<SEC-DOCUMENT>0000950103-21-012944.txt : 20210826
<SEC-HEADER>0000950103-21-012944.hdr.sgml : 20210826
<ACCEPTANCE-DATETIME>20210826083440
ACCESSION NUMBER:		0000950103-21-012944
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210825
FILED AS OF DATE:		20210826
DATE AS OF CHANGE:		20210826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADC Therapeutics SA
		CENTRAL INDEX KEY:			0001771910
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39071
		FILM NUMBER:		211208898

	BUSINESS ADDRESS:	
		STREET 1:		BIOPOLE
		STREET 2:		ROUTE DE LA CORNICHE 3B
		CITY:			EPALINGES
		STATE:			V8
		ZIP:			1066
		BUSINESS PHONE:		41 21 653 02 00

	MAIL ADDRESS:	
		STREET 1:		BIOPOLE
		STREET 2:		ROUTE DE LA CORNICHE 3B
		CITY:			EPALINGES
		STATE:			V8
		ZIP:			1066
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp156677_6k.htm
<DESCRIPTION>FORM 6-K
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K<BR>
</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><B>REPORT OF FOREIGN
PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of August 2021.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 21%; color: black">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-39071</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADC Therapeutics SA</B></P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Biop&ocirc;le</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Route de la Corniche 3B</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1066 Epalinges</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Switzerland</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive office)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant files
or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 12pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">&#9746;&nbsp;</P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 12pt">Form 40-F</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; width: 14%">
</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 25, 2021, ADC Therapeutics SA (the &ldquo;Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo; or similar terms) entered into a purchase and sale agreement with certain entities
managed by HealthCare Royalty Management, LLC (such entities, collectively, &ldquo;HealthCare Royalty&rdquo;) for the sale of certain
royalties on revenues generated from ZYNLONTA (loncastuximab tesirine) and camidanlumab tesirine (&ldquo;Cami&rdquo;) until a cap of 2.25x
or 2.50x the purchase price has been paid (as described below), at which point the purchase and sale agreement terminates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In consideration for such sale, we are entitled
to receive (i) a payment of $225 million upon the closing of the transaction, (ii) a payment of $75 million upon the first commercial
sale of ZYLONTA in the United Kingdom or any European Union country, and (iii) a payment of $25 million upon the achievement of a low
nine-digit worldwide (excluding China, Hong Kong, Macau, Taiwan, Singapore and South Korea) net sales milestone for ZYLONTA in 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the agreement, we are obligated to pay to
HealthCare Royalty (i) a 7% royalty on the worldwide (excluding China, Hong Kong, Macau, Taiwan, Singapore and South Korea) net sales
of ZYNLONTA and any product that contains ZYNLONTA and on any upfront or milestone payments we receive from licenses that we grant to
commercialize ZYNLONTA or any product that contains ZYNLONTA in any region other than China, Hong Kong, Macau, Taiwan, Singapore and South
Korea, (ii) a 7% royalty on the worldwide net sales of Cami and any product that contains Cami and on any upfront or milestone payments
we receive from licenses that we grant to commercialize Cami or any product that contains Cami in the United States and Europe, and (iii)
outside the United States and Europe, a 7% share of any upfront or milestone payments derived from licenses that we grant to commercialize
Cami or any product that contains Cami and, in lieu of the royalty on net sales under such licenses, a mid-teen percentage share of the net royalty we receive
from such licenses. The 7% royalty rates described above are subject to adjustment to a potential high-single-digit percentage royalty
rate after September 30, 2026 and/or a 10% royalty rate after September 30, 2027, if the aggregate net sales and license revenue subject
to royalty obligations in the preceding twelve months do not exceed certain mid-nine-digit milestones by such dates. Our aggregate royalty
obligations are capped at 2.50x of the amount paid by HealthCare Royalty under the agreement, or at 2.25x of the amount paid by HealthCare
Royalty under the agreement if it receives royalty payments exceeding a mid-nine-digit amount on or prior to March 31, 2029 (the applicable
cap, the &ldquo;Royalty Cap&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The agreement contains certain restrictive
covenants. For example, subject to certain exceptions, we cannot (i) sell, finance or loan any additional royalties on ZYLONTA
outside of China, Hong Kong, Macau, Taiwan, Singapore and South Korea or on Cami, (ii) while we have indebtedness outstanding under
our Facility Agreement, dated April 24, 2020 (the &ldquo;Facility Agreement&rdquo;), with Deerfield Partners, L.P. and certain of
its affiliates (collectively, &ldquo;Deerfield&rdquo;), incur any new indebtedness, other than unsecured indebtedness not exceeding
$125 million, or (iii) subsequent to repayment of our indebtedness under the Facility Agreement, incur indebtedness exceeding 20% of
our market capitalization at the time of incurring indebtedness. In certain circumstances, we may also require HealthCare
Royalty&rsquo;s consent to grant an exclusive out-license of ZYNLONTA in the United States. In addition, we are obligated to use
commercially reasonable efforts to develop and commercialize ZYNLONTA and Cami in certain major markets and have agreed to a
specified product plan. If we breach certain covenants under the agreement, we may be required, at HealthCare Royalty&rsquo;s
election, to pay liquidated damages at an amount equal to 1.50x of the amount paid by HealthCare Royalty under the agreement, less
any amounts we previously paid to HealthCare Royalty pursuant to the agreement, at which point the agreement terminates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the occurrence of a change-of-control event
with respect to us, we are obligated to pay to HealthCare Royalty an amount equal to the Royalty Cap (or, if the change-of-control event
occurs prior to the 36-month anniversary of the closing of the transaction, then an amount equal to 2.00x of the amount paid by HealthCare
Royalty under the agreement), in each case, less any amounts we previously paid to HealthCare Royalty pursuant to the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our royalty payment obligations under the agreement
terminate upon our payment of aggregate royalty amounts equal to the Royalty Cap. In addition, we retain the right, at any time after
the 27-month anniversary of the closing of the transaction, to terminate our remaining royalty obligations under the agreement by paying
HealthCare Royalty an amount equal to the Royalty Cap, less any amounts we previously paid to HealthCare Royalty pursuant to the agreement
(such amount, the &ldquo;Buyout Amount&rdquo;), provided that HealthCare Royalty may instead elect to receive 50% of the Buyout Amount
and continue to receive 50% of the royalty payments under the agreement but with the Royalty Cap reduced to reflect our payment of 50%
of the Buyout Amount. The agreement may also be terminated by mutual written agreement of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The closing of the transactions contemplated by
the agreement is expected to occur within 15 business days of the date of this Report on Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the purchase and sale
agreement is not complete and is qualified in its entirety by reference to the full text of the agreement, which is filed herewith as
Exhibit 99.1 and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the entry into the purchase
and sale agreement, we also entered into a Limited Consent and Amendment with Deerfield, which amended the Facility Agreement and the
convertible notes issued thereunder to permit certain payments to be made under the purchase and sale agreement. The Limited Consent and
Amendment also requires us, in limited circumstances in connection with a change of control and certain other events under the purchase
and sale agreement, to provide Deerfield an opportunity to redeem and/or convert its convertible notes and otherwise to set aside funds
to satisfy our existing obligations under the Facility Agreement. The Limited Consent and Amendment provides for an additional event of
default if we incur certain default payments under the purchase and sale agreement are in excess of a specified amount. The foregoing
description of the Limited Consent and Amendment is not complete and is qualified in its entirety by reference to the full text of amended
and restated Facility Agreement, which is filed herewith as Exhibit 99.2 and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Report on Form 6-K shall be deemed to be incorporated
by reference into the registration statements on Form F-3 (Registration Nos. 333-256686 and 333-255831) of ADC Therapeutics SA and to
be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed
or furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>ADC Therapeutics SA</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date: August 26, 2021</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael Forer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Michael Forer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Executive Vice President and General Counsel</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 82%"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1#&dagger;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Purchase and Sale Agreement between ADC Therapeutics SA and entities managed by HealthCare Royalty Management, LLC, dated August 25, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.2</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amended and Restated Facility Agreement among ADC Therapeutics
SA, the other Loan Parties party thereto, the Lenders and Deerfield Partners, L.P., as agent for itself and the Secured Parties thereto,
dated August 25, 2021&nbsp;</P>
</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"># Portions of this exhibit have been omitted because
they are both (i) not material and (ii) customarily and actually treated by the registrant as private or confidential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&dagger; Certain schedules to this exhibit have been
omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule will be furnished supplementally to the SEC upon
request; provided, however, that the parties may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any document
so furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dp156677_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Purchase and
Sale Agreement</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">By and Between</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">ADC Therapeutics
SA</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">and</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Entities Managed
by HealthCare Royalty Management, LLC</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Dated as of
August 25, 2021</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>TABLE OF CONTENTS</B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 1 DEFINITIONS</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; text-transform: none">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; width: 16%; text-indent: 0in">Section 1.1</TD>
    <TD STYLE="width: 78%; text-indent: 0in"><FONT STYLE="background-color: white">Definitions</FONT></TD>
    <TD STYLE="text-align: right; width: 6%; text-indent: 0in">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 1.2</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Certain Interpretations</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 2 PURCHASE, SALE AND ASSIGNMENT OF THE REVENUE INTEREST</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; text-transform: none">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 2.1</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Purchase, Sale and Assignment.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 2.2</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Purchase Price</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 2.3</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Prepayment</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 2.4</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">No Assumed Obligations, Etc</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 3 CLOSING AND PAYMENT OF PURCHASE PRICE</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; text-transform: none">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 3.1</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Closing</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 3.2</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Payment of Purchase Price</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 3.3</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Bill of Sale</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">20</TD></TR>
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    <TD STYLE="padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 4 REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; text-transform: none">20</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 4.1</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Seller&rsquo;s Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">20</TD></TR>
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    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 4.2</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Buyer&rsquo;s Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">27</TD></TR>
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    <TD STYLE="padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 5 COVENANTS</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; text-transform: none">28</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 5.1</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Information Rights</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">28</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 5.2</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Royalty Payments; Revenue Participation and Royalty Payment Details</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">29</TD></TR>
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    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 5.3</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Inspections and Audits of the Seller</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 5.4</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Intellectual Property Matters</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">31</TD></TR>
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    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 5.5</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">In-Licenses</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">32</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 5.6</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Out-Licenses</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">33</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 5.7</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Restricted Indebtedness</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">34</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 5.8</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Use of Proceeds; Diligence</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">34</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 5.9</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Efforts to Consummate Transactions</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">34</TD></TR>
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    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 5.10</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Certain Tax Matters</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">35</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
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    <TD STYLE="padding-left: 0.125in; text-indent: 0in; width: 16%">Section 5.11</TD>
    <TD STYLE="text-indent: 0in; width: 78%"><FONT STYLE="background-color: white">Further Assurances</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; width: 6%">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 5.12</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Signing Deliveries</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 6 INDEMNIFICATION</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; text-transform: none">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 6.1</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">General Indemnity</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">37</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 6.2</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Claims Procedures</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">37</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 6.3</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Limitations on Liability; Time for Claims</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">38</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 6.4</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Tax Treatment of Indemnification Payments</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">39</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 6.5</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Exclusive Remedy</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">39</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 7 CONFIDENTIALITY</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; text-transform: none">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 7.1</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Confidentiality</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 7.2</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Authorized Disclosure</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 8 TERMINATION</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; text-transform: none">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 8.1</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Mutual Termination</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 8.2</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Automatic Termination</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 8.3</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Survival</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 0in; text-transform: uppercase">Article 9 MISCELLANEOUS</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; text-transform: none">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.1</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Headings</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.2</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Notices</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.3</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Expenses</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">43</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.4</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Assignment</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">44</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.5</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Amendment and Waiver</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">44</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.6</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Entire Agreement</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">44</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.7</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">No Third Party Beneficiaries</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">45</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.8</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Governing Law</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">45</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.9</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Jurisdiction; Venue</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">45</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.10</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Severability</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.11</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Specific Performance</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.12</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Counterparts</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.13</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Relationship of the Parties</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in">Section 9.14</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Subordination Agreement</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">46</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: transparent"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><B><U>Index of Exhibits and Schedules</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 13%">Exhibit A:</TD>
    <TD STYLE="width: 87%">Form of Subordination Agreement</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>Exhibit B:</TD>
    <TD>Bill of Sale</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>Exhibit C: </TD>
    <TD>Form of Seller Opinion</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>Exhibit D:</TD>
    <TD>Product Plan</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>Exhibit E: </TD>
    <TD>Form of Press Release</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>Exhibit F:</TD>
    <TD>Buyer Entities</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: uppercase">PURCHASE
AND SALE AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">This <FONT STYLE="text-transform: uppercase">PURCHASE
AND SALE </FONT>AGREEMENT, dated as of August 25, 2021 (this &ldquo;<U>Agreement</U>&rdquo;), is made and entered into by and between
the entities managed by Healthcare Royalty Management, LLC, a Delaware limited liability company, identified on the signature pages of
this Agreement and listed on <U>Exhibit F</U> (individually and collectively, the &ldquo;<U>Buyer</U>&rdquo;), and ADC Therapeutics SA,
a Swiss <I>soci&eacute;t&eacute; anonyme</I> (the &ldquo;<U>Seller</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; background-color: transparent"><U>W
I T N E S S E T H</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">WHEREAS, the Seller
is in the business of, among other things, developing and commercializing the Products; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">WHEREAS, the Buyer
desires to purchase the Revenue Participation Right from the Seller in exchange for payment of the Purchase Price, and the Seller desires
to sell the Revenue Participation Right to the Buyer in exchange for the Buyer&rsquo;s payment of the Purchase Price, in each case on
the terms and conditions set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">NOW THEREFORE, in
consideration of the representations, warranties, covenants and agreements set forth herein and for good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Seller and the Buyer hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white"><FONT STYLE="text-transform: uppercase">Article
1</FONT><BR>
DEFINITIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 1.1&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Definitions</U></FONT>.
The following terms, as used herein, shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any particular Person, any other Person directly or indirectly controlling, controlled by or under common control
with such particular Person. For purposes of the foregoing sentence, the term &ldquo;control&rdquo; means direct or indirect ownership
of: (a) fifty percent (50%) or more, including ownership by trusts with substantially the same beneficial interests, of the voting and
equity rights of such Person, firm, trust, corporation, partnership or other entity or combination thereof, or (b) the power to direct
the management of such person, firm, trust, corporation, partnership or other entity or combination thereof, by contract or otherwise.
Notwithstanding the foregoing, Overland ADCT BioPharma shall not be deemed an &ldquo;Affiliate&rdquo; for any purpose hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Agreement</U>&rdquo;
is defined in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Asia Region</U>&rdquo;
means, individually and collectively, mainland China, the Hong Kong Special Administrative Region, the Macau Special Administrative Region,
Taiwan, Singapore and South Korea.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Back-Up
Security Interest</U>&rdquo; is defined in Section 2.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Bankruptcy
Laws</U>&rdquo; means, collectively, bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer or
other similar laws affecting the enforcement of creditors&rsquo; rights generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>BLA</U>&rdquo;
means a Biologics License Application, as defined in the United States Public Health Service Act (42 U.S.C. &sect; 262), and applicable
regulations promulgated thereunder by the FDA, or any equivalent application that replaces such application and is the relevant equivalent
to the foregoing, or any analogous application or submission with any Regulatory Authority outside of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Business
Day</U>&rdquo; means any day other than (a)&nbsp;a Saturday or Sunday or (b)&nbsp;a day on which banking institutions located in New York,
New York or Geneva, Switzerland are permitted or required by applicable law or regulation to remain closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Buyer</U>&rdquo;
is defined in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Buyer
Connection Tax</U>&rdquo; means any Tax to the extent that it would not be imposed but for (a) any connection of Buyer with the jurisdiction
of the applicable taxing authority (other than a connection arising solely from this Agreement or any transaction contemplated thereby,
but including a connection arising due to any change in domicile of Buyer or due to the domicile or change in domicile of an assignee
of Buyer) or (b) any failure of Buyer to provide any applicable documentation that is reasonably requested by the applicable withholding
agent and that Buyer is legally eligible to provide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Buyer
Indemnified Parties</U>&rdquo; is defined in Section 6.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Buyout
Rate</U>&rdquo; is defined in Section 2.3(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Cami</U>&rdquo;
is defined in the definition of &ldquo;Products&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Cami Net
Running Royalties</U>&rdquo; means running royalties actually received by Seller or its Affiliates pursuant to an Out-License in any country
in the Cami Territory (other than the United States and Europe, including the Major Markets) on Net Sales of Cami invoiced, billed or
otherwise recorded by or on behalf of a Licensee or its Affiliates (after deducting amounts payable by Seller or its Affiliates to a counterparty
under an Existing In-License or In-License in any given period). For the avoidance of doubt, running royalties on Net Sales of Cami shall
not include any other amounts payable, such as milestones or upfront fees and shall not be duplicative of any other payments due hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Cami Territory</U>&rdquo;
means, solely with respect to Cami, the entire world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Change
of Control</U>&rdquo; means (a) a merger, consolidation, recapitalization, or reorganization of the Seller with a Third Party that results
in the voting securities of the Seller outstanding immediately prior thereto, or any securities into which such voting securities have
been converted or exchanged, ceasing to represent at least fifty percent (50%) of the outstanding voting securities of the surviving entity
or the parent of the surviving entity immediately after such merger, consolidation, recapitalization, reorganization, (b) a transaction
or series of related transactions in which a Third Party, together with its Affiliates, becomes the direct or indirect</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">beneficial
owner of fifty percent (50%) or more of the combined voting power of the outstanding securities of the Seller, (c) the sale or other
transfer to a Third Party of all or substantially all of the Seller&rsquo;s and its controlled Affiliates&rsquo; assets or (d) consummation
of such other arrangement or agreement whereby the shareholders of the Seller with the actual power to appoint a majority of the board
of directors (if any) no longer have the actual power, either directly or indirectly, to appoint a majority of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Closing</U>&rdquo;
means the closing of the sale, transfer, assignment and conveyance of the Revenue Participation Right hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Closing
Date</U>&rdquo; has the meaning set forth in Section 3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Closing
Price</U>&rdquo; is defined in Section 2.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Combination
Products</U>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
single pharmaceutical formulation (whether co-formulated or administered together via the same administration route) containing as its
active ingredients both the Products and one or more other therapeutically or prophylactically active pharmaceutical or biologic ingredients
(each an &ldquo;<U>Other Component</U>&rdquo;), or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
combination therapy comprised of the Products and one or more Other Component(s), whether priced and sold in a single package containing
such multiple Products, packaged separately but sold together for a single price, or sold under separate price points but labeled for
use together,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">in each case, including
all dosage forms, formulations, presentations, and package configurations. Drug delivery vehicles, adjuvants and excipients will not be
deemed to be &ldquo;active ingredients&rdquo;, except in the case where such delivery vehicle, adjuvant or excipient is recognized by
the FDA as an active ingredient in accordance with 21 C.F.R. 210.3(b)(7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Commercialization</U>&rdquo;
means any and all activities directed to the distribution, marketing, detailing, promotion, selling and securing of reimbursement of the
Products in the Cami Territory or the ZYNLONTA Territory, as applicable (including the using, importing, selling and offering for sale
of the Products), and shall include post-Marketing Approval studies to the extent required by a Regulatory Authority, post-launch marketing,
promoting, detailing, distributing, selling the Products, importing, exporting or transporting the Products for sale, and regulatory compliance
with respect to the foregoing. When used as a verb, &ldquo;Commercialize&rdquo; means to engage in Commercialization. Except with respect
to post-Marketing Approval studies required by a Regulatory Authority, Commercialization shall not include any activities directed to
the research or development (including pre-clinical and clinical development) or manufacture of the Products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Commercially
Reasonable Efforts</U>&rdquo; means the level of efforts and resources that are commonly used by a commercial-stage public biotechnology
company of similar size, resources and product portfolio comparable to Seller to develop, manufacture or Commercialize, as the case may
be, comparable products for a comparable clinical indication (with respect to market</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>


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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">size and
commercial opportunity) at a similar stage in its development or product life and of a similar market and profit potential to the Products
(but without regard to the Seller&rsquo;s financial obligations under this Agreement), in each case, measured as of the time that such
efforts and resources are required to be used under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Confidential
Information</U>&rdquo; is defined in Section 7.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Deerfield</U>&rdquo;
means Deerfield Partners LP, together with its successors and assigns in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Deerfield
Facility Agreement</U>&rdquo; means that certain Facility Agreement dated as of April 24, 2020, among the Seller, the other Loan Parties
(as defined in the Deerfield Facility Agreement) thereto from time to time, the Lenders (as defined in the Deerfield Facility Agreement),
and Deerfield, as agent for itself and the other Secured Parties (as defined in the Deerfield Facility Agreement), and its successors
and assigns, as amended, restated, supplemented or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Deerfield
Loan</U>&rdquo; has the meaning ascribed to the term &ldquo;Loan&rdquo; under the Deerfield Facility Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Disclosing
Party</U>&rdquo; is defined in Section 7.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Disclosure
Schedule</U>&rdquo; means the Disclosure Schedule, dated as of the date hereof, delivered to the Buyer by the Seller concurrently with
the execution of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Distributor</U>&rdquo;
means a Third Party that (a) purchases or has the option to purchase any Product in finished form from or at the direction of the Seller
or any of its Affiliates, (b) has the right, option or obligation to distribute, market and sell the Products (with or without packaging
rights) in one or more regions, and (c) does not otherwise make any royalty, milestone, profit share or other similar payment to the Seller
or its Affiliate based on such Third Party&rsquo;s sale of the Products. The term &ldquo;packaging rights&rdquo; in this definition will
mean the right for the Distributor to package or have packaged Products supplied in unpackaged bulk form into individual ready-for-sale
packs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>EMA</U>&rdquo;
means the European Medicines Agency, or any successor agency thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>EMA Milestone
Payment</U>&rdquo; is defined in Section 2.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Existing
Confidentiality Agreement</U>&rdquo; means that certain Confidentiality Agreement, dated April 9, 2021, by and between the Seller and
HealthCare Royalty Management, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Existing
In-License</U>&rdquo; is defined in Section 4.1(h)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Existing
Patent Rights</U>&rdquo; is defined in Section 4.1(k)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>FDA</U>&rdquo;
means the U.S. Food and Drug Administration, or any successor agency thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>First
Tier</U>&rdquo; is defined in the definition of &ldquo;Included Product Revenue Royalty Rate&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles in the United States in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Governmental
Entity</U>&rdquo; means any: (a)&nbsp;nation, principality, republic, state, commonwealth, province, territory, county, municipality,
district or other jurisdiction of any nature; (b)&nbsp;federal, state, local, municipal, foreign or other government; (c)&nbsp;governmental
or quasi-governmental authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch, office,
commission, council, board, instrumentality, officer, official, representative, organization, unit, body or other entity and any court,
arbitrator or other tribunal); or (d)&nbsp;individual, body or other entity exercising, or entitled to exercise, any executive, legislative,
judicial, administrative, regulatory, police, military or taxing authority or power of any nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Gross
Sales</U>&rdquo; is defined in the definition of &ldquo;Net Sales&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>IFRS</U>&rdquo;
means the International Financial Reporting Standards in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Included
Product Revenue</U>&rdquo; means (a) Net Sales, (b) Other Product Revenue and (c) the Cami Net Running Royalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Included
Product Revenue Royalty Rate</U>&rdquo; means, for the purposes of Royalty Payments payable hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;seven
percent (7%) of Included Product Revenue set forth in subclauses (a) and (b) of the definition of Included Product Revenue; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**]
percent ([**]%) of the Included Product Revenue set forth in subclause (c) of the definition of Included Product Revenue;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">subject to adjustment, on a go-forward
basis only and only with respect to subclauses (a) and (b) of the definition of Included Product Revenue, based on the applicable &ldquo;Payment
Tiers&rdquo; as set forth in the chart below, whereupon the &ldquo;Included Product Revenue Royalty Rate&rdquo; means the corresponding
percentage set forth in the chart below from and after (i) October 1, 2026 in the case of the First Tier, and (ii) October 1, 2027 in
the case of the Second Tier, in each case of (i) and (ii), in respect of Net Sales made, or Other Product Revenue received, on or after
October 1, 2026 or October 1, 2027, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 3pt; width: 71%; border: Black 1pt solid; text-align: center"><B>Adjusted Payment Tiers based on</B></TD>
    <TD STYLE="padding: 3pt; width: 29%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Included Product Revenue Royalty Rate</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">A. Included Product Revenue in respect of the Products in the Cami Territory or the ZYNLONTA Territory, as applicable, on an aggregate basis, for the 12-month period ending September 30, 2026 are less than $[**] (the &ldquo;<U>First Tier</U>&rdquo;)</TD>
    <TD STYLE="padding: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">[**]%</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">B. Included Product Revenue in respect of the Products in the Cami Territory or the ZYNLONTA Territory, as applicable, on an aggregate basis, for the 12-month period ending September 30, 2027 are less than $[**] (the &ldquo;<U>Second Tier</U>&rdquo;)</TD>
    <TD STYLE="padding: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">10.0%</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Improvements</U>&rdquo;
means any material improvement, invention or discovery relating to the Products (other than with respect to a new composition of matter),
including the formulation, or the method of manufacture of the Products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>In-License</U>&rdquo;
means any material license, settlement agreement or other material agreement or arrangement between the Seller or any of its Affiliates
and any Third Party pursuant to which the Seller or any of its Affiliates obtains a license or a covenant not to sue or similar grant
of rights to any Patents or other material intellectual property rights of such Third Party that is necessary for, or used in, the development,
manufacture, use or Commercialization of the Products in the Cami Territory or the ZYNLONTA Territory, as applicable. For the avoidance
of doubt, the Parties agree that ordinary course, non-exclusive agreements, such as reagent agreements, software agreements and clinical
trial agreements are not a &ldquo;material license, settlement agreement or other material agreement or arrangement&rdquo; for the purposes
of this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Indebtedness</U>&rdquo;
of any Person means any indebtedness for borrowed money, any obligation evidenced by a note, bond, debenture or similar instrument, or
any guarantee of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Indemnified
Party</U>&rdquo; is defined in Section 6.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Indemnified
Tax</U>&rdquo; means any non-U.S. withholding Tax (other than a Buyer Connection Tax) withheld by Seller or any other applicable withholding
agent in respect of any payment made by Seller to Buyer pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Indemnifying
Party</U>&rdquo; is defined in Section 6.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Intellectual
Property Rights</U>&rdquo; means any and all of the following as they exist in the Cami Territory or the ZYNLONTA Territory in respect
of the applicable Product at any time: (a) the Patent Rights, (b) the Know-How Rights, (c) the Trademark Rights, and (d) any and all other
material intellectual property rights and/or proprietary rights, in each case of clauses (a)-(d), owned or in-licensed by the Seller or
any of its Affiliates or under which the Seller or any of its Affiliates is or may become empowered to grant exclusive licenses, in each
case of clauses (a)-(d), that are necessary or used in the development, manufacture, use, or Commercialization of the Products in the
United States or in any other country in the Cami Territory or ZYNLONTA Territory, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Judgment</U>&rdquo;
means any judgment, order, writ, injunction, citation, award or decree of any nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Know-How</U>&rdquo;
means any and all proprietary and confidential information, know-how and trade secrets, including processes, formulae, models and techniques
(but excluding rights in research in progress, algorithms, data, databases, data collections, chemical and biological materials and the
results of experimentation and testing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Know-How
Rights</U>&rdquo; means any and all material Know-How owned or in-licensed by the Seller or any of its Affiliates or under which the Seller
or any of its Affiliates is or may become empowered to grant licenses (including, for the avoidance of doubt, material Know-How related
to Improvements), in each case, that are necessary or used in the development, manufacture, use, or Commercialization of the Products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Knowledge
of the Seller</U>&rdquo; means the actual knowledge of the individuals listed on <U>Schedule 1.1(b)</U> of the Disclosure Schedule, after
reasonably due inquiry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Licensee</U>&rdquo;
means the counterparty under any Out-License. For clarity, a Distributor shall not be deemed to be a &ldquo;Licensee.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Lien</U>&rdquo;
means any mortgage, lien, pledge, participation interest, charge, adverse claim, security interest, encumbrance or restriction of any
kind, including any restriction on use, transfer or exercise of any other attribute of ownership of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Lockbox
Account</U>&rdquo; is defined in Section 5.2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Loss</U>&rdquo;
means any and all Judgments, damages, losses, claims, costs, liabilities and expenses, including reasonable fees and out-of-pocket expenses
of counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Major
Markets</U>&rdquo; means each of the United States, United Kingdom of Great Britain and Northern Ireland, France, Germany, Spain, and
Italy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Marketing
Approval</U>&rdquo; means, a BLA approved by the FDA, a Marketing Authorization Application approved by the EMA under the centralized
European procedure, or any corresponding non-U.S. or non-EMA application, registration or certification, as applicable, necessary to market
the Products approved by the corresponding Regulatory Authority in the Cami Territory or the ZYNLONTA Territory, as applicable, including
pricing and reimbursement approvals where required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Material
Adverse Effect</U>&rdquo; means</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
material adverse effect on the timing, duration or amount of the Royalty Payments, except to the extent resulting from events, changes,
facts, conditions, circumstances or occurrences (i) generally affecting the industry in which the Seller and its Subsidiaries operate,
or (ii) arising out of an action required or permitted by this Agreement or any action taken (or omitted to be taken) with the written
consent or at the written request of Buyer; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
material adverse effect on (i) the Products in the Cami Territory or the ZYNLONTA Territory, as applicable, (ii) any of the Patent Rights
claiming the composition of matter of the Products, including the Seller&rsquo;s rights in or to any such Patent Rights, (iii) any Marketing
Approval of the Products or the timing thereof (excluding timing of pricing and reimbursement approvals) in the Major Markets, (iv) the
legality, validity or enforceability of any provision of this Agreement, (v) the ability of the Seller to perform any of its obligations
under this Agreement, (vi) the rights or remedies of the Buyer under this Agreement (including Buyer&rsquo;s rights in, to and under the
Revenue Participation Rights or the Back-Up Security Interest) (in each case, to the extent not waived or otherwise consented to by Buyer
pursuant to the terms of this Agreement), or (vii) the business, assets, properties, liabilities (actual or contingent), operations, or
condition (financial or otherwise) of the Seller, individually, or the Seller and its Subsidiaries taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Milestone
Payments</U>&rdquo; is defined in Section 2.2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Net Sales</U>&rdquo;
means, for any period, the gross amount invoiced, billed or otherwise recorded for sales of the Products anywhere in the Cami Territory
or the ZYNLONTA Territory, as applicable, for that period by or on behalf of the Seller, its Affiliates, any Distributor, or any Licensee
of the Seller or any of the Seller&rsquo;s Affiliates (each of the foregoing Persons, for purposes of this definition, shall be considered
a &ldquo;<U>Related Party</U>&rdquo;) to a Third Party (&ldquo;<U>Gross Sales</U>&rdquo;) less the following amounts, to the extent actually
incurred or accrued (in accordance with <FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS) </FONT>by a Related Party and not
reimbursed by such Third Party, provided, that any given amount may be taken as a permitted deduction only once: [**]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">For clarity, &ldquo;Net
Sales&rdquo; will not include (i) sales or dispositions for charitable, promotional, pre-clinical, clinical, regulatory, compassionate
use, named patient use or indigent or other similar programs, Products used as samples, and Products used in the development of Products
or (ii) sales or dispositions between any of the Related Parties (unless a Related Party is the final end-user of the Products); provided
that the first sale or disposition of a given unit of Product to a non-Related Party will be included within &ldquo;Net Sales.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">With respect to
sales of the Products invoiced in U.S. dollars, Net Sales shall be determined in U.S. dollars. With respect to sales of the Products invoiced
in a currency other than U.S. dollars, Net Sales shall be determined by converting the currencies at which the sales are made into U.S.
dollars, at rates of exchange determined in a manner consistent with the Seller&rsquo;s or a Licensee&rsquo;s, as applicable, method for
calculating rates of exchange in the preparation of the Seller&rsquo;s or such Licensee&rsquo;s annual financial statements in accordance
with IFRS consistently applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Net Sales for any
Combination Products shall be calculated on a country-by-country basis by multiplying actual Net Sales of such Combination Products by
the fraction A/(A+B) where &ldquo;A&rdquo; is the weighted average invoice price of the Products contained in such Combination Products
when sold separately in such country during the applicable accounting period in which the sales of the Combination Products were made,
and &ldquo;B&rdquo; is the combined weighted average invoice prices of all of the Other Components contained in such Combination Products
sold separately in such country during such same accounting period. If the Products contained in such Combination Products are not sold
separately in finished form in such country, then the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Seller and
the Buyer shall determine Net Sales for the Products by mutual agreement based on the relative contribution of the Products and each
such other active ingredient in such Combination Products in accordance with the above formula, and shall take into account in good faith
any applicable allocations and calculations that may have been made for the same period in other countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">For the avoidance
of doubt, Cami Net Running Royalties shall not constitute Net Sales for the purpose of calculating the Royalty Payments payable to Buyer
in respect of subclause (a) of the Included Product Revenue definition, and where Cami Net Running Royalties are payable with respect
to the sale of a unit of Cami, no other Royalty Payments based on Net Sales for the same unit of Cami shall be payable hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Non-Performance
Payment</U>&rdquo; is defined in Section 6.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Other
Component</U>&rdquo; is defined in the definition of &ldquo;Combination Products&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Other
Product Revenue</U>&rdquo; shall mean consideration in any of the following forms that the Seller or its Affiliates actually received
from a Licensee (and are not required to repay or refund to the Licensee) in consideration for the grant of rights to Commercialize a
Product in the Cami Territory or the ZYNLONTA Territory, as applicable, under an Out-License: upfront or license issuance fees, license
maintenance fee, and milestone payments based on and in respect of the Products, such as applicable development or sales-based milestones.
Other Product Revenue specifically excludes the following: [**]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">For clarity, amounts
received by the Seller solely in consideration for a Change of Control (and not in respect of any related transaction that constitutes
an Out-License) shall not be Other Product Revenue. If an Out-License involves the granting of Commercialization rights with respect to
a Product and also grants rights with respect to any product that is not a Product, then &ldquo;Other Product Revenue&rdquo; shall be
the amounts of the consideration attributable to the grant of rights with respect to the Product, as reasonably determined by the Parties
in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Out-License</U>&rdquo;
means each license or other agreement between the Seller or any of its Affiliates and any Third Party (other than Distributors) pursuant
to which the Seller or any of its Affiliates (a) grants a license or sublicense under, or (b) sells, transfers or assigns (including by
way of merger or consolidation), in each case, any Intellectual Property Right to Commercialize the Products in the Cami Territory or
the ZYNLONTA Territory, as applicable; provided that <FONT STYLE="font-family: Times New Roman, Times, Serif">any agreement or series
of agreements that, upon consummation of the transactions contemplated thereunder, would constitute a Change of Control shall not be deemed
an Out-License hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Overland
ADCT BioPharma</U>&rdquo; means Overland ADCT BioPharma (CY) Limited, a company incorporated under the laws of the Cayman Islands as a
joint venture of Seller and Overland Pharmaceuticals (CY) Inc. for the purpose of developing and commercializing ZYNLONTA in the Asia
Region.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Party</U>&rdquo;
means the Seller or the Buyer, individually, and &ldquo;<U>Parties</U>&rdquo; means the Buyer and the Seller jointly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Patents</U>&rdquo;
means any and all patents and patent applications existing as of the date of this Agreement and all patent applications filed hereafter,
including any continuation, continuation-in-part, division, provisional or any substitute applications, any patent issued with respect
to any of the foregoing patent applications, any certificate, reissue, reexamination, renewal or patent term extension or adjustment (including
any supplementary protection certificate) of any such patent or other governmental actions which extend any of the subject matter of a
patent, and any substitution patent, confirmation patent or registration patent or patent of addition based on any such patent, and all
foreign counterparts of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Patent Rights</U>&rdquo;
means any and all material Patents owned or in-licensed by the Seller or any of its Affiliates or under which the Seller or any of its
Affiliates is or may become empowered to grant licenses (including, for the avoidance of doubt, material Patents related to Improvements)
that are necessary or used in the development, manufacture, use, or Commercialization of the Products in any country in the Cami Territory
or the ZYNLONTA Territory, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Permitted License</U>&rdquo;
is defined in Section 5.6(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Permitted Liens</U>&rdquo;
means the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;current
ad valorem property taxes not yet due and payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and suppliers and other Liens imposed by law or pursuant
to customary reservations or retentions of title arising in the ordinary course of business, <U>provided</U>, <U>that</U> such Liens secure
only amounts not yet due and payable or, if due and payable, are unfiled and no other action has been taken to enforce the same or are
being contested in good faith by appropriate proceedings for which adequate reserves determined in accordance with IFRS have been established;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rights
of any counterparty pursuant to any Existing In-Licenses or Permitted Licenses, including any interest or title of a counterparty under
an Existing In-License or Permitted License;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
arising under Permitted Indebtedness (but not with respect to the rights described in subclause (a) in the definition of Included Product
Revenue Royalty Rate) or the Subordination Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
arising under that certain License and Collaboration Agreement, by and between the Seller and Overland ADCT BioPharma (CY) Limited, dated
December 11, 2020;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
created in favor of the Buyer pursuant to this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pledges
or deposits made in the ordinary course of business in connection with bids, contract leases, appeal bonds, workers&rsquo; compensation,
unemployment insurance or other similar social security legislation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;servitudes,
easements, rights of way, restrictions and other similar encumbrances on real property imposed by any law and Liens consisting of zoning
or building restrictions, easements, licenses, restrictions on the use of property or minor imperfections in title thereto which, individually
and in the aggregate, are not material, and which do not in any case materially detract from the value of the property subject thereto
or interfere with the ordinary conduct of the business of the Seller or any of its Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation
of goods and incurred in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bankers&rsquo;
liens, rights of setoff and similar Liens incurred on deposits made in the ordinary course of business; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
arising from precautionary UCC financing statement filings regarding operating leases of personal property and consignment arrangements
entered into in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Person</U>&rdquo;
means any individual, firm, corporation, company, partnership, limited liability company, trust, joint venture, association, estate, trust,
Governmental Entity or other entity, enterprise, association or organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Prime
Rate</U>&rdquo; means <FONT STYLE="font-family: Times New Roman, Times, Serif">the prime rate published by The Wall Street Journal, from
time to time, as the prime&nbsp;rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Products</U>&rdquo;
means </FONT>(a) the product known as ZYNLONTA&trade; (loncastuximab tesirine-lpyl) (&ldquo;<U>ZYNLONTA</U>&rdquo;), (b) the product known
as camidanlumab tesirine (&ldquo;<U>Cami</U>&rdquo;), and (c) any pharmaceutical products that contain any of the foregoing, in each case
with any dosage form, dosing regimen, strength, or route of administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Product Plan</U>&rdquo;
is defined in &lrm;Section 5.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Product Rights</U>&rdquo;
means any and all of the following, as they exist throughout the Cami Territory or the ZYNLONTA Territory: (a) Intellectual Property Rights,
(b) regulatory filings, submissions and approvals, including Marketing Approvals, with or from any Regulatory Authorities with respect
to the Products, (c) In-Licenses, and (d) Out-Licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Purchase Price</U>&rdquo;
is defined in Section 2.2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Receiving Party</U>&rdquo;
is defined in Section 7.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Regulatory Authority</U>&rdquo;
means any national or supranational governmental authority, including the FDA, the EMA or such equivalent regulatory authority, or any
successor agency thereto, that has responsibility in granting a Marketing Approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Regulatory Exclusivity
Period</U>&rdquo; shall mean, with respect to the Products in any country in the Cami Territory or the ZYNLONTA Territory, as applicable,
any period of data, market or other regulatory exclusivity (other than Patent exclusivity) granted or afforded by law or by a Regulatory
Authority in such country that confers exclusive marketing rights with respect to the Products in such country or prevents another party
from using or otherwise relying on any data supporting the Marketing Approval for the Products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Related Party</U>&rdquo;
is defined in the definition of &ldquo;Net Sales&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Representative</U>&rdquo;
means, with respect to any Person, (a)&nbsp;any direct or indirect member or partner of such Person and (b)&nbsp;any manager, director,
trustee, officer, employee, agent, advisor or other representative (including attorneys, accountants, consultants, contractors, actual
and potential financing providers, investors, co-investors and assignees, bankers and financial advisers) of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Restricted Indebtedness</U>&rdquo;
means any financing, sale, or loan of royalties on the Products in the Cami Territory or the ZYNLONTA Territory, as applicable, or any
Indebtedness, in each case other than the following (such Indebtedness, &ldquo;<U>Permitted Indebtedness</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
of Seller existing on the Closing Date (including the Deerfield Facility Agreement and the Convertible Notes (as defined in the Deerfield
Facility Agreement)); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Deerfield Loans have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>not</U>
been fully repaid or converted to equity, unsecured Indebtedness, so long as the principal amount of such Indebtedness incurred pursuant
to this clause (b)(i) (together with the aggregate outstanding principal amount of all Indebtedness previously incurred pursuant to this
clause (b)(i)) does not at the time of incurring such additional Indebtedness exceed $125,000,000, and is otherwise permitted by the Deerfield
Facility Agreement; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;been
fully repaid or converted to equity, additional Indebtedness, so long as the principal amount of any Indebtedness incurred pursuant to
this clause (b)(ii) (together with the aggregate outstanding principal amount of all Indebtedness previously incurred pursuant to this
clause (b)(ii)) does not at the time of incurring such additional Indebtedness exceed an amount equal to twenty percent (20%) of the trailing
thirty (30) day average market capitalization of the Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">provided that in
case of clause (b)(i) any such unsecured Indebtedness shall be subordinated in right of payment to the Royalty Payments that are owed
or may be owed in the future to the Buyer pursuant to the terms of a subordination, intercreditor, or other similar agreement (or terms
of subordination incorporated into the indenture under which such unsecured indebtedness is issued), in each case in form and substance,
and on terms, approved by the Buyer, the Seller, and the applicable Third Party lender of such unsecured indebtedness in writing (such
approval of Buyer not to be unreasonably withheld, conditioned or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Revenue Participation
Right</U>&rdquo; means the right to receive the Royalty Payments payable with respect to Included Product Revenue on or after the Closing
Date and prior to the Royalty Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Royalty Cap</U>&rdquo;
means either (a) two hundred fifty percent (250%) of the Purchase Price or (b) if the Buyer has received aggregate Royalty Payments (including
any amounts constituting late fees pursuant to Section 5.2(a)) on or prior to March 31, 2029 in an amount equal to or greater than $[**]
(for the avoidance of doubt, crediting towards the Royalty Cap any payments received by Buyer in respect of Indemnified Taxes
but not crediting towards the Royalty Cap any amounts that Buyer does not receive because they are paid to any taxing authority as withholding
in respect of Indemnified Taxes), then two hundred twenty five (225%) of the Purchase Price. Amounts actually paid by or on behalf of
the Seller to or on behalf of any Buyer Indemnified Party (excluding attorneys&rsquo; fees) in respect of claims for indemnification under
Article 6 or other claims of any Buyer Indemnified Party against Seller or its Affiliates arising or relating to, or in connection with,
any breach of this Agreement or performance of the Seller hereunder shall be credited towards the Royalty Cap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Royalty Payments</U>&rdquo;
means, for each calendar quarter through the end of the calendar quarter in which the Royalty Termination Date occurs, an amount payable
to the Buyer equal to the amount of all aggregate Included Product Revenue during such calendar quarter, multiplied by the applicable
Included Product Revenue Royalty Rate. For the avoidance of doubt, the Royalty Payments, in the aggregate, shall not exceed the Royalty
Cap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Royalty Termination
Date</U>&rdquo; means the earlier to occur of (i) the date on which aggregate amount of the Royalty Payments (including any amounts constituting
late fees pursuant to Section 5.2(a)) actually received by the Buyer equal the Royalty Cap (for the avoidance of doubt, crediting towards
the Royalty Cap any payments received by Buyer in respect of Indemnified Taxes but not crediting towards the Royalty Cap any amounts that
Buyer does not receive because they are paid to any taxing authority as withholding in respect of Indemnified Taxes) and (ii) the date
on which the Non-Performance Payment is paid by the Seller to the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Safety Notices</U>&rdquo;
means any recalls, field notifications, market withdrawals, warnings, &ldquo;dear doctor&rdquo; letters, investigator notices, safety
alerts or other notices of action issued or instigated by the Seller, any of its Affiliates or any Regulatory Authority, relating to an
alleged lack of safety or regulatory compliance of any Product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Sales Milestone
Payment</U>&rdquo; is defined in Section 2.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Second Tier</U>&rdquo;
is defined in the definition of &ldquo;Included Product Revenue Royalty Rate&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Seller</U>&rdquo;
is defined in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Seller Certificate</U>&rdquo;
is defined in Section 5.12(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Seller Indemnified
Parties</U>&rdquo; is defined in Section 6.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Subordination
Agreement</U>&rdquo; means that certain Subordination Agreement by and among Deerfield and the Buyer, in substantially the form attached
hereto as <U>Exhibit A</U>, as amended, amended and restated, supplement and otherwise modified from time to time in accordance with the
terms thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&ldquo;<U>Subsidiary</U>&rdquo;
means any and all corporations, partnerships, limited liability companies, joint ventures, associations and other entities controlled
(by contract or otherwise) by the Seller directly or indirectly through one or more intermediaries. For purposes hereof, the Seller shall
be deemed to control a partnership, limited liability company, association or other business entity if the Seller, directly or indirectly
through one or more intermediaries, shall be allocated a majority of partnership, limited liability company, association or other business
entity gains or losses or shall be or control the managing director or general partner of such partnership, limited liability company,
association or other business entity. Notwithstanding the foregoing, Overland ADCT BioPharma shall not be deemed a &ldquo;Subsidiary&rdquo;
for any purpose hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Tax</U>&rdquo;
or &ldquo;<U>Taxes</U>&rdquo; means any federal, state, local or foreign income, gross receipts, license, payroll, employment, excise,
severance, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social
security, unemployment, disability, real property, personal property, abandoned property, value added, alternative or add-on minimum,
estimated or other tax of any kind whatsoever, including any interest, penalty or addition thereto, whether disputed or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Third Party</U>&rdquo;
means any Person that is not the Seller or the Seller&rsquo;s Affiliates or Buyer or the Buyer&rsquo;s Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Trademark</U>&rdquo;
means any word, name, symbol, color, designation, or device, or any combination thereof, that functions as an identifier of the source
or origin of goods or services, including any trademark, trade dress, brand mark, service mark, trade name, brand name, logo, business
symbol or domain names, whether or not registered, including the goodwill associated with each of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>Trademark Rights</U>&rdquo;
means any and all material Trademarks owned or in-licensed by the Seller or any of its Affiliates or under which the Seller or any of
its Affiliates is or may become empowered to grant licenses (including, for the avoidance of doubt, material Trademarks related to Improvements)
necessary or used in the development, manufacture, use, or Commercialization of the Products in the Cami Territory or the ZYNLONTA Territory,
as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>UCC</U>&rdquo;
means the Uniform Commercial Code as in effect from time to time in the State of 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 back-up
security interest or any portion thereof granted pursuant to Section 2.1(b) is governed by the Uniform Commercial Code as in effect in
a jurisdiction of the United States other than the State of New York, then &ldquo;UCC&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>ZYNLONTA</U>&rdquo;
is defined in the definition of &ldquo;Products&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&ldquo;<U>ZYNLONTA Territory</U>&rdquo;
means, solely with respect to ZYNLONTA, the entire world excluding the Asia Region.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 1.2&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Certain
Interpretations</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
where expressly stated otherwise in this Agreement, the following rules of interpretation apply to this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;either&rdquo;
and &ldquo;or&rdquo; are not exclusive and &ldquo;include,&rdquo; &ldquo;includes&rdquo; and &ldquo;including&rdquo; are not limiting
and shall be deemed to be followed by the words &ldquo;without limitation&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;extent&rdquo;
in the phrase &ldquo;to the extent&rdquo; means the degree to which a subject or other thing extends, and such phrase does not mean simply
&ldquo;if&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;hereof,&rdquo;
&ldquo;hereto,&rdquo; &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; and words of similar import when used in this Agreement refer to
this Agreement as a whole and not to any particular provision of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;references
to a Person are also to its permitted successors and assigns;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;definitions
are applicable to the singular as well as the plural forms of such terms;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;references
to an &ldquo;Article&rdquo;, &ldquo;Section&rdquo; or &ldquo;Exhibit&rdquo; refer to an Article&nbsp;or Section of, or an Exhibit to,
this Agreement, and references to a &ldquo;Schedule&rdquo; refer to the corresponding part of the Disclosure Schedule;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;beginning
in the first calendar quarter in which the Seller prepares its financial statements in accordance with GAAP, references to &ldquo;IFRS&rdquo;
shall be deemed to refer to &ldquo;GAAP&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;references
to &ldquo;$&rdquo; or otherwise to dollar amounts refer to the lawful currency of the United States; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;references
to a law include any amendment or modification to such law and any rules and regulations issued thereunder, whether such amendment or
modification is made, or issuance of such rules and regulations occurs, before or after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall
arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Disclosure Schedule is qualified in its entirety by reference to specific provisions of the Agreement, and is not intended to constitute,
and shall not be construed as constituting, representations or warranties. The disclosures in any section or paragraph of the Disclosure
Schedule shall qualify only (a) the corresponding section or paragraph in Article 4 and (b) other sections or paragraphs in Article 4
to which its relevance is reasonably apparent from a reading of such disclosure. The inclusion of any information in the Disclosure Schedule
shall not be deemed to be an admission or acknowledgment, in and of itself, that such information is required by the terms hereof to be
disclosed, is material, has had or would reasonably be expected to result in a Material Adverse Effect, or is outside the ordinary course
of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: uppercase">Article
2</FONT><BR>
PURCHASE, SALE AND ASSIGNMENT OF THE REVENUE INTEREST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 2.1&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Purchase,
Sale and Assignment</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Closing and upon the terms and subject to the conditions of this Agreement, the Seller shall sell, transfer, assign and convey to
the Buyer, without recourse (except as expressly provided herein), and the Buyer shall purchase, acquire and accept from the Seller, the
Revenue Participation Right, free and clear of all Liens (except for any Liens contemplated by clauses (d) or (f) of the definition of
Permitted Liens). Immediately upon the Closing pursuant to this Section 2.1, all of the Seller&rsquo;s right, title and interest in and
to the Revenue Participation Right shall terminate, and all such right, title and interest shall vest in the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is the intention of the Parties that the sale, transfer, assignment and conveyance contemplated by this Agreement be, and is, a true,
complete, absolute and irrevocable sale, transfer, assignment and conveyance by the Seller to the Buyer of all of the Seller&rsquo;s right,
title and interest in and to the Revenue Participation Right. Neither the Seller nor the Buyer intends the transactions contemplated by
this Agreement to be characterized or treated as (other than for financial reporting and accounting purposes) a loan from the Buyer to
the Seller or a financing transaction or a borrowing. It is the intention of the Parties that the beneficial interest in and title to
the Revenue Participation Right and any &ldquo;proceeds&rdquo; (as such term is defined in the UCC) thereof shall not be part of the Seller&rsquo;s
estate in the event of the filing of a petition by or against the Seller under any Bankruptcy Laws. Each of the Seller and the Buyer hereby
waives, to the maximum extent permitted by applicable law, any right to contest or otherwise assert that this Agreement does not constitute
a true, complete, absolute and irrevocable sale, transfer, assignment and conveyance by the Seller to the Buyer of all of the Seller&rsquo;s
right, title and interest in and to the Revenue Participation Right under applicable law, which waiver shall, to the maximum extent permitted
by applicable law, be enforceable against the Seller in any bankruptcy or insolvency proceeding relating to the Seller. Accordingly, the
Seller shall treat the sale, transfer, assignment and conveyance of the Revenue Participation Right as a sale of an &ldquo;account&rdquo;
or a &ldquo;payment intangible&rdquo; (as appropriate) in accordance with the UCC, and the Seller hereby authorizes the Buyer to file
financing statements (and continuation statements with respect to such financing statements when applicable) naming the Seller as the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">debtor and
the Buyer as the secured party in respect to the Revenue Participation Right. Not in derogation of the foregoing statement of the intent
of the Parties in this regard, and for the purposes of providing additional assurance to the Buyer in the event that, despite the intent
of the Parties, the sale, transfer, assignment and conveyance contemplated hereby is hereafter held not to be a sale, the Seller does
hereby grant to the Buyer, as security for the payment of amounts due to the Buyer, a security interest in and to all right, title and
interest in, to and under the Revenue Participation Right, and the Seller does hereby authorize the Buyer, from and after the Closing,
to file such financing statements (and continuation statements with respect to such financing statements when applicable) in such manner
and such jurisdictions as are necessary or appropriate to perfect such security interest (the &ldquo;<U>Back-Up Security Interest</U>&rdquo;),
subject to Liens contemplated by clauses (d) or (f) of the definition of Permitted Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 2.2&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Purchase
Price</U></FONT>. Upon the terms and subject to the conditions of this Agreement, the purchase price to be paid as consideration to the
Seller for the sale, transfer, assignment and conveyance of the Revenue Participation Right to the Buyer is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$225,000,000
in cash, payable in accordance with Section 3.2(a) (the &ldquo;<U>Closing Price</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of the first commercial sale of ZYNLONTA in the United Kingdom or any country in the European Union, $75,000,000 in cash,
payable [**] days after the Seller&rsquo;s delivery to the Buyer of written confirmation of such first commercial sale (the &ldquo;<U>EMA
Milestone Payment</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the achievement of Net Sales of ZYNLONTA of at least $[**] for the twelve months ending December 31, 2022, $25,000,000 in cash, payable
[**] days after the Seller&rsquo;s delivery to the Buyer of written confirmation of such achievement (the &ldquo;<U>Sales Milestone Payment</U>&rdquo;
and together with the EMA Milestone Payment, the &ldquo;<U>Milestone Payments</U>,&rdquo; and together with the Closing Price, and to
the extent each Milestone Payment or any Milestone Payment is actually paid to the Seller, the &ldquo;<U>Purchase Price</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">For the avoidance of doubt, each Milestone Payment,
if and when due and payable, will only be paid once. The Closing Price and each Milestone Payment shall be non-creditable and non-refundable,
and notwithstanding anything to the contrary herein, the Closing Price shall not be subject to any withholding or offset or reduction
for any Tax. If, after the date of this Agreement, any applicable law (as determined in the good faith discretion of the Buyer following
consultation with its external tax advisors) requires the deduction or withholding of any Tax from a Milestone Payment due to the Seller,
then the Seller, in its sole discretion may refuse such Milestone Payment if the deduction or withholding of Tax from such payment equals
or exceeds [**] percent ([**]%) of the amount that the Seller would have received in respect of such payment had no deduction or withholding
of Taxes been made on such payment. For the avoidance of doubt, if the Seller elects to refuse either or both Milestone Payments, no amount
of the refused Milestone Payment shall be included in the Purchase Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">To permit the Seller to exercise its
right to refuse a Milestone Payment, as provided in the foregoing paragraph, the Buyer shall give the Seller prompt notice (but in any
event, no later</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">than [**] Business Days following Buyer
being notified that the applicable Milestone has been achieved) that it is required to deduct or withhold Tax (and the amount of such
withholding) from a Milestone Payment and, following such prompt notice, Seller shall have [**] calendar days to decide whether to refuse
the applicable Milestone Payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 2.3&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Prepayment</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the closing of a Change of Control, the Seller shall pay to the Buyer an amount equal to the Royalty Cap, less the aggregate amount of
all of the Royalty Payments or other amounts credited towards the Royalty Cap pursuant to this Agreement actually received by the Buyer
or a Buyer Indemnified Party prior to such closing, as applicable, by wire transfer of immediately available funds to an account designated
in writing by the Buyer, and upon such payment to the Buyer no further payments of the Revenue Participation Right are due to the Buyer
hereunder and the Royalty Termination Date shall be deemed to have occurred; provided, however, that in the case of a Change of Control,
if such Change of Control closes on or prior to the 36-month anniversary of the Closing Date, then the Royalty Cap shall be two hundred
percent (200%) of the Purchase Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time after the 27-month anniversary of the Closing Date, the Seller may elect to purchase the remainder of the Revenue Participation
Right in full for an amount equal to the Royalty Cap, less the aggregate amount of all of the Royalty Payments or other amounts credited
towards the Royalty Cap pursuant to this Agreement actually received by the Buyer or Buyer Indemnified Party prior to such date (for the
avoidance of doubt, crediting any payments received by Buyer in respect of Indemnified Taxes but not crediting any amounts that Buyer
does not receive because they are paid to any taxing authority as withholding in respect of Indemnified Taxes) (the &ldquo;<U>Buyout Amount</U>&rdquo;),
and upon such payment to the Buyer by wire transfer of immediately available funds to an account designated in writing by the Buyer, no
further payments of the Revenue Participation Right are due to the Buyer hereunder and the Royalty Termination Date shall be deemed to
have occurred; provided, however, that the Buyer may elect to receive fifty percent (50%) of the Buyout Amount (which, for the avoidance
of doubt, shall be treated as Royalty Payments and credited towards the Royalty Cap) and retain the right to fifty percent (50%) (such
retained percentage, the &ldquo;<U>Buyout Rate</U>&rdquo;) of the Revenue Participation Right, whereupon the Buyer will receive such Buyout
Rate of the Revenue Participation Right until the Royalty Termination Date. For illustrative purposes, if, for a given period, the Royalty
Payment due to Buyer equals $1,000,000 for such period, then, following Buyer&rsquo;s exercise of its right pursuant to the immediately
preceding proviso, such amount due to Buyer would equal $500,000 (i.e., $1,000,000 multiplied by the Buyout Rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">Section 2.4&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>No
Assumed Obligations, Etc</U></FONT>. Notwithstanding any provision in this Agreement to the contrary, the Buyer is only agreeing, on the
terms and conditions set forth in this Agreement, to purchase, acquire and accept the Revenue Participation Right and is not assuming
any liability or obligation of the Seller of whatever nature, whether presently in existence or arising or asserted hereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: uppercase">Article
3</FONT><BR>
CLOSING AND PAYMENT OF PURCHASE PRICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 3.1&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Closing</U></FONT>.
The Closing shall take place remotely via the exchange of documents and signatures on the date on which the Buyer delivers (or causes
to be delivered) payment of the Closing Price to the Seller in accordance with Section 2.2(a) and Section 3.2(a) (the &ldquo;<U>Closing
Date</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 3.2&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Payment
of Purchase Price</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
later than fifteen (15) Business Days following the date hereof, the Buyer shall deliver (or cause to be delivered) payment of the Closing
Price to the Seller by electronic funds transfer or wire transfer of immediately available funds to one or more accounts specified by
the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
providing the Buyer with written notice of the achievement of the milestones set forth in Section 2.2(b) and Section 2.2(c), the corresponding
Milestone Payments shall be made within [**] days by electronic funds transfer or wire transfer of immediately available funds to one
or more accounts specified by the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 3.3&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Bill
of Sale</U></FONT>. At the Closing, upon confirmation of the receipt of the Closing Price, the Seller shall deliver to the Buyer a duly
executed bill of sale evidencing the sale, transfer, assignment and conveyance of the Revenue Participation Right in form attached hereto
as <U>Exhibit B</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: uppercase">Article
4</FONT><BR>
REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 4.1&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Seller&rsquo;s
Representations and Warranties</U></FONT>. Except as set forth on the Disclosure Schedule attached hereto, the Seller represents and warrants
to the Buyer that as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existence</U>.
The Seller is a soci&eacute;t&eacute; anonyme duly incorporated and validly existing under the laws of Switzerland. The Seller is duly
licensed or qualified to do business in each jurisdiction in which the nature of the business conducted by it or the character or location
of the properties and assets owned, leased or operated by it makes such licensing or qualification necessary, except where the failure
to be so licensed or qualified has not and would not reasonably be expected to have, either individually or in the aggregate, a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization</U>.
The Seller has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. The execution,
delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby, have been duly authorized by
all necessary corporate action on the part of the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforceability</U>.
This Agreement has been duly executed and delivered by an authorized officer of the Seller and constitutes the valid and binding obligation
of the Seller, enforceable against the Seller in accordance with its terms, except as may be limited by applicable Bankruptcy Laws or
by general principles of equity (whether considered in a proceeding in equity or at law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflicts</U>. The execution, delivery and performance by the Seller of this Agreement and the consummation of the transactions contemplated
hereby do not and will not (a)&nbsp;contravene or conflict with the articles of association of the Seller, (b)&nbsp;contravene or conflict
with or constitute a material default under any law binding upon or applicable to the Seller or (c)&nbsp;contravene or conflict with or
constitute a material default under any material agreement or Judgment binding upon or applicable to the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents</U>.
Except for the consents that will have been obtained on or prior to the Closing, the UCC financing statements contemplated by Section
2.1(b), or any filings required by the federal securities laws or stock exchange rules, no consent, approval, license, order, authorization,
registration, declaration or filing with or of any Governmental Entity or other Person is required to be done or obtained by the Seller
in connection with (i)&nbsp;the execution and delivery by the Seller of this Agreement, (ii)&nbsp;the performance by the Seller of its
obligations under this Agreement or (iii)&nbsp;the consummation by the Seller of any of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Litigation</U>. Neither the Seller nor any of its Affiliates is a party to, and has not received any written notice of, any action, suit,
investigation or proceeding pending before any Governmental Entity and, to the Knowledge of the Seller, no such action, suit, investigation
or proceeding has been threatened against the Seller, that, individually or in the aggregate, has had or would, if determined adversely,
reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
applications, submissions, information and data related to the Products (and to the Knowledge of the Seller with respect to ZYNLONTA in
the Asia Region) submitted or utilized as the basis for any request to any Regulatory Authority by or on behalf of the Seller, were true
and correct in all material respects as of the date of such submission or request, and, to the Knowledge of the Seller, any material updates,
changes, corrections or modification to such applications, submissions, information or data required under applicable laws or regulations
to be made by or on behalf of the Seller have been submitted to the necessary Regulatory Authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Seller nor any of its Affiliates has committed any act, made any statement or failed to make any statement that would reasonably be
expected to provide a basis for the FDA or EMA to invoke its policy with respect to &ldquo;Fraud, Untrue Statements of Material Facts,
Bribery, and Illegal Gratuities&rdquo;, or similar policies, set forth in any applicable laws or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller has provided to the Buyer prior to the date hereof in a data room available to the Buyer true and correct copies or summaries of
all material written communications sent or received by the Seller and any of its Affiliates to or from any Regulatory Authorities in
the Cami Territory or the ZYNLONTA Territory, as applicable, that relate to the Products since January 1, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Seller, any of its Affiliates and, to the Knowledge of the Seller, any Third Party manufacturer of any Product, has received from
the FDA a &ldquo;Warning Letter&rdquo;, Form FDA-483, &ldquo;Untitled Letter,&rdquo; or similar material written correspondence or notice
alleging violations of applicable laws and regulations enforced by the FDA, or any comparable material written correspondence from any
other Regulatory Authority in the Cami Territory or the ZYNLONTA Territory, as applicable (and to the Knowledge of the Seller, with respect
to ZYNLONTA in the Asia Region), with regard to any Product or the manufacture, processing, packaging or holding thereof, the subject
of which communication is unresolved and if determined adversely to the Seller or such Affiliate would, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
January 1, 2018, (A) there have been no Safety Notices in the Cami Territory or the ZYNLONTA Territory, as applicable, (and, to the Knowledge
of the Seller, with respect to ZYNLONTA in the Asia Region), (B) to the Knowledge of the Seller, there are no unresolved material Products
complaints with respect to the Products, which would result in a Material Adverse Effect, and (C) to the Knowledge of the Seller, there
are no facts currently in existence that would, individually or in the aggregate, reasonably be expected to result in (1) a material Safety
Notice with respect to the Products, or (2) a material change in the labeling of the Products. Since January 1, 2018, neither the Seller
nor any of its Affiliates has experienced any significant failures in the manufacturing of the Products for clinical use or commercial
sale in the Cami Territory or the ZYNLONTA Territory, as applicable (and to the Knowledge of the Seller, with respect to ZYNLONTA in the
Asia Region) that, individually or in the aggregate, have had or would reasonably be expected to result in, if such failure occurred again,
a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Licenses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>In-Licenses</U>.
Except as set forth on <U>Schedule 4.1(h)(i)</U> of the Disclosure Schedule, there are no In-Licenses (any In-License set forth on <U>Schedule
4.1(h)(i)</U> of the Disclosure Schedule, an &ldquo;<U>Existing In-License</U>&rdquo;). A true, correct and complete copy of each Existing
In-License has been provided to the Buyer by the Seller in a data room available to the Buyer. Neither the Seller nor the respective counterparty
thereto has made or entered into any amendment, supplement or modification to, or granted any waiver under any material provision of any
Existing In-License.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Out-Licenses</U>.
Except as set forth on <U>Schedule 4.1(h)(ii)</U> of the Disclosure Schedule, there are no Out-Licenses in the Cami Territory or the ZYNLONTA
Territory, as applicable, (any Out-License set forth on <U>Schedule&nbsp;4.1(h)(ii)</U> of the Disclosure Schedule, an &ldquo;<U>Existing
Out-License</U>&rdquo;). A true, correct and complete copy of each Existing Out-License has been provided to the Buyer by the Seller in
a data room available to the Buyer. Neither the Seller nor the respective counterparty thereto has made or entered into any amendment,
supplement or modification to, or granted any waiver under any material provision of any Existing Out-License that has not been provided
to the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Validity
and Enforceability of Licenses</U>. Each Existing In-License and Existing Out-License (an &ldquo;<U>Existing License</U>&rdquo;) is a
valid and binding obligation of the Seller and, to the Knowledge of the Seller, the counterparty thereto. To the Knowledge of the Seller,
each Existing License is enforceable against each counterparty thereto in accordance with its terms except as may be limited by applicable
Bankruptcy Laws or by general principles of equity (whether considered in a proceeding in equity or at law). The Seller has not received
any written notice in connection with any Existing License challenging the validity or enforceability of any provision of such agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Termination</U>. The Seller has not (A)&nbsp;given notice to a counterparty of the termination of any Existing License (whether in whole
or in part) or any notice to a counterparty expressing any intention to terminate any Existing License or (B)&nbsp;received from a counterparty
thereto any written notice of termination of any Existing License (whether in whole or in part) or any written notice from a counterparty
expressing any intention to terminate any Existing License.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Breaches or Defaults</U>. There is and has been no material breach or default under any provision of any Existing License either by the
Seller or, to the Knowledge of the Seller, by the respective counterparty (or any predecessor thereof) thereto, and, to the Knowledge
of the Seller, there is no event that upon notice or the passage of time, or both, would reasonably be expected to give rise to any material
breach or default either by the Seller or, to the Knowledge of the Seller, by the respective counterparty to such agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
Made</U>. Seller has made all payments to the respective counterparty of each Existing License required under each Existing License as
of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Assignments</U>. The Seller has not consented to any assignment by the counterparty to any Existing License of any of its rights or obligations
under any such Existing License and, to the Knowledge of the Seller, the counterparty has not assigned any of its rights or obligations
under any such Existing License to any Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Indemnification Claims</U>. The Seller has not notified any Person of any claims for indemnification under any Existing License nor has
the Seller received any claims for indemnification under any Existing License.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Infringement</U>. Neither the Seller nor any of its Affiliates has received any written notice from, or given any written notice to, any
counterparty to any Existing License regarding any infringement of any of the Existing Patent Rights licensed thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Liens; Title to Revenue Participation Right</U>. None of the Product Rights owned or purported to be owned by the Seller or its Affiliates
is subject to any Liens other than Liens contemplated by clauses (b), (c) and (d) of the definition of Permitted Liens. None of the property
or assets owned or purported to be owned by the Seller or its Affiliates, in each case, to the extent specifically related to the Products
in the Cami Territory or the ZYNLONTA Territory, as applicable, excluding the Product Rights, is subject to any Lien, except for Permitted
Liens. Upon the Closing, the Buyer will have acquired, subject to the terms and conditions set forth in this Agreement, good and marketable
title to the Revenue Participation Right, free and clear of all Liens, except for any Liens contemplated by clauses (d) and (f) of the
definition of Permitted Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manufacturing;
Supply</U>. The Products have, since January 1, 2018, (i) been manufactured, transported, stored and handled in all material respects
in accordance with applicable law and with good manufacturing practices in the Cami Territory or the ZYNLONTA Territory, as applicable
and (ii) to the Knowledge of the Seller, been manufactured, transported, stored and handled in all material respects in accordance with
applicable law and with good manufacturing practices in the Asia Region. Since January 1, 2018, neither the Seller nor any Affiliate of
the Seller has experienced any significant failures in the manufacturing or supply of any Product in the Cami Territory or the ZYNLONTA
Territory, as applicable or, to the Knowledge of the Seller, in the Asia Region, that, individually or in the aggregate, have had or would
reasonably be expected to result in, if such failure occurred again, a Material Adverse Effect. The Seller has on hand or has made adequate
provisions to secure sufficient clinical quantities of the Products to complete all clinical trials and all activities required for Marketing
Approvals, in each case, that are ongoing or planned as of the date hereof. The Seller has on hand or has made adequate provisions to
secure sufficient quantities of ZYNLONTA to support the commercial launch of ZYNLONTA in the Major Markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule
4.1(k)(i)(A)</U> of the Disclosure Schedule lists all of the currently existing Patents owned by Seller or its Affiliates and, to the
Knowledge of the Seller, all of the currently existing In-Licensed [**], and the In-Licensed [**] patents, in each case, included within
the Patent Rights (the &ldquo;<U>Existing Patent Rights</U>&rdquo;), including as to each listed patent or patent application the jurisdictions
by or in which each such patent has issued as a patent or such patent application has been filed, including the respective patent or application
numbers. <U>Schedule 4.1(k)(i)(B)</U> of the Disclosure Schedule lists all of the currently existing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt; background-color: white">Trademarks owned
by Seller or its Affiliates included within the Trademark Rights (together with any exclusively in-licensed Trademarks within the Trademark
Rights, the &ldquo;<U>Existing Trademark Rights</U>&rdquo;). Except as set forth on <U>Schedule 4.1(k)(i)(A)</U> of the Disclosure Schedule,
as of the date hereof, the Seller is the sole and exclusive owner of all of the Existing Patent Rights owned or purported to be owned
by it. Except as set forth on <U>Schedule 4.1(k)(i)(B)</U> of the Disclosure Schedule, as of the date hereof, the Seller is the sole and
exclusive owner of all of the Existing Trademark Rights owned or purported to be owned by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Seller nor any of its Affiliates is a party to any pending and, to the Knowledge of the Seller, there is no threatened, litigation, interference,
reexamination, <I>inter partes</I> review, opposition or like procedure involving any of the Existing Patent Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Knowledge of the Seller, the issued patents within the Existing Patent Rights are valid, enforceable and in full force and effect.
