

“Equity Contribution Agreement” means, collectively, the Parent Equity Contribution Agreement and the TRVN RC Equity Contribution Agreement.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

“Event of Default” means the occurrence of one or more of the following:

(a)Borrower fails to pay any principal of the Loan within three (3) Business Days after the same becomes due and payable, whether on the Loan Maturity Date or otherwise (excluding any prepayment of principal of the Loan pursuant to Section 3.02(b)).
(b)Except as permitted by Section 4.01, Borrower fails to pay any interest on the Loan (including, without limitation, Fixed Interest) or make payment of any other amounts payable under this Agreement (other than payments of principal, which are covered under clause (a) above) within five (5) Business Days after the same becomes due and payable.
(c)Any representation or warranty of Borrower in any Loan Document to which it is party or in any certificate or other document delivered by Borrower in connection with the Loan Documents to Lender proves to have been incorrect in any material respect at the

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time it was made or deemed made (except that any representation or warranty that is qualified as to “materiality” or “Material Adverse Effect”, or by reference to an objective standard (e.g., a specified Dollar amount), shall be true and correct in all respects) and, solely if the consequences of the failure of such representation or warranty to be true and correct can be cured, such failure continues for a period of thirty (30) days without such cure after the earlier of the date Borrower becomes aware of such failure or the date Lender provides notice of such failure to Borrower.
(d)Borrower fails to perform or observe any covenant or agreement contained in Sections 4.02, 8.01, 8.02, 8.06, 8.08, 8.09, 8.17 or Article IX (other than Section 9.03, which is covered under clause (e) below).
(e)Borrower fails to perform or observe any other covenant or agreement contained in the Loan Documents to which it is a party (other than those referred to in the preceding clauses of this definition) and, solely if the consequences of the failure to perform or observe such covenant or agreement can be cured, such failure continues for a period of thirty (30) days without such cure after the earlier of the date Borrower becomes aware of such failure or the date Lender provides notice of such failure to Borrower.
(f)A Parent Event of Default occurs and is continuing.
(g)Borrower (i) fails to pay when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) any Indebtedness (other than the Obligations hereunder) of $50,000 or more or (ii) fails to perform or observe any covenant or agreement to be performed or observed by it contained in any agreement or in any instrument evidencing any of its Indebtedness (other than the Obligations hereunder) of $50,000 or more and, as a result of such failure, any other party to that agreement or instrument is entitled to exercise the right to accelerate the maturity of any Indebtedness thereunder.
(h)Any uninsured judgment, decree or order in an amount in excess of $50,000 shall be rendered against Borrower and either (i) enforcement proceedings shall have been commenced upon such judgment, decree or order or (ii) such judgment, decree or order shall not have been stayed or bonded pending appeal, vacated or discharged, within thirty (30) days from entry.
(i)An Insolvency Event occurs.
(j)(i) Any of the Loan Documents ceases to be in full force and effect (other than the Parent Guarantee after the earlier of Chinese Regulatory Approval and the Change-Over Date), (ii) the validity or enforceability of any Loan Document is disaffirmed or challenged in writing by any Transaction Party or any of their respective Affiliates, or by any Person (other than Lender) asserting an interest in any portion of the Collateral and such written disaffirmation or challenge is not withdrawn or disavowed by such Person within thirty (30) days after its communication or Borrower has not brought appropriate proceedings for declaratory or other relief negating such disaffirmation or challenge within thirty (30) days after such communication and has not obtained an order granting such relief within one hundred and twenty (120) days after commencement of such proceedings, or (iii) this Agreement, the Security Agreement, the Stock Pledge Agreement, the TRVN SPV1 Guarantee, or, prior to the earlier of Chinese

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Regulatory Approval and the Change-Over Date, the Parent Guarantee, ceases to give Lender the rights purported to be created hereby or thereby (including a first priority perfected Lien on the assets of Borrower that constitute Collateral (except as otherwise expressly provided herein and therein)) other than as a direct result of any action by Lender or failure of Lender to perform an obligation of Lender hereunder.
(k)Borrower fails to perform or observe any covenant or agreement contained in any Material Contract to which it is a party or any of Borrower’s Organizational Documents, and such failure is not cured or waived within any applicable grace period, and in the case of any provision in Borrower’s Organizational Documents, if not cured, is not waived by Lender, or any Material Contract shall cease to be in full force and effect, and in the case of any provision in a Material Contract, such failure to perform or observe results in a termination of such Material Contract and any such failure, cessation or termination could reasonably be expected to have a Material Adverse Effect.
(l)The License Agreement is terminated or cancelled and is not replaced in accordance with Section 8.17(b) within one hundred and eighty (180) days after the effective date of termination or cancellation; provided that a failure to replace the License Agreement within such one hundred and eighty- (180-) day period shall not constitute an Event of Default for so long as Lender, Borrower and Parent are engaged in discussions with one or more Third Parties with respect to a New Arrangement in compliance with Section 8.17, and Lender has a good faith reasonable belief that such discussions will result in the entry into a New Arrangement within a reasonable period of time thereafter.
(m)Any security interest purported to be created by the Security Agreement or the Stock Pledge Agreement shall cease to be in full force and effect, or shall cease to give the rights, powers and privileges purported to be created and granted hereunder or thereunder (including a perfected first priority security interest in and Lien on substantially all of the Collateral (except as otherwise expressly provided herein and therein)) in favor of Lender pursuant hereto or thereto (other than as a result of the failure by Lender of taking any action required to maintain the perfection of such security interests), or shall be asserted by TRVN SPV1 or Borrower not to be a valid, perfected, first priority (except as otherwise expressly provided in this Agreement or such Security Agreement) security interest in the Collateral and/or TRVN SPV1 or Borrower takes any action that could reasonably be expected to impair Lender’s security interest in any of the Collateral (other than granting Permitted Liens or permitting such Permitted Liens to exist).

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the regulations promulgated thereunder.

“Excluded Taxes” shall mean, any of the following Taxes imposed on or with respect to, or required to be withheld or deducted from a payment by Licensee of the Royalty Interest: (i) Taxes imposed on or measured by net income or branch profits (however denominated, and including (for the avoidance of doubt) any backup withholding in respect thereof under Section 3406 of the Code or any similar provision of state, local or foreign law), and franchise (and similar) Taxes imposed, in each case, by a jurisdiction (including any political subdivision thereof) as a result of being organized in, having its principal office in, or, having permanent

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establishment or trade or business in, such jurisdiction, or as a result of any other present or former connection with such jurisdiction, (ii) any Taxes withheld or deducted under Section 8.8(b) of the License Agreement pursuant to laws not in force at the date of this Agreement, (iii) any Taxes withheld or deducted under Section 8.8(b) of the License Agreement that are attributable to a failure by Borrower, TRVN SPV1 or Parent to provide appropriate tax forms to the payor under the License Agreement (including pursuant to Section 8.8(d) of the License Agreement) or gross negligence or willful misconduct (which, for avoidance of doubt, would include a failure to exercise the rights of Parent and Borrower under Section 8.8(c) of the License Agreement) and (iv) Tax imposed under FATCA.

“Exploit” means, with respect to the Licensed Product, the manufacture, use, sale, offer for sale (including marketing and promotion), importation, distribution or other Commercialization; and “Exploitation” shall have the correlative meaning.

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future treasury regulations promulgated thereunder or official administrative interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing.

“FCPA” means the United States Foreign Corrupt Practices Act of 1977.

“FDA” means the United States Food and Drug Administration, or any successor agency thereto.

“Fee Letter” means that certain Fee Letter, dated as of the Closing Date, by and between Lender and Borrower.

“Financial Statements” means, the consolidated balance sheets of Parent, audited at December 31, 2020, December 31, 2019 and December 31, 2018 and the related consolidated statements of operations and comprehensive loss, cash flows and changes in stockholders’ equity of Parent audited for the years ended December 31, 2020, December 31, 2019 and December 31, 2018, and the accompanying notes thereto, in each case, as filed within Forms 10-K and 10-Q with the SEC.

“First Tranche Loan” has the meaning set forth in Section 2.01(a).

“First Tranche Loan Commitment” means the amount of Fifteen Million Dollars ($15,000,000).

“Fixed Interest” means interest with respect to the Loan, accruing with respect to the outstanding principal balance thereof at a rate per annum equal to seven percent (7.0%).

“Fixed Interest Amount” has the meaning set forth in Section 4.04(b)(i).

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“Fixed Interest Payment” has the meaning set forth in Section 4.04(b)(i).

“Fully Blocked Account Control Agreement” means any agreement entered into by the Account Bank, Borrower and Lender in the form attached as Exhibit B to the Disclosure Letter or otherwise in form and substance reasonably satisfactory to Lender, pursuant to which, among other things, Lender shall have sole dominion and control over the Blocked Account within the meaning of Section 9-104 of the UCC.

“GAAP” means the generally accepted accounting principles in the United States of America in effect from time to time; provided that if there occurs after the Closing Date any change in GAAP that affects in any respect the calculation of any payment or other amount described or referenced herein or in any other Loan Document (including, without limitation, the Royalty Interest and the Purchased Revenue Interest), Borrower and Lender shall negotiate in good faith to amend the provisions hereof or thereof that relate to the calculation of such payment or other amount with the intent of having the respective positions of Parent, TRVN SPV1, Borrower and Lender after such change in GAAP conform as nearly as possible to their respective positions as of the Closing Date, and, until any such amendments have been agreed upon, such payments and other amounts shall be calculated as if no such change in GAAP has occurred.

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, government.

“Guarantee” means, as to any Person: (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “Primary Obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part); or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person.

“Guarantee Agreement” means, collectively, the Parent Guarantee and the TRVN SPV1 Guarantee.

“Indebtedness” with respect to any Person means (i) all indebtedness pursuant to an agreement or instrument involving or evidencing money borrowed, the advance of credit, a conditional sale or a transfer with recourse or with an obligation to repurchase (but excluding trade credit and accounts payable in the ordinary course of business), (ii) all obligations of such

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Person evidenced by notes, bonds, debentures or other similar instruments (iii) all capitalized lease obligations, (iv) all obligations with respect to Disqualified Capital Stock, (v) all indebtedness of a third party secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on assets owned or acquired by such Person, whether or not the indebtedness secured thereby has been assumed (but only to the extent of such Lien), (vi) net amounts owing pursuant to an interest rate protection agreement, foreign currency exchange agreement or other hedging arrangement, (vii) all reimbursement obligations under letters of credit issued for the account of such Person, and (viii) all Guarantees with respect to Indebtedness of the types specified in clauses (i) through (vii) above of another Person. For the avoidance of doubt, the Indebtedness of any Person shall include the Indebtedness of any other entity to the extent such Person is directly liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

“Indemnified Liabilities” means, collectively, any and all liabilities, obligations, losses, damages, penalties, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for Indemnitees in connection with any investigative, administrative or judicial proceeding commenced or threatened (in writing) by any Person whether or not any such Indemnitee shall be designated as a party or a potential party thereto, and whether or not such Indemnitee is required by Applicable Law to be involved therein, and any fees or expenses actually incurred by Indemnitees in enforcing the indemnity provided herein), whether direct, indirect or consequential, whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations), on common law or equitable cause or on contract or otherwise, imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out of this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby (including any enforcement of any of the Loan Documents (including any sale of, collection from, or other realization upon any of the Collateral)).

“Indemnitee” means each Lender and its Affiliates and their respective officers, partners, directors, trustees, employees, agents and controlling Persons.

“Independent Manager” means the Person identifed as such in the Independent Manager Engagement Letter.

“Independent Manager Engagement Letter” means that certain engagement letter, dated the Closing Date, by and between Corporation Service Company and Borrower.

“Insolvency Event” means the occurrence of any of the following with respect to any Transaction Party:

(i)(A) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (x) relief in respect of such Transaction Party, or of a substantial part of the property of such Transaction Party, under any Bankruptcy Law now or hereafter in effect, (y) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Transaction Party for a substantial part of the property of such Transaction Party

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or (z) the winding-up or liquidation of such Transaction Party, which proceeding or petition shall continue undismissed for sixty (60) calendar days or (B) an order of a court of competent jurisdiction approving or ordering any of the foregoing shall be entered;
(ii)such Transaction Party shall (A) voluntarily commence any proceeding or file any petition seeking relief under any Bankruptcy Law now or hereafter in effect, (B) apply for the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official itself or for a substantial part of its property, (C) fail to contest in a timely and appropriate manner any proceeding or the filing of any petition described in clause (i) of this definition, (D) file an answer admitting the material allegations of a petition filed against it in any proceeding described in clause (i) of this definition, (E) make a general assignment for the benefit of creditors or (F) wind up or liquidate (except as permitted under this Agreement);
(iii)such Transaction Party shall take any action in furtherance of or for the purpose of effecting, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i) or (ii) of this definition; or
(iv)such Transaction Party shall become unable, admit in writing its inability, or fail generally, to pay its debts as they become due.

“Intellectual Property” means all intellectual property covering the sale, manufacture, use, importation or marketing of the Products in the Territory or the United States, including but not limited to patents, patent applications, trademarks, trademark applications and know-how, necessary for the sale, manufacture, use, importation or marketing of the Products that are owned or controlled (and if controlled, only to the extent of control) by Parent or by Borrower (after giving effect to the Contribution under the Contribution Agreement) as of the Closing Date and during term of this Agreement, including, but not limited to the Licensed Technology.

“Intercompany License” has the meaning set forth in the Intercompany License Agreement.

“Intercompany License Agreement” has the meaning set forth in the recitals hereto.

“Interest Reserve Account” means [***].

“Interest Reserve Amount” means [***].

“Interest Reserve Release Date” means the [***].

“Knowledge” means, with respect to any Transaction Party, the actual knowledge, after due inquiry, of the Chief Executive Officer, Chief Financial Officer, Chief Commercial Officer, Chief Medical Officer, Chief Commercial Officer, Chief Business Officer, Chief Compliance Officer, and VP, Head of Legal of any Transaction Party, or to the extent such officer does not exist, the actual knowledge of another person with similar responsibility, regardless of title, of any Transaction Party, respectively, relating to a particular matter; provided, however, that a person charged with responsibility for the aspect of the business relevant or related to the matter at issue shall be deemed to have knowledge of a particular matter if, in the prudent exercise of

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his or her duties and responsibilities in the ordinary course of business, such person should have known of such matter.

“Law” means any federal, state, local or foreign law, including common law, and any regulation, rule, requirement, policy, judgment, order, writ, decree, ruling, award, approval, authorization, consent, license, waiver, variance, guideline or permit of, or any agreement with, any Governmental Authority.

“Lender” means Lender (as defined in the preamble hereto) and any Assignee under Section 12.01(b).

“Lender Account” means such account of Lender maintained at such banking institution as Lender may specify in its discretion from time to time in writing to Borrower at least five (5) Business Days prior to any Quarterly Payment Date or other date on which payments are to be made to Lender pursuant to the Loan Documents.

“Letter of Direction” means that certain Letter of Direction, by and between Lender and Borrower.

“License Agreement” means that certain License Agreement by and between Parent and Licensee, dated as of April 27, 2018, as amended by Amendment #1 to License Agreement dated as of November 6, 2020 and Amendment #2 to License Agreement dated as of March 29, 2022, and as may be further amended in accordance with this Agreement.

“Licensed Compound” has the meaning ascribed thereto in Section 1.48 of the License Agreement.

“Licensed Patents” has the meaning ascribed to “Xxxxxxx Patents” in Section 1.88 of the License Agreement.

“Licensed Product” has the meaning ascribed thereto in Section 1.49 of the License Agreement.

“Licensed Product FCS” means [***].

“Licensed Technology” has the meaning ascribed to “Xxxxxxx Technology” in Section 1.89 of the License Agreement.

“Licensee” means Jiangsu Nhwa Pharmaceutical Co. Ltd., or any successor thereof, as permitted pursuant to the terms of this Agreement and the License Agreement.

“Licensee Consent” means that certain consent letter in the form attached as Exhibit N to the Disclosure Letter.

“Licensee Instruction Letter” means that certain direction letter to Licensee in the form attached as Exhibit O to the Disclosure Letter.

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“Lien” means any mortgage or deed of trust, pledge, hypothecation, lien, charge, attachment, set-off, encumbrance or other security interest in the nature thereof (including any conditional sale agreement, equipment trust agreement or other title retention agreement, a lease with substantially the same economic effect as any such agreement or a transfer or other restriction) or other encumbrance, right or claim of any nature whatsoever.

“Loan” means the First Tranche Loan, the Second Tranche Loan, if made pursuant to Section 2.01(b), and the Third Tranche Loan, if made pursuant to Section 2.01(c).

“Loan Agreement Termination Date” means the date on which the Term (as defined in Section 1.79 of the License Agreement) expires; provided, that, in the event the License Agreement is terminated or cancelled by the Licensee and is replaced, or in the process of being replaced, by a New Arrangement in accordance with Section 8.17(b), then the Loan Agreement Termination Date shall mean the later of (i) the date that is one hundred eighty (180) days after the effective date of such termination or cancellation of the License Agreement (or such longer period as agreed to by the Lender), and (ii) date on which the counterparty to a New Arrangement is no longer obligated to pay royalties on sales of the Licensed Product in the Field (as defined in the License Agreement) in the Territory.

“Loan Commitment” means the First Tranche Loan Commitment, the Second Tranche Loan Commitment and the Third Tranche Loan Commitment.

“Loan Maturity Date” means the earlier of (1) fifteen (15) years from the Closing Date, or (2) the Loan Agreement Termination Date.

“Loan Documents” means this Agreement, any Note, the Fee Letter, the Warrant, the TRVN SPV1 Gaurantee, the Parent Guarantee (prior to the earlier of the Chinese Regulatory Approval and the Change-Over Date), the Security Agreement, the Stock Pledge Agreement, the Contribution Agreement, the Intercompany License Agreement, the Revenue Interest Purchase Agreement, the Letter of Direction, the Assignment Relating to the Transferred Assets, the Assignment Relating to the Purchased Revenue Interest, each Blocked Account Control Agreement, the Licensee Consent, the Licensee Instruction Letter, and, in each case, all other documents delivered in connection therewith.

“Manufacturing Option” has the meaning ascribed thereto in Section 1.54 of the License Agreement.

“Material Adverse Effect” means (a) an Insolvency Event, (b) a material adverse change in the business, operations, properties, results of operations or financial condition of Borrower, (c) a material adverse effect on the validity or enforceability of any Loan Document taken as a whole or of any material provision hereof or thereof, (d) a material adverse effect on any Transaction Party to consummate the transactions contemplated by the Loan Documents, or on the ability of a Transaction Party to perform its obligations under the Loan Documents to which it is a party, (e) a material adverse effect on the rights or remedies of Lender under any of the Loan Documents, (f) a material adverse effect on the rights of Borrower under, or the right or ability of Borrower to perform its obligations under, the License Agreement, with respect to the Royalty Interest, (g) a material adverse effect on the validity or enforceability of any of the

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Licensed Patents, (h) an adverse effect in any respect on the timing, amount or duration, taken as a whole, of the Royalty Interest or the right of Lender to receive payments based on the Royalty Interest, other than any de minimis effect, or (g) an adverse effect in any respect on the timing, amount or duration, taken as a whole, of the Purchased Revenue Interest or the right of Lender to receive payments based on the Purchased Revenue Interest, other than any de minimis effect.

“Material Contract” means, collectively: (a) any Specified Material Contract; (b) the License Agreement; (c) each of the Transferred Contracts (as defined in the Contribution Agreement); (d) any Contract to any Transaction Party or any of its Subsidiaries is a party or any of the respective assets or properties of such Transaction Party or any of its Subsidiaries are bound or committed (other than the Loan Documents) and for which any breach, violation, nonperformance or early cancellation of which could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; and (e) until the termination of the Parent Guarantee, any Contract to which any Transaction Party or any of its Subsidiaries (other than Borrower) is a party or any of the respective assets or properties of Borrower, Parent or such Subsidiary are bound or committed (other than the Loan Documents) and, as of the date of determination as to whether such Contract is a Material Contract, required to be filed as an exhibit to any report, schedule, registration statement or definitive proxy statement filed or required to be filed by the Parent with the SEC (other than, without limiting clause (d), any document required to be filed pursuant to Item 601(b)(10)(iii) of Regulation S-K). The Material Contracts as of the date hereof are identified on Schedule 7.02(n) to the Disclosure Letter.

“Material Contract Counterparty” means a counterparty to any Material Contract.

“Maximum Lawful Rate” means the highest rate of interest permissible under Applicable Law.

“Net Sales” has the meaning set forth in Section 1.55 of the License Agreement.

“New Arrangement” has the meaning set forth in Section 8.17(b).

“NMPA” means the National Medicines Products Administration of China (formerly known as the China Food and Drug Administration), or any successor agency thereto.

“Non-U.S. Lender” means any Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code.

“Note” has the meaning set forth in Section 12.09.

“Notices” means, collectively, notices, consents, approvals, reports, designations, requests, waivers, elections and other communications.

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, Borrower arising under any Loan Document or otherwise (other than with respect to the Warrant) with respect to the Loan and the Additional Royalty Right, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against Borrower or any Affiliate thereof of any proceeding under any

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Bankruptcy Law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest, Additional Royalty Right Payments, charges, expenses, fees, indemnities and other amounts payable by Borrower under any Loan Document (other than the Warrant) and (b) the obligation of Borrower to reimburse any amount in respect of any of the foregoing that Lender, in its sole discretion, may elect to pay or advance on behalf of Borrower.

“Organizational Document” means, with respect to any Person, (i) in the case of any corporation, the certificate of incorporation and by-laws (or similar documents) of such Person, (ii) in the case of any limited liability company, the certificate of formation and operating agreement (or similar documents) of such Person, (iii) in the case of any limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such Person, (iv) in the case of any general partnership, the partnership agreement (or similar document) of such Person, and (v) in any other case, the functional equivalent of the foregoing.

“Out-License” has the meaning set forth in the Revenue Interest Purchase Agreement.

“Parent” means Xxxxxxx, Inc., a Delaware corporation.

“Parent Equity Contribution Agreement” means that certain contribution agreement, by and among Parent, TRVN RC and TRVN SPV1, in the form attached as Exhibit H-1 hereto.