None of the issued Patents owned by Seller or its Affiliates within the Existing Patent Rights have lapsed, expired or otherwise terminated.
Neither Seller nor any of its Affiliates has received any written notice relating to the lapse, expiration or other termination of any
of the issued Patents owned by Seller or its Affiliates within the Existing Patent Rights, and neither Seller nor its Affiliates has received
any written legal opinion of outside counsel that alleges that, an issued Patent within any of the Existing Patent Rights, or patent claims
therein, is invalid or unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Knowledge of the Seller, [**].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Knowledge of the Seller, (1) each Person associated with the filing and prosecution of the Existing Patent Rights has complied in
all material respects with all applicable duties of candor and good faith in dealing with their respective patent offices and (2) each
of the Existing Patent Rights correctly names each inventor of the claims thereof as determined in accordance with the laws of the jurisdiction
in which such Existing Patent Right was issued or is pending.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Knowledge of the Seller, neither Seller nor any of its Affiliates has received any notice that there is any, and, to the Knowledge
of the Seller, there is no, Person who is or claims to be an inventor under any of the Existing Patent Rights who is not a named inventor
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Seller nor its Affiliates has received any written notice of any claim by any Person challenging the inventorship or ownership of, the
rights of the Seller in and to, or the patentability, validity or enforceability of, any of the Existing Patent Rights or asserting that
the development, manufacture, importation, sale, offer for sale or use of the Products infringes, misappropriates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt; background-color: white">or otherwise violates
or will infringe, misappropriate or otherwise violate such Person&rsquo;s Patents or other intellectual property rights in the Cami Territory
or the ZYNLONTA Territory, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Knowledge of the Seller, the discovery, development manufacture, importation, sale, offer for sale or use of the Products, in each
case in the form the Products exists as of the date hereof and as such activity is currently contemplated by the Seller, has not and will
not, infringe, misappropriate or otherwise violate any Patents or other intellectual property rights owned by any Third Party in the Cami
Territory or the ZYNLONTA Territory, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Knowledge of the Seller, no Person has infringed, misappropriated or otherwise violated, or is infringing, misappropriating or otherwise
violating, any of the Intellectual Property Rights in the Cami Territory or the ZYNLONTA Territory, as applicable, or, to the Knowledge
of the Seller, in the Asia Region, in each case except where such violation, infringement or misappropriation would not reasonably be
expected to have, either individually or in the aggregate, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Knowledge of the Seller, the Seller or such other Person, in their capacity as an owner or co-owner, has paid all maintenance fees,
annuities and like payments required as of the date hereof with respect to each of the Existing Patent Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZYNLONTA
was approved on April 23, 2021 in the United States under Section 351(a) of the Public Health Service Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indebtedness</U>.
<U>Schedule 4.1(l)</U> of the Disclosure Schedule sets forth a complete list of the outstanding Indebtedness of the Seller and its Subsidiaries
in excess of $100,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lien-Related
Representation and Warranties</U>. The Seller&rsquo;s exact legal name is, and has been since October 13, 2015, &ldquo;ADC Therapeutics
SA&rdquo;. From the date of inception on June 6, 2011 until October 12, 2015, the Seller&rsquo;s exact legal name was &ldquo;ADC Therapeutics
S&agrave;rl&rdquo;. The Seller is, and for the prior ten years has been, incorporated in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Brokers&rsquo;
Fees</U>. There is no investment banker, broker, finder, financial advisor or other intermediary who has been retained by or is authorized
to act on behalf of the Seller who might be entitled to any fee or commission in connection with the transactions contemplated by this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">Section 4.2&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Buyer&rsquo;s
Representations and Warranties</U></FONT>. The Buyer hereby represents and warrants to the Seller that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existence;
Good Standing</U>. The Buyer is an entity duly organized, validly existing and in good standing under the laws of the respective jurisdiction
in which it is organized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization</U>.
The Buyer has the requisite trust right, power and authority to execute, deliver and perform its obligations under this Agreement. The
execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby, have been duly authorized
by all necessary action on the part of the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforceability</U>.
This Agreement has been duly executed and delivered by an authorized person of the owner trustee of the Buyer and constitutes the valid
and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms, except as may be limited by applicable
Bankruptcy Laws or by general principles of equity (whether considered in a proceeding in equity or at law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflicts</U>. The execution, delivery and performance by the Buyer of this Agreement do not and will not (i)&nbsp;contravene or conflict
with the organizational documents of the Buyer, (ii)&nbsp;contravene or conflict with or constitute a default under any material provision
of any law binding upon or applicable to the Buyer or (iii)&nbsp;contravene or conflict with or constitute a default under any material
contract or other material agreement or Judgment binding upon or applicable to the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents</U>.
Except for any filings required by the federal securities laws or stock exchange rules, no consent, approval, license, order, authorization,
registration, declaration or filing with or of any Governmental Entity or other Person is required to be done or obtained by the Buyer
in connection with (i)&nbsp;the execution and delivery by the Buyer of this Agreement, (ii)&nbsp;the performance by the Buyer of its obligations
under this Agreement or (iii)&nbsp;the consummation by the Buyer of any of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Litigation</U>. There is no action, suit, investigation or proceeding pending or, to the knowledge of the Buyer, threatened before any
Governmental Entity to which the Buyer is a party that would, if determined adversely, reasonably be expected to prevent or materially
and adversely affect the ability of the Buyer to perform its obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financing</U>.
The Buyer has sufficient cash to pay the Closing Price at the Closing and when due pursuant to Section 2.2(a). The Buyer acknowledges
that its obligations under this Agreement are not contingent on obtaining financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Brokers&rsquo;
Fees</U>. There is no investment banker, broker, finder, financial advisor or other intermediary who has been retained by or is authorized
to act on behalf of the Buyer who might be entitled to any fee or commission in connection with the transactions contemplated by this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: uppercase">Article
5</FONT><BR>
COVENANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.1&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Information
Rights</U></FONT>. From and after the Closing Date, senior representatives of the Seller will meet at the request of the Buyer (no more
often than once per calendar quarter) to discuss, among other things, material commercial, regulatory and intellectual property developments
relating to the Products in the Cami Territory or the ZYNLONTA Territory, as applicable, (each such meeting and, if applicable, related
materials provided in response to Buyer&rsquo;s request for additional information, an &ldquo;<U>Update Report</U>&rdquo;). The Seller
shall also provide the Buyer with such additional information in its possession and control regarding the Products in the Cami Territory
or the ZYNLONTA Territory, as applicable, included in each Update Report as the Buyer may reasonably request from time to time. Notwithstanding
the foregoing, Seller will have satisfied its obligations pursuant to the immediately preceding sentence upon delivery of materials provided
to its board of directors in connection with the Products in the Cami Territory or the ZYNLONTA Territory, as applicable, to the extent
relevant, in the reasonable discretion of the Seller, to the Buyer&rsquo;s request, and Seller is under no obligation to aggregate or
otherwise create information, data or other work product in respect of Buyer&rsquo;s request for information pursuant to the immediately
preceding sentence. The Seller and its controlled Affiliates shall prepare and maintain, and shall use Commercially Reasonable Efforts
to cause its non-controlled Affiliates and Licensees to prepare and maintain, reasonably complete and accurate records of the information
to be disclosed in each Update Report and Royalty Report (together, the &ldquo;<U>Reports</U>&rdquo;). All Reports, and the Confidential
Information contained therein, shall be the Confidential Information of Seller and subject to the obligations of confidentiality set forth
in Article 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.2&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Royalty
Payments; Revenue Participation and Royalty Payment Details</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the Closing Date, the Seller shall pay to the Buyer, without any setoff or offset (subject, in each case, to Section 5.10),
the Royalty Payment for each calendar quarter promptly, but in any event no later than [**] calendar days after the end of each applicable
calendar quarter; provided that, for [**] calendar days thereafter, the Seller may further remit to the Buyer such amounts received from
Licensees or Distributors and constituting a part of the Royalty Payment without penalty; and provided further that Royalty Payments based
upon Included Product Revenue set forth in subclause (b) and (c) of the definition thereof, shall not be due until [**] calendar days
after the end of the calendar quarter in which the applicable Included Product Revenue is actually received by Seller. A late fee of [**]
percent ([**]%) over the Prime Rate (calculated on a per annum basis) will accrue on all unpaid amounts with respect to any Royalty Payment
from the date such obligation was due. The imposition and payment of a late fee shall not constitute a waiver of the Buyer&rsquo;s rights
with respect to such payment default. The first calendar quarter for which a Royalty Payment is due shall be deemed to commence on the
Closing Date (with respect to Net Sales of Products in the Cami Territory or the ZYNLONTA Territory, as applicable, on or after such date
and with respect to Other Product Revenue actually received on or after such date) and extend to the end of such calendar quarter and
the last calendar quarter for which a Royalty Payment is due shall be deemed to commence on the first day of such calendar quarter and
extend to the effective date of termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the Closing Date, for each calendar quarter, promptly, but in any event no later than [**] calendar days after the end of each
of the calendar quarters, the Seller shall provide to Buyer a report setting forth in reasonable detail (a &ldquo;<U>Royalty Report</U>&rdquo;):
(i) Included Product Revenue for the applicable calendar quarter and calendar year to date, on a country-by-country and Product-by-Product
basis (including a break-down of all deductions from Gross Sales used to determine Net Sales and any Net Sales described in Section 5.4(c)),
and (ii) (A) the calculation of the Royalty Payment payable to the Buyer for the applicable calendar quarter, identifying, on a country-by-country
and Product-by-Product basis, the number of units of Products sold by the Seller, its Affiliates and each Licensee; provided, that Royalty
Payments based upon Included Product Revenue set forth in subclause (b) and (c) of the definition thereof shall be included in a Royalty
Report to the extent such Included Product Revenue is actually received by Seller in the applicable calendar quarter; and (B) foreign
currency exchange rates used (which shall be rates of exchange determined in a manner consistent with the Seller&rsquo;s method for calculating
rates of exchange in the preparation of the Seller&rsquo;s annual financial statements in accordance with IFRS).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall maintain a lockbox account for the purpose of making Royalty Payments hereunder (the &ldquo;<U>Lockbox Account</U>&rdquo;)
and shall either: (i) direct the applicable Included Product Revenue Royalty Rate for Product revenues to the Lockbox Account or (ii)
within [**] calendar days of the end of each calendar quarter, deposit into, or maintain an amount in, the Lockbox Account equal to [**]
percent ([**]%) of the Royalty Payment in respect of subclause (a) and (c) of Included Product Revenue payable in respect of the prior
quarter. The payment of the Royalty Payments to the Buyer under this Section 5.2 shall be made first from the Lockbox Account and then
from the Seller&rsquo;s other accounts, if necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
payments required to be made by either Party under this Agreement shall be made in United States Dollars via electronic funds transfer
or wire transfer of immediately available funds to such bank account as the other Party shall designate in writing prior to the date of
such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.3&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Inspections
and Audits of the Seller</U></FONT>. Following the Closing, upon at least [**] Business Days&rsquo; written notice and during normal business
hours, no more frequently than once per calendar year, the Buyer may cause an inspection and/or audit by an independent public accounting
firm reasonably acceptable to the Seller to be made of the Seller&rsquo;s books of account for the two calendar years prior to the audit
for the purpose of determining the correctness of Royalty Payments made under this Agreement. Upon the Buyer&rsquo;s reasonable request,
no more frequently than once per calendar year while any Out-License or Permitted License remains in effect, the Seller shall use Commercially
Reasonable Efforts to exercise any rights it may have under any Out-License or Permitted License relating to the Products to cause an
inspection and/or audit by an independent public accounting firm to be made of the books of account of any counterparty thereto for the
purpose of determining the correctness of Royalty Payments made under this Agreement. All of the out-of-pocket expenses of any inspection
or audit requested by the Buyer hereunder (including the fees and expenses of such independent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">public accounting
firm designated for such purpose) shall be borne solely by the Buyer, unless the independent public accounting firm determines that Royalty
Payments previously paid during the period of the audit were underpaid by an amount greater than [**] percent ([**]%) of the Royalty
Payments actually paid during such period, in which case such expenses shall be borne by the Seller. Such accounting firm will enter
into a confidentiality agreement and an engagement letter reasonably acceptable to the Seller governing the use and disclosure of the
Seller&rsquo;s information disclosed to such accounting firm and such accounting firm&rsquo;s acceptance of the procedures set forth
in this Section 5.3. Such accounting firm shall not disclose the confidential information of the Seller or any such Licensee relating
to the Products to the Buyer, except to the extent such disclosure is necessary to determine the correctness of Royalty Payments or otherwise
would be included in a Report. All information obtained by the Buyer as a result of any such inspection or audit shall be Confidential
Information of the Seller subject to Article 7. The Parties agree that the calculation of Included Product Revenue and the Royalty Payments
by such accounting firm contemplated by this Section 5.3 is to measure Included Product Revenue and the Royalty Payments in accordance
with the terms of this Agreement, and such calculation is not intended to permit the introduction of accounting methods, policies, principles,
practices, procedures, classifications or estimation methodologies contrary to those specified in this Agreement for the purposes of
determining Included Product Revenue and the Royalty Payments. Such accounting firm shall provide a copy of its report to the Parties
simultaneously. The Parties shall have [**] calendar days from the date of delivery of such report to provide the accounting firm with
comments on such report, which each Party shall deliver to the accounting firm and the other Party simultaneously. The accounting firm
shall consider such comments in good faith and shall deliver an updated report within [**] calendar days of the earlier to occur of such
[**] day review period or the Parties&rsquo; written confirmation of submission of final comments to such accounting firm&rsquo;s initial
report. If the final report of the accounting firm in respect of an audit discloses any underpayments by the Seller to the Buyer, then
such underpayment, shall be paid by the Seller to the Buyer within [**] calendar days of it being so disclosed. If any audit discloses
any overpayments by the Seller to the Buyer, then, the Seller shall have the right to credit the amount of the overpayment against each
subsequent quarterly Royalty Payment due to the Buyer until the overpayment has been fully applied. If the overpayment is not fully applied
prior to the final quarterly Royalty Payment due hereunder, the Buyer shall promptly refund an amount equal to any such remaining overpayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.4&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Intellectual
Property Matters</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the rights and obligations of any Licensees, licensors or co-owners of Patent Rights (including any counterparties to an Existing In-License
or In-License), the Seller shall&nbsp;(i) take any and all reasonably necessary actions, and prepare, execute, deliver and file any and
all agreements, documents and instruments, that are reasonably necessary to diligently preserve and maintain the applicable Patents owned
by Seller or its Affiliates included within the Patent Rights and with respect to which the Seller has prosecution rights (and, with respect
to Patents licensed to Seller or its Affiliates and included within the Patent Rights, shall use Commercially Reasonable Efforts with
respect thereto), including, as applicable, payment of maintenance fees or annuities where it is commercially reasonable to do so, and
(ii) shall use Commercially Reasonable Efforts with respect to the prosecution and maintenance of the Patent Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall, subject to the rights and obligations of any Licensees, licensors or co-owners of Intellectual Property Rights (including
any counterparties to an Existing In-License or In-License),&nbsp;use Commercially Reasonable Efforts to (i)&nbsp;diligently defend and
enforce the applicable Intellectual Property Rights against infringement or interference by any other Person, and against any claims of
invalidity or unenforceability, in any jurisdiction (including by bringing any legal action for infringement or defending any counterclaim
of invalidity or action of any other Person for declaratory judgment of non-infringement or non-interference) and (ii)&nbsp;when available
in respect of any applicable Product, obtain Patents and obtain patent term extensions and any other forms of patent term restoration
in any country in the Cami Territory or the ZYNLONTA Territory, as applicable. The Seller shall [**] provide to the Buyer a copy of any
written notice received by it of a legal action, suit or other proceeding involving the Patent Rights in the Cami Territory or the ZYNLONTA
Territory. The Seller shall [**] inform the Buyer of any infringement by a Third Party of any Patent Right in the Cami Territory or the
ZYNLONTA Territory, as applicable, of which any of the individuals named in the definition of &ldquo;Knowledge of the Seller&rdquo; (or
the successors of such Person at the Seller) becomes aware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
between the Parties, the Seller&rsquo;s actions required to be taken under this Section 5.4 shall be taken at the Seller&rsquo;s sole
expense. If the Seller recovers monetary damages from a Third Party in an action brought for such Third Party&rsquo;s infringement of
any Patent Rights in the Cami Territory or the ZYNLONTA Territory, as applicable, relating to the Products and actions of such Third Party
competitive with the Products in the Cami Territory or the ZYNLONTA Territory, as applicable, where such damages, whether in the form
of judgment or settlement, are awarded for such infringement of such Patent Rights, (i) such recovery will be allocated first to the reimbursement
of any expenses incurred by the Seller or its Affiliates, or its licensors or licensees, in bringing such action (including all reasonable
attorney&rsquo;s fees) and (ii) any remaining amounts, to the extent payable to Seller or its Affiliates (excluding punitive or exemplary
damages awarded) will be treated as Net Sales with respect to the Cami Territory or the ZYNLONTA Territory, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary herein, in no event will the Seller be required to provide any document or information or take an action or omit
to take any action that would constitute any breach or default of any obligation of the Seller or its Affiliates under an In-License or
Out-License.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.5&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>In-Licenses</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall [**] provide the Buyer with (i) executed copies of any In-License entered into by the Seller or its Affiliates after the
date hereof, and (ii) executed copies of each material amendment, supplement, modification or written waiver consummated after the date
hereof of any provision of any In-License; in each case of clauses (i) and (ii), to the extent complete and unredacted copies of such
In-Licenses, amendments supplements, modifications or written waivers are not publicly filed by the Seller, and subject to any confidentiality
restrictions applicable to Seller or its Affiliates under the applicable Existing In-License.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall use Commercially Reasonable Efforts to comply in all material respects with its obligations under any In-Licenses it enters
into and shall use Commercially Reasonable Efforts to not take any action or forego any action that would reasonably be expected to result
in a material breach thereof. [**] after receipt of any (written or oral) notice from a counterparty to any In-License or its Affiliates
of an alleged material breach under any In-License, the Seller shall provide the Buyer a copy thereof, subject to confidentiality restrictions
under the applicable In-License. The Seller shall use its Commercially Reasonable Efforts to cure any material breaches by it under any
In-License and shall give written notice to the Buyer upon curing any such breach. The Seller shall provide the Buyer with written notice
following becoming aware of a counterparty&rsquo;s material breach of its obligations under any In-License. The Seller shall not terminate
any In-License without providing the Buyer prior written notice. [**] following the Seller&rsquo;s notice to a counterparty to any In-License
of an alleged breach by such counterparty under any such In-License, the Seller shall provide the Buyer a copy thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.6&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Out-Licenses</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to compliance with this Section 5.6, the Seller may enter into an Out-License with a Third Party or enter into an agreement to develop,
co-promote or Commercialize any Product in any portion of the Cami Territory or the ZYNLONTA Territory, as applicable, for any fields
of use or for all fields of use (any such Out-License or agreement, a &ldquo;<U>Permitted License</U>&rdquo;); provided that the Seller
may not enter into (i) any exclusive Out-License in respect of ZYNLONTA in the United States (or any agreement or arrangement which is
the functional equivalent of such exclusive license in the United States) or (ii) any agreement or series of agreements in respect of
the co-promotion or Commercialization of ZYNLONTA in the United States that has the effect, taken as a whole, of prohibiting or materially
restricting the Seller from directly Commercializing ZYNLONTA in the United States (collectively (i) and (ii), &ldquo;<U>Restricted Agreements</U>&rdquo;),
in each case of clauses (i) and (ii), without the Buyer&rsquo;s prior written consent (such consent not to be unreasonably withheld, conditioned
or delayed); provided further that no such consent shall be required in respect of the Seller&rsquo;s entry into a Restricted Agreement
if the counterparty to such Restricted Agreement has a class of securities that are publicly traded on a securities exchange with a market
capitalization (or if such Person is privately held, total assets), at the time of the Seller&rsquo;s entry into such Restricted Agreement,
in excess of $5 billion and has an existing marketed pharmaceutical product in the field of oncology (in which case such Restricted Agreement
shall be deemed a Permitted License for all purposes hereunder). For the avoidance of doubt, nothing provided in this Section 5.6(a) restricts
in any way Seller&rsquo;s activities with respect to: (i) ZYNLONTA outside the United States, (ii) Cami, either inside or outside of the
Cami Territory, or (iii) the ability to enter into an agreement to develop, research or manufacture (but not Commercialize) any Product
inside or outside of the Cami Territory or the ZYNLONTA Territory, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall [**] provide the Buyer with an executed copy of any Out-License (including any Restricted Agreement that is deemed a Permitted
License), and executed copies of each amendment, supplement, modification or written waiver of any material provision of such Out-License;
provided that Seller may redact any information or provisions not related to the Products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall use Commercially Reasonable Efforts to include in all Out-Licenses in the Cami Territory or the ZYNLONTA Territory, as applicable,
(other than Existing Out-Licenses) provisions permitting the Seller to audit such Licensee that are substantially similar to the rights
set forth herein. Upon the Buyer&rsquo;s reasonable request, no more frequently than as permitted under the applicable Out-License (other
than Existing Out-Licenses), the Seller shall exercise its audit rights in accordance with the terms of such Existing Out-License or Permitted
License.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall provide the Buyer [**] written notice of a Licensee&rsquo;s material breach of its obligations under any Out-License (other
than Existing Out-Licenses) of which any of the individuals named in the definition of &ldquo;Knowledge of the Seller&rdquo; (or the successors
of such Person at the Seller) becomes aware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">Section 5.7&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Restricted
Indebtedness</U></FONT>. Prior to the Royalty Termination Date, the Seller shall not, and shall not permit any of its Subsidiaries to,
create, incur, assume or suffer to exist any Restricted Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.8&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Use
of Proceeds; Diligence</U></FONT>. For three (3) years following the Closing Date, Seller will use the amounts paid by the Buyer to the
Seller under this Agreement to support activities to complete clinical development, file for Marketing Approval, and Commercialize the
Products. In furtherance of the foregoing, the Seller shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use
Commercially Reasonable Efforts to: (i) complete clinical development of and Commercialize the Products (either directly or, subject to
Section 5.6, indirectly through Licensees) in the Major Markets, including to conduct the clinical studies set forth in the Product Plan;
(ii) (A) prepare, execute, deliver and file any and all agreements, documents or instruments that are necessary to secure and maintain
Marketing Approvals required to Commercialize the Products in the Major Markets; and (B) not withdraw or abandon, or fail to take any
action necessary to prevent the withdrawal or abandonment of, any such Marketing Approvals in the Major Markets; and (iii) execute Sections
2, 3 and 4 of the product plan set forth on <U>Exhibit D</U> (the &ldquo;<U>Product Plan</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
prior to the date that the trailing twelve (12) months of ZYNLONTA Net Sales equals at least $[**], execute Section 1 of the Product Plan;
and (ii) after the date that the trailing twelve (12) months of ZYNLONTA Net Sales equals at least $[**], use Commercially Reasonable
Efforts to execute Section 1 of the Product Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">Nothwithstanding anything
to the contrary herein, if execution of any element of the Product Plan, would violate applicable law, the Parties will meet and in good
faith and use commercially reasonable efforts to revise such element of the Product Plan in a manner mutually acceptable to the Parties
and in a manner consistent with applicable law. Notwithstanding anything to the contrary herein, on a Product-by-Product and country-by-country
basis, if the Regulatory Exclusivity Period expires with respect to a Product in a given country within the Major Markets, the Seller&rsquo;s
obligations under this Section 5.8 in respect of such Product in such country shall automatically terminate and be of no further force
or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.9&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Efforts
to Consummate Transactions</U></FONT>. Subject to the terms and conditions of this Agreement, each of the Seller and the Buyer will use
its commercially reasonable efforts prior to the Closing to take, or cause to be taken, all actions and to do, or cause to be done, all
things reasonably necessary under applicable law to consummate the transactions contemplated by this Agreement. Each of the Buyer and
the Seller agrees to execute and deliver such other documents, certificates, agreements and other writings and to take such other actions
as may be reasonably necessary in order to consummate or implement expeditiously the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.10&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Certain
Tax Matters</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller and the Buyer agree that for all Tax purposes, (a) the Seller and the Buyer shall treat the transactions contemplated by this Agreement
as a sale of the Revenue Participation Right and (b) any amounts remitted by the Seller to the Buyer after the Closing Date pursuant to
this Agreement shall be treated as received by the Seller as agent for the Buyer. The Parties agree not to take any position that is inconsistent
with the provisions of this Section 5.10(a) on any tax return or in any audit or other tax-related administrative or judicial proceeding
unless required by law or the good faith resolution of a tax audit. If there is an inquiry by any Governmental Entity of the Buyer or
the Seller related to the treatment described in this Section 5.10(a), the Parties shall cooperate with each other in responding to such
inquiry in a reasonable manner which is consistent with this Section 5.10(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Agreement, other than as set forth in Section 2.2, each of the Buyer and the Seller shall be entitled
to withhold and deduct (or cause to be withheld and deducted) from any amount payable under this Agreement to the other Party any Tax
that the Buyer or the Seller, as applicable, determines that it is required to withhold and deduct under applicable law; provided that
each of the Buyer and the Seller shall give the other Party prior notice and the opportunity, in good faith, to contest and prevent such
withholding and deduction. The Parties shall use commercially reasonable efforts to give or cause to be given to the other Party such
assistance and such information concerning the reasons for withholding or deduction (including, in reasonable detail, the method of calculation
for the deduction or withholding thereof) as may be reasonably necessary to enable the Buyer or the Seller, as applicable, to claim exemption
therefrom, or credit therefor, or relief (whether at source or by reclaim) therefrom, and, in each case, shall furnish the Buyer or the
Seller, as applicable, with proper evidence of the Taxes withheld and deducted and remitted to the relevant taxing authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any deduction or withholding for or on account of any Indemnified Tax is required by applicable law to be made, and is made, from any
payment to Buyer under this Agreement, then the Seller shall, within [**] Business Days after such deduction or withholding is made, make
a payment to the Buyer so that, after all such required deductions and withholdings are made by any applicable withholding agent (including
any deductions and withholdings required with respect to any additional payments under this Section 5.10(c)), the Buyer receives an amount
equal to the amount that it would have received had no withholding of such Indemnified Taxes been made, except that the Seller shall have
no obligation to pay the Buyer any additional amounts for or on account of any Indemnified Tax under this Section 5.10(c) to the extent
such Indemnified Tax resulted from the Buyer&rsquo;s breach of its obligations under Section 5.10(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(d)&#9;The Seller
shall notify the Buyer in writing not more than [**] days after becoming aware that any Indemnified Tax may be required with respect to
any payment to Buyer under this Agreement.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Buyer is entitled to additional amounts pursuant to Section 5.10(c), then Buyer shall use commercially reasonable efforts to assign its
rights and obligations hereunder to an Affiliate, if, in the reasonable judgment of Buyer, such assignment (i)&nbsp;would eliminate or
reduce any additional amounts payable pursuant to Section 5.10(c) in the future and (ii)&nbsp;would not subject Buyer to any unreimbursed
cost or expense and would not otherwise be disadvantageous to Buyer.&nbsp; The Seller hereby agrees to pay all reasonable out-of-pocket
costs and expenses incurred by Buyer in connection with any such assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
and to the extent that the Seller pays any additional amount pursuant to Section 5.10(c) and the Buyer (acting in accordance with its
obligations under Section 5.10(b)) has received and retained the benefit of a refund of the Tax to which the additional amount related,
then the Buyer shall reimburse to the Seller an amount that is equal to such refund of Tax, net of any Tax imposed in respect of the receipt
of such refund and any out-of-pocket costs to obtain such refund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.11&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Further
Assurances</U></FONT>. After the Closing, the Seller and the Buyer agree to execute and deliver such other documents, certificates, agreements
and other writings and to take such other actions as may be reasonably necessary in order to give effect to the transactions contemplated
by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.12&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Signing
Deliveries</U></FONT>. Prior to or simultaneously with the execution of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
and Deerfield shall have duly executed the Subordination Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall deliver to the Buyer a valid, properly executed Internal Revenue Service Form W-8BEN-E certifying its non-U.S. status;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall deliver to the Buyer the legal opinion of Homburger AG, as counsel to the Seller, in substantially the form attached hereto
as <U>Exhibit C</U>; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall deliver to the Buyer a certificate of the Secretary or an Assistant Secretary of the Seller, dated the date hereof, certifying
as to (i)&nbsp;the incumbency of each officer of the Seller executing this Agreement and (ii)&nbsp;the attached thereto copies of (A)
the Seller&rsquo;s commercial register excerpt, (B) articles of association, and (C) resolutions adopted by the Seller&rsquo;s board of
directors authorizing the execution and delivery by the Seller of this Agreement and the consummation by the Seller of the transactions
contemplated hereby (the &ldquo;<U>Seller Certificate</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 5.13&#9;<U>Back-Up
Security Interest</U>. The Seller and the Buyer agree that notwithstanding anything herein to the contrary, except as may be limited by
applicable Bankruptcy Laws or by general principles of equity (whether considered in a proceeding in equity or at law), the Seller shall
not enter into any contracts or arrangement or otherwise knowingly take any action or knowingly fail to act in a manner that would, individually
or in the aggregate, reasonably be expected to materially and adversely affect the Buyer&rsquo;s ownership of the Revenue Participation
Right or the Back-Up Security Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: uppercase">Article
6</FONT><BR>
INDEMNIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 6.1&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>General
Indemnity</U></FONT>. From and after the Closing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Seller hereby agrees to indemnify, defend and hold harmless the Buyer and its Affiliates and its and their directors, managers, trustees,
officers, agents and employees (the &ldquo;<U>Buyer Indemnified Parties</U>&rdquo;) from, against and in respect of all Losses suffered
or incurred by the Buyer Indemnified Parties to the extent arising out of or resulting from [**]; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Buyer hereby agrees to indemnify, defend and hold harmless the Seller and its Affiliates and its and their directors, officers, agents
and employees (the &ldquo;<U>Seller Indemnified Parties</U>&rdquo;) from, against and in respect of all Losses suffered or incurred by
the Seller Indemnified Parties to the extent arising out of or resulting from [**].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Notwithstanding the foregoing,
(A) the Seller will have no obligation to indemnify any Buyer Indemnified Party to the extent that any Losses result from or arise out
of any matters for which the Buyer is obligated to indemnify any Seller Indemnified Party under &lrm;&lrm;&lrm;Section 6.1(b) and (B)
the Buyer will have no obligation to indemnify any Seller Indemnified Party to the extent that any Losses result from or arise out of
any matters for which the Seller is obligated to indemnify any Buyer Indemnified Party under Section 6.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 6.2&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Claims
Procedures</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
either a Buyer Indemnified Party, on the one hand, or a Seller Indemnified Party, on the other hand (such Buyer Indemnified Party on the
one hand and such Seller Indemnified Party on the other hand being hereinafter referred to as an &ldquo;<U>Indemnified Party</U>&rdquo;),
has suffered or incurred any Losses for which indemnification may be sought under this Article 6, the Indemnified Party shall so notify
the other Party from whom indemnification is sought under this Article 6 (the &ldquo;<U>Indemnifying Party</U>&rdquo;) promptly in writing
describing such Loss, the amount or estimated amount thereof, if known or reasonably capable of estimation, and the method of computation
of such Loss, all with reasonable particularity and containing a reference to the provisions of this Agreement in respect of which such
Loss shall have occurred. If any claim, action, suit or proceeding is asserted or instituted by or against a Third Party with respect
to which an Indemnified Party intends to claim any Loss under this Article 6 (a &ldquo;<U>Third Party Claim</U>&rdquo;), such Indemnified
Party shall promptly notify the Indemnifying Party of such Third Party Claim and tender to the Indemnifying Party the defense of such
Third Party Claim. A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">failure
by an Indemnified Party to give notice and to tender the defense of such Third Party Claim in a timely manner pursuant to this Section
6.2 shall not limit the obligation of the Indemnifying Party under this Article 6, except to the extent such Indemnifying Party is actually
prejudiced thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Indemnifying Party will be entitled to participate in the defense of any Third Party Claim that is the subject of a notice given by or
on behalf of any Indemnified Party pursuant to Section 6.2(a). In addition, the Indemnifying Party will have the right to defend the Indemnified
Party against the Third Party Claim with counsel of its choice reasonably satisfactory to the Indemnified Party so long as (d) the Indemnifying
Party gives written notice that they or it will defend the Third Party Claim to the Indemnified Party within [**] days after the Indemnified
Party has given notice of the Third Party Claim under Section 6.2(a) stating that the Indemnifying Party will, and thereby covenants to,
indemnify, defend and hold harmless the Indemnified Party from and against the entirety of any and all Losses the Indemnified Party may
suffer resulting from, arising out of, relating to, in the nature of, or caused by the Third Party Claim, (e) the Third Party Claim involves
only money damages and does not seek an injunction or other equitable relief, (f) the Indemnified Party has not been advised by counsel
that an actual or potential conflict exists between the Indemnified Party and the Indemnifying Party in connection with the defense of
the Third Party Claim and (g) the Third Party Claim does not relate to or otherwise arise in connection with any criminal action, suit,
investigation or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Indemnifying Party will not consent to the entry of any Judgment or enter into any compromise or settlement with respect to the Third
Party Claim without the prior written consent of the Indemnified Party (which consent will not be unreasonably withheld, conditioned or
delayed) unless such Judgment, compromise or settlement (i) provides for the payment by the Indemnifying Party of money as sole relief
for the claimant, (ii) results in the general release of all Indemnified Parties and its Affiliates from all liabilities arising or relating
to, or in connection with, the Third Party Claim, and (iii) involves no finding or admission of any violation of law or the rights of
any Person and no effect on any other claims that may be made against the Indemnified Party or any of its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Indemnifying Party does not deliver the notice contemplated by Section 6.2(a), within [**] days after the Indemnified Party has given
notice of the Third Party Claim pursuant to Section 6.2(a), or otherwise at any time fails to conduct the defense of the Third Party Claim
diligently, the Indemnified Party may defend, and may consent to the entry of any Judgment or enter into any compromise or settlement
with respect to, the Third Party Claim in any manner it may deem appropriate following consultation with the Indemnifying Party in connection
therewith. If such notice and evidence is given on a timely basis and the Indemnifying Party conducts the defense of the Third Party Claim
diligently but any of the other conditions in Section 6.2(b) is or becomes unsatisfied, the Indemnified Party may defend, and may consent
to the entry of any Judgment or enter into any compromise or settlement with respect to, the Third Party Claim; provided, that the Indemnifying
Party will not be bound by the entry of any such judgment consented to, or any such compromise or settlement effected, without its prior
written consent (which consent will not be unreasonably withheld, conditioned or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 6.3&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Limitations
on Liability; Time for Claims</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for claims arising from a breach of confidentiality obligations under Article 7 or in cases of fraud, no Party shall be liable for any
consequential, punitive, special or incidental damages under this Article 6 (and no claim for indemnification hereunder shall be asserted)
as a result of any breach or violation of any covenant or agreement of such Party (including under this Article 6) in or pursuant to this
Agreement. In connection with the foregoing, the Parties acknowledge and agree that (i) the Buyer&rsquo;s damages, if any, for any such
action or claim will typically include [**], and (ii) the Buyer shall be entitled to make claims for all such missing, delayed or diminished
Royalty Payments as Losses hereunder, and such missing, delayed or diminished Royalty Payments shall not be deemed consequential, punitive,
special, indirect or incidental damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary herein, (i) the Seller&rsquo;s aggregate liability in respect of claims for indemnification pursuant to Section
6.1(a)(i) will not exceed [**]; and (ii) the Buyer&rsquo;s aggregate liability in respect of claims for indemnification pursuant to Section
6.1(b) will not exceed [**]. In no event shall the Seller&rsquo;s aggregate liability in respect of claims for indemnification pursuant
to Section 6.1(a) exceed [**].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
claim may be made or suit instituted seeking indemnification pursuant to Section 6.1(a)(i) or Section 6.1(b)(i) unless a written notice
is provided to the Seller or Buyer, as applicable, prior to the date that is [**]months following the Closing. No claim may be made or
suit instituted seeking indemnification pursuant to any other provision of Section 6.1(a) or Section 6.1(b) unless a written notice is
provided to the Seller or Buyer, as applicable, prior to the date that is the later of (i) [**] years following the Closing or (ii) [**]
months following the Party that is bringing the claim&rsquo;s knowledge of the occurrence of the event giving rise to such claim for indemnification
under such other provision; provided that such date shall in no event be later than the Royalty Termination Date (except with respect
to any payments invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any
other party, under any bankruptcy act or code, state or federal law, common law or equitable doctrine).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 6.4&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Tax
Treatment of Indemnification Payments</U></FONT>. For all purposes hereunder, any indemnification payments made pursuant to this Article
6 will be treated as an adjustment to the Purchase Price for all Tax purposes to the fullest extent permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 6.5&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Certain
Breaches</U></FONT>. At the Buyer&rsquo;s election, in the case of a breach of &lrm;Section 5.6(a), &lrm;Section 5.8(a)(iii), or &lrm;Section
5.8(b), the Seller shall pay to the Buyer an amount equal to the product of one and one-half (1.5) multiplied by the amount equal to the
Purchase Price less the aggregate amount of all of the Royalty Payments or other amounts (excluding attorneys&rsquo; fees) credited towards
the Royalty Cap pursuant to this Agreement actually received by the Buyer or a Buyer Indemnified Party pursuant to this Agreement on the
date such payment is due to the Buyer (such payment, the &ldquo;<U>Non-Performance Payment</U>&rdquo;), by wire transfer of immediately
available funds to an account designated in writing by the Buyer, provided that the Seller will have a period of [**] days following receipt
of written notice of breach, specifying</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">in reasonable
detail the basis of or the facts and circumstances giving rise to the breach being alleged, from the Buyer to cure such breach. Notwithstanding
anything to the contrary herein, the Non-Performance Payment shall be due and payable only once, and following receipt of the Non-Performance
Payment, the Royalty Termination Date will be deemed to have occurred. The remedy set forth in this Section 6.5 shall be Buyer&rsquo;s
and its Affiliates&rsquo; sole and exclusive remedy in the event of an uncured breach of &lrm;Section 5.6(a), &lrm;Section 5.8(a)(iii),
or &lrm;Section 5.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 6.6&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Exclusive
Remedy</U></FONT>. The Parties acknowledge and agree that after the Closing, the indemnification provisions of this Article 6 shall be
the sole and exclusive remedies of the Parties for any breach of the representations or warranties or nonperformance of or default under
any covenants or agreements by either Party contained in this Agreement or any agreement, certificate or document signed and delivered
by either Party in connection with this Agreement (other than (a) claims for equitable relief or (b) claims of, or causes of action arising
from fraud). Notwithstanding the foregoing, any such claims shall be subject to the limitations set forth in Section 6.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: uppercase">Article
7</FONT><BR>
CONFIDENTIALITY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 7.1&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Confidentiality</U></FONT>.
Except as provided in this Article 7, Section 9.4 or otherwise agreed in writing by the Parties, the Parties agree that, during the term
of this Agreement and for [**] years thereafter, each Party (the &ldquo;<U>Receiving Party</U>&rdquo;) shall keep confidential and shall
not publish or otherwise disclose and shall not use for any purpose other than as provided for in this Agreement (which includes the exercise
of any rights or the performance of any obligations hereunder) any information furnished to it by or on behalf of the other Party (the
&ldquo;<U>Disclosing Party</U>&rdquo;) pursuant to this Agreement (such information, &ldquo;<U>Confidential Information</U>&rdquo; of
the Disclosing Party), except for that portion of such information that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;was
already known to the Receiving Party, other than under an obligation of confidentiality, at the time of disclosure by the Disclosing Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;was
generally available to the public or otherwise part of the public domain at the time of its disclosure to the Receiving Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;became
generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or omission
of the Receiving Party in breach of this Agreement or any other agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
independently developed by the Receiving Party or any of its Affiliates, as evidenced by written records, without the use of or reference
of the Confidential Information; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
subsequently disclosed to the Receiving Party on a non-confidential basis by a Third Party without obligations of confidentiality with
respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 7.2&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Authorized
Disclosure</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either
Party may disclose the other Party&rsquo;s Confidential Information to the extent such disclosure is reasonably necessary in the following
situations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prosecuting
or defending litigation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;complying
with applicable laws and regulations (including the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended,
and regulations promulgated by securities exchanges);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;complying
with a valid order of a court of competent jurisdiction or other Governmental Entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
regulatory, Tax or customs purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
audit purposes, provided that each recipient of Confidential Information must be bound by customary and reasonable obligations of confidentiality
and non-use prior to any such disclosure;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosure
to its Affiliates and Representatives on a need-to-know basis, provided that each such recipient of Confidential Information must be bound
by contractual or professional obligations of confidentiality and non-use at least as stringent as those imposed upon the Parties hereunder
prior to any such disclosure;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
the prior written consent of the Disclosing Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosure
to its potential investors, and other sources of funding, including debt financing, or potential partners, collaborators or acquirers,
and their respective accountants, financial advisors and other professional representatives, provided, that such disclosure shall be made
only to the extent customarily required to consummate such investment, financing transaction partnership, collaboration or acquisition
and that each recipient of Confidential Information must be bound by customary obligations of confidentiality and non-use prior to any
such disclosure;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosure
to Deerfield in connection with the negotiation, execution and delivery of the Subordination Agreement by Deerfield and the limited consent
obtained from Deerfield in respect of certain of the transactions contemplated hereby; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
is necessary in connection with a permitted assignment pursuant to Section 9.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, the existence and terms of this Agreement shall be deemed to be Confidential Information of both Parties. Nothing
provided herein limits either Party&rsquo;s use or disclosure of its own Confidential Information if such Confidential Information is
not also Confidential Information of the other Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, in the event the Receiving Party is required to make a disclosure of the Disclosing Party&rsquo;s Confidential Information
pursuant to Section 7.2(a)(i), (ii), (iii) or (iv), it will give reasonable advance notice to the Disclosing Party of such disclosure
(including providing a draft of the proposed disclosure reasonably in advance of disclosure to the extent permitted by applicable law)
and consider in good faith reasonable comments thereto, and shall use commercially reasonable efforts to secure confidential treatment
of such information. In any event, the Buyer shall not file any patent application based upon or using the Confidential Information of
Seller provided hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller may issue a press release following the execution of this Agreement in substantially the form attached hereto as <U>Exhibit E</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: uppercase">Article
8</FONT><BR>
TERMINATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 8.1&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Mutual
Termination</U></FONT>. This Agreement may be terminated by mutual written agreement of the Buyer and the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 8.2&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Automatic
Termination</U></FONT>. This Agreement shall continue in full force and effect until [**] calendar days after such time as the Seller
is no longer obligated to make any Royalty Payments under this Agreement, including following prepayment as provided in Section 2.3(a),
at which point this Agreement shall automatically terminate, except with respect to any rights that shall have accrued prior to such termination.
Upon the occurrence of the effective date of termination of this Agreement, the Buyer shall release and cooperate with the Seller to release
any financing statements and the Back-Up Security Interest contemplated by Section 2.1(b) (and execute and deliver any termination or
release documents in connection therewith) and all rights, title and interests, in, to and under the Revenue Participation Right shall
revert to the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 8.3&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Survival</U></FONT>.
Notwithstanding anything to the contrary in this Article 8, the following provisions shall survive termination of this Agreement: Section
5.2 (Royalty Payments; Revenue Participation and Royalty Payment Details) (solely with respect to amounts accrued prior to expiration
or termination but not paid), Section 5.3 (Inspection and Audits of the Seller); provided that Section 5.3 shall terminate on the second
anniversary of the effective date of termination of this Agreement, Article 6 (Indemnification), Article 7 (Confidentiality) (for the
time period specified in Section 7.1), this Section 8.3 (Survival) and Article 9 (Miscellaneous). Termination of the Agreement shall not
relieve any Party of liability in respect of breaches under this Agreement by any Party on or prior to termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: uppercase">Article
9</FONT><BR>
MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.1&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Headings</U></FONT>.
The table of contents and the descriptive headings of the several Articles and Sections of this Agreement and the Exhibits and Schedules
are for convenience only, do not constitute a part of this Agreement and shall not control or affect, in any way, the meaning or interpretation
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.2&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Notices</U></FONT>.
All notices and other communications under this Agreement shall be in writing and shall be by email with PDF attachment, facsimile, courier
service or personal delivery to the following addresses, or to such other addresses as shall be designated from time to time by a Party
in accordance with this Section 9.2:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent">If to the Seller, to it at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">ADC Therapeutics SA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Biop&ocirc;le, Route de la Corniche
3B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">1066 Epalinges, Switzerland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Attention: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Email: legal@adcthereapeutics.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent">with a copy (which shall not
constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Ropes &amp; Gray LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Prudential Tower</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">800 Boylston Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Boston, MA 02199-3600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"><I>Attention:</I> Melissa Rones;
Patrick O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Email: melissa.rones@ropesgray.com;
patrick.obrien@ropesgray.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent">If to the Buyer, to it at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">HealthCare Royalty Partners IV,
L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">300 Atlantic Street, Suite 600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Stamford, CT 06901</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"><I>Attention: </I>Clarke B. Futch,
Chairman and CEO<BR>
Email: Clarke.Futch@hcroyalty.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent">With copies (which shall not
constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">HealthCare Royalty Partners IV,
L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">300 Atlantic Street, Suite 600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Stamford, CT 06901</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"><I>Attention: &#9;</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul J. Hadden,
Senior Managing Director;<BR>
&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Legal Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">Emails:</TD><TD>Paul.Hadden@hcroyalty.com<BR>
Royalty-legal@hcroyalty.com</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in; background-color: white">RoyaltyReports@hcroyalty.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Gibson, Dunn &amp; Crutcher LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">555 Mission Street</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">San Francisco, CA 94105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white"><I>Attention</I>: Ryan Murr &amp;
Todd Trattner</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Email: rmurr@gibsondunn.com; ttrattner@gibsondunn.com</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">All notices and communications under
this Agreement shall be deemed to have been duly given (a)&nbsp;when delivered by hand, if personally delivered, (b)&nbsp;when sent, if
sent by facsimile, with an acknowledgement of sending being produced by the sending facsimile machine, (c) when sent, if by email with
PDF attachment, with an acknowledgement of receipt being produced by the recipient&rsquo;s email account, or (d)&nbsp;one (1) Business
Day following sending within the United States by overnight delivery via commercial one (1)-day overnight courier service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.3&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Expenses</U></FONT>.
Except as otherwise provided herein, all fees, costs and expenses (including any legal, accounting and banking fees) incurred in connection
with the preparation, negotiation, execution and delivery of this Agreement and to consummate the transactions contemplated hereby shall
be paid by the Party hereto incurring such fees, costs and expenses. [**].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.4&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Assignment</U></FONT>.
The Seller may not assign in whole or in part this Agreement without the Buyer&rsquo;s prior written consent (which consent shall not
be unreasonably withheld, conditioned or delayed), except to an Affiliate, or to a Third Party in connection with the sale or transfer
of all or substantially all of the Seller&rsquo;s business or assets related to the Products, whether by merger, sale of assets, reorganization,
or other conveyance of title and only if upon closing any such transaction, provided that the Seller causes such Affiliate or Third Party,
as applicable, to deliver a writing to the Buyer in which it assumes all of the obligations of the Seller to the Buyer under this Agreement,
and such Affiliate or Third Party shall be deemed an assignee of Seller under this Agreement. Following the Closing, the Buyer may assign
this Agreement in whole or in part to any Person, including to any Third Party or to one or more of its Affiliates; provided that, (a)
the Buyer shall cause such Person (i) to become a party to the Subordination Agreement in accordance with the terms thereof and (ii) to
deliver a writing to the Seller in which it assumes all of the obligations of the Buyer (other than such obligations retained by the Buyer
pursuant to Section 9.4(c)) to the Seller, (b) such assignment shall be at no cost to the Seller, including incremental Taxes or amounts
payable by the Seller pursuant to Section 5.10 and (c) the Buyer shall remain liable for the obligations hereunder to fund the Milestone
Payments when and as due under this Agreement. Notwithstanding anything to the contrary herein, the Buyer may not assign this Agreement
without the prior written consent of the Seller (such consent not to be unreasonably withheld, conditioned or delayed) to any Person whose
primary business is Commercializing a product for the treatment of any indication to the extent such indication is included in any Marketing
Approval of a Product or is the subject of an ongoing or planned clinical trial in respect of a Product that has been disclosed to the
Buyer in any Report. This Agreement shall be binding upon, inure to the benefit of and be enforceable by, the Parties and their respective
permitted successors and assigns. Any purported assignment in violation of this Section 9.4 shall be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.5&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Amendment
and Waiver</U></FONT>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be amended, modified or supplemented only in a writing signed by each of the Parties. Any provision of this Agreement may
be waived only in a writing signed by the Party granting such waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
failure or delay on the part of any Party in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any
other right, power or remedy. No course of dealing between the Parties shall be effective to amend, modify, supplement or waive any provision
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.6&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Entire
Agreement</U></FONT>. This Agreement, the Exhibits annexed hereto and the Disclosure Schedule constitute the entire understanding between
the Parties with respect to the subject matter hereof and supersede all other understandings and negotiations with respect thereto. As
of the date hereof, the Existing Confidentiality Agreement is hereby terminated without further force and effect, superseded by Article
7 of this Agreement and all obligations between the Parties relating to confidentiality shall be governed by Article 7 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.7&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>No
Third Party Beneficiaries</U></FONT>. This Agreement is for the sole benefit of the Seller and the Buyer and their permitted successors
and assigns and nothing herein expressed or implied shall give or be construed to give to any Person, other than the Parties and such
successors and assigns, any legal or equitable rights hereunder, except that the Indemnified Parties shall be third party beneficiaries
of the benefits provided for in Section 6.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.8&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Governing
Law</U></FONT>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without giving
effect to any choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.9&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Jurisdiction;
Venue</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS RESPECTIVE PROPERTY AND ASSETS, TO THE EXCLUSIVE
JURISDICTION OF ANY NEW YORK STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN NEW YORK COUNTY, NEW YORK, AND ANY
APPELLATE COURT THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF
ANY JUDGMENT IN RESPECT THEREOF, AND THE BUYER AND THE SELLER HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREE THAT ALL CLAIMS IN RESPECT
OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, IN SUCH FEDERAL COURT. THE BUYER AND THE SELLER HEREBY AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE LAW. EACH OF THE BUYER
AND THE SELLER HEREBY SUBMITS TO THE EXCLUSIVE PERSONAL JURISDICTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">AND VENUE
OF SUCH NEW YORK STATE AND FEDERAL COURTS. THE BUYER AND THE SELLER AGREE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THAT PROCESS
MAY BE SERVED ON THE BUYER OR THE SELLER IN THE SAME MANNER THAT NOTICES MAY BE GIVEN PURSUANT TO SECTION&nbsp;9.2 HEREOF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY
NEW YORK STATE OR FEDERAL COURT. EACH OF THE BUYER AND THE SELLER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-transform: uppercase">Each
Party hereby jointly and severally waives any and all right to trial by jury in any action or proceeding relating to this Agreement or
any other document delivered hereunder or in connection herewith, or any transaction arising from or connected to any of the foregoing.
Each of the Parties represents that this waiver is knowingly, willingly, and voluntarily given</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.10&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Severability</U></FONT>.
If any term or provision of this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any situation in any
jurisdiction, then, to the extent that the economic and legal substance of the transactions contemplated hereby is not affected in a manner
that is materially adverse to either Party, all other terms and provisions of this Agreement shall nevertheless remain in full force and
effect and the enforceability and validity of the offending term or provision shall not be affected in any other situation or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.11&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Specific
Performance</U></FONT>. Each of the Parties acknowledges and agrees that the other Party may be damaged irreparably in the event any of
the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached or violated. Accordingly,
each of the Parties agrees that, without posting bond or other undertaking, the other Party will be entitled to seek an injunction or
injunctions to prevent breaches or violations of the provisions of this Agreement and to seek to enforce specifically this Agreement and
the terms and provisions hereof in any action, suit or other proceeding instituted in any court of the United States or any state thereof
having jurisdiction over the Parties and the matter in addition to any other remedy to which it may be entitled, at law or in equity.
Each of the Parties further agrees that, in the event of any action for specific performance in respect of such breach of violation, it
will not assert the defense that a remedy at law would be adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.12&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Counterparts</U></FONT>.
This Agreement may be executed in any number of counterparts and by the Parties in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Certain confidential
information contained in this document, marked by [**], has been omitted because ADC Therapeutics SA (ADCT) has determined that the information
(i)&nbsp;is not material and (ii)&nbsp;is the type that ADCT customarily and actually treats as private or confidential.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">agreement.
Copies of executed counterparts transmitted by telecopy, facsimile or other similar means of electronic transmission, including &ldquo;PDF,&rdquo;
shall be considered original executed counterparts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.13&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Relationship
of the Parties</U></FONT>. The relationship between the Buyer and the Seller is solely that of purchaser and seller, and neither the Buyer
nor the Seller has any fiduciary or other special relationship with the other Party or any of its Affiliates. This Agreement is not a
partnership or similar agreement, and nothing contained herein shall be deemed to constitute the Buyer and the Seller as a partnership,
an association, a joint venture or any other kind of entity or legal form for any purposes, including any Tax purposes. The Buyer and
the Seller agree that they shall not take any inconsistent position with respect to such treatment in a filing with any Governmental Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">Section 9.14&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><U>Subordination
Agreement</U></FONT>. This Agreement and the indebtedness and obligations evidenced hereby (including any Liens and the Back-Up Security
Interest granted to the Buyer), and the exercise of any right or remedy by the Buyer hereunder, are subordinate in the manner and to the
extent set forth in the Subordination Agreement; and each holder of this Agreement (and the indebtedness and obligations evidenced hereby),
by its acceptance hereof, shall be bound by the terms and provisions of the Subordination Agreement. Notwithstanding anything to the contrary
herein, in the event of any conflict between the terms and provisions of the Subordination Agreement, on the one hand, and this Agreement,
on the other hand, the terms and provisions of the Subordination Agreement shall govern and control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><I>[Signature Page
Follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed and delivered by their respective representatives thereunto duly authorized as of
the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent">SELLER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">ADC THERAPEUTICS SA</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
/s/ Michael Forer</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Forer</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Vice Chairman and EVP</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent">[Signature Page
to Purchase and Sale Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 5%"></TD>
    <TD STYLE="background-color: white; width: 39%">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-size: 10pt">IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered by their respective representatives thereunto duly
authorized as of the date first above written.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">BUYER</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">HEALTHCARE
ROYALTY PARTNERS IV, L.P.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 7%; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 93%; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">HealthCare Royalty GP IV, LLC, its General Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">HealthCare Royalty Management, LLC, its Investment Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">/s/
        Clarke B. Futch</FONT></P>
    </TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Name: Clarke B. Futch</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Authorized Signatory</FONT></TD></TR>
  </TABLE><BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">BUYER</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-size: 10pt">HCRP
                    OVERFLOW FUND, L.P.</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 7%; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 93%; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">HCRP Overflow Fund GP, LLC, its General Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">HealthCare Royalty Management, LLC, its Investment Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">/s/
        Clarke B. Futch</FONT></P>
    </TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Name: Clarke B. Futch</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Authorized Signatory</FONT></TD></TR>
  </TABLE><BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">BUYER</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">HCR
                    STAFFORD FUND, L.P.</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 7%; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 93%; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">HCR Stafford Fund GP, LLC, its General Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">HealthCare Royalty Management, LLC, its Investment Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">/s/
        Clarke B. Futch</FONT></P>
    </TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Name: Clarke B. Futch</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Authorized Signatory</FONT></TD></TR>
</TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<BR STYLE="clear: both">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">[Signature Page to Purchase and Sale Agreement]</FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">BUYER</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">HCR
                    CANARY FUND, L.P.</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt; width: 7%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-size: 12pt; width: 93%"><FONT STYLE="font-size: 10pt">HCR Canary Fund GP, LLC, its General Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">HealthCare Royalty Management, LLC, its Investment Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">/s/
        Clarke B. Futch</FONT></P>
    </TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Name: Clarke B. Futch</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Authorized Signatory</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">BUYER</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">HCR
                    POTOMAC FUND, L.P.</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 7%; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 93%; font-size: 12pt"><FONT STYLE="font-size: 10pt">HCR Potomac Fund GP, LLC, its General Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">HealthCare Royalty Management, LLC, its Investment Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">/s/
        Clarke B. Futch</FONT></P>
    </TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Name: Clarke B. Futch</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Authorized Signatory</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">BUYER</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.55pt; text-indent: -6.55pt; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">HCR
                    MOLAG FUND, L.P.</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 7%; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 93%; font-size: 12pt"><FONT STYLE="font-size: 10pt">HCR Molag Fund GP, LLC, its General Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">HealthCare Royalty Management, LLC, its Investment Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">/s/
        Clarke B. Futch</FONT></P>
    </TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Name: Clarke B. Futch</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Authorized Signatory</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">[Signature Page
to Purchase and Sale Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">[Schedules to this
agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. ADC Therapeutics SA undertakes to provide a copy of the omitted
schedules to the Securities and Exchange Commission or its staff upon request.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">[Exhibits A-E to
this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. ADC Therapeutics SA undertakes to provide a copy of the
omitted exhibits to the Securities and Exchange Commission or its staff upon request.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>Exhibit
F</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-size: 10pt"><B>Buyer
Entities</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">HEALTHCARE
ROYALTY PARTNERS IV, L.P.&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">HCRP OVERFLOW
FUND, L.P.&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">HCR STAFFORD
FUND, L.P.&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">HCR CANARY
FUND, L.P&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">HCR POTOMAC
FUND, L.P.&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">HCR MOLAG FUND,
L.P.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">For the avoidance
of doubt, the Royalty Payments (and any other amounts credited towards the Royalty Cap or otherwise payable by the Seller under the Agreement)
shall be divided among&nbsp;the entities listed above as such entities shall collectively determine and the Seller shall not be responsible
for how such payments are divided among such entities.&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dp156677_ex9902.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FACILITY AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>dated as of April 24, 2020, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>as amended by </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Limited Consent and Amendment, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>dated as of August 25, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>by and among</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADC THERAPEUTICS SA,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>as the Borrower,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the other Loan Parties party hereto from time
to time,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Lenders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEERFIELD PARTNERS, L.P., </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>as agent for itself and the Secured Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IF THE LOANS ISSUED UNDER THIS INSTRUMENT ARE
CONSIDERED TO BE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES, SUCH LOANS WILL BE ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION
1271 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Table of Contents</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE 1 DEFINITIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 1.1</FONT></TD>
    <TD STYLE="width: 73%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Definitions</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 1.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 1.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Day Adjustment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 1.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan Records</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 1.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Terms and Principles</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 1.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE 2 AGREEMENT FOR THE LOAN</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 2.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disbursements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 2.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments; Voluntary and Mandatory Conversions; Make Whole Amount</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 2.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment Details</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 2.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 2.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs, Expenses and Losses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 2.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 2.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Default Interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 2.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees and Charges.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF THE LOAN PARTIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Default</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solvency</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enforceability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existence, Qualification and Power</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Litigation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Authorization; Conflicts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governmental Authorizations.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership of Real Estate and Personal Property</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual Property</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with Laws</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Documents</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements; Financial Condition</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Controls</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ERISA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares of Stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.19</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Agreements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.20</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds; Margin Stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.21</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.22</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Company Act</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.23</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor Relations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.24</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jurisdictions of Organization; Chief Executive Office</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.25</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit and Other Accounts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.26</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.27</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Regulations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.28</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Law and Principal Market Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.29</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Takeover Provisions; Rights Agreement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.30</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.31</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Status as Senior Indebtedness</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.32</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Healthcare Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.33</FONT></TD>
    <TD STYLE="width: 73%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swiss Non-Bank Rules</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.34</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law and Enforcement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3.35</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Centre of Main Interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE LENDERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 4.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisition for Own Account</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 4.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accredited Investor</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 4.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No General Solicitation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 4.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemptions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 4.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diligence</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 4.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Recommendation or Endorsement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 4.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted Securities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE 5 CONDITIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 5.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to Effectiveness</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 5.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to Initial Convertible Loan Disbursement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 5.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to Subsequent Convertible Loan Disbursement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 5.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to All Disbursements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE 6 AFFIRMATIVE COVENANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preservation of Existence, Etc</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with Laws</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorizations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance of Property</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices; Information</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualifying IPO; SEC Documents; Financial Statements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Management Systems</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further Assurances</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Centre of Main Interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing of Stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure; No Inside Information</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.19</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.20</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swiss Non-Bank Rules</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.21</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Healthcare Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.22</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares of Stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE 7 NEGATIVE COVENANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger, Consolidation, Etc</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted Payments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liens</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dispositions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indebtedness</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Affiliate Transactions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conduct of Business</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments to Organizational Documents and Material Agreements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting and Organizational Changes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments of Qualifying Sub Debt</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.12</FONT></TD>
    <TD STYLE="width: 73%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Burdensome Agreements and Negative Pledges</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFAC; Patriot Act; Anti-Corruption Laws</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hazardous Materials</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Company Act</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Cash Balance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HCRM PSA Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE 8 EVENTS OF DEFAULT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 8.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events of Default</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 8.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remedies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE 9 MISCELLANEOUS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost and Expense Reimbursement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law; Venue; Jurisdiction; Service of Process; WAIVER OF JURY TRIAL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors and Assigns</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire Agreement; Amendments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination; Survival</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Waiver; Remedies Cumulative</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Usury</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specific Performance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agent</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USA Patriot Act</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placement Agent</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Nature of Secured Parties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Fiduciary Relationship</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint and Several</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.19</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Third Parties Benefited</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.20</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Binding Effect</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.21</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshaling; Payments Set Aside</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.22</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.23</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right of Setoff</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.24</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sharing of Payments, Etc</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.25</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Securities Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9.26</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collateral Release</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>Annexes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annex A</FONT></TD>
    <TD STYLE="width: 82%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Convertible Loan Amount and Subsequent Convertible Loan Commitment</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annex B</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreed Security Principles</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedules</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 2.3</FONT></TD>
    <TD STYLE="width: 82%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing Date Lenders, Wire Instructions and Notice Information</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.8</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership of Real Estate and Personal Property</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.9</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual Property</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.10</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Matters</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.16</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ERISA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.17 </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower&rsquo;s Subsidiaries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.18</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Options and Related Agreements</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.19</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Agreements</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.20</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds; Margin Stock</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.21</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental Matters</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.23</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor Relations</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.24</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jurisdictions of Organization; Chief Executive Office</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.25</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit and Other Accounts</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.28</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Law and Principal Markets Matters</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.31</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FDA Notices</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.32(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrations</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3.32(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Routine Inspections</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 7.3(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing Liens</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 7.5(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing Indebtedness</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 7.6(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing Investments</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit A</FONT></TD>
    <TD STYLE="width: 82%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Convertible Note (Initial Convertible Loan Disbursement)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit B</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Perfection Certificate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit C</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Initial Convertible Loan Disbursement Request</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit D</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing Checklist</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit E</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Registration Rights Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit F</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Compliance Certificate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit G</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Assignment and Assumption</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit H</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Solvency Certificate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit I</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Subsequent Convertible Loan Disbursement Request</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit J</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreed Subordination Terms</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FACILITY AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This FACILITY AGREEMENT (this
&ldquo;<U>Agreement</U>&rdquo;), dated as of April 24, 2020, is entered into by and among <FONT STYLE="text-transform: uppercase">ADC
Therapeutics SA</FONT>, a Swiss <I>soci&eacute;t&eacute; anonyme</I> (the &ldquo;<U>Borrower</U>&rdquo;), the other Loan Parties (as defined
below) party hereto from time to time, the lenders set forth on the signature page of this Agreement (together with their successors and
permitted assigns, the &ldquo;<U>Lenders</U>&rdquo;), <FONT STYLE="text-transform: uppercase">DEERFIELD partners, L.P.</FONT>, a Delaware
limited partnership, as agent for itself and the other Secured Parties (in such capacity, together with its successors and assigns in
such capacity, &ldquo;<U>Agent</U>,&rdquo; and, together with the Lenders, the Borrower and the other Loan Parties party hereto, the &ldquo;<U>Parties</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Borrower desires
that the Lenders, on a several but not joint basis, extend certain convertible term and subsequent disbursement convertible term loans
to the Borrower to provide funds necessary to (a) fund ongoing or planned clinical trials and preclinical studies, (b) fund the commercialization
efforts for any current or future product candidates, (c) provide funds for the Borrower&rsquo;s working capital and general corporate
purposes and (d) pay a portion of the charges, costs and expenses related to the foregoing and entering into this Agreement and obtaining
the Loans contemplated hereby, in each case subject to the terms and conditions set forth in this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, it is a condition
to the Lenders&rsquo; willingness to provide such Loans that the Borrower secure all of the Obligations by granting to Agent, for the
benefit of the Secured Parties, a first priority perfected Lien upon the Collateral (subject to Permitted Liens and in accordance with
the Agreed Security Principles); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, each of the Loan
Parties is willing to guaranty all of the Obligations, and to grant to Agent, for the benefit of the Secured Parties, a first priority
perfected Lien upon the Collateral (subject to Permitted Liens and in accordance with the Agreed Security Principles), including all of
the issued and outstanding Stock of its direct Subsidiaries that is owned by a Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual agreements set forth herein, the Parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE 1<BR>
DEFINITIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 1.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;General
Definitions<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Wherever used in this Agreement, the Exhibits or the Schedules attached hereto, unless the context otherwise requires, the following terms
have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Acceptable
Escrow Agreement</U>&rdquo; means a customary escrow agreement in favor of the Agent, in form and substance reasonably acceptable to
the Agent and the Borrower, which provides that the Agent shall be the sole Person entitled to deliver instructions with respect to
the release of escrowed funds; it being understood and agreed that the Agent's right to issue such instructions shall be consistent
with the provisions of the last sentence of <U>Section 2.2(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Acquisition</U>&rdquo;
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition
of all or substantially all of the assets of a Person, or of any business or division of a Person and (b) the acquisition (by merger,
consolidation or otherwise) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">in excess
of fifty percent (50%) of the Stock of any Person or otherwise causing any Person to become a Subsidiary of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Acquisition Consideration</U>&rdquo;
means, in respect of any Acquisition, the total consideration paid or payable (including, but without duplication, all transaction costs,
Indebtedness incurred, assumed and/or reflected on a consolidated balance sheet of the Loan Parties and their Subsidiaries such Acquisition
and the maximum amount of all deferred payments, including earn-outs) in respect of such Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any Person, any other Person that directly or indirectly (a) controls, or is controlled by, or is under common
control with, such Person; or (b) is a general partner, manager or managing member of such Person. Without limiting the foregoing, a Person
shall be deemed to be &ldquo;controlled by&rdquo; any other Person if such other Person possesses, directly or indirectly, the power to
vote ten percent (10%) or more of the securities (on a fully diluted basis) having ordinary voting power for the election of directors
or managers or the power to direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.
Unless expressly stated otherwise herein, no Secured Party shall, for the purposes of this Agreement or any of the other Facility Documents,
be deemed an Affiliate of the Borrower, any other Loan Party or any of their respective Subsidiaries. With respect to a Lender, any investment
fund or managed account that is managed on a discretionary basis by the same investment manager as such Lender shall, for purposes hereof,
be deemed to be an Affiliate of such Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agent</U>&rdquo;
has the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agent Fee Letter</U>&rdquo;
means that certain fee letter, dated as of the date hereof, between the Agent and the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreed Disclosure
Process</U>&rdquo; has the meaning set forth in <U>Section 6.17(e)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreed Security
Principles</U>&rdquo; means the principles set out in <U>Annex B</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreed Subordination
Terms</U>&rdquo; means the subordination terms set forth in <U>Exhibit J</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo;
has the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Anti-Corruption
Laws</U>&rdquo; has the meaning set forth in <U>Section 3.27</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Anti-Money Laundering
Laws</U>&rdquo; has the meaning set forth in <U>Section 3.27</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable Laws</U>&rdquo;
means, with respect to any Person, the common law and any federal, provincial, state, territorial, cantonal, communal, local, foreign,
multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments,
writs, injunctions or decrees (including administrative or judicial precedents or authorities) and the official and published interpretation
or administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, including
all Health Care Laws and all Applicable Securities Laws, in each case that are applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable Securities
Jurisdictions</U>&rdquo; means the United States and any other jurisdiction in which any Stock or other securities of the Borrower are
listed or traded on a securities exchange or over-the-counter market at any date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable Securities
Laws</U>&rdquo; means the securities laws (a) in each of the Applicable Securities Jurisdictions (including the Securities Act and the
Exchange Act) or (b) otherwise applicable to the offer, issuance, sale or resale of any of the Securities or any other securities of the
Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assignment and Assumption</U>&rdquo;
means an assignment and assumption agreement entered into by a Lender and an assignee, substantially in the form of <U>Exhibit G</U> or
any other form reasonably approved by the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Authorization</U>&rdquo;
means, with respect to any Person, any permit (including any Regulatory Required Permit), approval, authorization, license, registration,
certificate, clearance, concession, grant, franchise, variance or permission from, and any other contractual obligations with, any Governmental
Authority, in each case applicable to or binding upon such Person or any of its property or Products or to which such Person or any of
its property or Products is subject (including all Registrations), and any supplements or amendments with respect to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Authorized Officer</U>&rdquo;
means the chief executive officer, the president, the chief financial officer or any executive vice president of the Borrower or any other
officer having substantially the same authority and responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Bankruptcy Code</U>&rdquo;
means Title 11 of the United States Code, as in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Borrower</U>&rdquo;
has the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo;
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Applicable Laws of,
or are in fact closed in, New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Capital Lease</U>&rdquo;
means, with respect to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in conformity
with IFRS, is or should be accounted for as a capital lease on the balance sheet of that Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Capital Lease Obligations</U>&rdquo;
means, at any time, with respect to any Capital Lease or any lease entered into as part of any sale leaseback transaction of any Person,
the amount of all obligations of such Person that is (or that would be, if such lease were accounted for as a Capital Lease) capitalized
on a balance sheet of such Person prepared in accordance with IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Cash Equivalents</U>&rdquo;
means (a) any readily-marketable securities (i) issued by, or directly, unconditionally and fully guaranteed or insured by the United
States federal government or (ii) issued by any agency of the United States federal government the obligations of which are fully backed
by the full faith and credit of the United States federal government, (b) any readily-marketable direct obligations issued by any other
agency of the United States federal government, any state of the United States or any political subdivision of any such state or any public
instrumentality thereof, in each case having a rating of at least &ldquo;A-1&rdquo; from S&amp;P or at least &ldquo;P-1&rdquo; from Moody&rsquo;s,
(c) any commercial paper rated at least &ldquo;A-1&rdquo; by S&amp;P or &ldquo;P-1&rdquo; by Moody&rsquo;s and issued by any Person organized
under the laws of any state of the United States, (d) any United States dollar-denominated time deposit, insured certificate of deposit,
overnight bank deposit or bankers&rsquo; acceptance issued or accepted by any commercial bank that (A) is organized under the laws of
the United States, any state thereof or the District of Columbia, (B) is &ldquo;adequately capitalized&rdquo; (as defined in the regulations
of its primary federal banking regulators) and (C) has Tier 1 capital (as defined in such regulations) in excess of $250,000,000, (e)
shares of any United States money market fund that (i) has substantially all of its assets invested continuously in the types of investments
referred to in <U>clause (a)</U>, <U>(b)</U>, <U>(c)</U> or <U>(d)</U> above with maturities as set forth in the proviso below,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(ii) has
net assets in excess of $500,000,000 and (iii) has obtained from either S&amp;P or Moody&rsquo;s the highest rating obtainable for money
market funds in the United States; <U>provided</U>, <U>however</U>, that the maturities of all obligations specified in any of <U>clause
(a)</U>, <U>(b)</U>, <U>(c)</U> and <U>(d)</U> above shall not exceed one year and (f) in the case of investments by any Loan Party that
is not organized under the laws of any State of the United States or the District of Columbia and investments made in a country outside
the United States of America, Cash Equivalents shall also include (i)&nbsp;investments of the type and maturity described in <U>clauses
(a)</U>&nbsp;through <U>(e)</U>&nbsp;above of non-U.S. obligors, which investments or obligors (or the parents of such obligors) have
ratings, described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii)&nbsp;other&nbsp;short-term&nbsp;investments
utilized by such Loan Parties in accordance with normal investment practices for cash management in investments analogous to the foregoing
investments in <U>clauses (a)</U>&nbsp;through <U>(e)</U>&nbsp;and in this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CHAMPVA</U>&rdquo;
means, collectively, the Civilian Health and Medical Program of the Department of Veterans Affairs, a program of medical benefits covering
retirees and dependents of former members of the armed services administered by the United States Department of Veterans Affairs, and
all Applicable Laws, rules, regulations, manuals, orders or requirements pertaining to such program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CHF</U>&rdquo; means
the legal currency of Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Chinese Partnership</U>&rdquo;
means the transactions contemplated by the Chinese Partnership Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Chinese Partnership
Agreement</U>&rdquo; mans that certain Material Transfer and Collaboration Agreement, dated April 11, 2019, by and between the Borrower,
Adagene Inc., a Cayman Islands company (&ldquo;<U>Adagene</U>&rdquo;), and Adagene, acting on behalf of and for the account of each of
its affiliated companies as listed on Annex 7 thereto, as may be amended, restated, amended and restated, supplemented or otherwise modified
from time to time after the date hereof in a manner not materially adverse to the interests of the Lenders and not otherwise in contravention
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Closing Date</U>&rdquo;
means the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended, and any Treasury Regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Collateral</U>&rdquo;
has the meaning given to it in each Collateral Document, and in respect of the English Debenture, means each of the assets of a Loan Party
that is subject to a Lien thereunder, it being understood and agreed that no Excluded Assets or Excluded Accounts shall constitute Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Collateral Documents</U>&rdquo;
means each U.S. Collateral Document, each Swiss Collateral Document, the English Debenture, any subordination or intercreditor agreement
entered into by any Secured Party with respect to any Indebtedness or other obligations permitted under the Facility Documents, and each
other document or agreement entered into by a Loan Party in order to grant to the Agent, on behalf of the Secured Parties, a Lien on any
Collateral of such Loan Party as security for the Obligations, as any of the foregoing may be amended, restated and/or modified from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Common Shares</U>&rdquo;
means the common shares, par value CHF 0.064 per share of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Compliance Certificate</U>&rdquo;
means a certificate, duly authorized by an Authorized Officer of the Borrower, substantially in the form of <U>Exhibit F</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Control Agreement</U>&rdquo;
means, with respect to (a) any deposit account, securities account, commodity account, securities entitlement or commodity contract maintained
in the United States, an agreement, in form and substance reasonably satisfactory to the Required Lenders, among Agent, the financial
institution or other Person at which such account is maintained or with which such entitlement or contract is carried and such Loan Party
effective to grant &ldquo;control&rdquo; (within the meaning of Articles 8 and 9 under the applicable UCC) over such account to Agent
(for the benefit of the Secured Parties) and (b) with respect to any such account maintained in Switzerland or the United Kingdom, one
or more agreements or instruments under the Applicable Law of such jurisdiction granting the Agent, subject to Agreed Security Principles,
a first-priority perfected security interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Convertible Note</U>&rdquo;
means a promissory note in the form attached hereto as <U>Exhibit A</U> (or as otherwise provided herein), as amended, restated, supplemented
or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Convertible Securities</U>&rdquo;
means any securities (other than Options) directly or indirectly convertible into or exchangeable or exercisable for Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Conversion Shares</U>&rdquo;
has the meaning set forth in <U>Section 3.18</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Copyrights</U>&rdquo;
means, collectively, all of the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, unregistered
copyright rights, copyright registrations and copyright applications, including those registrations and applications listed in the schedules
to any Copyright security agreement entered into pursuant to this Agreement; (b) all renewals of any of the foregoing; (c) all income,
royalties, damages and payments now or hereafter due and/or payable under any of the foregoing or with respect to any of the foregoing,
including damages or payments for past, present or future infringements of any of the foregoing; (d) the right to sue for past, present
and future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>DEA</U>&rdquo; means
the Drug Enforcement Administration of the United States of America, any comparable state or local Governmental Authority, any comparable
Governmental Authority in any non-United States jurisdiction, and any successor agency of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Debtor Relief Laws</U>&rdquo;
means the Bankruptcy Code 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
from time to time in effect and affecting the rights of creditors generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default</U>&rdquo;
means any event that, with the giving of notice, lapse of time or fulfillment of any other applicable condition (or any combination of
the foregoing), would constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Disbursement</U>&rdquo;
means the Initial Convertible Loan Disbursement and/or Subsequent Convertible Loan, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Disbursement Date</U>&rdquo;
means the date that any Disbursement is funded by the applicable Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Disbursement Request</U>&rdquo;
means a written notice substantially in the form of <U>Exhibit C</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Disposition</U>&rdquo;
mean (a) the sale, lease, license, conveyance or other disposition (including abandonment) of any assets or property (including any sale
and leaseback and any transfer or conveyance of any assets or property pursuant to a Division/Series Transaction), (b) the issuance of
any Stock by any Loan Party or any Subsidiary of any Loan Party, and (c) the sale or transfer by any Loan Party or any</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Subsidiary
of any Loan Party of any Stock issued to it by any Subsidiary of any Loan Party, and &ldquo;<U>Dispose</U>&rdquo; has a correlative meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Disqualified Lender</U>&rdquo;
means (a) those Persons who are direct competitors of the Borrower or any of its Subsidiaries, in each case, that are separately identified
in writing by the Borrower from time to time to the Agent or the Lenders, (b) any controlling Affiliate (other than with respect to such
Affiliate at which sufficient customary barriers are in place at such entities regarding not sharing confidential information with respect
to the Borrower with the controlled direct competitor of the Borrower) controlled Affiliate of any Person referenced in <U>clause (a)</U>
above that is either (i) identified in writing to the Agent and the Lenders by the Borrower from time to time or (ii) reasonably identifiable
on the basis of such Affiliate&rsquo;s name, and (c) any natural person or individual; <U>provided</U> that, in the case of <U>clauses
(a)</U> and <U>(b)</U> above, (i) no identification of a Person as a competitor or a controlling or controlled Affiliate of a competitor
shall be effective to retroactively disqualify any Person that is, at the time of such identification, already a Lender, and (x) no Person
that operates as a brokerage, insurance business, pension fund (or other benefit fund), hedge fund, private equity fund, other investment
fund, or investment banking, investment management, investment advisory, lobbying or publishing business, nor (y) any non-profit research
or non-profit enterprise nor (z) any investment fund managed by Deerfield Management Company, L.P. or any Affiliate or related fund of
any of the Lenders as of the Closing Date, shall constitute a Disqualified Lender, whether or not such Person owns an interest in a competitor
or a controlled Affiliate of a competitor; <U>provided</U>, in each case of <U>clauses (x)</U> and <U>(y)</U>, sufficient customary barriers
are in place at such Person regarding not sharing confidential information with respect to the Borrower with any direct competitor of
the Borrower that is a controlled or controlling Affiliate of such Person. Notwithstanding anything to the contrary contained in this
Agreement, (a) the Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce,
compliance with the provisions hereof relating to Disqualified Lenders and (b) the Borrower (on behalf of itself and the other Loan Parties)
and the Lenders acknowledge and agree that no Secured Party shall have any responsibility or obligation to determine whether any Lender
or potential Lender is a Disqualified Lender (it being understood and agreed, however, that each potential Lender shall be required to
represent and warrant in the related Assignment and Assumption Agreement that such potential Lender is not a Disqualified Lender) and
that the Agent shall have no liability with respect to any assignment or participation made to a Disqualified Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Disqualified Stock</U>&rdquo;
means any Stock that, by its terms (or by the terms of any security or other Stock into that it is convertible or for which it is exchangeable),
or upon the happening of any event or condition, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,
or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is one year and one day following
the Maturity Date (excluding any provisions requiring redemption upon a &ldquo;change of control&rdquo; or similar event that results
in the occurrence of the Facility Termination Date), (b) is convertible into or exchangeable for (i) debt securities or (ii) any Stock
referred to in <U>clause (a)</U> above, in each case, at any time on or prior to the date that is one year and one day following the Maturity
Date at the time such Stock is issued, or (c) is entitled to receive scheduled dividends or distributions in cash prior to the date that
is one year and one day following the Maturity Date; <U>provided</U> that, if such Stock is issued pursuant to a plan for the benefit
of employees of the Borrower or any Subsidiary or by any such plan to such employees, such Stock shall not constitute Disqualified Stock
solely because it may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations or as a result of such employee&rsquo;s termination, death or disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Division/Series
Transaction</U>&rdquo; means, with respect to the Loan Parties and their Subsidiaries, that any such Person (a) divides into two or more
Persons (whether or not the original Loan Party or Subsidiary thereof survives such division) or (b) creates, or reorganizes into, one
or more series, in each case as contemplated under the laws of any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dollar Equivalent</U>&rdquo;
means, which respect to any amount denominated in CHF, the equivalent amount thereof in Dollars as determined at such time on the basis
of the Exchange Rate for the purchase of Dollars with CHF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dollars</U>&rdquo;
and the &ldquo;<U>$</U>&rdquo; sign mean the lawful currency of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>DTC</U>&rdquo; has
the meaning set forth in <U>Section 6.16</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Eligible Market</U>&rdquo;
has the meaning given to such term in the Convertible Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Employee Benefit
Plan</U>&rdquo; means any &ldquo;employee benefit plan&rdquo; within the meaning of Section 3(3) of ERISA, and any stock purchase, stock
option, stock-based severance, employment, change-in-control, medical, disability, fringe benefit, bonus, incentive, deferred compensation,
employee loan and any other employee benefit plan, agreement, program, policy or other arrangement, whether or not subject to ERISA, under
which (A) any current or former employee, director or independent contractor of the Borrower or any of its Subsidiaries has any present
or future right to benefits and that is contributed to, sponsored by or maintained by the Borrower or any of its respective Subsidiaries
or (B) the Borrower or any of its Subsidiaries has had or has or would reasonably be expected to have any present or future obligation
or liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>English Debenture</U>&rdquo;
means the Debenture to be entered into by and among the Borrower, the English Loan Party and the Agent on the Initial Convertible Loan
Disbursement Date in form and substance reasonably satisfactory to the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>English Loan Party</U>&rdquo;
means ADC Therapeutics (UK) Limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Environmental Laws</U>&rdquo;
means all Applicable Laws and Authorizations relating to (a) pollution or protection of the environment, (b) any Hazardous Materials activity,
or (c) occupational safety and health, industrial hygiene (as they relate to exposure to Hazardous Materials), or the protection of human
health or welfare from exposure to Hazardous Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ERISA</U>&rdquo;
means the US Employee Retirement Income Security Act of 1974 (or any successor legislation thereto) and the regulations promulgated and
rulings issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ERISA Affiliate</U>&rdquo;
means, collectively, any Loan Party, any Subsidiary of a Loan Party, and any Person under common control or treated as a single employer
with, any Loan Party or any Subsidiary of a Loan Party, within the meaning of Section 414(b) or (c) of the Code, and solely with respect
to Section 412 of the Code (and other provisions of the Code significantly related thereto (e.g., Sections 430 through 436 of the Code)),
under Section 414(m) or (o) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ERISA Event</U>&rdquo;
means any of the following: (a) a &ldquo;reportable event&rdquo; described in Section 4043 of ERISA (or, unless the thirty (30)-day notice
requirement has been duly waived under the applicable regulations) with respect to a Title IV Plan; (b) the withdrawal of any ERISA Affiliate
from a Title IV Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, has the meaning set forth
in Section 4001(a)(2) of ERISA; (c) the complete or partial withdrawal of any ERISA Affiliate from any Multiemployer Plan; (d) with respect
to any Multiemployer Plan, the filing of a notice of insolvency or termination, or treatment of a plan amendment as termination, under
Section 4041A of ERISA; (e) the filing of a notice of intent to terminate a Title IV Plan, or treatment of a plan amendment as termination,
under Section 4041 of ERISA; (f) the institution of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC; (g) the
failure by any ERISA Affiliate to make any required contribution to any Title IV Plan or Multiemployer Plan when due; (h) the imposition
of a Lien under</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Section
412 or 430(k) of the Code or Section 303 or 4068 of ERISA on any property (or rights to property, whether real or personal) of any ERISA
Affiliate; (i) the failure of an Employee Benefit Plan or any trust thereunder intended to qualify for tax exempt status under Section
401 or 501 of the Code or other Applicable Law to qualify thereunder; (j) a Title IV plan is in &ldquo;at risk&rdquo; status within the
meaning of Code Section 430(i); (k) a Multiemployer Plan is in &ldquo;endangered status&rdquo; or &ldquo;critical status&rdquo; within
the meaning of Section 432(b) of the Code; or (l) any other event or condition that constitutes grounds under Section 4042 of ERISA for
the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan or for the imposition of any
Liability upon any ERISA Affiliate under Title IV of ERISA other than for contributions to Title IV Plans and Multiemployer Plans in
the ordinary course and PBGC premiums due but not delinquent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>EU Regulation</U>&rdquo;
has the meaning assigned to such term in <U>Section 3.35</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Event of Default</U>&rdquo;
has the meaning set forth in <U>Section 8.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange Act</U>&rdquo;
means the Securities Exchange Act of 1934, as amended, including the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange Rate</U>&rdquo;
means, on any day, with respect to CHF, the rate at which CHF may be exchanged into Dollars, as set forth at approximately 11:00 a.m.,
New York time, on such date on the Reuters World Currency Page for CHF. If such rate does not appear on any Reuters World Currency Page,
the Exchange Rate with respect to CHF shall be determined by reference to such other publicly available service for displaying exchange
rates as may be reasonably selected by the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excluded Accounts</U>&rdquo;
has the meaning set forth in <U>Section 6.11</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excluded Assets</U>&rdquo;
has the meaning set forth in the U.S. Pledge and Security Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excluded Securities
Account</U>&rdquo; means (a) any securities account the proceeds of the securities credited to which are used solely for the payment of
salaries and wages, workers&rsquo; compensation and similar expenses in the ordinary course of business and (b) any securities account
the securities credited to which consist solely of (i) securities held by Borrower or any other Loan Party in trust for any director,
officer or employee of Borrower or any other Loan Party or any employee benefit plan maintained by Borrower or any other Loan Party or
(ii) securities representing deferred compensation for the directors and employees of Borrower or any other Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excluded Taxes</U>&rdquo;
means with respect to any Lender, (a) Taxes imposed on (or measured by) such Lender&rsquo;s net income (however denominated), franchise
Taxes and branch profits Taxes, in each case (i) imposed as a result of such Lender being organized under the laws of, or having its principal
office or applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii) that
are Other Connection Taxes, (b) any Swiss Federal Withholding Tax imposed on amounts payable to or for the account of such Lender with
respect to its interest in a Loan directly as a result of such Lender&rsquo;s non-compliance with the Swiss Non-Bank Rules (other than
due to an assignment or transfer by such Lender following the occurrence and during the continuance of an Event of Default), (c) any Swiss
Federal Withholding Tax imposed on amounts payable to such Lender directly as a result of such Lender&rsquo;s failure to comply with <U>Section
2.4(d)</U>, or (d) any United States federal withholding Tax imposed on amounts payable to such Lender under FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exit Charge</U>&rdquo;
has the meaning set forth in <U>Section 2.8(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Facility Documents</U>&rdquo;
means this Agreement, the Guaranty Agreement, the Convertible Notes, the Collateral Documents, any written notices from the Borrower with
respect to request of Disbursements under <U>Section 2.1</U>, the Registration Rights Agreement and all other documents, agreements and
instruments delivered in connection with any of the foregoing, in each case, as amended, restated, supplemented or otherwise modified
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Facility Termination
Date</U>&rdquo; has the meaning set forth in <U>Section 2.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>FATCA</U>&rdquo;
means 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 regulations or official interpretations thereof and any agreements entered
into pursuant to Section 1471(b)(1) of the Code and any applicable intergovernmental agreements entered into with respect to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>FCPA</U>&rdquo;
has the meaning set forth in <U>Section 3.27</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>FDA</U>&rdquo; means
the United States Food and Drug Administration, any comparable Governmental Authority in any non-United States jurisdiction, and any successor
agency of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>FDCA</U>&rdquo;
means the Federal Food, Drug and Cosmetic Act, as amended, 21 U.S.C. Section 301 et seq., and all regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Federal Reserve
Board</U>&rdquo; means the Board of Governors of the Federal Reserve System or any entity succeeding to any of its principal functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Final BLA Approval</U>&rdquo;
means issuance of a license by the FDA under the provisions of Section 351(a) of the U.S. Public Health Service Act authorizing the Borrower
to introduce or deliver for introduction into interstate commerce loncastuximab tesirine, irrespective of whether such approval is accelerated
approval under 21 CFR 601 Subpart E (601.41) or regular approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forced Conversion</U>&rdquo;
has the meaning given to such term in the Convertible Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>General Permission
Conditions</U>&rdquo; means, in respect of any license, joint venture, agreement, transaction or other arrangement (in any case, an &ldquo;<U>Arrangement</U>&rdquo;),
that such Arrangement is entered into after the Closing Date at a time when no Default or Event of Default has occurred and is continuing
(or would result after giving effect to or consummating such Arrangement) and is (or is pursuant to) an arm&rsquo;s length transaction
(or is more favorable to such Loan Party that is party thereto than an arm&rsquo;s length transaction) and, with respect to any such Arrangement
entered into, or materially amended or changed (including to cover any additional Products, property or assets (or to extend the term
thereof except to the extent of any automatic term renewals contemplated under such Arrangement as of the date of entry into such Arrangement)):
(i) the Borrower has in good faith determined that such Arrangement (including the terms thereof) is in the best interests (financial
and otherwise) of the Loan Parties; (ii) no license or other agreement relating to such Arrangement shall contain an anti-assignment/transfer
provision preventing the assignment or transfer of such Loan Party&rsquo;s rights under any such agreement to the Agent (for the benefit
of the Secured Parties) (or any future assignee or transferee (or potential assignee or transferee) thereof) and the Agent (for the benefit
of the Secured Parties) receives a first-priority (subject to Permitted Priority Liens) Lien in such Loan Party&rsquo;s rights therein
(subject to Permitted Liens), (iii) such Arrangement shall be entered into in good faith by the applicable Loan Party (or Loan Parties)
and shall not be entered into for the purpose of impairing or adversely affecting the Lien of the Agent on the Collateral; (iv) all consideration
and other payments received by any of the Loan Parties in connection with such Arrangement shall be solely in the form of cash (and/or,
in the case of a license to, or in respect</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">of, a Permitted
Joint Venture, Stock of the joint venture entity) or such other forms as the applicable Loan Party determines are beneficial to the Loan
Parties in their reasonable business judgment; and (v) any and all cash, Cash Equivalents, royalties, other assets and proceeds or rights
received or provided to such Loan Party or any other Person from such Arrangement shall be part of the (and constitute) Collateral, and
the Agent (for the benefit of the Secured Parties) shall have a first priority (subject to Permitted Prior Liens) security interest and
Lien thereon at all times, subject to Permitted Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Genmab Agreement</U>&rdquo;
means the Collaboration and License Agreement between ADC Therapeutics Sarl and Genmab A/S, dated June 14, 2013, as in effect on the date
hereof and in the form provided to the Lenders prior to the date hereof (as amended as of April 17, 2020, and as may be further amended,
restated, amended and restated, supplemented or otherwise modified from time to time after the date hereof in a manner not materially
adverse to the interests of the Lenders and not otherwise in contravention of this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Genmab Disposition</U>&rdquo;
means any transaction pursuant to the Divestment Process (as such term is defined in the Genmab Agreement) set forth in the Genmab Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Good Manufacturing
Practices</U>&rdquo; means current good manufacturing practices, as set forth in 21 C.F.R. Parts 210, 211, 820 and any comparable foreign
requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Governmental Authority</U>&rdquo;
means any federal, state, foreign or international government, regulatory or administrative agency, any state or other political subdivision
thereof having jurisdiction over the matter or matters and Person or Persons in question or having the authority to exercise executive,
legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, including any central bank, securities
exchange, regulatory body, arbitrator, public sector entity, supranational entity and any self-regulatory body. For the avoidance of doubt,
Governmental Authority shall include the SEC, the Principal Market, the Financial Industry Regulatory Authority and any agency, branch
or other governmental body, entity or panel charged with the responsibility and/or vested with the authority to administer and/or enforce
any Health Care Laws, including any Medicare or Medicaid administrators, contractors, intermediaries or carriers. The term &ldquo;Governmental
Authority&rdquo; shall further include any institutional review board, ethics committee, pricing review board, provincial or territorial
formulary, data monitoring committee or other committee or Person with defined authority to oversee Regulatory Matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Governmental Payor</U>&rdquo;
means Medicare, Medicaid, TRICARE, CHAMPVA, any state health plan adopted pursuant to Title XIX of the Social Security Act, any other
state or federal health care program and any other Governmental Authority that presently or in the future maintains a Third Party Payor
Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Guaranty Agreement</U>&rdquo;
means a Guaranty Agreement, in form and substance reasonably satisfactory to the Required Lenders, to be dated as of the Initial Convertible
Loan Disbursement Date and entered into by and among the Agent and the Loan Parties from time to time party thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Guarantor</U>&rdquo;
means each Subsidiary of the Borrower and each other Person who provides a guaranty of any of the Obligations under the Guaranty Agreement
or other Facility Document, including pursuant to a joinder agreement thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Hazardous Material</U>&rdquo;
means (a) any radioactive materials, asbestos-containing materials, urea formaldehyde foam insulation, polychlorinated biphenyls, radon
gas, petroleum and petroleum by-products and derivatives and (b) any other chemical, material or substance, waste, pollutant or contaminant
that is prohibited, limited or subject to regulation, investigation, control or remediation by or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">pursuant
to any Environmental Law, in each case because of its dangerous or deleterious properties or characteristics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM</U>&rdquo;
means HealthCare Royalty Management, LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM Lockbox Account</U>&rdquo;
means the &ldquo;Lockbox Account&rdquo; as defined in the HCRM PSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM Obligations</U>&rdquo;
means the payment obligations of the Borrower under the HCRM PSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM PSA</U>&rdquo;
means that certain Purchase and Sale Agreement, dated as of August 25, 2021 by and between the Borrower, as the seller, and the entities
managed by HRCM parties thereto, as the buyer, together with all exhibits and schedules thereto, as in effect on August 25, 2021 and as
the same may be amended, amended and restated, supplemented or otherwise modified from time to time in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM-Related Change
of Control</U>&rdquo; means a &ldquo;Change of Control&rdquo; as defined in the HCRM PSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM-Related Change
of Control Payment</U>&rdquo; means the payment contemplated under Section 2.3(a) of the HCRM PSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM-Related Conversion/Redemption
Conditions</U>&rdquo; means, after the occurrence of an HRCM-Related Conversion/Redemption Event, each of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
period of at least ten (10) full Trading Days (as defined in the Notes) shall have elapsed after the date of delivery of the related Major
Transaction/Organic Change Notice (as defined in the Notes) in respect of such HCRM-Related Conversion/Redemption Event, and, in the case
of an HCRM-Related Conversion/Redemption Event that is a Successor Major Transaction (as defined in the Notes), the closing of the Successor
Major Transaction shall have occurred;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
extent any of the Holders(as defined in the Notes) shall have (i) delivered a Major Transaction Redemption Notice, a Major Transaction
Early Termination Notice and/or any Major Transaction Conversion Notices, the Borrower shall have complied with all of the payment, conversion
and other provisions of Section 3 of each Convertible Note applicable thereto; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Borrower shall have deposited, or caused to be deposited the HCRM-Related Conversion/Redemption Escrow Amount in the HCRM-Related Conversion/Redemption
Escrow Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM-Related Conversion/Redemption
Escrow Account</U>&rdquo; means an escrow account that is (a) at a bank in the United States that is reasonably acceptable to the Agent
and (b) subject to an Acceptable Escrow Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM-Related Conversion/Redemption
Escrow Amount</U>&rdquo; means, in connection with any HCRM-Related Conversion/Redemption Event, as of any date of determination, an amount
equal to the principal of the Loans, if any, not converted or redeemed in connection with HCRM-Related Conversion/Redemption Event, plus
an amount equal to the amount that would have been required to be paid by the Borrower under <U>Section 2.2(b)(i)</U> and <U>(ii)</U>
hereof plus the applicable Exit Charge that would</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">have been
required to be paid, in each case on such date if such amount of the Loans had been prepaid, repaid, redeemed, or paid on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM-Related Conversion/Redemption
Event</U>&rdquo; means the occurrence of either an HCRM-Related Non-Performance Payment Event or an HCRM-Related Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM-Related Non-Performance
Payment</U>&rdquo; means a &ldquo;Non-Performance Payment&rdquo; as defined in the HCRM PSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM-Related Non-Performance
Payment Event</U>&rdquo; means the HCRM-Related Non-Perframnce Payment&rsquo;s becoming payable under the HCRM PSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HCRM Subordination
Agreement</U>&rdquo; means that certain Subordination Agreement, dated as of August 25, 2021, between the Agent and the entities managed
by HCRM parties thereto, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time in accordance
with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Health Care Laws</U>&rdquo;
means (a) the Federal Food, Drug, and Cosmetic Act (21 U.S.C. &sect;&sect; 301 et seq.); (b) all applicable federal, state, local and
all applicable non-U.S. health care related fraud and abuse laws, including, without limitation, the U.S. Anti-Kickback Statute (42 U.S.C.
&sect; 1320a-7b(b)), the U.S. False Statements Law (42 U.S.C. &sect; 1320a-7b(a)), the Civil Monetary Penalties Law (42 U.S.C. &sect;1320a-7a),
the U.S. Civil False Claims Act (31 U.S.C. &sect; 3729 et seq.), all criminal laws relating to health care fraud and abuse, including
but not limited to 18 U.S.C. &sect;&sect; 286 and 287, and the health care fraud criminal provisions under HIPAA, the Physician Payments
Sunshine Act (42 U.S.C. &sect; 1320a-7h), the exclusion law (42 U.S.C. &sect;1320a-7); (c) HIPAA; (d) regulations promulgated pursuant
to such statutes; and (e) any and all other applicable federal, state, or non-U.S. health care laws and regulations applicable to the
ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, advertising, labeling, promotion, sale,
offer for sale, storage, import, export or disposal of any Product, in the case of each of <U>clauses (a)</U> through <U>(e)</U> as may
be amended, modified or supplemented from time to time and any successor statutes thereto and regulations promulgated thereunder from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HIPAA</U>&rdquo;
means the (a) Health Insurance Portability and Accountability Act of 1996; (b) the Health Information Technology for Economic and Clinical
Health Act (Title XIII of the American Recovery and Reinvestment Act of 2009); and (c) any federal, state and local laws regulating the
privacy and/or security of individually identifiable health information, including, without limitation, state laws providing for notification
of breach of privacy or security of individually identifiable health information, in each case with respect to the Applicable Laws described
in <U>clauses (a)</U>, <U>(b)</U> and <U>(c)</U> of this definition, as the same may be amended, modified or supplemented from time to
time, any successor statutes thereto, any and all rules or regulations promulgated from time to time thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Holder</U>&rdquo;
has the meaning set forth in the Convertible Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>HSR Act</U>&rdquo;
means the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended and the related rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>IFRS</U>&rdquo;
means (a) International Financial Reporting Standards issued by the International Accounting Standards Board, applied in accordance with
the consistency requirements thereof, or, (b) at the Borrower&rsquo;s election and upon at least thirty (30) days&rsquo; prior written
notice to Agent and the Lenders, Generally Accepted Accounting Principles in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indebtedness</U>&rdquo;
means, with respect to any Person, (a) all indebtedness for borrowed money of such Person; (b) the deferred purchase price of assets or
services (other than trade payables entered into in the ordinary course of business and that are not more than ninety (90) days past due)
of such Person, including earn-outs, that, in accordance with IFRS, should be shown to be a liability on the balance sheet and in any
case has not been paid on or prior to the date due therefor; (c) all guarantees of Indebtedness by such Person; (d) the face amount of
all letters of credit issued or acceptance facilities established for the account of such Person (or for which such Person is liable),
including without duplication, all drafts drawn thereunder; (e) all Capital Lease Obligations of such Person; (f) all indebtedness (including
Indebtedness of other types covered by the other clauses of this definition) of such Person or another Person secured by any Lien on any
assets or property of such Person, whether or not such indebtedness has been assumed or is recourse (with the amount thereof, in the case
of any such indebtedness that has not been assumed by such Person, being measured as the lower of (y) fair market value of such property
and (z) the amount of the indebtedness secured); (g) indebtedness created or arising under any conditional sale or title retention agreement,
or incurred as financing, in either case with respect to assets or property acquired by such Person (even if the rights and remedies of
the seller or lender under such agreement in the event of default are limited to repossession or sale of such assets or property); (h)
all obligations of such Persons evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred
in connection with the acquisition of property, assets or businesses; (i) all obligations of such Person, whether or not contingent, in
respect of Disqualified Stock, valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation preference
and the involuntary liquidation preference of such Stock plus accrued and unpaid dividends; (j) all direct or indirect liability, contingent
or otherwise, of such Person under Swap Contracts (calculated on a net basis); (k) all direct or indirect liability, contingent or otherwise,
of such Person to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement;
(l) all direct or indirect liability, contingent or otherwise, of such Person with respect to any Indebtedness (under any of the foregoing
clauses) of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is
to provide assurance to the obligee of such Indebtedness that such Indebtedness will be paid or discharged, or that any agreements relating
thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect
thereto; and (m) all direct or indirect liability, contingent or otherwise, of such Person for the Indebtedness (under any of the foregoing
clauses) of another Person through any agreement to purchase, repurchase or otherwise acquire such Indebtedness or any assets or property
constituting security therefor, to provide funds for the payment or discharge of such Indebtedness or to maintain the solvency, financial
condition or any balance sheet item or level of income of another Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnified Person</U>&rdquo;
has the meaning set forth in <U>Section 9.10(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnified Taxes</U>&rdquo;
means (a) any Swiss Federal Withholding Tax, (b) any other Taxes imposed on or with respect to any payments made by or on account of any
obligation of any Loan Party under any Facility Document, other than Excluded Taxes, and (c) to the extent not otherwise described in
<U>clause (a)</U> above in this definition, Other Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnity</U>&rdquo;
has the meaning set forth in <U>Section 9.10(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Convertible
Loan</U>&rdquo; has the meaning set forth in Section 2.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Convertible
Loan Commitment</U>&rdquo; means the commitments of the Lenders to provide Initial Convertible Loans under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Convertible
Loan Disbursement</U>&rdquo; has the meaning set forth in <U>Section 2.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Convertible
Loan Disbursement Date</U>&rdquo; means the Disbursement Date of the Initial Convertible Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Inside Information</U>&rdquo;
means any (a) &ldquo;material non-public information,&rdquo; &ldquo;inside information&rdquo; or &ldquo;insider information&rdquo; in
respect of, or relating to, the Borrower or any of its Affiliates or other securities or any other company with any publicly listed or
traded securities or (b) any other information (i) which, if used by any Person in connection with (or possessed by any Person while)
purchasing, selling or otherwise trading in any Stock or other securities of the Company or any other company with publicly listed or
traded securities could result in the violation of any Applicable Securities Laws, or (ii) the awareness of which could otherwise restrict
or limit trading by any Person in any Stock or other securities of the Borrower or company with any publicly listed or traded securities
under any Applicable Securities Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Intellectual Property</U>&rdquo;
means all rights, title and interests in or relating to (a) intellectual property and industrial property arising under any Applicable
Law, including all Copyrights, Patents, Software, Trademarks, Internet Domain Names, and Trade Secrets; (b) IP Licenses and (c) all income,
royalties, proceeds and Liabilities at any time due or payable or asserted under or with respect to any of the foregoing, including all
rights to sue or recover at law or in equity for any past, present or future infringement, misappropriation, dilution, violation or other
impairment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Interest Payment
Date</U>&rdquo; has the meaning set forth in <U>Section 2.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Interest Rate</U>&rdquo;
means 5.95% <I>per annum</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Internet Domain
Name</U>&rdquo; means all right, title and interest arising under any Applicable Law in or relating to internet domain names.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment</U>&rdquo;
means (i) the purchase or acquisition by a Person of any Stock, or any obligations or other securities of, or any interest in, any other
Person, including the establishment or creation of a Subsidiary, (ii) the consummation of any Acquisitions or any other acquisition of
any of the assets of another Person or of any business or division of any Person, including by way of merger, consolidation, other combination
or otherwise, or (iii) the making, purchase or acquisition of any advance, loan, extension of credit (other than trade payables in the
ordinary course of business) or capital contribution to or any other investment in, any Person including any Loan Party, any Affiliate
of any Loan Party or any Subsidiary of any Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment Company
Act</U>&rdquo; means the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>IP License</U>&rdquo;
means all contractual obligations, whether written or oral, granting any right, title and interest in or relating to any intellectual
property and industrial property arising under any Applicable Law, including all Copyrights, Patents, Software, Trademarks, Internet Domain
Names, and Trade Secrets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>IPO Conversion</U>&rdquo;
means the conversion of all outstanding preferred shares of the Borrower into common shares upon the consummation of an initial public
offering as provided in the Shareholders Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>IPO Price</U>&rdquo;
means the per share price at which Common Shares are sold to the public in the Qualifying IPO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Latest Balance Sheet
Date</U>&rdquo; has the meaning set forth in <U>Section 3.14(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lenders</U>&rdquo;
has the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Liabilities</U>&rdquo;
means all claims, actions, suits, judgments, damages, losses, liabilities, obligations, responsibilities, fines, penalties, sanctions,
costs, fees, Taxes, commissions, charges, disbursements and expenses (including those incurred upon any appeal or in connection with the
preparation for and/or response to any subpoena or request for document production relating thereto), in each case of any kind or nature
(including interest accrued thereon or as a result thereof and fees, charges and disbursements of financial, legal and other advisors
and consultants), whether joint or several, and whether direct, indirect, contingent, consequential, actual, punitive, treble or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lien</U>&rdquo;
means any lien, pledge, preferential arrangement, mortgage, security interest, deed of trust, charge, assignment, hypothecation, title
retention or other encumbrance on or with respect to property or interest in property having the practical effect of constituting a security
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loan</U>&rdquo;
means any loan or other credit extension made available or provided from time to time by any of the Lenders to the Borrower pursuant to
this Agreement or any other Facility Document or, as the context may require, the principal amount thereof from time to time outstanding
and shall include any funded Disbursement, including, for the avoidance of doubt, the Initial Convertible Loans and the Subsequent Convertible
Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loan Parties</U>&rdquo;
means the collective reference to the Borrower and all of the Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loss</U>&rdquo;
has the meaning set forth in <U>Section 9.10(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Major Transaction
Conversion Notice</U>&rdquo; has the meaning set forth in the Convertible Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Major Transaction
Early Termination Notice</U>&rdquo; has the meaning set forth in the Convertible Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Major Transaction
Redemption Notice</U>&rdquo; has the meaning set forth in the Convertible Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Make Whole Amount</U>&rdquo;
means, with respect to any payment, repayment, prepayment or redemption of Loans (or any portion thereof, an amount in cash equal to (a)
solely to the extent such prepayment, payment, redemption or repayment is being made in connection with (i) an exercise of remedies by
Agent, the Lenders, the Secured Parties or their representatives or their agents in connection with a foreclosure proceeding against any
of the Loan Parties or the Collateral or (ii) a Proceeding under Debtor Relief Laws, in each case of <U>clauses (a)(i)</U> and <U>(a)(ii)</U>,
the present value, as determined by Agent and all Lenders in their sole discretion (which shall be conclusive absent manifest error),
of all required interest payments, charges and premiums due on the Loans that are prepaid, paid, redeemed or repaid from the date of prepayment,
payment, redemption or repayment (as applicable) through and including the Maturity Date (assuming that the interest rate applicable to
all such interest is the applicable Interest Rate for such Loans), discounted to the date of prepayment, payment, redemption or on a quarterly
basis (assuming a 360-day year and actual days elapsed) at a rate equal to the Treasury Yield, or (b) with respect to any prepayment,
redemption, redemption or repayment not covered by <U>clause (a)</U> above, all required interest payments, charges and premiums due on
the Loans that are converted from the date of conversion through and including the Maturity Date (assuming that the interest rate applicable
to all such interest is the applicable Interest Rate for such Loans), and for the avoidance of doubt, without any discount rate applying
thereto (but assuming a 360-day year and actual days elapsed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Margin Stock</U>&rdquo;
means &ldquo;margin stock&rdquo; as such term is defined in Regulation T, U or X of the Federal Reserve Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Market Capitalization</U>&rdquo;
means, as of any date of determination, the product of (i) the number of issued and outstanding Common Shares as of such date (exclusive
of any Common Shares issuable directly or indirectly upon exercise of any Options or conversion of the Convertible Notes or any other
Convertible Securities), multiplied by (ii) the lesser of the Volume Weighted Average Price and the Closing Price (each as defined in
the Convertible Notes) of the Common Shares on the immediately preceding Trading Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Material Agreement</U>&rdquo;
means each agreement to which a Loan Party or any of its Subsidiaries is a party that has been, or the Company determines (or should reasonably
have determined) would be, required to be filed as an exhibit to the SEC Documents pursuant to Item 601(b)(4) or Item 601(b)(10) of Regulation
S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Material Adverse
Effect</U>&rdquo; means a material adverse effect on (a) the business, results of operations, financial condition or assets of the Loan
Parties and their Subsidiaries taken as a whole, (b) the ability of any Loan Party to perform its material obligations under any Facility
Document, (c) the creation, perfection or, subject to Permitted Liens (solely to the extent any such Permitted Liens are expressly permitted
under this Agreement to have priority over the Liens granted under the Facility Documents), priority of the Liens granted under the Facility
Documents securing any material portion of the Collateral (other than as a result of the failure of Agent or any Lender to take any action
necessary for the creation, perfection or priority of any such Lien that is solely within its control), or (d) the rights and remedies
of the Secured Parties under the Facility Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Maturity Date</U>&rdquo;
means the fifth anniversary of the Initial Convertible Loan Disbursement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Medicaid</U>&rdquo;
means, collectively, the health care assistance program established by Title XIX of the Social Security Act (42 U.S.C. 1396 et seq.) and
any statutes succeeding thereto, and all Applicable Laws, rules, regulations, manuals, orders or requirements pertaining to such program,
including (a) all federal statutes affecting such program; (b) all state statutes and plans for medical assistance enacted in connection
with such program and federal rules and regulations promulgated in connection with such program; and (c) all applicable provisions of
all rules, regulations, manuals, orders and administrative guidance, reimbursement, and requirements of all Governmental Authorities promulgated
in connection with such program (whether or not having the force of law), in each case as the same may be amended, restated, supplemented
or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Medicare</U>&rdquo;
means, collectively, the health insurance program for the aged and disabled established by Title XVIII of the Social Security Act (42
U.S.C. 1395 et seq.) and any statutes succeeding thereto, and all Applicable Laws, rules, regulations, manuals, orders or requirements
pertaining to such program including (a) all federal statutes (whether set forth in Title XVIII of the Social Security Act (42 U.S.C.
1395 et seq.) or elsewhere) affecting such program; and (b) all applicable provisions of all rules, regulations, manuals, orders, administrative
guidance, reimbursement and requirements of all Governmental Authorities promulgated in connection with such program (whether or not having
the force of law), in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Moody&rsquo;s</U>&rdquo;
means Moody&rsquo;s Investors Service, Inc. and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Multiemployer Plan</U>&rdquo;
means any multiemployer plan, as defined in Section 3(37) or 4001(a)(3) of ERISA, as to which any ERISA Affiliate incurs or otherwise
has, or would reasonably be expected to have, any obligation or Liabilities (including under Section 4212 of ERISA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Necessary Disclosure</U>&rdquo;
has the meaning set forth in <U>Section 6.17(e)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Obligations</U>&rdquo;
means all Loans and Disbursements, any Make Whole Amount, Exit Charge, interest, fees, expenses, costs, liabilities, indebtedness and
other obligations (monetary (including post-petition interest, costs, fees, expenses and other amounts, whether allowed or not) or otherwise)
of (or owed by) the Borrower and the other Loan Parties under or in connection with the Facility Documents, in each case howsoever created,
arising or evidenced, whether direct or indirect (including those acquired by assignment), absolute or contingent, now or hereafter existing,
or due or to become due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>OFAC</U>&rdquo;
has the meaning set forth in <U>Section 3.27</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Options</U>&rdquo;
means any rights, warrants or options to subscribe for or purchase Common Shares or Convertible Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Organizational Documents</U>&rdquo;
means (a) for any corporation or company, the certificate or articles of incorporation, memorandum and/or articles of association, the
bylaws, the constitution, any certificate of designation or instrument relating to the rights of holders or preferred stock of such corporation,
and any shareholder agreement, (b) for any partnership, the partnership agreement and, if applicable, certificate of limited partnership,
(c) for any limited liability company, the operating or limited liability company agreement and articles or certificate of formation or
(d) for any other entity, any other document setting forth the manner of election or duties of the officers, directors, managers or other
similar or equivalent persons or Persons, or the designation, amount or relative rights, limitations and preference of the Stock of such
entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Other Connection
Taxes</U>&rdquo; means with respect to any Lender, Taxes imposed as a result of a present or former connection between such Lender and
the jurisdiction imposing such Taxes (except a connection arising solely from such Lender having executed, delivered, become a party to,
performed its obligations or received a payment under, received or perfected a security interest under, engaged in any transaction pursuant
to or enforced any Facility Document, or sold or assigned an interest in any Facility Document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Other Taxes</U>&rdquo;
means any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes arising from any payment
made hereunder or from the execution, issuance, delivery, registration, enforcement or transfer of, or otherwise with respect to, any
Facility Document (including, for the avoidance of doubt, the issuance of Conversion Shares), except any such Taxes that are Other Connection
Taxes imposed with respect to an assignment (other than an assignment made following the occurrence and during the continuation of an
Event of Default).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Parties</U>&rdquo;
has the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Patents</U>&rdquo;
means, collectively, all of the following: (a) all patents and patent applications including those listed on any schedule to any Patent
security agreement entered into pursuant to this Agreement and the inventions and improvements described and claimed therein, and patentable
inventions; (b) the reissues, divisions, continuations, renewals, extensions and continuations-in-part of any of the foregoing; (c) all
income, royalties, damages and payments now or hereafter due and/or payable under any of the foregoing or with respect to any of the foregoing,
including, without limitation, damages and payments for past, present and future infringements of any of the foregoing; (d) the right
to sue for past, present and future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout
the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>PBGC</U>&rdquo;
means the United States Pension Benefit Guaranty Corporation or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Perfection Certificate</U>&rdquo;
means a perfection certificate executed or delivered by any Loan Party or any of its Subsidiaries to any Secured Party in substantially
the form of <U>Exhibit B</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Acquisition</U>&rdquo;
means any Acquisition by a Loan Party of all of the Stock of a Target (subject to any local law requirements regarding qualifying shares)
or all or substantially all of the assets of a Target, in each case, to the extent that each of the following conditions shall have been
satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Acquisition Consideration (A) in respect of any Acquisition shall not exceed ten percent (10%) of the Market Capitalization as of the
date of the definitive Acquisition agreement in respect of such Acquisition and, (B) in respect of all Acquisitions consummated, or the
subject of definitive Acquisition Agreement entered into and not terminated, after the Closing Date and on or prior to the date of the
definitive Acquisition agreement in respect of such Acquisition, shall not exceed twenty percent (20%) of the Market Capitalization as
of the date of the definitive Acquisition agreement in respect of such Acquisition;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Borrower shall have delivered each of the following to each Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to <U>Section 6.17</U>, as soon as available, executed copies of the definitive Acquisition agreement and all material agreements and
documents pursuant to which such Acquisition is to be consummated (the &ldquo;<U>Acquisition Documents</U>&rdquo;); <U>provided</U> that,
no later than the first (1<SUP>st</SUP>) Business Day following the date of such Acquisition documents, the Borrower shall file a report
with the SEC describing the terms of the transaction contemplated by such Acquisition documents, including such Acquisition documents
as exhibits thereto and disclosing any other material non-public information provided to any of the Secured Parties in connection with
such Acquisition (or otherwise); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent required to be delivered to (and permitted to be shared by) a Loan Party or any of its Affiliates pursuant to the applicable
Acquisition agreement, all required material regulatory and third party approvals;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Acquisition shall not be hostile and shall have been approved by the board of directors (or equivalent governing body) and/or the holders
of Stock of the Target;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Event of Default shall exist as of the date of execution of the applicable Acquisition agreement, and no Event of Default under Section
<U>clause (a)</U> or <U>(d)</U> of <U>Article 8</U> shall exist as of the date time of the consummation of such Acquisition or after giving
effect to such Acquisition and all other transactions contemplated by the applicable Acquisition Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
the Borrower shall cause the Target, the Target&rsquo;s Subsidiaries and their respective assets and properties and the Stock of the Target
and the Target&rsquo;s Subsidiaries to be in compliance with <U>Section 6.12</U> and the applicable provisions of the Security Agreement
and the other Facility Documents, and all actions in connection therewith shall have been taken and completed in a manner reasonably acceptable
to the Required Lenders; (B) to the extent required by the Facility Documents, the Target and its Subsidiaries shall have become Guarantors
under the Facility Documents and have executed and delivered such documents reasonably requested by the Required Lenders in connection
therewith and (C) subject to the Agreed Security Principles, all other actions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0pt">shall have been taken
that are necessary or reasonably requested by the Required Lenders, to the extent required by the Facility Documents, to provide a first
priority Lien (subject to Permitted Prior Liens) to Agent (for the benefit of the Secured Parties) in the assets and properties of the
Target and its Subsidiaries and the Stock of the Target and its Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
transactions in connection with such Acquisition shall be consummated, in all material respects, in accordance with all Applicable Laws
and in conformity with all applicable Authorizations and all applicable Authorizations shall have been obtained;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Target shall be in the same business or lines of business in which the Borrower and its Subsidiaries are engaged as of the Closing Date
or a business or line of business incidental thereto, reasonably complementary or ancillary thereto or a reasonable extension or development
thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Lender shall have received a certificate, in form and substance reasonably satisfactory to each Lender, signed by an Authorized Officer
and certifying that all the conditions set forth in this definition of &ldquo;Permitted Acquisition&rdquo; have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted In-Licensing
Agreement</U>&rdquo; means any inbound license agreement or any agreement that grants any covenant not to sue, option or other preferential
right for a license, or other similar right or immunity, under any Intellectual Property (any such license or other agreement being referred
to in this definition as a &ldquo;license agreement&rdquo;), in each case entered into by a Loan Party with a Person that is not an Affiliate
of any Loan Party that involves the granting by such Person to such Loan Party of any rights to Intellectual Property for use in connection
with such Loan Party&rsquo;s business, including the use, research, development, manufacture, marketing, distribution, offer for sale,
sale, importation or other commercialization of any product or service (including any Product); <U>provided</U> that (a) the aggregate
up-front fee payable under any such license agreement shall not exceed $5,000,000, (b) the maximum aggregate milestone payments payable
under any such license agreement shall not exceed $100,000,000 and, together with all of the maximum aggregate milestone payments payable
under all other such license agreements entered into after the Closing Date and prior to the date of such license agreement, payable prior
to the date that is one year and one day after the Maturity Date shall not exceed five percent (5%) of the Market Capitalization at the
time of entry into such license agreement, and no more than $500,000,000 of milestone payments under all such license agreements shall
be due or payable after the date that is one year and one day after the Maturity Date, (c) the maximum royalty payable under any such
license agreement shall not exceed 7.00% of net sales of Product(s) derived from the Intellectual Property licensed under such license
agreement, (d) no fees or other consideration, other than those referenced in the immediately preceding <U>clauses (a)</U>, <U>(b)</U>
and <U>(c)</U> shall be paid or payable by any of the Loan Parties or their Subsidiaries pursuant to, or otherwise in connection with,
such license agreement or the license(s) thereunder, (e) each of the General Permission Conditions shall be satisfied in respect of such
license agreement, and (f) each Lender shall have received a certificate, in form and substance reasonably satisfactory to each Lender,
signed by an Authorized Officer and certifying that the conditions set forth the foregoing <U>clauses (a)</U> through <U>(f)</U> have
been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Investments</U>&rdquo;
means each of the Investments permitted under <U>Section 7.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Joint
Venture</U>&rdquo; means any joint venture in which one or more Loan Parties own Stock that represents 50% or less of the ordinary voting
power and aggregate equity value represented by the issued and outstanding Stock in such joint entity; <U>provided</U> that (a) the Organizational
Documents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">governing
such Permitted Joint Venture shall expressly permit the Loan Party that is a party to such joint venture to pledge the Stock of such
joint venture entity to the Agent as security for the Obligations and permit the Secured Parties to exercise their rights under the Facility
Documents in respect of such Stock, without limitation, restriction or condition, (b) the Loan Party (or Loan Parties) party to such
joint venture shall not be required to contribute or otherwise transfer any cash or other assets, or incur any Indebtedness or other
liabilities, to or in respect of such joint venture other than pursuant to licenses of Products and/or Intellectual Property under a
Permitted Out-Licensing Agreement or Permitted In-Licensing Agreement, (c) each of the General Permission Conditions has been satisfied
and (d) each Lender shall have received a certificate, in form and substance reasonably satisfactory to each Lender, signed by an Authorized
Officer and certifying that the conditions set forth the foregoing <U>clauses (a)</U> through <U>(c)</U> have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Out-Licensing
Agreement</U>&rdquo; means any out-bound license agreement or any agreement that grants any covenant not to sue, option or other preferential
right for a license, or other similar right or immunity, under any Intellectual Property (any such license agreement or other agreement
(and the granting of rights thereunder) being referred to in this definition as a &ldquo;license&rdquo;), in each case entered into by
a Loan Party with a Person that is not an Affiliate of any Loan Party that involves the granting of any rights by such Loan Party to such
Person under any Intellectual Property for use in connection with such Person&rsquo;s business, including the use, research, development,
manufacture, marketing, distribution, offer for sale, sale, importation or other commercialization of any product or service (including
any Product) or conducting any of the foregoing for or on behalf of such Loan Party; <U>provided</U> that (a) such Loan Party or another
Loan Party on its behalf directly receives from such other Person (or a licensee thereof) in consideration of such license, consideration
of reasonably equivalent value in the good faith judgment of such Loan Party, (b) each of the General Permission Conditions shall be satisfied
in respect of such license, and (c) each Lender shall have received a certificate, in form and substance reasonably satisfactory to each
Lender, signed by an Authorized Officer and certifying that the conditions set forth the foregoing <U>clauses (a)</U> and <U>(b)</U> have
been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Liens</U>&rdquo;
means Liens permitted under <U>Section 7.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Non-Qualifying
Banks</U>&rdquo; means in aggregate up to ten (10) Lenders that are not, in each case, Qualifying Banks, and &ldquo;<U>Permitted Non-Qualifying
Bank</U>&rdquo; shall mean one of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Prior
Liens</U>&rdquo; means Liens described in <U>Section 7.3</U> (other than Liens described in <U>clauses (a)</U> and <U>(s)</U> of <U>Section
7.3</U>), in each case that, by operation of law, have priority over the Liens securing the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted
Royalty Financing</U>&rdquo; means one or more financing transactions in respect of royalties on net sales of Products or revenue
interests (including, for purposes of clarity, the transactions contemplated by the HCRM PSA) so long as such transaction is (or is
pursuant to) an arm&rsquo;s length transaction (or is more favorable to such Loan Party that is party thereto than an arm&rsquo;s
length transaction), and, with respect to any such transaction entered into, or materially amended or changed (including to cover
any additional Products, property or assets (or to extend the term thereof except to the extent of any automatic term renewals
contemplated under such Arrangement as of the date of entry into such Arrangement)): (a) the Borrower has in good faith determined
that such Arrangement (including the terms thereof) is in the best interests of the Loan Parties, (b) immediately prior to the
consummation of any such transaction, no Default or Event of Default has occurred and is continuing, (c)(i) except with respect the
financing under the HCRM PSA (in which case the Lien expressly required to be granted thereunder shall be permitted), such financing
shall be unsecured and (ii) except with respect to (x) the rights described in clause (a) of the definition of &ldquo;Included
Product Royalty Rate&rdquo; set forth in the Purchase and Sale Agreement and (y) default interest, late payment interest or fees with respect to the Royalty Payments described in the foregoing clause (x), in
an aggregate amount of all such interest and fees not to exceed (in the aggregate with any other default interest, late payment interest
or fees with respect to the Royalty Payments under the HCRM PSA) $7,500,000, the provider of such financing shall enter into a
subordination agreement containing the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Agreed Subordination
Terms, (d) the maximum royalty or revenue interest amount payable in connection with any such transaction shall not exceed 7.00% of net
sales of (or net revenues attributable to) Product(s) the development of which is financed by such transaction (except, in the case of
the transactions under the HCRM PSA, for the royalty payable pursuant to clause (b) of the definition of &ldquo;Included Product Revenue
Royalty Rate&rdquo; set forth therein), (e) no fees or other consideration, other than those set forth in the HCRM PSA or referenced
in the immediately preceding <U>clause (d)</U>, shall be paid or payable by any of the Loan Parties or their Subsidiaries pursuant to,
or otherwise in connection with, such financing, in each case, unless such payment is permitted by the applicable subordination agreement
and (f) each Lender shall have received a certificate, in form and substance reasonably satisfactory to each Lender, signed by an Authorized
Officer and certifying that the conditions set forth in the foregoing <U>clauses (a)</U> through <U>(e)</U> have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means and includes any natural person, individual, partnership, joint venture, corporation, trust, limited liability company, limited
company, joint stock company, unincorporated organization, government entity or any political subdivision or agency thereof, or any other
entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Principal Market</U>&rdquo;
means the Eligible Market on which the Common Shares are listed upon the Qualifying IPO Date (or any successor to the foregoing), subject
to <U>Section 6.16</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pro Rata Share</U>&rdquo;
means, with respect to any Lender, the percentage obtained by dividing (a) the sum of (i) such Lender&rsquo;s Subsequent Convertible Loan
Commitment (to the extent not terminated or used in its entirety), and (ii) such Lender&rsquo;s outstanding Loans, by (b) the sum of (i)
the total amount of remaining Subsequent Convertible Loan Commitments held by all Lenders (to the extent not terminated or used in their
entirety), and (ii) the total outstanding amount of Loans held by all Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Proceeding</U>&rdquo;
means any investigation, litigation, review, hearing, suit, claim, audit, arbitration, proceeding or action (in each case, whether civil,
criminal, administrative or investigative) commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental
Authority or arbitrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Product</U>&rdquo;
means any item or service that is designed, developed, created, manufactured, sold or otherwise used by or on behalf of the Loan Parties
or any of their Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Publicly Disclose</U>&rdquo;
means, in respect of any information, to publicly disclose such information through a filing under Applicable Securities Laws and/or through
a widely disseminated press release, in any event, in a manner such that, after the making of such public disclosure, such information
could in no event constitute or be deemed to constitute Inside Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Qualifying Bank</U>&rdquo;
means (a) any bank as defined in the Swiss Federal Code for Banks and Savings Banks dated 8 November 1934 (<I>Bundesgesetz &uuml;ber die
Banken und Sparkassen</I>) as amended from time to time; or (b) a person or entity which effectively conducts banking activities with
its own infrastructure and staff as its principal business purpose and which has a banking license in full force and effect issued in
accordance with the banking laws in force in its jurisdiction of incorporation, or if acting through a branch, issued in accordance with
the banking laws in the jurisdiction of such branch, all and in each case in accordance with the Swiss Guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Qualifying IPO</U>&rdquo;
means an underwritten public offering of Common Shares pursuant to an effective registration statement filed with the SEC in accordance
with the Securities Act that results in an IPO Conversion and upon consummation of which the Common Shares are listed on an Eligible Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Qualifying IPO Date</U>&rdquo;
means the date of consummation (i.e., &quot;the closing date&rdquo;) of the Qualifying IPO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Qualifying Sub Debt</U>&rdquo;
means Indebtedness of a Loan Party that has been subordinated and made junior to the payment in full of the Obligations pursuant to the
Agreed Subordination Terms or such other subordination terms reasonably acceptable to the Required Lenders; <U>provided</U> that, (a)
at the time such Qualifying Sub Debt is incurred, no Default or Event of Default has occurred or would occur as a result of such incurrence,
(b) if, at the time of incurrence of such Indebtedness, the Market Capitalization is less than or equal to $500,000,000, then, after giving
effect to the incurrence of such Indebtedness, the aggregate outstanding principal amount of such Indebtedness shall not exceed $25,000,000,
and (c) the documentation evidencing such Qualifying Sub Debt shall have been delivered to the Lenders and shall contain all of the following
terms: (i) it shall be unsecured, (ii) it shall not mature or (except as provided in <U>clause (vii)</U> below) be mandatorily redeemable
or prepayable prior to the date that is one year and one day after the Maturity Date, (iii) it shall bear interest at a rate that at the
time of incurrence is a then-prevailing market rate that is approved by the Board of Directors of the Borrower in good faith, (iv) it
shall not require principal repayments thereof prior to the maturity date of such debt, (v) if it has any covenants, such covenants (including
covenants relating to incurrence of indebtedness) shall be no more restrictive, taken as a whole, than those set forth herein, (vi) it
shall permit the incurrence of senior indebtedness under this Agreement and the Liens securing such senior indebtedness, (vii) it may
be cross-accelerated with the Obligations and other senior indebtedness of the Borrower (but shall not be cross-defaulted except for payment
defaults that the senior lenders have not waived) and may be accelerated upon bankruptcy, and (viii) it shall provide for the complete,
automatic and unconditional release of any and all guarantees of such Qualifying Sub Debt granted by the Borrower in the event of the
sale by any Person of the Borrower or all or substantially all of the Borrower&rsquo;s assets (including in the case of a foreclosure).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Real Estate</U>&rdquo;
means any real property owned, leased, subleased or otherwise operated or occupied by any Loan Party or any Subsidiary of any Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Register</U>&rdquo;
has the meaning set forth in <U>Section 1.4(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registration Rights
Agreement</U>&rdquo; means that certain Registration Rights Agreement, to be dated as of the Initial Convertible Loan Disbursement Date,
entered into by the Persons parties thereto and substantially in the form of <U>Exhibit E</U>, as amended, restated, supplemented or otherwise
modified from time to time in accordance with the terms thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registrations</U>&rdquo;
means all Authorizations and exemptions issued or allowed by any Governmental Authority (including new drug applications, abbreviated
new drug applications, biologics license applications, investigational new drug applications, over-the-counter drug monograph, device
pre-market approval applications, device pre-market notifications, investigational device exemptions, product re-certifications, manufacturing
approvals and authorizations, CE Marks, pricing and reimbursement approvals, labeling approvals or their foreign equivalent, controlled
substance registration, and wholesale distributor permits) held by, or applied by contract to, any Loan Party or any of its Subsidiaries,
that are required for the research, development, manufacture, distribution, marketing, storage, transportation, use and sale of the Products
of any Loan Party or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Regulation D</U>&rdquo;
means Regulation D of the Board of Governors of the Federal Reserve System as in effect from time to time and any successor to all or
a portion thereof establishing reserve requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Regulatory Matters</U>&rdquo;
means, collectively, activities and Products that are subject to Health Care Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Regulatory Required
Permit</U>&rdquo; means any and all licenses, clearances, exemptions, approvals, registrations, and permits issued by the FDA, DEA or
any other applicable Governmental Authority, including, without limitation, Drug Applications, any 510(k) premarket clearance, grant of
a de novo request, premarket approval application (&ldquo;<U>PMA</U>&rdquo;), or investigational device exemption (&ldquo;IDE&rdquo;),
or the foreign equivalent to any of the foregoing necessary for the design, testing, manufacture, processing, assembly, packaging, labeling,
marketing, distribution, commercialization, import, export, or sale of any Product by any applicable Loan Party (or Loan Parties) and
its (or their) Subsidiaries as such activities are being conducted by such Loan Party (or Loan Parties) and its (or their) Subsidiaries
with respect to such Product at such time; and any device listings and device establishment registrations under 21 C.F.R. Part 807, and
any drug listings and drug establishment registrations under 21 U.S.C. Section 510, registrations issued by DEA under 21 U.S.C. Section
823 (if applicable to any Product) and those issued by State governments for the conduct of the Loan Parties&rsquo; or any of their Subsidiaries&rsquo;
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Release</U>&rdquo;
means any release, threatened release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal,
discharge, dispersal, dumping, leaching or migration of Hazardous Material into or through the environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Relevant Jurisdiction</U>&rdquo;
means, in relation to a Loan Party, (a) the jurisdiction under whose laws that Loan Party is incorporated; (b) any jurisdiction where
any of such Loan Party&rsquo;s assets subject to or intended to be Collateral are situated; (c) any jurisdiction where such Loan Party
conducts its business; and (d) any jurisdiction whose laws govern the perfection of any of the Collateral Documents entered into by such
Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Required Authorizations</U>&rdquo;
has the meaning set forth in <U>Section 3.7(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Required Lenders</U>&rdquo;
means, at any time, the Lenders having Pro Rata Shares of which the aggregate amount exceeds 50% of the outstanding Loans and the unfunded
Subsequent Convertible Loan Commitments, collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Restricted Payments</U>&rdquo;
means, with respect to any Person, (a) the declaration or making of any dividend payment or other distribution of assets, properties,
cash, rights, obligations or securities on account of any of its Stock, (b) the purchasing, redemption or other acquisition for value
of any of its Stock now or hereafter outstanding or (c) the making of any payment or prepayment of principal of, premium, if any, interest,
fees, redemption, exchange, purchase, retirement, defeasance, sinking fund or similar payment with respect to, any unsecured Indebtedness
contractually subordinated to the Obligations as to right and time of payment or as to other rights and remedies thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>S&amp;P</U>&rdquo;
means Standard &amp; Poor&rsquo;s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sanctioned Country</U>&rdquo;
has the meaning set forth in <U>Section 3.27</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sanctions</U>&rdquo;
has the meaning set forth in <U>Section 3.27</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SDN List</U>&rdquo;
has the meaning set forth in <U>Section 3.27</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEC</U>&rdquo; means
the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEC Documents</U>&rdquo;
means all reports, schedules, forms, statements and other documents filed by any Loan Party or any of its Subsidiaries with the SEC (or,
in the case of any report disclosing financial information in respect, or as of the end, of any completed fiscal period, furnished to
the SEC) pursuant to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">the Securities
Act or the Exchange Act (a) in connection with the Qualifying IPO or (b) at any time from and after the effectiveness of the registration
statement in respect of the Qualifying IPO (including, in each case, all financial statements and schedules included therein, all exhibits
thereto and all documents incorporated by reference therein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Secured Parties</U>&rdquo;
means Agent, the Lenders, holders of Convertible Notes and all Indemnified Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities</U>&rdquo;
means the Convertible Notes, the related guaranties and the Conversion Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities Act</U>&rdquo;
means the Securities Act of 1933, as amended, including the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Segregated Governmental
Account</U>&rdquo; means a deposit account of a Loan Party maintained in accordance with the requirements of <U>Section 6.11(b)</U>, the
only funds on deposit in which constitute the direct proceeds of Medicare and Medicaid payments made by Governmental Payors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shareholders Agreement</U>&rdquo;
means the Shareholders Agreement, dated as of October 3, 2017, by and among the Borrower and the investors party thereto, as amended by
the Addendum to the Shareholders Agreement, dated as of April 16, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shareholders Rights
Plan</U>&rdquo; means a shareholders rights plan (or &ldquo;poison pill&rdquo;) or similar arrangement relating to accumulations of beneficial
ownership of Common Shares or a change in control of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Social Security
Act</U>&rdquo; means the Social Security Act of 1965 as set forth in Title 42 of the United States Code, as amended, and any successor
statute thereto, as interpreted by the rules and regulations issued thereunder, in each case as in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Solvency Certificate</U>&rdquo;
means a solvency certificate in substantially the form of <U>Exhibit H</U> or such other solvency certificate in form and substance reasonably
satisfactory to the Required Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Solvent</U>&rdquo;
means, with respect to any Person as of any date of determination, that, as of such date, (a) the value of the assets of such Person (both
at fair value and present fair saleable value) is greater than the total amount of liabilities (including contingent and unliquidated
liabilities) of such Person, (b) such Person is able to pay all liabilities of such Person as such liabilities mature or as they fall
due and (c) such Person does not have unreasonably small capital in relation to such Person&rsquo;s business as contemplated as of such
date. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount
that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become
an actual or matured liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Software</U>&rdquo;
means (a) all computer programs, including source code and object code versions, (b) all data, databases and compilations of data, whether
machine readable or otherwise, and (c) all documentation, training materials and configurations related to any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Stock</U>&rdquo;
means (a) all shares of capital stock (whether denominated as common stock (or shares) or preferred stock (or shares)), equity interests,
beneficial, partnership or membership interests (or units thereof), joint venture interests, participations or other ownership or profit
interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting;
and (b) all securities convertible into or exchangeable for any other Stock and all warrants, options or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">other rights
to purchase, subscribe for or otherwise acquire any other Stock, whether or not presently convertible, exchangeable or exercisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subsequent Convertible
Loan</U>&rdquo; has the meaning set forth in <U>Section 2.1(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subsequent Convertible
Loan Commitments</U>&rdquo; means the commitments of the Lenders to provide Subsequent Convertible Loans under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Subsequent Convertible
Loan Disbursement&rdquo; has the meaning set forth in <U>Section 2.1(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subsequent Convertible
Loan Disbursement Date</U>&rdquo; has the meaning set forth in <U>Section 2.1(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subsidiary</U>,&rdquo;
with respect to any Person, any corporation, partnership, joint venture, limited liability company, association or other entity in which
such Person directly or indirectly owns or controls the Stock having ordinary voting power to elect a majority of the board of directors
of such corporation, partnership, joint venture, limited liability company, association or other entity, or of which an aggregate of more
than fifty percent (50%) of the voting Stock is, at the time, owned or controlled directly or indirectly by, such Person or one or more
Subsidiaries of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Swap Contract</U>&rdquo;
means any agreement, contract or transaction that constitutes a &ldquo;swap&rdquo; within the meaning of Section 1a(47) of the Commodity
Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sweep Agreement</U>&rdquo;
has the meaning set forth in Section 6.11(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Swiss 10 Non-Bank
Rule</U>&rdquo; means the rule that the aggregate number of Lenders under this Agreement that are not Qualifying Banks must not at any
time exceed ten (10), if and as long as a violation of this rule results in Swiss Federal Withholding Tax consequences for the Borrower,
in each case in accordance with the meaning of the Swiss Guidelines or the applicable legislation or explanatory notes addressing the
same issues that are in force at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Swiss 20-Non-Bank
Rule</U>&rdquo; means the rule that the aggregate number of lenders (including the Lenders) other than Qualifying Banks, under all its
outstanding debt relevant for classification as a debenture (<I>Kassenobligation</I>) (including debt arising under this Agreement, intragroup
loans (if and to the extent they are not exempt in accordance with the ordinance of the Swiss Federal Council of 18 June 2010 amending
the Swiss Federal Ordinance on withholding tax and the Swiss Federal Ordinance on stamp duties with effect as of 1 August 2010), facilities
and/or private placements) must not at any time exceed twenty (20), if and as long as a violation of this rule results in Swiss Federal
Withholding Tax consequences for the Borrower, in each case in accordance with the meaning of the Swiss Guidelines or the applicable legislation
or explanatory notes addressing the same issues that are in force at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Swiss Collateral
Documents</U>&rdquo; means the Swiss law governed bank account pledge agreement (<I>Bankkontoverpf&auml;ndung</I>), IP pledge agreement
(<I>IP Verpf&auml;ndung</I>), receivables assignment agreement (<I>Sicherungszession</I>), Control Agreement and Security By Control Agreement,
in each case, to be executed and delivered on the Initial Convertible Loan Disbursement Date, in each case, in form and substance reasonably
acceptable to the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Swiss Federal Withholding
Tax</U>&rdquo; means any tax levied pursuant to the Swiss Federal Act on Withholding Tax (<I>Bundesgesetz &uuml;ber die Verrechungssteuer
vom 13 Oktober 1965</I>, <I>SR 642.21</I>), as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Swiss Guidelines</U>&rdquo;
means, collectively, guideline S-02.123 in relation to interbank loans of 22 September 1986 (<I>Merkblatt &ldquo;Verrechnungssteuer auf
Zinsen von Bankguthaben, deren Gl&auml;ubiger Banken sind (Interbankguthaben)&rdquo; vom 22. September 1986</I>), guideline S-02.130.1
in relation to money market instruments and book claims of April 1999 (<I>Merkblatt vom April 1999 betreffend Geldmarktpapiere und Buchforderungen
inl&auml;ndischer Schuldner</I>), circular letter No. 34 of 26 July 2011 (1-034-V-2011) in relation to deposits (<I>Kreisschreiben Nr.