“Parent Event of Default” means a Contributor Event of Default or a Seller Event of Default.

“Parent Guarantee” means that certain Guarantee by and between Parent and Lender, in the form attached as Exhibit G-1 to the Disclosure Letter.

“Party” and “Parties” means Lender and Borrower, individually and collectively.

“Patent” means any and all issued patents and pending patent applications, including without limitation, all provisional applications, substitutions, continuations, continuations-in-part, divisions, and renewals, all letters patent granted thereon, and all patents-of-addition, reissues, reexaminations and extensions or restorations by existing or future extension or restoration mechanisms (including regulatory extensions), claiming or covering a Product, or composition of matter, formulation, or methods of manufacture or use thereof.

“Patent Office” means the respective patent office (foreign or domestic) for any patent.

“Patent Rights” means, collectively, with respect to a Person, all patents issued or assigned to, and all patent applications and registrations made by, such Person, together with any and all (i) rights and privileges arising under Applicable Law with respect to such Person’s use of any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or

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future infringements thereof, and (v) rights to xxx for past, present or future infringements thereof.

“Patriot Act” means the USA Patriot Act, Public Law No. 107-56.

“Payment Date Distribution Amount” has the meaning set forth in Section 4.04(a).

“Perfection Certificate” shall mean a certificate in the form of Exhibit P to the Disclosure Letter or any other form approved by Lender.

“Permitted Financing” means any licensing or financing transaction that occurs prior to [***] in which Parent obtains financing which neither Parent nor any of its Subsidiaries (whether direct or indirect) needs to repay, including an issuance by Parent of its equity securities (or securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly) equity securities of Parent, including, but not limited to, options and warrants). For the avoidance of doubt, the entry by Parent or any of its Subsidiaries, including Borrower, into any licensing transaction that constitutes a Permitted Financing shall be subject to the limitations, terms and conditions, if any, applicable to such licensing transaction that are contained in this Agreement and the other Loan Documents.

“Permitted Licensee” has the meaning set forth in the Revenue Interest Purchase Agreement.

“Permitted Licenses” has the meaning set forth in the Revenue Interest Purchase Agreement.

“Permitted Liens” means:

(a)Liens created pursuant to any Loan Document;
(b)Liens in favor of a banking or other financial institution arising as a matter of law or under customary contractual provisions encumbering deposits or other funds maintained with such banking or other financial institution (including the right of set off and grants of security interests in deposits and/or securities held by such banking or other financial institution) and that are within the general parameters customary in the banking industry;
(c)Liens securing Taxes, assessments, fees or other governmental charges or levies which are not yet delinquent or which are being contested in good faith and by appropriate proceedings diligently conducted and in respect of which adequate reserves with respect thereto are maintained by Borrower in accordance with GAAP, Liens securing the claims of materialmen, mechanics, carriers, landlords, warehousemen and similar Persons, and attachment, judgment and other similar Liens arising in connection with court proceedings so long as the enforcement of such Liens is effectively stayed and the judgment claims secured thereby do not otherwise constitute an Event of Default under clause (i) of the definition of “Event of Default”;
(d)any right, title or interest of a licensor under a license or sublicense to which Borrower is a party as licensee or sublicensee, and any restrictions under a license to which Borrower is a party as licensee or sublicensee;

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(e)(i) leases, subleases, licenses, or sublicenses of the assets or properties of Borrower thereof, in each case entered into in the ordinary course of business and not interfering in any material respect with the business of Borrower and (ii) the License Agreement and any New Arrangement or other license replacing the License Agreement in accordance with Section 8.17(b);
(f)inchoate Liens for ad valorem property Taxes not yet delinquent;
(g)Liens in respect of property of Borrower imposed by Applicable Law which were incurred in the ordinary course of business and do not secure Indebtedness for borrowed money, such as carriers’, warehousemen’s, distributors’, wholesalers’, materialmen’s and mechanics’ liens and other similar Liens arising in the ordinary course of business; and
(h)banker’s liens for collection or rights of set off or similar rights and remedies as to deposit accounts or other funds maintained with depositary institutions; provided that such deposit accounts or funds are not established or deposited for the purpose of providing collateral for any Indebtedness and are not subject to restrictions on access by Borrower in excess of those required by applicable banking regulations.

“Person” means any natural person, firm, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, Governmental Authority or any other legal entity, including public bodies, whether acting in an individual, fiduciary or other capacity.

“Plan Assets” means assets of any (i) employee benefit plan (as defined in Section 3(3) of ERISA) subject to the fiduciary responsibility provisions of Title I of ERISA, (ii) plan (as defined in Section 4975(e)(1) of the Code) subject to Section 4975 of the Code or (iii) entity whose underlying assets include assets of any such employee benefit plan or plan by reason of the investment by an employee benefit plan or plan in such entity.

“Primary Obligor” is defined in the definition of Guarantee.

“Principal Amortization Amount” has the meaning set forth in Section 4.04(b)(iv).

“Principal Amortization Payment” has the meaning set forth in Section 4.04(b)(iv).

“Principal Amount” means, as of any date of determination, and without duplication, the amount equal to the sum of: (i) the original amount of the Loans, plus (ii) any Accreted Principal accrued as of such date, minus (iii) any payment in respect of principal as provided for in Section 3.01, 3.02 or 4.04.

“Proceeding” means an action or proceeding brought against a Party as a defendant, for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby.

“Products” means, collectively, the Licensed Product and the Revenue Interest Product.

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“Purchased Additional Revenue Interest” has the meaning set forth in the Revenue Interest Purchase Agreement.

“Purchased Revenue Interest” has the meaning set forth in the Revenue Interest Purchase Agreement.

“Qualified Change of Control” means a Change of Control of Parent that occurs following Licensed Product FCS in which the acquiring entity is a Person that (a) is not affiliated with Parent or any of Parent’s Affiliates, (b) operates in the biopharmaceutical industry, (c) has at least one class of its securities traded on a U.S. national securities exchange, and (d) has a market capitalization, calculated as of the close of business on the trading day immediately prior to public announcement of entry by Parent into a definitive agreement for such Change of Control on a pro forma basis after giving effect to such Change of Control, of at least [***].

“Quarterly Fixed Interest Shortfall” has the meaning set forth in Section 4.04(a)(i).

“Quarterly Payment Date” means (a) with respect to the Calendar Quarters ending March 31, June 30 and September 30, the earlier of (i) the date that is five (5) Business Days following the filing of Parent’s quarterly report on Form 10-Q with the SEC for such Calendar Quarter and (ii) the date that is five (5) Business Days after the forty-fifth (45th) calendar day following the end of such Calendar Quarter and (b) with respect to the Calendar Quarter ending December 31, the earlier of (i) the date that is five (5) Business Days following the filing of Parent’s annual report on Form 10-K with the SEC for the calendar year ending with such Calendar Quarter and (ii) the date that is five (5) Business Days after the seventy-fifth (75th) calendar day following the end of such Calendar Quarter.

“Quarterly Report” has the meaning set forth in the Revenue Interest Purchase Agreement.

“Regulatory Agency” means a Governmental Authority with responsibility for the regulation of the research, development, marketing or sale of drugs or pharmaceuticals in any jurisdiction, including the FDA and the European Medicines Agency.

“Regulatory Change” means (i) the adoption after the date hereof of any Applicable Law, rule or regulation or any change therein after the date hereof, or (ii) any change after the date hereof in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, either generally or as effected through compliance with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency.

“Representative” means, with respect to any Person, directors, officers, employees, agents, co-investors, advisors, potential investors, underwriters, rating agencies, permitted assignees, sources of financing and trustees of such Person.

“Revenue Interest Net Sales” has the meaning ascribed to the term “Net Sales” in the Revenue Interest Purchase Agreement.

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“Revenue Interest Product” has the meaning set forth in the Revenue Interest Purchase Agreement.

“Revenue Interest Purchase Agreement” has the meaning set forth in the recitals hereto.

“Royalty Interest” means, collectively, (i) all payments (together with the right to receive such payments) payable to Parent (or, following the Closing Date, Borrower) under Section 8.4 of the License Agreement net of all Taxes actually withheld or deducted under Section 8.8(b) of the License Agreement other than Excluded Taxes, (ii) all payments payable to Parent (or, following the Closing Date, Borrower) under Section 8.10 of the License Agreement in respect of the payments set forth in clause (i) net of all Taxes actually withheld or deducted under Section 8.8(b) of the License Agreement other than Excluded Taxes, (iii) any payments, judgments, securities, consideration or any other remuneration of any kind payable to or received by Parent in respect of, or in substitution or compensation for, or otherwise in lieu of the payments set forth in clause (i) net of all Taxes actually withheld or deducted under Section 8.8(b) of the License Agreement, (iv) all proceeds resulting from any enforcement of Licensee’s obligations under the License Agreement other than Excluded Taxes related to the Royalty Interest, (v) the amount of any refund of Tax (other than an Excluded Tax) or a credit against Tax received or utilized by Borrower, TRVN SPV1 and/or Parent and attributable to any Taxes deducted from any payment pursuant to clauses (i)-(iv) of this definition; (vi) following any termination of the License Agreement and the entry by Borrower and/or Parent into any New Arrangement pursuant to Section 8.17, all royalty payments due, or otherwise receivable, pursuant to such New Arrangement in respect of sales of the Licensed Product in the Field (as defined in the License Agreement) in the Territory, as if the License Agreement were still in effect, and (vii) any amounts paid or payable to Parent, any Transaction Party and/or any other Subsidiaries of Parent in respect of the payments set forth in clauses (i), (ii), (iii) and (vi) pursuant to Section 365(n) of the United States Bankruptcy Code.

“Royalty Report” means, with respect to the relevant Calendar Quarter, the quarterly reports provided for under Section 8.5 of the License Agreement for the period thereunder corresponding to such quarter, together with relevant supporting documentation, to the extent prepared by Borrower or Parent or delivered to Borrower or Parent by Licensee.

“Sale” means the sale, assignment, transfer, contribution and conveyance of the Purchased Revenue Interest and the Purchased Additional Revenue Interest pursuant to the Revenue Interest Purchase Agreement.

“SEC” means the United States Securities and Exchange Commission.

“Second Tranche Loan Commitment” means the amount of Ten Million Dollars ($10,000,000).

“Security Agreement” means the Security Agreement, substantially in the form attached to the Disclosure Letter as Exhibit J to the Disclosure Letter, between Lender and Borrower, securing the Obligations of Borrower hereunder and the other Loan Documents, as supplemented by any amendments or supplements thereto.

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“Seller” has the meaning set forth in the Revenue Interest Purchase Agreement.

“Seller Event of Default” has the meaning set forth in the Revenue Interest Purchase Agreement.

“Senior Officer” means (i) in the case of Borrower, the President, Treasurer or Secretary of Borrower and (ii) in the case of Parent, the Chief Executive Officer or Chief Financial Officer.

“Servicing Fee” has the meaning set forth in the Contribution Agreement.

“Set-Off” means any right of set off, rescission, counterclaim, reduction, deduction or defense.

“Specified Material Contract” means the Contribution Agreement, the Equity Contribution Agreement, the Intercompany License Agreement, the Guarantee Agreement and the Revenue Interest Purchase Agreement.

“Springing Blocked Account Control Agreement” means any agreement entered into by the Account Bank, Borrower and Lender in the form attached to the Disclosure Letter as Exhibit C to the Disclosure Letter or otherwise in form and substance reasonably satisfactory to Lender, pursuant to which, among other things, Lender shall have control over the Blocked Account within the meaning of Section 9-104 of the UCC.

“Stock Pledge Agreement” means the Pledge and Security Agreement, dated as of the Closing Date, between TRVN SPV1 and Lender, in the form attached to the Disclosure Letter as Exhibit K to the Disclosure Letter, pursuant to which TRVN SPV1 has pledged the Capital Stock of Borrower to Lender.

“Subsidiary” means, with respect to any Person, at any time, any entity of which more than fifty percent (50%) of the outstanding voting stock or other equity interest entitled ordinarily to vote in the election of the directors or other governing body (however designated) is at the time beneficially owned or controlled directly or indirectly by such Person, by one or more such entities or by such Person and one or more such entities.

“Surviving Person” means, with respect to any Person involved in or that makes any disposition, the Person formed by or surviving such disposition or the Person to which such disposition is made.

“Tax Return” means any report, return, form (including elections, declarations, statements, amendments, claims for refund, schedules, information returns or attachments thereto) or other information supplied or required to be supplied to a Governmental Authority with respect to Taxes.

“Taxes” means all present and future taxes, levies, duties, imposts, deductions, charges, fees or withholdings (including backup withholdings), and all interest, penalties and additions to tax with respect thereto, that are imposed by any Governmental Authority.

“Territory” has the meaning set forth in Section 1.81 of the License Agreement.

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“Third Party” means any Person other than Borrower or its Affiliates.

“Third Tranche Loan” has the meaning set forth in Section 2.01(c).

“Third Tranche Loan Commitment” means the amount of Fifteen Million Dollars ($15,000,000).

“Tranche 2 Trigger” means [***].

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“Tranche 3 Trigger” means the achievement of Licensed Product FCS.

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“Transaction Documents” means the Loan Documents, TRVN RC’s Organizational Documents, TRVN SPV1’s Organizational Documents and Borrower’s Organizational Documents.

“Transaction Parties” means, collectively, Parent, TRVN RC, TRVN SPV1, and Borrower.

“Transactions” means, collectively, (a) the borrowing of the Loan hereunder on the Closing Date, (b) the purchase and sale of the Transferred Assets in accordance with the Contribution Agreement, (c) the purchase and sale of the exclusive license in accordance with the Intercompany License Agreement, (d) the purchase and sale of the Purchased Revenue Interest in accordance with the Revenue Interest Purchase Agreement, (e) the transactions contemplated by the Equity Contribution Agreement, (f) the transactions contemplated by the Guarantee Agreement, and (g) the payment of fees, costs and expenses incurred by Borrower in connection with the foregoing.

“Transferred Assets” has the meaning set forth in the Contribution Agreement.

“TRVN RC” means Xxxxxxx Royalty Corporation, a Delaware corporation.

“TRVN RC Equity Contribution Agreement” that certain contribution agreement, by and among TRVN RC and TRVN SPV1, in the form attached as Exhibit H-2 hereto.

“TRVN SPV1” means Xxxxxxx SPV1 LLC, a Delaware limited liability company.

“TRVN SPV1 Guarantee” means that certain Guarantee by and between TRVN SPV1 and Lender, in the form attached as Exhibit G-2 to the Disclosure Letter.

“TRVN SPV1’s Organizational Documents” means the certificate of formation and limited liability company agreement (or similar documents) of TRVN SPV1 or the functional equivalent of the foregoing.

“U.S.” means the United States of America.

“U.S. Lender” means any Lender which is a “United States person” within the meaning of Section 7701(a)(30) of the Code.

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“UCC” means the Uniform Commercial Code as in effect from time to time in New York; provided, that, if, with respect to any financing statement or by reason of any provisions of Applicable Law, the perfection or the effect of perfection or non-perfection of the security interest or any portion thereof granted pursuant to the Loan Documents is governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States other than New York, then “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions of this Agreement and any financing statement relating to such perfection or effect of perfection or non-perfection.

“Valid Claim” means (a) a claim of an issued and unexpired patent included within the Licensed Patents with regard to the Licensed Product in the Territory that has not been permanently revoked or held unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction, which decision is not appealable or is not appealed within the time allowed for appeal, and has not been abandoned, disclaimed or admitted to be invalid or unenforceable through reissue, disclaimer or otherwise or (b) a bona fide claim of a pending patent application included within the Licensed Patents in the Territory that has not been (i) cancelled, withdrawn or abandoned without being refiled in another application in the applicable jurisdiction or (ii) finally rejected by an administrative agency action from which no appeal can be taken or that has not been appealed within the time allowed for appeal.

“Warrant” means the warrant, in substantially the form attached to the Disclosure Letter as Exhibit S to the Disclosure Letter, to be issued and sold by Parent to Lender, to acquire up to Five Million (5,000,000) shares of Parent Common Stock at an exercise price of $0.82 per share.

“Warrant Shares” means the shares of Parent Common Stock issuable upon exercise of, or otherwise pursuant to, the Warrant.

Section 1.02Rules of Construction. For purposes of this Agreement except as otherwise expressly provided or unless the context otherwise requires:
(a)the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender;
(b)accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;
(c)references herein to “Articles”, “Sections”, “Subsections”, “paragraphs”, and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, paragraphs and other subdivisions of this Agreement;
(d)a reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section in which the reference appears, and this rule shall also apply to paragraphs and other subdivisions;
(e)unless otherwise specified, references to an agreement or other document include references to such agreement or document as from time to time amended, restated, amended and restated, extended, supplemented or otherwise modified in accordance with the

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terms thereof (subject to any restrictions on such amendments, restatements, reformations, supplements or modifications set forth herein or in any of the other Loan Documents) and including any annexes, exhibits and schedules attached thereto;
(f)the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular provision;
(g)the words “include”, “including” and other words of similar import shall mean without limitation by reason of enumeration;
(h)the word “will” shall be construed to have the same meaning and effect as the word “shall”;
(i)the word “or” shall be interpreted in the inclusive sense commonly associated with the term “and/or”;
(j)references to any Applicable Law shall include such Applicable Law as from time to time in effect, including any amendment, modification, codification, replacement or reenactment thereof or any substitution therefor;
(k)references to any Person shall be construed to include such Person’s successors and permitted assigns (subject to any restrictions on assignment, transfer or delegation set forth herein or in any of the other Loan Documents), and any reference to a Person in a particular capacity excludes such Person in other capacities;
(l)in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and each of the words “to” and “until” means “to but excluding”; and
(m)where any payment is to be made, any funds are to be applied or any calculation is to be made under this Agreement on a day that is not a Business Day, unless this Agreement otherwise provides, such payment shall be made, such funds shall be applied and such calculation shall be made on the succeeding Business Day, and payments shall be adjusted accordingly.
Article II​
THE LOAN; DISBURSEMENT; CERTAIN FEES
Section 2.01The Loan.
(a)On the terms and subject to the conditions set forth herein (including the conditions set forth in Section 6.01 hereof), within fifteen (15) days following the Closing Date, Lender shall make a loan hereunder to Borrower in a principal amount equal to the First Tranche Loan Commitment (together with any Accreted Principal thereon, the “First Tranche Loan”) and Borrower shall accept and borrow such loan from Lender.
(b)Following achievement of the Tranche 2 Trigger, Borrower shall deliver written notice of such achievement to Lender (such notice, the “Tranche 2 Trigger Notice”). On

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the terms and subject to the conditions set forth herein (including the conditions set forth in Section 6.03 hereof), Lender shall make a loan hereunder to Borrower within fifteen (15) days following receipt by Lender of the Tranche 2 Trigger Notice in a principal amount equal to the Second Tranche Loan Commitment (together with any Accreted Principal thereon, the “Second Tranche Loan”) and Borrower shall accept and borrow such loan from Lender.
(c)Following achievement of the Tranche 3 Trigger, Borrower shall deliver written notice of such achievement to Lender (such notice, the “Tranche 3 Trigger Notice”). On the terms and subject to the conditions set forth herein (including the conditions set forth in Section 6.03 hereof), Lender shall make a loan hereunder to Borrower within fifteen (15) days following receipt by Lender of the Tranche 3 Trigger Notice in a principal amount equal to the Third Tranche Loan Commitment (together with any Accreted Principal thereon, the “Third Tranche Loan”) and Borrower shall accept and borrow such loan from Lender.
Section 2.02Disbursement and Borrowing. On the terms and subject to the conditions set forth herein (including the conditions set forth in Section 6.02 hereof), on the funding date of the First Tranche Term Loan, Lender shall wire transfer to the account of Borrower that Borrower has designated for such purpose or to Borrower’s order an amount equal to the First Tranche Loan Commitment pursuant to the terms of the Letter of Direction. On the terms and subject to the conditions set forth herein (including the conditions set forth in Section 6.03 hereof), on the funding date of any Second Tranche Loan or Third Tranche Loan, Lender shall wire transfer to the account of Borrower that Borrower has designated for such purpose or to Borrower’s order an amount equal to the Second Tranche Loan Commitment or Third Tranche Loan Commitment, as applicable.
Section 2.03Loan Not Revolving. The Loan is not revolving in nature, and any amount of the Loan repaid or prepaid may not be reborrowed.
Article III​
REPAYMENT
Section 3.01Amortization; Maturity Date.
(a)If not earlier repaid in full, the unpaid balance of the outstanding Principal Amount of the Loan, together with any accrued and unpaid interest, shall be due and payable in cash to the Lender Account on the Loan Maturity Date. If not earlier repaid in full, all other Obligations shall be repaid on the Loan Agreement Termination Date.
(b)Unless otherwise agreed by Lender and Parent, the outstanding principal balance of the Loan and any interest or premium due with respect thereto shall be repayable solely from the Collection Amount and the Interest Reserve Account except to the extent provided in the Guarantee Agreement or in connection with any prepayment pursuant to Section 3.02, Section 3.03, Section 3.04 or as a result of any acceleration (or deemed acceleration) of the Obligations by Lender.
(c)If the amount in the Interest Reserve Account on any applicable Cut-Off Date is insufficient to satisfy the Quarterly Fixed Interest Shortfall (the difference between the Quarterly Fixed Interest Shortfall and the amount in the Interest Reserve Account, the

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“Deficiency Amount”), then such Deficiency Amount shall be capitalized and added to and increase the outstanding Principal Amount of the Loan by an amount equal to such Deficiency Amount on the Quarterly Payment Date immediately following such Cut-Off Date (rounded up to the nearest whole Dollar) and Lender shall be deemed to have made an additional term loan in a Principal Amount equal to the aggregate amount of such Deficiency Amount on such Quarterly Payment Date (such additional term loan, “Accreted Principal”). Accreted Principal shall be deemed to be part of the Loan made to Borrower for all purposes under this Agreement, and the Loan shall bear interest on such increased Principal Amount from and after the applicable Quarterly Payment Date in accordance with Section 4.01. In the event of any repayment or prepayment of the Loan (including, without limitation, principal payments due under Section 4.04(a)(i)), accrued and unpaid Fixed Interest on the Principal Amount repaid or prepaid shall be payable on the date of such repayment or prepayment.
Section 3.02Prepayment.
(a)Mandatory Prepayment. If any Event of Default occurs, then Lender may, in its sole discretion, declare the Principal Amount and accrued and unpaid Fixed Interest as of the date of the occurrence of such Event of Default to be immediately due and payable hereunder, in whole or in part, to the extent permitted by law. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, it is understood and agreed that if any Obligations are accelerated (whether as a result of the occurrence and continuance of any Event of Default, by operation of law or otherwise), the Principal Amount and accrued and unpaid Fixed Interest, determined as of the date of acceleration, shall be due and payable and shall constitute part of the Obligations for all purposes herein. Borrower expressly waives the provisions of any present or future statute or law that prohibits or may prohibit the collection of the Principal Amount and accrued and unpaid Fixed Interest in connection with any such acceleration. No prepayment pursuant to this Section 3.02(a)(i) shall result in the termination of this Agreement or modify Borrower’s obligation to make Additional Royalty Right Payments or any other payments that do not constitute a payment of the Principal Amount or accrued and unpaid Fixed Interest.
(b)Voluntary Prepayment. Borrower may, upon five (5) Business Days’ prior notice to Lender (which notice shall be in a form reasonably acceptable to Lender) (i) at any time following Licensed Product FCS, prepay in whole, but not in part, the outstanding Principal Amount, together with all accrued and unpaid Fixed Interest thereon, or (ii) indicating that Borrower shall pay to Lender an amount equal to the Applicable Change of Control Payment (whether or not a Change of Control has occurred, but to be calculated as if a Change of Control occurred within the thirty (30) days immediately prior to the receipt of such notice), prepay in whole, but not in part, the outstanding Principal Amount, together with all accrued and unpaid Fixed Interest thereon by paying to Lender an amount equal to the Applicable Change of Control Payment. No prepayment pursuant to this Section 3.02(b) shall result in the termination of this Agreement or modify Borrower’s obligation to make Additional Royalty Right Payments or any other payments that do not constitute a payment of the Principal Amount or accrued and unpaid Fixed Interest.
Section 3.03Change of Control.