34 &ldquo;Kundenguthaben&rdquo; vom 26. Juli 2011</I>) and the circular letter No. 15 of 7 February 2007 (1-015-DVS-2007) in relation
to bonds and derivative financial instruments as subject matter of taxation of Swiss federal income tax, Swiss Federal Withholding Tax
and Swiss Stamp Taxes (<I>Kreisschreiben Nr. 15 &ldquo;Obligationen und derivative Finanzinstrumente als Gegenstand der direkten Bundessteuer,
der Verrechnungssteuer und der Stempelabgaben&rdquo; vom 3. Oktober 2017</I>), circular letter No. 46 of 24 July 2019 (1-046-DVS-2019)
in relation to syndicated credit facilities (<I>Kreisschreiben Nr. 46 betreffend steuerliche Behandlung von Konsortialdarlehen, Schuldscheindarlehen,
Wechseln und Unterbeteiligungen vom 24. Juli 2019</I>) and circular letter No. 47 of 25 July 2019 (1-047-DVS-2019) in relation to bonds
(<I>Kreisschreiben Nr. 47 betreffend Obligationen vom 25. Juli 2019</I>), in each case as issued, amended or replaced from time to time,
by the Swiss Federal Tax Administration or as substituted or superseded and overruled by any law, statute, ordinance, court decision,
regulation or the like as in force from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Swiss Non-Bank Rules</U>&rdquo;
means the Swiss 10 Non-Bank Rule and the Swiss 20 Non-Bank Rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Target</U>&rdquo;
means any Person or a business unit, product line, division or asset group of any such Person acquired or proposed to be acquired in an
Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Tax Affiliate</U>&rdquo;
means (a) the Borrower and its Subsidiaries and (b) any Affiliate of any Loan Party with which any Loan Party files or is required to
file consolidated, combined or unitary tax returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Tax Returns</U>&rdquo;
has the meaning set forth in <U>Section 3.10</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Taxes</U>&rdquo;
means all present or future taxes, levies, imposts, stamp or other duties, deductions, charges or withholdings imposed by any Governmental
Authority, together with any interest, additions to tax, penalties or other Liabilities with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Third Party Payor</U>&rdquo;
means any Governmental Payor, Blue Cross and/or Blue Shield, private insurers, managed care plans, and any other Person that presently
or in the future maintains Third Party Payor Programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Third Party Payor
Programs</U>&rdquo; means all payment or reimbursement programs sponsored or maintained by any Third Party Payor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Title IV Plan</U>&rdquo;
means an Employee Benefit Plan subject to Title IV of ERISA, other than a Multiemployer Plan, to which any ERISA Affiliate incurs or otherwise
has or would reasonably be expected to have any obligation or Liabilities (including under Section 4069 of ERISA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trademarks</U>&rdquo;
means, collectively, all of the following: (a) all trademarks, trade names, corporate names, company names, business names, fictitious
business names, trade styles, service marks, logos, other business identifiers, prints and labels on which any of the foregoing have appeared
or appear, all registrations and recordings thereof, and all applications in connection therewith including, without limitation, those
listed on any schedule to any Trademark security agreement entered into pursuant to this Agreement; (b) all renewals thereof; (c) all
income, royalties, damages and payments now or hereafter due and/or payable under any of the foregoing or with respect to any of the foregoing
including damages and payments for past, present and future infringements of any of the foregoing; (d) the right to sue for</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">past, present
and future infringements of any of the foregoing; (e) all rights corresponding to any of the foregoing throughout the world; and (f)
all goodwill associated with and symbolized by any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trade Secrets</U>&rdquo;
means all right, title and interest arising under any Applicable Law in or relating to trade secrets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trading Day</U>&rdquo;
has the meaning given to such term in the Convertible Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transactions</U>&rdquo;
means (a) the funding of the Initial Convertible Loan Disbursement, (b) the providing of the Subsequent Convertible Loan Commitments,
(c) the payment of fees, commissions, costs and expenses in connection with each of the foregoing and (d) the funding of the Subsequent
Convertible Loans (if any).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Treasury Yield</U>&rdquo;
means a yield determined by Lender by reference to the most recent Federal Reserve Statistical Release H.15 (519) (or any successor or
substitute publication of the Federal Reserve Board) that has become publicly available at least two (2) Business Days prior to the date
of any prepayment hereunder that is subject to an Interest Make Whole Amount, and shall be the most recent weekly average yield to maturity
(expressed as a rate <I>per annum</I>) under the caption &ldquo;Treasury Constant Maturities&rdquo; for the year corresponding to the
remaining average life of the Loans, as determined by Agent, through the ninetieth (90<SUP>th</SUP>) day preceding the third anniversary
of the Closing Date had the Loans not been prepaid, plus 50 basis points. If no such &ldquo;Treasury Constant Maturities&rdquo; shall
exactly correspond to such remaining average life of the Loans being prepaid, as determined by Agent, yields for the two most closely
corresponding published &ldquo;Treasury Constant Maturities&rdquo; shall be used to interpolate a single yield on a straight-line basis
(rounding, in the case of relevant periods, to the nearest month). The Treasury Yield shall be computed to the fifth decimal place and
then rounded to the fourth decimal point.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>TRICARE</U>&rdquo;
means, collectively, a program of medical benefits covering former and active members of the uniformed services and certain of their dependents,
financed and administered by the United States Departments of Defense, Health and Human Services and Transportation, and all Applicable
Laws applicable to such programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>UCC</U>&rdquo; means
the Uniform Commercial Code of any applicable jurisdiction and, if the applicable jurisdiction shall not have any Uniform Commercial Code,
the Uniform Commercial Code as in effect from time to time in the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>United States</U>&rdquo;
and &ldquo;<U>U.S.</U>&rdquo; each means the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Collateral
Documents</U>&rdquo; means the U.S. Pledge and Security Agreement, each Control Agreement and all other security agreements, guaranties
and other similar agreements, and all amendments, restatements, modifications or supplements thereof or thereto, by or between any one
or more of any Loan Party, any of their respective Subsidiaries or any other Person in each case pledging or granting a lien on Collateral
located in the United States, any State thereof or the District of Columbia or securing the payment and performance of the Obligations,
and any Lender or Agent for the benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders or Agent
pursuant to or in connection with the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Loan Party</U>&rdquo;
means ADC Therapeutics America, Inc., a Delaware corporation, and any other Loan Party from time to time party to the Facility Documents
that is organized under the laws of any State of the United States or the District of Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Pledge and
Security Agreement</U>&rdquo; means the Pledge and Security Agreement to be entered into by and among the Borrower, the other Loan Parties
and Agent on the Initial Convertible Loan Disbursement Date in form and substance reasonably satisfactory to the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>USA Patriot Act</U>&rdquo;
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, P.L.
107-56, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 1.2&#9;&nbsp;&nbsp;&nbsp;&nbsp;Interpretation<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The division of this Agreement and the other Facility Documents into Articles and Sections and the use of headings and captions is for
convenience of reference only and shall not modify or affect the interpretation or construction of this Agreement or any of its provisions.
The words &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereunder,&rdquo; &ldquo;hereinafter&rdquo; and &ldquo;hereto&rdquo; and
words of similar import refer to this Agreement (or other applicable Facility Document). The term &ldquo;or&rdquo; has, except where otherwise
indicated, the inclusive meaning represented by the phrase &ldquo;and/or.&rdquo; The term &ldquo;documents&rdquo; and &ldquo;agreements&rdquo;
include any and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced. The use
in any of the Facility Documents of the word &ldquo;include&rdquo; or &ldquo;including,&rdquo; when following any general statement, term
or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following
such word or to similar items or matters, whether or not non-limiting language (such as &ldquo;without limitation&rdquo; or &ldquo;but
not limited to&rdquo; or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items
or matters that fall within the broadest possible scope of such general statement, term or matter. References to a specified Article,
Exhibit, Section or Schedule shall be construed as a reference to that specified Article, Exhibit, Section or Schedule of this Agreement
(or other applicable Facility Document). Unless specifically stated otherwise, any reference to any of the Facility Documents means such
document as the same shall be amended, restated, supplemented or otherwise modified and from time to time in effect in accordance with
the terms hereof or thereof, as applicable. The references to &ldquo;assets&rdquo; and &ldquo;properties&rdquo; in the Facility Documents
are meant to be mean the same and are used throughout the Facility Documents interchangeably, and such words shall be deemed to refer
to any and all tangible and intangible assets and properties, including cash, securities, Stock, accounts and contract rights. The meanings
of defined terms shall be equally applicable to the singular and plural forms of the defined terms. Terms (including uncapitalized terms)
not otherwise defined herein and that are defined in the UCC shall have the meanings therein described. The payment, prepayment, redemption
or repayment of any principal, interest, charges, fees, amounts and/or other Obligations under this Agreement or the other Facility Documents
shall be made in cash in Dollars unless expressly stated otherwise herein or therein. Any reference to &ldquo;payment in full,&rdquo;
&ldquo;payment in full in cash,&rdquo; &ldquo;paid in full,&rdquo; &ldquo;paid in full in cash,&rdquo; &ldquo;repaid in full,&rdquo; &ldquo;repaid
in full in cash,&rdquo; &ldquo;prepaid in full,&rdquo; &ldquo;prepaid in full in cash,&rdquo; &ldquo;redeemed in full,&rdquo; &ldquo;redeemed
in full in cash&rdquo; or any other term or word of similar effect used in this Agreement or any other Facility Document with respect
to the Loans or the Obligations shall mean all Obligations (including any Make Whole Amount and Exit Charge but excluding (y) contingent
claims for indemnification to the extent no claim giving rise thereto has been asserted and (z) those Obligations under any Facility Document
that are not due or payable at the time when all other Obligations are paid in full in cash) have been repaid in full in cash (or, as
applicable, (a)&nbsp;partially paid in cash and partially satisfied through the issuance of Conversion Shares or (b)&nbsp;satisfied in
their entirety through the issuance of Conversion Shares, in each case, in accordance with the terms and provisions of the <FONT STYLE="color: black">Convertible
</FONT>Notes, this Agreement and the other Facility Documents, but, for the avoidance of doubt, solely to the extent that, after giving
effect to any such payment in cash and any such satisfaction through the issuance of Conversion Shares, the full amount of all such Obligations
has been fully and completely satisfied) and have been fully performed; <U>provided</U> that reference otherwise to &ldquo;payment,&rdquo;
&ldquo;paid,&rdquo; &ldquo;repaid,&rdquo; &ldquo;prepaid,&rdquo; &ldquo;redeem,&rdquo; &ldquo;purchase,&rdquo; &ldquo;defease,&rdquo;
&ldquo;prepayment&rdquo; or &ldquo;redemption&rdquo; or any term or word of similar effect used in this Agreement or any other Facility
Document with respect to the Loans or the Obligations shall mean in cash and not by conversion into Conversion Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 1.3&#9;&nbsp;&nbsp;&nbsp;&nbsp;Business
Day Adjustment<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Except as otherwise expressly stated herein or in any other Facility Document (and except on the Maturity Date or any date of acceleration
of any of the Obligations, in which case, such payment or performance shall be due and payable or performed on or prior to such day regardless
of whether such day is a Business Day), if the day by which any payment or other performance is due to be made is not a Business Day,
that payment or performance shall be made by the next succeeding Business Day unless that next succeeding Business Day falls in a different
calendar month, in which case that payment or other performance shall be made by the Business Day immediately preceding the day by which
such payment or other performance is due to be made; <U>provided</U> that interest will continue to accrue for each additional day in
connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 1.4&#9;&nbsp;&nbsp;&nbsp;&nbsp;Loan Records</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent, acting solely for this purpose as a non-fiduciary agent (solely for tax purposes) shall establish and maintain at its office a
record of ownership (the &ldquo;<U>Register</U>&rdquo;) in which the Agent agrees to register by book entry the interests (including any
rights to receive payment hereunder) of each Lender in the Loan and the unfunded Subsequent Convertible Loan Commitments, and any assignment
of any such interest or interests, and accounts in the Register in accordance with its usual practice in which it shall record (i) the
names and addresses of the Lenders (and any change thereto pursuant to this Agreement), (ii) the amount of the Loan and the unfunded Subsequent
Convertible Loan Commitments and each funding of any participation therein, (iii) the amount of any principal, interest, charge, fee or
other amount due and payable or paid, and (iv) any other payment received by the Lenders from the Borrower and its application to the
Loan and the unfunded Subsequent Convertible Loan Commitments. Reasonably promptly after making each such registration, the Agent shall
provide written notice thereof to the Borrower. The entries in the Register shall be conclusive absent manifest error, and the Borrower,
the Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">The
Loans made by each Lender are evidenced by this Agreement. Additionally, the Borrower shall execute and deliver to each Lender (and/or,
if applicable and if so requested by any assignee Lender pursuant to the assignment provisions of <U>Section 9.4</U>) on the Initial Convertible
Loan Disbursement Date with respect to the Initial Convertible Loan Disbursement (or, if such assignment is made after the Initial Convertible
Loan Disbursement Date, promptly (and, in any event, within three (3) Business Days thereof) after such Lender&rsquo;s request) a Convertible
Note, payable to such Lender in an amount equal to the unpaid principal amount of applicable Loans held by such Lender (which, at the
request of such Lender, may provide separate Convertible Notes for separate or different parts of the Loans held by such Lender). Each
conversion of a Loan into Conversion Shares shall be set forth in the Convertible Note related to such Loan, each of which shall be in
the form of Exhibit A; <U>provided</U> that, (i) for purposes of each of the Convertible Notes in respect of each of the Initial Convertible
Loans, the initial Conversion Price shall be equal to 130% of the IPO Price, and (ii) for purposes of each of the Convertible Notes in
respect of the Subsequent Convertible Loans, the initial Conversion Price shall be equal to the lesser of (i) 115% of the Conversion Price
in effect under the Convertible Notes in respect of the Initial Convertible Loans as of the Subsequent Convertible Loan Disbursement Date,
and (ii) 120% of the arithmetic average of the Volume Weighted Average Price (as defined in, and determined in accordance with, the Convertible
Notes) of the Common Shares on each of the fifteen (15) consecutive Trading Days immediately prior to the Subsequent Convertible Loan
Disbursement Date; and <U>provided</U>, <U>further</U>, <U>however</U>, that in no event shall the initial Conversion Price of the Convertible
Notes in respect of the Subsequent Convertible Loans be less than 62% of the Conversion Price in effect under the Convertible Notes in
respect of the Initial Convertible Loans as of the Subsequent Convertible Loan Disbursement Date ((the &ldquo;<U>Floor Price</U>&rdquo;
and the </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt">limitation imposed
by this proviso, the &ldquo;<U>Floor Price Limitation</U>&rdquo;). Notwithstanding anything to the contrary contained in this Agreement,
the Loans (including any Convertible Notes evidencing the Loans) are registered obligations, the right, title and interest of the Lenders
and their successors and assignees in and to the Loans (and the Convertible Notes evidencing the Loans). This <U>Section 1.4</U> shall
be construed so that the Loan is at all times maintained in &ldquo;registered form&rdquo; within the meaning of Sections 163(f), 871(h)(2)
and 881(c)(2) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower, the Agent and the Lenders shall treat each Person whose name is recorded in the Register as a Lender for all purposes of this
Agreement. Information contained in the Register with respect to any Lender shall be available for access by the Borrower or any Lender
at any reasonable time and from time to time upon reasonable prior written notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 1.5&#9;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
Terms and Principles</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. All accounting determinations required
to be made pursuant hereto shall, unless expressly otherwise provided herein, be made in accordance with IFRS. No change in the accounting
principles used in the preparation of any financial statement hereafter adopted by any Loan Party or any of its Subsidiaries (including,
with respect to IFRS, any change in IFRS that would require leases that would be classified as operating leases under IFRS on the Closing
Date to be reclassified as Capital Leases) shall be given effect for purposes of measuring compliance with any provision of this Agreement
or otherwise determining any relevant ratios and baskets which govern whether any action is permitted hereunder unless the Borrower and
the Required Lenders agree to modify such provisions to reflect such changes in IFRS, and unless such provisions are modified, all financial
statements and similar documents provided hereunder shall be provided together with a reconciliation between the calculations and amounts
set forth therein before and after giving effect to such change in IFRS. Notwithstanding any other provision contained herein or in any
other Facility Document, all terms of an accounting or financial nature used herein and in the other Facility Documents shall be construed,
and all computations of amounts and ratios referred to herein and in the other Facility Documents shall be made, without giving effect
to any election under IFRS to value any Indebtedness or other liabilities of any Loan Party or any Subsidiary at &ldquo;fair value&rdquo;,
as defined therein. A breach of a financial covenant contained in <U>Section 7.16</U> shall be deemed to have occurred as of the last
day of any specified measurement period, regardless of when the financial statements evidencing such breach are delivered to Agent or
any Lender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 1.6&#9;&nbsp;&nbsp;&nbsp;&nbsp;Officers</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
Any document, agreement or instrument delivered under the Facility Documents that is signed by an Authorized Officer or another officer
or director of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership, limited liability
company and/or other action on the part of such Loan Party, and such Authorized Officer or other officer or director shall be conclusively
presumed to have acted on behalf of such Loan Party in such person&rsquo;s capacity as an officer or director of such Loan Party and not
in any individual capacity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE 2<BR>
AGREEMENT FOR THE LOAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;Disbursements<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><SUP>I</SUP>nitial
Convertible Loan <SUP>Disbursement</SUP></B><SUP>. </SUP>The Borrower shall deliver to the Agent a fully executed Disbursement Request
by 12:00 p.m. two (2) Business Days prior to the Initial Convertible Loan Disbursement Date; provided that the Initial Convertible Loan
Disbursement Date shall be Qualifying IPO Date (or such later date as may be agreed upon by the Agent). Promptly upon receipt by the Agent
of such Disbursement Request, the Agent shall notify each Lender with an Initial Convertible Loan Commitment of the proposed borrowing.
On the terms and subject to the conditions</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">set forth herein,
each Lender severally but not jointly agrees to lend to the Borrower, and the Borrower hereby irrevocably requests that each such Lender
lend, on the Initial Convertible Loan Disbursement Date the principal amount of the senior secured convertible term loans set forth opposite
such Lender&rsquo;s name in <U>Annex A</U> under the heading &ldquo;Initial Convertible Loan Amount&rdquo; by making such amounts available
to the Agent not later than 12:00 p.m. (New York City time) on the Initial Convertible Loan Disbursement Date, by wire transfer of same
day funds in Dollars, to an account designated by the Agent from time to time (the &ldquo;<U>Initial Convertible Loan Disbursement</U>&rdquo;).
Upon receipt of all requested funds, the Agent shall make the proceeds of the Initial Convertible Loan Disbursement available to the Borrower
by promptly wiring such amounts to an account or accounts designated in writing by the Borrower in the Disbursement Request. The Agent,
unless it has received written notice from the Borrower by not later than 5:00 p.m. (New York City time) on the Initial Convertible Loan
Disbursement Date that the Initial Convertible Loan was not fully funded, shall deem the Initial Convertible Loan fully funded and make
the appropriate recordations in the Register. Amounts borrowed under this <U>Section 2.1(a)</U> are referred to as the &ldquo;<U>Initial
Convertible Loans</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Subsequent
Convertible Loans.</B> No later than the first Business Day following the date on which the Borrower receives the Final BLA Approval (but
in no event prior to the time at which the Final BLA Approval is Publicly Disclosed as required by <U>Section 6.17(b)</U>), the Borrower
shall deliver to the Agent a fully executed Disbursement Request, together with reasonable evidence thereof to each of the Lenders (and
thereafter promptly respond to any request for additional supporting documentation and/or other evidence from any of the Lenders). Promptly
after receipt by the Agent of such Disbursement Request, the Agent shall notify each Lender with a Subsequent Convertible Loan Disbursement
Commitment of the proposed borrowing. On a date determined by the Lenders in their discretion and notified to the Borrower in writing
falling not less than two (2) or more than fifteen (15) Business Days after the date on which such Disbursement Request is delivered (the
&ldquo;<U>Subsequent Convertible Loan Disbursement Date</U>&rdquo;), and on the terms and subject to the conditions set forth herein,
each Lender holding a Subsequent Convertible Loan Commitment severally but not jointly agrees to lend to the Borrower, and the Borrower
hereby irrevocably requests that each such Lender lend, on the Subsequent Convertible Loan Disbursement Date, the principal amount set
forth opposite such Lender&rsquo;s name in <U>Annex A</U> under the heading &ldquo;Subsequent Convertible Loan Commitment&rdquo; by making
such amounts available to the Agent not later than 12:00 p.m. (New York City time) on the Subsequent Convertible Loan Disbursement Date,
by wire transfer of same day funds in Dollars, to an account designated by the Agent from time to time (the &ldquo;<U>Subsequent Convertible
Loan Disbursement</U>&rdquo;). Upon receipt of all requested funds, the Agent shall make the proceeds of the Subsequent Convertible Loan
Disbursement available to the Borrower by promptly wiring such amounts to an account or accounts designated in writing by the Borrower
in the Disbursement Request. Amounts borrowed under this <U>Section 2.1(b)</U> are referred to as the &ldquo;<U>Subsequent Convertible
Loans</U>.&rdquo; Upon the funding of the Subsequent Convertible Loans by any Lender, the Subsequent Convertible Loan Commitment amount
of each Lender shall automatically and immediately terminate without any action or notice by any Person. If the Borrower has not received
the Final BLA Approval on or prior to December 31, 2021, the Subsequent Convertible Loan Commitments shall immediately and automatically
terminate on such date without any action or notice by any Person.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Re-Borrowing</B>. Amounts borrowed hereunder that are paid, repaid, redeemed and/or prepaid may not be re-borrowed under any circumstance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2.2&#9;&nbsp;&nbsp;&nbsp;&nbsp;Payments;
Voluntary and Mandatory Conversions; Make Whole Amount<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to a conversion in accordance with the Convertible Notes, the Borrower shall pay in cash to Agent, for the ratable benefit of each of
the Lenders, the outstanding principal amount of the Loans and all other Obligations on the earlier (such earlier date, the &ldquo;<U>Facility
Termination Date</U>&rdquo;) of (i) the Maturity Date and (ii) the date the principal amount of the Obligations is declared to be or automatically
becomes due and payable following an Event of Default. Unless earlier paid in full, the outstanding principal balance of the Loans shall
be paid in full on the Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Outstanding
principal amounts on the Loans shall not be permitted to be voluntarily prepaid, repaid, redeemed or paid by any Loan Party prior to Maturity
Date (other than pursuant to a Forced Conversion (as defined, and subject to the terms and conditions, set forth in the Notes)). Notwithstanding
the foregoing, if any principal on Loans is prepaid, repaid, redeemed or paid at any time, for any reason (such as an acceleration of
the Loans following the occurrence of an Event of Default, an exercise of any Secured Party&rsquo;s rights or remedies available under
the Facility Documents, or pursuant to a Forced Conversion, a Major Transaction Conversion or any other conversion under the Convertible
Notes), then in addition to the principal amount of the Loans so prepaid, repaid, redeemed or paid, the Borrower shall contemporaneously
pay (i) any accrued and unpaid interest owed on such principal, and (ii) in the case of a prepayment, repayment, redemption or payment
following the occurrence of an Event of Default or an exercise of any Secured Party&rsquo;s rights or remedies available under the Facility
Documents, or in connection with a Major Transaction Redemption, the Make Whole Amount applicable to the principal amount of Loans so
prepaid, repaid, redeemed or paid, which Make Whole Amount shall be deemed an Obligation and shall be fully earned as of the Closing Date.
The Make Whole Amount shall be paid by the Borrower to the Lenders based on their Pro Rata Share of the principal amount of the Loans
prepaid, repaid, redeemed or paid on the date of such prepayment, repayment, redemption or payment and shall be made without deduction
for any taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any national, state or local taxing authority,
or will be grossed up by the Loan Parties for such amounts. The Parties acknowledge and agree that, in light of the impracticality and
extreme difficulty of ascertaining actual damages, the Make Whole Amount is intended to be a reasonable calculation of the actual damages
that would be suffered by the Secured Parties as a result of any such conversion. The Parties further acknowledge and agree that Agent
and the Lenders would not have entered into this Agreement, and the Lenders would not have provided the Subsequent Convertible Loan Commitments,
without the Loan Parties agreeing to pay the Make Whole Amount in the aforementioned instance. The Parties hereto further acknowledge
and agree that the Make Whole Amount is not intended to act as a penalty or to punish the Borrowers or any other Loan Party for any such
prepayment, repayment, redemption or payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Forced Conversion, Major Transaction Conversion or other conversion of principal under a Convertible Note by any Lender shall be applied
against, and reduce, the principal amount of such Lender&rsquo;s Loans on the same basis as the repayment of such principal amount and
shall otherwise for all purposes hereof be deemed a repayment of such principal amount. Immediately upon any such reduction in the principal
of any Lender&rsquo;s Convertible Note, the Borrower shall provide written notice to such Lender of such reduction and of the reduced
principal amount of such Convertible Note. For the avoidance of doubt, after all of the Obligations under or on account of this Facility
Agreement and other amounts at any time owed</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt">under, or on account
of, this Facility Agreement have been paid in full or converted into Common Shares in accordance with the terms of the Convertible Notes,
the obligations of the Loan Parties under this Agreement and the other Facility Documents (other than those obligations which by their
terms expressly survive such termination) shall automatically terminate and be of no further force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this <U>Section 2.2</U> or any other provision of any Facility Document, in connection with any HCRM-Related
Conversion/Redemption Event, if any Lender elects not to deliver a Major Transaction Redemption Notice, a Major Early Termination Notice
or a Major Transaction Conversion Notice with respect to any outstanding portion of the Loans, then the Borrower shall deposit, or cause
to be deposited, the HCRM-Related Conversion/Redemption Escrow Amount in the HCRM-Related Conversion/Redemption Escrow Account. From and
after the date of such deposit, at any time and from time to time, each Lender shall be entitled to issue a Major Transaction Redemption
Notice, a Major Early Termination Notice and/or a Major Transaction Conversion Notice with respect to all or any portion of such outstanding
Loans and, (i) to the extent such Lender issues a Major Transaction Redemption Notice or Major Early Termination Notice, the amount required
to be paid in connection therewith (including the principal thereof, accrued interest thereon, the applicable Make Whole Amount and the
applicable Exit Charge) shall be paid from amounts on deposit in the HCRM-Related Conversion/Redemption Escrow Account and/or (ii) to
the extent such Lender issues a Major Transaction Conversion Notice, upon consummation of the related conversion pursuant to the applicable
Note, the Agent shall cause an amount equal to the Major Transaction Conversion Amount with respect to such conversion to be transferred
from the HCRM-Related Conversion/Redemption Escrow Account to such other account of the Borrower as the Borrower may direct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2.3&#9;&nbsp;&nbsp;&nbsp;&nbsp;Payment
Details<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
All payments, prepayments, redemptions and repayments of the Obligations by the Borrower or any other Loan Party hereunder and under any
of the other Facility Documents shall be made without setoff or counterclaim. Payments, prepayments, redemptions and repayments of any
amounts and other Obligations due to Agent, the Lenders or the other Secured Parties under this Agreement or the other Facility Documents
shall be made in Dollars in immediately available funds prior to 11:00 a.m. (New York City time) on the date that any such payment is
due, using the wire information or address for Agent or such applicable Lender that is set forth on <U>Schedule 2.3</U> or at such other
bank or place as Agent or such applicable Lenders shall from time to time designate in writing at least three (3) Business Days prior
to the date such payment is due (or for any other Secured Party at such bank or place as such Secured Party shall from time to time designate
in writing). Any payment received by Agent, any Lender or any other Secured Party after 11:00 a.m. (New York City time) may, in Agent&rsquo;s
or such applicable Lender&rsquo;s or Secured Party&rsquo;s discretion, be deemed to have been made on the following Business Day. The
Borrower shall pay all and any fees, costs and expenses (administrative or otherwise) imposed by banks, clearing houses or any other financial
institutions in connection with making any payments under any of the Facility Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2.4&#9;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a deduction of Swiss Federal Withholding Tax or any other Swiss Tax (other than any Tax described in the definition of Excluded Taxes
or Other Connection Taxes) becomes or is at any time required to be made by the Borrower or Agent in respect of any interest (inclusive
of the Exit Charge) payable under the Agreement, then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
applicable interest rate in relation to the applicable payment shall be (A) the interest rate (inclusive of the Exit Charge) that would
have applied to that</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0pt">payment (as provided
for in <U>Section 2.6</U> and <U>Section 2.8(b)</U>) in the absence of this <U>clause (i)</U>, <U>divided by</U> (B) one (1) <U>minus</U>
the rate at which the relevant deduction of Tax is required to be made (where the rate at which the relevant deduction of Tax is required
to be made is for this purpose expressed as a fraction of (1) rather than as a percentage and is calculated so as to take account of all
required deductions of Swiss Federal Withholding Tax inclusive of any such deductions required based on the adjusted rate);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Borrower shall (A) make the relevant payment at the adjusted rate in accordance with <U>clause (i)</U> above and (B) make the deduction
of Swiss Federal Withholding Tax on the interest so recalculated; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
references to a rate of interest under this Agreement shall be construed accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The intention of
the Parties is that each Lender shall receive the amount it would have received under the terms of the Facility Documents had no withholding
or deduction been required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">A payment to a Lender
shall not be increased under this <U>Section 2.4(a)</U> (or under <U>Section 2.2</U>) by reason of Swiss Withholding Tax if the Swiss
Non-Bank Rules are violated by reason of such Lender&rsquo;s non-compliance with its obligations under <U>Section 9.4</U> or due to the
Lender&rsquo;s (if such Lender is not a Permitted Non-Qualifying Bank Lender) failure to remain a Qualifying Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Loan Parties shall pay all Other Taxes to the applicable Governmental Authority in accordance with Applicable Law. Within
thirty (30) days after the date of any payment of Other Taxes by any Loan Party, the Borrower shall furnish to the applicable Lender the
original or a certified copy of a receipt evidencing payment thereof or other evidence of such payment reasonably satisfactory to such
Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall reimburse and indemnify, within ten (10) days after receipt of demand therefor, each Lender or Agent for all Indemnified
Taxes (including all Indemnified Taxes imposed on amounts payable under this <U>Section 2.4(c)</U>) paid or payable by such Lender or
Agent, and any Liabilities arising therefrom or relating thereto, whether or not such Indemnified Taxes were correctly or legally asserted.
A certificate of the applicable Lender or Agent setting forth the amounts to be paid thereunder and delivered to the Borrower shall be
absolute, conclusive and binding, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Lender shall comply with a timely request from the Borrower to provide certification of such Lender&rsquo;s nationality, residence, identity
or connection with the relevant jurisdiction, or to make any declaration of non-residence or any other claim or filing for exemption to
which it is entitled if and to the extent that the Lender is legally eligible to comply with such request without undue hardship, the
Lender can do so in a commercially reasonably manner, and due and timely compliance with such request is required by statute, regulation
or administrative practice of the relevant jurisdiction in order to reduce or eliminate any withholding or deduction as to which such
interest rate adjustment would otherwise have been applicable; <U>provided</U>, <U>however</U>, that this <U>Section 2.4(d)</U> shall
not be construed as obligating any Lender to request any certification, declaration, claim or filing to be made directly by any of the
third party investors in such Lender or to provide any information concerning the identity of such investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a payment to a Lender under this Agreement would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail
to comply with the applicable reporting requirements of FATCA, such Lender shall deliver to the Borrower, at the times prescribed by law
or as reasonably requested by Borrower, such documentation as is required in order for the Borrower to comply with its obligations under
FATCA, to determine that such Lender has or has not complied with its obligations under FATCA or to determine the amount to deduct and
withhold from such payment. Solely for purposes of this <U>Section 2.4(e)</U>, &ldquo;FATCA&rdquo; shall include any amendments made to
FATCA after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Lender determines, in its sole discretion exercised in good faith, that it has received a refund of any Indemnified Taxes as to which
it has been indemnified pursuant to this <U>Section&nbsp;2.4</U>, such Lender shall promptly pay such refund (but only to the extent of
indemnity payments made or additional amounts paid under this <U>Section 2.4</U> with respect to the Taxes refunded) to the Borrower,
net of all out-of-pocket expense (including any Taxes imposed thereon) of such Lender incurred in obtaining such refund or making such
payment, provided that the Borrower, upon the request of such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to such Lender if such Lender is required to repay such refund
to such Governmental Authority. Notwithstanding anything to the contrary in this <U>Section 2.4(f)</U>, in no event shall a Lender be
required to pay any amount to the Borrower pursuant to this <U>Section 2.4(f)</U>, the payment of which would place such Lender in a less
favorable net after-Tax position than such Lender would have been in if the Tax subject to indemnification and giving rise to such refund
had not been deducted or otherwise imposed and the indemnification payments with respect to such Tax had never been paid. Nothing in this
<U>Section 2.4(f)</U> shall require any Lender to disclose any information it deems confidential (including its tax returns) to any Person,
including the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2.5&#9;&nbsp;&nbsp;&nbsp;&nbsp;Costs, Expenses
and Losses<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
If, as a result of any failure by the Borrower or any other Loan Party to pay any sums or Obligations due under this Agreement or any
other Facility Document on the due date therefor (after the expiration of any applicable grace periods, but without giving effect to any
grace period after the occurrence of an Event of Default of the type set forth in <U>Section 8.1(d)</U>), any Secured Party shall incur
costs, expenses and/or losses, by reason of the liquidation or redeployment of deposits from third parties or in connection with obtaining
funds to make or maintain any Disbursement or Loan or provide the Subsequent Convertible Loan Commitments, the Borrower shall pay to such
Secured Party upon request by such Secured Party, the amount of such costs, expenses and/or losses within fifteen (15) days after receipt
by the Borrower of a certificate from such Secured Party setting forth in reasonable detail such costs, expenses and/or losses, along
with supporting documentation. For the purposes of the preceding sentence, &ldquo;costs, expenses and/or losses&rdquo; shall include any
interest paid or payable to carry any unpaid amount and any loss, premium, penalty or expense that may be incurred in obtaining, liquidating
or employing deposits of or borrowings from third parties in order to make, maintain or fund any Disbursement or Loan (or provide the
Subsequent Convertible Loan Commitments) or any portion thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2.6&#9;&nbsp;&nbsp;&nbsp;&nbsp;Interest<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
From and after the Initial Convertible Loan Disbursement Date, the outstanding principal amount of the Loans shall bear interest at the
Interest Rate (calculated on the basis of the actual number of days elapsed in each month based on a year of 360 days). Interest shall
be paid in cash quarterly in arrears commencing on July 1, 2020 and on the first Business Day of each October, January, April and July
thereafter (each, an &ldquo;<U>Interest Payment Date</U>&rdquo;). Notwithstanding the foregoing or anything to the contrary contained
herein, on the date any principal amount of the Loans is prepaid, repaid, redeemed, reduced or paid, or required to be prepaid, repaid,
redeemed, reduced or paid (each such date being deemed an Interest Payment Date), for any reason hereunder (on the Maturity Date or </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">otherwise),
including a conversion under any of the Convertible Notes, all accrued but unpaid interest on such principal amount shall be payable
in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2.7&#9;&nbsp;&nbsp;&nbsp;&nbsp;Default
Interest<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the remedies available to the Secured Parties under the Facility Documents or otherwise, to the maximum extent permitted by Applicable
Law, if the Borrower or any other Loan Party fails to make a required payment of principal or interest on any Loan or make a required
payment of any other Obligation when due, the Borrower shall pay, in respect of such principal, interest and other Obligations, interest
thereon at the rate <I>per annum</I> equal to the Interest Rate then in effect for the Loans, plus five percent (5%) for so long as such
payment remains outstanding. Such interest shall be payable in cash on demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the election of the Required Lenders while any Event of Default (other than an Event of Default described under <U>clause (a)</U> above)
exists (or automatically while any Event of Default under <U>Section 8.1(a)</U> or <U>8.1(d)</U> exists), the Borrower shall pay interest
(after, as well as before, entry of judgment thereon to the extent permitted by Applicable Law) on the Obligations, if any, from and after
the date of occurrence of such Event of Default, at a rate <I>per annum</I> equal to the Interest Rate then in effect for the Loans, plus
two percent (2.0%). Such interest shall be payable in cash on demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2.8&#9;&nbsp;&nbsp;&nbsp;&nbsp;Fees and
Charges</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agent
Fees</U>. The Borrower shall pay the fees of Agent separately agreed pursuant to the Agent Fee Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exit
Charge</U>. Notwithstanding anything to the contrary in the Facility Documents, at the time any of the Loans are paid, repaid, redeemed,
reduced or prepaid (whether before, at the time of or after the Maturity Date or any acceleration, bankruptcy or otherwise and whether
in cash or in the form of Conversion Shares in connection with a Forced Conversion, Major Transaction Conversion or any other conversion
under any of the Convertible Notes), the Borrower shall pay to each Lender its Pro Rata Share of a non-refundable exit fee (the &ldquo;<U>Exit
Charge</U>&rdquo;) equal to 2.00% of the amount of Loans so paid, repaid, redeemed, reduced or prepaid. The Exit Charge is an Obligation,
is fully earned on the Initial Convertible Loan Disbursement Date and shall be due and payable in cash upon each such payment, repayment,
redemption or prepayment of the applicable Loans. The Parties acknowledge and agree that the Lenders have foregone receiving additional
compensation, yield enhancement and pricing on the Initial Convertible Loan Disbursement Date in return for the Parties&rsquo; agreeing
to the Exit Charge.&nbsp;The Parties further acknowledge and agree that the Agent and the Lenders would not have entered into this Agreement,
and the Lenders would not have provided the Loans without the Loan Parties&rsquo; agreeing to pay the Exit Charge in the aforementioned
instances.&nbsp;The Parties also acknowledge and agree that the Exit Charge set forth in this <U>Section 2.8(b)</U> is not intended to
act as a penalty or to punish the Borrower or any other Loan Party for any such payment, repayment, redemption, prepayment or termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE 3<BR>
REPRESENTATIONS AND WARRANTIES OF THE LOAN PARTIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to induce the Lenders
to make the Loans pursuant to this Agreement and to induce Agent and the Lenders to enter into this Agreement, the Loan Parties, jointly
and severally, represent and warrant on (i) the Closing Date, (ii) the Initial Convertible Loan Disbursement Date and (iii) the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Subsequent
Convertible Loan Disbursement Date (<U>provided</U> that, in connection with the making of the following representations on the applicable
Disbursement Date, the Borrower shall be permitted to update the Schedules in this <U>Article 3</U>, as applicable, from the forms previously
provided to the Lenders and Agent to the extent such updates (including, for the avoidance of doubt, the events, circumstances, developments
and other matters referenced in such updates) are not materially adverse to the interests of the Secured Parties), in each case, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;No Default<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Default or Event of Default has occurred or will result from the transactions contemplated by the Facility Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.2&#9;&nbsp;&nbsp;&nbsp;&nbsp;Solvency<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
On the Initial Convertible Loan Disbursement Date (both immediately before and after giving effect to the Transactions) and on each other
Disbursement Date (both before and after giving effect to such Disbursement and the use of proceeds thereof), each Loan Party (a) is Solvent
and (b) has not taken action, and to the best of its knowledge no action has been taken by a third party, for the winding up, dissolution
or liquidation or similar executory or judicial proceeding in respect of, any Loan Party or for the appointment of a liquidator, custodian,
receiver, trustee, administrator or other similar officer for any Loan Party or any or all of its assets or revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.3&#9;&nbsp;&nbsp;&nbsp;&nbsp;Enforceability<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
This Agreement and each other Facility Document constitutes, a legal, valid and binding obligation of such Loan Party hereto and thereto,
enforceable against each Loan Party that is party thereto in accordance with its terms, except as the enforcement hereof or thereof may
be limited by insolvency, bankruptcy, reorganization, moratorium or other similar Applicable Laws affecting creditors rights generally
or by general equitable principles (whether considered in a proceeding in equity or at law).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.4&#9;&nbsp;&nbsp;&nbsp;&nbsp;Existence,
Qualification and Power<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Each Loan Party is validly existing as a corporation, <I>soci&eacute;t&eacute; anonyme</I>, limited liability company or limited partnership,
as applicable, and is in good standing (to the extent such concept is applicable in the relevant jurisdiction) under the laws of the jurisdiction
of its incorporation, organization or formation, as applicable. Each Loan Party (a) has full power and authority to (i) own its properties,
conduct its business, own its assets and operate its facilities and (ii) to enter into, execute, deliver and perform its obligations under,
the Facility Documents, including the issuance of the Securities and the reservation for issuance of the Conversion Shares and consummate
the transactions contemplated under the Facility Documents, and (b) (other than in respect of the English Loan Party) is duly qualified
as a foreign corporation, limited liability company or limited partnership, as applicable, and licensed and in good standing, under the
laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification
or license, except, in each case of this <U>clause (b</U>), where the failure to be so qualified, licensed or in good standing would not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.5&#9;&nbsp;&nbsp;&nbsp;&nbsp;Litigation<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Proceeding is pending before or, to the knowledge of the Loan Parties, threatened by, any Governmental Authority (a) to which any Loan
Party is a party, (b) that purports to affect or pertain to the Facility Documents, the Transactions or the other transactions contemplated
hereby or thereby or (c) that has as the subject thereof any assets owned by any Loan Party or any of its Subsidiaries, in each case of
<U>clause (a)</U> through <U>clause (c)</U>, that would reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect. No injunction, writ, temporary restraining order or any order of any nature has been issued by any court or other Governmental
Authority purporting to enjoin or restrain the execution, delivery or performance of this Agreement or any other Facility Document or
directing that the transactions provided for herein or therein not be consummated as herein or therein provided. None of the Loan Parties
or any of the directors (or equivalent persons) or officers of any Loan Party or any of its Subsidiaries has been the subject of any investigation
by the SEC or any other Governmental Authority regarding securities-law matter of otherwise involved (as a plaintiff, </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">defendant,
witness or otherwise) in securities-related litigation or other securities-related Proceedings during the past five (5) years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.6&#9;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
Authorization; Conflicts<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
This Agreement and the other Facility Documents have been duly authorized, executed and delivered by each Loan Party and, to the extent
applicable, the holders of the Borrower&rsquo;s Stock. The execution, delivery and performance of the Facility Documents by each Loan
Party that is a party thereto and the consummation of the transactions contemplated herein and therein do not and will not (a) conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or (other than pursuant to
the Facility Documents) result in the creation or imposition of any Lien upon any assets of any such Loan Party pursuant to, any agreement,
document or instrument to which such Loan Party is a party or by which any Loan Party is bound or to which any of the assets or property
of any Loan Party is subject, except, with respect to this <U>clause (a)</U>, as would not reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect, (b) result in any violation of, or conflict with, the provisions of the Organizational
Documents, (c) result in the violation of any Applicable Law except, with respect to this <U>clause (c)</U>, as would not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect, or (d) result in a violation of any judgment, order, rule,
regulation or decree of any Governmental Authority, except, with respect to this <U>clause (d)</U>, as would not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.7&#9;&nbsp;&nbsp;&nbsp;&nbsp;Governmental
Authorizations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Each Loan Party holds, and is operating in compliance in all material respects with, all franchises, grants, Authorizations, licenses,
permits, easements, consents, certificates and orders of any Governmental Authority (collectively, &ldquo;<U>Required Authorizations</U>&rdquo;)
required for the conduct of its business, (ii) all Required Authorizations are valid and in full force and effect, except, with respect
to this <U>clause (ii)</U>, as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect,
and (iii) no authorization of, or registration, notice or filing with, any Governmental Authority is required for (A) the execution, delivery
and performance of any of the Facility Documents, and (B) the consummation by any Loan Party of the Transactions or the other transactions
contemplated hereby or thereby, except for (1) such as have already been obtained or made prior to the applicable Disbursement Date that
are, to the extent applicable, in full force and effect, (2) those required in connection with the exercise of remedies in respect of
the Collateral, (3) other filings the failure of which to obtain or make, individually or in the aggregate, has not had and would not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (4) pursuant to applicable federal and state
securities laws, rules and regulations that are expressly contemplated by <U>Section 6.8</U> and the Registration Rights Agreement, and
(5) filings expressly contemplated by the Collateral Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the English Loan Party, under the laws of its relevant jurisdiction it is not necessary that the Facility Documents be filed,
recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes
or fees be paid on or in relation to the Facility Documents or the transactions contemplated by the Facility Documents except registration
of particulars of the English Debenture at Companies House in England and Wales under section 859A of the Companies Act 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.8&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Ownership
of Real Estate and Personal Property</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The Real Estate listed in <U>Schedule 3.8</U> constitutes all of the Real Estate owned or leased by each Loan Party and each of its Subsidiaries.
Each Loan Party has good and marketable title to all of its material assets and property (including all assets constituting Collateral)
free and clear of all Liens, except Permitted Liens. Except as </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">would not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, the property held under lease by each Loan
Party is held under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not
interfere in any material respect with the conduct of the business of such Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.9&#9;&nbsp;&nbsp;&nbsp;&nbsp;Intellectual
Property<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
To the knowledge of each Loan Party, (a) each Loan Party and its Subsidiaries owns, licenses or otherwise has the right to use all Intellectual
Property that is necessary and material for the operation of its businesses as currently conducted, (b) the conduct and operations of
the businesses of each Loan Party and its Subsidiaries do not infringe any Intellectual Property owned by any other Person in any material
respect, and (c) except as set forth on <U>Schedule 3.9</U>, no other Person has contested any right, title or interest of any Loan Party
or any of its Subsidiaries in, or relating to, any material Intellectual Property owned by such Loan Party or Subsidiary. Except as set
forth on <U>Schedule 3.9</U>, (x) there are no material pending (or, to the knowledge of any Loan Party, threatened in writing) Proceedings
against any Loan Party or any of its Subsidiaries alleging that such Loan Party or any of its Subsidiaries is infringing, misappropriating
or violating, or otherwise using without authorization, any Intellectual Property of any Person, no Loan Party has received any written
notice regarding, any such pending or threatened action, suit, other proceeding or claim, (y) no judgment or order regarding any such
claim has been rendered by any competent Governmental Authority and (z) no settlement agreement or similar agreement has been entered
into by any Loan Party or any of its Subsidiaries (that would limit, cancel or challenge the validity of any Loan Party&rsquo;s or any
of its Subsidiaries&rsquo; rights in any Intellectual Property owned by such Loan Party or Subsidiary) with respect to, any such infringement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.10&#9;&nbsp;&nbsp;&nbsp;&nbsp;Taxes<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
All income (including Swiss federal, cantonal and communal), franchise and other material Tax returns, reports and statements (collectively,
the &ldquo;<U>Tax Returns</U>&rdquo;) required to be filed by any Tax Affiliates have been filed with the appropriate Governmental Authorities,
all such Tax Returns are true and correct in all material respects, and all Taxes, assessments and other governmental charges and impositions
reflected therein or otherwise due and payable have been paid prior to the date on which any material Liability may be added thereto for
non-payment thereof except for those contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves
are maintained on the books of the appropriate Tax Affiliate in accordance with IFRS. Except as set forth on <U>Schedule 3.10</U>, no
material Tax Return is under audit or examination by any Governmental Authority, and no Tax Affiliate has received written notice from
any Governmental Authority of any audit or examination or any assertion of any claim for material Taxes. To the extent material, proper
and accurate amounts have been deducted or withheld by each Tax Affiliate from its employees for all periods in full and complete compliance
with the provisions of Applicable Law, and such deductions or withholdings have been timely paid to the applicable Governmental Authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.11&#9;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved</B>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.12&#9;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
with Laws<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Each Loan Party is in compliance in all material respects with all Applicable Laws (including Swiss Non-Bank Rules) and material Authorizations,
except where necessity of compliance therewith is being contested in good faith by appropriate proceedings; <U>provided</U> that this
<U>Section 3.12</U> shall not apply to compliance with Health Care Laws, the Sarbanes-Oxley Act of 2002 and the rules and regulations
promulgated in connection therewith, Environmental Laws, Applicable Laws concerning employment, or Sanctions, Anti-Money Laundering Laws
or Anti-Corruption Laws, which compliance is addressed in other provisions of this Agreement. For purposes of the foregoing representation,
with respect to compliance with Swiss Non-Bank Rules, the Borrower shall assume that the aggregate number of Lenders that are Swiss Permitted
Non-Qualifying Banks is five (5).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.13&#9;&nbsp;&nbsp;&nbsp;&nbsp;SEC Documents<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
As of their respective dates, or to the extent corrected by a subsequent restatement filed prior to the date that this representation
is made, each of the SEC Documents complied in all material respects with the requirements of the Securities Act and/or the Exchange Act
(as applicable) and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents. None of the SEC Documents,
at the time they were filed with the SEC (or, as applicable, in the case of any report disclosing financial information in respect, or
as of the end, of any completed fiscal period, furnished to the SEC), contained any untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.14&#9;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements; Financial Condition<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
audited financial statements of the Borrower and its Subsidiaries as of December 31, 2019 fairly present in all material respects the
consolidated financial position of the Borrower and its Subsidiaries as of the dates thereof and the consolidated results of their operations
and cash flows for the periods presented then ended and have been prepared in accordance with IFRS, consistently applied. There are no
material off-balance sheet arrangements or any relationships with unconsolidated entities or other Persons that would reasonably be expected
to have a material current or, to any of the Loan Parties&rsquo; or any of their Subsidiaries&rsquo; knowledge, material future effect
on any Loan Party&rsquo;s financial condition, results of operations, liquidity, capital expenditures, capital resources or significant
components of revenue or expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of their respective dates, the consolidated financial statements of the Borrower and its Subsidiaries included in the SEC Documents complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC (including
Regulation S-X) with respect thereto. Such financial statements have been prepared in accordance with IFRS (subject, in the case of unaudited
interim financial statements, to normal year-end adjustments and lack of footnote disclosures), and fairly present in all material respects
the consolidated financial position of the Borrower and its Subsidiaries as of the dates thereof and the consolidated results of their
operations, cash flows and changes in shareholders equity for the periods specified. There are no material off-balance sheet arrangements
or any relationships with unconsolidated entities or other Persons that (a) would be reasonably expected to have a material current or,
to any of the Loan Parties&rsquo; or any of their Subsidiaries&rsquo; knowledge, material future effect on any Loan Party&rsquo;s or any
of its Subsidiaries&rsquo; financial condition, results of operations, liquidity, capital expenditures, capital resources or significant
components of revenue or expenses or (b) are required to be disclosed by the Borrower in the SEC Documents that have not been so disclosed
in the SEC Documents. The accounting firm that expressed its opinion with respect to the consolidated financial statements of the Borrower
and its Subsidiaries was, as of the date of such financial statements, independent with respect to the Borrower within the meaning of
the Securities Act and the applicable rules and regulations thereunder adopted by the SEC. Other than (i) the liabilities assumed or created
pursuant to this Agreement and the other Facility Documents, (ii) liabilities accrued for in the latest balance sheet included in the
SEC Documents (the date of such balance sheet, the &ldquo;<U>Latest Balance Sheet Date</U>&rdquo;) and (iii) liabilities incurred in the
ordinary course of business since the Latest Balance Sheet Date, the Borrower and its Subsidiaries do not have any other liabilities (whether
fixed or unfixed, known or unknown, absolute or contingent, asserted or unasserted, choate or inchoate, liquidated or unliquidated, or
secured or unsecured, and regardless of when any Proceeding with respect thereto is instituted) that would reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect. Since the Latest Balance Sheet Date, (i) there has been no Material Adverse Effect
or any event or circumstance that has not been disclosed in the SEC Documents that would reasonably</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt">be expected, individually
or in the aggregate, to have a Material Adverse Effect, (ii) no Loan Party or any of its Subsidiaries has sold any material assets, or
entered into any material transactions, outside of the ordinary course of business that has not been disclosed in the SEC Documents, other
than the Genmab Disposition, and (iii) the Borrower has not declared, paid or made any dividends or other distributions to holders of
its Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.15&#9;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
Controls<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Each Loan Party and each of its Subsidiaries maintains a system of internal accounting controls designed to provide reasonable assurance
that (a) transactions are executed in accordance with management&rsquo;s general or specific authorizations, (b) transactions are recorded
as necessary to permit preparation of financial statements in conformity with IFRS and to maintain asset and liability accountability,
(c) access to assets or incurrence of liability is permitted only in accordance with management&rsquo;s general or specific authorization
and (d) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals
and appropriate action is taken with respect to any differences.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.16&#9;&nbsp;&nbsp;&nbsp;&nbsp;ERISA<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Except as set forth on <U>Schedule 3.16</U>, no Loan Party or any of their respective Subsidiaries maintains, contributes to, has an obligation
to contribute to or has any present intention to contribute to, any Title IV Plan or Multiemployer Plan; nor has any Loan Party or any
of their Subsidiaries taken any steps towards adopting or amending any Title IV Plan or contributing to or incurring liability under a
Multiemployer Plan. Except for those that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect, (a) each Employee Benefit Plan, and each trust thereunder, intended to qualify for tax exempt status under Section 401 or 501
of the Code or other similar Applicable Laws so qualifies, (b) each Employee Benefit Plan is in compliance with applicable provisions
of ERISA, the Code and other similar Applicable Laws, (c) there are no existing or pending (or to the knowledge of any Loan Party or any
Subsidiary of a Loan Party, threatened) proceedings (other than routine claims for benefits in the normal course) or investigation involving
any Employee Benefit Plan to which any Loan Party or any Subsidiary of a Loan Party incurs or otherwise has or would reasonably be expected
to have an obligation or any Liability and (d) no ERISA Event has occurred or is reasonably expected to occur. No ERISA Event has occurred
in connection with which material obligations or material Liabilities of a Loan Party or a Subsidiary of a Loan Party remain outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.17&#9;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
(a) All of the Subsidiaries of the Borrower and all joint ventures and other partnerships in which any Loan Party or any of their Subsidiaries
own Stock are identified on <U>Schedule 3.17</U>, and (b) <U>Schedule 3.17</U> correctly sets forth the ownership interest of each of
the Borrower&rsquo;s Subsidiaries in each of the Subsidiaries identified therein. All outstanding Stock of each Subsidiary of the Borrower
is owned beneficially and of record by a Loan Party or a Subsidiary of a Loan Party, free and clear of all Liens other than (i) those
in favor of Agent, for the benefit of the Secured Parties and (ii) Permitted Liens. Also set forth on <U>Schedule 3.17</U> is a true and
complete organizational chart of the Borrower and all of its Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.18&#9;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of Stock<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
All of the issued and outstanding shares of capital stock of the Borrower and its Subsidiaries are duly authorized, validly issued, fully
paid and nonassessable (to the extent applicable thereto), have been issued in compliance with all federal and state and foreign securities
laws and were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities that
have not been waived. The Borrower has reserved for issuance a number of shares of each class or series of Stock sufficient to cover all
shares of Stock initially issuable upon conversion (whether a Forced Conversion, Major Transaction Conversion or any other conversion)
of, or otherwise pursuant to, the Convertible Notes (the &ldquo;<U>Conversion Shares</U>&rdquo;) (computed without regard to any limitations
on the number of shares that may be issued on conversion). Upon the issuance in accordance with the terms of the Facility Documents (including
the Convertible Notes), the holders of the </FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Convertible
Notes will be entitled to the rights set forth in the Convertible Notes. The Conversion Shares have been duly authorized and, when issued
will be validly issued, fully paid and non-assessable (to the extent applicable thereto) and free from all Liens with respect to the
issue thereof, with the holders thereof being entitled to all rights accorded to a holder of Stock of the Borrower and issuable upon
conversion of, or otherwise pursuant to, any such shares of Stock, and will not be issued in violation of, or subject to, any preemptive
or similar rights of any Person that have not been waived or excluded such that they do not apply. Except as set forth in <U>Schedule
3.18</U>, there are no (a)&nbsp;Stock options or other Stock incentive plans, employee Stock purchase plans or other plans, programs
or arrangements of the Borrower or any of its Subsidiaries under which Stock options, Stock or other Stock-based or Stock-linked awards
are issued or issuable to officers, directors, employees, consultants or other Persons, (b)&nbsp;outstanding options, warrants, scrip,
rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into or exchangeable
or exercisable for, any Stock of the Borrower or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by
which the Borrower or any of its Subsidiaries is or may become bound to issue additional Stock of the Borrower or any of its Subsidiaries,
or options, warrants or scrip for rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities
or rights convertible into or exercisable or exchangeable for, any shares of Stock of the Borrower or any of its Subsidiaries, (c)&nbsp;agreements
or arrangements under which the Borrower or any of its Subsidiaries is obligated to register the sale of any of their Stock or other
securities under the Securities Act (other than the Registration Rights Agreement), (d)&nbsp;outstanding Stock or other securities or
instruments of the Borrower or any of its Subsidiaries that contain any redemption (mandatory or otherwise) or similar provisions, or
contracts, commitments, understandings or arrangements by which the Borrower or any of its Subsidiaries is or may become bound to redeem
a security of the Borrower or any of its Subsidiaries, (e)&nbsp;Stock or other securities or instruments containing anti-dilution or
similar provisions that may be triggered by the issuance of securities of the Borrower or any of its Subsidiaries, (f)&nbsp;stock appreciation
rights or &ldquo;phantom stock&rdquo; plans or agreements or any similar plans or agreements to which Borrower or any of its Subsidiaries
is a party or by which the Borrower or any of its Subsidiaries is otherwise subject or bound, (g) shareholders&rsquo; agreements, voting
agreements with respect to priority or similar rights of first refusal or preemptive rights or similar agreements to which Borrower or
any of its Subsidiaries is a party or by which the Borrower or any of its Subsidiaries is otherwise subject or bound, or (h)&nbsp;any
restrictions upon the voting or transfer of any Stock of the Borrower or any of its Subsidiaries (other than restrictions on transfer
imposed by Applicable Laws). The Borrower has received all required consents of its equity holders, warrant holders and other security
holders to waive any applicable anti-dilution provision or other adjustment of any other class or series of Stock of the Borrower and
of any outstanding warrants or convertible securities if any, that would otherwise be triggered by reason of the issuance of the Convertible
Notes or the Conversion Shares. The issuance and delivery of the Convertible Notes does not and, assuming full conversion of the Convertible
Notes will not: (A) require approval from any Governmental Authority (except for any approval required under the HSR Act); (B) obligate
the Borrower to offer to issue, or issue, Common Shares or other securities to any Person (other than the Secured Parties); and (C) will
not result in a right of any holder of the Borrower&rsquo;s securities to adjust the exercise, conversion, exchange or reset price under,
and will not result in any other adjustments (automatic or otherwise) under, any securities of the Borrower. Each Loan Party has furnished
to Agent and each Lender true, correct and complete copies of each Loan Party&rsquo;s Organizational Documents and any amendments, restatements,
supplements or modifications thereto, and all other documents, agreements and instruments containing the terms of all Stock and other
securities of each Loan Party, including Stock convertible into, or exercisable or exchangeable for, Common Shares or other Stock of
any Loan Party or any of its Subsidiaries, and the material rights of the holders thereof in respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.19&#9;&nbsp;&nbsp;&nbsp;&nbsp;Material
Agreements<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
<U>Schedule 3.19</U> sets forth in true, correct and complete detail all Material Agreements. No Loan Party or any of its Subsidiaries
is in breach or default under any Material Agreement, except where such breach or default would not reasonably be expected, individually
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">or in the aggregate, to have
a Material Adverse Effect, and, to the knowledge of the Loan Parties, no other party to a Material Agreement is in default or breach thereunder,
except where such breach or default would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.20&#9;&nbsp;&nbsp;&nbsp;&nbsp;Use of
Proceeds; Margin Stock<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The proceeds of the Loans are intended to be and shall be used solely for the purposes set forth in and permitted by <U>Section 6.19</U>.
No Loan Party and no Subsidiary of any Loan Party is engaged principally or as one of its important activities in the business of purchasing
or selling Margin Stock or extending credit for the purpose of purchasing or carrying Margin Stock. Except as set forth on <U>Schedule
3.20</U>, no Loan Party and no Subsidiary of any Loan Party owns any Margin Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.21&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Environmental
Matters</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Except as set forth in <U>Schedule 3.21</U> and except where any failures to comply would not reasonably be expected to result, individually
or in the aggregate, to have a Material Adverse Effect, each Loan Party and each Subsidiary of each Loan Party (a) are and have been in
compliance with all applicable Environmental Laws, including obtaining and maintaining all Authorizations and permits required by any
applicable Environmental Law, (b) is not party to, and no Real Estate currently (or to the knowledge of any Loan Party previously) owned,
leased, subleased, operated or otherwise occupied by or for any such Person is subject to or the subject of, any contractual obligation
or any pending or, to the knowledge of any Loan Party, threatened, Proceeding, audit, Lien, demand, dispute or notice of violation or
of potential liability or similar notice relating in any manner to any Environmental Law, (c) has not caused or suffered to occur a Release
of Hazardous Materials at, to or from any Real Estate, (d) does not currently (and, to the knowledge of each Loan Party, did not at any
time previously) own, lease, sublease, operate or otherwise occupy no Real Estate that is contaminated by any Hazardous Materials and
(e) is not, and has not been, engaged in, and has not knowingly permitted any current or former tenant to engage in, and has not failed
to prevent any current or former tenant from engaging in, operations in violation of any Environmental Law and knows of no facts, circumstances
or conditions reasonably constituting notice of a violation of any Environmental Law, including receipt of any information request or
notice of potential responsibility under the Comprehensive Environmental Response, Compensation and Liability Act or other Environmental
Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.22&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Investment
Company Act</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party is or is required to be registered as an &ldquo;investment company&rdquo; as such term is defined in the Investment Company
Act or is otherwise subject to regulation under the Investment Company Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.23&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Labor
Relations</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Except as set forth on <U>Schedule 3.23</U>, (a) there is no collective bargaining or similar agreement with any union, labor organization,
works council or similar representative covering any employee of any Loan Party or any Subsidiary of any Loan Party, (b) to the knowledge
of the Loan Parties, no petition for certification or election of any such representative is existing or pending with respect to any employee
of any Loan Party or any Subsidiary of any Loan Party and (c) to the knowledge of the Loan Parties, no such representative has sought
certification or recognition with respect to any employee of any Loan Party or any Subsidiary of any Loan Party. There are no strikes,
picketing, work stoppages, slowdowns or lockouts existing, pending (or, to the knowledge of any Loan Party, threatened) against or involving
any Loan Party or any Subsidiary of any Loan Party, except for those that would not reasonably be expected, in the aggregate, to have
a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.24&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Jurisdictions
of Organization; Chief Executive Office</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
<U>Schedule 3.24</U> lists each Loan Party&rsquo;s jurisdiction of organization, legal name and organizational identification number,
if any, and the location of such Loan Party&rsquo;s chief executive office or sole place of business (if applicable for the relevant jurisdiction),
and such <U>Schedule 3.24</U> also lists all jurisdictions of organization and legal names of such Loan Party for the five years preceding
the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.25&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Deposit
and Other Accounts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
<U>Schedule 3.25</U> lists all banks and other financial institutions securities intermediary or commodity intermediary at which any Loan
Party maintains deposit, securities, commodities or similar accounts, and such <U>Schedule 3.25</U> correctly identifies the name and
address with respect to each depository or intermediary, the name in which the account is held, a description of the purpose of the account,
and the complete account number therefor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.26&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Disclosure</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
None of the statements contained in any Facility Document or exhibit, report, statement or certificate furnished by or on behalf of any
Loan Party or any of their Subsidiaries in connection with any Facility Document and the Transactions (including the offering and disclosure
materials, if any, delivered by or on behalf of any Loan Party to any Lender prior to the Closing Date, but excluding any forward-looking
information), when taken as a whole, contains any untrue statement of a material fact or omits any material fact required to be stated
therein or necessary to make the statements made therein, in light of the circumstances under which they are made, not materially misleading
as of the time when made or delivered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.27&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Certain
Regulations</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Each Loan Party and each Subsidiary of each Loan Party is in compliance in all material respects with all economic or financial sanctions
or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the
U.S. Treasury Department&rsquo;s Office of Foreign Assets Control (&ldquo;<U>OFAC</U>&rdquo;) or the U.S. State Department, or (b) the
United Nations Security Council, the European Union, or Her Majesty&rsquo;s Treasury of the United Kingdom (&ldquo;<U>Sanctions</U>&rdquo;).
No Loan Party and no Subsidiary of a Loan Party (a) is a Person on the list of the Specially Designated Nationals and Blocked Persons
(the &ldquo;<U>SDN List</U>&rdquo;) maintained by OFAC, or by the United Nations Security Council, the European Union, or Her Majesty&rsquo;s
Treasury of the United Kingdom, (b) is a Person who is otherwise the target of U.S. economic sanctions laws such that a U.S. Person cannot
deal or otherwise engage in business transactions with such Person, (c) is a Person organized or resident in a country or territory subject
to comprehensive Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, and Syria) (a &ldquo;<U>Sanctioned Country</U>&rdquo;),
or (d) is owned 50% or more or controlled by (including by virtue of such Person being a director or owning voting shares or interests),
or acts, directly or indirectly, for or on behalf of, any Person on the SDN List or a government of a Sanctioned Country such that, in
the case of each of the foregoing <U>clauses (a)</U> through <U>(d)</U>, the entry into, or performance under, this Agreement or any other
Facility Document would be prohibited by law. Each Loan Party and each Subsidiary of each Loan Party is in compliance in all material
respects with all applicable laws related to terrorism or money laundering including: (i) all applicable requirements of the Currency
and Foreign Transactions Reporting Act of 1970 (31 U.S.C. 5311 et. seq., (the Bank Secrecy Act)), as amended by Title III of the USA Patriot
Act, (ii) the Trading with the Enemy Act, (iii) Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (66 Fed.
Reg. 49079), and any other enabling legislation, executive order or regulations issued pursuant or relating thereto and (iv) other applicable
federal or state laws relating to &ldquo;know your customer&rdquo; or anti-money laundering rules and regulations (together, &ldquo;Anti-Money
Laundering Laws&rdquo;). No Proceeding by or before any court or Governmental Authority with respect to compliance by any Loan party or
Subsidiary with any such Anti-Money Laundering Laws is pending or, to the knowledge of each Loan Party and each Subsidiary of each Loan
Party, threatened. Each Loan Party and each Subsidiary of each Loan Party is in compliance in all material respects with all applicable
anti-corruption laws, including the U.S. Foreign Corrupt Practices Act of 1977 (&ldquo;<U>FCPA</U>&rdquo;) and the U.K. Bribery Act 2010
(together, &ldquo;<U>Anti-Corruption Laws</U>&rdquo;). None of any Loan Party or any Subsidiary of a Loan Party, any director, officer,
nor to the knowledge of any Loan Party or any Subsidiary thereof, any agent, employee or other Person acting on behalf of the Loan Party
or any Subsidiary of a Loan Party, has taken any action, directly or indirectly, that would result in a violation of applicable Anti-Corruption
Laws. Each Loan Party and each of its respective Subsidiaries maintains and implements policies and procedures reasonably designed to
ensure compliance by the Loan Parties, their Subsidiaries and their respective </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">directors, officers, employees
and agents with Sanctions, Anti-Money Laundering Laws and Anti-Corruption Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.28&#9;&nbsp;&nbsp;&nbsp;&nbsp;Securities
Law and Principal Market Matters<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as set forth on <U>Schedule 3.28</U>, neither the Borrower nor any of its Subsidiaries nor, to the Borrower&rsquo;s knowledge, any
director, officer or employee, of the Borrower or any of its Subsidiaries, has received or otherwise obtained any material complaint,
allegation, assertion or claim, whether written or oral, regarding the accounting or auditing practices, procedures, methodologies or
methods of the Borrower or any of its Subsidiaries or its internal accounting controls, including any complaint, allegation, assertion
or claim that the Borrower or any of its Subsidiaries has engaged in questionable accounting or auditing practices. No attorney representing
the Borrower or any of its Subsidiaries, whether or not employed by the Borrower or any of its Subsidiaries, has reported evidence of
a material violation of securities laws or breach of fiduciary duty or similar violation by the Borrower or any of its Subsidiaries or
any of their respective officers, directors, employees or agents to the Borrower&rsquo;s or any of its Subsidiaries&rsquo; board of directors
(or equivalent governing body) or any committee thereof or to any director (or equivalent person) or officer of the Borrower or any of
its Subsidiaries. There have been no investigations (whether internal or by any Governmental Authority) regarding accounting or revenue
recognition discussed with, reviewed by or initiated at the direction of the chief executive officer, the principal financial officer
or the principal accounting officer (in each case, or officer holding such equivalent position) of the Borrower or any of its Subsidiaries,
the Borrower&rsquo;s or any of its Subsidiaries&rsquo; board of directors (or equivalent governing body) or any committee thereof. There
have been no investigations (whether internal or by any Governmental Authority) regarding accounting or revenue recognition discussed
with, reviewed by or initiated at the direction of the chief executive officer, the principal financial officer or the principal accounting
officer (in each case, or officer holding such equivalent position) of the Borrower or any of its Subsidiaries, the Borrower&rsquo;s or
any of its Subsidiaries&rsquo; board of directors (or equivalent governing body) or any committee thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower is not, and never has been, a &ldquo;shell company&rdquo; (as defined in Rule 12b-2 under the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower is a &ldquo;foreign private issuer&rdquo; as defined in Rule 405 under the Securities Act and a &ldquo;foreign issuer&rdquo;
as defined in Rule 902 of Regulation S under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
the accuracy of the representations and warranties of each Lender set forth in this Agreement, the offer, sale and issuance by the Loan
Parties of the Securities are exempt from registration under the Securities Act (pursuant to Section 4(a)(2) thereof) and applicable state
securities laws and do not require registration or qualification under any other Applicable Securities Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Borrower nor any Person acting on its behalf has taken or will take any action that would be reasonably expected to cause the offer
or sale of the Securities to the Lenders to be required to be registered under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Borrower nor any Person acting on its behalf has offered or sold or will offer or sell the Securities by any form of &ldquo;general
solicitation&rdquo; or &ldquo;general advertising&rdquo; (within the meaning of Regulation D under the Securities Act) or any manner involving
a &ldquo;public</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">offering&rdquo;
(within the meaning of Section 4(a)(2) of the Securities Act) or engage in any &ldquo;directed selling efforts&rdquo; (within the meaning
of Regulation S).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.29&#9;&nbsp;&nbsp;&nbsp;&nbsp;Application
of Takeover Provisions; Rights Agreement<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The Borrower and the Borrower&rsquo;s board of directors (or equivalent governing body) have taken all necessary action, if any, in order
to render inapplicable any control share acquisition, business combination or other similar anti-takeover provision under the Borrower&rsquo;s
Organizational Documents or the laws of the Swiss Confederation (of, if adopted by the Borrower after the Initial Convertible Loan Disbursement
Date), any Shareholders Rights Plan) that is or could become applicable to any of the Secured Parties as a result of the transactions
contemplated by the Facility Documents and the Borrower&rsquo;s fulfilling its obligations with respect thereto, including the Borrower&rsquo;s
issuance of the Securities and any Secured Party&rsquo;s ownership of the Securities. As of the Closing Date, the Borrower has not, and
as of the Initial Convertible Loan Disbursement Date the Borrower will not have, adopted a Shareholders Rights Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.30&#9;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.31&#9;&nbsp;&nbsp;&nbsp;&nbsp;Status
as Senior Indebtedness<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
All Obligations constitute senior secured Indebtedness entitled to the benefits of the subordination and/or intercreditor provisions contained
in the applicable subordination and/or intercreditor agreements governing any subordinated Indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.32&#9;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare
Matters<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Loan Parties is in violation in any material respect of any material Health Care Laws, and no circumstance exists or has occurred
that would reasonably be expected, individually or in the aggregate, to result in a material violation a Loan Party of any material Health
Care Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule
3.32(c)</U> sets forth a complete and correct list of all Registrations held by each Loan Party and its Subsidiaries. Such listed Registrations
are all material Registrations that are required for the Loan Parties and their Subsidiaries to conduct their respective businesses as
presently conducted or as proposed to be conducted. Each Loan Party and its Subsidiaries has, and it and its Products are in material
compliance with, all Registrations required to conduct its respective businesses as now or currently proposed to be conducted. To the
knowledge of each Loan Party and its Subsidiaries, neither the FDA nor other Governmental Authority is considering limiting, suspending
or revoking such Registrations or changing the marketing classification or labeling or other significant parameter affecting the Products
of the Loan Parties or any of their respective Subsidiaries. To the knowledge of each Loan Party and its Subsidiaries, there is no false
or misleading information or significant omission in any product application or other submission to the FDA or other Governmental Authority
administering Health Care Laws that has not been corrected in a subsequent application or other submission to such Governmental Authority.
The Loan Parties and their respective Subsidiaries have complied in all material respects with their obligations under each Registration,
and no event has occurred or condition or state of facts exists that would constitute a breach or default under, or would cause revocation
or termination of, any such Registration. To the knowledge of each Loan Party and its Subsidiaries, no event has occurred or condition
or state of facts exists that could present potential material product liability related, in whole or in part, to Regulatory Matters.
To the knowledge of each Loan Party and its Subsidiaries, any third party that is a manufacturer or contractor for the Loan Parties or
any of their respective Subsidiaries is in compliance in all material respects with all Registrations required by the FDA or comparable
Governmental Authority and all Health Care</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">Laws insofar
as they reasonably pertain to the Products of the Loan Parties and their respective Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Products designed, developed, investigated, manufactured, prepared, assembled, packaged, tested, labeled, distributed, sold or marketed
by or on behalf of the Loan Parties or their respective Subsidiaries that are subject to Health Care Laws have been and are being designed,
developed, investigated, manufactured, prepared, assembled, packaged, tested, labeled, distributed, sold and marketed in material compliance
with the Health Care Laws and any other Applicable Law, including clinical and non-clinical evaluation, product approval or clearance,
premarketing notification, Good Manufacturing Practices, labeling, advertising and promotion, record-keeping, establishment registration
and device listing, reporting of recalls and adverse event reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party and its Subsidiaries have made all material notifications, submissions, and reports that are a responsibility of the Loan Parties
required by the FDA, any other Governmental Authority or any Health Care Law, and all such notifications, submissions and reports were
true, complete, and correct in all material respects as of the date of submission to FDA or any other Governmental Authority. There has
not been any material violation of any Health Care Laws by any Loan Party or its Subsidiaries in its product development efforts, submissions,
record keeping and reports to the FDA or any other Governmental Authority that would reasonably be expected to require or lead to investigation,
corrective action or enforcement, regulatory or administrative action. To the knowledge of each Loan Party and each of its Subsidiaries,
there are no civil or criminal proceedings relating to any Loan Party or any of its Subsidiaries or any officer, director or employee
of any Loan Party or Subsidiary of any Loan Party that involve a matter within or related to the FDA&rsquo;s or any other Governmental
Authority&rsquo;s jurisdiction or any off-label promotion or allegations of material non-compliance with Health Care Laws. No Loan Party
or any Affiliate thereof has received any written adverse notice from the FDA or any other Governmental Authority (i) alleging material
non-compliance of any Product with Health Care Laws, including with respect to any off-label promotion or (ii) as to the approval or approvability
of any Product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth on <U>Schedule 3.32(f)</U>, no Loan Party or its Subsidiaries is undergoing any non-routine inspection related to Regulatory
Matters or any other Governmental Authority investigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Loan Party or any Subsidiary of any Loan Party nor, to the knowledge of any Loan Party, any of its officers, directors, employees, equityholders,
Affiliates, agents or contractors (i) have been excluded or debarred from any federal healthcare program (including Medicare or Medicaid)
or any other federal program or (ii) have received notice from the FDA or any other Governmental Authority with respect to debarment or
disqualification of any Person. No Loan Party or any Subsidiary of any Loan Party nor, to the knowledge of any Loan Party, any of its
officers, directors, employees, equityholders, Affiliates, agents or contractors have been convicted of any crime or engaged in any conduct
for which (y)&nbsp;debarment is mandated or permitted by 21 U.S.C. &sect; 335a or (z)&nbsp;such Person could be excluded from participating
in the federal health care programs under Section 1128 of the Social Security Act or any similar law. To the knowledge of each Loan Party
and its Subsidiaries, no officer, employee, director equityholder, Affiliate or agent of any Loan Party or its Subsidiaries has ever (A)
made any untrue statement of material fact or fraudulent statement to the FDA or any other Governmental Authority or in any documents
or records prepared or maintained to comply with the FDCA; (B) failed to disclose a material fact required to be disclosed to the FDA
or any other Governmental Authority; (C) committed an act, made a statement or failed to make a statement that would</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">reasonably
be expected, individually or in the aggregate, to provide the basis for the FDA or any other Governmental Authority to invoke its policy
respecting &ldquo;Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities,&rdquo; as set forth in 56 Fed. Reg. 46191
(September 10, 1991); or (D) been investigated by the FDA, National Institutes of Health, Office of the Inspector General for the Department
of Health and Human Services, United States Department of Justice, or other comparable Governmental Authority for data or healthcare
program fraud.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any Product, (i) the Loan Parties and their Subsidiaries maintain, and such Product will be the subject of, all material Regulatory
Required Permits in connection with the design, testing, manufacture, processing, assembly, packaging, labeling, marketing, distribution,
commercialization, import, export or sale of such Product, and (ii) such Product will be designed, tested, manufactured, processed, assembled,
packaged, labeled, marketed, distributed, commercialized, imported, exported or sold, as the case may be, in compliance in all material
respects with all Health Care Laws and Registrations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Loan Party has received any written notice that any Governmental Authority, including the FDA, the Office of the Inspector General of
the United States Department of Health and Human Services and the United States Department of Justice, has commenced or threatened in
writing to initiate any investigation or action against a Loan Party or any action to enjoin a Loan Party, or, in each case, any of its
officers, directors, employees or agents, from conducting their businesses at any facility owned or used by them or for any material civil
penalty, injunction, seizure or criminal action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Loan Party has received from the FDA a Warning Letter, Form FDA-483, &ldquo;Untitled Letter,&rdquo; other correspondence or notice setting
forth allegedly material objectionable observations or alleged material violations of laws or regulations enforced by the FDA, or any
comparable correspondence from any state or local authority responsible for regulating drug products and establishments, or any comparable
correspondence from any foreign counterpart of the FDA, or any comparable correspondence from any foreign counterpart of any state or
local authority with regard to any Product or the manufacture, processing, packing, or holding thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Product is (i) adulterated or misbranded within the meaning of the FDCA or (ii) an article prohibited from introduction into interstate
commerce under the provisions of Sections 404, 505 or 512 of the FDCA. Each Product is (i) manufactured, imported, possessed, owned, warehoused,
marketed, promoted, sold, labeled, furnished, distributed and marketed, and each service is conducted, in accordance in all material respects
with all applicable Authorizations and Applicable Laws; and (ii) manufactured in all material respects in accordance with Good Manufacturing
Practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
descriptions of, protocols for, and data and other results of, the studies, tests and preclinical and clinical trials conducted by or
on behalf of any of the Loan Parties that have been furnished or made available to the Lenders are accurate and complete. The studies,
tests and preclinical and clinical trials conducted by or on behalf of any of the Loan Parties have at all times been, and are being,
conducted in all material respects in accordance with experimental protocols, procedures and controls pursuant to accepted professional
and scientific standards and in compliance with applicable Health Care Laws. None of the Loan Parties is aware of any studies, tests or
preclinical or clinical trials the results of which reasonably call into question the results of the studies, tests, development and trials
conducted by or on behalf of any of the Loan Parties. None of the Loan Parties has received any written notices or correspondence from
the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 53; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">FDA or
any other Governmental Authority requiring the termination, suspension or material adverse modification of any studies, tests or preclinical
or clinical trials conducted by or on behalf of any of the Loan Parties, except as set forth on <U>Schedule 3.31</U> or received after
the Closing Date and, in any case, would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.33&#9;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Non-Bank
Rules<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The Borrower represents and warrants that it is in compliance with the Swiss Non-Bank Rules; <U>provided</U> that the Borrower shall not
be in breach of this representation if its number of creditors in respect of either the Swiss 10 Non-Bank Rule or the Swiss 20 Non-Bank
Rule is exceeded solely by reason of a failure by one or more Lenders to comply with their obligations under <U>Section 9.4</U>, having
given an incorrect information (or having lost) as to its status as Qualifying Bank or as one (1) creditor only for the purposes of the
Swiss Non-Bank Rules. For the purpose of its compliance with the Swiss 20 Non-Bank Rule under this <U>Section 3.33</U>, the number of
Lenders under this Agreement which are not Qualifying Banks shall be deemed to be five (irrespective of whether or not there are, at any
time, any such Lenders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.34&#9;&nbsp;&nbsp;&nbsp;&nbsp;Governing
Law and Enforcement<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The choice of governing law of the Facility Documents will be recognized and enforced in the Relevant Jurisdiction of each Loan Party,
and any judgment obtained in relation to a Facility Document in the jurisdiction of the governing law of that Facility Document will be
recognized and enforced in the Relevant Jurisdiction of each Loan Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.35&#9;&nbsp;&nbsp;&nbsp;&nbsp;Centre
of Main Interest<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the &ldquo;<U>EU Regulation</U>&rdquo;),
the English Loan Party&rsquo;s centre of main interest (as that term is used in Article 3(1) of the EU Regulation) is situated in England
and Wales and it has no &ldquo;establishment&rdquo; (as that term is used in Article 2(10) of the EU Regulation) in any other jurisdiction.
To the knowledge of each of the Loan Parties, it is not necessary under the laws of such Loan Party&rsquo;s respective jurisdiction of
organization or incorporation (i) in order to enable the Agent or any Lender to enforce their respective rights under any Facility Document;
or (ii) by reason of the execution of any Facility Document or the performance by it of its obligations under any Facility Document, that
the Agent or any Lender be licensed, qualified or otherwise entitled to carry on business in its respective jurisdiction of organization
or incorporation. None of the Agent or any Lender is or will be deemed to be resident, domiciled or carrying on business in its respective
jurisdiction of organization or incorporation solely by reason of the execution, performance and/or enforcement of any Facility Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE 4<BR>
REPRESENTATIONS AND WARRANTIES OF THE LENDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Lender represents and
warrants that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition
for Own Account<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Such Lender is acquiring the Securities for its own account and not with a view towards, or for resale in connection with, the public
sale or distribution thereof, except pursuant to sales registered under, or exempted from, the registration requirements of the Securities
Act; <U>provided</U>, <U>however</U>, that by making the representations herein (including the representations in <U>Section 4.7</U>),
such Lender does not agree to hold any of the Securities for any minimum or other specific term and reserves the right to assign, transfer
or otherwise dispose of any of the Securities at any time pursuant to an effective registration statement under, or an exemption from
the registration requirements of, the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.2&#9;&nbsp;&nbsp;&nbsp;&nbsp;Accredited
Investor<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Such Lender is an &ldquo;accredited investor&rdquo; as that term is defined in Rule 501(a) of Regulation D under the Securities Act and
has such knowledge and experience in business and financial matters so as to be capable of evaluating the merits and risks of its investment
in the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.3&#9;&nbsp;&nbsp;&nbsp;&nbsp;No General
Solicitation<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Such Lender did not learn of the investment in the Securities as a result of any general solicitation or general advertising.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.4&#9;&nbsp;&nbsp;&nbsp;&nbsp;Exemptions<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Such Lender understands that the Securities are being offered and sold to it in reliance on specific exemptions from the registration
requirements of the United States federal and state securities laws and that the Borrower is relying in part upon the truth and accuracy
of, and such Lender&rsquo;s compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Lender
set forth herein in order to determine the availability of such exemptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.5&#9;&nbsp;&nbsp;&nbsp;&nbsp;Diligence<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Such Lender and its advisors, if any, have been afforded the opportunity to ask questions of the Loan Parties. None of any such inquiries,
any other due diligence investigations conducted by any Lender or its advisors or its representatives, if any, and the making by such
Lender or representations and warranties pursuant to this <U>Article 4</U> shall modify, amend or otherwise affect such Lender&rsquo;s
right to rely on the representations, warranties, covenants and agreements of the Loan Parties contained in <U>Article&nbsp;3</U> and
elsewhere in this Agreement and the other Facility Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.6&#9;&nbsp;&nbsp;&nbsp;&nbsp;No Recommendation
or Endorsement<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Such Lender understands that no United States federal or state agency or any other government or Governmental Authority has passed on
or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities nor have
such authorities passed upon or endorsed the merits of the offering of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.7&#9;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Securities<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Such Lender understands that the Securities are characterized as &ldquo;restricted securities&rdquo; under the U.S. federal securities
laws inasmuch as they are being acquired from the Borrower in a transaction not involving a public offering and that none of the Securities
may be resold except pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirements
of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE 5<BR>
CONDITIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
to Effectiveness<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
This Agreement shall become effective on the Closing Date subject to the satisfaction (or waiver by the Required Lenders) of the following
conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
and the Lenders shall have received executed counterparts of this Agreement and each other Facility Document set forth on the closing
checklist attached hereto as <U>Exhibit D</U> and indicated therein as being required to be delivered on or prior to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
and the Lenders shall have received at least three (3) Business Days prior to the Closing Date a duly executed W-9 (or other applicable
tax form) of the Borrower and all documentation and other information required by regulatory authorities under applicable &ldquo;know-your-customer&rdquo;
and anti-money laundering rules and regulations, including the USA Patriot Act, that has been reasonably requested by Agent or any Lender
at least ten (10) days in advance of the Closing Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">the
Agent and the Lenders shall have received (w) an opinion of Davis Polk &amp; Wardwell LLP, counsel to the Loan Parties </FONT>organized
under the laws of the United States, any state thereof or the District of Columbia<FONT STYLE="color: windowtext">, (x) an opinion of
Morris, Nichols, Arsht &amp; Tunnell LLP, counsel to the Loan Parties </FONT>organized under the laws of Delaware, <FONT STYLE="color: windowtext">(y)
an opinion of Homburger AG, Swiss counsel to the Loan Parties, and (z) an opinion of Katten Muchin Rosenman UK LLP, U.K. counsel to the
Agent, in each case, in form and substance reasonably satisfactory to the Lenders;</FONT> and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
and Lenders shall have received:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of a resolution of the board of directors of the English Loan Party (A) approving the terms of, and the transactions contemplated
by the Facility Documents to which it is a party and resolving that it shall execute, deliver and perform the Facility Documents to which
it is a party, (B) authorising a specified person or persons to execute the Facility Documents to which it is a party on its behalf, (C)
authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and to be signed and/or despatched by
it under or in connection with the Facility Documents to which it is a party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of a resolution of the sole member of the English Loan Party approving the terms of, and the transactions contemplated by the Facility
Documents to which it is a party; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certificate signed by a director of the English Loan Party appending (A) a specimen of the signature of each person authorised by the
resolution referred to in clause (i) above who will execute the Facility Documents and related documents (B) a copy of a resolution of
the board of directors and sole member, respectively referred to in <U>clauses (i)</U> and <U>(ii)</U> above, (C) a copy of its constitutional
documents comprising its certificate of incorporation, articles of association and (if any) certificate of change of name and (D) certifying
as to no breach of any borrowing/guaranteeing applicable limit, certifying that each copy document is correct, complete and in full force
and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.2&#9;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
to Initial Convertible Loan Disbursement<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The obligation of the Lenders to make the Initial Convertible Loan Disbursement shall be subject to the satisfaction (or waiver by the
Required Lenders) of each of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
and the Lenders shall have received executed counterparts of each Facility Document set forth on the closing checklist attached hereto
as <U>Exhibit D</U> and indicated therein as being required to be delivered on or prior to the Initial Convertible Loan Disbursement Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Qualifying IPO shall have been consummated or shall be consummated substantially contemporaneously with the funding of the Initial Convertible
Loans;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Agent shall have received a Disbursement Request executed by an Authorized Officer of the Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
actions necessary to establish that Agent (for the benefit of the Secured Parties) will have perfected first priority Liens in the Collateral
(subject to Permitted Liens and the Agreed Security Principles) under the Facility Documents shall have been or shall be taken substantially
contemporaneously with the funding of the Initial Convertible Loans (other than any perfection requirements expressly contemplated under
any Collateral Document to be, or permitted to be, taken following the date that such Collateral Document is entered into);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Lender shall have received original Convertible Notes in the amount of its respective Pro Rata Share of the aggregate amount of the Initial
Convertible Loans;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
payment by the Borrowers of the fees required to be paid pursuant to <U>Section 2.8</U> to the Agent and the Lenders on or prior to the
Closing Date and all other fees required to be paid on such Disbursement Date pursuant to this Agreement and the other Facility Documents
and all reasonable and documented out-of-pocket costs and expenses required to be paid on such Disbursement Date (including pursuant to
<U>Section 9.2</U>) pursuant to this Agreement and the other Facility Documents, in the case of reasonable and documented out-of-pocket
costs and expenses, to the extent invoiced prior to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">the
Agent and the Lenders shall have received (w) an opinion of Davis Polk &amp; Wardwell LLP, counsel to the Loan Parties </FONT>organized
under the laws of the United States, any state thereof or the District of Columbia<FONT STYLE="color: windowtext">, (x) an opinion of
Morris, Nichols, Arsht &amp; Tunnell LLP, counsel to the Loan Parties </FONT>organized under the laws of Delaware, <FONT STYLE="color: windowtext">(y)
an opinion of Homburger AG, Swiss counsel to the Loan Parties, and (z) an opinion of Katten Muchin Rosenman UK LLP, U.K. counsel to the
Agent, in each case, in form and substance reasonably satisfactory to the Lenders</FONT>; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Loan Party or any of its Subsidiaries shall have any Indebtedness, other than Indebtedness permitted under <U>Section 7.5</U>, and all
other Indebtedness of the Loan Parties and their Subsidiaries shall have been or shall be substantially contemporaneously with the funding
of the Loan on the Initial Convertible Loan Disbursement, paid off, and any Liens relating thereto and any other Liens that are not Permitted
Liens shall have been or shall substantially contemporaneously with the funding of the Loan on the Closing Date be terminated and, in
each case, the Agent shall have received evidence thereof reasonably satisfactory to the Required Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.3&#9;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
to Subsequent Convertible Loan Disbursement<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. </FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
obligation of the Lenders to make the Subsequent Convertible Loan Disbursement shall be subject to the satisfaction (or waiver by the
Required Lenders) of each of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Initial Convertible Loan Disbursement Date shall have occurred, and all or a portion of the Initial Convertible Loan shall, after giving
effect to the Subsequent Convertible Loan Disbursement, remain outstanding except to the extent not outstanding solely due to voluntary
conversions at the election of the Lenders of the Convertible Notes prior to the occurrence of any Major Transaction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Borrower shall have submitted to each Lender providing a portion of a Subsequent Convertible Loan a written notice from an Authorized
Officer of the Borrower in substantially the form of <U>Exhibit I</U> substantially contemporaneously with the receipt of the notice described
in <U>clause (d)</U> below at least two (2) Business Days in advance of the proposed date of the funding of such amounts by such Lenders
(or such shorter period agreed to by all such Lenders in their sole discretion);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Lender shall have received original Convertible Notes in the amount of its respective Pro Rata Share of the aggregate amount of the Subsequent
Convertible Loans;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Final BLA Approval shall have been obtained, and the Agent shall have received evidence thereof reasonably satisfactory to the Required
Lenders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Conversion Price of the Convertible Notes to be issued to the Lenders in connection with the making of the Subsequent Convertible Loans
would, without giving effect to the Floor Price Limitation, be equal to or greater than the Floor Price; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
requested by the Required Lenders, <FONT STYLE="color: windowtext">the Agent and the Lenders shall have received (w) an opinion of Davis
Polk &amp; Wardwell LLP, counsel to the Loan Parties </FONT>organized under the laws of the United States, any state thereof or the District
of Columbia<FONT STYLE="color: windowtext">, (x) an opinion of Morris, Nichols, Arsht &amp; Tunnell LLP, counsel to the Loan Parties </FONT>organized
under the laws of Delaware, <FONT STYLE="color: windowtext">(y) an opinion of Homburger AG, Swiss counsel to the Loan Parties, and (z)
an opinion of Katten Muchin Rosenman UK LLP, U.K. counsel to the Agent, in each case, in form and substance reasonably satisfactory to
the Lenders</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.4&#9;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
to All Disbursements<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The obligation of the Lenders to make any Disbursement (including the Initial Convertible Loan Disbursement) shall be subject to the satisfaction
(or waiver by the Required Lenders) of each of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Default or Event of Default shall have occurred, would result from such Disbursement or the use of the proceeds therefrom or would otherwise
exist upon the making of such Disbursement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">immediately
prior to and after giving effect to such Disbursement and the use of proceeds thereof, each representation and warranty by any Loan Party
or any of its Subsidiaries contained herein or in any other Facility Document is true, correct and complete in all material respects (without
duplication of any materiality qualifier contained therein) as of such date, except to the extent that such representation or warranty
expressly relates to an earlier date (in which event such representations and warranties were true, correct and complete in all material
respects (without duplication of any materiality qualifier contained therein) as of such earlier date);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
payment by the Borrowers of the fees required to be paid pursuant to <U>Section 2.8</U> to the Agent and the Lenders on such Disbursement
Date and all other fees required to be paid on such Disbursement Date pursuant to this Agreement and the other Facility Documents and
all reasonable and documented out-of-pocket costs and expenses required to be paid on such Disbursement Date (including pursuant to <U>Section
9.2</U>) pursuant to this Agreement and the other Facility Documents, in the case of reasonable and documented out-of-pocket costs and
expenses, to the extent invoiced prior to the Disbursement Date (which amounts, at the sole option of the Lenders, may be offset against
the proceeds of such Disbursement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
shall not exist any proceeding, order, injunction or decree of any Governmental Authority or in any court of competent jurisdiction restraining
or prohibiting (or seeking to restrain or prohibit) the funding of such Disbursement hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">the
Agent and the Lenders shall have received a Solvency Certificate duly executed by an Authorized Officer of the Borrower</FONT>; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Lender shall have received a certificate from an Authorized Officer certifying that the conditions set forth in Section <U>5.4(a)</U>
and <U>(b)</U> are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE 6<BR>
AFFIRMATIVE COVENANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;Preservation
of Existence, Etc<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The Loan Parties shall and shall cause their Subsidiaries to preserve and maintain in full force and effect (a) their organizational existence
and good standing (to the extent such concept is applicable) under the Applicable Laws of its jurisdiction of incorporation, organization
or formation, as applicable, and (b) all qualifications to do business in each </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">other jurisdiction
not covered by <U>clause (a)</U> above in which the failure to be so qualified would reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.2&#9;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
with Laws<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The Loan Parties shall, and shall cause their Subsidiaries to, (a) comply in all material respects with all material Applicable Laws,
except where the necessity of compliance therewith is contested in good faith by appropriate proceedings or would not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect; <U>provided</U> that this <U>Section 6.2</U> shall not apply to compliance
with Health Care Laws, which compliance is addressed elsewhere in this Agreement, and (b) maintain in effect and enforce policies and
procedures designed to ensure material compliance by the applicable Loan Party, its Subsidiaries and their respective directors, officers,
employees and agents with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.3&#9;&nbsp;&nbsp;&nbsp;&nbsp;Authorizations<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The Loan Parties shall, and shall cause their Subsidiaries to, obtain, comply with and do all that is necessary to keep in full force
and effect all licenses, certificates, approvals, registrations, clearances, Authorizations required to conduct their businesses, except
where the failure to make and keep Authorizations in full force and effect would not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.4&#9;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance
of Property<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Each Loan Party shall, except as otherwise permitted by this Agreement, maintain, and shall cause each of its Subsidiaries to maintain,
and preserve all its assets and property that are material to its businesses in good working order and condition, ordinary wear and tear
and casualty and condemnation excepted and shall make all necessary repairs thereto and renewals and replacements thereof in the ordinary
course of business, except where the failure to do so would not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.5&#9;&nbsp;&nbsp;&nbsp;&nbsp;Insurance<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The Loan Parties shall, and shall cause each of their Subsidiaries to, maintain with financially sound and reputable insurance companies
insurance with respect to their material assets, properties and businesses, against such hazards and liabilities, of such types and in
such amounts, as is customarily maintained by companies in the same or similar businesses similarly situated. Subject to the Agreed Security
Principles and any relevant Collateral Document, each such policy of insurance shall, within forty-five (45) days of the Initial Convertible
Loan Disbursement Date(or such longer period as the Required Lenders may agree) (a) in the case of each liability policy, name Agent (on
behalf, and for the benefit, of, the Secured Parties) as an additional insured thereunder as its interests may appear (to the extent available
in the relevant jurisdiction where such insurance is maintained) and (b) in the case of each casualty insurance policy contain a lender&rsquo;s
loss payable clause or endorsement that names Agent, (on behalf, and for the benefit, of the Secured Parties), as the lender&rsquo;s loss
payee thereunder (to the extent available in the relevant jurisdiction where such insurance is maintained) and, to the extent available,
provide the insurer will give at least thirty (30) days&rsquo; prior written notice to Agent of any modification or cancellation of such
policy (or ten (10) days&rsquo; prior written notice of any cancellation or termination of such policy as a result of the failure to pay
any premiums therefor). A true and complete listing in all material respects of such insurance, including issuers, coverages and deductibles,
shall be provided to Agent and the applicable Lender(s) promptly following Agent&rsquo;s or any Lender&rsquo;s reasonable request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.6&#9;&nbsp;&nbsp;&nbsp;&nbsp;Payment
of Taxes<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Each Loan Party shall, and shall cause each of its Subsidiaries to, pay, discharge and perform as the same shall become due and payable
or required to be performed all material Tax liabilities, assessments and governmental charges or levies upon it or its property, unless
the same are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with IFRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.7&#9;&nbsp;&nbsp;&nbsp;&nbsp;Notices;
Information<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. </FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Loan Parties shall promptly (and, in any event, within three (3) Business Days) notify Agent upon becoming aware of the occurrence of
(i) any Default or Event of Default and (ii) any event of occurrence that constitutes a Material Adverse Effect. In addition, promptly
after request therefor, the Borrower shall provide the Agent and the Lenders such other financial and other information as any Lender
or the Agent may from time to time reasonably request; <U>provided</U> that, after the Qualifying IPO Date, Borrower shall not be required
to provide any Lender with any information requested by such Lender pursuant to this sentence to the extent such information constitutes
Inside Information unless such Lender enters into a customary &ldquo;wall cross&rdquo; agreement with respect to such information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.8&#9;&nbsp;&nbsp;&nbsp;&nbsp;Qualifying
IPO; SEC Documents; Financial Statements<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party shall maintain, and shall cause each of its Subsidiaries to maintain, a system of accounting established and administered in
accordance with sound business practices to permit the preparation of financial statements in conformity with IFRS (<U>provided</U> that
unaudited interim financial statements shall not be required to have footnote disclosures and are subject to normal year-end adjustments).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the consummation of the Qualifying IPO and except directly in connection with therewith, the Borrower shall not effect any public offering
of any securities (underwritten or otherwise), register or qualify any securities under any Applicable Securities Laws or cause any securities
to be listed or quoted on any securities exchange or trading market in any jurisdiction. For the avoidance of doubt and without limiting
the foregoing, the Borrower shall not consummate any initial public offering of its Common Shares that does not constitute the Qualifying
IPO. From and after the Qualifying IPO Date, the Borrower shall comply in all respects with its filing requirements under Section 13 or
15(d) of the Exchange Act, as applicable (<U>provided</U> that, from and after the Initial Convertible Loan Disbursement Date, the Borrower
shall in any event file with the SEC unaudited consolidated financial statements for each of the first three fiscal quarters of each fiscal
year), and shall, contemporaneously with the filing of its interim unaudited and annual audited consolidated financial statements, deliver
to each Lender a Compliance Certificate. From the Qualifying IPO Date, the Borrower shall timely (without giving effect to any extensions
pursuant to Rule 12b-25 under the Exchange Act, except when a Registration Statement (as defined in the Registration Rights Agreement)
is effective and available to cover the resale all of the Registrable Securities (as defined in the Registration Rights Agreement) or
there no longer any Registrable Securities, and <U>provided</U> that the Borrower shall in any event use commercially reasonable efforts
to avoid reliance on Rule 12b-25 under the Exchange Act) file (or, as applicable in the case of any report disclosing financial information
in respect, or as of the end, of any completed fiscal period, furnish to the SEC) all SEC Documents required to be filed with (or so furnished
to) the SEC pursuant to the Exchange Act and otherwise timely Publicly Disclose all financial and other information required to be Publicly
Disclosed under Applicable Securities Laws, and the Borrower shall not terminate the registration of the Common Shares under the Exchange
Act or otherwise terminate its status as an issuer required to file reports under the Exchange Act, even if the Applicable Securities
Laws would otherwise permit any such termination. None of such SEC Documents, when filed (or, as applicable in the case of any report
disclosing financial information in respect, or as of the end, of any completed fiscal period, furnished) shall contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. All financial statements including in any such SEC Documents,
reports, statements, documents and information shall fairly present the consolidated financial position of the Borrower and its Subsidiaries
as of the dates thereof and the consolidated results of their operations and cash flows</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">for the
periods presented and shall have been prepared on a going concern basis in accordance with IFRS, consistently applied (subject, in the
case of unaudited interim financial statements, to normal year-end adjustments that are not material individually or in the aggregate
and lack of footnote disclosures). Any audit or report of the Borrower&rsquo;s independent certified public accountants on any financial
statements included in any such SEC Document shall, (i) contain an unqualified opinion stating that such consolidated financial statements
present fairly in all material respects the consolidated financial position and results of operations and cash flows of the Borrower
and its Subsidiaries as of the dates thereof and for the periods presented and have been prepared in conformity with IFRS applied on
a basis consistent with prior years, and (ii) not include any explanatory paragraph expressing substantial doubt as to going concern
status (other than solely with respect to the Maturity Date). No financial statements included in any SEC Document shall include any
statement in the footnotes thereto that indicates there is substantial doubt about the Borrower&rsquo;s ability to continue as a going
concern (or any statement to similar effect (other than solely with respect to the Maturity Date)). Within 90 days after the end of each
fiscal year of the Borrower, the Loan Parties and their Subsidiaries shall deliver to Agent and the Lenders an updated Perfection Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.9&#9;&nbsp;&nbsp;&nbsp;&nbsp;Inspections<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Upon reasonable prior notice and at reasonable times, each Loan Party shall, and shall cause each of its Subsidiaries to, with respect
to each owned, leased or controlled property, during normal business hours and upon reasonable advance notice: (a) provide access to such
property to Agent and its representatives, as frequently as Agent reasonably determines to be appropriate; and (b) permit Agent to conduct
field examinations, appraise, inspect, and make extracts and copies from all of such Loan Party&rsquo;s and its Subsidiaries&rsquo; books
and records, in each instance, as reasonably requested by Agent and at the Loan Parties&rsquo; sole expense; <U>provided</U> the Loan
Parties shall only be obligated to reimburse Agent for the expenses of, and the Agent shall only be permitted to conduct, one such appraisal,
evaluation and inspection per calendar year unless an Event of Default has occurred and is continuing, in which case, the Loan Parties
shall reimburse Agent for the expenses of, and the Agent may conduct any number of, such appraisals, evaluations and inspections permitted
by Agent or its representatives. Any Lender may accompany Agent or its representatives in connection with any inspection. Notwithstanding
anything to the contrary in this <U>Section 6.9</U>, no Loan Party or any of its Subsidiaries shall be required to disclose, permit the
inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes
non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Agent or any Lender (or
their respective representatives or contractors) is prohibited by Applicable Law or any binding agreement or obligation or (iii) is subject
to attorney-client or similar privilege or constitutes attorney work-product (it being understood and agreed that no such restriction
shall be entered into in contemplation of and for the purpose of availing itself of such exception, and the Borrower shall notify Agent
at or prior to the time of such inspection if any of the foregoing circumstances is applicable and use commercially reasonable efforts
to overcome such circumstances).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.10&#9;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Each Loan Party shall ensure that all written information, exhibits and reports furnished to any Secured Party, when taken as a whole,
do not and will not (or does not, as applicable) contain any untrue statement of a material fact and do not and will not omit to state
any material fact or any fact necessary to make the statements contained therein not materially misleading in light of the circumstances
in which made, and will promptly disclose to Agent and the Lenders and correct any material defect or error that may be discovered therein
or in any Facility Document or in the execution, acknowledgement or recordation thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.11&#9;&nbsp;&nbsp;&nbsp;&nbsp;Cash Management
Systems<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party shall enter into, and cause each depository, securities intermediary or commodities intermediary to enter into, Control Agreements
with respect to each deposit, securities, commodity or similar account maintained by such Person (other than, (i) so long as such accounts
are not collateral under agreements, instruments or documents evidencing or governing any other Indebtedness and that are specifically
and exclusively for (A) payroll, so long as such payroll account is a zero balance account, (B) any withholding tax and fiduciary accounts,
(C)&nbsp;any Excluded Securities Accounts and (D)&nbsp;capital increase accounts and lease security accounts in Switzerland or (ii) Segregated
Governmental Accounts (such accounts in <U>clauses (i)</U> and <U>(ii)</U>, the &ldquo;<U>Excluded Accounts</U>&rdquo;)) as of and after
the Initial Convertible Loan Disbursement Date; <U>provided</U>, <U>however</U>, that the Loan Parties shall have until the date that
is thirty (30) days following the Initial Convertible Loan Disbursement Date or the closing date of such Permitted Acquisition, as applicable
(or such later date as may be agreed to by the Required Lenders in their sole discretion) to comply with the provisions of this <U>Section
6.11</U> with regard to such accounts (other than Excluded Accounts) of the Loan Parties existing on the Initial Convertible Loan Disbursement
Date or acquired in connection with such Permitted Acquisition, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in order to segregate and to facilitate perfection of Agent&rsquo;s security interest and Lien (for the benefit of the Secured
Parties) in funds received from Governmental Payors making payments under Medicare or Medicaid, if any, the Loan Parties agree that the
Loan Parties shall, no later than thirty (30) days following the date of commencement of receipt of such payments or (i) segregate collections
made from Governmental Payors making payments under Medicare or Medicaid from collections made from all other account debtors and customers
of the applicable Loan Parties, including by (A) notifying all payors (other than Governmental Payors making payments under Medicare or
Medicaid) then instructed to make payments to such Loan Parties&rsquo; deposit accounts to make payments to a deposit account subject
to a Control Agreement, and (B) notifying all Governmental Payors making payments under Medicare or Medicaid to make payments to a Segregated
Governmental Account, and (ii) enter into, and cause each applicable depository to enter into, a &ldquo;sweep&rdquo; agreement (a &ldquo;<U>Sweep
Agreement</U>&rdquo;) with respect to each Segregated Governmental Account pursuant to which such depository will agree to sweep amounts
deposited therein on daily basis to a deposit account of the Loan Parties subject to a Control Agreement in favor of Agent (for the benefit
of the Secured Parties) as and when funds clear and become available in accordance with such depository&rsquo;s customary procedures,
each with such financial institution and each in form and substance reasonably acceptable to the Required Lenders. Any change by any Loan
Party in the sweep instructions set forth in such Sweep Agreement will cause an immediate Event of Default. To the extent any Person,
whether a Governmental Payor or otherwise, remits payments to an incorrect deposit account or otherwise makes payments not in accordance
with the provisions of this <U>Section 6.11</U> or an applicable Loan Party&rsquo;s payment direction, such Loan Party shall contact such
Person and use its commercially reasonable efforts to redirect payment from such Person in accordance with the terms hereof and with applicable
Health Care Laws. Each of Agent and each Lender agrees and confirms that the Loan Parties will have sole dominion and &ldquo;control&rdquo;
(within the meaning of Section 9-104 of the UCC and the common law) over each Segregated Governmental Account and all funds therein, and
each of Agent and each Lender disclaims any right of any nature whatsoever to control or otherwise direct or make any claim against the
funds held in any Segregated Governmental Account from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.12&#9;&nbsp;&nbsp;&nbsp;&nbsp;Further
Assurances<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the Agreed Security Principles, promptly upon (but, in any event, within fifteen (15) Business Days (or such later date as agreed by
the Required Lenders in their sole discretion) after) the reasonable request of Agent acting at the direction of the Required Lenders,
the Loan Parties shall (and, subject to the limitations set forth herein and in the other Facility Documents, shall cause each of their
Subsidiaries to) take such additional actions and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">execute
such documents as Agent acting at the direction of the Required Lenders may reasonably require from time to time in order (i) to perfect
and maintain the validity, effectiveness and priority of any of the Facility Documents and the Liens on the Collateral intended to be
created pursuant to the Collateral Documents, and (ii) to better assure, grant, preserve and protect to the Secured Parties the rights
granted to the Secured Parties under any Facility Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the Agreed Security Principles, the Loan Parties shall cause each Subsidiary of a Loan Party, promptly (and in any event within twenty
(20) Business Days (or such later date as agreed by the Required Lenders in their sole discretion) after the formation (including pursuant
to a Division/Series Transaction) or acquisition thereof, to (i) guarantee the Obligations by executing a joinder or supplement to the
Guaranty Agreement, in form and substance reasonably satisfactory to the Agent, (ii) to grant to Agent, for the benefit of the Secured
Parties, a security interest in, subject to the limitations set forth herein and in the Facility Documents, all of such Subsidiary&rsquo;s
assets and property that constitutes Collateral under the applicable Collateral Documents to secure such guaranty (including by way of
supplement or joinder to (A) in the case such Subsidiary is organized under the laws of the United States, any state thereof or the District
of Columbia, each applicable U.S. Collateral Document, (B) in the case such Subsidiary is organized in Switzerland, each Swiss Collateral
Document and (C) in the case such Subsidiary is organized in England and Wales, the English Debenture, in each case, in form and substance
reasonably satisfactory to the Agent), (iii) deliver, or cause to be delivered, to Agent, appropriate resolutions, secretary certificates,
certified Organizational Documents and, if requested by the Required Lenders, legal opinions (which opinions shall be in form and substance
reasonably acceptable to the Required Lenders and, to the extent applicable, substantially similar to the opinions delivered on the Closing
Date and the Initial Convertible Loan Disbursement Date) and (iv) take such other actions required under <U>clause (c)</U> below and under
the applicable Collateral Documents to which such Subsidiary becomes a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the Agreed Security Principles, each Loan Party shall pledge, and shall cause each of its Subsidiaries to pledge, all of the Stock
of each of its Subsidiaries and all of the Stock such Loan Party owns in each Permitted Joint Venture, to secure the Obligations, promptly
after (and in any event within twenty (20) Business Days (or <FONT STYLE="color: windowtext">such later date as may be agreed to by the
Required Lenders in their sole discretion) after)</FONT> the date of (A) formation (including pursuant to a Division/Series Transaction)
or acquisition of such Subsidiary or Permitted Joint Venture or (B) the issuance of any shares of Stock of such Subsidiary or Permitted
Joint Venture. In connection with each pledge of Stock, on or prior to the date of any such pledge of Stock, the Loan Parties shall deliver,
or cause to be delivered, to Agent, irrevocable Stock powers, as applicable, duly executed in blank, in each case, in form and substance
reasonably satisfactory to the Required Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.13&#9;&nbsp;&nbsp;&nbsp;&nbsp;Environmental
Matters<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Each Loan Party shall, and shall cause each of its Subsidiaries to, comply with, and maintain its Real Estate, whether owned, leased,
subleased or otherwise operated or occupied, in compliance with all applicable Environmental Laws or as is required by orders and directives
of any Governmental Authority except where the failure to comply would not reasonably be expected, individually or in the aggregate, to
have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.14&#9;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.15&#9;&nbsp;&nbsp;&nbsp;&nbsp;Centre
of Main Interest</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The English Loan Party shall ensure that
it does not (a) change the location of its centre of main interest (as that term is used in Article 3(1) of the EU Regulation) for the
purposes of the Regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.16&#9;&nbsp;&nbsp;&nbsp;&nbsp;Listing
of Stock<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The Borrower shall take all actions necessary to cause the Common Shares to remain listed on the Principal Market or another Eligible
Market after the Qualifying IPO Date. After the Qualifying IPO Date, the Borrower shall not, and shall cause each of the Subsidiaries
not to, take any action that would be reasonably expected to result in the delisting or suspension or termination of trading of the Common
Shares on the Principal Market unless the Common Shares are then or will concurrently be listed on another Eligible Market (whereupon
such other Eligible Market shall be deemed the Principal Market for purposes of this Agreement and the other Facility Documents). At all
times after the Qualifying IPO Date, (a) the Common Shares shall be eligible for clearing through The Depository Trust Corporation (&ldquo;<U>DTC</U>&rdquo;),
through its Deposit/Withdrawal At Custodian (DWAC) system; (b) the Company shall be eligible and participating in the Direct Registration
System (DRS) of DTC with respect to the Common Shares; and (c) the transfer agent for the Common Shares shall be a participant in, and
the Common Shares shall be eligible for transfer pursuant to, DTC&rsquo;s Fast Automated Securities Transfer Program (or successor thereto).
The Loan Parties shall pay all fees, costs and expenses in connection with satisfying its obligations under this <U>Section 6.16</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.17&#9;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure;
No Inside Information<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
or prior to the effectiveness of the registration statement filed by the Borrower in connection with a Qualifying IPO, the Borrower shall
Publicly Disclose the terms of this Agreement and any other material transactions occurring in connection therewith and shall file with
the SEC unredacted copies of this Agreement, the form of Convertible Note, the form of Registration Rights Agreement and, to the extent
required by Item 601 of Regulation S-K, the other Facility Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
later than the 8 a.m., New York City time, on the first Business Day following each of the Initial Convertible Loan Disbursement Date,
the occurrence of the Final BLA Approval and the Subsequent Convertible Loan Disbursement Date, the Borrower shall Publicly Disclose the
occurrence of the Initial Convertible Loan Disbursement, the Final BLA Approval and the occurrence of the Subsequent Convertible Loan
Disbursement (as applicable), and, in the case of the Initial Convertible Loan Disbursement, shall file with the SEC an unredacted copy
of the final form of the Convertible Note (including the exhibits and schedules thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the effectiveness of the registration statement filed by the Borrower in connection with a Qualifying IPO, the Borrower shall have disclosed
all Inside Information provided or made available to any Secured Party or any of its Affiliates, attorneys, agents or representatives
by any Loan Party or any of its employees, officers, directors (or equivalent persons), attorneys, agents or representatives on or prior
to the Initial Convertible Loan Disbursement Date. From and after the effectiveness of the registration statement filed by the Borrower
in connection with the Qualifying IPO, each Loan Party shall not, and shall cause each of its employees, officers, directors (or equivalent
persons), attorneys, agents and representatives to not, provide any Secured Party or any of its Affiliates, attorneys, agents or representatives
with any Inside Information without the express prior written consent of such Secured Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary herein, in the event that any Loan Party believes that a notice or communication to any Secured Party or any
of its Affiliates, attorneys, agents or representatives contains Inside Information relating to any Loan Party, its securities, any of
its Affiliates or any other Person, the Borrower shall (X) so indicate to such Secured Party prior to delivery of such notice or communication,
and such indication shall provide the Secured Party the means to refuse in writing to receive such notice or communication (and in the
absence of any such indication, the Secured Parties, the other holders of the Securities and their respective</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">Affiliates,
agents and representatives shall be allowed to presume that all matters relating to such notice or communication do not constitute Inside
Information), and (Y) provide such notice or communication to counsel to such Secured Party (which shall be Katten Muchin Rosenman LLP
(Attn: Mark D. Wood) or such other counsel as shall have been designated in writing by such Secured Party). In the event that, in compliance
with the foregoing, the Borrower indicates to a Secured Party that a notice or other communication contains Inside Information and such
Secured Party then refuses to accept such notice or other communication, the Borrower shall be excused from any obligation hereunder
to provide such notice or other communication to such Secured Party (subject to the Borrower&rsquo;s obligation to provide such notice
or communication to counsel for such Secured Party). In the event that the Borrower either (i) fails to indicate that a notice or communication
to a Secured Party contains Inside Information or otherwise provides any Secured Party with Inside Information without such Secured Party&rsquo;s
prior written consent or (ii) provides such notice or communication to the Secured Parties notwithstanding the Secured Parties&rsquo;
refusal in writing to receive such notice or communication, the Secured Parties shall have the right to make a public disclosure in the
form of a press release, public advertisement or otherwise, of the applicable Inside Information without the prior approval by any Loan
Party, its Subsidiaries or Affiliates, or any of its or their respective officers, directors (or equivalent persons), employees, attorneys,
representatives or agents, and no Secured Party shall have any liability to any Loan Party, any of its Subsidiaries or Affiliates or
any of its or their respective officers, directors (or equivalent persons), employees, stockholders, attorneys, representatives or agents
for any such disclosure; provided, however, that prior to making any such disclosure, the applicable Secured Party shall provide written
notice to the Borrower of its intent to do so and shall not make such disclosure if the Borrower makes public disclosure (in the form
of a widely disseminated press release, a public filing with the SEC or other manner compliant with Regulation FD) of the applicable
Inside Information within one (1) Business Day after the delivery of such notice to the Borrower; <U>provided</U>, <U>further</U>, however,
that the applicable Secured Party shall not be entitled to make such disclosure in the event that (X) within one (1) Business Day after
the delivery of such notice to the Borrower, the Borrower disputes in good faith that the applicable information constitutes Inside Information
and communicates that in writing to the applicable Secured Party, (Y) the Borrower (at its sole expense) within three (3) Business Days
following the delivery of such notice to the Borrower submits the matter to Davis Polk &amp; Wardwell LLP or another nationally recognized
law firm with expertise in securities laws selected by the Borrower for a determination as to whether such information constitutes Inside
Information, and (Z) within three (3) Business Days following the delivery of such notice to the Borrower, such law firm advises the
Borrower and such Secured Party in writing that the applicable information does not constitute Inside Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, to the extent the Borrower reasonably and in good faith determines that it is necessary to disclose material non-public
information to a Secured Party for purposes relating to any of the Facility Documents (a &ldquo;<U>Necessary Disclosure</U>&rdquo;), the
Borrower shall inform counsel to such Secured Party (which shall be Katten Muchin Rosenman LLP (Attn: Mark D. Wood) or such other counsel
as shall have been designated in writing by such Secured Party) of such determination without disclosing the applicable material non-public
information, and the Borrower and such counsel on behalf of the applicable Secured Party shall endeavor to agree upon a process for making
such Necessary Disclosure to the applicable Secured Party or its representatives that is mutually acceptable to such Secured Party and
the Borrower (an &ldquo;<U>Agreed Disclosure Process</U>&rdquo;). Thereafter, the Borrower shall be permitted to make such Necessary Disclosure
to such Secured Party (only) in accordance with the Agreed Disclosure Process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties hereto acknowledges and agrees that (i) the Agent shall not provide any Inside Information to any Lender without complying
with the process set forth in the first sentence of <U>Section 7.15(e)</U>, as if the Agent were the Borrower for purposes thereof, (ii)
no Lender or any Affiliate of any Lender shall be deemed to be in possession of any Inside Information because such Inside Information
was provided to the Agent or any attorney or agent of any Lender, and the Borrower agrees not to (and the Borrower agrees to cause its
Affiliates not to) assert any contrary position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party hereby acknowledges and agrees that no Secured Party (nor any of such Secured Party&rsquo;s Affiliates, attorneys, agents or
representatives) shall have any duty of trust or confidence (including any obligation under any confidentiality or non-disclosure agreement
entered into by such Secured Party) with respect to, or any obligation not to trade in any securities while aware of, any material nonpublic
information (i) provided by, or on behalf of, any Loan Party, any of its Affiliates or any of its officers, directors (or equivalent persons),
employees, attorneys, agents or representatives in violation of any of the representations, covenants, provisions or agreements set forth
in this <U>Section 6.17</U> or (ii) otherwise possessed (or continued to be possessed) by any Secured Party (or any Affiliate, agent or
representative thereof) as a result of any breach or violation of any representation, covenant, provision or agreement set forth in this
<U>Section 6.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.18&#9;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.19&#9;&nbsp;&nbsp;&nbsp;&nbsp;Use of
Proceeds<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The proceeds of the Loans will be used solely to (a) fund ongoing or planned clinical trials and preclinical studies, (b) fund the commercialization
efforts for any current or future product candidates, (c) provide funds for the Borrower&rsquo;s working capital and general corporate
purposes, (d) refinance certain Indebtedness of the Loan Parties and (e) pay a portion of the charges, costs and expenses related to the
foregoing and entering into this Agreement and obtaining the Loans contemplated hereby. Without limitation of the foregoing, the Borrower
will ensure that no proceeds of the Loans will be used in a manner that would constitute a &ldquo;use of proceeds in Switzerland&rdquo;
as interpreted by the Swiss Federal Tax Administration (<I>Eidgen&ouml;ssische Steuerverwaltung</I>) for purposes of the Swiss Federal
Withholding Tax, unless a written confirmation or countersigned tax ruling application from the Swiss Federal Tax Administration has been
obtained confirming such use does not result in the Loans qualifying as a Swiss financing for Swiss Federal Withholding Tax purposes to
which the non-bank rules as per the respective Swiss Guidelines apply and any such use shall then be permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.20&#9;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Non-Bank
Rules</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Borrower shall ensure that it is at all times
in compliance with the Swiss Non-Bank Rules; <U>provided</U> that the Borrower shall not be in breach of this covenant if its number of
creditors in respect of either the Swiss 10 Non-Bank Rule or the Swiss 20 Non-Bank Rule is exceeded solely by reason of a failure by one
or more Lenders to comply with their obligations under <U>Section 9.4</U>, having given an incorrect information (or having lost) as to
its status as Qualifying Bank or as one (1) creditor only for the purposes of the Swiss Non-Bank Rules. For the purpose of its compliance
with the Swiss 20 Non-Bank Rule under this <U>Section 6.20</U>, the number of Lenders under this Agreement which are not Qualifying Banks
shall be deemed to be five (irrespective of whether or not there are, at any time, any such Lenders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.21&#9;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare
Matters</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the generality of the foregoing, each Loan Party and its Subsidiaries shall comply in all material respects with applicable Health
Care Laws and their implementation by any applicable Governmental Authority and all lawful requests of any Governmental Authority applicable
to its Products. All Products developed, manufactured, tested,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">distributed,
promoted or marketed by or on behalf of any Loan Party or any of its Subsidiaries that are subject to the jurisdiction of the FDA or
comparable Governmental Authority shall be developed, tested, manufactured, distributed, promoted and marketed in compliance in all material
respects with Health Care Laws and any other Applicable Laws, including Applicable Laws governing or relating to product approval or
premarket notification, Good Manufacturing Practices, promoting, labeling, advertising, record-keeping, and adverse event reporting,
and have been and are being tested, investigated, distributed, labeled, promoted, marketed, and sold in compliance in all material respects
with Health Care Laws and all other Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower will, and will cause each Loan Party to, obtain all Regulatory Required Permits necessary for compliance in all material respects
with Health Care Laws with respect to the design, testing, manufacturing, developing, processing, assembly, packaging, labeling, distribution,
commercialization, import, export, selling or marketing of Products and will, and will cause each Loan Party to, maintain and comply in
all respects with all such Regulatory Required Permits, the noncompliance with which would reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.22&#9;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of Stock</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Borrower undertakes to reserve for issuance
the Conversion Shares (computed without regard to any limitations on the number of shares that may be issued on conversion). Following
any event which leads to a dilution of the Conversion Price, the Borrower shall reserve for issuance additional Conversion Shares in order
to re-establish the reservation of the Conversion Shares. To the extent necessary, the Borrower undertakes to initiate the increase of
its conditional capital by calling, or putting an item on the agenda for, a general meeting of the shareholders of the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE 7<BR>
NEGATIVE COVENANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;Merger,
Consolidation, Etc<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, nor shall it permit any of its Subsidiaries to, (a) consummate a Division/Series Transaction or (b) directly or indirectly,
merge with, consolidate with or into, dissolve or liquidate into or convey, transfer, lease or otherwise dispose of (whether in one transaction
or in a series of transactions) with respect to all or substantially all of its assets (whether now owned or hereafter acquired) to or
in favor of any Person, except (i) a Subsidiary that is not a Loan Party may merge into any Loan Party or any Subsidiary of a Loan Party,
(ii) a Subsidiary that is a Loan Party may merge into any other Loan Party, (iii) any Subsidiary of the Borrower (other than, for the
avoidance of doubt, the Borrower) may liquidate or dissolve if, to the extent such Subsidiary is a Guarantor, any such assets or business
held by such subject Subsidiary shall be transferred to, or otherwise owned or conducted by, a Loan Party after giving effect to such
liquidation or dissolution and (iv) Permitted Acquisitions and Dispositions permitted under <U>Section 7.4</U> (<U>provided</U> that,
to the extent any such transaction involves (x) a Loan Party, the Loan Party is the surviving Person, or (y) subject to the immediately
succeeding sentence, Borrower, Borrower is the surviving Person). No Loan Party shall, nor shall permit any of its Subsidiaries to, establish
or form any Subsidiary, unless such Subsidiary complies with <U>Section 6.12</U>. Notwithstanding the foregoing, nothing in this <U>Section
7.1</U> shall prevent the consummation of a Major Transaction (as defined in the Convertible Notes), subject to compliance with the provisions
relating thereto in the Convertible Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.2&#9;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Payments<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, (a) enter into any management contract or
similar arrangement whereby all or a substantial part of the business of the Loan Parties and Subsidiaries, taken as a whole, is managed
by another Person, or (b) make any Restricted Payments; <U>provided</U> that (i) so long as no Default or Event of Default has occurred
and is continuing, the Borrower may repurchase its Stock from current </FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">or former
officers, employees or directors of the Borrower and its Subsidiaries (or their permitted transferees or estates) upon their death, disability
or termination of employment to the extent approved by the Board of Directors of the Borrower in good faith, (ii) each Loan Party may
make Restricted Payments to pay reasonable and customary salary compensation, bonus and other benefits payable to officers, employees,
consultants and other service providers of the Borrower (or its parent entities) to the extent such salaries, compensation, bonuses and
other benefits are attributable to the ownership or operation of the Borrower and its Subsidiaries, (iii) so long as no Default or Event
of Default has occurred and is continuing, any Loan Party may refinance any Qualifying Sub Debt with other Qualifying Sub Debt or make
Permitted Subordinated Debt Payments (as defined in <U>Exhibit J</U> hereto) in accordance with the Agreed Subordination Terms, (iv)
the Borrower may make Restricted Payments in respect of the Common Shares or Options issued or purchased and transferred to, or repurchased
from, employees or directors of, or consultants, or advisors to, the Borrower or any of its Subsidiaries pursuant to or in connection
with a plan, agreement or arrangement approved by the Board of Directors of the Borrower in good faith, including the 2013 and 2016 stock
purchase plans of the Borrower, (v) the Borrower may make Restricted Payments consisting of cash payments in lieu of the issuance of
fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Common
Shares, or in connection with dividends, share splits, reverse share splits (or any combination thereof) and mergers, consolidations,
amalgamations or other business combinations, and acquisitions and other Investments permitted hereunder, (vi) the Borrower may honor
any conversion request by a holder of convertible Indebtedness permitted under <U>Section 7.5</U> and make any cash payments in lieu
of fractional shares in connection with any conversion, and (vii) any Subsidiary may make any Restricted Payment to the Borrower. Notwithstanding
anything herein to the contrary, nothing in this <U>Section 7.2</U> shall impose any restriction on the ability of the Loan Parties to
make any changes to officers or directors of Borrower or any of its Subsidiaries, including any restriction on the ability of the Borrower
or any of its Subsidiaries to enter into employment contracts or to engage directors or advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.3&#9;&nbsp;&nbsp;&nbsp;&nbsp;Liens<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, make, create, incur, assume or suffer to
exist any Lien upon or with respect to any of its assets or property, except:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
existing on the Closing Date and set forth on <U>Schedule 7.3(a)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
in favor of the Secured Parties under the Facility Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;carriers&rsquo;,
warehousemen&rsquo;s, mechanics&rsquo;, landlords&rsquo;, materialmen&rsquo;s, repairmen&rsquo;s or other similar Liens arising in the
ordinary course of business that secure obligations that are not delinquent or remain payable without penalty for more than sixty (60)
days or that are being contested in good faith and by appropriate Proceedings and for which adequate reserves in accordance with IFRS
are being maintained;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
for Taxes, assessments or governmental charges or levies, in each case imposed by law or arising in the ordinary course of business for
amounts that are not past due or payable for more than sixty (60) days or that are being contested in good faith by appropriate Proceedings,
<FONT STYLE="color: windowtext">and for which adequate reserves in accordance with IFRS are being maintained</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default and (ii) pledges or cash deposits
made in lieu of, or to secure the performance of, judgment or appeal bonds in respect to such judgments and Proceedings described in the
foregoing <U>clause (i)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
in favor of financial institutions arising in connection with the Borrower&rsquo;s or its Subsidiaries&rsquo; deposit and/or cash accounts
maintained in the ordinary course held at such institutions to secure standard fees for services charged by, but not financing made available
by, such institutions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
(other than any Lien imposed by ERISA) consisting of pledges or deposits required in the ordinary course of business in connection with
workers&rsquo; compensation, unemployment insurance and other social security legislation or to secure the performance of tenders, statutory
obligations, surety, stay, customs and appeals bonds, bids, leases (other than Capital Leases), governmental contracts, trade contracts,
performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other
funded Indebtedness) or to secure liability to insurance carriers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;easements,
rights of way, restrictions and other similar encumbrances affecting real property which, in the aggregate, do not secure indebtedness
for borrowed money and do not materially interfere with the conduct of the business of any Loan Party or its Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
any interest or title of a lessor or sublessor under any lease permitted by this Agreement or (ii) licenses and sublicenses (other than
with respect to Intellectual Property, which is addressed in <U>clause (s)</U> below) granted by a Loan Party or any Subsidiary of a Loan
Party and leases and subleases (by a Loan Party or any Subsidiary of a Loan Party as lessor or sublessor) to third parties and entered
into in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
of a collection bank arising under Section 4-210 of the UCC (or equivalent in foreign jurisdictions) on items in the course of collection;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
on any assets or property acquired or held by any Loan Party or any Subsidiary of any Loan Party securing Indebtedness incurred or assumed
for the purpose of financing (or refinancing) all or any part of the cost of acquiring such assets or property and permitted under <U>Section
7.5(c)</U>; <U>provided</U> that (i) such Lien attaches solely to the assets or property so acquired in such transaction and the proceeds
thereof within one hundred eighty (180) days of such acquisition and (ii) the principal amount of the Indebtedness secured thereby does
not exceed 100% of the cost of such assets or property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
securing Capital Lease Obligations permitted under <U>Section 7.5(c)</U>, to the extent such Lien attaches solely to the property financed
in such transaction and the proceeds thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
arising from the filing of precautionary uniform commercial code financing statements with respect to any lease not prohibited by this
Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Liens
arising out of consignment or similar arrangements for the sale of goods entered into by the Borrower or any Subsidiary of the Borrower
in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Liens
in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation
of goods in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Liens
on unearned insurance premiums securing the financing thereof to the extent permitted under <U>Section 7.5(l)</U>; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Liens
solely on cash earnest money deposits made by the Borrower or any of its Subsidiaries in connection with any letter of intent or purchase
agreement for a Permitted Acquisition in the ordinary course of business; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks or other financial institutions
not given in connection with the incurrence of Indebtedness or (ii) relating to pooled deposit or sweep accounts of the Borrower or any
of its Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower
or its Subsidiaries; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permitted
In-Licensing Agreements and Permitted Out-Licensing Agreements; <FONT STYLE="color: windowtext">and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Liens
existing on property or assets at the time of the acquisition thereof or existing on the property of any Person at the time such Person
becomes a Subsidiary pursuant to a Permitted Acquisition, in each case after the Closing Date; <U>provided</U> that (i) such Lien was
not created in contemplation of such acquisition or such Person becoming a Subsidiary and (ii) such Lien does not extend to or cover any
other assets or property (other than the proceeds or products thereof).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.4&#9;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, dispose of (whether in one or a series of
transactions) any assets or property (including the Stock of any Subsidiary of any Loan Party, whether in a public or private offering
or otherwise, and accounts and notes receivable, with or without recourse), or, directly or indirectly, issue, sell or otherwise transfer,
any Stock of any Subsidiary of the Borrower, except for:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions
of (i) inventory, goods or services or (ii) worn-out, obsolete, damaged or surplus equipment or other assets, in each case of <U>clause
(i)</U> and <U>(ii)</U>, in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Dispositions of Cash Equivalents in the ordinary course of business and (ii) conversions of Cash Equivalents into cash or other Cash Equivalents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permitted
Royalty Financings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permitted
Investments, to the extent any such Investment constitutes a Disposition;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the issuance of Stock (other than Disqualified Stock) by the Borrower, (ii) the issuance of Stock of any Loan Party (other than the Borrower)
to the Borrower or any other Loan Party, (iii) the issuance of Stock of any Subsidiary of a Loan Party that is not a Loan Party to the
Borrower or any other Loan Party and (iv) the sale of the Stock of any Subsidiary of the Borrower to the Borrower or any Loan Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
transfer of any assets or property (i) by a Loan Party to another Loan Party or, (ii) for no more than fair market value, by a Subsidiary
that is not a Loan Party to (A) a Loan Party or (B) any other Subsidiary that is not a Loan Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disposing,
discontinuing the use or maintenance of, failing to pursue, or otherwise allowing to lapse, terminate or be put into the public domain,
any obsolete or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">immaterial
Intellectual Property if a Loan Party determines in its reasonable business judgment that such Disposition is desirable in the conduct
of its business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permitted
Out-Licensing Agreements, Permitted In-Licensing Agreements and Permitted Joint Ventures;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuance by the Borrower or any Subsidiary of Stock to qualified directors where required by or to satisfy any Applicable Law, including
any Applicable Law with respect to ownership of such Stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transactions
expressly permitted by <U>Section 7.1</U> or <U>7.3</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions
of past due accounts receivable in the ordinary course of business (including any discount and/or forgiveness thereof) or, in the case
of accounts receivable in default, in connection with the collection or compromise thereof and in any event, not involving any securitization
or factoring thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
any termination of any lease in the ordinary course of business, (ii) any expiration of any option agreement in respect of real or personal
property, (iii) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or litigation
claims (including in tort) and (iv) any lease or sublease of real property in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions
by way of any involuntary loss, damage or destruction of property, foreclosure, casualty or any involuntary condemnation, seizure or taking,
by exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of property; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions
of non-core assets the fair market value of which, in the aggregate with all other Dispositions during the term of this Agreement, does
not exceed $1,000,000 and other Dispositions consented to in writing by the Required Lenders; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Genmab Disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.5&#9;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create, incur, assume, guarantee, permit
to exist or be liable with respect to any Indebtedness, other than:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
existing as of the Closing Date and set forth on <U>Schedule 7.5(a)</U> attached hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Indebtedness
not to exceed $1,000,000 in the aggregate at any time outstanding, consisting of Capital Lease Obligations or Indebtedness secured by
Liens permitted by Sections <U>7.3(k)</U> and <U>(l)</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
in respect of netting services, overdraft protections and other similar and customary services in connection with deposit accounts incurred
in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
to employees in respect of benefit plans and employment and severance arrangements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
with respect to performance bonds, surety and appeal bonds and similar instruments incurred in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Indebtedness
arising under guaranties made in the ordinary course of business of obligations of any Loan Party that are otherwise permitted hereunder;
<U>provided</U> that if such obligation is subordinated to the Obligations, such guaranty shall be subordinated to the Obligations to
the same extent</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
owed by any Loan Party to another Loan Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obligations
of any Loan Party under any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to alter
the risks of that Person arising from fluctuations in currency value entered into in the ordinary course of business; <U>provided</U>
that any such agreement or arrangement is entered into for bona fide hedging purposes and not for speculative purposes and the notional
obligations of the Loan Parties of all such agreements or arrangements do not exceed $1,000,000 in the aggregate at any time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
arising with respect to customary indemnification obligations and purchase price adjustments in favor of (i) sellers in connection with
Acquisitions or similar Investments permitted hereunder and (ii) purchasers in connection with Dispositions permitted hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">endorsements
for collection or deposit in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Indebtedness
consisting of the financing of insurance premiums in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Qualifying
Sub Debt;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Swap
Contracts entered into for bona fide hedging purposes and not for speculative purposes with counterparties reasonably acceptable to the
Required Lenders; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">the
Borrower&rsquo;s Series B, C, D and E preferred shares outstanding on the date hereof; and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;&nbsp;&nbsp;&nbsp;&nbsp;(p)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Permitted Royalty
Financings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.6&#9;&nbsp;&nbsp;&nbsp;&nbsp;Investments<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, to make any Investment except for:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
in cash and Cash Equivalents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
consisting of extensions of credit or capital contributions by any Loan Party to or in any other Loan Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;loans
and advances to employees, officers and directors of the Loan Parties and their Subsidiaries in the ordinary course of business to (i)
finance travel and relocation expenses and other ordinary business purposes not to exceed $1,000,000 in the aggregate at any time</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">outstanding,
(ii) in connection with such employee&rsquo;s, officer&rsquo;s or director&rsquo;s purchase of Stock of the Borrower (or any parent entity
of the Borrower) (<U>provided</U> that the amount of such loans and advances shall be contributed to the Borrower in cash as common equity)
and (iii) relating to indemnification of any officers, directors or employees in respect of liabilities relating to their serving in
any such capacity, and any reimbursement of any such officer, director or employee of expenses relating to the claims giving rise to
such indemnification; <U>provided</U>, in each case, that such loans and advances do not violate Applicable Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
acquired in connection with the settlement of delinquent accounts receivable in the ordinary course of business or in connection with
the bankruptcy or reorganization of suppliers or customers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
existing on the Closing Date and set forth on <U>Schedule 7.6(e)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
comprising guarantees of Indebtedness permitted by <U>Section 7.5</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
constituting the establishment or creation of Subsidiaries of the Borrower, so long as the Loan Parties comply, and cause such Subsidiaries
to comply, with the applicable provisions of <U>Section 6.12</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Investments
received as the non-cash portion of consideration received in connection with transactions permitted pursuant to <U>Section 7.4</U>; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">asset
purchases (including purchases of inventory, Intellectual Property, equipment, supplies and materials), in each case in the ordinary course
of business; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permitted
Acquisitions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Investments</FONT>
in the nature of deposits with respect to leases or utilities provided to third parties in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;advances
of payroll payments to employees, directors, consultants, independent contractors or other service <FONT STYLE="color: windowtext">providers</FONT>
or other advances of salaries or compensation to employees, directors, partners, members, consultants, independent contractors or other
service providers, in each case in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
held by any Person acquired by the Borrower or any of its Subsidiaries pursuant to a Permitted Acquisition after the Closing Date or of
any Person merged, consolidated or amalgamated into the Borrower or any of its Subsidiaries in accordance with <U>Section 7.1</U> after
the Closing Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
Shares or Options purchased and transferred to, or repurchased from, employees or directors of, or consultants, or advisors to, the Borrower
or any of its Subsidiaries pursuant to or in connection with a plan, agreement or arrangement approved by the Board of Directors of the
Borrower in good faith, including the 2013 and 2016 stock purchase plans of the Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
in Permitted Joint Ventures;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
in the Chinese Partnership; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#9;&nbsp;&nbsp;&nbsp;&nbsp;(q)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Investments pursuant
to Permitted In-Licensing Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.7&#9;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate
Transactions<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, and no Loan Party shall suffer or permit any of its Subsidiaries to, directly or indirectly, (a) enter into any transaction
with any Affiliate of a Loan Party (other than, in each case, transactions between or among Loan Parties) or any officer, employee, partner,
manager or director (or similar official or governing person) of any of the foregoing, (b) pay any management, consulting or similar fees
to any of the foregoing, (c) pay or reimburse any of the foregoing for any costs, expenses and similar items, (d) make any indemnification
payments to any such Person, or (e) enter into any partnership, joint venture, syndicate, pool, profit-sharing or royalty agreement or
other combination, or engage in any transaction with any holder of Stock of any Affiliate of any Loan Party or any equity holder of such
Affiliate, whereby its income or profits are, or might be, shared with another Person other than a wholly owned Subsidiary, except in
each case of the foregoing <U>clauses (a)</U> through <U>(e)</U> (i) as expressly permitted by this Agreement, (ii) in the ordinary course
of business and pursuant to the reasonable requirements of the business of such Loan Party or such Subsidiary upon fair and reasonable
terms no less favorable to such Loan Party or such Subsidiary than would be obtained in a comparable arm&rsquo;s length transaction with
a Person that is not an Affiliate of the Borrower or such Subsidiary and; <U>provided</U>, <U>further</U>, that in no event shall a Loan
Party or any Subsidiary of a Loan Party perform or provide any management, consulting, administrative or similar services to any Affiliate
or customer other than in the ordinary course of business, (iii) payment of directors&rsquo; fees and reimbursement of actual out-of-pocket
expenses incurred in connection with attending board of director meetings, (iv) customary and reasonable compensation arrangements for
directors, officers and other employees of the Borrower and its Subsidiaries entered into in the ordinary course of business, (v) transactions
with respect to Common Shares or Options issued or purchased and transferred to, or repurchased from, employees or directors of, or consultants,
or advisors to, the Borrower or any of its Subsidiaries pursuant to or in connection with a plan, agreement or arrangement approved by
the Board of Directors of the Borrower in good faith, including the 2013 and 2016 stock purchase plans of the Borrower and (vi) to the
extent constituting transactions with Affiliates, transactions expressly permitted under <U>Sections 7.2</U>, <U>7.3</U>, <U>7.4</U>,
<U>7.5</U> or <U>7.6</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.8&#9;&nbsp;&nbsp;&nbsp;&nbsp;Conduct
of Business<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The Loan Parties shall not, and shall not permit any of their Subsidiaries to, directly or indirectly, engage in any line of business
substantially different from those lines of business carried on by it on the Closing Date other than any line of business incidental to,
reasonably complementary or ancillary to or a reasonable extension or development thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.9&#9;&nbsp;&nbsp;&nbsp;&nbsp;Amendments
to Organizational Documents and Material Agreements<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, amend, restate, supplement, change, replace or otherwise
modify (or waive or consent to any diversions from, or actions or inactions affecting) any of its Organizational Documents, the Organizational
Documents of any Permitted Joint Venture in which it owns Stock or the Chinese Partnership Agreement, in each case, in a manner that would
reasonably be expected to be materially adverse to the rights or remedies of any of the Secured Parties or their ability to enforce the
same. No Loan Party shall, and no Loan Party shall permit any Subsidiary to, directly or indirectly, amend, restate, supplement, change,
extend, refinance, replace or otherwise modify any document, agreement or instrument governing or evidencing any Indebtedness with a principal
amount in excess of $10,000,000 or any Material Agreement, in each case in a manner that would reasonably be expected to be materially
adverse to the rights or remedies of any of the Secured Parties or their ability to enforce the same. The forgoing provisions of this
<U>Section 7.9</U> shall not apply to any such modifications that are implemented in connection with the Qualifying IPO (<U>provided</U>
that such modifications have been disclosed in writing to the Secured Parties and their U.S. and Swiss counsel prior to the date hereof).