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(a)If Parent consummates a Change of Control that is not a Qualified Change of Control, then, within thirty (30) days following the consummation of such Change of Control, Borrower shall deliver written notice to Lender of such Change of Control setting forth a reasonably detailed calculation, together with supporting information, of the Applicable Change of Control Payment (such notice, a “Change of Control Payment Notice”). The Change of Control Payment Notice shall constitute Borrower’s irrevocable offer to pay Applicable Change of Control Payment as calculated in accordance with Section 3.03(b) on the date that is ten (10) calendar days following the date the Change of Control Payment Notice is delivered. Within seven (7) calendar days following its receipt of the Change of Control Payment Notice, Lender shall provide written notice to Borrower of its acceptance or rejection of such offer, provided that if Lender does not provide any such notice to Borrower, Lender shall be deemed to have accepted such offer. If Borrower’s offer is accepted by Lender, then Borrower shall make the Applicable Change of Control Payment on the date that is ten (10) calendar days following the date the Change of Control Payment Notice is delivered. If Borrower’s offer is rejected, then the Applicable Change of Control Payment shall not be made and the terms of this Agreement and the other Loan Documents shall continue, unmodified, following the occurrence of such Change of Control.
(b)As used in this Section 3.03, “Applicable Change of Control Payment” means an amount equal to the following:
(i)if the Change of Control is consummated by Parent prior to December 31, 2023 and Chinese Regulatory Approval has not previously occurred, [***] of the Principal Amount, plus any accrued and unpaid Fixed Interest thereon, calculated as of the date that is ten (10) calendar days following the date the Change of Control Payment Notice is delivered by Borrower to Lender, minus any payment of Principal previously made to Lender pursuant to Section 3.01, 3.02 or 4.04;
(ii)if the Change of Control is consummated by Parent prior to December 31, 2023 and Chinese Regulatory Approval has previously occurred, the greater of [***], minus, in the case of either (1) or (2) any payment of Principal previously made to Lender pursuant to Section 3.01, 3.02 or 4.04;
(iii)if the Change of Control is consummated by Parent on or after December 31, 2023 and Chinese Regulatory Approval has not previously occurred, [***] of the Principal Amount, plus any accrued and unpaid Fixed Interest thereon, calculated as of the date that is ten (10) calendar days following the date the Change of Control Payment Notice is delivered by Borrower to Lender, minus any payment of Principal previously made to Lender pursuant to Section 3.01, 3.02 or 4.04;; and
(iv)if the Change of Control is consummated by Parent on or after December 31, 2023 and Chinese Regulatory Approval has occurred prior to December 31, 2023, the greater of [***], minus, in the case of either (1) or (2) any payment of Principal previously made to Lender pursuant to Section 3.01, 3.02 or 4.04.
(c)If the payment required, in each case, by Section 3.03(b)(i), (ii), (iii) or (iv), is less than the Minimum Payment Amount, as defined in this Section 3.03(c), Borrower

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shall instead pay the Minimum Payment Amount to Lender. The “Minimum Payment Amount” is equal to (i) the aggregate amount allocated, pursuant to Section 5.04 to the each of the First Tranche Loan, Second Tranche Loan and Third Tranche Loan to that extent that each such tranche of the Loan had been issued at the time of the Applicable Change of Control Payment, reduced by (ii) all payments made since the Closing Date pursuant to Section 4.04(a)(iii) and Section 4.04(a)(iv) with respect to the Loan.
(d)If the Applicable Change of Control Payment is calculated in accordance with Section 3.03(b)(i) or Section 3.03(b)(iii), Lender shall have the right to terminate this Agreement. The written notice to be provided to Borrower by Lender in accordance with the third sentence of Section 3.03(a) shall specify whether Lender has exercised its right to terminate this Agreement. Any termination of this Agreement pursuant to this Section 3.03(c) shall become effective immediately upon receipt by Lender of the Applicable Change of Control Payment. If Lender does not provide any such notice to Borrower, Lender shall be deemed not to have exercised its right to terminate this Agreement pursuant to this Section 3.03(c).
(e)If Lender accepts the offer to pay the Applicable Change of Control Payment set forth in the Change of Control Payment Notice, then (1) the security interest of Lender in the Purchased Revenue Interest, the Revenue Interest Purchase Agreement and the Assignment Relating to the Purchased Revenue Interest shall automatically terminate, (2) the Collection Amount shall no longer include the Purchased Revenue Interest, (3) notwithstanding anything to the contrary in the Revenue Interest Purchase Agreement, Borrower and Parent may terminate the Revenue Interest Purchase Agreement, and (4) all covenants and obligations of Borrower and Parent in Article VIII and Article IX with respect to the Revenue Interest Product and any Permitted Licenses shall automatically terminate. Unless this Agreement is terminated by Lender pursuant to Section 3.03(c), no payment of an Applicable Change of Control Payment calculated in accordance with Section 3.03(b) shall result in the termination of this Agreement, modify Lender’s obligations to fund any unfunded Loan tranches, if the funding conditions have been satisfied, or modify Borrower’s obligation to make payments of the Principal Amount, accrued and unpaid Fixed Interest thereof, or Additional Royalty Right Payments, provided that the portion of an Applicable Change of Control Payment that is paid to Lender (following any set off of any payment of Principal previously made to Lender as set forth in Section 3.03(b)(i), (ii), (iii) or (iv), as applicable) shall reduce the outstanding Principal Amount and accrued and unpaid Fixed Interest thereof by an equal amount.
Section 3.04Increased Cost.
(a)If any Regulatory Change occurs that has or would have the effect of:
(i)imposing, modifying or deeming applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, Lender; or
(ii)imposing on Lender any other condition, cost or expense (other than Taxes) affecting this Agreement or Loan made by Lender;

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and the result of any of the foregoing shall be to reduce the rate of return on the capital of Lender as a consequence of its obligations hereunder or arising in connection herewith to a level below that which Lender could have achieved but for such introduction, change or compliance (taking into consideration the policies of Lender with respect to capital adequacy) by an amount deemed by Lender to be material, then from time to time, on the first Quarterly Payment Date occurring at least thirty (30) days after demand by Lender (which demand shall be accompanied by a statement setting forth the basis for such demand and a description of the computation of such demand), Borrower shall pay directly to Lender such additional amount or amounts as will compensate Lender for such reduction.  Lender will take such actions reasonably requested by Borrower, at the expense of Borrower, if such actions will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of Lender, be otherwise disadvantageous to it or inconsistent with its internal policies and procedures.  In no event will Lender be expected or required to monitor the occurrence of any of the events or contingencies described in this Section 3.04(a).  Notwithstanding the foregoing, in no event shall Borrower be required to compensate Lender pursuant to this Section 3.04 for any amounts under this Section 3.04 incurred more than one hundred and eighty (180) days prior to the date that Lender notifies Borrower of such amount and of Lender’s intention to claim compensation therefor. No payment made in accordance with this Section 3.04 shall result in the termination of this Agreement or modify Borrower’s obligation to make payments of the Principal Amount, accrued and unpaid Fixed Interest thereof, or Additional Royalty Right Payments.

(b)In determining any amount provided for in this Section 3.04, Lender shall use commercially reasonable averaging and attribution methods. If Lender makes a claim under this Section, it shall submit to Borrower a certificate setting forth the basis for such demand and a description of the computation of such demand as to such additional or increased cost or reduction, which certificate shall be conclusive absent manifest error.
Article IV​
INTEREST; EXPENSES; MAKING OF PAYMENTS
Section 4.01Interest Rate.
(a)The outstanding Principal Amount of the Loan shall bear interest consisting of Fixed Interest. All interest hereunder in respect of Fixed Interest on the Loan shall accrue from the Closing Date and be payable quarterly in arrears in cash on each Quarterly Payment Date, as provided in this Section 4.01 and except as otherwise provided in Section 3.01(c).
(b)All interest hereunder in respect of Fixed Interest shall be computed on the basis of a 360-day year of twelve (12) thirty- (30-) day months.
(c)Fixed Interest on the Loan shall be payable solely from the Collection Amount and the Interest Reserve Account, except (i) in connection with any prepayment of the Loan pursuant to Section 3.02, Section 3.03 or Section 3.04, or (ii) following the occurrence of an Event of Default, to the extent of capital contributions made by Parent in its sole discretion to fund full prepayment of the Loan or as otherwise required pursuant to the Guarantee Agreement.
Section 4.02Interest Reserve Account; Collection Account.

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(a)On or before the Closing Date, (i) Borrower shall establish with the Account Bank the Interest Reserve Account and the Parties shall enter into a Fully Blocked Account Control Agreement with Account Bank with respect to the Interest Reserve Account, which shall provide that such Fully Blocked Account Control Agreement shall terminate on the Interest Reserve Release Date; (ii) Borrower shall establish with Account Bank the Collection Account and the Parties shall enter into a Fully Blocked Account Control Agreement with Account Bank with respect to the Collection Account; and (iii) Borrower shall establish with Account Bank Borrower Account and the Parties shall enter into a Springing Blocked Account Control Agreement with Account Bank with respect to Borrower Account. Pursuant to the Letter of Direction, Borrower shall direct Lender to deposit a portion of the proceeds of the Loan equal to the Interest Reserve Amount into the Interest Reserve Account on the Closing Date simultaneous with the funding of the Loan.
(b)Borrower shall pay for all fees, expenses and charges of the Account Bank pursuant to the terms of each Blocked Account Control Agreement by depositing sufficient funds into the applicable Blocked Account when such fees, expenses and charges are due.
(c)Prior to the Loan Agreement Termination Date, Borrower shall have no right to terminate the Interest Reserve Account without Lender’s prior written consent unless the Interest Reserve Release Date has occurred. On the Interest Reserve Release Date, Lender shall instruct the Account Bank to release all amounts in the Interest Reserve Account at Borrower’s direction.
(d)Prior to the Loan Agreement Termination Date, Borrower shall have no right to terminate the Collection Account or Borrower Account without Lender’s prior written consent.
(e)On or before the date on which the First Tranche Loan is made, Borrower shall deliver the Licensee Instruction Letter to the Licensee specifying the assignment of the License Agreement to Borrower and instructions for payment thereafter with respect to all payments that are due and payable to Borrower in respect of or derived from the Royalty Interest (which notice and instructions shall be in the form attached to the Contribution Agreement or otherwise reasonably satisfactory to Lender) and shall provide that Licensee is to remit all amounts payable to Borrower in respect thereof to the Collection Account.
(f)To the extent any portion of the Royalty Interest is paid to Borrower other than by wire transfer to the Collection Account, Borrower shall (i) remit to the Collection Account all such amounts within five (5) Business Days of receipt of any such funds, (ii) promptly instruct the payor of such amounts to remit any future payments to the Collection Account (or other applicable account) and (iii) promptly provide to Lender a copy of such notice.
Section 4.03Payment Date Distribution Reports.
(a)Borrower will make an accounting as of each Cut-Off Date and will deliver to Lender a payment date distribution report, substantially in the form attached to the Disclosure Letter as Exhibit R to the Disclosure Letter (the “Payment Date Distribution Report”), no later than one (1) Business Day after each Cut-Off Date.

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(b)On each Quarterly Payment Date, Lender shall direct Account Bank to disburse amounts on deposit in the Collection Account in an amount equal to the Payment Date Distribution Amount in accordance with the Payment Date Distribution Report delivered by Borrower in respect of such Quarterly Payment Date in accordance with Section 4.03(a); provided that if Lender disagrees in good faith with any amount or calculation set forth in such Payment Date Distribution Report, Lender shall deliver written notice thereof to Borrower no later than three (3) Business Days after receipt of such Payment Date Distribution Report (such notice, an “Objection Notice”), specifying the basis for such disagreement, the amount at issue (such amount, the “Disputed Amount”) and reasonably detailed supporting calculations, and may, in its sole discretion, direct Account Bank not to disburse such Disputed Amount on the applicable Quarterly Payment Date. In the event that Lender delivers an Objection Notice to Borrower, Borrower and Lender shall seek in good faith to resolve any disagreement that they may have with respect to the Disputed Amount, and upon such resolution, Lender shall provide a disbursement direction to Account Bank in respect of the Disputed Amount.
Section 4.04Application of Payments.
(a)On each Quarterly Payment Date prior to the Change-Over Date, the Collection Amount on deposit in the Collection Account as of 5:00 p.m. (New York City time) on the Cut-Off Date (the “Payment Date Distribution Amount”) shall be applied by Account Bank on the Quarterly Payment Date in the following order of priority:
(i)FIRST, to Borrower, in an amount equal to the lesser of (x) an amount necessary to pay such fees and expenses and (y) an amount that, when taken together with the aggregate amount of all other distributions made to Borrower pursuant to this clause (i) for all other Quarterly Payment Dates occurring during the calendar year in which the current Quarterly Payment Date occurs and prior to the current Quarterly Payment Date, equals [***], to pay (1) to Independent Manager any portion of the annual fee that is due and payable on such Cut-Off Date in accordance with the Independent Manager Engagement Letter and (2) any franchise taxes and other fees and expenses required to maintain the legal existence of Borrower, in each case, to the extent due and payable on such Cut-Off Date;
(ii)SECOND, solely if a Servicer Termination Event (as defined in the Contribution Agreement) has occurred and a new Servicer (as defined in the Contribution Agreement) that is not an Affiliate of Borrower has been appointed in accordance with Section 5.05 of the Contribution Agreement, to the extent that the Payment Date Distribution Amount exceeds the amount paid in cash on the current Quarterly Payment Date in accordance with the foregoing clause (i), to pay to Servicer the applicable Servicer Fee (as defined in the Contribution Agreement);
(iii)THIRD, to Lender to pay all accrued and unpaid Fixed Interest on the Loan, if any, for the period from and including the Cut-Off Date applicable to the prior Quarterly Payment Date (or, in the case of the first Cut-Off Date to occur after the Closing Date, from and including the Closing Date) to and including the day that immediately precedes the Cut-Off Date applicable to the current Quarterly Payment Date (the “Fixed Interest Payment” and all Fixed Interest Payments paid hereunder,

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collectively, the “Fixed Interest Amount”); provided, however, that if the Payment Date Distribution Amount is insufficient to pay the Fixed Interest Payment (the amount of such shortfall, the “Quarterly Fixed Interest Shortfall”), Lender shall instruct Account Bank with respect to the Interest Reserve Account to release to Lender an amount equal to the Quarterly Fixed Interest Shortfall or, if the amount remaining in the Interest Reserve Account is less than the Quarterly Fixed Interest Shortfall, the remaining amount in the Interest Reserve Account, which amount, in either case, shall be applied by Lender to pay the Fixed Interest Payment; provided, further, that any Deficiency Amount shall be capitalized and added to and increase the outstanding Principal Amount of the Loan in accordance with Section 3.01(c) and accrue Fixed Interest in accordance with Sections 4.01 and 4.05;
(iv)FOURTH, to the extent that the Payment Date Distribution Amount exceeds the sum of all amounts paid in cash on the current Quarterly Payment Date in accordance with the foregoing clauses (i) through (iii), to Lender to repay the outstanding Principal Amount of the Loan, if any, at par, until the outstanding Principal Amount of the Loan has been reduced to zero (the amount paid pursuant to this clause (iv) the “Principal Amortization Payment” and all Principal Amortization Payments paid hereunder, collectively, the “Principal Amortization Amount”); and
(v)FIFTH, solely for so long as Parent or any other Affiliate of Borrower is Servicer, to the extent that the Payment Date Distribution Amount exceeds the sum of all amounts paid in cash on the current Quarterly Payment Date in accordance with the foregoing clauses (i) through (iv), to pay to Servicer the Servicing Fee payable in respect of the most recent Calendar Quarter ended prior to the Quarterly Payment Date.
(b)On each Quarterly Payment Date following the occurrence of the Change-Over Date, the Payment Date Distribution Amount shall be applied by Account Bank on the Quarterly Payment Date in the following order of priority:
(i)FIRST, to Borrower, in an amount equal to the lesser of (x) an amount necessary to pay such fees and expenses and (y) an amount that, when taken together with the aggregate amount of all other distributions made to Borrower pursuant to this clause (i) for all other Quarterly Payment Dates occurring during the calendar year in which the current Quarterly Payment Date occurs and prior to the current Quarterly Payment Date, equals [***], to pay (i) to Independent Manager any portion of the annual fee that is due and payable on such Cut-Off Date in accordance with the Independent Manager Engagement Letter and (ii) any franchise taxes and other fees and expenses required to maintain the legal existence of Borrower, in each case, to the extent due and payable on such Cut-Off Date;
(ii)SECOND, solely if a Servicer Termination Event has occurred and a new Servicer (as defined in the Contribution Agreement) that is not an Affiliate of Borrower has been appointed in accordance with Section 5.05 of the Contribution Agreement, to the extent that the Payment Date Distribution Amount exceeds the amount paid in cash on the current Quarterly Payment Date in accordance with the foregoing clause (i), to pay to Servicer the applicable Servicer Fee;

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(iii)THIRD, to the extent that the Payment Date Distribution Amount exceeds the sum of all amounts paid in cash on the current Quarterly Payment Date in accordance with the foregoing clauses (i) and (ii), to Lender an additional payment in an amount equal to such excess amount; provided that any additional payments made pursuant to this clause (iii) (each, a “Additional Royalty Right Payment” and all Additional Royalty Right Payments paid hereunder, collectively, the “Additional Royalty Right”) shall be earned, due and payable on the applicable Quarterly Payment Date; and
(iv)FOURTH, solely for so long as Parent or any other Affiliate of Borrower is Servicer, to the extent that the Payment Date Distribution Amount exceeds the sum of all amounts paid in cash on the current Quarterly Payment Date in accordance with the foregoing clauses (i) through (iii), to pay to Servicer the Servicing Fee payable in respect of the most recent Calendar Quarter ended prior to the Quarterly Payment Date.
Section 4.05Interest on Late Payments. If any amount payable by Borrower to Lender hereunder is not paid when due (whether at stated maturity, by acceleration or otherwise), interest shall accrue on any such unpaid amounts, both before and after judgment during the period from and including the applicable due date, to but excluding the day the overdue amount is paid in full, at a rate per annum equal to the Default Rate. Interest accruing under this Section 4.05 shall be payable on demand of Lender. For the avoidance of doubt, Fixed Interest that is not paid in cash on the date due but that is added to the Principal Amount of the Loan as Accreted Principal in accordance with Section 3.01(c) shall accrue Fixed Interest from the Cut-Off Date immediately preceding the date at which it is incorporated as Accreted Principal and shall thereafter accrue interest at the Default Rate in the event that the Principal Amount of the Loan generally bears interest at the Default Rate.
Section 4.06Administration and Enforcement Expenses. Borrower shall promptly reimburse Lender on demand for all reasonable costs and expenses incurred by Lender (including the reasonable fees and expenses of one primary outside counsel to Lender and one additional local counsel to Lender in each material jurisdiction) as a consequence of or in connection with any Default, Event of Default or prepayment of the Loan.
Section 4.07Making of Payments. Notwithstanding anything to the contrary contained herein, any payment stated to be due hereunder or under any Note on a given day in a specified month shall be made or shall end (as the case may be), (i) if there is no such given day or corresponding day, on the last Business Day of such month or (ii) if such given day or corresponding day is not a Business Day, on the next succeeding Business Day.
Section 4.08Setoff or Counterclaim. Each payment by Borrower under this Agreement or under any Note shall be made without Set-Off. Lender shall have the right to Set-Off any and all amounts owed by Borrower and/or any of its Subsidiaries under this Agreement as provided in Section 10.03. If the Licensee exercises any right of Set-Off against any payment of the Royalty Interest, such Set-Off shall not reduce any payment of otherwise payable to Lender hereunder, and if such Set-Off reduces any payment of the Royalty Interest into the Collection Account to less than the full amount of such payment, then Borrower shall promptly (and in any

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event within ten (10) Business Days following the payment affected by such Set-Off) make a true-up payment to the Collection Account such that the full amount of the Royalty Interest payment that would have been payable had such Set-Off not occurred has been paid into the Collection Account.