The Borrower shall not adopt any Shareholders Rights Plan that is or could become applicable to any of the Secured Parties as a result
of the transactions contemplated by the Facility Documents and the Borrower&rsquo;s fulfilling its obligations with respect thereto, including
the Borrower&rsquo;s </FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">issuance
of the Securities and any Secured Party&rsquo;s ownership of the Securities. No Loan Party shall, and no Loan Party shall permit any
of its Subsidiaries to, amend, restate, supplement, change, replace or otherwise modify (or waive or consent to any diversions from,
or actions or inactions affecting) the HCRM PSA, in each case, other than in accordance with the terms of the HCRM Subordination Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.10&#9;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
and Organizational Changes<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, and no Loan Party shall suffer or permit any of its Subsidiaries to, (a) make any significant change in accounting
treatment or reporting practices, except as required by IFRS or permitted within the definition of IFRS, (b) change the fiscal year or
method for determining the fiscal quarters of any Loan Party or of any Subsidiary of any Loan Party; <U>provided</U> that the Loan Parties
may, and may cause their Subsidiaries to, upon at least thirty (30) days&rsquo; written notice to the Required Lenders, change their fiscal
year end date to another fiscal year end date, in which case the Loan Parties and the Agent will, and are hereby authorized by the Lenders
to (but without limitation of the provisions of <U>Section 1.5</U>), make any adjustments to this Agreement that are necessary in order
to reflect such change, (c) change its name as it appears in official filings in its jurisdiction of organization or formation, (d) change
its jurisdiction of organization or formation, (e) change its entity identity, (f) change its organizational identification number (if
any) or (g) change the address of its chief executive office or principal place of business, in the case of <U>clauses (c)</U>, <U>(d)</U>,
<U>(e)</U>, <U>(f)</U> and <U>(g)</U>, without at least five (5) days&rsquo; prior written notice to Agent and the Lenders (or such shorter
period as may be agreed by the Required Lenders in their sole discretion).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.11&#9;&nbsp;&nbsp;&nbsp;&nbsp;Payments
of Qualifying Sub Debt<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, nor shall it permit any of its Affiliates to, directly or indirectly, purchase, redeem or defease (a) earlier than
scheduled or prepay any principal of, premium, if any, interest or other amount payable in respect of any Qualifying Sub Debt except to
the extent so purchased, redeemed, defeased or prepaid with the proceeds of Qualifying Sub Debt or (b) any HCRM Obligations, except to
the extent permitted to be so purchased, redeemed or defeased under the HCRM Subordination Agreement, it being understood and agreed that
the making of any a Non-Performance Payment (as defined in the HCRM PSA) or HCRM-Related Change of Control Payment in connection with
an HCRM-Related Conversion/Redemption Event shall only be permitted if each of the HCRM-Related Conversion/Redemption Conditions is satisfied
prior to the making of such payment. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.12&#9;&nbsp;&nbsp;&nbsp;&nbsp;Burdensome
Agreements and Negative Pledges<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, directly or indirectly, create or otherwise cause or suffer
to exist or become effective any consensual restriction or encumbrance of any kind on the ability of any Loan Party or Subsidiary to pay
dividends or make any other distribution on any of such Loan Party&rsquo;s or Subsidiary&rsquo;s Stock or to pay fees, including management
fees, or make other payments and distributions to any Loan Party or any of its Subsidiaries, except for those in the Facility Documents
or those imposed by Law. No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, directly or indirectly, enter
into, assume or become subject to any contractual obligation prohibiting or otherwise restricting the existence of any Lien upon any of
its assets, whether now owned or hereafter acquired, in favor of Agent or any other Secured Party or prohibit or otherwise restrict the
Disposition of any assets of any Loan Party or any of its Subsidiaries, except, in each case, (a) those set forth in the Facility Documents,
(b) those imposed by Law, (c) in connection with any document or instrument governing Liens permitted pursuant <U>Sections 7.3(k)</U>
and <U>(l)</U>; <U>provided</U> that any such restriction contained therein relates only to the asset or assets subject to such Permitted
Liens, and (d) restrictions contained in the documents governing any Permitted Royalty Financing, Permitted Joint Ventures, Chinese Partnership,
Permitted In-Licensing Agreements and Permitted Out-Licensing Agreement, in each case to the extent such restrictions are not prohibited
by the definitions of such terms and are not otherwise prohibited under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.13&#9;&nbsp;&nbsp;&nbsp;&nbsp;OFAC; Patriot
Act; Anti-Corruption Laws<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, directly or indirectly, fail to comply in any material
respect with the laws, regulations and executive orders referred to in <U>Section 3.27</U>. No Loan Party or Subsidiary of a Loan Party,
nor to the knowledge of any Loan Party or any of its Subsidiaries, any director, officer, agent, employee or other Person acting on behalf
of any Loan Party or any such Subsidiary, will request or use the proceeds of any Loan, directly or indirectly, (a) for any payments to
any Person, including any government official or employee, political party, official of a political party, candidate for political office
or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, or otherwise
take any action, directly or indirectly, that would result in a violation of any Anti-Corruption Laws, (b) for the purpose of funding,
financing or facilitating any activities, business or transaction of or with any Person on the SDN List or a government of a Sanctioned
Country, to the extent such activities, business or transaction would be prohibited by Sanctions if conducted by a corporation incorporated
in the United States or in a European Union member state, or (c) in any manner that would result in the material violation of any Sanctions
applicable to any party hereto. Furthermore, the Loan Parties will not, directly or indirectly, use the proceeds of the transaction, or
lend, contribute or otherwise make available such proceeds to any Subsidiary, Affiliate, joint venture partner or other Person, to fund
any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions,
or in any other manner that will result in a material violation by any Person participating in the transaction of any Sanctions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.14&#9;&nbsp;&nbsp;&nbsp;&nbsp;Hazardous
Materials<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, directly or indirectly, cause or suffer to exist any Release
of any Hazardous Material at, to or from any Real Estate that would violate or form the basis of Liability under any Environmental Law,
other than such violations or liabilities that would not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.15&#9;&nbsp;&nbsp;&nbsp;&nbsp;Investment
Company Act<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No Loan Party shall be or become an &ldquo;investment company&rdquo; as such term is defined in the Investment Company Act, or to otherwise
be registered under or required to be registered under or subject to the restrictions imposed by the Investment Company Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.16&#9;&nbsp;&nbsp;&nbsp;&nbsp;Minimum
Cash Balance</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. From and after the Initial Convertible Loan
Disbursement Date, the Borrower shall not permit the aggregate outstanding amount of cash and Cash Equivalents on deposit in, or credited
to, deposit and securities accounts of the Borrower and its Subsidiaries in respect of which (but subject to the time periods required
pursuant to <U>Section 6.11</U>) the Agent has a perfected, first-priority security interest (which, as applicable, may be satisfied by
depositing the HCRM-Related Conversion/Redemption Escrow Amount in the HCRM-Related Conversion/Redemption Escrow Account pursuant to Section
2.2) as of the end of any fiscal quarter of the Borrower to be less than $50,000,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>Section 7.17&#9;&nbsp;&nbsp;&nbsp;&nbsp;HCRM
PSA Matters</B>. Notwithstanding anything to the contrary set forth herein or in any other Financing Document, no Loan Party shall, nor
shall any Loan Party permit any of its Subsidiaries to, deposit any amount in the HCRM Lockbox Account in excess of the amount required
under Section 5.2(c)(ii) of the HCRM PSA.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE 8</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">EVENTS OF DEFAULT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 8.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;Events of
Default<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Any of the following events, conditions or other occurrences shall constitute an &ldquo;<U>Event of Default</U>&rdquo;:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower or any other Loan Party shall have failed <FONT STYLE="color: windowtext">(i) to pay when and as required to be paid herein or
in any other Facility Document, any amount of principal of any Loan, including upon maturity of the Loans, or (ii) to pay within five
(5) Business Days after the same shall become due, interest on any Loan, or any charge, fee or any other amount or Obligation payable
hereunder or pursuant to any other Facility Document</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Loan Party shall have failed to comply with or observe (i) <U>Section 6.1</U>, <U>6.5</U>, <U>6.6</U>, <U>6.7(i)</U>, <U>6.8</U>, <U>6.11</U>,
<U>6.15</U>, <U>6.17</U> or <U>6.19</U>, or <U>Article 7</U>, or (ii) any covenant contained in any Facility Document (other than the
covenants described in <U>Section 8.1(a)</U> or <U>8.1(b)(i)</U> above), and such failure, with respect to this <U>Section 8.1(b)(ii)</U>
only, shall not have been cured within thirty (30) days after <FONT STYLE="color: windowtext">the earlier to occur of (A) the date upon
which any officer of any Loan Party or any of its Subsidiaries becomes aware of such failure and (B) the date upon which written notice
thereof is given to any Loan Party or any of its Subsidiaries by any Secured Party</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
representation or warranty made or deemed made by any Loan Party in any Facility Document shall have been incorrect, false or misleading
in any material respect (except to the extent that such representation or warranty is qualified by reference to materiality or Material
Adverse Effect, to which extent it shall have been incorrect, false or misleading in any respect) as of the date it was made or deemed
made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Any Loan Party or any of its Subsidiaries shall generally be unable to pay its debts as such debts become due, or shall admit in writing
its inability to pay its debts as they come due or shall make a general assignment for the benefit of creditors; (ii) any Loan Party or
any of its Subsidiaries shall declare a moratorium on the payment of its debts; (iii) the commencement by any Loan Party or any of its
Subsidiaries of proceedings to be adjudicated bankrupt or insolvent, or the consent by it to the commencement of bankruptcy or insolvency
proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization, intervention or other similar relief
under any Applicable Law, or the consent by it to the filing of any such petition or to the appointment of an intervenor, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of all or substantially all of its assets; (iv) the commencement against any
Loan Party or any of its Subsidiaries of a proceeding in any court of competent jurisdiction under any bankruptcy or other Applicable
Law (as now or hereafter in effect) seeking its liquidation, winding up, dissolution, reorganization, arrangement or adjustment, or the
appointment of an intervenor, receiver, liquidator, assignee, trustee, sequestrator or other similar official, and any such proceeding
shall continue undismissed, or any order, judgment or decree approving or ordering any of the foregoing shall continue unstayed or otherwise
in effect, for a period of sixty (60) days; (v) the making by any Loan Party or any of its Subsidiaries of an assignment for the benefit
of creditors, or the admission by it in writing of its inability to pay its debt generally as they become due; or (vi) any other event
shall have occurred that, under any Applicable Law, would have an effect analogous to any of those events listed above in this subsection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
One or more judgments, orders, decrees, arbitration awards or settlements shall be entered or rendered against any Loan Party or any Subsidiary
of a Loan Party for the payment of money in an aggregate amount exceeding $15,000,000 that is not covered by insurance payable by a solvent
and independent insurance company that has been notified of such judgment, order, decree, arbitration aware or settlement and has not
denied coverage therefor), and either, (A) enforcement proceedings shall have been commenced by any creditor upon any such judgment, order,
decree, arbitration award or settlement or (B) such judgment, order, decree, arbitration award or settlement shall not have been satisfied,
vacated or discharged within sixty (60) days after the entry or providing thereof or there shall not be in effect (by reason of a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">pending
appeal or otherwise) any stay of enforcement thereof within sixty (60) days after the entry or providing thereof, or (ii) one or more
non-monetary judgments, orders, decrees, arbitration awards or settlements shall be entered or rendered against any Loan Party or any
Subsidiary of a Loan Party that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, and,
with respect to this <U>clause (ii)</U>, there shall be any period of thirty&nbsp;(30) days during which such a stay of enforcement of
such judgment, order, decree, arbitration award or settlement, by pending appeal or otherwise, shall not be in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
authorization of a Governmental Authority necessary for the execution, delivery or performance of any Facility Document or for the validity
or enforceability of any of the Obligations under any Facility Document is not given, is withdrawn or ceases to remain in full force or
effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Any
Loan Party or any Subsidiary of any Loan Party (i) shall fail to make any payment in respect of any Indebtedness (other than the Obligations
and, for the avoidance of doubt, excluding any obligations under the HCRM PSA) having an aggregate principal amount (including undrawn
committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more
than $7,500,000 when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure continues
after the applicable grace or notice period, if any, specified in the documents relating thereto on the date of such failure; or (ii)
shall fail to perform or observe any other condition or covenant, or any other event shall occur or condition exist, under any agreement
or instrument relating to any such Indebtedness of more than $7,500,000, if the effect of such failure, event or condition is to cause,
or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on
behalf of such holder or holders or beneficiary or beneficiaries) to cause, such Indebtedness to be declared to be due and payable (or
otherwise required immediately to be prepaid, redeemed, purchased or defeased) prior to its stated maturity (without regard to any subordination
terms with respect thereto) or cash collateral in respect thereof to be demanded or (iii) with respect to any obligations under the HCRM
PSA, shall fail to make any payment (or payments) when due (whether by scheduled maturity, required prepayment, acceleration, demand or
otherwise) of any late fees or interest, default interest or other amounts that are payable under the HCRM PSA on a default basis (and
excluding, for the avoidance of doubt, any regularly scheduled Royalty Payments (as defined in the HCRM PSA)), where such fees or interest
exceed $7,500,000 in the aggregate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">(A)
Any material provision of any Facility Document shall for any reason cease to be valid and binding on or enforceable against any Loan
Party or any Subsidiary of any Loan Party that is a party thereto; (B) any Loan Party or any Subsidiary of any Loan Party shall state
in writing that it will not honor, or shall bring an action to limit, any of its obligations or liabilities under any Facility Document
(including obligations to issue Conversion Shares upon conversion of the </FONT>Convertible <FONT STYLE="color: windowtext">Notes); (C)
any Facility Document shall for any reason (other than pursuant to the terms thereof) cease to create a valid security interest in a material
portion of the Collateral (to the extent that such perfection or priority is required hereby) purported to be covered thereby or such
security interest shall for any reason cease to be a perfected and first priority security interest (other than with respect to Permitted
Liens and in accordance with the Agreed Security Principles); or (D) a material portion of the Obligations shall cease to be secured by
all of the Collateral.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The occurrence of any ERISA Event that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect
or (ii) <FONT STYLE="color: windowtext">the imposition of a Lien </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="color: windowtext">on
any asset of a Loan Party or a Subsidiary of a Loan Party with respect to any Title IV Plan or Multiemployer Plan</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of any Conversion Failure (as defined in the Convertible Notes) or any announcement of refusal by the Borrower to honor its
obligation to issue Common Shares upon conversion of the Convertible Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
institution by any Governmental Authority of criminal proceedings against any Loan Party that has or would reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The FDA, DEA or any other Governmental Authority initiates enforcement action against any Loan Party, any of its Subsidiaries or any representative
of a Loan Party or its Subsidiaries, or any suppliers that causes such Loan Party or Subsidiary to recall, withdraw, remove or discontinue
marketing any of its Products that has or would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect;
(ii) the FDA or any other Governmental Authority issues a warning letter alleging non-compliance with Healthcare Laws to any Loan Party
or any of its Subsidiaries with respect to any Regulatory Matter that would reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect; (iii) any Loan Party or any of its Subsidiaries conducts a mandated or voluntary recall or withdrawal,
or the FDA or similar Governmental Authority institutes any action or proceeding to order the recall or withdrawal or to enjoin a Loan
Party, such Loan Party&rsquo;s Subsidiaries or any representative of a Loan Party or its Subsidiaries from testing, manufacturing, processing,
assembly, packaging, labeling, marketing, importing, exporting, selling or distributing any Product or Product category, in each case
(x)&nbsp;that would reasonably be expected to result in aggregate liability and expense to the Loan Parties and their Subsidiaries of
more than $15,000,000 unless such liability (A)&nbsp;is covered by insurance payable by a solvent and independent insurance company that
has been notified of such liability and expense and has not denied coverage therefor or (B)&nbsp;the Loan Parties are otherwise able to
satisfy such amount in a timely manner without any material impairment of the ability of any Loan Party to meet its payment obligations
hereunder or (y)&nbsp;that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; (iv)&nbsp;any
Loan Party or any of its Subsidiaries enters into a settlement agreement with the FDA or any other Governmental Authority (x)&nbsp;that
results in aggregate liability as to any single or related series of transactions, incidents or conditions of more than $15,000,000 unless
such liability (A)&nbsp;is covered by insurance payable by a solvent and independent insurance company that has been notified of such
liability and expense and has not denied coverage therefor or (B)&nbsp;the Loan Parties are otherwise able to satisfy such amount in a
timely manner without any material impairment of the ability of any Loan Party to meet its payment obligations hereunder or (y)&nbsp;that
would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; (v) the occurrence of adverse test
results in connection with a Product, which adverse test results would reasonably be expected to have a Material Adverse Effect or (vi)
the institution of any action or proceeding by the DEA, the FDA, or any other Governmental Authority to revoke, suspend, reject, withdraw,
limit, or restrict any Regulatory Required Permit held by a Loan Party, its Subsidiaries or any representative of a Loan Party or its
Subsidiaries, that, in each case, has or would reasonably be expected, individually or in the aggregate, to have Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 8.2&#9;&nbsp;&nbsp;&nbsp;&nbsp;Remedies<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Upon the occurrence and during the continuance of any Event of Default the Required Lenders may direct Agent to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;declare
all or any portion of the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts
owing or payable hereunder or under any other Facility Document to be immediately due and payable (<U>provided</U>, <U>however</U>, and
notwithstanding anything to the contrary contained herein or in any of the other Facility Documents, that the amount immediately due and
payable with respect to the principal of any of Loans (and the Convertible Notes evidencing such Loans) shall be equal to the greater
of (i) the amount of such principal and (ii) an amount equal to the product of (A) the aggregate number of Base Conversion Shares and
Number of Make-Whole Shares (each as defined in the Convertible Notes) into which such principal would be convertible under the Convertible
Notes as of the date of such Event of Default if such Event of Default constituted a Major Transaction (without giving effect to any limitations
or restrictions on conversion set forth in the Convertible Notes), multiplied by (B) the Volume Weighted Average Price (as defined in
the Convertible Notes) for one Common Share of as of the date of such Event of Default), and for the avoidance of doubt, plus any interest,
fees, costs, expenses and other Obligations owing or due by any Loan Party), without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by each Loan Party (and any dispute as to the Volume Weighted Average Price shall be handled
in accordance with the dispute resolution mechanism set forth in <U>Section 2(c)(iii)</U> of each of the Convertible Notes);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;declare
all or any portion of any one or more of the Commitments of each Lender to make Loans to be suspended or terminated, whereupon all or
such portion of such Commitments shall forthwith be suspended or terminated; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Facility Documents or Applicable
Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>provided</U>, <U>however</U>,
upon the occurrence of any event specified in <U>Section 8.1(d)</U> above, the obligation of each Lender to make Loans shall automatically
terminate and the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically
become due and payable without further act of Agent or any Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE 9<BR>
MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;Notices</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
Any notices or other information (including an financial information) required or permitted to be given under the terms hereof shall be
sent by certified or registered mail (return receipt requested) or delivered personally or by courier (including a recognized overnight
delivery service) or by email and shall be effective five (5) days after being placed in the mail, if mailed by regular United States
mail, or upon receipt, if delivered personally or by courier (including a recognized overnight delivery service), or when received by
email in each case addressed to a party as follows (or such other address or email address provided by such party to such other parties
pursuant to the below (or such later address or email address provided in accordance herewith):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If to the Borrower or any other Loan Party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">ADC Therapeutics SA</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Biop&ocirc;le</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Route de la Corniche 3B</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1066 Epalinges</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Switzerland</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:</FONT></TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael.Forer@adctherapeutics.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dominique.Graz@adctherapeutics.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Forer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dominique Graz</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With a copy to (which shall not be deemed to constitute notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Davis Polk &amp; Wardwell LLP</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">450 Lexington Avenue<BR>
New York, NY 10017</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:</FONT></TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deanna.kirkpatrick@davispolk.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">jeong.lee@davispolk.com </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">derek.walters@davispolk.com </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deanna L Kirkpatrick</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeong M. Lee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derek Walters</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If to Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Deerfield Partners, L.P.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">345 Park Avenue South, 12<SUP>th</SUP> Floor</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">New York, NY 10010</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">E-mail: legalnotice@deerfield.com</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attn: David J. Clark</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With a copy to (which shall not be deemed to constitute notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Katten Muchin Rosenman LLP</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">575 Madison Avenue</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">New York, NY 10022</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Email: mark.ramsey@katten.com</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Attn: Mark P. Ramsey, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Katten Muchin Rosenman LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">525 West Monroe Street</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago, Il 60661</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: mark.wood@katten.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn: Mark D. Wood, Esq.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to any Lender, the information for notices
included on <U>Schedule 2.3</U> or pursuant to any assignment agreement assigning any Obligations to any new Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.2&#9;&nbsp;&nbsp;&nbsp;&nbsp;Cost and
Expense Reimbursement<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
The Loan Parties agree to pay (x) on or prior to the Closing Date, (y) on each Disbursement Date and (z) otherwise after the Closing Date,
within ten (10) Business Days after delivery of an invoice therefor, (a) all reasonable and documented out-of-pocket costs and expenses
of the Secured Parties of negotiation, preparation, execution, delivery, filing and administration of the Facility Documents and any consents,
amendments, waivers or other modifications thereto (whether or not any such consent, amendment, waiver or other modification is ultimately
consummated), (b) all reasonable and documented out-of-pocket charges, fees, costs and expenses of legal counsel to the Secured Parties
in connection with the negotiation, preparation, execution and administration of the Facility Documents and any consents, amendments,
waivers or other modifications thereto and any other documents or matters requested by the Borrower or any other Loan Party related thereto,
(c) all reasonable and documented out-of-pocket fees, costs and expenses of creating and perfecting Liens in favor of Agent (on behalf
of the Secured Parties) pursuant to any Facility Document, including filing and recording fees, expenses and Taxes, search fees, title
insurance premiums, and fees, costs, expenses and disbursements of counsel to each Secured Party and of counsel providing any opinions
that any Secured Party may request in accordance with this Agreement in respect of any Facility Documents, Conversion Shares or the Liens
created pursuant to the Facility Documents, (d) all reasonable and documented out-of-pocket costs and expenses incurred by any Secured
Party in connection with the custody or preservation of any of the Collateral, (e) all reasonable and documented out-of-pocket costs and
expenses, including fees, costs and expenses of legal counsel to the Secured Parties and fees, costs and expenses of accountants, advisors
and consultants, incurred by the Secured Parties and the Secured Parties&rsquo; counsel relating to efforts to protect, evaluate, assess
or dispose of any of the Collateral, (f) all reasonable and documented out-of-pocket costs and expenses, including fees, costs and expenses
of legal counsel to the Secured Parties and all fees, costs and expenses of accountants, advisors and consultants and costs of settlement,
incurred by the Secured Parties in enforcing any of the Facility Documents or any Obligations of, or in collecting any payments due from,
any Loan Party hereunder or under the other Facility Documents (including in connection with the sale of, collection from, or other realization
upon any of the Collateral or the enforcement of the Facility Documents) or in connection with any refinancing or restructuring of the
credit arrangements provided under this Agreement in the nature of a &ldquo;work-out&rdquo; or pursuant to any proceeding or event of
the type set forth in <U>Section&nbsp;8.1(d)</U>, (g) the cost of purchasing insurance that the Loan Parties fail to obtain as required
by the Facility Documents, and (h) all reasonable and documented out-of-pocket fees, costs and expenses (including reasonable and documented
out-of-pocket costs and expenses of counsel) incurred by any Secured Party in connection with the enforcement of its rights or remedies
under the Facility Documents after the occurrence or during the continuance of an Event of Default. Without limiting any of the foregoing
provisions of this <U>Section 9.2</U>, any action taken by any Loan Party under or with respect to any Facility Document, even if required
under any Facility Document or at the request of Agent or any other Secured Party, shall be at the sole expense of such Loan Party, and
neither Agent nor any other Secured Party shall be required under any Facility Document to reimburse any Loan Party or any Subsidiary
of any Loan Party therefor. The obligations and provisions contained in this <U>Section 9.2</U> shall survive the termination of this
Agreement and the repayment of the Obligations and the termination of the Subsequent Convertible Loan Commitments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.3&#9;&nbsp;&nbsp;&nbsp;&nbsp;Governing
Law; Venue; Jurisdiction; Service of Process; WAIVER OF JURY TRIAL<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement and the other Facility Documents (unless otherwise expressly stated therein) shall be governed by and construed and enforced
in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this
Agreement and, unless</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">otherwise
expressly stated therein, the other Facility Documents (whether brought against a party hereto or its respective Affiliates, directors,
officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New
York, borough of Manhattan (and, in each case, the applicable state and federal appeals courts sitting in the City of New York or, if
not available or applicable, the State of New York). Each Party hereby irrevocably submits to the exclusive jurisdiction of the state
and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder or under the other
Facility Documents or in connection herewith or with the other Facility Documents or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, or that such suit, action or proceeding is improper or is an inconvenient venue for such
proceeding; <U>provided</U> that nothing in this Agreement or in any other Facility Document shall limit the right of any Secured Party
to commence any suit, action or proceeding in federal, state or other court of any other jurisdiction to the extent such Secured Party
determines that such suit, action or proceeding is necessary or appropriate to exercise its rights or remedies under this Agreement or
any of the other Facility Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such Party at the address
in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE
PARTIES HERETO, TO THE EXTENT PERMITTED BY APPLICABLE LAW, HEREBY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING
ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT, THE OTHER FACILITY DOCUMENTS AND ANY OTHER TRANSACTIONS CONTEMPLATED
HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE. EACH PARTY
HERETO (A) CERTIFIES THAT NO OTHER PARTY AND NO AGENT, REPRESENTATIVE OR OTHER PERSON AFFILIATED WITH OR RELATED TO ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER,
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THE FACILITY DOCUMENTS, AS APPLICABLE, BY THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <U>SECTION 9.3</U>. EACH OF THE PARTIES HERETO REPRESENT AND WARRANT THAT IT HAS HAD THE OPPORTUNITY
TO REVIEW THE JURY WAIVER CONTAINED IN THIS <U>SECTION 9.3</U> WITH LEGAL COUNSEL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.4&#9;&nbsp;&nbsp;&nbsp;&nbsp;Successors
and Assigns<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall bind and inure to the respective successors and permitted assigns of the Parties, except that no Loan Party may assign
or otherwise transfer all or any part of its rights or obligations (including the Obligations) under the Facility Documents, except to
the extent permitted hereunder, without the prior written consent of all of the Lenders, and any prohibited assignment by any of the Loan
Parties shall be absolutely void <I>ab initio</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Lender may assign or transfer its rights or the Obligations owing to it (including any Initial Convertible Loan Commitments and Subsequent
Convertible Loan Commitments) under the Facility Documents to any Person, (i) in the case of an assignment or transfer of an Initial Convertible
Loan Commitment or a Subsequent Convertible Loan Commitment, with the written consent of the Borrower (which consent shall not be unreasonably
withheld, delayed or conditioned); <U>provided</U>, <U>however</U>, that the Borrower&rsquo;s written consent shall not be required if
(A) an Event of Default under <U>Section 8.1(a)</U>, <U>(b)</U> (solely as a result of a failure to comply with any of the provisions
of <U>Section 7.16</U>) or <U>(d)</U>) has occurred and is continuing or (B) such assignment is made to an investment fund managed by
Deerfield Management Company, L.P. or any Affiliate or related fund of any of the Lenders as of the Closing Date Deerfield (other than
any such Person that is not a Qualifying Bank or a Permitted Non-Qualifying Bank) and, (ii) in the case of an assignment or transfer of
the Loans, without the consent of any Party; <U>provided</U> that (y) unless an Event of Default under <U>Section 8.1(a)</U>, <U>(b)</U>
(solely as a result of a failure to comply with any of the provisions of <U>Section 7.16</U>) or <U>(d)</U> has occurred and is continuing,
the consent of the Borrower shall be required if the assignee or transferee (A) is a Disqualified Lender or (B) is not a Qualifying Bank
or a Permitted Non-Qualifying Bank. Upon a Lender&rsquo;s assignment of any of the Loans or Subsequent Convertible Loan Commitments held
by it (in accordance with this <U>Section 9.4(b)</U>), the Agent shall record the identity of the transferee and other relevant information
in the Register, and the transferee shall (to the extent of the interests transferred to such transferee) have all the rights and obligations
of, and shall be deemed, a Lender with respect to such Loan or Subsequent Convertible Loan Commitment (as applicable) hereunder or under
the other Facility Documents. For the avoidance of doubt, each assignment or transfer of the rights or Obligations of any Lender shall
be subject only to the following conditions: (i) the parties to each assignment or transfer shall execute and deliver to Agent an Assignment
and Assumption and, (ii) upon the reasonable request by Agent, the assignee or transferee shall provide all documentation and other information
reasonably determined by Agent to be required by applicable regulatory authorities required under applicable &ldquo;know your customer&rdquo;
and anti-money laundering rules and regulations, including the USA Patriot Act. Notwithstanding anything to the contrary herein, no Lender
may assign any of its rights or obligations hereunder with respect to any Loan unless an assignment of a corresponding portion of the
Convertible Notes is made at the same time to the same transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the other rights provided in this <U>Section 9.4</U>, each Secured Party may grant a security interest in, or otherwise assign
as collateral, any of its rights under the Facility Documents, whether now owned or hereafter acquired (including rights to payments of
principal or interest on the Loans), to any holder of, or trustee for the benefit of the holders of, such Secured Party&rsquo;s Indebtedness
or equity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to <U>Section 9.4(b)</U> above, no Lender shall enter into any arrangement with another Person under which such Lender substantially transfers
its exposure under this Agreement to that other person, unless under such arrangement throughout the life of such arrangement: (i) the
relationship between the Lender and that other Person is that of a debtor and creditor (including in the bankruptcy or similar event of
the Lender or a Loan Party); (ii) that other Person will have no proprietary interest in the benefit of this Agreement or in any monies
received by the Lender under or in relation to this Agreement; and (iii) that other Person will under no circumstances (other than permitted
transfers and assignments pursuant to <U>Section 9.4(b)</U> above) (y) be subrogated to, or substituted in respect of, the Lender&rsquo;s
claims under this Agreement or (z) have otherwise any contractual relationship with, or rights against, the Borrower under or in relation
to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.5&#9;&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement;
Amendments</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">The
Facility Documents contain the entire understanding of the Parties with respect to the matters covered thereby and supersede any and all
other written and oral communications, negotiations, commitments and writings with respect thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Subject
to the provisions of <U>Section 9.5(c)</U>, no amendment, restatement, modification, supplement, change, termination or waiver of any
provision of this Agreement or the other Facility Documents, and no consent to any departure by any Loan Party therefrom shall in any
event be effective without the written concurrence of the Borrower and the Required Lenders (with a copy provided to Agent)</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">No
amendment, restatement, supplement, modification, change, termination, waiver or consent of any provision of any Facility Document shall,
unless in writing and signed by Agent, (i) amend, restate, supplemented, modify, change, terminate or waive (or consent to any diversion
from) any provision of this <U>Section 9.5</U> or of any other provision of this Agreement or any other Facility Document that, by its
terms, expressly requires the approval or concurrence of Agent, (ii) reduce the amount or postpone the due date of or waives any fees,
expenses and/or indemnities payable to Agent hereunder or under the other Facility Documents or (iii) or otherwise affect the rights,
benefits, liabilities or duties of Agent under this Agreement or any other Facility Document. Notwithstanding anything to the contrary
in <U>Section 9.5(b)</U>, Agent and the Borrower may amend or modify this Agreement and any other Facility Document to (A) cure any ambiguity,
omission, defect or inconsistency therein, and (B) grant a new Lien to Agent, for the benefit of the Secured Parties, extend an existing
Lien over additional property for the benefit of the Secured Parties or join additional Persons as Loan Parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
consideration shall be offered or paid (in any form, whether cash, Stock, other property or otherwise) to any Lender to amend, restate,
supplement, modify or change or consent to a waiver of (or a diversion from) any provision of any of the Facility Documents unless the
same consideration also is offered to all of the Lenders under the Facility Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.6&#9;&nbsp;&nbsp;&nbsp;&nbsp;Severability<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
If any provision of this Agreement or any of the other Facility Documents shall be invalid, illegal or unenforceable in any respect under
any law, the validity, legality and enforceability of the remaining provisions hereof or thereof shall not in any way be affected or impaired
thereby. The Parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.7&#9;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
This Agreement may be executed in several counterparts, and by each Party on separate counterparts, each of which and any photocopies,
facsimile copies and other electronic methods of transmission thereof shall be deemed an original, but all of which together shall constitute
one and the same agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.8&#9;&nbsp;&nbsp;&nbsp;&nbsp;Termination;
Survival</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Notwithstanding anything to the contrary herein
or in any other Facility Document, this Credit Agreement shall terminate on the earlier to occur of (a) the date on which the Initial
Disbursement Commitments and the Subsequent Disbursement Commitments have terminated, no Lender is obligated to make any Loans hereunder
and all Obligations have been paid in full and (b) June 24, 2020, if, as of such date, the Qualifying IPO has not been consummated. All
representations and warranties made hereunder and in the other Facility Documents and in any document, certificate or statement delivered
pursuant hereto or thereto or in connection therewith or therewith shall survive the execution and delivery of this Agreement (and shall
continue to be made in accordance with the terms hereof and thereof after) and the other Facility Documents and the making of the Loan
(including any Subsequent Convertible Loan) hereunder or thereunder. Such representations and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">warranties
have been or will be relied upon by the Secured Parties, regardless of any investigation made by the Agent or any Lender or on their
behalf and notwithstanding that the Agent or any Lender may have had notice or knowledge of any Default or Event of Default at the time
of the making of any Loan, and shall continue in full force and effect (and shall continue to be made in accordance with the terms of
the applicable Facility Documents) as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied, in each
case, other than contingent obligations not due and owing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.9&#9;&nbsp;&nbsp;&nbsp;&nbsp;No Waiver;
Remedies Cumulative<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No failure or delay on the part of the Agent or any Lender in the exercise of any power, right or privilege hereunder or under any other
Facility Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor
shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other
power, right or privilege. All rights and remedies existing under this Agreement and the other Facility Documents are cumulative to, and
not exclusive of, any rights or remedies otherwise available.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.10&#9;&nbsp;&nbsp;&nbsp;&nbsp;Indemnity</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Loan Parties shall, at all times, jointly and severally indemnify and hold harmless (the &ldquo;<U>Indemnity</U>&rdquo;) Agent, each Lender,
each other Secured Party, each of their respective Affiliates and each of their and their respective Affiliates&rsquo; directors, partners,
officers, employees, agents, counsel and advisors (each, an &ldquo;<U>Indemnified Person</U>&rdquo;) in connection with any losses, claims
(including the reasonable and documented attorneys&rsquo; fees incurred in defending against such claims), damages, liabilities, penalties
or other expenses arising out of, or relating to, the Facility Documents, the extension of credit under the Facility Documents or the
Loans or the other Obligations, the providing of the Subsequent Convertible Loan Commitments, the use or intended use of the Loan or the
other Obligations and the issuance of the Securities (including any transactions or assets financed in whole or in part, directly or indirectly,
therewith), any disclosure made pursuant to <U>Section 6.17</U>, or the status of a Lender or other holder of Securities as an investor
in any Loan Party, that an Indemnified Person may incur or to which an Indemnified Person may become subject, but excluding Excluded Taxes
(each, a &ldquo;<U>Loss</U>&rdquo;). The Indemnity shall not be available to any Indemnified Person to the extent that a court of competent
jurisdiction issues a final and non-appealable judgment that such Loss resulted from the gross negligence, bad faith or willful misconduct
of such Indemnified Person or the material breach of the funding or confidentiality obligations of such Indemnified Person. The Indemnity
is independent of, and in addition to, any other agreement of any Party under any other Facility Document to indemnify or any amount to
the any of the Secured Parties, and any exclusion of any obligation to pay any amount under this <U>Section 9.10(a)</U> shall not affect
the requirement to pay such amount under any other section or provision hereof or under any other agreement, instrument or document. For
the avoidance of doubt, this <U>Section 9.10</U> shall not apply with respect to Taxes other than any Taxes that represent losses, claims
(including the reasonable and documented attorneys&rsquo; fees incurred in defending against such claims), damages, liabilities, penalties
or other expenses arising from any non-Tax claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Indemnified Person shall have the right to retain its own legal counsel with the fees, costs and expenses of such legal counsel and of
such Indemnified Person to be paid by the Loan Parties. The indemnification required by this <U>Section 9.10</U> shall be made and paid
by such Loan Parties as Losses are incurred within ten (10) Business Days of written demand by such Indemnified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
settlement of (or any other agreement or arrangement related to) any Loss shall be entered into by any Loan Party or any of its Subsidiaries
without the prior written consent of the applicable Indemnified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Loan Party shall, nor shall it permit any of its Subsidiaries to, assert, and each Loan Party on behalf of itself and its Subsidiaries,
hereby waives, any claim, loss or amount against any Indemnified Person with respect to any special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any of the other
Facility Documents or any undertaking or transaction contemplated hereby or thereby. No Indemnified Person shall be liable for any damages
arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic
or other information transmission systems in connection with this Agreement or any of the other Facility Documents or the transactions
contemplated hereby or thereby, except to the extent that a court of competent jurisdiction issues a final and non-appealable judgment
that such damages resulted from the gross negligence, bad faith or willful misconduct of such Indemnified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.11&#9;&nbsp;&nbsp;&nbsp;&nbsp;No Usury<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Notwithstanding any other provision herein, the aggregate interest rate charged with respect to any of the Obligations, including all
charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the highest rate permitted
by Applicable Law. If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds
the highest lawful rate permitted by Applicable Law, the outstanding amount of the Loans made hereunder shall bear interest at the highest
lawful rate permitted by Applicable Law until the total amount of interest due hereunder equals the amount of interest that would have
been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. Accordingly, if any Lender
contracts for, charges, or receives any consideration that constitutes interest in excess of the highest lawful rate permitted by Applicable
Law, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender&rsquo;s option be applied to
the outstanding amount of the Loans made hereunder or be refunded to the Loan Parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.12&#9;&nbsp;&nbsp;&nbsp;&nbsp;Specific
Performance</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Loan Parties agree that irreparable damage,
for which monetary relief, even if available, would not be an adequate remedy, would occur in the event that any provision of the Facility
Documents is not performed in accordance with its specific terms or is otherwise breached. In light of the foregoing, the Loan Parties
hereby agree that the Secured Parties shall be entitled to an injunction, specific performance or other equitable relief to prevent breaches
of the Facility Documents and to enforce specifically the terms and provisions hereof and thereof without proof of damages or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.13&#9;&nbsp;&nbsp;&nbsp;&nbsp;Agent</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Lender hereby irrevocably appoints Deerfield Partners, L.P. (together with any successor Agent appointed by Deerfield Partners, L.P. or
any successor Agent that was appointed by the Required Lenders), as Agent hereunder and under the other Facility Documents and authorizes
Agent to (i) execute and deliver the Facility Documents to which it is a party and accept delivery thereof on its behalf from any Loan
Party, (ii) take such other actions on its behalf and to exercise all rights, powers and remedies and perform the duties as are expressly
delegated to Agent under the Facility Documents and (iii) exercise such powers as are reasonably incidental thereto. Notwithstanding any
provision to the contrary contained elsewhere in this Agreement or in any other Facility Document, Agent shall not have any duty or responsibility
except those expressly set forth herein; nor shall Agent have or be deemed to have any fiduciary relationship with any Lender or participant,
and no implied covenants, functions, responsibilities, duties,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">obligations
or liabilities shall be read into this Agreement or any other Facility Document or otherwise exist against Agent. Without limiting the
generality of the foregoing sentence, the use of the term &ldquo;agent&rdquo; herein and in other Facility Documents with reference to
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable
Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship
between independent contracting parties. Each Secured Party further consents to and authorizes Agent&rsquo;s execution and delivery of
any additional intercreditor or subordination agreements from time to time as contemplated by the terms hereof on behalf of such Secured
Party and agrees to be bound by the terms and provisions thereof, including any purchase option contained therein. The provisions of
this <U>Section 9.13</U> are solely for the benefit of Agent and the Lenders and none of the Borrowers or the other Loan Parties shall
have any rights as a third party beneficiary of any of the provisions in this <U>Section 9.13</U>. In performing its functions and duties
under this Agreement and the other Facility Documents, Agent shall act solely as agent of Lenders and does not assume and shall not be
deemed to have assumed any obligation toward or relationship of agency or trust with or for any Borrower or any other Loan Party. Agent
may perform any of its duties hereunder, or under the Facility Documents, by or through its agents, subagents, servicers, trustees, investment
managers or employees and any such Person shall benefit from this <U>Section 9.13</U> to the extent provided by Agent. Agent shall have
the same rights and powers under the Facility Documents as any other Lender and may exercise or refrain from exercising the same as though
it were not Agent, and Agent and its Affiliates may lend money to, invest in and generally engage in any kind of business with each Loan
Party, Affiliate of any Loan Party as if it were not Agent hereunder. The duties of Agent shall be mechanical and administrative in nature.
Agent shall not have by reason of this Agreement or the other Facility Documents a fiduciary relationship in respect of any Lender. Nothing
in this Agreement or any of the other Facility Documents is intended to or shall be construed to impose upon Agent any obligations in
respect of this Agreement or any of the other Facility Documents except as expressly set forth herein or therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
relation to the Swiss Collateral Documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Agent holds: (x) any Collateral created or evidenced or expressed to be created or evidenced under or pursuant to a Swiss Collateral Documents
by way of a security assignment (<I>Sicherungsabtretung</I>) or transfer for security purposes (<I>Sicherungs&uuml;bereignung</I>) or
any other non-accessory (<I>nicht akzessorische</I>) Lien; (y) the benefit of this clause; and (z) any proceeds and other benefits of
such Lien, as indirect representative (<I>indirekter Stellvertreter</I>) in its own name but for the account of all relevant present and
future Secured Parties which have the benefit of such Lien in accordance with this Agreement and the respective Swiss Collateral Documents,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
present and future Secured Party hereby authorizes the Agent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accept
and execute as its direct representative (<I>direkter Stellvertreter</I>) any Swiss law pledge or any other Swiss law accessory (<I>akzessorische</I>)
Lien created or evidenced or expressed to be created or evidenced under or pursuant to a Swiss Collateral Document for the benefit of
such Secured Party and hold, administer and, if necessary, enforce any such Lien on behalf of each relevant Secured Party which has the
benefit of such Lien;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
agree as its direct representative (<I>direkter Stellvertreter</I>) to amendments and alterations to any Swiss Collateral Document which
creates or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify; text-indent: 0pt">evidences or expressed
to create or evidence a pledge or any other Swiss law accessory (<I>akzessorische</I>) Security;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
effect as its direct representative (<I>direkter Stellvertreter</I>) any release of a Lien created or evidenced or expressed to be created
or evidenced under a Swiss Collateral Document in accordance with this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
exercise as its direct representative (<I>direkter Stellvertreter</I>) such other rights granted to the Agent hereunder or under the relevant
Swiss Collateral Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
may execute any of its duties under this Agreement or any other Facility Document by or through agents, subagents, employees or attorneys
in fact, and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties.
Agent shall not be responsible for the negligence or misconduct of any agent, subagent or attorney in fact that it selects in the absence
of gross negligence or willful misconduct or a material breach of this Agreement as determined by a final, non-appealable judgment of
a court of competent jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither Agent nor any of its directors, officers, employees, attorneys, advisors, representatives or agents shall (i) be liable for any
action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Facility Document or the Transactions
or the transactions contemplated hereby or thereby (except to the extent resulting from its own gross negligence or willful misconduct
or a material breach of this Agreement in connection with its duties expressly set forth herein as determined by a final, non-appealable
judgment of a court of competent jurisdiction), or (ii) be responsible in any manner to any Lender or participant for any recital, statement,
representation or warranty made by any Loan Party or Affiliate of any Loan Party, or any officer thereof, contained in this Agreement
or in any other Facility Document, or in any certificate, report, statement or other document referred to or provided for in, or received
by Agent under or in connection with, this Agreement or any other Facility Document, or the validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Facility Document (or the creation, perfection or priority of any Lien or security interest
therein), or for any failure of any Loan Party or any other party to any Facility Document to perform its obligations (including the Obligations)
hereunder or thereunder. Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance
of any of the agreements contained in, or conditions of, this Agreement or any other Facility Document, or to inspect the properties,
books or records of any Loan Party or any Loan Party&rsquo;s Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
shall be entitled to rely, and shall be fully protected in relying, upon any communication believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel
to any Loan Party), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing
to take any action under this Agreement or any other Facility Document unless it shall first receive such advice or concurrence of the
Required Lenders as it deems appropriate and, if it so requests, confirmation from the Lenders of their obligation to indemnify Agent
against any and all liabilities and expenses (including any fees and expenses of counsel to Agent) that may be incurred by it by reason
of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement or any other Facility Document in accordance with a request or consent of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">Required
Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon each Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
shall not be deemed to have knowledge or notice of the occurrence of any Event of Default or Default, unless Agent shall have received
written notice from a Lender or any Loan Party referring to this Agreement and the other Facility Documents, describing such Event of
Default or Default and stating that such notice is a &ldquo;notice of default.&rdquo; Agent shall take such action with respect to such
Event of Default or Default as the Required Lenders may direct; <U>provided</U> that, unless and until Agent has received any such request,
Agent shall not take any such action, or refrain from taking any such action, with respect to such Event of Default or Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Lender acknowledges that Agent has not made any representation or warranty to it, and that no act by Agent hereafter taken, including
any consent and acceptance of any assignment or review of the affairs of the Loan Parties or any of their Subsidiaries, shall be deemed
to constitute any representation or warranty by Agent to any Lender as to any matter, including whether Agent has disclosed material information
in its possession. Each Lender represents to Agent that it has, independently and without reliance upon Agent and based on such documents
and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, prospects, operations,
property, financial and other condition and creditworthiness of Borrower and the other Loan Parties, and made its own decision to enter
into this Agreement and the other Facility Documents and to extend credit to Borrower hereunder and under the other Facility Documents.
Each Lender also represents that it will, independently and without reliance upon Agent and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action
under this Agreement and the other Facility Documents, and to make such investigations as it deems necessary or appropriate to inform
itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower and the other
Loan Parties. Except for notices, reports and other documents expressly herein required to be furnished to the Lenders by Agent, Agent
shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects,
operations, property, financial or other condition or creditworthiness of Borrower or any other Loan Party that may come into the possession
of Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than with respect to the matters described in <U>clause (i)</U> below, which shall be governed by such clause, whether or not the transactions
contemplated hereby are consummated, each Lender shall severally indemnify upon demand Agent and its directors, officers, partners, employees,
attorneys, advisors, representatives and agents (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the
obligation of the Loan Parties to do so), according to its applicable <I>pro rata</I> share, from and against any and all losses, claims
(including the reasonable attorneys&rsquo; fees incurred in defending against such claims), damages, liabilities, penalties or other expenses
arising out of, or relating to, any of Agent&rsquo;s duties, responsibilities or actions set forth in or that taken pursuant to the Facility
Documents; <U>provided</U> that no Lender shall be liable for any payment to any such Person of any portion of the foregoing to the extent
determined by a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the applicable Person&rsquo;s
gross negligence or willful misconduct. No action taken in accordance with the directions of the Required Lenders shall be deemed to constitute
gross negligence or willful misconduct for purposes of this <U>Section 9.13(g)</U>. Without limitation of the foregoing, each Lender shall
reimburse Agent upon demand for such Lender&rsquo;s ratable share of any costs or out of pocket expenses incurred by Agent in connection
with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">rights
or responsibilities under, this Agreement, any other Facility Document or any document contemplated by or referred to herein or therein,
to the extent that Agent is not reimbursed for such fees, costs and expenses by or on behalf of the Loan Parties. The undertaking in
this <U>Section 9.13(g)</U> shall survive repayment of the Loans and the other Obligations, the termination of the Subsequent Convertible
Loan Commitments, any foreclosure under, or modification, release or discharge of, any or all of the Facility Documents, termination
of this Agreement or the other Facility Documents and the resignation or replacement of Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
may resign as Agent upon thirty (30) days&rsquo; notice to the Lenders, and the Required Lenders have the right, at their sole election,
to remove the Person serving as Agent upon ten (10) days&rsquo; notice to Agent (or immediately upon any material breach of Agent of its
obligations under the Facility Documents). If Agent resigns under this Agreement or the Required Lenders remove the Person serving as
Agent, the Required Lenders shall appoint from among the Lenders a successor Agent for such successor Agent and the Lenders. If no successor
Agent is appointed prior to the effective date of the resignation or removal of Agent, Agent may appoint, after consulting with the Lenders,
a successor Agent from among the Lenders. Upon the acceptance of its appointment as successor Agent hereunder, such successor Agent shall
succeed to all the rights, powers and duties of the retiring or removed Agent, and the term &ldquo;Agent&rdquo; shall mean such successor
Agent, and the retiring or removed Agent&rsquo;s appointment, powers and duties as Agent shall be immediately and automatically terminated
at such time. After any retiring Agent&rsquo;s resignation or removal hereunder as Agent, the provisions of this <U>Section 9.13</U> shall
inure to its benefit (in its capacity as Agent) as to any actions taken or omitted to be taken by it while it was Agent under this Agreement
and the other Facility Documents. If no successor Agent has accepted appointment as Agent by the date that is thirty (30) days following
a retiring Agent&rsquo;s notice of resignation (or at the time of removal of a Person as Agent), the retiring Agent&rsquo;s resignation
or removal shall nevertheless thereupon become effective, and the Lenders shall perform all of the duties of Agent hereunder until such
time, if any, as the Required Lenders appoint a successor Agent as provided for above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Lender further agrees to indemnify Agent, its Affiliates and each of its and their employees, advisors, attorneys, representatives and
agents (to the extent not reimbursed by any Loan Party), severally and ratably, from and against Liabilities (including Taxes, interests
and penalties imposed for not properly withholding or backup withholding on payments made to or for the account of any Lender) that may
be imposed on, incurred by or asserted against Agent, its Affiliates or any of its or their employees, advisors, attorneys, representatives
or agents in any matter relating to or arising out of, in connection with or as a result of any Facility Document or any other act, event
or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken or omitted to be taken by
Agent, its Affiliates or any of its or their employees, advisors, attorneys, representatives or agents under or with respect to any of
the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Loan Parties and the Lenders hereby irrevocably authorize Agent, based upon the written instruction of the Required Lenders, to (a) credit
bid and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral at
any sale thereof conducted under the provisions of the Bankruptcy Code, including under Section 363 of the Bankruptcy Code or any similar
laws in any other jurisdictions to which a Loan Party is subject, or (b) credit bid and in such manner purchase (either directly or through
one or more acquisition vehicles) all or any portion of the Collateral at any other sale or foreclosure conducted by (or with the consent
or at the direction of) Agent (whether by judicial action or otherwise) in accordance with Applicable Law. In connection with any such
credit bid and purchase, the Obligations owed to the Lenders shall be entitled to be, and shall be, credit bid</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">on a ratable
basis (with Obligations with respect to contingent or unliquidated claims being estimated for such purpose if the fixing or liquidation
thereof would not unduly delay the ability of Agent to credit bid and purchase at such sale or other disposition of the Collateral and,
if such claims cannot be estimated without unduly delaying the ability of Agent to credit bid, then such claims shall be disregarded,
not credit bid, and not entitled to any interest in the asset or assets purchased by means of such credit bid) and the Lenders whose
Obligations are credit bid shall be entitled to receive interests (ratably based upon the proportion of their Obligations credit bid
in relation to the aggregate amount of Obligations so credit bid) in the asset or assets so purchased (or in the Stock of the acquisition
vehicle or vehicles that are used to consummate such purchase). Except as provided above and otherwise expressly provided for herein
or in the other Facility Documents, Agent will not execute nor deliver a release of any Lien on any Collateral. Upon request by Agent
at any time, the Lenders will confirm in writing Agent&rsquo;s authority to release any such Liens on particular types or items of Collateral
pursuant to, and in accordance with, <U>Section&nbsp;9.13(j)</U> and this <U>Section 9.13(k)</U>. Each Secured Party whose Obligations
are credit bid under this <U>Section 9.13(j)</U> shall be entitled to receive interests in the Collateral or any other asset acquired
in connection with such credit bid (or in the Stock of the acquisition vehicle or vehicles that are used to consummate such acquisition)
on a ratable basis in accordance with the percentage obtained by dividing (y) the amount of Obligations of such Secured Party that were
credit bid in such credit bid by (z) the aggregate amount of all Obligations that were credit bid in such credit bid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.14&#9;&nbsp;&nbsp;&nbsp;&nbsp;USA Patriot
Act</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Each Lender that is subject to the USA Patriot Act
and Agent (for itself and not on behalf of any Lender) hereby notifies the Loan Parties that pursuant to the requirements of the USA Patriot
Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and
address of each Loan Party and other information that will allow such Lender or Agent to identify each Loan Party in accordance with the
USA Patriot Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.15&#9;&nbsp;&nbsp;&nbsp;&nbsp;Placement
Agent</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Borrower and the other Loan Parties shall be
solely responsible for the payment of any fees, costs, expenses and commissions of any placement agent, broker or financial adviser relating
to or arising out of the transactions contemplated by the Facility Documents, including the offer, sale and issuance of the Securities
(<U>provided</U> that the Borrower hereby represent and warrant that it has disclosed the details of any such arrangement to the Lenders
prior to the Closing Date). The Borrower and the other Loan Parties shall pay, and hold each of the Secured Parties harmless against,
any liability, loss or expense (including attorneys&rsquo; fees, costs and expenses) arising in connection with any claim for any such
payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.16&#9;&nbsp;&nbsp;&nbsp;&nbsp;Independent
Nature of Secured Parties</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The obligations of each Secured
Party under the Facility Documents are several and not joint with the obligations of any other Secured Party, and no Secured Party shall
be responsible in any way for the performance of the obligations of any other Secured Party under the Facility Documents. Each Secured
Party shall be responsible only for its own representations, warranties, agreements and covenants under the Facility Documents. The decision
of each Secured Party to acquire the Securities pursuant to the Facility Documents has been made by such Secured Party independently of
any other Secured Party and independently of any information, materials, statements or opinions as to the business, affairs, operations,
assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Borrower or any of its
Subsidiaries that may have been made or given by any other Secured Party or by any agent, attorney, advisor, representative or employee
of any other Secured Party, and no Secured Party or any of its agents, attorneys, advisors, representatives or employees shall have any
liability to any other Secured Party (or any other Person) relating to or arising from any such information, materials, statements or
opinions. Nothing contained in the Facility Documents, and no action taken by any Secured Party pursuant hereto </FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">or thereto
(including a Secured Party&rsquo;s acquisition of Obligations, Convertible Notes or any other Securities at the same time as any other
Secured Party), shall be deemed to constitute the Secured Parties as, and each of the Loan Parties acknowledges and agrees that the Secured
Parties do not thereby constitute, a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Secured Parties are in any way acting in concert or as a group with respect to such Obligations or the transactions contemplated
by any of the Facility Documents, and none of the Loan Parties shall assert any contrary position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.17&#9;&nbsp;&nbsp;&nbsp;&nbsp;No Fiduciary
Relationship<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. </FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
of the Loan Parties acknowledges and agrees that (a) each Secured Party is acting at arm&rsquo;s length from the Loan Parties with respect
to this Agreement and the other Facility Documents and the transactions contemplated hereby and thereby; (b) no Secured Party will, by
virtue of this Agreement or any of the other Facility Documents or any transaction contemplated hereby or thereby, be (nor, to the Loan
Parties&rsquo; knowledge, otherwise is) an Affiliate of, or have any agency, tenancy or joint venture relationship with, any Loan Party;
(c) no Secured Party has acted, or is or will be acting, as a financial advisor to, or fiduciary (or in any similar capacity) of, or has
any fiduciary or similar duty to, any Loan Party with respect to, or in connection with, this Agreement and the other Facility Documents
and the transactions contemplated hereby and thereby, and each of the Loan Parties agreed not to assert, and hereby waives, to the fullest
extent permitted under Applicable Law, any claim that any Secured Party has any fiduciary duty to such Loan Party; (d) any advice given
by a Secured Party or any of its representatives or agents in connection with this Agreement and the other Facility Documents and the
transactions contemplated hereby and thereby is merely incidental to such Secured Party&rsquo;s performance of its obligations hereunder
and thereunder (including, in the case of each of the Lenders, its acquisition of the Securities); and (e) the Loan Parties&rsquo; decision
to enter into the Facility Documents has been based solely on the independent evaluation by the Loan Parties and their representatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.18&#9;&nbsp;&nbsp;&nbsp;&nbsp;Joint and
Several</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The obligations of the Loan Parties hereunder and
under the other Facility Documents are joint and several. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.19&#9;&nbsp;&nbsp;&nbsp;&nbsp;No Third
Parties Benefited</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. This Agreement is made and entered into
for the sole protection and legal benefit of the Loan Parties and the Secured Parties and their successors and permitted assigns, and
no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection
with, this Agreement or any of the other Facility Documents. No Secured Party shall have any obligation to any Person not a party to this
Agreement or the other Facility Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.20&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Binding
Effect</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. This Agreement shall become effective when
it shall have been executed by each of the Loan Parties party hereto, each Lender party hereto and Agent and such executed counterparts
have been delivered to Agent and the Lenders pursuant to the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.21&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Marshaling;
Payments Set Aside</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. No Secured Party shall be under
any obligation to marshal any property in favor of any Loan Party or any other Person or against or in payment of any Obligation. To the
extent that any Secured Party receives a payment from the Borrower, from any other Loan Party, from the proceeds of the Collateral, from
the exercise of its rights of setoff, from any enforcement action or otherwise, and such payment is subsequently, in whole or in part,
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party,
then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies
therefor, shall be revived and continued in full force and effect as if such payment had not occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.22&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Confidentiality</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The Agent and each Lender shall hold all Information regarding the Borrower and its Subsidiaries, Affiliates and their businesses identified
as such by the Borrower and obtained by the Agent or such Lender pursuant to the requirements of the Facility Documents in accordance
with the Agent&rsquo;s and such Lender&rsquo;s customary procedures for handling confidential information of such nature, it being understood
and agreed by the Borrower that, in any event, and among other possible disclosures, the Agent may disclose such information to the Lenders
and the Agent and each Lender may make (i) disclosures of such information to Affiliates of the Agent or such Lender and to their respective
officers, directors, partners, members, employees, legal counsel, independent auditors and other advisors, experts or agents who need
to know such information and on a confidential basis (and to other Persons authorized by a Lender or the Agent to organize, present or
disseminate such information in connection with disclosures otherwise made in accordance with this <U>Section 9.22</U>), (ii) disclosures
of such information reasonably required by any potential or prospective assignee, transferee or participant in connection with the contemplated
assignment, transfer or participation of any Loans or any participations therein, or any Subsequent Disbursement Commitment, or by any
direct or indirect contractual counterparties (or the professional advisors thereto) to any swap or derivative transaction relating to
the Borrower and its obligations (<U>provided</U> that such assignees, transferees, participants, counterparties and advisors are advised
of and agree to be bound by either the provisions of this <U>Section 9.22</U> or other provisions at least as restrictive as this <U>Section
9.22</U>), (iii) disclosure to any rating agency when required by it; <U>provided</U> that, prior to any disclosure, such rating agency
shall undertake in writing to preserve the confidentiality of any confidential information relating to Loan Parties received by it from
the Agent or any Lender, (iv) disclosures in connection with the exercise of any remedies hereunder or under any other Facility Document,
(v) disclosures made pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding,
or otherwise as required by applicable law or compulsory legal process (in which case such Person agrees to inform the Borrower promptly
thereof to the extent not prohibited by law), (vi) disclosures made upon the request or demand of any regulatory or quasi- regulatory
authority purporting to have jurisdiction over such Person or any of its Affiliates (including any self-regulatory authority, such as
the Financial Industry Regulatory Authority or the National Association of Insurance Commissioners), (vii) disclosures in connection with
any legal matter, court hearing or case or settlement proceedings involving any dispute of the Obligations, the Facility Documents or
any transactions or matter related hereto or thereto, (viii) disclosures to any Loan Party, any Secured Party (or any prospective or potential
Secured Party), any Eligible Assignee or any of their Affiliates, and (ix) disclosures permitted by <U>Section 6.17(d)</U>; <U>provided</U>
that in no event shall any Secured Party be obligated or required to return any materials furnished by any Loan Party or any of its Affiliates
or any of their respective agents, representatives, legal counsel or advisors; <U>provided</U>, <U>further</U>, that in in no event shall
any Information be disclosed to any Person constituting a Disqualified Lender that becomes a Lender in violation of <U>Section 9.4</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of this <U>Section
9.22</U>, &ldquo;<U>Information</U>&rdquo; means all information received from any Loan Party or any Subsidiary thereof relating to any
Loan Party or any Subsidiary thereof relating to any Loan Party or its business (other than any such information (A) that is publicly
available other than as a result of a breach of this <U>Section 9.22</U>, (B) that is or becomes available to any Secured Party or any
of its Affiliates on a non-confidential basis from a source other than the Borrower, (C) that is provided or otherwise made available
to any Secured Party (or any Secured Party&rsquo;s Affiliates) in violation of <U>Section 6.17(d)</U> or is otherwise possessed (or continued
to be possessed) by any Secured Party (or any Secured Party&rsquo;s Affiliates) as a result of a violation of <U>Section 6.17(d)</U>);
<U>provided</U>, that such information is clearly identified and marked at the time of delivery as confidential. Any Person required to
maintain the confidentiality of Information as provided in this <U>Section 9.22</U> shall be considered to have complied with its obligation
to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would
accord to its own confidential information. Notwithstanding anything to the contrary herein, the Agent or Lender may, at its own expense,
place promotional materials on the Internet or World Wide Web in the form of a &ldquo;tombstone&rdquo; or otherwise describing the name
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">logo of
the Borrower and its Subsidiaries (or any of them), and the amount, type and closing date of the Transactions. In addition, any Secured
Party may disclose the existence of this Agreement and the other Facility Documents and customarily disclosed information about this
Agreement and the other Facility Documents to market data collectors, similar service providers to the lending industry, and service
providers to the Secured Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.23&#9;&nbsp;&nbsp;&nbsp;&nbsp;Right of
Setoff</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Each Secured Party and each of its Affiliates is
hereby authorized, without notice or demand (each of which is hereby waived by each Loan Party), at any time and from time to time during
the continuance of any Event of Default and to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits
(whether general or special, time or demand, provisional or final) at any time held and other Indebtedness, claims or other obligations
at any time owing by any Secured Party or any of its Affiliates to or for the credit or the account of the Borrower or any other Loan
Party against any Obligation of any Loan Party now or hereafter existing, whether or not any demand was made under any Facility Document
with respect to such Obligation and even though such Obligation may be unmatured. No Lender shall exercise any such right of setoff without
the prior consent of the Required Lenders. Each Secured Party agrees promptly to notify Agent after any such setoff and application made
by such Secured Party or its Affiliates; <U>provided</U>, <U>however</U>, that the failure to give such notice shall not affect the validity
of such setoff and application. The rights under this <U>Section 9.23</U> are in addition to any other rights and remedies (including
other rights of setoff) that any Secured Party or any of its Affiliates may have.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.24&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Sharing
of Payments, Etc</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. If any Lender, directly or through
any of its Affiliates, obtains any payment of any Obligation of any Loan Party (whether voluntary, involuntary or through the exercise
of any right of setoff or the receipt of any Collateral or &ldquo;proceeds&rdquo; (as defined under the applicable UCC) of Collateral)
(and other than pursuant to <U>Section 9.4</U>) and such payment exceeds the amount such Lender would have been entitled to receive if
all payments had gone to, and been distributed in accordance with the provisions of the Facility Documents, such Lender shall purchase
for cash from other Lenders such participations in their Obligations as necessary for such Lender to share such excess payment with such
Lenders to ensure such payment is applied as though it had been applied in accordance with this Agreement; <U>provided</U>, <U>however</U>,
that (i) if such payment is rescinded or otherwise recovered from such Lender in whole or in part, such purchase shall be rescinded and
the purchase price therefor shall be returned to such Lender without interest and (ii)&nbsp;such Lender shall, to the fullest extent permitted
by Applicable Law, be able to exercise all its rights of payment (including the right of setoff) with respect to such participation as
fully as if such Lender were the direct creditor of the applicable Loan Party in the amount of such participation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.25&#9;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Securities Matters<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Each of the Loan Parties acknowledges and agrees that none of the Secured Parties or holders of the Securities has been asked to agree,
nor has any Secured Party agreed, to desist from purchasing or selling, long and/or short, Stock or other securities of the Borrower,
or &ldquo;derivative&rdquo; securities or Stock based on Stock or other securities issued by the Borrower or to hold the Securities for
any specified term; and no Secured Party nor holder of Securities shall be deemed to have any affiliation with or control over any arm&rsquo;s
length counterparty in any &ldquo;derivative&rdquo; transaction. Each of the Loan Parties further acknowledges and agrees that (a) one
or more Secured Parties or holders of Securities may engage in hedging and/or trading activities at various times during the period that
the Securities are outstanding, (b) such hedging and/or trading activities, if any, can reduce the value of the Common Shares or other
Stock held by the existing holders of Common Shares or other Stock of the Borrower, both at and after the time the hedging and/or trading
activities are being conducted; (c) any such hedging and/or trading activities shall not constitute a breach of any Facility Document
or affect any of the rights of any Secured Party or holder of Securities under any Facility Document; (d) the issuance of any Conversion
Shares may result in dilution of the outstanding Common Shares, which dilution may be substantial under certain market conditions; and
(e) the Obligations, </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">including
the Borrower&rsquo;s obligation to issue the Conversion Shares upon conversion of the Convertible Notes, are unconditional and absolute
and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim
any Loan Party may have against any of the Secured Parties and regardless of the dilutive effect that such issuance may have on the ownership
of the other shareholders of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.26&#9;&nbsp;&nbsp;&nbsp;&nbsp;Collateral
Release<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
such time as the Secured Obligations have been paid in full (and all commitments of the Lenders to advance Loans hereunder have been terminated)
and fully performed, the Collateral shall be automatically released from the Liens created hereby, and the Collateral Documents and all
Guarantees and obligations (other than those expressly stated to survive such termination) of each Loan Party and each Secured Party under
the Facility Documents shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights
to the Collateral shall revert to the Loan Parties. At the reasonable written request and sole expense of any Loan Party following any
such termination, each Lender party hereto authorizes Agent to and Agent shall promptly deliver to the Loan Parties any Collateral held
by Agent under the Facility Documents and execute and deliver to the Loan Parties such documents (including authorization to file UCC
termination statements) as the Loan Parties shall reasonably request in writing to evidence such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the Collateral shall be sold, transferred or otherwise disposed of by any Loan Party in a transaction expressly permitted hereunder,
then the security interest in, and Liens created hereunder on, such Collateral shall be automatically released. The Lenders hereby authorize
Agent to and Agent, at the reasonable written request and sole expense of Loan Parties, shall execute and deliver to such Loan Party all
releases or other documents reasonably necessary or desirable to evince or effectuate the release of the Liens created under the Collateral
Documents on such Collateral. A Loan Party shall automatically be released from its obligations hereunder in the event that all the Stock
of such Loan Party shall be sold, transferred or otherwise disposed of in a transaction expressly permitted hereunder (in each case, other
than to any Loan Parties). The Lenders hereby authorize Agent to and Agent, at the reasonable written request and sole expense of Loan
Parties, shall execute and deliver to such Loan Parties all releases or other documents reasonably necessary or desirable to evince or
effectuate the release of such Loan Party from its obligations created under the Facility Documents; <U>provided</U> that Borrower shall
have delivered to Agent, with reasonable written notice prior to the date of the proposed release, a written request for release identifying
the relevant Loan Party and the terms of the sale or other disposition in reasonable detail, including the price thereof and estimated
expenses in connection therewith, together with a certification by Borrower stating that such transaction is in compliance with (and is
permitted by) the Facility Agreement and the other Facility Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGE FOLLOWS]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Parties
have caused this Agreement, including the jury waiver contained herein, to be duly executed as of the first day written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BORROWER:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADC THERAPEUTICS SA</B>,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a Swiss <I>soci&eacute;t&eacute; anonyme</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;/s/ Michael Forer</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Michael Forer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice Chairman and EVP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OTHER LOAN PARTIES:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADC THERAPEUTICS (UK) LIMITED</B>,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an English limited liability company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/ Michael Forer</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Forer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADC THERAPEUTICS AMERICA, INC.</B>,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a Delaware corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/ Rogan Nunn</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rogan Nunn</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Facility Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DEERFIELD PARTNERS, L.P.,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Agent and a Lender</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deerfield Mgmt, L.P., </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">its General Partner</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.E. Flynn Capital, LLC,</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">its General Partner</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/ David J. Clark</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: David J. Clark</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory </FONT></P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DEERFIELD PRIVATE DESIGN FUND IV, L.P.,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as a Lender</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">By: Deerfield Mgmt IV, L.P., General Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">By: J.E. Flynn Capital IV, LLC, General Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt"><BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/ David J. Clark</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David J. Clark</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Facility Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">Initial
CONVERTIBLE LOAN COMMITMENT AND Subsequent Convertible Loan Commitment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="6" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #CCCCCC">
    <TD STYLE="width: 16%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lender</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Initial Convertible Loan Commitment</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>% of Total Initial Convertible Loan Commitment</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsequent Convertible Loan Commitment</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>% of Total Subsequent Convertible Loan Commitment</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deerfield Partners, L.P.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$32,500,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,000,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deerfield Private Design Fund IV, L.P.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$32,500,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,000,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$65,000,000.00</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$50,000,000.00</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>100%</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">AGREED
SECURITY PRINCIPLES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>General</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The guarantees and security to be provided pursuant to the Facility Documents will be given in accordance
with certain security principles set out in this Annex (the &ldquo;<U>Agreed Security Principles</U>&rdquo;). This Annex addresses the
manner in which the security principles will impact on the guarantees and security proposed to be taken in relation to this transaction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Agreed Security Principles embody a recognition by all parties that there may be certain legal and
practical difficulties in obtaining effective guarantees and security from Loan Parties in the jurisdictions which it has been agreed
Collateral will be granted (the &ldquo;<U>Security Jurisdictions</U>&rdquo;). In particular:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">general legal and statutory limitations, financial assistance, capital maintenance, corporate benefit,
fraudulent preference, &ldquo;thin capitalization&rdquo; rules, tax restrictions or costs, retention of title claims and similar principles
may limit the ability of a Loan Party to provide a guarantee or security or may require that the guarantee or security be limited by an
amount or otherwise. If any such limit applies, the guarantees and security provided will be limited to the maximum amount which the relevant
Loan Party may provide having regard to applicable law (including any jurisprudence) and subject to fiduciary duties of management and
directors (or other governing body) (a security interest will not be required if enforcing such security would expose the directors of
the relevant company to a material risk of personal liability) that cannot be mitigated by appropriate guarantee/security limitations).
For the avoidance of doubt, if the relevant Loan Party is located in Switzerland, appropriate limitation language will be agreed;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(ii)</TD><TD STYLE="text-align: justify">certain works council requirements or external body&rsquo;s consent may be required to enable a Loan Party
to provide a guarantee or security. Such guarantee and/or security shall not be required unless such consent has been received provided
that commercially reasonable efforts have been used by the relevant Loan Party to obtain the relevant consent;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(iii)</TD><TD STYLE="text-align: justify">a key factor in determining whether or not a guarantee or security shall be taken is the applicable cost
(including but not limited to adverse effects on interest deductibility and stamp duty, notarization and registration fees), which shall
not be materially disproportionate to the benefit to the Secured Parties of obtaining such guarantee or security as determined by the
Borrower and the Required Lenders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(iv)</TD><TD STYLE="text-align: justify">unless granted under a global security document governed by the law of the jurisdiction of incorporation
of the Borrower or under New York law, all security (other than share security over its subsidiaries that are Guarantors) shall be governed
by the law of, and secure assets located in, the jurisdiction of incorporation of such Loan Party or, to the extent applicable, any jurisdiction
in which a Loan Party is incorporated (a &ldquo;<U>Covered Jurisdiction</U>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(v)</TD><TD STYLE="text-align: justify">no perfection action will be required in jurisdictions other than Covered Jurisdictions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(vi)</TD><TD STYLE="text-align: justify">the maximum guaranteed or secured amount may be limited to minimize stamp duty, notarization, registration
or other applicable fees, taxes and duties where the benefit of increasing the guaranteed or secured amount is materially disproportionate
to the level of such fee, taxes and duties;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(vii)</TD><TD STYLE="text-align: justify">where there is material incremental cost involved in creating security over all assets owned by Loan Party
in a particular category, the principle stated in <U>paragraph (b)(iii)</U> above shall apply and, subject to the Agreed Security Principles,
only the material assets in that category shall be subject to security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(viii)</TD><TD STYLE="text-align: justify">it is acknowledged that in certain jurisdictions it may be either impossible or impractical to grant guarantees
or create security over certain categories of assets, in which event such guarantees will not be taken and security will not be taken
over such assets;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(ix)</TD><TD STYLE="text-align: justify">other than as agreed between the Borrower and the Agent (each acting reasonably), any assets subject to
a legal requirement, contracts, leases, licenses or third party arrangements which may prevent or condition those assets from being charged
(or assets which, if charged or otherwise secured, would give a third party the right to terminate or otherwise amend any rights, benefits
and/or obligations with respect to the relevant Loan Party in respect of those assets or which require the relevant Loan Party to take
any action materially adverse to the interests of the Loan Party or any member thereof) will be excluded from any relevant security document;
<U>provided</U> that no such right shall have been agreed to for the purposes of avoiding the application of this <U>clause (ix)</U>;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(x)</TD><TD STYLE="text-align: justify">to the extent legally possible, all security shall be given in favor of the Agent as one set of security
and not the Secured Parties individually unless required by local law (e.g., in the case of accessory security under Swiss law). &ldquo;Parallel
debt&rdquo; provisions will be used where necessary and such provisions will be contained in the Agreement or the relevant intercreditor
agreement, if applicable, and not the individual security documents unless required under local laws or such security documents are entered
into after the date of the Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(xi)</TD><TD STYLE="text-align: justify">to the extent possible under Applicable Law (but otherwise without limitation of the provisions of the
Facility Documents), there should be no action required to be taken in relation to the guarantees or security when any Lender assigns
or transfers any of its participation in the Loans to a new Lender;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(xii)</TD><TD STYLE="text-align: justify">information, such as lists of assets, will be provided if and only to the extent, required by local law
to perfect or register the relevant security interests or customary to be provided in the relevant market and, unless required by local
law more frequently, will be provided annually or on the request of the Agent (acting reasonably) following the occurrence of an Event
of Default which is continuing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(xiii)</TD><TD STYLE="text-align: justify">no title investigations will be required and no title insurance will be required;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(xiv)</TD><TD STYLE="text-align: justify">no security will be required over the assets of Permitted Joint Ventures, and no Permitted Joint Venture
will be required to provide a guarantee; <U>provided</U> that security will be required over the Stock of Permitted Joint Ventures owned
by a Loan Party;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(xv)</TD><TD STYLE="text-align: justify">no security will be required over hedging agreements; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(xvi)</TD><TD STYLE="text-align: justify">no security will be taken over any Excluded Assets or the Excluded Accounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Each security document and guarantee will contain a clause which records that if there is a conflict and/or
inconsistency between such security document or guarantee and the Agreement then (to the extent that it does not affect the validity of
the security interest or guarantee) the provisions of the Agreement shall control, and take priority over, the provisions of such security
document or guarantee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Terms of Collateral Documents</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">The following principles will be reflected
in the terms of any security taken as part of this transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Security granted pursuant to the laws of Switzerland will not be enforceable until an Event of Default
which has been accelerated in accordance with the terms of the Facility Documents (&ldquo;<U>Declared Default</U>&rdquo;) has occurred.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Prior to (i) the occurrence of a Declared Default, if a Loan Party grants security over its bank accounts
located in Switzerland; or (ii) the occurrence of an Event of Default which is continuing, if a Loan Party grants security over its bank
accounts located in England and Wales, it shall be free to deal with those accounts in the course of its business. If required by local
law to perfect the Lien on such bank accounts located in Switzerland and England and Wales, the security notice of the security will be
served on the account bank within 10 Business Days of the security being granted and the Loan Party shall use its commercially reasonable
efforts to obtain an acknowledgement of that notice within 20 Business Days of service. If the Loan Party has used its commercially reasonable
efforts but has not been able to obtain acknowledgement or acceptance its obligation to obtain acknowledgement or acceptance shall cease
on the expiry of that 20 Business Day period. Any security over bank accounts in Switzerland and England and Wales shall be subject to
any prior security interests in favor of the account bank which are created either by law or in the standard terms and conditions of the
account bank and that secure. The notice of security may request these are waived by the account bank but the Loan Party shall not be
required to change its banking arrangements if these security interests are not waived or only partially waived. For the avoidance of
doubt, no notice shall be required to be delivered in respect of bank accounts opened in England and Wales after the date the security
was entered into unless an Event of Default has occurred and is continuing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Notification of receivables security to debtors in Switzerland will only be given if a Declared Default
has occurred other than in respect of any shareholder loan receivables, intra-group receivables, report provider and insurance receivables
only, if such notification is required by applicable local law to create Collateral or customary in the relevant market.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">If required by local law to perfect the security or to exclude the possibility that the debtor pays to
the relevant Loan Party with discharging effect, notice of the security will be served on the receivables and insurance provider within
10 Business Days of the security being granted and the relevant Loan Party shall use its reasonable endeavors to obtain an acknowledgement
of that notice within 20 Business Days of service. If the relevant Loan Party has used its reasonable endeavors but has not been able
to obtain acknowledgement, its obligation to obtain acknowledgement shall cease on the expiry of that 20 Business Day period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">The provisions of the security documents should not contain any additional or extension of representations
or undertakings set out in the Facility Agreement (such as, without limitation, in respect of title, insurance, information or the payment
of costs) or provisions for default or penalty interest, tax gross-up or any indemnities unless these are representations or covenants
required for the creation or perfection of the security or as otherwise agreed by the relevant Loan Party and the Agent acting reasonably.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">In respect of the share pledges governed by the laws a Covered Jurisdiction, until, in respect of Swiss
security, a Declared Default has occurred or, in respect of English security, an Event of Default has occurred and is continuing, the
pledgors shall be permitted to retain and to exercise voting rights to any shares pledged by them in a manner which does not adversely
affect the validity or enforceability of the security or cause an Event of Default to occur and the pledgors should be permitted to pay
dividends upstream on pledged shares to the extent not prohibited under the Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">Only the Agent (or its designee) should be able to exercise any power of attorney granted to it under
the security documents following the occurrence of an Event of Default (or Declared Default with respect to Swiss law) or material failure
to comply with a further assurance or perfection obligation within any grace period applicable thereto, but only to the extent necessary
to comply with such further assurance or perfection obligation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">Only the Agent (or its designee) shall be obligated, and shall have the right under the Agreement and
the relevant security document, to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain
from taking any action, and such agent shall only exercise any remedies in accordance with the instructions of Required Lenders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">The security documents should not operate so as to prevent transactions which are not prohibited under
the Facility Documents and should not require additional consents or authorizations other than consents or authorizations required under
Applicable Law in order to protect or preserve the validity, enforceability or ranking of the Collateral created thereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(j)</TD><TD STYLE="text-align: justify">The Collateral Documents will not contain any provisions with respect to the incurrence of interest on
any Obligations, all of which shall be covered by the Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Guarantees/Security</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to the due execution of all relevant security documents, completion of relevant perfection formalities,
payment of all registration fees and documentary taxes, any other rights arising by operation of law, obtaining any relevant legal opinions
and subject to any qualifications which may be set out in the Agreement and any relevant legal opinions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -35.45pt">obtained and
subject to and in accordance with the requirements of the Agreed Security Principles, the Agent shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">receive the benefit of (i) an upstream, cross-stream and downstream guarantee from each Loan Party and
(ii) security granted over the material assets of each Loan Party to secure all its liabilities under the Facility Documents; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(ii)</TD><TD STYLE="text-align: justify">(in the case of those security documents creating pledges or charges over shares in an Loan Party) obtain
a first priority valid charge or analogous or equivalent security to the extent possible (subject to liens permitted under the Agreement
to be prior to such liens) over all of the shares in issue at any time in that Loan Party which are owned by another Loan Party. Such
security documents shall be governed by the laws of the jurisdiction in which such Person whose shares are being pledged is formed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The guarantees and security to be granted by the Loan Parties shall be granted upon the relevant Loan
Party acceding to the Agreement as a Loan Party and in accordance with the timeframes set out in the relevant Facility Documents or as
otherwise agreed between the Borrower and the Agent (acting reasonably).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">No Permitted Joint Venture shall be required to accede as Guarantor or to grant Collateral (<U>provided</U>
that a Loan Party shall be obligated to pledge the Stock it owns in a Permitted Joint Venture). A Subsidiary shall not be required to
accede as a Guarantor and grant Collateral if it is not within the legal capacity of that Subsidiary or if it would conflict with the
fiduciary duties of their directors or contravene any applicable legal or regulatory prohibition or result in a risk of personal or criminal
liability on the part of any officer or director (other than to the extent that replacement of such officer or director with another person
would eliminate such risk).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Security will be given:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">over the shares in a Loan Party by another Loan Party and over the shares in a Permitted Joint Venture
by a Loan Party;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">(ii)</TD><TD STYLE="text-align: justify">by the Borrower over:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 106.3pt"></TD><TD STYLE="width: 35.45pt">(A)</TD><TD STYLE="text-align: justify">insurance receivables and tax receivables (the latter to the extent such receivables are assignable under
Swiss tax law and the relevant representation in the assignment agreement can be given by the relevant Loan Party);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 106.3pt"></TD><TD STYLE="width: 35.45pt">(B)</TD><TD STYLE="text-align: justify">Intellectual Property; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 106.3pt"></TD><TD STYLE="width: 35.45pt">(C)</TD><TD STYLE="text-align: justify">bank accounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">in each case in accordance with, and
subject to, the requirements of the Agreed Security Principles in the relevant jurisdiction of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Release of Security</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">Unless required by local law, the circumstances
in which the security shall be released should not be dealt with in individual security documents but, if so required, shall, except to
the extent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">required by local law, be the same
as those set out in the Agreement or any relevant intercreditor agreement, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Release and Reassignment</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any receivables assigned under any Swiss Collateral Document and not foreclosed pursuant to the terms
of the applicable Swiss Collateral Document shall be released by the Agent from the respective assignment and reassigned by the Agent
to the respective Assignor (as defined in the respective Swiss Collateral Document) at the sole cost, expense and risk of the Loan Parties,
if and when (i) all Secured Obligations (as defined in the respective Swiss Collateral Document) have been paid in full or (ii) such release
is otherwise expressly required under the Facility Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Agent will not make, and shall not be deemed to have made, any representation or warranty, whether
express or implied, with respect to the receivables that will be reassigned under this <U>Section 5</U>, except a representation that
such receivables are free, and clear, on such date, of the Lien of the Agent securing the Obligations, which representation shall be made
without recourse to the Agent or any Secured Party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit J</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Agreed Subordination Terms</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Definitions</U>. Capitalized terms used in this <U>Exhibit J</U> without being defined in this <U>Exhibit
J</U> have the respective meanings given to them in the Facility Agreement to which this <U>Exhibit J</U> is attached. As used in this
<U>Exhibit J</U>, the following terms have the meanings given to them below:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Enforcement Action</U>&rdquo;
means (a) to take from or for the account of any Loan Party or any other Person (other than in connection with the sale, assignment, disposal
or transfer of all or any portion of the Subordinated Debt to a Person (other than an Loan Party or any other Affiliate) in accordance
with <U>Section 6</U> below), by set-off or in any other manner, the whole or any part of any moneys that may then or thereafter be owing
by any Loan Party with respect to the Subordinated Debt, (b) to sue for payment of, or to initiate or participate with others in any suit,
action or proceeding against any Loan Party or any other Person to (i) enforce payment of or to collect the whole or any part of the Subordinated
Debt or (ii) commence judicial enforcement of any of the rights and remedies under the Subordinated Debt Documents or applicable law with
respect to the Subordinated Debt, including, without limitation, the commencement of a Proceeding, (c) to accelerate the Subordinated
Debt, (d) to exercise any put option or to cause any Loan Party to honor any redemption or mandatory prepayment obligation under any Subordinated
Debt Document, (e) to notify account debtors or directly collect accounts receivable or other payment rights of any Loan Party, (f) to
take any action under the provisions of any state or federal law, including, without limitation, the UCC, or under any contract or agreement,
to, with respect to the Subordinated Debt, enforce, foreclose upon, take possession of or sell any property or assets of any Loan Party
or any other Person, (g) to take or attempt to take a security interest or Lien (or obtain a judgment or other Lien) over any property
or assets of any Loan Party or any of its Subsidiaries, (h) to convert or otherwise exchange any of the Subordinated Debt for any type
of Disqualified Stock, or (i) to exercise in any other manner any rights or remedies with respect to the Subordinated Debt set forth in
any Subordinated Debt Document or that otherwise might be available to any Subordinated Creditor at law, in equity, pursuant to judicial
proceeding or otherwise; <U>provided</U>, <U>however</U>, that the term &ldquo;Enforcement Action&rdquo; shall not include (a) the taking
of an action to seek or obtain specific performance or injunctive relief to compel any Person to comply with any information reporting
obligations under the Subordinated Debt so long as such action does not contravene the provisions of any of the foregoing clauses of this
paragraph or (b) (but without limitation of provisions of <U>clause 4(b)</U> below) the filing of a proof of claim or taking of any other
action to preserve the claims of a Subordinated Creditor, to the extent not requiring payment of the Subordinated Debt prior to the Payment
in Full of the Senior Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>payment in full</U>,&rdquo;
&ldquo;<U>paid in full</U>&rdquo; and words of similar import shall have the meanings ascribed to them in Section 1.2 of the Facility
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Permitted Subordinated Debt
Payments</U>&rdquo; means, so long as no Event of Default has occurred and is continuing, regularly scheduled payments of interest and
royalty payments on the Subordinated Debt (at the times and in the amounts (and in the types (e.g., cash vs. paid in-kind)) in effect
as of the date of the Subordination Agreement and without giving effect to any default interest, late payment interest or fees or other
amounts that are triggered upon the occurrence of a certain event occurring (e.g., a default or event of default)) due and payable on
a non-accelerated and non-default basis in accordance with the Subordinated Debt Documents as in effect on the date of the Subordination
Agreement or as modified in accordance with the terms of the Subordination Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Reorganization Subordinated
Securities</U>&rdquo; means any (a) unsecured notes or other unsecured debt securities issued in substitution of all or any portion of
the Subordinated Debt that are subordinated, including in right of payment, to the Senior Debt (or any notes or other securities issued
in substitution of all or any portion of the Senior Debt) at least to the same extent that the Subordinated Debt is subordinated to the
Senior Debt pursuant to the terms of the Subordination Agreement, and (b) Restructure Equity Securities; <U>provided</U> that such securities
have, in each case under <U>clauses (a)</U> and <U>(b)</U> above, maturities and other terms no less advantageous to the Loan Parties
and Senior Holders than the terms contained in the Subordinated Debt Documents and those that could be included in the Subordinated Debt
Documents by an amendment or other modification that would not be prohibited by the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Restructure Equity Securities</U>&rdquo;
means any Stock of any Person consented to by the Required Lenders under the Facility Documents (including consent by approving any plan
of reorganization, composition, arrangement or similar plan providing for such issuance) which do not contain mandatory redemption cash
payment obligations or require cash dividend payments or distributions until one year and one day after the Payment in Full of the Senior
Debt (or any notes or other securities issued in substitution of all or any portion of Senior Debt).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Senior Debt</U>&rdquo; means
the Obligations, including, without limitation, all loans, interest, Make Whole Amount, Exit Charge, other charges, expenses, indemnities,
reimbursement obligations and other obligations under the Facility Documents, in each instance, whether before or after the commencement
of a Proceeding and without regard to whether or not an allowed claim, together with any amendments, restatements, increases, modifications,
renewals or extensions of any thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Senior Holder</U>&rdquo; means
any holder of Senior Debt and, in any event, Agent, including, without limitation, each Lender and each other Secured Party, together
with each such Person&rsquo;s successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Subordinated Creditor</U>&rdquo;
means each Subordinated Creditor that is signatory to a Subordination Agreement and any other holder of the Subordinated Note or any other
Subordinated Debt from time to time, including, without limitation, any [&ldquo;Holder&rdquo;] (as defined in the Subordinated Note),
together with each such Person&rsquo;s successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Subordinated Debt</U>&rdquo;
means all of the obligations and liabilities of the Loan Parties to the Subordinated Creditors evidenced by the Subordinated Note and
all other amounts and other obligations and liabilities now or hereafter owed by Obligors to the Subordinated Creditors pursuant to the
Subordinated Debt Documents, together with any amendments, restatements, increases, modifications, renewals or extensions of any thereof
in accordance with (and to the extent not prohibited by) the terms of the Subordination Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Subordinated Debt Documents</U>&rdquo;
means the Subordinated Note and all other documents, instruments and agreements evidencing, securing or pertaining to any portion of the
Subordinated Debt, as amended, supplemented, restated, replaced, refinanced or otherwise modified from time to time to the extent not
prohibited by the Subordination Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Subordinated Note</U>&rdquo;
means the promissory note or other document evidencing the Subordinated Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Subordination Agreement</U>&rdquo;
means the agreement between the Agent, the Loan Parties and the Subordinated Creditors giving effect to the terms of this <U>Exhibit J</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>Subordination</U>. The payment of any and all of the Subordinated Debt shall be expressly subordinated
in right of time and payment to the Payment in Full of the Senior Debt. Each Senior Holder, whether then outstanding or existing or thereafter
arising or existing, shall be deemed to have acquired Senior Debt in reliance upon the subordination provisions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>Restrictions on Payments</U>. Until one year and one day after all of the Senior Debt is paid in full,
no payment, delivery or distribution (whether made in cash, securities or other property or assets or by set-off or recoupment) of principal,
interest, fees or any other amount due with respect to the Subordinated Debt or under any Subordinated Debt Document shall be made, paid,
delivered or received, in each case, other than Permitted Subordinated Debt Payments. Amounts due under the Subordinated Debt Documents
pursuant to the terms thereof may accrue even if not permitted to be paid pursuant to the terms hereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>Proceedings</U>. In the event of a Proceeding:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All Senior Debt first shall be paid in full before any payment or distribution (whether made in cash,
securities or other property) of or with respect to the Subordinated Debt shall be made (other than a distribution of Reorganization Subordinated
Securities if Subordinated Creditors and Agent shall have entered into such supplements (or modifications) to the Subordination Agreement
as Agent may request to reflect the continued subordination of the Reorganization Subordinated Securities to the Senior Debt to the same
extent as provided herein).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any payment or distribution that would otherwise, but for the terms hereof, be payable, distributed or
deliverable in respect of the Subordinated Debt (other than a distribution of Reorganization Subordinated Securities if Subordinated Creditors
and Agent shall have entered into such supplements (or modifications) to the Subordination Agreement as Agent may request to reflect the
continued subordination of the Reorganization Subordinated Securities to the Senior Debt to the same extent as provided herein), shall
be paid or delivered directly to Agent (to be held and/or applied by Agent to the repayment of any and all then outstanding Senior Debt
in accordance with the terms of the Facility Agreement) until all Senior Debt is paid in full, and each Subordinated Creditor shall irrevocably
authorize, empower and direct all receivers, trustees, liquidators, custodians, conservators and others having authority in the premises
to effect all such payments and deliveries, and each Subordinated Creditor shall also irrevocably authorize, empower and direct Agent
and the other Senior Holders to demand, sue for, collect and receive every such payment or distribution.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Each Subordinated Creditor shall agree (i) not to initiate, prosecute or participate in any claim, action
or other proceeding challenging the enforceability, validity, perfection or priority of the Senior Debt or any Liens and security interests
securing the Senior Debt and (ii) execute and deliver to Agent and the other Senior Holders or their agents and representatives all such
further documents, instruments and agreements confirming the authorization referred to in the foregoing <U>clause (b)</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Each Subordinated Creditor shall agree to execute, verify, deliver and file any proofs of claim in respect
of the Subordinated Debt requested by Agent or any other Senior Holder in connection with any such Proceeding and shall irrevocably authorize,
empower and appoint Agent (or its designee) (for the benefit of the Senior Holders) as its agent and attorney-in-fact to (i) execute,
verify, deliver and file such proofs of claim upon the failure of such Subordinated Creditor promptly to do so (and in any event prior
to fifteen (15) days before the expiration of the time to file any such proof) and (ii) vote such claim</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0pt">in any such Proceeding
upon the failure of such Subordinated Creditor to do so prior to five (5) days before the expiration of time to vote any such claim; <U>provided</U>
that Agent shall have no obligation to execute, verify, deliver, and/or file any such proof of claim and/or vote any such claim. In the
event that Agent votes any claim in accordance with the authority to be granted hereby, no Subordinated Creditor shall be entitled to
change or withdraw such vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">The Senior Debt shall continue to be treated as Senior Debt and the provisions of the Subordination Agreement
shall continue to govern the relative rights and priorities of Senior Holders and Subordinated Creditors even if all or part of the Senior
Debt or the Liens securing the Senior Debt are subordinated, set aside, avoided or disallowed in connection with any Proceeding.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">The Subordination Agreement shall be applicable both before and after the filing of any petition by or
against any Loan Party or any of its Subsidiaries under the Bankruptcy Code or any other Proceeding and all converted or succeeding cases
in respect thereof, and all references herein to any Loan Party or any of its Subsidiaries shall be deemed to apply to the trustee for
such Loan Party or Subsidiary and such Loan Party or Subsidiary as a debtor-in-possession. The relative rights of the Agent and the Senior
Holders in respect of any Collateral or proceeds thereof shall continue after the filing of such petition on the same basis as prior to
the date of such filing. The subordination agreement shall constitute a &ldquo;subordination agreement&rdquo; for the purposes of Section
510(a) of the Bankruptcy Code and shall be enforceable in any Proceeding in accordance with its terms.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">If any Loan Party or Loan Parties shall become subject to a Proceeding and such Loan Party or Loan Parties
as debtor(s)-in-possession (or a trustee appointed on behalf of such Loan Party or Loan Parties) shall move for either approval of financing
(&ldquo;<U>DIP Financing</U>&rdquo;) to be provided by one or more of the Senior Holders (or to be provided by any other Person or group
of Persons with the consent of the Required Lenders) under Section 364 of the Bankruptcy Code or the use of cash collateral with the consent
of the Senior Holders under Section 363 of the Bankruptcy Code, each Subordinated Creditor shall agrees as follows: (i) adequate notice
to such Subordinated Creditor for such DIP Financing or use of cash collateral shall be deemed to have been given to such Subordinated
Creditor if such Subordinated Creditor receives notice in advance of the hearing to approve such DIP Financing or use of cash collateral
on an interim basis and at least five days in advance of the hearing to approve such DIP Financing or use of cash collateral on a final
basis, (ii) such DIP Financing (and any Senior Debt which arose prior to the Proceeding) may be secured by Liens on and security interests
in all or a part of the assets or property of the Loan Parties which shall be superior in priority to the Liens on and security interests
in the assets of the Loan Parties held by any other Person, and (iii) such Subordinated Creditor shall not contest or oppose in any manner
any such DIP Financing, cash collateral use or adequate protection provided to the Agent and the Senior Holders, and such Subordinated
Creditor shall be deemed to have waived any objections to such adequate protection, DIP Financing or cash collateral use.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">In any Proceeding, no Subordinated Creditor may seek any interest in any of the Collateral or any other
assets or property of any Loan Party or any of its Subsidiaries.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Each Subordinated Creditor shall agree that it will not object to or oppose a Disposition of any Collateral,
assets or property of any Loan Party or any of its Subsidiaries securing the Senior Debt (or any portion thereof) free and clear of Liens,
security interests or other</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0pt">claims under Section
363 of the Bankruptcy Code or any other provision of the Bankruptcy Code, if the Senior Holders have consented to such Disposition of
such Collateral, assets or property of any Loan Party or any of its Subsidiaries. Each Subordinated Creditor shall waive any claim it
may then or thereafter have arising out of the Agent&rsquo;s and/or any of the Senior Holders&rsquo; election in any proceeding instituted
under Chapter 11 of the Bankruptcy Code of the application of Section 1111(b)(2) of the Bankruptcy Code. Each Subordinated Creditor shall
agree not to initiate or prosecute or join with any other Person to initiate or prosecute any claim, action or other proceeding (i) challenging
the enforceability of the Agent&rsquo;s and any Senior Holders&rsquo; claims as fully secured claims with respect to all or part of the
Senior Debt or for allowance of any Senior Debt (including those consisting of post-petition interest, fees or expenses) or opposing any
action by the Agent or any of the Senior Holders to enforce their rights or remedies arising under the Facility Documents in a manner
that is not prohibited by the terms of the Subordination Agreement, (ii) challenging any Secured Party&rsquo;s right to credit bid the
Senior Debt, (iii) challenging the enforceability, validity, priority or perfected status of any Liens on or security interests in Collateral,
assets or property securing the Senior Debt under the Facility Documents, (iv) seeking to lift the automatic stay to the extent that such
action is opposed by the Agent or any of the Senior Holders or (iv) opposing a motion by the Agent or any of the Senior Holders to lift
the automatic stay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">To the extent that the Agent and/or any Senior Holders receive payments on the Senior Debt or proceeds
of Collateral for application to the Senior Debt which are subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid to a trustee, receiver or any other party under any Bankruptcy Law, common law, equitable cause or otherwise
(and whether as a result of any demand, settlement, litigation or otherwise) (each an &ldquo;<U>Avoidance</U>&rdquo;), then to the extent
of such payment or proceeds received, such Senior Debt, or part thereof, intended to be satisfied by such payment or proceeds shall be
revived and continue in full force and effect as if such payments or proceeds had not been received by the Agent and the Senior Holders,
and the Subordination Agreement, if theretofore terminated, shall be reinstated in full force and effect as of the date of such Avoidance,
and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien or security interest priorities
and the relative rights and obligations of the Agent, the Senior Holders and the Subordinated Creditors provided for therein with respect
to any event occurring on or after the date of such Avoidance. Each Subordinated Creditor shall agree that it shall not be entitled to
benefit from any Avoidance, whether by preference or otherwise, it being understood and agreed that the benefit of such Avoidance otherwise
allocable to such Subordinated Creditor shall instead be allocated and turned over for application in accordance with the priorities set
forth in Subordination Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify">The Subordinated Creditors shall agree that they shall not (i) seek in any Proceeding to be treated as
part of the same class of creditors as the Agent and the Senior Holders and (ii) oppose any pleading or motion by the Agent and/or the
Senior Holders for the Agent and the Senior Holders and the Subordinated Creditor to be treated as separate classes of creditors. Notwithstanding
the foregoing, if it is held that the Senior Debt and the Subordinated Debt constitute only one claim (rather than separate classes of
senior and junior claims), then each Subordinated Creditor shall acknowledge and agree that all distributions shall be made as if there
were separate classes of senior and junior claims against the Loan Parties and their Subsidiaries (and their assets and property), with
the effect being that, to the extent that the aggregate value of the Collateral exceeds the amount of the Senior Debt, the Agent and the
Senior Holders shall be entitled to receive,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0pt">in addition to amounts
distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest,
and fees, costs and charges incurred subsequent to the commencement of the applicable Proceeding before any distribution is made in respect
of any of the claims held by the Subordinated Creditors. Each Subordinated Creditor shall acknowledge and agree to forthwith turn over
to the Agent and the Senior Holders amounts otherwise received or receivable by them to the extent necessary to effectuate the intent
of the preceding sentence, even if such turnover has the effect of reducing the claim or recovery of any of the Subordinated Creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD STYLE="text-align: justify">Each Subordinated Creditor shall waive all rights provided to an unsecured creditor in any Proceeding
or otherwise. In any Proceeding, the Agent and the Senior Holders may take any action, file any pleading, appear in such Proceeding and
exercise rights and remedies, in each case, whether as a secured creditor, unsecured creditor or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><U>Incorrect Payments; Payments Due on Same Day</U>. If any payment or distribution (whether made in cash,
securities or other property or assets) not permitted under the Subordination Agreement is received by any Subordinated Creditor, such
payment shall not be commingled with any asset of such Subordinated Creditor, shall be held in trust by such Subordinated Creditor for
the benefit of Senior Holders and shall be immediately paid over to Agent, or its designated agent or representative, for application
(in accordance with the Facility Agreement) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt is paid
in full. In the event that (a) a payment of any portion of the Senior Debt is due on the same day as a payment with respect to any Subordinated
Debt is due, (b) a Loan Party defaults in the payment of such Senior Debt and (c) payment or distribution is made in respect of such Subordinated
Debt, then, if a written notice of such Senior Debt payment default is received by a Subordinated Creditor after the date on which the
payment of such Senior Debt is due, the Subordinated Creditors shall not be entitled to retain any such payment or distribution and such
payment or distribution shall be immediately paid over to the Agent (for the benefit of the Senior Holders) in accordance with the provisions
of this <U>Section 5</U> upon a Subordinated Creditor&rsquo;s receipt of such written notice.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><U>Sale, Disposition, Transfer</U>. No Subordinated Creditor shall sell, assign, Dispose of or otherwise
transfer all or any portion of the Subordinated Debt (or any participation in any Subordinated Debt) to (a) any Loan Party or any of its
Affiliates or Subsidiaries or (b) any other Person, unless, with respect to this <U>clause (b)</U> only, prior to (or concurrent with)
the consummation of any such action, the transferor and transferee thereof shall execute and deliver to Agent a joinder to the Subordination
Agreement in form and substance acceptable to Agent or a separate subordination agreement on substantially the same terms as the Subordination
Agreement. Any prohibited sale, assignment, Disposition or transfer shall be absolutely void <I>ab initio</I>. Notwithstanding the failure
to execute or deliver any such agreement, the subordination effected by the Subordination Agreement shall survive any sale, assignment,
Disposition or other transfer of all or any portion of the Subordinated Debt, and the terms of the Subordination Agreement shall be binding
upon the successors and assigns of each Subordinated Creditor.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><U>Legends</U>. Until the Senior Debt is paid in full, each Subordinated Debt Document shall at all times
contain in a conspicuous manner the following legend:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;This [Promissory Note] [other Subordinated
Debt Document] and the indebtedness and obligations evidenced hereby are subordinate in the manner and to the extent set forth in that
certain Subordination Agreement dated as [&#9679;], 20[&#9679;] (as amended, restated, supplemented or otherwise modified from time to
time, the &ldquo;<U>Subordination Agreement</U>&rdquo;) by and among ADC Therapeutics, SA, a Swiss <I>soci&eacute;t&eacute; anonyme</I>,
ADC Therapeutics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(UK) Limited, an English company, ADC
Therapeutic America, Inc., a Delaware corporation, the other &ldquo;Loan Parties&rdquo; from time to time parties thereto, [&#9679;] and
the other &ldquo;Subordinated Creditors&rdquo; from time to time parties thereto, and Deerfield Partners, L.P., as Agent, to the Senior
Debt (as defined in the Subordination Agreement); and each holder of this [Promissory Note] [other Subordinated Debt Document] (and the
indebtedness and obligations evidenced hereby), by its acceptance hereof, shall be bound by the terms and provisions of the Subordination
Agreement. Notwithstanding anything to the contrary herein, in the event of any conflict between the terms and provisions of the Subordination
Agreement, on the one hand, and this [Promissory Note] [other Subordinated Debt Document], on the other hand, the terms and provisions
of the Subordination Agreement shall govern and control.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify"><U>Modification of Subordinated Debt Documents; Restriction on Action by Subordinated Creditors; Agreement
Not to Contest by Subordinated Creditors</U>. The Subordinated Creditors shall agree as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Until the Senior Debt is paid in full and notwithstanding anything contained in the Subordinated Debt
Documents, the Facility Agreement, the other Facility Documents to the contrary, no Subordinated Creditor agree to any amendment, modification
or supplement to any Subordinated Debt Document that increases the principal amount or shorten the maturity date of any Subordinated Debt
or that is adverse in any manner to the interests of the Agent or any other Senior Holder unless expressly permitted under the Facility
Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Until the Senior Debt is paid in full, no Subordinated Creditor shall, without the prior written consent
of Agent and all other Senior Holders, take any Enforcement Action.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Until the Senior Debt is paid in full, (i) any Liens of Subordinated Creditors in the Collateral that
may exist in breach of each Subordinated Creditor&rsquo;s agreement pursuant to <U>Section 9</U> below shall be, and shall thereby be,
subordinated for all purposes and in all respects to the Liens of Agent (on behalf of the Senior Holders) in the Collateral, regardless
of the time, manner or order of perfection of any such Liens, and (ii) any guarantee or other credit support by any Subsidiary of the
Borrower that is not a &ldquo;Loan Party&rdquo; under the Facility Agreement or the other Facility Documents that may exist in breach
of each Subordinated Creditor&rsquo;s agreement pursuant to <U>Section 9</U> below shall be, and shall thereby be, subordinated for all
purposes and in all respects to the payments and distributions and other Obligations owed to (or for the benefit of) the Agent and the
other Senior Holders, and such Person shall immediately and automatically become a Guarantor and a Loan Party, and such Person shall grant
Liens in favor of the Agent (for the benefit of the Senior Holders) in all of its property and assets that constitute Collateral, under
the Facility Documents and such Person shall execute and deliver all agreements, instruments and documents and take such other actions
requested by any Senior Holder to effectuate the foregoing. In the event that any Subordinated Creditor obtains any Liens in the Collateral
(or any guarantees or other credit support in respect of the Subordinated Debt from any Subsidiary of the Borrower that is not a Loan
Party) in violation of <U>Section 9</U> below, the Subordinated Creditors (A) shall (or shall cause their agent to) promptly execute and/or
deliver to Agent such termination statements and releases as Agent shall request to effect the release and termination of any such Liens
of such Subordinated Creditor in such Collateral (and any such guarantees, loan parties, obligors and/or other liable Persons) and (B)
shall be deemed to have authorized Agent to file any and all termination statements and releases required or requested by Agent or any</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0pt">Senior Holder in
respect of any such Liens (and any such guarantees, loan parties, obligors and/or other liable Persons). In furtherance of the foregoing,
each Subordinated Creditor shall irrevocably appoint Agent its attorney-in-fact, with full authority in the place and stead of such Subordinated
Creditor and in the name of such Subordinated Creditor or otherwise, to execute and deliver any document, instrument or agreement (and
to take any action) which such Subordinated Creditor may be required or requested to execute, deliver or take pursuant to this <U>clause
(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">None of the Subordinated Creditors will contest, or support any Person in contesting, directly or indirectly,
in any proceeding (including a Proceeding) the validity, enforceability, perfection, characterization or priority of any Obligations or
any Lien securing or purportedly securing an Obligation or will make any claim or argument of equitable subordination with respect to
any of the Obligations or any of the Liens granted on the Collateral securing the Obligations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify"><U>No Contest of Senior Debt, Guarantees or Liens; No Security or Guarantees, Etc. for Subordinated Debt</U>.
Each Subordinated Creditor shall agree that it will not, and will not encourage any other Person to, at any time, (a) contest the validity,
perfection, priority or enforceability of the Senior Debt or guarantees related thereto or Liens in the Collateral granted to Agent pursuant
to the Facility Agreement, the other Facility Documents or (b) prior to Payment in Full of the Senior Debt, accept or take any collateral
security for the Subordinated Debt. Until the Senior Debt is paid in full, each Subordinated Creditor shall agree not to (and not to permit
any other Person on its behalf to) take (and each Loan Party shall agree not to (and not to permit any of its controlled Affiliates to)
provide) (i) any Liens in the Collateral or any other property or assets of any Loan Party, its Affiliates or any other Person in respect
of the Subordinated Debt or otherwise, or (ii) any guarantee or the provision of any other credit support from any Subsidiary of the Borrower
that is not a Loan Party under the Facility Agreement or the other Facility Documents or to have any such Person that is not a Loan Party
under the Facility Documents incur credit support obligations thereunder to a greater extent than those under the Subordinated Debt Documents.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify"><U>Governing Law</U>. Except to the extent mandatorily required by Applicable Law, each Subordination
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York applicable to contracts
made ad performed in that state.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify"><U>Submission to Jurisdiction, Etc</U>. Each Subordinated Credit shall expressly consent and agree to
the exclusive jurisdiction of the Commercial Division, New York State Supreme Court and the Federal Courts, in each case, sitting in the
City of New York, Borough of Manhattan (and in each case, the applicable state and federal appeals courts sitting in the city of New York,
or, if not available or applicable, in the State of New York, and each Subordinated Credit shall waive any objection that it may have
based upon lack of person jurisdiction, improper venue or <I>forum non conveniens</I>. Each Subordinated Creditor shall consent to the
granting of such legal or equitable relief as is deemed appropriate by such courts. Each Subordinated Credit shall waive personal service
of the summons, complaint and other process issued in any such action or suit and shall agree that service of such summons, complaint
and other proceeds may be made by registered or certified mail addressed to such Subordinated Creditor at the notice address provided
for in the Subordination Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12.</TD><TD STYLE="text-align: justify"><U>Waiver of Jury Trial</U>. Each Subordinated Creditor shall waive all right to trial by jury in any
action, suit or proceeding brought to resolve any dispute, whether sounding in contract, tort or otherwise, among Agent and/or any Senior
Holder, any Subordinated Creditors and/or any Loan</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt">Party arising
out of, connected with, related to, or incidental to the relationship established among them in connection with the Subordination Agreement
and the transactions related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">13.</TD><TD STYLE="text-align: justify"><U>Waiver of Consolidation</U>. Each Subordinated Creditor shall acknowledge and agree that (a) the Loan
Parties and their Subsidiaries are each separate and distinct entities and Persons; and (b) such Subordinated Creditor will not at any
time insist upon, plead or seek advantage of any substantive consolidation, piercing the corporate veil or any other order or judgment
that causes an effective combination of the property, assets, obligations and/or liabilities of the Loan Parties and any of their Subsidiaries
in any case or proceeding under the Bankruptcy Code or other Proceeding.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Form of Amended Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE SECURITIES REPRESENTED BY THIS NOTE AND THE
COMMON SHARES ISSUABLE UPON CONVERSION THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;<U>SECURITIES
ACT</U>&rdquo;), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES REPRESENTED BY THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION
THEREOF MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO RULE 904, RULE 144 OR RULE 144A UNDER THE SECURITIES
ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER SECTION 4(A)(7) OF THE SECURITIES ACT OR APPLICABLE FORMAL OR INFORMAL SEC INTERPRETATION
OR GUIDANCE, SUCH AS A SO-CALLED &ldquo;4[a](1) AND A HALF&rdquo; SALE. <FONT STYLE="text-transform: uppercase">NOTWITHSTANDING THE FOREGOING,
THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN, FINANCING OR INDEBTEDNESS ARRANGEMENT SECURED
BY THE SECURITIES.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SENIOR SECURED CONVERTIBLE NOTE</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issuance Date: [___]&#9;</P></TD>
  <TD STYLE="text-align: center; width: 30%">Principal: U.S. $[___]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>FOR VALUE RECEIVED, ADC
Therapeutics SA</B>, a Swiss stock corporation (<I>soci&eacute;t&eacute; anonyme</I>) (the &ldquo;<B>Company</B>&rdquo;), hereby, subject
to a conversion into Common Shares in accordance with <U>Section 2</U> hereof, promises to pay to [___], or its registered assigns (the
&ldquo;<B>Holder</B>&rdquo;), the principal amount of [___] Dollars ($[___]) pursuant to, and in accordance with, the terms of that certain
Facility Agreement, dated as of April 24, 2020, by and among the Company, the Lenders party thereto, the Agent and the other parties thereto
(together with all exhibits and schedules thereto and as may be amended, restated, modified and supplemented from time to time, the &ldquo;<B>Facility
Agreement</B>&rdquo;). The Company hereby promises to pay accrued and unpaid Interest (as defined below) and premium, if any, on the Principal
on the dates, at the rates and in the manner provided for in the Facility Agreement (including upon a Major Transaction Redemption or
any conversion of this Note). The Company hereby promises to pay any Make Whole Amount and any Exit Charge that is due on the Principal
in accordance with the Facility Agreement (including, in the case of the Make Whole Amount, upon a Major Transaction Redemption and, in
the case of the Exit Fee, upon a Major Transaction Redemption or any conversion of this Note). Pursuant to <U>Section 2(c)(iv)</U> hereof,
the Principal amount of this Note may be less than the amount indicated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Senior Secured Convertible
Note (including all Senior Secured Convertible Notes issued in exchange, transfer or replacement hereof, and as any of the foregoing may
be amended, restated, supplemented or otherwise modified from time to time, this &ldquo;<B>Note</B>&rdquo;) is one of the Senior Secured
Convertible Notes issued pursuant to the Facility Agreement (collectively, including all Senior Secured Convertible Notes issued in exchange,
transfer or replacement thereof, and as any of the foregoing may be amended, restated, supplemented or otherwise modified from time to
time, the &ldquo;<B>Notes</B>&rdquo;). All capitalized terms used and not otherwise defined herein shall have the respective meanings
set forth in the Facility Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note evidences a Loan
issued under the Facility Agreement. Accordingly, any payment of the Principal of this Note (it being agreed that the settlement of the
Company&rsquo;s obligations by delivery of Conversion Shares (as defined below) upon conversion of any Principal of this Note shall be
deemed to constitute payment of such Principal) or any payment of Interest hereon constitutes a payment of the principal amount of such
Loan or interest thereon, as the case may be. This Note may not be transferred separately from the Holder&rsquo;s rights and obligations
as a Lender under the Facility Documents with respect to the corresponding Loan amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note is secured by Liens
on and security interests in certain property and assets of the Company and the other Loan Parties that have been granted to the Agent,
for the benefit and, where applicable, acting as the direct representative (direkter Stellvertreter) or in case of an assignment of receivables
as the indirect representative (indirekter Stellvertreter) of the Secured Parties, pursuant to the Loan Documents. Reference is hereby
made to the other Loan Documents for a description of the Collateral securing the obligations evidenced by this Note, the terms and conditions
upon which such Liens and security interests were granted and the rights and remedies of the Holder in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has no right,
but under certain circumstances may have an obligation, to make payments of Principal prior to the due date for such payments set forth
in the Facility Agreement. The Facility Agreement contains provisions for acceleration of the maturity of the unpaid Principal upon the
happening of certain events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Definitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Certain Defined Terms. For purposes of this Note, the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<B>Applicable Value</B>&rdquo; means (A)&nbsp;the product of (x) the number of issued and outstanding Common Shares on
the date the Company delivers the Major Transaction/Organic Change Notice (as defined in <U>Section 3(b)</U>) multiplied by (y) the Closing
Price of the Common Shares on such date, plus (B) the amount of the Company&rsquo;s and its consolidated subsidiaries&rsquo; debt as shown
on the latest consolidated financial statements of the Company and its subsidiaries filed with the SEC (the &ldquo;<B>Current Financial
Statements</B>&rdquo;), plus (C) if applicable, the aggregate liquidation preference of each class of the Company&rsquo;s preferred shares,
less (D) the amount of cash and cash equivalents of the Company and its consolidated subsidiaries, as shown on the Current Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Articles</B>&rdquo; means the Company&rsquo;s articles of association, as may be amended or restated from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Asset Sale&rdquo; </B>means a transaction described in clause (B) of the definition of &ldquo;Major Transaction&rdquo;
in connection with which the Company distributes assets to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Bloomberg</B>&rdquo; means Bloomberg Financial Markets or an equivalent, reliable reporting service designated by the
Company and subject to the consent of the Required Note Holders (such consent not to be unreasonably withheld, conditioned or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Capital Stock</B>&rdquo; means, for any entity, any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated) stock issued by that entity, but for the avoidance of doubt,
excluding any debt securities convertible into such stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<B>CHF</B>&rdquo; means the legal currency of Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<B>Closing Price</B>&rdquo; means, for any security as of any Trading Day, the closing (last sale) price per share for
such security on its Principal Market on such Trading Day (at the end of regular trading hours on such Principal Market), as reported
by Bloomberg, or if no closing price per share is reported for such security by Bloomberg, the average of the last bid and last ask price
(or if more than one in either case, the average of the average last bid and average last ask prices) per share for such security on such
Trading Day as reported in the composite transactions for the principal U.S. national or regional securities exchange on which the Common
Shares are traded. If such security is not listed for trading on a U.S. national or regional securities exchange on the relevant Trading
Day, then the Closing Price for such security will be the average of the mid-point of the last bid and last ask prices per share for such
security in the over-the-counter market on the relevant Trading Day as reported by OTC Markets Group or similar organization. If the Closing
Price cannot be calculated for a security on such date on any of the foregoing bases, the Closing Price of such security on such date
shall be the fair market value per share of such security as mutually determined in good faith by the Board of Directors of the Company
and the Required Note Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Common Shares</B>&rdquo; means the common shares, par value CHF 0.064 per share, of the Company, subject to <U>Section
3(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Conversion Agent</B>&rdquo; means UBS Switzerland AG, Bahnhofstrasse 45, 8098 Zurich, Switzerland, in its capacity as
Swiss bank for the purposes of article 653e of the Swiss Code of Obligations and as conversion agent for the Notes, and includes any successor
to UBS Switzerland AG, in its capacity as conversion agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Conversion Amount</B>&rdquo; means the Principal to be converted with respect to which this determination is being made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Conversion Price</B>&rdquo; means $[___], subject to adjustment as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Delisting Event</B>&rdquo; means any of the following: (A) the Common Shares are not listed on the Principal Market, (B) trading
in the Common Shares on the Principal Market is suspended, or (C) the Company has received a notice of delisting due to noncompliance
with any material rule or regulation applicable to the trading or listing of the Common Shares on the Principal Market and such noncompliance
has not been cured as set forth in a notice from the Principal Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Dollars</B>&rdquo; or &ldquo;<B>$</B>&rdquo; means United States Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Effective Date</B>&rdquo; means, with respect to any Major Transaction, the date on which such Major Transaction occurs
or becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Eligible Market</B>&rdquo; means the New York Stock Exchange, Inc., the NYSE American, the NASDAQ Capital Market, the
NASDAQ Global Market or the NASDAQ Global Select Market (or, in each case, any successor thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xvi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Fair Market Value</B>&rdquo; means (i) with respect to any security that is listed, quoted or traded on an Eligible Market,
as of any date of determination, the Closing Price of such security on such date, and (ii) with respect to any other security or asset,
the fair market value as mutually determined in good faith by the Board of Directors of the Company and Required Note Holders, subject
to the dispute resolution provisions set forth in <U>Section 2(c)(iii)</U> below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xvii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</FONT>&ldquo;<B>Freely Tradeable Shares</B>&rdquo; means Common Shares which, at the time of issuance thereof, (i) are duly authorized,
validly issued, fully paid and non-assessable, (ii) are eligible for resale by the Holder, without limitation or restriction (including
any volume limitation or current public information requirement) under state or federal securities laws, pursuant to Rule 144 under the
Securities Act or are the subject of an effective registration statement under the Securities Act covering the resale thereof, as provided
for in the Registration Rights Agreement, and (iii) do not bear, and are not subject to, any restrictive legend, stop transfer or similar
restriction (assuming in the case of clauses (ii) and (iii), that such holder is not at the time of such conversion, and has not during
the three (3) months immediately prior thereto been, an Affiliate of the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xviii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>HCRM-Related Change of Control</B>&rdquo; means a Change of Control, as defined in the HCRM PSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<B>Interest</B>&rdquo; means any interest (including any default interest) accrued on the Principal pursuant to the terms
of this Note and the Facility Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xx)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Issuance Date</B>&rdquo; means [___], regardless of any exchange or replacement hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Major Transaction</B>&rdquo; means any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a consolidation, merger, exchange of shares, tender or exchange offer, recapitalization, reorganization, amalgamation, scheme of
arrangement, business combination, purchase or sale of shares or other similar event, (1) following which the holders of Common Shares
(on an as converted basis, assuming the conversion of all outstanding Convertible Securities into Common Shares), or of the voting power
of voting stock immediately preceding such consolidation, merger, exchange, recapitalization, reorganization, amalgamation, scheme of
arrangement, business combination, sale of shares or other event either (a) no longer hold a majority of the Common Shares (on an as converted
basis, assuming the conversion of all outstanding Convertible Securities into Common Shares), or of the shares or voting power of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">voting stock
of the Company, or (b) no longer have the ability to elect a majority of the Board of Directors of the Company, or (2) as a result of
which the Common Shares shall be changed into (or the holders of the Common Shares become entitled to receive) the same or a different
number of shares of the same or another class or classes of stock or securities of another entity (other than to the extent the Common
Shares are changed or exchanged solely to reflect a change in the Company&rsquo;s jurisdiction of incorporation);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the sale or transfer (including, for the avoidance of doubt, by way of an exclusive license that is substantially equivalent to
a sale, it being agreed that an exclusive license solely in respect of Europe is not in and of itself substantially equivalent to a sale)
in one transaction or a series of related transactions of (i) all or substantially all of the assets of the Company (including, for the
avoidance of doubt, a sale of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole) to any Person
other than one of the Company&rsquo;s wholly-owned Subsidiaries or (ii) assets of the Company (including, for the avoidance of doubt,
assets of the Company and its Subsidiaries, taken as a whole) to any Person other than one of the Company&rsquo;s wholly-owned Subsidiaries
for a purchase price equal to more than 50% of the Applicable Value, in connection with which the Company distributes its assets to shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(C)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the stockholders of the Company approve any plan or proposal for the liquidation, dissolution or winding-up of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(D)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a &ldquo;person&rdquo; or &ldquo;group&rdquo; within the meaning of Section 13(d) of the Exchange Act, other than the Company,
files any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect &ldquo;beneficial
owner&rdquo; as defined in Rule 13d-3 under the Exchange Act of the Company&rsquo;s Common Shares representing more than 50% of the Common
Shares or the shares or voting power of the Company&rsquo;s voting stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(E)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Common Shares cease to be listed on any Eligible Market on which they are then listed and are not immediately re-listed on
another Eligible Market;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(F)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an HCRM-Related Change of Control; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(G)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an HCRM-Related Non-Performance Payment Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Major Transaction Redemption Price</B>&rdquo; means the Principal amount of this Note to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Market Disruption Event</B>&rdquo; means, with respect to any Trading Day, (A) a failure by the Principal Market for
the Common Shares to open for trading during its entire regular trading session, (B) the occurrence or existence prior to 1:00 p.m., New
York City time, on such Trading Day, for more than a one half-hour period in the aggregate during regular trading hours, of any suspension
or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant securities exchange or otherwise)
in the Common Shares or in any options, contracts or future contracts relating to the Common Shares, or (C) a failure of any sales of
the Common Shares to occur on the Principal Market on such Trading Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxiv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<B>Number of Make-Whole Shares</B>&rdquo; means, with respect to any Major Transaction, the number of Common Shares per
$1,000 Principal amount determined as set forth in Schedule 1 based on the Share Price and Effective Date of such Major Transaction; <I>provided</I>
that the Number of Make-Whole Shares in connection with any Major Transaction Conversion following a Company Share Major Transaction (until
such time as another Major Transaction shall occur, from and after which the Number of Make-Whole Shares shall be determined by reference
to such Major Transaction that results in a determination of the greatest Number of Make-Whole Shares) shall be determined as set forth
in Schedule 1 (x) based on the Share Price determined on the Effective Date (without giving effect to clause (y) of this proviso) of such
Company Share Major Transaction and (y) as though the Conversion Date of such Major Transaction Conversion were the Effective Date of
such Major Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Parent Entity</B>&rdquo; of a Person means an entity that, directly or indirectly, controls the applicable Person, or,
if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest enterprise value as of the date of
consummation of a Major Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxvi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<B>Principal</B>&rdquo; means the outstanding principal amount of this Note as of any date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxvii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT>&ldquo;<B>Principal Market</B>&rdquo; means, with respect to the Common Shares, the principal Eligible Market on which the Common
Shares are listed, and with respect to any other security, the principal securities exchange or trading market for such security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxviii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<B>Registration Rights Agreement</B>&rdquo; means that certain Registration Rights Agreement dated as of May 19, 2020 among
the Company and the Lenders party to the Facility Agreement, as the same may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Required Note Holders</B>&rdquo; means, as of any date of determination, Holders of Notes having an aggregate principal
amount of more than 50% of the outstanding principal amount of all Notes as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxx)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Share Price</B>&rdquo; means, with respect to any Major Transaction, (a) in the case of a Major Transaction described
in clause (A) or (B) of the definition thereof in which the holders of Common Shares receive in exchange for their Common Shares only
cash, the amount of such cash per Common Share and (b) in any other case, the Closing Price per Common Share on the Trading Day immediately
preceding the Effective Date of such Major Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxxi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Standard Settlement Period</B>&rdquo; means the standard settlement period for equity trades effected by U.S. broker-dealers,
expressed in a number of Trading Days, as in effect on the date the applicable Conversion Notice (as defined below) is received or deemed
received by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxxii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT>&ldquo;<B>Stock Event</B>&rdquo; means a stock split, stock combination, reclassification, payment of stock dividend, recapitalization
or other similar transaction of such character that the Common Shares shall be changed into or become exchangeable for a larger or small
number of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxxiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT> &ldquo;<B>Successor Entity</B>&rdquo; means any Person purchasing the Company&rsquo;s assets sold in a Major Transaction or a
majority of the Company&rsquo;s Capital Stock in a Major Transaction, or any successor entity resulting from a Major Transaction, or if
the Note is to be convertible for shares of Capital Stock of any such Person&rsquo;s Parent Entity, its Parent Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxxiv) &ldquo;<B>Successor
Major Transaction</B>&rdquo; means either a Takeout Major Transaction or an Asset Sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxxv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>&ldquo;<B>Takeout Major Transaction</B>&rdquo; means a &ldquo;Major Transaction&rdquo; in which the Common Shares of the Company
are converted into the right to receive cash, securities of another entity and/or other assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxxvi) &ldquo;<B>Trading Day</B>&rdquo;
means, in respect of any security, any day on which trading of such security occurs on its Principal Market; provided, that, for purposes
of the satisfaction of the One Year Pricing Forced Conversion Condition or Three Year Pricing Forced Conversion Condition (each as defined
in <U>Section 2(f)</U>), Trading Day shall not include any Trading Day on which there is a Market Disruption Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxxvii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Volume Weighted Average Price</B>&rdquo; means, as of any Trading Day, (A) the volume weighted average sale price of
the Common Shares on the Principal Market (or, if not the Principal Market, the principal U.S. national or regional securities exchange
on which the Common Shares are traded), as reported by Bloomberg, or (B) if no volume weighted average sale price is reported for the
Common Shares, then the Closing Price on such Trading Day, or, if no Closing Price is reported for the Common Shares by Bloomberg, the
average of the last bid and last ask price (or if more than one in either case, the average of the average last bid and average last ask
prices) of the Common Shares on such Trading Day as reported in the composite transactions for the principal U.S. national or regional
securities exchange on which the Common Shares are traded. If the Common Shares are not listed for trading on a U.S. national or regional
securities exchange on the relevant Trading Day, then the Volume Weighted Average Price will be the average of the mid-point of the last
bid and last ask prices of the Common Shares in the over-the-counter market on the relevant Trading Day as reported by OTC Markets Group
or similar organization. If the Volume Weighted Average Price cannot be calculated for the Common Shares on such date in the manner provided
above, the Volume Weighted Average Price shall be the fair market value per Common Share as mutually determined in good faith by the Board
of Directors of the Company and the Holders holding a majority of the aggregate outstanding Principal amount of the Notes being converted
for which the calculation of the Volume Weighted Average Price is required. The Volume Weighted Average Price shall be determined without
regard to after-hours trading or any other trading outside of the regular trading hours. In the event that a Stock Event is consummated
during any period of consecutive Trading Days on which Volume Weighted Average Prices are being calculated, the Volume Weighted Average
Price for each Trading Day during such period prior to the effectiveness of such Stock Event shall be appropriately adjusted to reflect
such Stock Event.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(xxxviii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Withholding Date</B>&rdquo; means the first date on which the Company withholds, or determines that it is required to
withhold, any Taxes as a result of any Forced Conversion or the issuance of any Common Shares thereupon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion Rights</U>. This Note may be converted into Common Shares on the terms and conditions set forth in this <U>Section
2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion at Option of the Holder</U>. On or after the date hereof, the Holder shall be entitled to convert all or any part
of the Principal into fully paid up and nonassessable Common Shares (the &ldquo;<B>Conversion Shares</B>&rdquo;). The Company shall not
issue any fraction of a Common Share upon any conversion. If the issuance would result in the issuance of a fraction of a Common Share,
then the Company shall round such fraction of a Common Share up or down to the nearest whole share (with 0.5 rounded up) and no cash payment
will be made in lieu thereof where rounded down. If, at any time, the Required Note Holders not including the Holder elect to convert
all of the outstanding Notes held by them in accordance with this <U>Section 2</U>, then, effective upon such conversion, (i) this Note
shall automatically, and without any action by the Holder, convert into Conversion Shares at the same Conversion Rate and otherwise upon
the same terms as the Notes held by the Required Note Holders are being converted, as if the Holder had delivered a Conversion Notice
hereunder, and (ii) the Holder shall be deemed to have accepted, and hereby accepts and agrees, (A) such conversion of its Principal amount
into Conversion Shares and that, where necessary under Swiss law, the Conversion Agent shall effect such conversion on such Holder&rsquo;s
behalf, and (B) that its obligation to pay up the Conversion Shares to be issued shall be set off against its claim for repayment of such
Principal amount, which claim shall be deemed to be due and payable immediately prior to the time when, as a matter of Swiss law, the
relevant Common Shares are paid up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion Rate</U>. The number of Conversion Shares issuable upon a conversion of any portion of this Note pursuant to <U>Section
2</U>, including a Forced Conversion (as defined below), shall be determined according to the following formula (the &ldquo;<B>Conversion
Rate</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt">Conversion Amount</TD>
    <TD STYLE="width: 30%; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Conversion Price</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mechanics of Conversion</U>. The conversion of this Note shall be conducted in the following manner:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Holder&rsquo;s Delivery Requirements</U>. To convert a Conversion Amount into Conversion Shares on any date (the &ldquo;<B>Conversion
Date</B>&rdquo;), the Holder shall (A) transmit by email (or otherwise deliver), for receipt on or prior to 5:00 p.m. New York City time
on such date, an unsigned copy of a written conversion notice in the form attached hereto as Exhibit A (the &ldquo;<B>Conversion Notice</B>&rdquo;)
to the offices of the Company, Route de la Corniche 3B, 1066 Epalinges, Switzerland (Attention: Chief Executive Officer, Email: DFconversion@adctherapeutics.com),
or such other address or email address as the Company may designate in writing, and (B) if required by <U>Section&nbsp;2(c)(vi)</U>, surrender
to a common carrier for delivery to the Company, no later than three (3) Business Days after the Conversion Date, the original Note being
converted (or an indemnification undertaking in customary form with respect to this Note in the case of its loss, theft or destruction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company&rsquo;s Response</U>. Upon receipt or deemed receipt by the Company of an unsigned copy of a Conversion Notice, the
Company (A) shall (1) promptly forward the Conversion Notice to Homburger AG or such other counsel as shall have been designated by the
Company for these purposes upon at least 30 days&rsquo; written notice to the Lenders, (2) cause Homburger AG or such other counsel to
confirm the receipt of the Conversion Notice and further cause Homburger AG or such other counsel to (and Homburger AG or such other counsel
is hereby authorized by the Holder to) attach a manually signed signature page of the Holder thereto and deliver the completed manually
signed Conversion Notice to the Conversion Agent (provided that the Holder shall have provided manually signed signature pages to Homburger
AG or such other counsel prior thereto) and (3) cause the Conversion Agent to thereafter confirm the receipt of the Conversion Notice
and the declaration of set-off contained therein, (B) shall promptly send, via email, a confirmation of receipt of such Conversion Notice
to the Holder and the Company&rsquo;s designated transfer agent (the &ldquo;<B>Transfer Agent</B>&rdquo;), if applicable, which confirmation
shall constitute an instruction to any such Transfer Agent to further process, with the assistance of the Conversion Agent, where necessary,
such Conversion Notice in accordance with the terms herein and (C) (1) in the case of a conversion at a time when the Conversion Shares
are required to bear a restrictive legend pursuant to <U>Section 2(d)</U>, on or before the fifth (5th) Business Day following the Conversion
Date (the &ldquo;<B>Restricted Voluntary Conversion Delivery Deadline</B>&rdquo;), issue and deliver to the address as specified in the
Conversion Notice, a stock certificate, registered in the name of the Holder or its designee, for the number of Conversion Shares to which
the Holder shall be entitled, and (2) in the case of a conversion at a time when the Conversion Shares are not required to bear a restrictive
legend pursuant to <U>Section 2(d)</U>, on or before the second (2nd) Business Day (or, if earlier, the last day of the Standard Settlement
Period) following the Conversion Date (the &ldquo;<B>Unrestricted Voluntary Conversion Delivery Deadline</B>&rdquo;), cause the Transfer
Agent to credit the aggregate number of Conversion Shares to which the Holder shall be entitled to the Holder&rsquo;s or its designee&rsquo;s
balance account with The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) through DTC&rsquo;s Deposit/Withdrawal at Custodian (DWAC)
system. In the case of a Forced Conversion, clause (2) of the immediately preceding sentence shall apply, except that the applicable deadline
for purposes of the immediately preceding sentence shall be measured from the date of the Company&rsquo;s delivery of the Forced Conversion
Notice (such delivery deadline for a Forced Conversion, the Restricted Voluntary Conversion Delivery Deadline or the Unrestricted Voluntary
Conversion Delivery Deadline, as applicable, being referred to as the &ldquo;<B>Share Delivery Date</B>&rdquo;). If, notwithstanding the
provisions of <U>Section 2(c)(vi)</U>, the Holder elects to physically surrender this Note for conversion and the Principal represented
by this Note is greater than the Principal being converted, then the Company shall, as soon as practicable and in no event later than
(1) in the case of a conversion at a time when the Conversion Shares are required to bear a restrictive legend pursuant to <U>Section
2(d)</U>, five&nbsp;(5)&nbsp;Business&nbsp;Days after receipt of this Note, or (2), in the case of a conversion at a time when the Conversion
Shares are not required to bear a restrictive legend pursuant to <U>Section 2(d)</U>, two (2) Trading Days (the &ldquo;<B>Note Delivery
Date</B>&rdquo;), and at its own expense, issue and deliver to the Holder a new Note representing the Principal not converted and cancel
this Note. Subject, in the case of this Note, to Section 9.4 of the Facility Agreement, this Note and the Conversion Shares will be free-trading,
and freely transferable, and will not contain a legend restricting the resale or transferability of the Conversion Shares if any of the
Unrestricted Conditions (as defined below) are met with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dispute Resolution</U>. In the case of a dispute as to the determination of the Conversion Price, Conversion Rate, Major Transaction
Redemption Price, Successor Major Transaction Consideration, Major Transaction Company Shares or the Major Transaction Conversion Amount
(including any determination as to Fair Market Value) or the arithmetic calculation of the Conversion Rate, the Company shall issue, or
instruct the Transfer Agent to issue, as applicable, to the Holder the number of Conversion Shares that is not disputed and shall transmit
an explanation of the disputed determinations or arithmetic calculations to the Holder via email within two (2) Business Days of receipt
or deemed receipt of the Holder&rsquo;s Conversion Notice or other date of determination. If the Holder and the Company are unable to
agree upon the determination of the Conversion Price, Conversion Rate, Major Transaction Redemption Price, Successor Major Transaction
Consideration, Major Transaction Company Shares, Major Transaction Conversion Amount or arithmetic calculation of the Conversion Rate
within one (1) Business Day of such disputed determination or arithmetic calculation being transmitted to the Holder, then the Company
shall promptly (and in any event within two (2) Business Days) submit via email (A) the disputed determination of the Conversion Price,
Conversion Rate, Major Transaction Redemption Price, Successor Major Transaction Consideration or Major Transaction Conversion Amount
to an independent, reputable investment banking firm selected by the Company and subject to the approval of the Required Note Holders
(such consent not to be unreasonably withheld, conditioned or delayed), or (B) the disputed arithmetic calculation of the Conversion Rate
to the Company&rsquo;s independent registered public accounting firm, as the case may be. The Company shall direct the investment bank
or the accounting firm, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the
results no later than two (2) Business Days from the time it receives the disputed determinations or calculations. Such investment bank&rsquo;s
or accounting firm&rsquo;s determination or calculation, as the case may be, shall be binding upon all parties absent manifest error.