Article V​
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TAXES
Section 5.01Tax Treatment. The Parties agree that, for U.S. federal and applicable state income tax purposes, (i) the Loan constitutes a debt instrument, (ii) the Fixed Interest Amount constitutes interest paid by Borrower as compensation for the use, forbearance, or detention of the Principal Amount, (iii) the Fixed Interest Amount, as well as original issue discount created as a result of the investment unit treatment in Section 5.04, is contingent only with respect to the timing of such payments and not upon the cash flow, income, profits, or any appreciation in value of any property of Borrower or Parent within the meaning of Section 871(h)(4)(A) of the Code, (iv) Borrower is a wholly-owned, disregarded subsidiary of TRVN SPV1, which is treated as a domestic partnership, (v) Borrower is not expected to be, at any time, engaged in a trade or business in the United States, (vii) the issuance of the Loan, Warrant and Additional Royalty Right constitute an investment unit within the meaning of Section 1273(c)(2) of the Code, (viii) the Additional Royalty Right is a separate property right from each of the Loan and Warrant and can be transferred or assigned by Lender separately from Lender’s rights and obligation under the Loan, (ix) with respect to the Additional Royalty Right Payments received by Borrower, Borrower is not economically entitled to Additional Royalty Right Payment and receives them as a collection agent on behalf of Lender and (x) the Additional Royalty Right Payments are foreign source income. This Agreement is not intended to create a and shall never be construed as creating a partnership, association, trust, joint venture or other similar relationship between or among Lender and/or Parent, Borrower or any Subsidiary. Each party agrees not to take any position that is inconsistent with the foregoing sentences on any Tax Return or in any audit or other administrative or judicial proceeding, except as otherwise required pursuant to a “determination” under Section 1313(a) of the Code.
Section 5.02Withholding. Borrower covenants that all amounts payable under the Loan (including, for the avoidance of doubt, payments of the Fixed Interest Amount, Principal Amortization Amount, and the Additional Royalty Right Payments) shall be paid without deduction or withholding for any Taxes imposed pursuant to a Law in effect on the date hereof (other than, for the avoidance of doubt, any deductions or withholding for any Taxes pursuant to Section 8 of the License), provided, that, the Lender provides to Borrower, (i) in the case of a U.S. Lender, an executed IRS Form W-9 certifying that such U.S. Lender is exempt from U.S. federal backup withholding tax, (ii) in the case of a Non-U.S. Lender claiming the benefits of (a) an income tax treaty to which the United States is a party, an executed IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from U.S. federal withholding Tax pursuant to the “interest” (or other applicable) article of such tax treaty, (b) the exemption under Section 892 of the Code, an executed IRS Form W-8EXP, or (c) the exemption for portfolio interest under Section 881(c) of the Code, both (x) a certification that such Non-U.S. Lender is not receiving the interest in its capacity as a bank on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section

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881(c)(3)(A) of the Code, not a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, and not a “controlled foreign corporation” related to Borrower as described in Section 881(c)(3)(C) of the Code (such certificate, a “PIE Certificate”) and (y) an executed IRS Form W-8BEN or IRS Form W-8BEN-E. To the extent a Non-U.S. Lender is not the beneficial owner, the Lender will provide executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, IRS Form W-8EXP, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a PIE Certificate on behalf of each such direct and indirect partner. Lender agrees that they will provide the tax documentation set forth in this Section 5.02 to the Borrower on or prior to the date on which Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower). Further, Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so. If Borrower is required to deduct or withhold Taxes on any payment under the Loan, such payment will be grossed up by Borrower for the amount deducted such that the Lender receives an amount equal to the amount it would have received had no withholding or deduction been made.

Section 5.03Other Taxes. Borrower shall promptly pay any registration, transfer, stamp or documentary, recording or similar Taxes or any other excise or property Taxes arising from any payment made under any Loan Document, or from the execution, delivery, performance, enforcement or registration of, the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document.
Section 5.04Investment Unit. The Loan, the Additional Royalty Right and the Warrants issued in connection with such Loan will be treated as an “investment unit” within the meaning of Section 1273 of the Code and Treasury Regulation §1.1273-2(h). The parties agree that for U.S. federal income tax purposes, the fair market value of the Additional Royalty Right is [***], and the fair market value of the Warrant is [***]. The Parties agree that the foregoing determinations will be binding on the Parties and their Affiliates for all United States federal income tax reporting purposes.

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Section 5.05Cooperation. Upon request, Borrower shall provide the Lender, and the Lender shall provide the Borrower, as applicable, any reasonable assistance such party may seek in obtaining an exemption or reduced rate from, or refund of, any withholding tax, if applicable. In addition, the Lender and Borrower shall use commercially reasonable efforts to cooperate, as and to the extent reasonably requested by the other Parties, in connection with the filing of Tax Returns, any Tax audits, Tax proceedings or other Tax-related claims in connection with the matters covered by this Article V.
Article VI​
FUNDING CONDITIONS
Section 6.01Closing Actions. Prior to or contemporaneously with the execution of this Agreement:

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(a)This Agreement and the other Loan Documents, other than the Warrant, and the Direction Letter, have been executed and delivered to Lender by each party thereto (other than Lender), and Borrower has delivered, or caused to be delivered, such other documents as Lender has reasonably requested, in each case, in form and substance satisfactory to Lender;
(a)Lender has received from Borrower an executed copy of:
(i)a certificate of each of Borrower and Parent, executed respectively by a Senior Officer thereof, dated as of the Closing Date, substantially in the form attached to the Disclosure Letter as Exhibit L-1 to the Disclosure Letter;
(ii)a solvency certificate of each of Borrower and Parent, executed respectively by a Senior Officer thereof, dated as of the Closing Date, substantially in the form attached to the Disclosure Letter as Exhibit M to the Disclosure Letter;
(iii)a certificate of the Secretary of each of Borrower and Parent, dated as of the Closing Date: (i) attaching copies, certified by such officer as true and complete, of each Transaction Party’s certificate of incorporation or other Organizational Documents (together with any and all amendments thereto) certified by the appropriate Governmental Authority as being true, correct and complete copies; (ii) attaching copies, certified by such officer as true and complete, of resolutions of the Board of Directors (or similar governing body) of Transaction Party authorizing and approving the execution, delivery and performance by such party of the Loan Documents to which it is a party and the transactions contemplated herein and therein; (iii) setting forth the incumbency of the officers of each such Transaction Party who executed and delivered such Loan Documents, including therein a signature specimen of each such officer; and (iv) attaching copies, certified by such officer as true and complete, of certificates of the appropriate Governmental Authority of the jurisdiction of formation, stating that such party was in good standing under the laws of such jurisdiction as of a date no earlier than ten (10) calendar days prior to the Closing Date;
(iv)an opinion of Xxxxxxxx Xxxxxx Xxxxxxxx Xxxxxxx LLP, counsel to Borrower and Parent, dated as of the Closing Date and in form and substance reasonably satisfactory to Lender; and
(v)a duly executed copy of the Licensee Consent.
(b)Borrower and Parent shall have delivered to Licensee the Licensee Instruction Letter.
(c)Lender shall have received all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act, including and the information described in Section 12.18.
(d)Lender shall have received such other approvals, opinions, documents or materials as Lender may reasonably request.

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(e)Borrower shall have paid all fees, costs and expenses (including legal fees and expenses) agreed in writing to be paid by it to Lender in connection herewith (including pursuant to the Fee Letter) to the extent due.
Section 6.02Conditions Precedent to the First Tranche Loan. The obligation of Lender to make the First Tranche Loan shall be subject to the fulfillment, to the sole satisfaction of Lender, of all of the following conditions precedent in addition to the conditions specified in Section 2.01 and Section 2.02:
(a)The Warrant and the Direction Letter shall have been executed and delivered to Lender by each party thereto (other than Lender), and Borrower shall have delivered, or caused to be delivered, such other documents as Lender reasonably requested, in each case, in form and substance satisfactory to Lender;
(b)Lender shall have received from Borrower an executed copy of:
(i)a certificate of each of Borrower and Parent, executed respectively by a Senior Officer thereof, dated as of the date on which the First Tranche Loan is made, substantially in the form attached to the Disclosure Letter as Exhibit L-1 to the Disclosure Letter; and
(ii)a solvency certificate of each of Borrower and Parent, executed respectively by a Senior Officer thereof, dated as of the date on which the First Tranche Loan is made, substantially in the form attached to the Disclosure Letter as Exhibit M to the Disclosure Letter.
(c)(i) The Transaction Documents shall be in full force and effect.
(d)No event shall have occurred and be continuing that (i) constitutes a Default or an Event of Default or (ii) could reasonably be expected to constitute a Material Adverse Effect (without giving effect to the cure period, if any, applicable to an Event of Default based thereon), in each case both at the time of, and immediately after giving effect to, the making of the First Tranche Loan.
(e)The representations and warranties made by Borrower, TRVN SPV1, TRVN RC and Parent in Article VII hereof and in the other Loan Documents shall be true and correct in all material respects as of the date on which the First Tranche Loan is made, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, before and after giving effect to the Loan (except that any representation or warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects).
(f)All necessary governmental and third-party approvals, consents and filings in connection with the transactions contemplated by the Loan Documents shall have been obtained or made and shall remain in full force and effect.
(g)Borrower shall have delivered to Lender the Perfection Certificate and certified copies of UCC, United States Patent and Trademark Office and United States Copyright

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Office, tax and judgment lien searches, or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents that name Borrower as debtor and that are filed in those state and county jurisdictions in which Borrower is organized or maintains its principal place of business and such other searches that are required by the Perfection Certificate or that Lender deems necessary or appropriate, none of which encumber the Collateral covered or intended to be covered by the Loan Documents (other than any Permitted Liens and other Liens acceptable to Lender).
(h)Lender shall have received all UCC financing statements in appropriate form for filing under the UCC, and all other certificates, agreements, instruments, filings, recordings and other actions, including recordations in the United States Patent and Trademark Office and the United States Copyright Office that are necessary or reasonably requested by Lender in order to establish, protect, preserve and perfect the security interest in the assets of Borrower constituting Collateral as provided in the Security Agreement as a valid and perfected first priority security interest with respect to such assets shall have been duly effected (or arrangements therefor satisfactory to Lender shall have been made).
(i)Lender shall have received such other approvals, opinions, documents or materials as Lender may reasonably request.
(j)Borrower shall have paid all fees, costs and expenses (including legal fees and expenses) agreed in writing to be paid by it to Lender in connection herewith (including pursuant to the Fee Letter) to the extent due.
(k)The Borrower shall have received from the Lender the tax documentation set forth in Section 5.02.
Section 6.03Conditions Precedent to Additional Loans. The obligation of Lender to make the Second Tranche Loan and/or the Third Tranche Loan shall be subject to the fulfillment, to the reasonable satisfaction of Lender, of all of the following conditions precedent in addition to the conditions specified in Section 2.01 and Section 2.02:
(a)Receipt by Lender of a Tranche 2 Trigger Notice or Tranche 3 Trigger Notice, as applicable, in accordance with Section 2.01;
(b)Immediately before and after the making of the Second Tranche Loan or the Third Tranche Loan, as applicable, no Default or Event of Default shall have occurred and be continuing;
(c)The representations and warranties made by Borrower, TRVN SPV1 and Parent in Article VII hereof and in the other Loan Documents shall be true and correct in all material respects on and as of the making of the Second Tranche Loan or the Third Tranche Loan, as applicable, as if made at such time, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, before and after giving effect to the Loan (except that any representation or warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects);

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(d)a certificate of each of Borrower and Parent, executed respectively by a Senior Officer thereof, dated as of the making of the Second Tranche Loan or the Third Tranche Loan (as applicable), substantially in the form attached as Exhibit L-2 to the Disclosure Letter; and
(e)No Material Adverse Effect shall have occurred.
Article VII​
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REPRESENTATIONS AND WARRANTIES
Section 7.01Representations and Warranties of Borrower. Except as otherwise disclosed in the Disclosure Letter, Borrower hereby represents and warrants to Lender as of the date of this Agreement (except for any representations and warranties which speak as to a specific date, which representations and warranties shall be made as of the date specified) as follows:
(a)Borrower is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware and has all powers and authority, and all licenses, permits, franchises, authorizations, consents and approvals of all Governmental Authorities, required to own its property and conduct its business as presently conducted or proposed to be conducted. Borrower is duly qualified to transact business and is in good standing in every jurisdiction in which such qualification or good standing is required by Applicable Law, which jurisdictions as of the Closing Date are specified on Schedule 7.01(a) to the Disclosure Letter, except where the failure to be so qualified or in good standing has not resulted in, and could not reasonably be expected to result in, a Material Adverse Effect.
(b)None of the execution and delivery by Borrower of any of the Loan Documents to which Borrower is party, the performance by Borrower of the obligations contemplated hereby or thereby or the consummation of the transactions contemplated hereby or thereby will: (i) contravene, conflict with, result in a breach, violation, cancellation or termination of, constitute a default (with or without notice or lapse of time, or both) under, require prepayment under, give any Person the right to exercise any remedy (including termination, cancellation or acceleration) or obtain any additional rights under, or accelerate the maturity or performance of or payment under, in any material respect, (A) any Applicable Law or any judgment, order, writ, decree, permit or license of any Governmental Authority to which Borrower or any of its Subsidiaries or any of their respective assets or properties may be subject or bound, (B) any term or provision of any contract, agreement, indenture, lease, license, deed, commitment, obligation or instrument to which Borrower or any of its Subsidiaries is a party or by which Borrower or any of its Subsidiaries or any of their respective assets or properties is bound or committed or (C) any term or provision of any of the organizational documents of Borrower or any of its Subsidiaries, except in the case of clause (A) or (B) where any such event would not result in a Material Adverse Effect; or (ii), except as provided in or contemplated by any of the Loan Documents, result in or require the creation or imposition of any Lien on any of the Transferred Assets, the Licensed Product or the Revenue Interest Product.

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(c)Except pursuant to, or as contemplated by, the Loan Documents, Parent has not granted, nor does there exist, any Lien (other than Permitted Liens) on the Loan Documents, any of the Transferred Assets, the Licensed Product or the Revenue Interest Product.
(d)Borrower has all powers and authority to execute and deliver, and perform its obligations under, the Loan Documents to which it is party and to consummate the transactions contemplated hereby and thereby. The execution and delivery of each of the Loan Documents to which Borrower is party and the performance by Borrower of its obligations hereunder and thereunder have been duly authorized by Borrower. This Agreement and, when executed and delivered in accordance with the terms hereof, each of the other Loan Documents to which Borrower is party, has been duly executed and delivered by Borrower. Each of the Loan Documents to which Borrower is party constitutes, or upon execution and delivery thereof, will constitute, the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar Applicable Laws affecting creditors’ rights generally, general equitable principles and principles of public policy.
(e)Upon giving effect to the Contribution and the Sale (and subject to the terms and conditions thereof), Borrower shall be the exclusive owner of the entire right, title (legal and equitable) and interest in, to and under the Collateral, free and clear of all Liens, other than Permitted Liens and Borrower shall be entitled to be the sole recipient of all payments in respect of the Royalty Interest. None of the Collateral granted to Lender on the Closing Date has been pledged, sold, assigned, transferred, conveyed or granted by Borrower to any other Person. Upon granting by Borrower of the security interests in the Collateral to Lender, Lender shall acquire a first priority security interest in the Collateral free and clear of all Liens, other than Permitted Liens. Borrower has not caused, and to the Knowledge of Borrower no other Person has caused, the claims and rights of Lender created by any Loan Document in and to the Collateral, to be subordinated to any creditor or any other Person.
(f)The execution and delivery by Borrower of the Loan Documents to which Borrower is party, the performance by Borrower of its obligations hereunder and thereunder and the consummation of any of the transactions contemplated hereunder and thereunder (including the granting of security interests in the Collateral to Lender) do not require any consent, approval, license, order, authorization or declaration from, notice to, action or registration by or filing with any Governmental Authority or any other Person, except for (i) the filing of any applicable notices under securities laws, (ii) the filings necessary to perfect Liens created by the Loan Documents, (iii) those previously obtained and in full force and effect, and (iv) consents, filings and registrations in connection with the Contribution as contemplated by the Contribution Agreement.
(g)There is no action, suit, arbitration proceeding, claim, citation, summons, subpoena, investigation or other proceeding (whether civil, criminal, administrative, regulatory, investigative or informal, and including by or before a Governmental Authority) pending or, to the Knowledge of Borrower, threatened in writing (or, in the case of a threat by a Governmental Authority, threatened orally or in writing) by or against Borrower or any of its Subsidiaries, at law or in equity, that (i) if adversely determined, would result in a Material Adverse Effect or

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(ii) challenges or seeks to prevent or delay the consummation of any of the transactions contemplated by any of the Loan Documents to which Borrower is party.
(h)Upon consummation of the transactions contemplated by the Loan Documents and the application of the proceeds therefrom, (a) the present fair saleable value of the properties and assets of Borrower will be greater than the sum of its debts, liabilities and other obligations, including contingent liabilities, (b) the present fair saleable value of the properties and assets of Borrower and its Subsidiaries, taken as a whole, on a going concern basis will not be less than the amount that would be required to pay its probable liabilities on its existing debts, liabilities and other obligations, including contingent liabilities, as they become absolute and matured, (c) Borrower will generally be able to realize upon its assets and pay its debts, liabilities and other obligations, including contingent obligations, as they become absolute and matured, (d) Borrower will not have unreasonably small capital with which to engage in its business as now conducted, (e) Borrower has not incurred, will not incur and does not have any present plans or intentions to incur debts or other obligations or liabilities beyond its ability to pay such debts or other obligations or liabilities as they become absolute and matured, (f) Borrower will not have become subject to any Insolvency Event and (g) Borrower will not have been rendered insolvent within the meaning of any Applicable Law. No step has been taken by Borrower or, to its Knowledge, any other Person to make Borrower subject to an Insolvency Event.
(i)No Default or Event of Default has occurred and is continuing, and no such event will occur upon the making of any Loan.
(j)Borrower has timely filed (or caused to be filed) all Tax Returns required by Applicable Law to have been filed by it and has paid all Taxes required to be paid by it (including in its capacity as a withholding agent), except any such Taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP have been set aside on its books or where any such failure to file or pay would not result, individually or in the aggregate, in a Material Adverse Effect.
(k)Borrower has not taken any action that would entitle any Person to any commission or broker’s fee in connection with the transactions contemplated by this Agreement.
(l)Borrower (a) has not violated and is not in violation of, and to its Knowledge, is not under investigation with respect to, and has not been threatened to be charged with or been given notice of any violation of, any Applicable Law or any judgment, order, writ, decree, injunction, stipulation, consent order, permit or license granted, issued or entered by any Governmental Authority and (b) is not subject to any judgment, order, writ, decree, injunction, stipulation, consent order, permit or license granted, issued or entered by any Governmental Authority, in each case, that would result in a Material Adverse Effect. Borrower is in compliance with the requirements of all Applicable Laws, a breach of any of which would result in a Material Adverse Effect.
(m)To Borrower’s Knowledge, other than the Patent Rights licensed pursuant to the License Agreement (with respect to the Licensed Product only), no Third Party Patent Right has been, or is, or will be, infringed by Exploitation of the Products. To Borrower’s

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Knowledge, other than the Patent Rights licensed pursuant to the License Agreement (with respect to the Licensed Product only), no Patent Rights other than the Patents with respect to the Products would limit or prohibit in any material respect Exploitation of the Products. Neither Borrower nor Parent has received any notice of any claim by any Third Party asserting that Exploitation of the Products infringes such Third Party’s Patent Rights. Neither Borrower nor Parent has received any written opinion of counsel regarding infringement or non-infringement of any Third Party’s Patent Rights by Exploitation of the Products. To Borrower’s Knowledge, there has been no commercially significant infringement or interference by any Person, any claims of invalidity or unenforceability or any prosecution or litigation action relating to any Patents relating to the Products.
(n)Intellectual Property.
(i)Schedule 7.01(n)(i) to the Disclosure Letter sets forth a complete and accurate list of the Patents in the United States or the Territory owned or controlled by Parent, Borrower or Subsidiary (collectively “Applicable Patents”), including the following: Schedule 7.01(n)(i) to the Disclosure Letter sets forth a complete and accurate list of the Licensed Patents. For each Patent set forth on Schedule 7.01(n)(i) to the Disclosure Letter, Borrower has indicated: (1) the jurisdictions by or in which each such Patent has issued as a patent or been filed, including the respective patent numbers and application numbers and issue and filing dates, (2) solely with respect to the Licensed Patents for which Parent controls prosecution and maintenance, the record owner of each such Patent, (3) whether such Patent is a Product Patent and (4) whether such Patent is a Licensed Patent.
(ii)Parent is the sole and exclusive owner of, and has the sole interest in, the entire right, title and interest in each of the Applicable Patents. To the Borrowers Knowledge, no event has occurred which, upon notice or passage of time or both, gives rise or may give rise to the revocation, cancellation, withdrawal, abandonment or rejection of any material right, title and interest in any Applicable Patent.
(iii)After giving effect to the transactions contemplated by the Contribution Agreement, Borrower will be the sole and exclusive owner of, and have the sole interest in, the entire right, title and interest in each of the Licensed Patents.
(iv)The Applicable Patents are not subject to any encumbrance, Lien or claim of ownership by any Third Party, and there are no facts that would preclude Parent from having unencumbered title to the Applicable Patents, or, after giving effect to the transactions contemplated by the Contribution Agreement, Borrower, from having unencumbered title to the Licensed Patents. Neither Parent nor Borrower has received any notice of any claim by any Third Party challenging the ownership of the rights of Parent or Borrower in and to the Applicable Patents.
(v)There has not been, nor are there any pending or threatened (in writing, or to the Knowledge of Borrower, oral), disputes relating to Parent’s or Borrower’s right to use any Applicable Patent.

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(vi)There are no Contracts between Parent and a Third Party or between Borrower and a Third Party related to the Patents for the United States and the Territory other than the License Agreement.
(vii)Each Person who has or has had any rights in or to the Applicable Patents, including each inventor named on the Applicable Patents, has executed a Contract assigning their entire right, title and interest in and to such Patents and the inventions embodied, described and/or claimed therein, to the owner thereof, and each such Contract has been duly recorded at the United States Patent and Trademark Office or the patent office in the Territory.
(viii)No issued Applicable Patent or Patent application has lapsed, expired or otherwise been terminated, other than by operation of law.
(ix)There are no unpaid maintenance fees, annuities or other like payments with respect to the Applicable Patents.
(x)Each of the Applicable Patents correctly identifies each and every inventor of the claims thereof in accordance with Applicable Law. To the Knowledge of Borrower, there is not any Person who is or claims to be an inventor of any of the Applicable Patents who is not a named inventor thereof. Neither Borrower nor Parent has received any notice from any Person who is or claims to be an inventor of any of the Applicable Patents who is not a named inventor thereof.
(xi)Each of the Applicable Patents is valid, enforceable and subsisting. Neither Borrower nor Parent has received any opinion of counsel that any of the Applicable Patents is invalid or unenforceable. Neither Borrower nor Parent has received any written notice of any claim by any Third Party challenging the validity or enforceability of any of the Applicable Patents.
(xii)To the Knowledge of Borrower, each individual associated with the filing and prosecution of the Applicable Patents has complied, in all material respects with all applicable duties of candor and good faith in dealing with any Patent Office, including any duty to disclose to any Patent Office all information known by such individual to be material to patentability of each such Patent, in those jurisdictions where such duties exist.
(xiii)There is at least one Valid Claim in the Licensed Patents that would be infringed by Exploitation of the Licensed Product and there is at least one Valid Claim in the Applicable Patents that would be infringed by Exploitation of the Revenue Interest Product.
(xiv)Except for information disclosed to the applicable Patent Office during prosecution of the Applicable Patents, to Borrower’s Knowledge, there are no Applicable Patents, published patent applications, articles, abstracts or other prior art deemed material to patentability of any of the inventions claimed in such Patents, or that would otherwise reasonably be expected to materially adversely affect the validity or enforceability of any of the claims of such Patents.

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(xv)There are no pending or threatened (in writing or, to the Knowledge of Borrower, oral) proceedings before a Governmental Authority (other than normal course patent examinations, if any) that could (i) impact the validity and/or enforceability of any of the claims of the Applicable Patents, or (ii) otherwise impact whether any claim within the Applicable Patents is a Valid Claim.
(xvi)There is no pending, decided or settled Dispute, including without limitation any International Trade Commission investigations, and, to the Knowledge of Borrower, no such Dispute been threatened (in writing or, to the Knowledge of Borrower, oral), in each case challenging the legality, validity, enforceability, scope or ownership of any Applicable Patent, or adjudicating whether any Applicable Patent is or would be infringed by the Exploitation of a Product by a Third Party.
(xvii)To the Knowledge of Borrower there have not been nor are there any pending Disputes or like procedures involving any of the Applicable Patents.
(xviii)To the Knowledge of Borrower, none of the conception, development and reduction to practice of the inventions claimed in the Applicable Patents has constituted or involved the misappropriation of trade secrets or other rights or property of any Third Party.
(xix)Neither Borrower nor Parent has filed any disclaimer, other than a terminal disclaimer, or made or permitted any other voluntary reduction in the scope of any Applicable Patent.
(xx)Neither Borrower nor Parent nor, to Borrower’s Knowledge, any other Person has undertaken or omitted to undertake any acts, and no circumstances or grounds exist, that would void, invalidate, reduce or eliminate, in whole or in part, the enforceability or scope of any of the Applicable Patents.
(xxi)To Borrower’s Knowledge, no Third Party Patent Right has been, or is, or will be, infringed by Borrower’s, Licensee’s, or Parent’s Exploitation of the Products. To Borrower’s Knowledge, no Patent Right other than the Patents would limit or prohibit in any material respect Borrower’s, Licensee’s, or Parent’s Exploitation of any Product. Neither Borrower nor Parent, nor, to the Knowledge of Borrower, Licensee, has received any notice of any claim by any Third Party asserting that by Borrower’s, Licensee’s, or Parent’s Exploitation of any Product infringes such Third Party’s Patents Rights. Neither Parent nor Borrower has received any opinion of counsel regarding infringement or non-infringement of any Third Party Patent Rights by Borrower’s, Licensee’s, or Parent’s Exploitation of any Product.
(xxii)To Borrower’s Knowledge, there are no pending, published patent applications owned by any Third Party, which Borrower does not have the right to use, which if issued, would limit or prohibit in any material respect Borrower’s, Licensee’s, or Parent’s Exploitation of any Product.
(xxiii)There are no Disputes between Borrower or Parent and a Third Party relating to Borrower’s or Parent’s Exploitation of any Product. Neither Parent nor

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Borrower has received or given notice of any such Dispute, and to Borrower’s Knowledge, there exists no circumstances or grounds upon which any such claims could be asserted. The Patents are not subject to any outstanding injunction, judgment or other decree, ruling, charge settlement or other disposition of any Dispute.
(xxiv)Except as set forth in Schedule 7.01(n)(xxiv) to the Disclosure Letter, to Borrower’s Knowledge, no Third Party is infringing any of the issued Patents. Except as set forth in Schedule 7.01(n)(xxiv) to the Disclosure Letter, neither Parent nor Borrower has put any Third Party on notice of any of the issued Patents.
(xxv)Oliceridine is the active pharmaceutical ingredient of each Product.
(xxvi)Except as set forth in Schedule 7.01(n)(xxvi) to the Disclosure Letter, there are no copyrights, trademarks, trade secrets or net names material to Licensee’s, Parent’s or Borrower’s Exploitation of any Product.
(o)Borrower is not engaged in the business of extending credit for the purpose of buying or carrying margin stock, and no portion of the Loan shall be used by Borrower for a purpose that violates Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time.
(p)Compliance.
(i)All applications, submissions, information and data related to any Licensed Product submitted or utilized as the basis for any request to any Regulatory Agency by or on behalf of Borrower or, to the Knowledge of Borrower, by or on behalf of Licensee, were true and correct in all material respects as of the date of such submission or request, and any material updates, changes, corrections or modification to such applications, submissions, information or data required under Applicable Law or regulations have been submitted to the necessary Regulatory Agencies.
(ii)Neither Borrower nor any of its Affiliates has, and to Borrower’s Knowledge, Licensee has not, committed any act, made any statement or failed to make any statement that would reasonably be expected to provide a basis for the FDA to invoke its policy with respect to “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities”, or for the NMPA, or any other Regulatory Agency to invoke similar policies, set forth in any Applicable Laws or regulations.
(iii)To the Knowledge of Borrower, there has been no indication that the FDA, NMPA, or any other Regulatory Agency has any material concerns with any Product or may not approve or may withdraw approval of any Product, nor has any Product, to the Knowledge of Borrower, suffered any material adverse events in any clinical trial.
(iv)Borrower, to the Knowledge of Borrower, Licensee and all of Borrower’s directors, officers, employees, Affiliates or agents, have not taken any action, directly or indirectly, that would result in a violation by such Persons of the Anti-Corruption Laws, including making use of the mails or any means or instrumentality of

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interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the applicable Anti-Corruption Laws ) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the applicable Anti-Corruption Laws. Borrower, and, to the Knowledge of Borrower, its Affiliates have conducted their respective businesses in compliance with the Anti-Corruption Laws and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.
(q)Material Contracts.
(i)As of the Closing Date, Borrower is not a party to any Material Contract (other than, after giving effect to the Contribution thereof under the Contribution Agreement, the License Agreement). The consummation of the transactions contemplated by the Loan Documents will not give rise to a right of termination in favor of any party to any Material Contract.
(ii)Upon the Contribution thereof to, and assumption thereof by, Borrower, each Material Contract shall be a valid and binding obligation of Borrower and, to the Knowledge of Borrower, of the applicable Material Contract Counterparty, enforceable against each of Borrower and, to the Knowledge of Borrower, each applicable Material Contract Counterparty in accordance with its terms, except as may be limited by general principles of equity (regardless of whether considered in a proceeding at law or in equity) and by applicable bankruptcy, insolvency, moratorium and other similar laws of general application relating to or affecting creditors’ rights generally. Borrower has not received any notice from any Material Contract Counterparty or any other Person challenging the validity or enforceability of any Material Contract. Neither Borrower, nor to the Knowledge of Borrower, any other Person, has delivered or intends to deliver any written notice to Borrower or a Material Contract Counterparty challenging the validity or enforceability of any Material Contract.
(iii)Neither Borrower nor to the Knowledge of Borrower, any Material Contract Counterparty, is contemplating to commence any case, proceeding or other action relating to Material Contract Counterparty’s bankruptcy, insolvency, liquidation or dissolution or reorganization by any of the foregoing means.
(r)License Agreement.
(i)A true, correct and complete copy of the License Agreement is attached as Exhibit Q hereto.
(ii)The License Agreement is in full force and effect and has not been waived, amended, altered or modified in any respect, whether by consent or otherwise except as set forth on Schedule 7.01(r)(ii). Neither Borrower nor Parent has proposed or received any proposal to waive, amend, alter or modify any provision of the License Agreement. No obligation of Licensee under the License Agreement has been released or

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waived. The License Agreement has not been satisfied in full, discharged, canceled, terminated, subordinated or rescinded, in whole or in part. The License Agreement is the entire and only agreement between Licensee and any Party relating to the subject matter thereof.
(iii)Neither Parent nor Borrower nor, to the Knowledge of Borrower, the Licensee, as applicable, has taken any action or omitted to take any action that would adversely impact the right of Lender to take a security interest, or, following the Closing Date, the validity of the security interest of the Lender, in the License Agreement, the Royalty Interest or the Licensed Technology.
(iv)The execution, delivery and performance of the License Agreement was and is within the corporate powers or other organizational power of Parent and, to the Knowledge of Borrower, the Licensee. The License Agreement was duly authorized by all necessary action on the part of, and validly executed and delivered by, Parent and, to the Knowledge of Borrower, the Licensee. No breach or default, or event which upon notice or the passage of time, or both, could give rise to any breach or default, in the performance of the License Agreement by Borrower, Parent or, to the Knowledge of Borrower, the Licensee, or that could reasonably be expected to have a Material Adverse Effect, has occurred or is continuing.
(v)All payments required to be made under the License Agreement have been made. The Licensee has no right of Set-Off against the Royalty Interest or any other amounts payable thereunder. The Licensee has not exercised any Set-Off against any amount payable to Parent under the License Agreement. No event or condition exists that, upon notice or passage of time or both, would reasonably be expected to permit Licensee to claim, or have the right to claim, a Set-Off.
(vi)Neither Borrower nor Parent has (A) given written or, to the Knowledge of Borrower, oral notice to Licensee of the termination of the License Agreement (whether in whole or in part) or expressing any intention or desire to terminate the License Agreement or (B) received from Licensee any written notice of termination of the License Agreement (whether in whole or in part) or expressing any intention or desire to terminate the License Agreement.
(vii)Following the Closing Date, the License Agreement will be the only Contract between Parent (or any predecessor or Affiliate thereof), on the one hand, and Licensee (or any predecessor or Affiliate thereof), on the other hand, relating to the subject matter thereof. There are, and following the Closing Date, will be no Contracts between Borrower (or any predecessor or any Affiliate thereof), on the one hand, and Licensee (or any predecessor or Affiliate thereof).
(viii)Borrower has not received any written notice from, nor delivered any written notice to, Licensee or any other Person challenging the validity or enforceability of the License Agreement. Borrower has not received any written or, to the Knowledge of Borrower, oral notice from, nor delivered any written or, to the Knowledge of Borrower, oral notice to, Licensee or any other Person threatening or commencing any

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case, proceeding or other action relating to Borrower’s or Licensee’s bankruptcy, insolvency, liquidation or dissolution or reorganization by any of the foregoing means.
(ix)Neither Borrower nor Parent has received any notice or other written or oral communication requesting any amendment, supplement, alteration or modification to the License Agreement.
(x)To the Knowledge of Borrower, nothing has occurred and no condition exists that would adversely impact the right of Borrower to receive any payments payable to Borrower under the License Agreement. Neither Borrower nor, to the Knowledge of Borrower, the Licensee, has taken any action or omitted to take any action that would adversely impact the right of Lender to take a security interest in the License Agreement, the Royalty Interest or the Licensed Technology.
(xi)Neither Borrower nor Licensee has assigned, sold or transferred the License Agreement or any of its rights, interests or obligations thereunder to any Person, and Parent has not consented to, or been provided notice of, any such assignment by Licensee. Except as contemplated by the Loan Documents, Borrower has not assigned, sold or transferred, in whole or in part, any of Borrower’s right, title or interest in or to the Royalty Interest, the License Agreement, or the Licensed Technology.
(xii)Neither Borrower nor Licensee has exercised its rights to conduct an audit under Section 8.9 of the License Agreement.
(xiii)Neither Borrower nor Licensee has made any claim of indemnification under the License Agreement.
(xiv)Parent assigned the Chinese Regulatory Approvals of the Licensed Product in the Territory following exercise by the Licensee of the Manufacturing Option and receipt by Licensee of regulatory approval of its manufacturing facility for manufacturing the Licensed Product in the Territory. Licensee owns the Chinese Regulatory Approvals of the Licensed Product in the Territory.
(s)No Capital Stock has been issued by Borrower other than the Capital Stock issued to TRVN SPV1 that is subject to the pledge to Lender under the Stock Pledge Agreement.
(t)The chief place of business, the chief executive office and each office where Borrower keeps its records regarding the Collateral are, as of the date hereof, each located at 000 Xxxxxxxxxxxx Xxxx., Xxxxx 000, Xxxxxxxxxxxx, XX 00000.
(u)Borrower (or any predecessor by merger or otherwise) has not, within the five (5) year period preceding the date hereof, had a name that differs from its name as of the date hereof.
(v)All written information heretofore or herein supplied by or on behalf of Borrower or Parent to Lender is accurate and complete in all material respects; provided that all written information heretofore or herein supplied by or on behalf of Borrower to Lender and

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produced by any Third Party is accurate and complete in all material respects to the Knowledge of Borrower. There is no fact or circumstance known to Borrower that could reasonably be expected to have a Material Adverse Effect, individually or in the aggregate, and with or without the passage of time, that has not been expressly disclosed to Lender.
Section 7.02Representations and Warranties as to Parent and Subsidiaries. Except as otherwise disclosed in the Disclosure Letter, Borrower hereby represents and warrants to Lender as of the date of this Agreement (except for any representations and warranties which speak as to a specific date, which representations and warranties shall be made as of the date specified), with respect to Parent and other Transaction Parties, as follows:
(a)​
(i)Parent is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all powers and authority, and all licenses, permits, franchises, authorizations, consents and approvals of all Governmental Authorities, required to own its property and conduct its business as now conducted. Parent is duly qualified to transact business and is in good standing in every jurisdiction in which such qualification or good standing is required by Applicable Law, except where the failure to be so qualified or in good standing has not resulted in, and could not reasonably be expected to result in, a Material Adverse Effect.
(ii)TRVN RC is a corporation duly formed, validly existing and in good standing under the laws of the State of Delaware and has all powers and authority, and all licenses, permits, franchises, authorizations, consents and approvals of all Governmental Authorities, required to own its property and conduct its business as now conducted. TRVN RC is duly qualified to transact business and is in good standing in every jurisdiction in which such qualification or good standing is required by Applicable Law, except where the failure to be so qualified or in good standing has not resulted in, and could not reasonably be expected to result in, a Material Adverse Effect.
(iii)TRVN SPV1 is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware and has all powers and authority, and all licenses, permits, franchises, authorizations, consents and approvals of all Governmental Authorities, required to own its property and conduct its business as now conducted. TRVN SPV1 is duly qualified to transact business and is in good standing in every jurisdiction in which such qualification or good standing is required by Applicable Law, except where the failure to be so qualified or in good standing has not resulted in, and could not reasonably be expected to result in, a Material Adverse Effect.
(b)None of the execution and delivery by Parent, TRVN RC or TRVN SPV1 of any of the Loan Documents to which Parent, TRVN RC or TRVN SPV1, respectively, is party, the performance by Parent, TRVN RC or TRVN SPV1, respectively, of the obligations contemplated hereby or thereby or the consummation of the transactions contemplated hereby or thereby: (i) has contravened, conflicted with, resulted in a breach, violation, cancellation or termination of, constituted a default (with or without notice or lapse of time, or both) under, require prepayment under, given any Person the right to exercise any remedy (including

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termination, cancellation or acceleration) or obtain any additional rights under, or accelerated the maturity or performance of or payment under, in any respect, or will contravene, conflict with, result in a breach, violation, cancellation or termination of, constitute a default (with or without notice or lapse of time, or both) under, require prepayment under, give any Person the right to exercise any remedy (including termination, cancellation or acceleration) or obtain any additional rights under, or accelerate the maturity or performance of or payment under, in any respect, (A) any Applicable Law or any judgment, order, writ, decree, permit or license of any Governmental Authority to which Parent or any of its Subsidiaries, TRVN SPV1, or any of their respective assets or properties may be subject or bound, (B) any term or provision of any contract, agreement, indenture, lease, license, deed, commitment, obligation or instrument to which Parent or any of its Subsidiaries or TRVN SPV1 is a party or by which Parent or any of its Subsidiaries or TRVN SPV1 or any of their respective assets or properties is bound or committed or (C) any term or provision of any of the organizational documents of Parent or any of its Subsidiaries or TRVN SPV1, except in the case of clause (A) or (B) where any such event would not result in a Material Adverse Effect; or (ii) except as provided in or contemplated by any of the Loan Documents, has resulted in or required, or will result in or require the creation or imposition of any Lien on any of the Transferred Assets or the Licensed Product.
(c)Except pursuant to, or as contemplated by, the Loan Documents, Parent has not granted, nor does there exist, any Lien (other than Permitted Liens) on the Loan Documents, any of the Transferred Assets or the Licensed Product.
(d)Each of Parent, TRVN RC and TRVN SPV1 has all powers and authority to execute and deliver, and perform its obligations under, the Loan Documents to which it is party and to consummate the transactions contemplated hereby and thereby. The execution and delivery of each of the Loan Documents to which Parent, TRVN RC or TRVN SPV1 is party or will be party following the Closing Date and the performance by Parent, TRVN RC or TRVN SPV1, respectively, of its obligations hereunder and thereunder have been duly authorized by Parent or TRVN SPV1, respectively. This Agreement and, when executed and delivered in accordance with the terms hereof, each other Loan Document to which Parent, TRVN RC or TRVN SPV1 is party, has been duly executed and delivered by Parent, TRVN RC or TRVN SPV1, respectively. Each of the Loan Documents to which Parent, TRVN RC or TRVN SPV1 is party or will be party following the Closing Date constitutes the legal, valid and binding obligation of Parent, TRVN RC or TRVN SPV1, respectively, enforceable against Parent, TRVN RC or TRVN SPV1, respectively, in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar Applicable Laws affecting creditors’ rights generally, general equitable principles and principles of public policy.
(e)The execution and delivery by Parent, TRVN RC or TRVN SPV1 of the Loan Documents to which Parent, TRVN RC or TRVN SPV1, respectively, is party, the performance by Parent, TRVN RC or TRVN SPV1, respectively, of its obligations hereunder and thereunder and the consummation of any of the transactions contemplated hereunder and thereunder (including the granting of security interests in the Collateral to Lender) do not require any consent, approval, license, order, authorization or declaration from, notice to, action or registration by or filing with any Governmental Authority or any other Person, except for (i) the filing of any applicable notices under securities laws, (ii) the filings necessary to perfect Liens created by the Loan Documents, (iii) those previously obtained and in full force and effect, and

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(iv) consents, filings and registrations in connection with the Contribution as contemplated by the Contribution Agreement.
(f)There is no action, suit, arbitration proceeding, claim, citation, summons, subpoena, investigation or other proceeding (whether civil, criminal, administrative, regulatory, investigative or informal, and including by or before a Governmental Authority) pending or, to the Knowledge of Parent, threatened in writing (or, in the case of a threat by a Governmental Authority, threatened orally or in writing) by or against Parent or any of its Subsidiaries, at law or in equity, that (i) if adversely determined, would result in a Material Adverse Effect or (ii) challenges or seeks to prevent or delay the consummation of any of the transactions contemplated by any of the Loan Documents to which Parent is party.
(g)Upon consummation of the transactions contemplated by the Loan Documents and the application of the proceeds therefrom, (a) the present fair saleable value of the properties and assets of Parent will be greater than the sum of its debts, liabilities and other obligations, including contingent liabilities, (b) the present fair saleable value of the properties and assets of Parent and its Subsidiaries, taken as a whole, on a going concern basis will not be less than the amount that would be required to pay its probable liabilities on its existing debts, liabilities and other obligations, including contingent liabilities, as they become absolute and matured, (c) Parent will generally be able to realize upon its assets and pay its debts, liabilities and other obligations, including contingent obligations, as they become absolute and matured, (d) Parent will not have unreasonably small capital with which to engage in its business as now conducted, (e) Parent has not incurred, will not incur and does not have any present plans or intentions to incur debts or other obligations or liabilities beyond its ability to pay such debts or other obligations or liabilities as they become absolute and matured, (f) Parent will not have become subject to any Insolvency Event and (g) Parent will not have been rendered insolvent within the meaning of any Applicable Law. No step has been taken by Parent or, to its Knowledge, any other Person to make Parent subject to an Insolvency Event.
(h)Parent has authorized and reserved, free of preemptive rights and other similar contractual rights of stockholders, a sufficient number of shares of Parent Common Stock for issuance to Lender in accordance with Parent’s obligations under the Warrant. The issuance of the Warrant and the Warrant Shares has been duly authorized by all requisite corporate action. When the Warrant Shares are issued, sold and delivered in accordance with the Warrant for the consideration expressed herein and therein, the Warrant Shares will be duly and validly issued and outstanding, fully paid, and nonassessable, and will be free of all liens and restrictions on transfer other than under applicable state and federal securities laws and Lender shall be entitled to all rights accorded to a holder of shares of Parent Common Stock.
(i)No Default or Event of Default has occurred and is continuing, and no such event will occur upon the making of the Loan.
(j)Parent has timely filed (or caused to be filed) all Tax Returns required by Applicable Law to have been filed by it and has paid all Taxes required to be paid by it (including in its capacity as a withholding agent), except any such Taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP have been set aside on its books or where any such failure to file or pay would not result,

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individually or in the aggregate, in a Material Adverse Effect. None of the payments received (or to be received) by Parent or Borrower in respect of the Royalty Interest has been, or under current Law will be, subject to any deduction or withholding of any Tax, except for the applicable ten percent (10%) Chinese withholding Tax imposed as of the Closing Date.
(k)Parent has not taken any action that would entitle any Person to any commission or broker’s fee in connection with the transactions contemplated by this Agreement.
(l)None of Parent or any of its Subsidiaries (a) has violated or is in violation of, is under investigation with respect to or has been threatened (in writing or, to the Knowledge of Borrower, orally) to be charged with or been given notice of any violation of, any Applicable Law or any judgment, order, writ, decree, injunction, stipulation, consent order, permit or license granted, issued or entered by any Governmental Authority or (b) is subject to any judgment, order, writ, decree, injunction, stipulation, consent order, permit or license granted, issued or entered by any Governmental Authority, in each case, that would result in a Material Adverse Effect. Each of Parent and any Subsidiary of Parent is in compliance with the requirements of all Applicable Laws, a breach of any of which would result in a Material Adverse Effect.
(m)Parent is not engaged in the business of extending credit for the purpose of buying or carrying margin stock, and no portion of the Loan shall be used by Parent for a purpose that violates Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time.
(n)Material Contracts.
(i)Schedule 7.02(n) to the Disclosure Letter contains a list of each Material Contract to which Parent is a party, which list indicates which Material Contracts relate to the research and development, manufacture, supply or Commercialization of the Products. As of the Closing Date, there has been provided a true and complete copy of each of the Material Contracts to Lender in the electronic data room.
(ii)Neither Parent nor any of its Subsidiaries nor, to Parent’s Knowledge, any Material Contract Counterparty is in breach or default of any Material Contract and no circumstances or grounds exist that would, upon the giving of notice, the passage of time or both, give rise (i) to a claim by Parent or any of its Subsidiaries or any Material Contract Counterparty of a breach or default of any Material Contract, or (ii) to a right of rescission, termination, revision, setoff, or any other rights, by any Person, in, to or under any Material Contract. Parent has not received from, nor delivered to, any Material Contract Counterparty, any notice alleging a breach or default under any Material Contract, which breach or default has not been cured as of the date hereof.
(iii)Each Material Contract is a valid and binding obligation of Parent and of the applicable Material Contract Counterparty, enforceable against each of Parent and each applicable Material Contract Counterparty in accordance with its terms, except as may be limited by general principles of equity (regardless of whether considered in a proceeding at law or in equity) and by applicable bankruptcy, insolvency, moratorium

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and other similar laws of general application relating to or affecting creditors’ rights generally. Parent has not received any written notice from, nor delivered any written notice to, any Material Contract Counterparty or any other Person challenging the validity or enforceability of any Material Contract.
(iv)Parent has not received any notice from, nor delivered any notice to, any Material Contract Counterparty or any other Person threatening (in writing or, to the Knowledge of Borrower, orally) or commencing any case, proceeding or other action relating to Material Contract Counterparty’s bankruptcy, insolvency, liquidation or dissolution or reorganization by any of the foregoing means.
(v)Parent has not (A) given written or, to the Knowledge of Borrower, oral notice to a counterparty of the termination of any Material Contract (whether in whole or in part) or any notice to a counterparty expressing any intention or desire to terminate such Material Contract or alleging breach of such Material Contract or (B) received from a counterparty thereto any written notice of termination of any Material Contract (whether in whole or in part) or any written notice from a counterparty expressing any intention or desire to terminate any Material Contract or alleging breach of such Material Contract.
(o)License Agreement.
(i)A true, correct and complete copy of the License Agreement is attached to the Disclosure Letter as Exhibit Q to the Disclosure Letter.
(ii)The License Agreement is in full force and effect and has not been waived, amended, altered or modified in any respect, whether by consent or otherwise except as set forth on Schedule 7.01(r)(ii). Parent has not proposed or received any proposal to waive, amend, alter or modify any provision of the License Agreement. The Licensee has not been released, in whole or in part, from any of its obligations under the License Agreement. The License Agreement has not been satisfied in full, discharged, canceled, terminated, subordinated or rescinded, in whole or in part. The License Agreement is the entire agreement among the parties thereto relating to the subject matter thereof.
(iii)Neither Parent nor, to the Knowledge of Parent, the Licensee, as applicable, has taken any action or omitted to take any action that would adversely impact the right of Lender to take a security interest in the License Agreement, the Royalty Interest or the Licensed Technology.
(iv)The execution, delivery and performance of the License Agreement was and is within the corporate powers or other organizational power of Parent and, to the Knowledge of Parent, the Licensee. The License Agreement was duly authorized by all necessary action on the part of, and validly executed and delivered by, Parent and, to the Knowledge of Parent, the Licensee. There is no breach or default, or event which upon notice or the passage of time, or both, could give rise to any breach or default, in the performance of the License Agreement by Borrower, Parent or, to the

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Knowledge of Parent, the Licensee, that could reasonably be expected to have a Material Adverse Effect, has occurred or is continuing.
(v)All payments required to be made under the License Agreement have been made. The Licensee has no right of Set-Off against the Royalty Interest or any other amounts payable thereunder. The Licensee has not exercised any Set-Off against any amount payable to Parent under the License Agreement. No event or condition exists that, upon notice or passage of time or both, would reasonably be expected to permit Licensee to claim, or have the right to claim, a Set-Off.
(vi)Parent has not (A) given written or, to the Knowledge of Parent, oral notice to Licensee of the termination of the License Agreement (whether in whole or in part) or expressing any intention or desire to terminate the License Agreement or (B) received from Licensee any written notice of termination of the License Agreement (whether in whole or in part) or expressing any intention or desire to terminate the License Agreement.
(vii)The License Agreement is the only Contract between Parent (or any predecessor or Affiliate thereof), on the one hand, and Licensee (or any predecessor or Affiliate thereof), on the other hand, relating to the subject matter thereof. Except as set forth on Schedule 7.02(o)(vii) to the Disclosure Letter, there are no other Contracts between Parent (or any predecessor or any Affiliate thereof), on the one hand, and Licensee (or any predecessor or Affiliate thereof).
(viii)Parent has made available to Lender in the data room all material Notices delivered by Licensee to Parent or its Affiliates, or by Parent or its Affiliates to Licensee, since January 1, 2018, whether pursuant to the terms of the License Agreement or otherwise.
(ix)Oliceridine is a Licensed Product. Absent the License Agreement, the manufacture, marketing, use, sale or distribution of the Licensed Product in the Territory would infringe a Valid Claim of one or more Licensed Patents.
(x)Parent has not received any written or, to the Knowledge of Parent, oral notice from, nor delivered any such notice to, Licensee or any other Person challenging the validity or enforceability of the License Agreement. Parent has not received any written notice from, nor delivered any written or, to the Knowledge of Parent, oral notice to, Licensee or any other Person threatening or commencing any case, proceeding or other action relating to Parent’s or Licensee’s bankruptcy, insolvency, liquidation or dissolution or reorganization by any of the foregoing means.
(xi)Parent has not received any notice or other written or oral communication requesting any amendment, supplement, alteration or modification to the License Agreement.
(xii)To the Knowledge of Parent, nothing has occurred and no condition exists that would adversely impact the right of Borrower to receive any payments payable to Borrower under the License Agreement. Neither Parent nor, to the

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Knowledge of Parent, the Licensee, has taken any action or omitted to take any action that would adversely impact the right of Lender to take a security interest in the License Agreement, the Royalty Interest or the Licensed Technology.
(xiii)Neither Parent nor, Licensee has assigned, sold or transferred the License Agreement or any of its rights, interests or obligations thereunder to any Person, and Parent has not consented to, or been provided notice of, any such assignment by Licensee. Except as contemplated by the Loan Documents, Parent has not assigned, sold or transferred, in whole or in part, any of Parent’s right, title or interest in or to the Royalty Interest, the License Agreement, or the Licensed Technology.
(xiv)Neither Parent nor Licensee has exercised its rights to conduct an audit under Section 8.9 of the License Agreement.
(xv)Neither Parent nor Licensee has made any claim of indemnification under the License Agreement.
(xvi)Parent assigned the Chinese Regulatory Approvals of the Licensed Product in the Territory following exercise by the Licensee of the Manufacturing Option and receipt by Licensee of regulatory approval of its manufacturing facility for manufacturing the Licensed Product in the Territory. Licensee owns the Chinese Regulatory Approvals of the Licensed Product in the Territory.
(p)Compliance.
(i)All applications, submissions, information and data related to the Products submitted or utilized as the basis for any request to any Regulatory Agency by or on behalf of Parent or, to the Knowledge of Parent, by or on behalf of Licensee, were true and correct in all material respects as of the date of such submission or request, and any material updates, changes, corrections or modification to such applications, submissions, information or data required under Applicable Law or regulations have been submitted to the necessary Regulatory Agencies.
(ii)Neither Parent nor any of its Affiliates has, and to Parent’s Knowledge, Licensee has not, committed any act, made any statement or failed to make any statement that would reasonably be expected to provide a basis for the FDA to invoke its policy with respect to “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities”, or for the NMPA, or any other Regulatory Agency to invoke similar policies, set forth in any Applicable Laws or regulations.
(iii)To the Knowledge of Parent, there has been no indication that the FDA, NMPA, or any other Regulatory Agency has any material concerns with any Product or may not approve or may withdraw approval of any Product, nor has any Product, to the Knowledge of Parent, suffered any material adverse events in any clinical trial.
(iv)Neither Parent nor, to the Knowledge of Parent, Licensee or any of Parent’s directors, officers, employees, Affiliates or agents, has taken any action, directly

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or indirectly, that would result in a violation by such Persons of the Anti-Corruption Laws, including making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the applicable Anti-Corruption Laws ) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the applicable Anti-Corruption Laws. Parent, and, to the Knowledge of Parent, its Affiliates have conducted their respective businesses in compliance with the Anti-Corruption Laws and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.
(q)Parent (or any predecessor by merger or otherwise) has not, within the five (5) year period preceding the date hereof, had a name that differs from its name as of the date hereof.
(r)Financial Statements.
(i)Parent maintains a system of accounting controls that is sufficient, in the opinion of the management of Parent, to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
(ii)The Financial Statements of Parent are complete and accurate in all material respects, were prepared in conformity with GAAP applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto and, in the case of the quarterly Financial Statements, subject to the absence of footnotes and to normal year-end adjustments) and present fairly in all material respects, in accordance with applicable requirements of GAAP, the consolidated financial position and the consolidated financial results of the operations of Parent and its Subsidiaries as of the dates and for the periods covered thereby and the consolidated statements of cash flows of Parent and its Subsidiaries for the periods presented therein. Since September 30, 2021, there has been no Material Adverse Effect. Parent and its Subsidiaries have no Indebtedness (or other liabilities) other than (i) identified in the Financial Statements, (ii) incurred by Parent or its Subsidiaries in the ordinary course of business since September 30, 2021 or (iii) otherwise listed and described on Schedule 7.02(z) to the Disclosure Letter.
(s)Stock Pledge.
(i)The Stock Pledge Agreement, when executed and delivered by the parties thereto, is effective to create in favor of Lender, legal, valid and enforceable

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(subject to bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally or general equitable principles (regardless of whether enforcement is sought in equity or at law)) Liens on, and security interests in, the Capital Stock of Borrower, and, when (x) financing statements and other filings in appropriate form are filed in the offices of the Secretary of State of the State of Delaware and (y) upon the taking of possession or control by Lender of the Capital Stock certificates (if certificated) with duly executed instruments of transfer in blank, the Liens created by the Stock Pledge Agreement shall constitute fully perfected first priority Liens on, and security interests in, all right, title and interest of Parent in the Capital Stock of Borrower, free and clear of all Liens other than Permitted Liens described in clause (a) of the definition thereof.
(ii)The claims and rights of Lender created by the Stock Pledge Agreement in and to the Capital Stock of Borrower and by the Security Agreement in the Collateral, will be senior to any Indebtedness or other obligation of TRVN SPV1, with respect to such Collateral.
(t)Parent is not an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940.
(u)As of the Closing Date, Parent does not beneficially own or control more than 10% of the outstanding voting stock or any other equity interest entitled ordinarily to vote in the election of the directors or other governing body (however designated) of any Person, other than TRVN SPV1, that is not a wholly-owned Subsidiary.
Section 7.03Survival of Representations and Warranties. All representations and warranties by Borrower, whether with respect to Borrower, Parent, any respective Affiliate or any asset or property, contained in this Agreement shall survive the execution, delivery and acceptance thereof by the Parties and the closing of the transactions described in this Agreement and continue in effect until payment of all amounts due to Lender under the Loan Documents.
Article VIII​
AFFIRMATIVE COVENANTS

Borrower covenants and agrees with Lender that, until the Loan Agreement Termination Date:

Section 8.01Maintenance of Existence. Borrower shall at all times (a) preserve, renew and maintain in full force and effect its legal existence (except as otherwise permitted pursuant to Section 9.02(a) hereof) and good standing as a corporation under the Laws of the jurisdiction of its organization; (b) not change its name or its chief executive office as set forth herein without having given Lender the notice thereof required under Section 8.16; and (c) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.
Section 8.02Use of Proceeds. Borrower shall use the proceeds of the Loan received by it (a) to purchase and acquire the Transferred Assets, free and clear of all Liens, from Parent,

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pursuant to the Contribution Agreement, (b) to purchase and acquire the Intercompany License, free and clear of all Liens, from Parent, pursuant to the Intercompany License Agreement, (c) to purchase and acquire the Purchased Revenue Interest and the Purchased Additional Revenue Interest, free and clear of all Liens, from Parent, pursuant to the Revenue Interest Purchase Agreement, and (d) to pay any fees, costs and expenses incurred in connection with the Transactions to the extent due and payable on the Closing Date.

Section 8.03Financial Statements and Information.
(a)In the event that any such information need not be filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, Borrower shall furnish to Lender, on or before the forty-fifth (45th) day after the close of each of the first three quarters of each fiscal year, the unaudited consolidated balance sheet of Parent as at the close of such quarter and unaudited consolidated statement of operations and comprehensive loss and cash flows of Parent for such quarter, duly certified by the chief financial officer of Parent as having been prepared in accordance with GAAP. In the event that such quarterly financial statement is required to be filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, Borrower shall furnish such statement to Lender concurrently with such filing (which requirement may be satisfied by Borrower sending Lender a hyperlink to the XXXXX website where such information is available). Concurrently with the delivery or filing of the statements described in the preceding two sentences, Borrower shall furnish to Lender a certificate of the chief financial officer of Parent, which certificate shall include a statement that such officer has no knowledge, except as specifically stated, of any condition, event or act which constitutes a Default or Event of Default.
(b)Borrower shall furnish to Lender, on or before the seventy-fifth (75th) day after the close of each fiscal year (or, if Parent has received an extension in accordance with Rule 12b-25(b) of the Exchange Act, on the date that Parent’s audited financial statements are filed with the SEC, provided that on or before the seventy-fifth (75th) day after the close of such fiscal year, [***], Parent’s audited financial statements as at the close of such fiscal year, including the consolidated balance sheet as at the end of such fiscal year and consolidated statement of operations and cash flows of Parent for such fiscal year, in each case accompanied by the report thereon of independent registered public accountant of nationally recognized standing reasonably satisfactory to Lender (which requirement may be satisfied by Borrower sending Lender a hyperlink to the XXXXX website where such information is available). Concurrently with the delivery or filing of the documents described in the preceding sentence, Borrower shall furnish to Lender a certificate of the chief financial officer of Parent, which certificate shall include a statement that such officer has no knowledge, except as specifically stated, of any condition, event or act which constitutes a Default or Event of Default.
(c)Borrower shall promptly (and in any event within five (5) Business Days) forward or cause to be forwarded to Lender copies of all material Notices, reports, updates and other data or information, whether received by Borrower or Parent from a Third Party or delivered by Borrower or Parent to a Third Party, (i) pertaining to the Collateral, including the Royalty Interest, (ii) pertaining to the Licensed Product or development, manufacture or Commercialization thereof, (iii) pertaining to the Revenue Interest Product or development, manufacture, or Commercialization thereof, (iv) relating to events or circumstances that could reasonably be expected to have a Material Adverse Effect, (v) relating to the Intellectual

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Property and that could reasonably be expected to have a Material Adverse Effect, or (vi) that Lender reasonably requests. Neither Borrower nor Parent shall deliver any material Notice to Licensee relating, directly or indirectly, to the Licensed Product, the Licensed Technology, the Royalty Interest, or the License Agreement without the prior written consent of Lender. Borrower shall send to Licensee such Notices as Lender reasonably requests.
(d)For each Calendar Quarter ending after the Closing Date, Borrower shall, within five (5) Business Days following receipt thereof, deliver or cause to be delivered to Lender a true copy of the Royalty Report for such Calendar Quarter, together with a certificate of a Senior Officer of Borrower, certifying that to the Knowledge of Borrower such Royalty Report is a true, correct and accurate copy of the Royalty Report as provided to Borrower by the Licensee, and such additional information as is reasonably requested by Lender.
(e)For each Calendar Quarter ending after the Closing Date, Borrower shall, prior to Cut-Off Date immediately following the last day of such Calendar Quarter, deliver a Quarterly Report in respect of such Calendar Quarter to Lender, together with a certificate of a Senior Officer of Borrower, certifying that to the Knowledge of Borrower such Quarterly Report is true, correct and accurate, and such additional information as is reasonably requested by Lender.
(f)Upon Lender’s request, or after receiving Lender’s written consent (not to be unreasonably withheld), Borrower shall cause an inspection or audit of Licensee to be made under Section 8.9 of the License Agreement (subject to all restrictions and limitations thereon contained in the License Agreement). With respect to any such inspection or audit requested by Lender, Lender shall pay the costs of such inspection or audit and shall be entitled to any reimbursement of the costs thereof by Licensee as provided under Section 8.9(a) of the License Agreement with respect to such requested inspection or audit. Any additional payments of the Royalty Interest due from Licensee, together with interest thereon as provided under the License Agreement, shall be paid by Licensee to the Collection Account, and any refund due to Licensee from any overpayment in respect of the Royalty Interest determined in any such audit shall be promptly refunded by Lender to Borrower, to the extent such overpayment was actually received by Lender, and paid by Borrower to Licensee in accordance with the License Agreement. Following the date that is three months following payment by Licensee to Borrower or Parent of the Excluded Assets, Borrower shall cause an inspection or audit of Licensee to be made under Section 8.9 of the License Agreement only if Borrower is requested to do so by Lender pursuant to this Section 8.03(f).
(g)Upon Lender’s request, Borrower shall exercise any rights it may have under the Revenue Interest Purchase Agreement to cause an inspection and/or audit by an independent public accounting firm to be made of the books and records of Parent pursuant to Section 4.01(p) thereof and shall promptly provide to Lender a true, correct and complete copy of the report(s) of such independent public accounting firm related to such inspection and/or audit.
(h)Lender and its Representatives shall have the right, from time to time, not more than once per Calendar Quarter, during normal business hours and upon at least ten (10) Business Days’ prior written notice to Borrower (provided that, after the occurrence and during

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the continuance of an Event of Default, Lender shall have the right, as often, at such times and with such prior notice, as Lender determines in its reasonable discretion), (i) to visit the offices and properties of Borrower and Parent where books and records relating or pertaining to the Collateral, the Products and the development, manufacture and Commercialization thereof, any Permitted Licenses, and Revenue Interest Net Sales of the Revenue Interest Product are kept and maintained (or, at Lender’s option, to conduct a meeting by telecommunications), to discuss, with officers of Borrower and Parent (A) the business, operations, properties and financial and other condition of Borrower and Parent, (B) the Collateral, the Licensed Products, and the development, manufacture and Commercialization thereof, (C) at any time prior to termination of the Revenue Interest Purchase Agreement, the Revenue Interest Product and the development, manufacture and Commercialization thereof and any Permitted Licenses, and (D) in each case, any topics related thereto, (ii) to verify compliance with the provisions of the Loan Documents regarding receipt, calculation and application of the Collection Amount and (iii) upon physical visits, to inspect and make extracts from and copies of the books and records of Borrower and Parent relating or pertaining to (A) the Collateral, the Licensed Products and the development, manufacture and Commercialization thereof, (B) prior to termination of the Revenue Interest Purchase Agreement, Revenue Interest Net Sales of the Revenue Interest Product, the Revenue Interest Product, the development, manufacture and Commercialization thereof and any Permitted Licenses and (C) in each case, any topics related thereto.
(i)All written information supplied by or on behalf of Borrower to Lender pursuant to this Section 8.03 (other than Sections 8.03(a) and 8.03(b)) shall be accurate and complete in all material respects as of its date or the date so supplied and the financial statements provided pursuant to Sections 8.03(a) and 8.03(b) fairly present in all material respects the financial positions and results of operations as of the dates indicated therein. For the avoidance of doubt, Borrower makes no representations or warranties regarding the accuracy or completeness of any information it receives from a Third Party that it is required to furnish to Lender pursuant to this Section 8.03, unless to the Knowledge of Borrower or Parent such information is inaccurate or incomplete, in which case Borrower or Parent shall specify such inaccuracy or incompleteness.
Section 8.04Books and Records. Borrower shall keep proper books, records and accounts in which entries in conformity with sound business practices and all requirements of Law applicable to it shall be made of all dealings and transactions in relation to its business, assets and activities and as shall permit the preparation of the consolidated financial statements of Borrower in accordance with GAAP.
Section 8.05Governmental Authorizations. Borrower shall obtain, make and keep in full force and effect all authorizations from and registrations with Governmental Authorities that may be required for the validity or enforceability against Borrower of this Agreement and the other Loan Documents to which it is a party.
Section 8.06Compliance with Laws and Contracts; Maintenance of Contracts.
(a)Borrower and Parent shall each comply in all material respects with all Applicable Laws and comply in all material respects with their respective obligations under each Material Contract to which it is a party, except, in the case of any Material Contract other than

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the License Agreement, where the failure to comply could not reasonably be expected to result in a Material Adverse Effect.
(b)Promptly, and in any event within two (2) Business Days, after receipt of any notice from Licensee of an alleged breach or default by Borrower or Parent under a Material Contract, Borrower shall give notice thereof to Lender, including delivering to Lender a copy of any such written notice. Borrower and Parent shall use their respective reasonable best efforts to cure any breach or default by Borrower or Parent under the License Agreement, and their respective commercially reasonable efforts to cure any breach or default by Borrower or Parent under any other Material Contract, and shall give written notice to Lender upon curing any such breach or default. Borrower and Parent shall consult with Lender as to any action Borrower and Parent propose to take to dispute or cure any alleged breach or default under the License Agreement and in connection with any such dispute related to the Royalty Interest shall employ such counsel, reasonably acceptable to Parent, as Lender may select.
(c)Neither Borrower nor Parent shall, without the prior written consent of Lender (such consent not to be unreasonably withheld) amend, modify, supplement or restate (or consent to any amendment, modification, supplement or restatement of) (1) any provision of the License Agreement that relates, directly or indirectly, to the Royalty Interest, the Licensed Product(s), or the Licensed Technology, (2) the Licensee Consent or (3) the Licensee Instruction Letter. Subject to the foregoing, promptly, and in any event within five (5) Business Days, following receipt by Borrower and/or Parent of any final amendment, modification, waiver, supplement or restatement of the License Agreement, the Licensee Consent or the Licensee Instruction Letter, Borrower shall furnish a copy of the same to Lender. Neither Borrower nor Parent shall deliver any further directions to Licensee regarding the payment of the Royalty Interest without the prior written consent of Lender.
(d)Neither Borrower nor Parent shall, without the prior written consent of Lender, grant or withhold any consent, exercise or waive any right or option or fail to exercise any right or option in respect of, affecting or relating to the Royalty Interest, the Licensed Product, the Licensed Technology or the License Agreement in any manner that would (i) reasonably be expected to have a Material Adverse Effect or (ii) conflict with, or that would reasonably be expected to give rise to a breach, violation, termination or default under the License Agreement.
(e)Neither Borrower nor Parent shall cancel or terminate (or consent to any cancellation or termination of), in whole or in part, any provision of or right under the License Agreement without the prior consent of Lender. If instructed by Lender, Borrower shall terminate the License Agreement pursuant to Section 12.8(a)(ii) or Section 12.8(a)(iii) (if the conditions to such termination have been met).
(f)Neither Borrower nor Parent shall forgive, release or compromise any amount owed to or becoming owed by Licensee under the License Agreement in respect of the Royalty Interest without the prior written consent of Lender.
Section 8.07Enforcement of Material Contracts.

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(a)Promptly (and in any event within two (2) Business Days) after Borrower or Parent becomes aware of, or comes to believe in good faith that there has been, a breach of a Material Contract by the counterparty(ies) to such Material Contract, Borrower shall provide notice of such breach to Lender. Promptly (and in any event within (2) Business Days) following delivery of any written notice of breach or alleged breach of such Material Contract delivered by Borrower or Parent to the counterparty(ies) to such Material Contract, Borrower shall provide Lender with a copy of such written notice.
(b)In the case of any breach by Licensee of the License Agreement, the Parent and Borrower shall consult with Lender regarding the timing, manner and conduct of enforcement of Licensee’s obligations under the License Agreement. Borrower may after such consultation, and Borrower shall if requested in writing by Lender, exercise such rights and remedies relating to any breach by Licensee of the License Agreement related directly or indirectly to the Licensed Product(s), the Licensed Technology or the Royalty Interest as are available to Borrower and Parent including the remedies reasonably requested by Lender.
(c)In the case of a breach of any Material Contract other than the License Agreement by the counterparty(ies) thereto, Borrower and Parent shall use commercially reasonable efforts to enforce such counterparty’s(ies’) obligations thereunder.
Section 8.08Enforcement of Specified Material Contracts.
(a)Borrower, on its own behalf and on behalf of Lender, shall (i) promptly enforce (and, in the event Borrower receives a request from Lender to enforce, within one (1) Business Day following such request, enforce) each covenant and obligation of Parent contained in any Specified Material Contract and (ii) deliver true, correct and complete copies of any notice, correspondence, or other communication delivered to Borrower by Parent or by Borrower to Parent under any Specified Material Contract promptly (and in any event within two (2) Business Days) following receipt by Borrower thereof.
(b)Borrower shall not, without prior written consent of the Lender, give any consent (including, for the avoidance of doubt, its consent to Parent entering into an Out-License with a Third Party pursuant to Section 4.01(q)(ii)(A) of the Revenue Interest Purchase Agreement), approval, direction, notice, waiver or otherwise take any other similar action under any Specified Material Contract or cancel, terminate, amend, modify, or supplement any Specified Material Contract, or waive any provision thereof.
Section 8.09Regulation T, U, X. Borrower shall at all times comply with the margin requirements set forth in Section 7 of the Exchange Act and any regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II.
Section 8.10Plan Assets. Borrower shall not take any action that causes its assets to be deemed to be Plan Assets at any time.
Section 8.11Notices.

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(a)Borrower shall promptly (and in any event within four (4) Business Days) after an officer becomes aware thereof, give written Notice to Lender of each Default, Event of Default or Servicer Termination Event and each other event that has or could reasonably be expected to have a Material Adverse Effect; provided that in any of the foregoing situations where Borrower knows a press release or other public disclosure is to be made, Borrower shall use all commercially reasonable efforts to provide such information to Lender as early as possible but in no event later than simultaneously with such release or other public disclosure.
(b)Borrower shall promptly (and in any event within four (4) Business Days) after an officer becomes aware thereof, give written Notice to Lender of any default or event of default or any material breach under any Material Contracts, together with a summary of Borrower’s or Parent’s, as applicable, intended response to the counterparty to such Material Contract, in the case of a breach or default by such counterparty, or Borrower’s or Lender’s, as applicable, intended actions to cure such breach, in the case of a breach or default by Borrower or Lender, as applicable. In the case of any breach or default by Borrower or Licensee under the License Agreement, Borrower shall consult with Lender regarding such breach or default and shall act as reasonably instructed by Lender to cure any breaches or defaults by it under the License Agreement and shall give written notice to Lender upon curing any such breach or default.
(c)Borrower shall, promptly (and in any event within four (4) Business Days) after an officer becomes aware thereof, give written Notice to Lender of any litigation or proceedings (i) challenging the validity of the License Agreement or otherwise related to the License Agreement, any Permitted License, the Loan Documents or any of the transactions contemplated therein, (ii) to which Borrower is a party, (iii) which could reasonably be expected to have a Material Adverse Effect or (iv) challenging the validity of the Intellectual Property, the Loan Documents or any of the transactions contemplated therein.
(d)Borrower shall, promptly (and in any event within four (4) Business Days) after an officer becomes aware thereof, give written Notice to Lender of any representation or warranty made or deemed made by Borrower in any of the Loan Documents or in any certificate delivered to Lender pursuant hereto shall prove to be untrue, inaccurate or incomplete in any material respect on the date as of which made or deemed made.
(e)Borrower shall promptly (and in any event within four (4) Business Days) after an officer becomes aware thereof give written Notice to Lender of the occurrence of any Material Adverse Effect.
(f)Borrower shall, promptly (and in any event, within four (4) Business Days) after receipt of any Royalty Report or other material notice or correspondence relating to the Licensed Product, the development, manufacture or Commercialization thereof, the Royalty Interest, or any event which has had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, provide a copy of such notice to Lender together with a summary of Borrower’s intended response thereto.

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(g)Borrower shall promptly (and in any event, within four (4) Business Days) after receipt thereof deliver to Lender a copy of any information or documents provided to Borrower by Parent pursuant to Section 4.01(q) of the Revenue Interest Purchase Agreement.
Section 8.12Payment of Taxes. Borrower and Parent shall timely file (taking into account all extensions of due dates) all income and other material Tax Returns required to be filed. Borrower or Parent, as applicable, shall pay all Taxes imposed on or in respect of Borrower’s income or assets that are due and payable and in any event before any Lien on any of its assets exists as a result of nonpayment except as provided in Section 9.03 hereof and except for Taxes contested in good faith by appropriate proceedings and for which adequate reserves are maintained in accordance with GAAP. Borrower and Parent shall promptly notify Lender if any of the payments received (or to be received) by Borrower or Parent in respect of the Royalty Interest has been, or are likely to be, subject to any deduction or withholding of any Tax other than the applicable ten percent (10%) Chinese withholding Tax imposed as of the Closing Date.

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Section 8.13Waiver of Stay, Extension or Usury Laws. Notwithstanding any other provision of this Agreement or the other Loan Documents, if at any time the rate of interest payable by any Person under the Loan Documents exceeds the Maximum Lawful Rate, then, so long as the Maximum Lawful Rate would be exceeded, such rate of interest shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest so payable is less than the Maximum Lawful Rate, such Person shall continue to pay interest at the Maximum Lawful Rate until such time as the total interest received from such Person is equal to the total interest that would have been received had Applicable Law not limited the interest rate so payable. In no event shall the total interest received by Lender under this Agreement and the other Loan Documents exceed the amount which such Lender could lawfully have received, had the interest due been calculated from the Closing Date at the Maximum Lawful Rate. Without limiting the foregoing, Borrower will not at any time, to the extent that it may lawfully not do so, insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or other law that would prohibit or forgive Borrower from paying all or any portion of the principal of or premium, if any, or interest on the Loan as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Agreement; and, to the extent that it may lawfully do so, Borrower hereby expressly waives all benefit or advantage of any such law and expressly agrees that it will not hinder, delay or impede the execution of any power herein granted to Lender, but will suffer and permit the execution of every such power as though no such law had been enacted.
Section 8.14Intellectual Property.
(a)Borrower shall, at its sole expense, (i) exercise its rights under the License Agreement and (ii) exercise its rights under the Contribution Agreement to prepare, execute, deliver and file (or cause Parent to prepare, execute, deliver and file) any and all agreements, documents or instruments which are necessary and/or desirable to (1) prosecute and maintain the Intellectual Property (including Patents therein) and (2) defend or assert such Intellectual Property against infringement or interference by any other Persons, and against any claims of invalidity or unenforceability (including by bringing any legal action for infringement or defending any counterclaim of invalidity or action of a Third Party for declaratory judgment of non-infringement or non-interference) to the extent Parent has the right to do so. Borrower shall

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keep Lender informed of all of such actions and Lender shall have the opportunity to participate and meaningfully consult with Borrower and Parent with respect to the direction thereof and Borrower shall, and shall cause Parent to, consider all of Lender’s comments in good faith. For clarity, this subsection (a) shall apply only to the extent of Borrower’s or any Affiliate’s rights (including rights to review and comment) to prosecute, maintain and/or enforce the Intellectual Property.
(b)To the extent permitted under the License Agreement, Borrower shall not, and shall not permit or suffer Parent or any of its Affiliates to, consent to any judgment or settlement in any action, suit or proceeding referred to in Section 9.4 of the License Agreement, without the prior written consent of Lender.
(c)Borrower and Parent shall use commercially reasonable efforts to prosecute all pending Patent applications within the Patent Rights for which Parent or its Affiliates has rights to prosecute such Patents consistent with standards in the biotechnology industry (as applicable) for similarly situated entities.
(d)Borrower and Parent and its Affiliates shall:
(i)take reasonable measures to protect the proprietary nature of material Intellectual Property and to maintain in confidence all trade secrets and Confidential Information comprising a part thereof;
(ii)not disclose and use commercially reasonable efforts to prevent any distribution or disclosure by others (including their employees and contractors) of any item that contains or embodies material Intellectual Property; and
(iii)take reasonable physical and electronic security measures to prevent disclosure of any item that contains or embodies material Intellectual Property.
(e)Borrower shall cause Parent to use commercially reasonable efforts to cause each individual associated with the filing and prosecution of the Patents material to the conduct of the business of Borrower and its Subsidiaries to comply in all material respects with all applicable duties of candor and good faith in dealing with any Patent Office, including any duty to disclose to any Patent Office all information known by such individual to be material to patentability of each such Patent, in those jurisdictions where such duties exist.
(f)Borrower shall furnish Lender from time to time upon Lender’s reasonable written request therefor, but in any event not more than once in any six (6)-month period so long as no Event of Default is continuing, reasonably detailed statements and schedules further identifying and describing the Intellectual Property and such other materials evidencing or reports pertaining to any Intellectual Property as Lender may reasonably request.
(g)Borrower shall, promptly upon obtaining Knowledge thereof, give written notice to Lender of any infringement or interference by any Person, any claims of invalidity or unenforceability or any prosecution or litigation action relating to the Patents.
Section 8.15Security Documents; Further Assurances.

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(a)Subject to Section 8.15(b), Borrower shall promptly, upon the reasonable request of Lender, at Borrower’s sole cost and expense, (a) execute, acknowledge and deliver, or cause the execution, acknowledgment and delivery of, and thereafter register, file or record, or cause to be registered, filed or recorded, in an appropriate governmental office, any document or instrument supplemental to or confirmatory of the Loan Documents or otherwise deemed by Lender reasonably necessary or desirable for the continued validity, perfection and priority of the Liens on the Collateral covered thereby subject to no other Liens except as permitted by the applicable Loan Document, or obtain any consents or waivers as may be necessary or appropriate in connection therewith; (b) deliver or cause to be delivered to Lender from time to time such other documentation, consents, authorizations, approvals and orders in form and substance reasonably satisfactory to Lender and Lender shall reasonably deem necessary to perfect or maintain the Liens on the Collateral pursuant to the Loan Documents; and (c) upon the exercise by Lender of any power, right, privilege or remedy pursuant to any Loan Document which requires any consent, approval, registration, qualification or authorization of any Governmental Authority execute and deliver all applications, certifications, instruments and other documents and papers that Lender may require. In addition, subject to Section 8.15(b), Borrower shall promptly, at its sole cost and expense, execute and deliver to Lender such further instruments and documents, and take such further action, as Lender may, at any time and from time to time, reasonably request in order to carry out the intent and purpose of this Agreement and the other Loan Documents to which it is a party and to establish and protect the rights, interests and remedies created, or intended to be created, in favor of Lender hereby and thereby.
(b)Notwithstanding anything to the contrary herein or in any other Loan Document, Borrower shall not have any obligation to (i) perfect or record any security interest or lien in any intellectual property included in the Collateral in any jurisdiction other than the United States or the Territory (or to enter into any foreign law governed charges, debentures, pledges or other security agreements in respect thereof in any jurisdiction other than the Territory), or (ii) obtain any landlord waivers, estoppels or collateral access letters.
Section 8.16Information Regarding Collateral. Borrower shall not effect any change (i) in its legal name, (ii) in the location of its chief executive office, (iii) in its identity or organizational structure, (iv) in its federal taxpayer identification number or organizational identification number, if any, or (v) in its jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), until (A) it shall have given Lender not less than ten (10) days’ prior written notice (in the form of an certificate of a duly authorized officer of Borrower), or such lesser notice period agreed to by Lender, of its intention so to do, clearly describing such change and providing such other information in connection therewith as Lender may reasonably request and (B) it shall have taken all action reasonably satisfactory to Lender to maintain the perfection and priority of the security interest of Lender in the Collateral, if applicable (subject to the limitations set forth in Section 8.15(b)). Borrower agrees to provide promptly Lender with certified Borrower’s Organizational Documents reflecting any of the changes described in the preceding sentence. Borrower also agrees to notify promptly Lender of any change in the location of any office in which it maintains books or records relating to Collateral owned by it or any office or facility at which any portion of Collateral is located (including the establishment of any such new office or facility), other than (a) changes in location to a mortgaged property,

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(b) Collateral which is in-transit or in the possession of employees, and (c) Collateral which is out for repair or processing.

Section 8.17Additional Collateral; New License Arrangement.
(a)With respect to any Collateral acquired after the Closing Date by Borrower that is not already subject to the Lien created by any of the Loan Documents or specifically excluded from the requirement to be subject to such Lien in the Loan Documents, Borrower shall promptly (and in any event within thirty (30) days after the acquisition thereof) (i) execute and deliver to Lender such amendments or supplements to the relevant Loan Documents or such other documents as Lender shall deem necessary or advisable to grant for its benefit, a Lien on such property subject to no Liens other than Permitted Liens, and (ii) take all actions necessary to cause such Lien to be duly perfected in accordance with all applicable requirements of Law, including the filing of financing statements in such jurisdictions as may be reasonably requested by Lender. Subject to Section 8.15(b), Borrower shall otherwise take such actions and execute and/or deliver to Lender such documents as Lender shall reasonably require to confirm the validity, perfection and priority of the Lien of the Security Agreement on such after-acquired properties.
(b)​
(i)Without limiting any other rights or remedies Lender may have under this Agreement, the Security Agreement or the Stock Pledge Agreement, if the License Agreement is terminated in part or in whole by Licensee or by Borrower, then Borrower and Parent shall act as reasonably instructed by Lender in pursuing and exercising its rights pursuant to Section 12.9 of the License Agreement (such rights, the “Reversionary Rights”). Lender shall have the right, in consultation with Parent if Licensee has not previously paid the Excluded Assets to Parent and/or Borrower, to negotiate one or more licenses or sublicenses to manufacture and/or Commercialize the Licensed Product(s) with one or more Third Parties (each, a “New Licensee”) under the Licensed Technology and the Reversionary Rights (each such license or sublicense, a “New Arrangement”). Borrower and Parent shall reasonably cooperate with Lender, at Lender’s direction, cost, and expense, in connection with the negotiation, execution and delivery of any New Arrangement.
(ii)In addition, if Licensee terminates the License Agreement such that Lender’s rights pursuant to this Section 8.17(b) are triggered, and Lender does not initiate efforts to identify a potential New Licensee within sixty (60) days thereafter, then Borrower, in consultation with Lender, may identify one or more New Licensees and negotiate one or more New Arrangements that are reasonably acceptable to Lender, provided that Borrower and Parent shall not execute and deliver any agreement effecting a New Arrangement negotiated by Borrower unless requested to do so by Lender pursuant to clause (iv).
(iii)Any New Arrangement (1) shall not become effective earlier than the effective date of the termination of the License Agreement and (2) shall not include

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terms, conditions and limitations that are, in the aggregate, not materially more burdensome to Borrower and Parent than those contained in the License Agreement.
(iv)Promptly upon the written request of Lender, Borrower and Parent shall execute and deliver one or more agreements effecting a New Arrangement that satisfies the foregoing requirements. Lender’s rights, and Borrower and Parent’s rights and obligations, under this Agreement in respect of the License Agreement shall apply to any New Arrangement mutatis mutandi. As soon as practicable following the execution of any New Arrangement, Lender, Borrower and Parent shall cooperate to enter into new agreements, or make amendments to existing agreements, to effect the foregoing sentence. Lender shall reimburse Borrower and Parent for any reasonable and documented third party expenses incurred by Borrower and Parent in connection with the negotiation, execution and delivery of any New Arrangement.
Section 8.18Additional Licensee Consent. Following the Closing, Borrower and Parent shall use reasonable best efforts to obtain from Licensee a consent letter, in a form to be agreed between Lender and Parent (the “Additional Licensee Consent”), pursuant to which Licensee will consent to Parent and Borrower providing to Lender copies of all notices, correspondences, and other confidential information that are provided to, or delivered by, Parent under that certain Safety Data Exchange Agreement, dated April 27, 2018, by and between Parent and Licensee (the “SDEA”). Prior to execution of the Additional Licensee Consent, or if the Additional Licensee Consent is not entered into by Licensee in spite of Parent and Borrower’s compliance with the foregoing sentence, and a notice, correspondence or other confidential information provided to, or delivered by, Parent under the SDEA is required to be delivered to Lender hereunder, Parent and Borrower shall deliver to Lender a written summary, certified by a senior employee of Parent and to the extent providing such summary is not itself a breach of confidentiality obligations owed by Parent to Licensee pursuant to the SDEA, of all information contained in such communication that Parent and Borrower reasonably believe is material.
Article IX​
NEGATIVE COVENANTS

Borrower covenants and agrees with Lender that, until the Loan Agreement Termination Date:

Section 9.01Activities of Borrower.
(a)Borrower shall not amend, modify, supplement, restate, waive, cancel or terminate (other than expiration in accordance with its terms) any provision of, or permit or agree to the amendment, modification, supplementation, restatement, waiver, cancelation or termination (other than expiration in accordance with its terms) of any provision of any of the Loan Documents without the prior written consent of Lender in its sole discretion.
(b)Borrower shall not:
(i)fail to hold itself out to the public and all other Persons as a legal entity separate from the owners of its Capital Stock and from any other Person;

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(ii)commingle its assets with assets of any other Person except in connection with, and for the limited purposes of, operation of the Collection Account or any Blocked Account;
(iii)fail to conduct its business only in its own name, nor fail to comply with all organizational formalities necessary to maintain its separate existence;
(iv)fail to maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person nor have its assets listed on any financial statement of any other Person; provided, however, that Borrower’s assets may be included in a consolidated financial statement of its Affiliates in conformity with applicable provisions of GAAP (provided that such assets shall also be listed on Borrower’s own separate balance sheet);
(v)fail to pay its own liabilities and expenses only out of its own funds; provided that the foregoing shall not prohibit the payment of any liabilities and expenses by Parent on behalf of Borrower so long as such payments are subject to reimbursement or are otherwise recorded as capital contributions or intercompany loans;
(vi)enter into any transaction with an Affiliate except transactions that are at prices and on terms and conditions that could be obtained on an arm’s-length basis from unrelated Third Parties;
(vii)issue any securities of any kind except as contemplated by this Agreement and the other Loan Documents;
(viii)fail to correct any known misunderstanding regarding its separate identity and not identify itself as a department or division of any other Person;
(ix)fail to maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; provided, however, that the foregoing shall not require the holders of its Capital Stock to make additional capital contributions to Borrower;
(x)fail to cause the representatives of Borrower to act at all times with respect to Borrower consistently and in furtherance of the foregoing and in the best interests of Borrower;
(xi)make any payment or distribution of assets with respect to any obligation of any other Person other than as required under trade or commercial agreements entered into in the ordinary course of business;
(xii)engage in any business activity other than Exploitation of the License Agreement, any New Arrangement that is implemented hereunder and the borrowing, payment and repayment of amounts provided for hereunder and under the other Loan Documents and any activities ancillary or related thereto;

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(xiii)fail to file any Tax Returns and pay any Taxes as may be required under Law (except for Taxes contested in good faith by appropriate proceedings and for which adequate reserves are maintained in accordance with GAAP); or
(xiv)issue any Capital Stock in certificated form.
Section 9.02Merger; Sale of Assets.
(a)Borrower shall not merge or consolidate with or into (whether or not Borrower is the Surviving Person) any other Person and Borrower will not sell, convey, assign, transfer, lease, sublease, license, sublicense or otherwise dispose of all or substantially all of Borrower’s assets to any Person in a single transaction or series of related transactions; provided that nothing in this Section 9.02(a) shall prohibit a Change of Control.
(b)Borrower shall not sell, assign, convey, transfer, lease, sublease, license, sublicense or otherwise dispose of (including by way of merger or consolidation) any right, title or interest in or to, any of the Collateral (other than licenses of Intellectual Property pursuant to Permitted Licenses), other than pursuant to Permitted Liens, or pursuant to a Change of Control.
Section 9.03Liens. Borrower shall not create or suffer to exist any Lien on or with respect to Collateral, except for Permitted Liens.
Section 9.04Investment Company Act. Neither Borrower nor any of its Subsidiaries shall be or become an investment company subject to registration under the Investment Company Act of 1940.
Section 9.05Limitation on Additional Indebtedness. Borrower shall not, directly or indirectly, incur or suffer to exist any Indebtedness; provided that Borrower may incur:
(a)Indebtedness under this Agreement;
(b)Indebtedness representing obligations for the payment of money incurred in the ordinary course of business for goods or services rendered, so long as such Indebtedness is unsecured, not overdue (except to the extent contested by Borrower in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP have been set aside on its books) and not in an aggregate amount outstanding at any time not in excess of $5,000;
(c)Indebtedness secured by Liens of any of the types described under clause (d) of the definition of Permitted Liens;
(d)Indebtedness consisting of the financing of insurance premiums with the providers of such insurance or their affiliates in the ordinary course of business; and
(e)Indebtedness in the form of unsecured intercompany notes, payable by Borrower to Parent or a Subsidiary of Parent in such amounts as necessary for Borrower to maintain its legal existence and to pay actual reasonable out-of-pocket general administrative costs and expenses (which may include out-of-pocket legal, accounting and filing costs, other

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reasonable and customary corporate overhead expenses incurred in the ordinary course of business (including, for the avoidance of doubt, the Servicing Fee)).
Section 9.06Limitation on Transactions with Controlled Affiliates. Borrower shall not, directly or indirectly, enter into any transaction or series of related transactions or participate in any arrangement (including any purchase, sale, lease or exchange of assets or the rendering of any service) with any Controlled Affiliate other than the Loan Documents or in the ordinary course of business of Borrower upon fair and reasonable terms no less favorable to Borrower than it would obtain in a comparable arm’s-length transaction with a non-Controlled Affiliate.
Section 9.07ERISA.
(a)Borrower shall not sponsor, maintain or contribute to, or agree to sponsor, maintain or contribute to, any employee benefit plan (as defined in Section 3(3) of ERISA) whether or not subject to ERISA, that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(b)Borrower shall not engage in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or in any transaction that, assuming that no assets of Lender are or are deemed to be Plan Assets, would cause any obligation or action taken or to be taken hereunder (or the exercise by Lender of any of its rights under the Notes, this Agreement or the other Loan Documents) to be a non-exempt prohibited transaction under such provisions.
(c)Borrower shall not incur any liability with respect to any obligation to provide medical benefits with respect to any Person beyond their retirement or other termination of service, other than coverage mandated by law, that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Section 9.08Dividends and Distributions. Borrower will not, directly or indirectly, make any dividends or other distributions to holders of its Capital Stock (i) except as permitted under this Agreement, Borrower’s Organizational Documents and the Stock Pledge Agreement, (ii) except for dividends or other distributions to holders of its Capital Stock following the funding of the Second Tranche Loan, the Third Tranche Loan and/or the Purchased Additional Revenue Interest, as applicable, of the proceeds to Borrower of the Second Tranche Loan, the Third Tranche Loan, and/or the Purchased Additional Revenue Interest, as applicable, or (iii) while an Event of Default has occurred and is continuing.
Article X​
EVENTS OF DEFAULT
Section 10.01Events of Default. If one or more of Events of Default occurs and is continuing, Lender shall be entitled to the remedies set forth in Section 10.02.
Section 10.02Default Remedies. If any Event of Default shall occur and be continuing, Lender may, by Notice to Borrower, (a) exercise all rights and remedies available to Lender hereunder and under the other Loan Documents and Applicable Law (which exercise may be determined in its sole discretion and which such exercise shall not constitute an election of

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remedies), including enforcement of the security interests created thereby, (b) declare the Loan, all interest thereon and all other Obligations to be immediately due and payable, whereupon the Obligations shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by Borrower, and (c) declare the obligations of Lender hereunder to be terminated, whereupon such obligations shall terminate; provided, however, that if any event of any kind referred to in clause (i) of the definition of “Event of Default” herein occurs, the obligations of Lender hereunder shall automatically and immediately terminate, all amounts payable hereunder by Borrower shall automatically and immediately become due and payable and Lender shall be entitled to exercise rights and remedies under the Loan Documents and Applicable Law without diligence, presentment, demand of payment, protest or notice of any kind (including any notice by Lender of a declaration requiring prepayment of the Loan under Section 3.02(a), should Lender so elect), all of which are hereby expressly waived by Borrower. Each Notice delivered pursuant to this Section 10.02 shall be effective when sent.

Section 10.03Right of Set-Off; Sharing of Set-Off.
(a)If any amount payable hereunder is not paid as and when due, Borrower irrevocably authorizes Lender (i) to proceed, to the fullest extent permitted by Applicable Law, without prior notice, by right of set-off, bankers’ lien, counterclaim or otherwise, against any assets of Borrower in any currency that may at any time be in the possession of Lender or any Affiliate of Lender, to the full extent of all amounts payable to Lender hereunder or (ii) to charge to Borrower’s account with Lender or any Affiliate of Lender the full extent of all amounts payable by Borrower to Lender hereunder; provided, however, that Lender shall notify Borrower of the exercise of such right promptly following such exercise.
(b)If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on the Loan or other obligations owed to such Lender resulting in such Lender’s receiving payment of a proportion of the aggregate amount of the Loan and accrued interest thereon or other obligations owed to such Lender greater than its pro rata share thereof as provided herein, then Lender receiving such greater proportion shall (a) notify the other Lenders of such fact, and (b) purchase (for cash at face value) participations in the Loan and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loan and other amounts owing them; provided that the provisions of this Section 10.03(b) shall (x) not be construed to apply to (A) any payment made by Borrower pursuant to and in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in the Loan to any assignee and (y) only be applicable if there is more than one Lender.
Section 10.04Rights Not Exclusive. The rights provided for herein are cumulative and are not exclusive of any other rights, powers, privileges or remedies provided by Law.

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Article XI​
INDEMNIFICATION
Section 11.01Losses.
(a)Borrower agrees to defend (subject to Indemnitees’ selection of counsel), indemnify, pay and hold harmless, each Indemnitee from and against any and all Indemnified Liabilities, in all cases, arising, in whole or in part, out of or relating to any claim, notice, suit or proceeding commenced or threatened in writing (including, without limitation, by electronic means) by any Person (including any Governmental Authority) other than Borrower, TRVN SPV1, Parent, any of Parent’s Subsidiaries or any of Lender’s Affiliates; provided Borrower shall not have any obligation to any Indemnitee hereunder with respect to any Indemnified Liabilities to the extent such Indemnified Liabilities arise from the gross negligence or willful misconduct of such Indemnitee or the breach by Lender of its obligations to make the Loan. To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in this Section 11.01 may be unenforceable in whole or in part because they violate of any Law or public policy, Borrower shall contribute the maximum portion that it is permitted to pay and satisfy under Applicable Law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. This Section 11.01 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.
(b)To the extent permitted by Applicable Law, no Party shall assert, and each Party hereby waives, any claim against each other Party and such Party’s Affiliates, directors, employees, attorneys or agents, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related to, this Agreement or any Loan Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, the Loan or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and each Party hereby waives, releases and agrees not to xxx upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.
Section 11.02Assumption of Defense; Settlements. If Lender is entitled to indemnification under this Article XI with respect to any action or proceeding brought by a third party that is also brought against Borrower, Borrower shall be entitled to assume the defense of any such action or proceeding with counsel reasonably satisfactory to Lender. Upon assumption by Borrower of the defense of any such action or proceeding, Lender shall have the right to participate in such action or proceeding and to retain its own counsel but Borrower shall not be liable for any legal expenses of other counsel subsequently incurred by Lender in connection with the defense thereof unless (i) Borrower has otherwise agreed to pay such fees and expenses, (ii) Borrower shall have failed to employ counsel reasonably satisfactory to Lender in a timely manner or (iii) Lender shall have been advised by counsel that there are actual or potential conflicting interests between Borrower and Lender, including situations in which there are one or more legal defenses available to Lender that are different from or additional to those available to Borrower; provided, however, that Borrower shall not, in connection with any one such action or

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proceeding or separate but substantially similar actions or proceedings arising out of the same general allegations, be liable for the fees and expenses of more than one separate firm of attorneys at any time for Lender, except to the extent that local counsel, in addition to its regular counsel, is required in order to effectively defend against such action or proceeding. Borrower shall not consent to the terms of any compromise or settlement of any action defended by Borrower in accordance with the foregoing without the prior written consent of Lender unless such compromise or settlement (x) includes an unconditional release of Lender from all liability arising out of such action and (y) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of Lender. Borrower shall not be required to indemnify Lender for any amount paid or payable by Lender in the settlement of any action, proceeding or investigation without the written consent of Borrower, which consent shall not be unreasonably withheld, conditioned or delayed.

Article XII​
MISCELLANEOUS
Section 12.01Assignments.
(a)Borrower shall not be permitted to assign this Agreement without the prior written consent of Lender, which may be withheld by Lender in its sole discretion, and any purported assignment in violation of this Section 12.01 shall be null and void; provided, however, that deemed assignments resulting from a change in the beneficial ownership of Parent shall not require consent of Lender.
(b)Lender may at any time assign its rights and obligations hereunder, in whole or in part, to an Assignee and Lender may at any time pledge its rights and obligations hereunder to an Assignee. The Lender may, for the avoidance of doubt, separately assign or transfer the Additional Royalty Right. If the Lender intends to transfer or assign the Additional Royalty Right, it shall communicate that intent to Borrower, and Borrower, TRVN SPV 1 and Parent, and any applicable Affiliates, shall use commercially reasonably efforts to cooperate with Lender to effect such transfer or assignment.
(c)The parties to each assignment shall execute and deliver to Borrower an Assignment and Acceptance. Upon the effectiveness of a permitted assignment pursuant to Section 12.01(a) or an assignment pursuant to Section 12.01(b) hereunder, (i) each reference in this Agreement to “Lender” shall be deemed to be a reference to the assignor and the assignee to the extent of their respective interests, (ii) such assignee shall be a Lender party to this Agreement and shall have all the rights and obligations of a Lender and (iii) the assignor shall be released from its obligations hereunder to a corresponding extent of the assignment, and no further consent or action by any party shall be required.
(d)In the event there are multiple Lenders, all payments of principal, interest, fees and any other amounts payable pursuant to the Loan Documents shall be allocated on a pro rata basis among Lenders according to their proportionate interests in the Loan.
(e)Borrower and Lender shall, from time to time at the request of the other party hereto, execute and deliver any documents that are necessary to give full force and effect to

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an assignment permitted hereunder, including a new Note in exchange for any Note held by Lender.
Section 12.02Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. Borrower shall maintain a register for the recordation of the names and addresses of, and the Loan Commitments of, and principal amounts (and stated interest) under the Loan owing to, the Lender and each Assignee (the “Register”). Notwithstanding anything to the contrary contained in this Agreement or elsewhere, the Loan (including any Note evidencing such Loan) are registered obligations, the right, title and interest of Lender and its Assignees in and to the Loan shall be transferable only upon notation of such transfer in the Register and no assignment thereof shall be effective until recorded therein. The parties hereto intend that the Loan will be at all times maintained in “registered form” within the meaning of Section 5f.103-1(c) of the U.S. Treasury Regulations, Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related regulations (and any successor provisions).
Section 12.03Notices. All Notices authorized or required to be given pursuant to this Agreement shall be given in writing and either personally delivered to the Party to whom it is given or delivered by an established delivery service by which receipts are given or mailed by registered or certified mail, postage prepaid, or sent by electronic mail with a copy sent on the following Business Day by one of the other methods of giving notice described herein, addressed to the Party at its address listed below:
(a)If to Borrower:

Xxxxxxx SPV2 LLC

000 Xxxxxxxxxxxx Xxxx

Xxxxx 000

Xxxxxxxxxxxx, XX 00000
Attention: Xxxxx Xxxx; Xxxx Xxxxxxx
Email: xxxxx@xxxxxxx.xxx; xxxxxxxx@xxxxxxx.xxx

with a copy (which shall not constitute notice) to:

​

Xxxxxxxx Xxxxxx Xxxxxxxx Xxxxxxx LLP

Two Xxxxx Square,

Eighteenth and​ Arch Streets,

Philadelphia, PA 19103​​
Attention: Xxxxx Xxxx; Xxxxxxx Xxxxxxxxxxx; Xxxxxxx Xxxxxx
Email: Xxxxx.Xxxx@xxxxxxxx.xxx; Xxxxxxx.Xxxxxxxxxxx@xxxxxxxx.xxx; Xxxxxxx.Xxxxxx@Xxxxxxxx.xxx

​

(b)If to Lender:

R-Bridge Investment Four Pte. Ltd.

[***]

Attention: Peng Fu; Oak Ma

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Email: [***]

with a copy (which shall not constitute notice) to:

Xxxxxxx Procter LLP
000 Xxxxxxxx Xxxxxx
Xxxxxx, XX 00000
Attention: Xxxxxx XxXxxxxx; Xxxxx Xxx; Xxxxx Xxxxxxxxxxx
E-mail: xxxxxxxxx@xxxxxxxxxx.xxx; xxxx@xxxxxxxxxx.xxx; xxxxxxxxxxxx@xxxxxxxxxx.xxx

Any Party may change its address for the receipt of Notices at any time by giving Notice thereof to the other Party. Except as otherwise provided herein, any Notice authorized or required to be given by this Agreement shall be effective when received.

Section 12.04Entire Agreement. This Agreement, together with the Exhibits and Schedules hereto (which are incorporated herein by reference), and the other Loan Documents constitute the entire agreement between the Parties with respect to the subject matter hereof and supersede all prior agreements (including the Confidentiality Agreement), understandings and negotiations, both written and oral, between the Parties with respect to the subject matter of this Agreement.
Section 12.05Modification. No Loan Document or provision thereof may be waived, amended or modified except, in the case of this Agreement, by an agreement or agreements in writing executed by Borrower and Lender or, in the case of any other Loan Document, by an agreement or agreements in writing entered into by the parties thereto with the prior written consent of Lender.
Section 12.06No Delay; Waivers; etc. No delay on the part of Lender in exercising any power or right hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any power or right hereunder preclude other or further exercise thereof or the exercise of any other power or right. Lender shall not be deemed to have waived any rights hereunder unless such waiver shall be in writing and signed by Lender.
Section 12.07Severability. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall nevertheless be given full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree by a court of competent jurisdiction shall remain in full force and effect to the extent not held invalid or unenforceable.
Section 12.08Determinations. Each determination or calculation by Lender hereunder shall, in the absence of manifest error, be conclusive and binding on the Parties.
Section 12.09Notes; Replacement of Note. The portion of the Loans made by the Lender shall be evidenced, if so requested by Lender, by one or more promissory notes (each, a “Note”) executed by Borrower in a form reasonably acceptable to Lender. Upon the loss, theft, destruction, or mutilation of any Note and (a) in the case of loss, theft or destruction, upon receipt by Borrower of indemnity or security reasonably satisfactory to it (except that if the holder of such Note is Lender or any other financial institution of recognized responsibility, the

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holder’s own agreement of indemnity shall be deemed to be satisfactory) or (b) in the case of mutilation, upon surrender to Borrower of any mutilated Note, Borrower shall execute and deliver in lieu thereof a new Note, dated the Closing Date, in the same Principal Amount.

Section 12.10Governing Law. THIS AGREEMENT AND EACH NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING GENERAL OBLIGATIONS LAW SECTIONS 5-1401 AND 5-1402 BUT OTHERWISE WITHOUT GIVING EFFECT TO LAWS CONCERNING CONFLICT OF LAWS OR CHOICE OF FORUM THAT WOULD REQUIRE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.
Section 12.11Jurisdiction. Each of Borrower and Lender irrevocably submits to the jurisdiction of the courts of the State of New York and of the United States sitting in the State of New York, and of the courts of its own corporate domicile with respect to any and all Proceedings. Each of Borrower and Lender irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any Proceeding and any claim that any Proceeding has been brought in an inconvenient forum. Any process or summons for purposes of any Proceeding may be served on Borrower by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto, addressed to it at its address as provided for Notices hereunder.
Section 12.12Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM ARISING OUT OF OR RELATING TO ANY TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED UNDER ANY TRANSACTION DOCUMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO ANY TRANSACTION DOCUMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY HERETO WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12.12.
Section 12.13Waiver of Immunity. To the extent that Borrower has or hereafter may be entitled to claim or may acquire, for itself or any of its assets, any immunity from suit, jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, or otherwise) with respect to itself or any of its property, Borrower hereby irrevocably waives such immunity in respect of its obligations hereunder and under the Notes to the fullest extent permitted by law.
Section 12.14Counterparts; Delivery. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one

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and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in portable document format (PDF) shall be effective as delivery of a manually executed original counterpart of this Agreement. The words “execute”, “execution”, “signed”, “signature” and words of like import in this Agreement or in any related document to be signed in connection with this Agreement shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar state laws based on the Uniform Electronic Transactions Act.

Section 12.15Limitation on Rights of Others. Except for the Indemnitees referred to in Section 11.01, no Person other than a Party shall have any legal or equitable right, remedy or claim under or in respect of this Agreement.
Section 12.16Survival; Termination. The obligations of Borrower contained in Sections 4.05, 4.06, Article V, Article XI and Article XII shall survive the repayment of the Loan and the cancellation of the Note and the occurrence of the Loan Agreement Termination Date and any termination of this Agreement. Notwithstanding the foregoing, if, after the Closing Date, Lender fails to fund the First Tranche Loan for any reason, at Borrower’s option, upon written notice to Lender, this Agreement and all other Loan Documents shall immediately and automatically terminate and be of no further force or effect, and no provisions, including the foregoing referenced Sections 4.05, 4.06, Article V, Article XI and Article XII shall survive such termination for Lender’s failure to fund the First Tranche Loan.
Section 12.17Confidentiality.
(a)Until the payment of all amounts required pursuant to Section 3.01, and for a period of three (3) years thereafter, each Party shall maintain in strict confidence all Confidential Information and materials disclosed or provided to it by the other Party, except as approved in writing in advance by the disclosing Party, and shall not use or reproduce the disclosing Party’s Confidential Information for any purpose other than as required to carry out its obligations and exercise its rights pursuant to this Agreement. Notwithstanding the foregoing, the obligations of confidentiality and non-use set forth in this Section 12.17 shall not apply to the extent that the receiving Party or its Affiliates: (a) discloses such Confidential Information solely on a “need to know basis” to its employees, consultants and Affiliates as well as any actual or potential acquirers, merger partners, licensees, permitted assignees, collaborators (including licensees), subcontractors, investment bankers, investors, limited partners, partners, lenders, or other financial partners, and its and their respective directors, employees, contractors and agents, on a confidential basis to the extent requested by an authorized representative of a U.S. or foreign tax authority, or (b) discloses Confidential Information in response to a routine audit or examination by, or a blanket document request from, a Governmental Authority. A Party receiving any such Confidential Information hereunder agrees to institute measures to protect the Confidential Information in a manner consistent with the measures it uses to protect its own most sensitive proprietary and confidential information, which in any event must not be

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less than a reasonable standard of care. Each Party shall be responsible for the breach of this Section 12.17 by its employees, consultants or Third Parties to whom such disclosure is made pursuant to this Section 12.17. Each Party shall immediately notify the other Party upon discovery of any loss or unauthorized disclosure of the other Party’s Confidential Information.
(b)The obligations of confidentiality and non-use set forth in Section 12.17(a) shall not apply to the extent that the receiving Party or its Affiliates is required to disclose Confidential Information pursuant to: (i) an order of a court of competent jurisdiction; (ii) Applicable Laws; (iii) regulations or rules of a securities exchange; or (iv) requirement of a Governmental Authority.
(c)This Agreement supersedes the Confidentiality Agreement and the Confidentiality Agreement shall cease to be of any force and effect as of the Closing Date; provided, however, that all information falling within the definition of “Confidential Information” set forth in the Confidentiality Agreement shall also be deemed Confidential Information disclosed pursuant to this Agreement and subject to the provisions of this Section 12.17.
Section 12.18Patriot Act Notification. Lender hereby notifies Borrower that, consistent with the Patriot Act, regulations promulgated thereunder and under other Applicable Law, Lender’s procedures and customer due diligence standards may require it to obtain, verify and record information that identifies Borrower, including among other things name, address, information regarding Persons with authority or control over Borrower, and other information regarding Borrower, its operations and transactions with Lender. Borrower agrees to provide such information and take such actions as are reasonably requested by Lender in order to assist Lender in maintaining compliance with its procedures, the Patriot Act and any other Applicable Laws.

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IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the day and year first above written.

R-Bridge Investment Four Pte. Ltd., as Lender

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By:

/s/ Wei Fu​ ​​ ​

Name: Wei Fu

Title: Director

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XXXXXXX SPV2 LLC, as Borrower

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By:/s/ Xxxxx Xxxx​ ​​ ​​ ​​ ​​ ​
Name: Xxxxx Xxxx
Title: Treasurer

[Signature Page to Loan Agreement]

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Filed: May 11th, 2022
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