Notwithstanding anything herein to the contrary, any such final determination in respect of a dispute in connection with a Major Transaction
in which the Company is not the surviving parent entity, shall be made prior to the occurrence of such Major Transaction. Neither the
Holder nor the Company shall have the right to dispute any determination pursuant to the provisions of this <U>Section 2(c)(iii)</U> unless
such party notifies the other party of such dispute in writing no later than two (2) Business Days after the other party notifies the
Holder or the Company, as applicable, in writing of such determination. Any determination that is specified herein to be made mutually
by the Company (or its Board of Directors) and the Required Note Holders shall be made solely by the Company (or its Board of Directors)
if the Required Note Holders do not provide their determination to the Company in writing within five (5) Business Days after the later
of (A) the Holder being requested to do so by the Company in writing and (B) the Company having provided the Holder all information reasonably
necessary in order for the Holder to make the subject determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Record Holder</U>. The Conversion Shares issuable upon a conversion of this Note shall be deemed to have been issued to the
Person or Persons entitled to receive such Conversion Shares, and such Person or Persons shall be treated for all purposes as the legal
and record holder or holders of such Conversion Shares, entitled to all rights of a holder thereof, (A) in the case of a conversion at
the option of the Holder, upon delivery by the Holder of the Conversion Notice, or (B) in the case of a Forced Conversion, upon delivery
by the Company to the Holder of the Forced Conversion Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company&rsquo;s Failure to Timely Convert</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cash Damages</U>. If by the Share Delivery Date, the Company shall fail to issue and deliver a certificate to the Holder for,
or, if as required by the <U>Section 2(c)(ii)</U> hereof the Transfer Agent shall fail to credit the Holder&rsquo;s or its designee&rsquo;s
balance account with DTC with, the applicable number of Conversion Shares (free of any restrictive legend, provided any Unrestricted Condition
is satisfied), then, in addition to all other available remedies that the Holder may pursue hereunder and under the Facility Agreement,
the Company shall pay additional damages to the Holder for each 30-day period after the Share Delivery Date such conversion is not timely
effected and/or each 30-day period after the Note Delivery Date such Note is not delivered in an amount equal to (prorated for any partial
period) (x) in the case of a failure to deliver a certificate for the Conversion Shares or, if as required by the <U>Section 2(c)(ii)</U>
hereof the Transfer Agent shall fail to credit the Holder&rsquo;s or its designee&rsquo;s balance account with DTC with, the applicable
number of Conversion Shares (free of any restrictive legend, provided any Unrestricted Condition is satisfied), one percent (1.0%) of
the Conversion Amount or (y) in the case of a failure to deliver a new Note, one percent (1.0%) of the outstanding balance of the new
Note. Alternatively in lieu of the foregoing additional damages, subject to <U>Section 2(c)(iii</U>), at the written election of the Holder
made in the Holder&rsquo;s sole discretion, if, on or after the applicable Conversion Date, the Holder purchases (in an open market transaction
or otherwise) Common Shares to deliver in satisfaction of a sale by the Holder of Conversion Shares (or Common Shares issuable upon conversion
of Conversion Shares) that such Holder anticipated receiving from the Company (such purchased shares, &ldquo;<B>Buy-In Shares</B>&rdquo;),
the Company shall (I) be obligated to promptly pay to the Holder (in addition to all other available remedies that the Holder may otherwise
have), 100% of the amount by which (A) the Holder&rsquo;s total purchase price (including brokerage commissions, if any) for such Buy-In
Shares exceeds (B) the net proceeds received by the Holder from the sale of a number of shares equal to up to the number of Conversion
Shares (or Common Shares issuable upon conversion of the Conversion Shares, without giving effect to any limitations on conversion thereof)
such Holder was entitled to receive but had not received on the Share Delivery Date and (II) at the option of the Holder, by notice to
the Company made via email prior to receipt by the Holder of the Conversion Shares, either reinstate the portion of this Note and equivalent
number of Conversion Shares for which such conversion was not honored or deliver to the Holder the number of Common Shares that would
have been issued had the Company timely complied with its conversion and delivery obligations hereunder. If the Company fails to pay the
additional damages set forth in this <U>Section 2(c)(v)(A)</U> within five (5) Business Days of the date incurred, then the Holder entitled
to such payments shall have the right at any time, so long as the Company continues to fail to make such payments, to require the Company,
upon written notice, to immediately issue, in lieu of such cash damages, the number of Common Shares equal to the quotient of (X) the
aggregate amount of the damages payments described herein divided by (Y) the Conversion Price applicable to the conversion to which the
additional damages relate. Nothing herein shall limit the Holder&rsquo;s right to pursue any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company&rsquo;s
failure to timely deliver Common Shares upon conversion of this Note as required pursuant to the terms hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Event of Default</U>. If for any reason the Holder has not received all of the Conversion Shares prior to the tenth (10th) Business
Day after the Share Delivery Date with respect to a conversion of this Note (a &ldquo;<B>Conversion Failure</B>&rdquo;), such Conversion
Failure shall constitute an Event of Default under the Facility Agreement and entitle the Lenders to all payments and remedies provided
under the Facility Agreement upon the occurrence of an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Book-Entry</U>. Notwithstanding anything to the contrary set forth herein, upon conversion or redemption of this Note in accordance
with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless all of the Principal is
being converted or redeemed. The Holder and the Company shall maintain records showing the Principal converted or redeemed and the dates
of such conversions or redemptions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to
require physical surrender of this Note upon any such partial conversion or redemption. Notwithstanding the foregoing, if this Note is
converted or redeemed as aforesaid, the Holder may not transfer this Note unless the Holder first physically surrenders this Note to the
Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Note of like tenor, registered as the
Holder may request, representing in the aggregate the remaining Principal represented by this Note. The Holder and any assignee, by acceptance
of this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion or redemption of any portion
of this Note, the Principal of this Note may be less than the principal amount stated on the face hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legends</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictive Legend</U>. The Holder understands that, except as otherwise specified pursuant to <U>Section 2(d)(ii)</U>, this
Note and the Conversion Shares, as applicable, shall bear a restrictive legend in substantially the following form (and a stop-transfer
order shall be placed against transfer of the certificates for such securities):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify">&ldquo;THE SECURITIES REPRESENTED
BY THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE &ldquo;<U>SECURITIES ACT</U>&rdquo;), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES REPRESENTED BY THIS NOTE AND THE COMMON
SHARES ISSUABLE UPON CONVERSION HEREOF MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO RULE 904, RULE
144 OR RULE 144A UNDER THE SECURITIES ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER SECTION 4(A)(7) OF THE SECURITIES ACT OR APPLICABLE
FORMAL OR INFORMAL SEC INTERPRETATION OR GUIDANCE, SUCH AS A SO-CALLED &ldquo;4[a](1) AND A HALF&rdquo; SALE. <FONT STYLE="text-transform: uppercase">NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN, FINANCING OR INDEBTEDNESS ARRANGEMENT
SECURED BY THE SECURITIES.</FONT>&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Removal of Restrictive Legend</U>. This Note and the certificates evidencing the Conversion Shares, as applicable, shall not
contain any legend restricting the transfer thereof (including the legend set forth above in subsection <U>2(d)(i)</U>): (A) while a registration
statement (including a Registration Statement, as defined in the Registration Rights Agreement) covering the sale or resale of such security
is effective under the Securities Act, or (B) if the Holder provides customary paperwork to the effect that it has sold such Note and/or
Conversion Shares pursuant to Rule 144, or (C) if such Note or Conversion Shares, as the case may be, are eligible for sale under Rule
144(b)(1) as set forth in customary non-affiliate paperwork provided by the Holder, or (D) if at any time on or after the date hereof
that the Holder certifies that it is not an Affiliate of the Company and that the Holder&rsquo;s holding period for purposes of Rule 144
and, in the case of the Conversion Shares, subsection (d)(3)(ii) thereof with respect to such Note and/or Conversion Shares is at least
twelve (12) months (or six (6) months if the Company is, and shall have been for a period of at least ninety (90) days, subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act), or (E) if the Company is a &ldquo;foreign issuer&rdquo; (as defined
in Rule 405 under the Securities Act) as of the Issuance Date and the Holder provides a declaration, substantially in the form of Exhibit
B hereto, to the effect that the Note and/or Conversion Shares have been or will be sold in accordance with Rule 904 of Regulation S under
the Securities Act, and, if reasonably requested by the Company, the Holder provides a legal opinion of Katten Muchin Rosenman LLP or
other nationally recognized counsel to the Holder to the effect that the Note and/or Conversion Shares (as applicable) may then be sold
in accordance with Rule 904 of Regulation S under the Securities Act, or (F) if such legend is not required under applicable requirements
of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC) as determined in good faith
by counsel to the Company or set forth in a legal opinion delivered by Katten Muchin Rosenman LLP or other nationally recognized counsel
to the Holder (collectively, the &ldquo;<B>Unrestricted Conditions</B>&rdquo;). The Company shall cause its counsel to issue a legal opinion
to the Transfer Agent promptly after the Registration Date (as defined below), or at such other time as any of the Unrestricted Conditions
have been satisfied, if required by the Company&rsquo;s Transfer Agent to effect the issuance of this Note or the Conversion Shares, as
applicable, without a restrictive legend or removal of the legend hereunder. If any of the Unrestricted Conditions are met at the time
of issuance of any of the Conversion Shares, then such Conversion Shares shall be issued free of all legends. The Company agrees that
following the Registration Date or at such time as any of the Unrestricted Conditions are met or such legend is otherwise no longer required
under this <U>Section 2(d)</U>, it will, no later than two (2) Trading Days (or, if less, the number of days comprising the Standard Settlement
Period) following the delivery by the Holder to the Company or the Transfer Agent of this Note or a certificate representing Conversion
Shares, as applicable, issued with a restrictive legend, deliver or cause to be delivered to such Holder this Note and/or a certificate
(or electronic transfer) representing such shares that is free from all restrictive and other legends. For purposes hereof, &ldquo;<B>Registration
Date</B>&rdquo; shall mean the date that the first Registration Statement covering the Conversion Shares that the Company is required
to file pursuant to the Registration Rights Agreement has been declared effective by the SEC.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sale of Unlegended Shares</U>. The Holder agrees that the removal of any restrictive legends from any securities as set forth
in this <U>Section 2(d)</U> is predicated upon the Company&rsquo;s reliance that the Holder will sell such securities pursuant to either
the registration requirements of the Securities Act or an exemption therefrom, and that if such securities are sold pursuant to a registration
statement, they will be sold in compliance with the plan of distribution set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Share Dividend, Subdivision, Combination or Reclassification</U>. If the Company shall, at any time or from time to time, (A)
declare a dividend on any Common Shares, or capitalization of profits or reserves, payable in shares of its Capital Stock (including any
Common Shares), other than a dividend for which the Holder would be entitled to participate pursuant to <U>Section 6</U>, (B) subdivide
any outstanding Common Shares into a larger number of Common Shares, (C) consolidate or combine the outstanding Common Shares into a smaller
number of Common Shares or (D) issue any shares of its Capital Stock in a reclassification of any Common Shares (including any such reclassification
in connection with a consolidation or merger in which the Company is the continuing corporation), then in each such case, the Conversion
Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification
shall be adjusted so that the Holder of this Note upon conversion after such date at the Conversion Price shall be entitled to receive
the aggregate number and kind of shares of its Capital Stock which, if this Note had been converted immediately prior to such date at
the Conversion Price, such holder would have owned upon such conversion and been entitled to receive by virtue of such dividend, subdivision,
combination or reclassification. Any such adjustment shall become effective immediately after the record date of such dividend or the
effective date of such subdivision, combination or reclassification. Such adjustment shall be made successively whenever any event listed
above shall occur. If a dividend on any Common Shares or capitalization of profits or reserves, payable in shares of its Capital Stock
(including Common Shares) is declared and such dividend is not paid, the Conversion Price shall again be adjusted to be the Conversion
Price in effect immediately prior to such record date (giving effect to all adjustments that otherwise would be required to be made pursuant
to this <U>Section 2</U> from and after such record date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Forced Conversion</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A) In the event that on and after the one-year anniversary of the date on which the Required Note Holders receive evidence satisfactory
to them that the Company has received the Final BLA Approval, subject to the terms and conditions of this <U>Section 2</U>, and the limitations
set forth in this <U>Section 2(f)</U> and the Additional Forced Conversion Conditions (as defined below), each of the following is greater
than 275% of the Conversion Price (the &ldquo;<B>One Year Pricing Forced Conversion Condition</B>&rdquo;): (1) the Volume Weighted Average
Price of the Common Shares on at least twenty (20) Trading Days during any period of thirty (30) consecutive Trading Days ending on or
prior to the second Business Day immediately prior to the Maturity Date, (2) the Volume Weighted Average Price of the Common Shares on
the last Trading Day of such period and (3) the Closing Price of the Common Shares on the last Trading Day of such period, or (B) in the
event that on and after the three-year anniversary of the date on which the Required Note Holders receive evidence satisfactory to them
that the Company has received the Final BLA Approval, subject to the terms and conditions of this <U>Section 2</U>, and the limitations</P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">set forth
in this <U>Section 2(f)</U> and the Additional Forced Conversion Conditions, each of the following is greater than 175% of the Conversion
Price (the &ldquo;<B>Three Year Pricing Forced Conversion Condition</B>&rdquo;): (1) the Volume Weighted Average Price of the Common
Shares on at least twenty (20) Trading Days during any period of thirty (30) consecutive Trading Days ending on or prior to the second
Business Day immediately prior to the Maturity Date, (2) the Volume Weighted Average Price of the Common Shares on the last Trading Day
of such period and (3) the Closing Price of the Common Shares on the last Trading Day of such period, then, in the case of either (A)
or (B), the Company may cause, and in such case each Note Holder shall be deemed to have instructed the Conversion Agent and the Company
to cause and to have accepted and hereby accepts and agrees, (1) to the conversion into Common Shares (a &ldquo;<B>Forced Conversion</B>&rdquo;)
of all or any portion of the outstanding Principal amount of this Note, as set forth in a Forced Conversion Notice (as defined below),
and that, where necessary under Swiss law, the Conversion Agent shall effect such conversion on such Holder&rsquo;s behalf, and (2) that
its obligation to pay up the Common Shares to be issued shall be set off against its claim for repayment of such Principal amount, which
claim shall be deemed to be due and payable immediately prior to the time when, as a matter of Swiss law, the relevant Common Shares
are paid up; provided that such Principal Amount shall not be less than the lesser of $1,000,000 and the outstanding Principal of this
Note. The Company shall effect Forced Conversions under each of the Notes on a pro rata basis, based upon the respective outstanding
principal amounts thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To effect a Forced Conversion, the Company shall send a written notice via electronic mail to the Holder (a &ldquo;<B>Forced Conversion
Notice</B>&rdquo;) at any time between 4:00 p.m. and 5:00 p.m., New York City time on the Trading Day on which both (A) either the One
Year Pricing Forced Conversion Condition or the Three Year Pricing Forced Conversion Condition is satisfied and (B) the Additional Forced
Conversion Conditions are satisfied. The Forced Conversion Notice shall certify that either the One Year Pricing Forced Conversion Condition
or the Three Year Pricing Forced Conversion Condition has been satisfied and the Additional Forced Conversion Conditions and the other
applicable conditions set forth in this <U>Section 2</U> have been satisfied (including reasonable supporting information) and shall state
the Principal amount hereunder that the Company shall be deemed to be instructed by the Holder to cause to be converted on the Forced
Conversion Date. Notwithstanding the foregoing, in no event shall the Company send any Forced Conversion Notice to the Holder within thirty-one
(31) days of any other Forced Conversion Notice sent by the Company to the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained herein, the Company shall not deliver a Forced Conversion Notice, and the Company
shall not effect a Forced Conversion, (a) during the occurrence of a Delisting Event, (b) at any time following such time as the Company
has delivered (or is obligated to deliver) a Major Transaction/Organic Change Notice in respect of a Major Transaction that has not yet
been consummated or abandoned (and publicly disclosed as consummated or abandoned), (c) at any time following the occurrence, and during
the continuance, of an Event of Default or a Default, (d) from and after a Withholding Date, (e) unless all material information regarding
the Company (including any material information that may be included in, or reflected by, the Forced Conversion Notice, but excluding
any material information relating to the Company&rsquo;s operating results that the Company has not yet Publicly Disclosed, nor been obligated
to Publicly Disclose (in a filing with the SEC or otherwise), other than operating results that would trigger non-compliance with a covenant
under the Facility</P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Agreement)
has been Publicly Disclosed in a report filed pursuant to the Exchange Act or has been otherwise Publicly Disclosed in a manner calculated
to reach the securities marketplace through one of the Company recognized channels of distribution, (f) unless all Common Shares issuable
pursuant to the Forced Conversion will constitute Freely Tradeable Shares, (g) unless the Company is in compliance with the &ldquo;current
public information&rdquo; requirement of Rule 144(c) under the Securities Act, or (h) if the Transfer Agent for the Common Shares is
not participating in DTC&rsquo;s Fast Automated Securities Transfer Program (collectively, the &ldquo;<B>Additional Forced Conversion
Conditions</B>&rdquo;), except to the extent the Holder has waived any such Additional Forced Conversion Condition by written notice
to the Company. If any of the Additional Forced Conversion Conditions is not satisfied at any time following the delivery of a Forced
Conversion Notice and prior to the Share Issuance Date in respect of Forced Conversion, the Company shall immediately notify the Holder
of such failure and, unless the Holder waives such Additional Forced Conversion Condition by written notice to the Company, the Forced
Conversion Notice shall be voided and the Forced Conversion shall not be effected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company hereby acknowledges and agrees that (i) no Forced Conversion Notice shall constitute or contain any material non-public
information with respect to the Company or its securities, and (ii) the Holder shall not have any duty of trust or confidence with respect
to, nor any obligation not to trade in any securities on the basis of, any information contained in any Forced Conversion Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything herein to the contrary, the Company shall not issue to the Holder, and the Holder may not acquire, a number
of Conversion Shares upon any conversion of this Note or otherwise acquire any Conversion Shares pursuant hereto or the Facility Agreement
to the extent that, upon such conversion, the number of Common Shares then beneficially owned by the Holder and its Affiliates and any
other persons or entities whose beneficial ownership of Common Shares would be aggregated with the Holder&rsquo;s for purposes of Section
13(d) of the Exchange Act (including shares held by any &ldquo;group&rdquo; of which the Holder is a member, but excluding shares beneficially
owned by virtue of the ownership of securities or rights to acquire securities that have limitations on the right to convert, exercise
or purchase similar to the limitation set forth hereinafter) would exceed 4.985% of the total number of Common Shares then issued and
outstanding (the &ldquo;<B>4.985% Cap</B>&rdquo;); provided that the 4.985% Cap shall not apply to the extent that Common Shares are not
deemed to constitute &ldquo;equity securities&rdquo; pursuant to Rule 13d-1(i) under the Exchange Act. For purposes hereof, &ldquo;group&rdquo;
has the meaning set forth in Section 13(d) of the Exchange Act and applicable regulations of the SEC, and the percentage beneficially
owned by the Holder shall be determined in a manner consistent with the provisions of Section 13(d) of the Exchange Act. For purposes
hereof, the Holder may rely on the number of outstanding Common Shares as set forth in the Company&rsquo;s most recent annual report filed
with the SEC, or any report filed by the Company with the SEC subsequent thereto, in each case, unless the Company has confirmed to the
Holder the number of Common Shares outstanding as provided in the next sentence (in which case the Holder may rely upon such confirmation).
Upon the written request of the Holder, the Company shall, within two (2) Trading Days, confirm orally and in writing to the Holder the
number of Common Shares then outstanding.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>HSR Submissions</U>. If the Holder determines that, in connection with the conversion of this Note, it and the Company are required
to file Premerger Notification Reports with the Federal Trade Commission (the <B>&ldquo;FTC</B>&rdquo;) and the United States Department
of Justice (&ldquo;<B>DOJ</B>&rdquo;) and observe the Waiting Period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as
amended, and the related rules and regulations promulgated thereunder (collectively, the &ldquo;<B>HSR Act</B>&rdquo;), the Company agrees
to (i) cooperate with the Holder in the Holder&rsquo;s preparing and making such submission and any responses to inquiries of the FTC
and DOJ; (ii) prepare and make any submission required to be filed by the Company under the HSR Act and respond to inquiries of the FTC
and DOJ in connection therewith; and (iii) reimburse Holder for the cost of the required filing fee for the Holder&rsquo;s submission
under the HSR Act. For the avoidance of doubt, the Holder shall bear all of its other costs and expenses in connection with such submission,
including any attorneys&rsquo; fees associated therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights Upon Major Transaction or Organic Change</U>. Without limiting any other rights of the Holder under the Facility Agreement
or any other Facility Document in respect of Major Transactions, in the event of a Major Transaction, then the Holder, at its option,
may, (A) convert all or any portion of the outstanding Principal in accordance with the provisions of this <U>Section 3</U> (a &ldquo;<B>Major
Transaction Conversion</B>&rdquo;) and/or (B) require the Company to redeem all or any portion of the outstanding Principal of this Note
for the Major Transaction Redemption Price as provided in this <U>Section 3</U> (a &ldquo;<B>Major Transaction Redemption</B>&rdquo;).
In the case of a Successor Major Transaction, the Company may elect, by notice to the Holder in the Major Transaction/Organic Change Notice,
to require a Major Transaction Redemption with respect to all of the outstanding Principal of this Note except for any portion of such
Principal as to which the Holder timely elects a Major Transaction Conversion in connection with such Successor Major Transaction. For
the avoidance of doubt, a HCRM-Related Change of Control that is otherwise a Successor Major Transaction shall constitute a Successor
Major Transaction for all purposes hereunder. The Holder shall have the right to waive its rights under this Section 3 with respect to
any Major Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Major Transaction Conversion</U>. The Holder may elect a Major Transaction Conversion as follows: (1) in the case of a Successor
Major Transaction, the Holder, at its option, may elect to convert, in whole or in part, by written notice to the Company, effective immediately
prior to, and upon, the consummation of a Takeout Major Transaction or, in the case of an Asset Sale, the Company&rsquo;s distribution
of assets to its shareholders, as applicable (a &ldquo;<B>Successor Major Transaction Conversion</B>&rdquo;), the outstanding Principal
into the amount of cash and other assets and the number of securities or other property of the Successor Entity or other entity that the
Holder would have received had such Holder converted the Major Transaction Conversion Amount (as defined below) into the number of Common
Shares equal to the number of Common Shares into which the outstanding Principal then being converted would otherwise be converted as
calculated under <U>Section 2</U> hereof (such number of shares, the &ldquo;<B>Base Conversion Shares</B>&rdquo;) plus the Number of Make-Whole
Shares determined with respect to such Major Transaction and such Major Transaction Conversion Amount (without regard to the 4.985% Cap
or any other restriction or limitation on conversion) (the &ldquo;<B>Successor Major Transaction Consideration</B>&rdquo;), and (2) in
the case of any one or more Major Transactions other than a Successor Major Transaction (a &ldquo;<B>Company Share Major Transaction</B>&rdquo;),
the Holder shall have the right to convert, in whole or in part, following the occurrence of any such Major Transaction and from time
to time thereafter, the outstanding Principal into a number of Common Shares equal to the Base Conversion Shares plus the Number of Make-Whole
Shares determined with respect to any such Major Transaction and any such Major Transaction Conversion Amount (&ldquo;<B>Major Transaction
Company Shares</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice; Major Transaction Redemption Election; Major Transaction Conversion Election</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At least thirty (30) days prior to the occurrence of any Major Transaction or Organic Change or HCRM-Related Change of Control,
but, in any event, one (1) Trading Day following (x) the date of the first public announcement of such Major Transaction or Organic Change
if such announcement is made before 4:00 p.m., New York City time, or (y) the day following the first public announcement of such Major
Transaction or Organic Change if such announcement is made on or after 4:00 p.m., New York City time, the Company shall deliver written
notice thereof via (i) email and (ii) overnight courier to the Holder (a &ldquo;<B>Major Transaction/Organic Change Notice</B>&rdquo;);
provided, however, that, with respect to any Major Transaction or Organic Change that is not a Successor Major Transaction, HCRM-Related
Non-Performance Payment Event or HCRM-Related Change of Control, the applicable deadline by which the Company must deliver the Major Transaction/Organic
Change Notice shall be within one (1) Trading Day following (x) the date of the first public announcement by any Person of such Major
Transaction or Organic Change if such announcement is made before 4:00 p.m., New York City time, or (y) the day following the public announcement
of such Major Transaction or Organic Change if such announcement is made on or after 4:00 p.m., New York City time; and provided, further,
that the Company shall make a public announcement of any Major Transaction or Organic Change not later than one (1) Trading Day after
the Company first has knowledge of the occurrence thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Major Transaction/Organic Change Notice is given (or required to be given) at any time, then, (A) in the case of a Successor
Major Transaction, at any time during the period beginning on the date the Company delivers (or is obligated to deliver) such Major Transaction/Organic
Change Notice and ending on the later of (1) ten (10) Trading Days prior to the occurrence of such Major Transaction and (2) ten (10)
Trading Days after the Holder&rsquo;s receipt of such Major Transaction/Organic Change Notice, (B) in the case of (I) an HCRM-Related
Change of Control that is not a Successor Major Transaction or (II) a HCRM-Related Non-Performance Payment Event, at any time after the
date the Company delivers (or is obligated to deliver) such Major Transaction/Organic Change Notice, or (C) in the case of a Major Transaction
that is not a Successor Major Transaction, HCRM-Related Non-Performance Payment Event or HCRM-Related Change of Control, at any time during
the period beginning on the date the Company delivers (or is obligated to deliver) a Major Transaction/Organic Change Notice with respect
thereto and ending on the later of (1) the sixtieth (60th) day after the Company actually delivers the Major Transaction/Organic Change
Notice and (2) the Effective Date of such Major Transaction), the Holder may elect to require a Major Transaction Redemption by delivering
written notice thereof (the &ldquo;<B>Major Transaction Redemption Notice</B>&rdquo;) to the Company, which Major Transaction Redemption
Notice shall indicate the portion of the Principal that the Holder is electing to have redeemed in a Major Transaction Redemption.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If such Major Transaction/Organic Change Notice is given (or required to be given) in respect of a Successor Major Transaction,
and the Holder has not elected to require a Major Transaction Redemption in respect of all of the Principal, at any time during the period
beginning on the date the Company delivers (or is obligated to deliver) such Major Transaction/Organic Change Notice in respect of a Major
Transaction and ending on the later of (1) ten (10) Trading Days prior to the occurrence of such Major Transaction and (2) ten (10) Trading
Days after the Holder&rsquo;s receipt of such Major Transaction/Organic Change Notice, the Holder may elect to require a Successor Major
Transaction Conversion (in respect of all or any portion of the Principal, except any portion that the Holder has elected to be redeemed
in a Major Transaction Redemption) by delivering written notice thereof (the &ldquo;<B>Major Transaction Early Termination Notice</B>&rdquo;)
to the Company, which Major Transaction Early Termination Notice shall indicate the portion of the Principal that Holder is electing to
be treated as a Successor Major Transaction Conversion (provided, for the avoidance of doubt, that the Holder may elect a Major Transaction
Redemption in respect to a portion of the Principal and a Successor Major Transaction Conversion in respect of another portion of the
Principal). If holders of any Common Shares are given any choice as to the securities, cash or property to be received in a Successor
Major Transaction or Organic Change, then the Holder shall be given the same choice as to the type of consideration it receives upon any
conversion of this Note in connection with such Successor Major Transaction or Organic Change. Notwithstanding anything to the contrary
contained herein, the Holder shall be entitled to elect to require a Successor Major Transaction Conversion in respect of all or any portion
of the Principal, even if the Company has elected to require a Major Transaction Redemption with respect to all of the outstanding Principal
with respect to this Note as provided above (and, for the avoidance of doubt, there shall be no Major Transaction Redemption with respect
to the Principal of this Note as to which the Holder has elected a Successor Major Transaction Conversion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In respect of any Company Share Major Transaction, at any time from the date the Company delivers (or is obligated to deliver)
to the Holder a Major Transaction/Organic Change Notice with respect thereto, the Holder may deliver written notice of a Major Transaction
Conversion (&ldquo;<B>Major Transaction Conversion Notice</B>&rdquo;) to the Company, which Major Transaction Conversion Notice shall
indicate the portion of the Principal (the &ldquo;<B>Major Transaction Conversion Amount</B>&rdquo;) that the Holder is electing to treat
as a Major Transaction Conversion (which may be of all or any portion of the Principal, except any portion that the Holder has elected
to be redeemed in a Major Transaction Redemption) and the effective date of such Major Transaction Conversion (which shall not be prior
to the consummation of the applicable Company Share Major Transaction) (provided, for the avoidance of doubt, that the Holder may elect
a Major Transaction Redemption in respect to a portion of the Principal and Major Transaction Conversions in respect of other portions
of the Principal). For the avoidance of doubt, the Holder shall be permitted to make successive conversions and send successive Major
Transaction Conversion Notices in respect of a Company Share Major Transaction from time to time (provided that the effective date of
any such conversion shall not be prior to the consummation of the applicable Company Share Major Transaction). For the avoidance of doubt,
(A) in the event that the Company delivers a Forced Conversion Notice at any time after a Company Share Major Transaction has been consummated,
upon such Forced Conversion, and subject to the provisions of <U>Section 2(f)</U>, the Holder shall be entitled to receive the Base Conversion
Shares plus the Number of Make-Whole Shares that the Holder would have been entitled to receive had the Holder voluntarily delivered a
Conversion Notice following such Company Share Major Transaction; and (B) the Holder&rsquo;s election to require any Major Transaction
Conversions in respect of any Company Share Major Transaction shall not affect the Holder&rsquo;s right to thereafter require a Major
Transaction Redemption in respect of any or all of the Principal that remains outstanding, as provided in this <U>Section 3</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Settlement of Major Transaction Consideration</U>. Following receipt of a Major Transaction Redemption Notice or Major Transaction
Early Termination Notice from the Holder in respect of a Successor Major Transaction, the Company shall not effect the Successor Major
Transaction with respect to which Holder has elected a Major Transaction Redemption or Successor Major Transaction Conversion unless it
either (a) shall first place into an escrow account with an independent escrow agent, at least one (1) Trading Day prior to the closing
date of the Successor Major Transaction, the Major Transaction Redemption Price or Successor Major Transaction Consideration (as applicable)
applicable thereto, plus accrued and unpaid interest through the date of such payment or issuance, as applicable (and any other amounts
payable under the Facility Agreement), or (b) shall obtain the written agreement of the Successor Entity (which agreement shall include
provisions entitling the Holder to enforce such agreement as a third party beneficiary) that payment or issuance of the Major Transaction
Redemption Price or Successor Major Transaction Consideration (as applicable) applicable thereto plus accrued and unpaid interest through
the date of such payment or issuance, as applicable (and any other amounts payable under the Facility Agreement) shall be made to the
Holder concurrently with the consummation of such Successor Major Transaction and such payment or issuance, as the case may be, which
shall be a condition precedent to the consummation of such Successor Major Transaction. Concurrently upon closing of such Successor Major
Transaction, the Company shall pay or issue, as the case may be, or instruct the escrow agent to deliver, or cause the Successor Entity
to pay or issue, as applicable, the Major Transaction Redemption Price or Successor Major Transaction Consideration (as applicable) applicable
thereto, as the case may be, plus accrued and unpaid interest through the date of such payment or issuance, as applicable (and any other
amounts payable under the Facility Agreement). The Company shall not make, or permit to be made, any HCRM-Related Change of Control Payment
or HCRM-Related Non-Performance Payment without complying with the conditions and obligations in respect thereof under the Facility Agreement,
the Notes and the HCRM Subordination Agreement. Without limiting the foregoing, the Company shall not make, or permit to be made, any
HCRM-Related Change of Control Payment or HCRM-Related Non-Performance Payment without first having delivered or caused to be delivered
the Major Transaction Redemption Price applicable thereto plus accrued and unpaid interest through the date of such payment or issuance,
as applicable (and any other amounts payable under the Facility Agreement) to (I) the Holder, in respect of any of the Principal as to
which the Holder has, prior to the making of the HCRM-Related Change of Control Payment or HCRM-Related Non-Performance Payment, delivered
a Major Transaction Redemption Notice, or (II) into the HCRM-Related Conversion/Redemption Escrow Account, in respect of any of the Principal
as to which the Holder has not, prior to the making of the HCRM-Related Change of Control Payment or HCRM-Related Non-Performance Payment,
delivered a Major Transaction Redemption Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organic Change</U>. Any recapitalization, reorganization, reclassification, consolidation, merger, or any other transaction,
in each case, that is effected in such a way that holders of Common Shares are entitled to receive (either directly or upon subsequent
liquidation) stock, securities or assets with respect to, or in exchange for, Common</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Shares (other
than any transaction referred to in <U>Section 2(e)</U> or <U>Section 6</U>) is referred to herein as an &ldquo;<B>Organic Change</B>.&rdquo;
Without limiting any other rights of the Holder under this <U>Section 3</U> or any other provision of this Note, unless otherwise provided
in writing by the Required Note Holders, prior to the consummation of any Organic Change, the Company will make appropriate provision
(pursuant to written agreements in form and substance reasonably satisfactory to the Required Note Holders and approved by the Holder
prior to the consummation of such Organic Change (such approval (x) not to be unreasonably withheld, conditioned or delayed and (y) to
be deemed given if the Holder does not respond to a request for comments thereon within five (5) Business Days of being requested to
do so in writing by the Company) to ensure that the Holder will thereafter have the right to acquire and receive, in lieu of the Common
Shares otherwise acquirable or receivable upon the conversion of this Note (without regard to the 4.985% Cap or any other restriction
or limitation on conversion; provided that such written agreement shall contain a limitation on conversion comparable to the 4.985% Cap),
such shares of stock, securities and/or assets as would have been issued or payable in such Organic Change with respect to, or in exchange
for, the number of Common Shares which would have been acquirable or receivable upon the conversion of this Note immediately prior to
such Organic Change (without regard to the 4.985% Cap or any other restriction or limitation on conversion). In any such case, the Company
will make appropriate provision (pursuant to written agreements in form and substance reasonably satisfactory to the Required Note Holders
and approved by such Holders prior to the consummation of such Organic Change (such approval (x) not to be unreasonably withheld, conditioned
or delayed and (y) to be deemed given if the Holder does not respond to a request for comments thereon within five (5) Business Days
of being requested to do so in writing by the Company) with respect to the Holder&rsquo;s rights and interests to ensure that the provisions
of this <U>Section 3(d)</U> will thereafter be applicable to this Note. The Company shall not effect any Non-Surviving Organic Change
(as defined below), unless prior to the consummation thereof, the Acquiring Entity (as defined below) provides a written agreement (in
form and substance reasonably satisfactory to the Holder and approved by Holder prior to the consummation of such Non-Surviving Organic
Change (such approval (x) not to be unreasonably withheld, conditioned or delayed and (y) to be deemed given if the Holder does not respond
to a request for comments thereon within five (5) Business Days of being requested to do so in writing by the Company) to deliver to
the Holder, upon conversion of this Note, such shares of stock, securities and/or assets as would have been issued or payable in such
Non Surviving Organic Change with respect to, or in exchange for, the number of Common Shares that would have been acquirable or receivable
upon the conversion of this Note immediately prior to such Organic Change (without regard to the 4.985% Cap or any other restriction
or limitation on conversion). For purposes of this Note, &ldquo;<B>Non-Surviving Organic Change&rdquo;</B> means any Organic Change following
which the Company is not a surviving entity or as a result of which the Company has a new Parent Entity; and &ldquo;<B>Acquiring Entity</B>&rdquo;
means the Person purchasing assets of the Company in a Non-Surviving Organic Change or the Successor Entity resulting from any Non-Surviving
Organic Change. Notwithstanding the foregoing, in no event shall a Major Transaction as to which Holder has exercised its right to require
a Major Transaction Redemption or a Successor Major Transaction Conversion in respect of all of the Principal of this Note, or as to
which the Company shall have elected to require a Major Transaction Redemption, be subject to the provisions of this <U>Section 3(d)</U>,
and the foregoing shall not affect Holder&rsquo;s right to convert this Note prior to the consummation of the Organic Change.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the avoidance of doubt,
the rights and obligations of the Company and the Holder upon the occurrence of a Major Transaction or Organic Change are conditional
upon such Major Transaction or Organic Change being consummated (or actually occurring) and in the event that a Major Transaction or Organic
Change for which the Holder is given notice is not consummated (or does not occur), then upon written notice from the Company to the Holder
confirming that such Major Transaction has not and will in no event be consummated (or occur), all actions taken under this <U>Section
3</U> prior to such written notice in connection with such Major Transaction shall be deemed to be rescinded and null and void and the
Company shall return to the Holder this Note (if previously surrendered to the Company in connection with an anticipated Major Transaction
or Organic Change under this <U>Section 3</U>). In the event that such Major Transaction is being consummated pursuant to an agreement
between the Company (or any Affiliate thereof) and any other Person, the Company shall not deliver the written notice contemplated by
the immediately preceding sentence unless such agreement has terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Injunction; Damages</U>. In the event that the Company either (A) attempts to consummate a Successor Major Transaction following
the receipt of a Major Transaction Redemption Notice or Major Transaction Early Termination Notice from the Holder without either: (1)
placing the Major Transaction Redemption Price or Successor Major Transaction Consideration (as applicable) applicable thereto plus accrued
and unpaid interest through the date of such payment or issuance, as applicable (and any other amounts payable under the Facility Agreement),
in escrow in accordance with subsection <U>(c)</U> above, or (2) obtaining the written agreement of the Successor Entity described in
subsection <U>(c)</U> above, or (B) attempts to consummate a Successor Major Transaction without delivering or causing to be delivered
the Major Transaction Redemption Price or Successor Major Transaction Consideration (as applicable) applicable thereto plus accrued and
unpaid interest through the date of such payment or issuance, as applicable (and any other amounts payable under the Facility Agreement)
to Holder concurrently with consummation of such Successor Major Transaction, (C) attempts to make an HCRM-Related Change of Control Payment
or HCRM-Related Non-Performance Payment without first having delivered or caused to be delivered the Major Transaction Redemption Price
applicable thereto plus accrued and unpaid interest through the date of such payment or issuance, as applicable (and any other amounts
payable under the Facility Agreement) to (I) the Holder, in respect of any of the Principal as to which the Holder has, prior to the making
of the HCRM-Related Change of Control Payment or HCRM-Related Non-Performance Payment, delivered a Major Transaction Redemption Notice,
or (II) into the HCRM-Related Conversion/Redemption Escrow Account, in respect of any of the Principal as to which the Holder has not,
prior to the making of the HCRM-Related Change of Control Payment or HCRM-Related Non-Performance Payment, delivered a Major Transaction
Redemption Notice, and otherwise complying with the conditions and obligations under the Facility Agreement, the Notes and the HCRM Subordination
Agreement in respect of such HCRM-Related Change of Control Payment or HCRM-Related Non-Performance Payment or (D) attempts to consummate
a Non-Surviving Organic Change without obtaining the written agreement of an Acquiring Entity described in subsection <U>(d)</U> above,
the Holder shall have the right to apply for an injunction in any state or federal court sitting in the City of New York, borough of Manhattan
to prevent (as applicable) the closing of such Successor Major Transaction until the Major Transaction Redemption Price or Successor Major
Transaction Consideration (as applicable) applicable thereto plus accrued and unpaid interest through the date of such payment or issuance,
as applicable (and any other amounts payable under the Facility Agreement) is delivered to the Holder in full, or to prevent the consummation
of such Non-Surviving Organic Change until the Company shall have complied with its obligation under subsection <U>(d)</U> above, as applicable.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Notwithstanding anything to
the contrary contained herein and without derogating any obligations or rights herein, until the Holder receives its appropriate payment
or securities, plus any accrued and unpaid interest under this Note (and any other amounts payable under the Facility Agreement), in accordance
with the provisions of this <U>Section 3</U> and the Facility Agreement, this Note may be converted, in whole or in part, by the Holder
into Common Shares, or in the event that such payments and/or shares have not been delivered prior to the consummation of the Successor
Major Transaction in which the Company is not the surviving parent entity, common shares (or their equivalent) of the Successor Entity
at an appropriate conversion price based upon the prevailing Conversion Price (as adjusted hereunder) at the time of such Major Transaction
and price per share or conversion ratio received by holders of Common Shares in the Major Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Failures</U>. Upon any Registration Failure (as defined in the Registration Rights Agreement), in addition to all
other available remedies that the Holder may pursue hereunder and under the Facility Agreement, the Registration Rights Agreement and
this Note, the Company shall pay additional damages to the Holder for each 30-day period (prorated for any partial period) after the date
of such Registration Failure in an amount in cash equal to one percent (1.0%) of such Holder&rsquo;s Principal amount of this Note on
the date of such Registration Failure. Such payments shall accrue until the earlier of (i) such time as the Registration Failure has been
cured and (ii) the date on which all of the Conversion Shares may be sold without restriction under Rule 144 (including volume restrictions
and without the need for the availability of current public information under Rule 144). All such payments that accrue under this <U>Section
4</U> shall be payable no later than five (5) Business Days following such date of accrual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting Rights</U>. Except as required by law, the Holder shall have no voting rights with respect to any of the Conversion Shares
until the Conversion Date relating to the conversion of this Note upon which such Conversion Shares are issuable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Participation</U>. The Holder, as the holder of this Note, shall be entitled to receive such dividends paid (or cash amounts
equal to such dividends) and distributions of any kind made to the holders of any Common Shares (or any preferred shares convertible into
Common Shares, subject to the last sentence of this <U>Section 6</U>), other than dividends of, or distributions payable in, Common Shares
or additional shares of the class of preferred shares upon which the dividends or distributions are issued, made or paid, to the same
extent as if the Holder had converted this Note into such Common Shares (without regard to the 4.985% Cap or any other limitations on
exercise herein or elsewhere and without regard to whether or not a sufficient number of shares are authorized and reserved to effect
any such exercise and issuance) and had held such Common Shares on the record date for such dividends and distributions. Payments under
the preceding sentence shall be made concurrently with the dividend or distribution to the holders of such Common Shares. To the extent
any dividends paid and distributions are issued, made or paid on any preferred shares convertible into Common Shares, such dividends or
distributions shall, for purposes hereof, be deemed to have been issued made or paid upon the Common Shares into which such preferred
shares are convertible, based upon the applicable conversion rate of such preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Provisions Related to Common Shares Issued Hereunder</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sufficient Shares</U>. The Company shall provide, free from preemptive rights, out of the Company&rsquo;s conditional or authorized
share capital or by means of shares held in treasury, sufficient Common Shares to provide for conversion of the Notes held by the Holder
from time to time as such Notes are presented for conversion (assuming that at the time of computation of such number of Common Shares,
all such Notes would be converted by the Holder into Conversion Shares (without regard to the 4.985% Cap)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fully-Paid</U>. The Company covenants that all Common Shares issued upon conversion of Notes held by the Holder in accordance
with <U>Section 2(c)</U> will be fully paid up by the Company and free from all taxes, liens and charges with respect to the issue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment; Waiver</U>. The terms and provisions of this Note shall not be amended or waived except in a writing signed by the
Company and the Holder; provided that the Company and the Required Note Holders may in writing amend the Notes on behalf of all of the
Holders of Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief</U>. The remedies provided in this Note shall
be cumulative and in addition to all other remedies available under this Note, the Facility Agreement, at law or in equity (including
a decree of specific performance and/or other injunctive relief). No remedy contained herein shall be deemed a waiver of compliance with
the provisions giving rise to such remedy, and nothing herein shall limit the Holder&rsquo;s right to pursue actual damages for any failure
by the Company to comply with the terms of this Note. The Company covenants to the Holder that, except as may be set forth in the Facility
Agreement, there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or
provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received
by the Holder thereof and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance
thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that
the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened
breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the
necessity of showing economic loss and without any bond or other security being required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Specific Shall Not Limit General; Construction</U>. No specific provision contained in this Note shall limit or modify any more
general provision contained herein. This Note shall be deemed to be jointly drafted by the Company and all purchasers of Notes pursuant
to the Facility Agreement and shall not be construed against any Person as the drafter hereof</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Failure or Indulgence Not Waiver</U>. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be
given in accordance with Section 9.1 of the Facility Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfers of Notes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration or Exemption Required</U>. This Note has been issued in a transaction exempt from the registration requirements
of the Securities Act and exempt from state registration or qualification under applicable state laws. None of this Note or the Conversion
Shares may be pledged, transferred, sold, assigned, hypothecated or otherwise disposed of except pursuant to an effective registration
statement under the Securities Act or pursuant to an exemption from registration under the Securities Act, including pursuant to Rule
904, Rule 144 or Rule 144A under the Securities Act or pursuant to a private sale effected under Section 4(a)(7) of the Securities Act
or applicable formal or informal SEC interpretation or guidance, such as a so-called &ldquo;4(a)(1) and a half&rdquo; sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment</U>. Subject to <U>Section 13(a)</U> and Section 9.4 of the Facility Agreement, the Holder may sell, transfer, assign,
pledge, hypothecate or otherwise dispose (collectively, &ldquo;<B>Transfer</B>&rdquo;; and &ldquo;<B>Transferee</B>&rdquo; shall have
a correlative meaning) of this Note, in whole or in part, so long as the Loans represented thereby are simultaneously Transferred in accordance
with, and subject to the restrictions set forth in, the Facility Agreement. Holder shall deliver a written notice to Company, substantially
in the form of the Assignment attached hereto as Exhibit C, indicating the Person or Persons to whom the Note shall be Transferred and
the respective principal amount of the Note to be Transferred to each assignee. The Company shall effect the Transfer within two (2) Business
Days and shall deliver to the assignee(s) designated by Holder a Note or Notes of like tenor and terms for the appropriate principal amount.
This Note and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors and assigns of the Holder.
The provisions of this Note are intended to be for the benefit of all Holders from time to time of this Note, and shall be enforceable
by any such Holder. For avoidance of doubt, in the event Holder notifies the Company that such sale or transfer is a so-called &ldquo;4(a)(1)
and a half&rdquo; transaction, the parties hereto agree that a legal opinion from Katten Muchin Rosenman LLP or other nationally recognized
outside counsel for the Holder delivered to the Company substantially in the form attached hereto as Exhibit D shall be the only requirement
to satisfy an exemption from registration under the Securities Act to effectuate such &ldquo;4(a)(1) and a half&rdquo; transaction. Notwithstanding
anything to the contrary herein or in the Facility Documents, this Note may not be Transferred separately from the Holder&rsquo;s rights
and obligations as a Lender under the Facility Documents with respect to the corresponding Loan amount. Any purported Transfer of this
Note in violation of the terms of this Note or the Facility Agreement shall be void ab initio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Obligations of the Company</U>. For so long as any conversion rights under this Note remain capable of being exercised, the
Company will keep available for issue out of its conditional or authorized capital free from pre-emptive rights (other than pre-emptive
rights that have been waived) such number of Common Shares as would enable the Conversion Shares to be issued in full. The Company hereby
covenants and agrees that the Company will not, by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">amendment
of its Articles or bylaws or through any reorganization, transfer of assets, consolidation, merger, amalgamation, scheme of arrangement,
dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any
of the terms of this Note or otherwise intentionally materially adversely affect the rights or remedies to which the Holder is entitled
hereunder, including by structuring any transaction, structuring other agreements or arrangements for payments to Affiliates of the Company
in connection with any transaction, or take any other action that has the purpose or effect of circumventing any of the rights or remedies
of the Holder under this Note, including <U>Section 3</U> hereof, and will at all times in good faith carry out all the provisions of
this Note. Without limiting the foregoing, for so long as any Principal remains outstanding, the Company will not, without the consent
of the Holder, make any alteration to its Articles which could have a material adverse effect on the rights attaching to the Common Shares.
Without limiting the generality of the foregoing, the Company shall take all such actions as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and non-assessable Common Shares upon the conversion of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Collection, Enforcement and Other Costs</U>. If (a) this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding; or (b) an attorney is retained to represent the Holder in any
bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors&rsquo; rights and involving a
claim under this Note, then the Company shall pay the costs incurred by the Holder for such collection, enforcement or action, including
reasonable attorneys&rsquo; fees and disbursements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation</U>. After all Principal, Interest and other amounts at any time owed under, or on account of, this Note have been
paid in full or converted into Common Shares in accordance with the terms hereof, this Note shall automatically be deemed cancelled, shall
be surrendered to the Company for cancellation and shall not be reissued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registered Note</U>. This Note may be Transferred only upon notation of such Transfer on the Register, and no Transfer thereof
shall be effective until recorded therein. Until there has been a valid Transfer of this Note and of all of the rights hereunder by the
Holder in accordance with this Note, the Company shall deem and treat the Holder as the absolute beneficial owner and holder of this Note
and of all of the rights hereunder for all purposes (including for the purpose of receiving all payments to be made under this Note).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Notice</U>. To the extent permitted by law, the Company hereby waives demand, notice, presentment, protest and all
other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Facility
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note and all disputes arising hereunder shall be governed by, the laws of the State of
New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other
jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. The Company (a) agrees
that any legal action or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">proceeding
with respect to this Note or any other agreement, document, or other instrument executed in connection herewith, shall be brought exclusively
in any state or federal court located within New York, New York, (b) irrevocably waives any objections which the Company may now or hereafter
have to the venue of any suit, action or proceeding arising out of or relating to this Note, or any other agreement, document, or other
instrument executed in connection herewith, brought in the aforementioned courts, (c) further irrevocably waives any claim that any such
suit, action, or proceeding brought in any such court has been brought in an inconvenient forum and (d) hereby consents that personal
service of summons or other legal process may be made as set forth in the Facility Agreement. EACH OF THE COMPANY AND THE HOLDER (BY
ACCEPTANCE HEREOF) IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BROUGHT TO ENFORCE ANY PROVISION OF THIS
NOTE OR ANY OTHER TRANSACTION DOCUMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Interpretative Matters</U>. Unless the context otherwise requires, (a) all references to Sections or Exhibits are to Sections
or Exhibits contained in or attached to this Note, (b) each accounting term not otherwise defined in this Note has the meaning assigned
to it in accordance with IFRS, (c) words in the singular or plural include the singular and plural and pronouns stated in either the masculine,
the feminine or neuter gender shall include the masculine, feminine and neuter and (d) the use of the word &ldquo;including&rdquo; in
this Note shall be by way of example rather than limitation. If a Stock Event occurs during any period over which an average price is
being determined, then an appropriate adjustment will be made to such average to reflect such event. All cash payments to be made pursuant
to this Note shall be made in Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution</U>. A facsimile, telecopy, PDF or other reproduction of this Note may be delivered by the Company, and an executed
copy of this Note may be delivered by the Company by facsimile, email or other similar electronic transmission device pursuant to which
the signature of or on behalf of the Company can be seen, and such execution and delivery shall be considered valid, binding and effective
for all purposes. The Company hereby agrees that it shall not raise the execution of facsimile, PDF or other reproduction of this Note,
or the fact that any signature was transmitted by facsimile, email or other similar electronic transmission device, as a defense to the
Company&rsquo;s execution of this Note. Notwithstanding the foregoing, the Company shall be required to deliver an originally executed
Note to the Holder (or its designee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page follows]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Company
has caused this Senior Secured Convertible Note to be duly executed as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>COMPANY:</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>ADC THERAPEUTICS SA</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Name:&#9;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Title:&#9;</TD></TR>
  </TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit A</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONVERSION NOTICE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reference is made to (i) the Senior Secured Convertible Note (the &ldquo;Note&rdquo;)
of ADC THERAPEUTICS SA, a Swiss stock corporation (<I>soci&eacute;t&eacute; anonyme</I>) (the &ldquo;Company&rdquo;), in the original
principal amount of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
and (ii) article 4(c) of the articles of association of the Company. In accordance with and pursuant to the Note, the undersigned hereby
(i) elects to convert the Conversion Amount (as defined in the Note) of the Note indicated below into Common Shares (as defined in the
Note) of the Company, as of the date specified below, and (ii) pays in the issuance price of the relevant Common Shares by setting off
the corresponding amount under the Note converted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date of Conversion: _______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aggregate Conversion Amount to be converted at
the Conversion Price (as defined in the Note):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Principal, applicable thereto, to be converted:
_______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please confirm the following information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conversion Price: __________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Number of Common Shares to be issued: _______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please issue the Common Shares into which the
Note is being converted in the following name and to the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issue to: ________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email Address: _______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: ___________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DTC Details (if applicable): ______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By: _____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: _______________________ Title: ____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ACKNOWLEDGMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company hereby acknowledges this Conversion
Notice and hereby directs [TRANSFER AGENT] to issue the above indicated number of Common Shares in accordance with the Irrevocable Transfer
Agent Instructions dated [ ], 20[_] from the Company and acknowledged and agreed to by [TRANSFER AGENT].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADC Therapeutics SA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By: _____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Name: _______________________ Title: ____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF DECLARATION FOR REMOVAL OF LEGEND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 46.75pt">TO:</TD><TD STYLE="text-align: justify">[TRANSFER AGENT]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.75pt; text-align: justify; text-indent: -46.75pt">AND TO: ADC
Therapeutics SA (the &ldquo;<B>Company</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.75pt; text-align: justify; text-indent: -46.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned (A) acknowledges that the sale
of the securities of the Company to which this declaration relates has been or will be made in reliance on Rule 904 of Regulation S under
the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), and (B) certifies that (1) the undersigned is not (a)
an &ldquo;affiliate&rdquo; of the Company (as that term is defined in Rule 405 under the Securities Act), (b) a &ldquo;distributor&rdquo;
as defined in Regulation S or (c) an affiliate of a distributor; (2) the offer of such securities was not made or will not be made to
a person in the United States and either (a) at the time the buy order was or will be originated, the buyer was or will be outside the
United States, or the seller and any person acting on its behalf reasonably believed or will reasonably believe that the buyer was or
will be outside the United States, or (b) the transaction was or will be executed on or through the facilities of a designated offshore
securities market and neither the seller nor any person acting on its behalf knows or will know that the transaction has been or will
be prearranged with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor any person acting on their
behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities;
(4) the sale was or will be bona fide and not for the purpose of &ldquo;washing off&rdquo; the resale restrictions imposed because the
securities are &ldquo;restricted securities&rdquo; (as that term is defined in Rule 144(a)(3) under the U. S. Securities Act); (5) the
seller does not intend to replace securities sold in reliance on Rule 904 of Regulation S with fungible unrestricted securities; and (6)
the contemplated sale is not or will not be a transaction, or part of a series of transactions, which, although in technical compliance
with Regulation S, is part of a plan or scheme to evade the registration provisions of the Securities Act. Terms used herein have the
meanings given to them by Regulation S under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and [________] <B><I>{insert name
of transfer agent} </I></B>shall be entitled to assume, and shall assume, that the matters certified above shall remain true and correct,
unless and until the undersigned advises the Company otherwise, in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Dated:</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="width: 3%">X</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Signature of individual (if Seller <B>is</B> an individual)</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="width: 3%">X</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Authorized signatory (if Seller is <B>not</B> an individual)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 3%"></TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Name of Seller (<B>please print</B>)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 3%"></TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Name of authorized signatory (<B>please print</B>)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 3%"></TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Title of authorized signatory(<B>please print</B>)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit C</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ASSIGNMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(To be executed by the registered holder desiring
to transfer the Note)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOR VALUE RECEIVED, the undersigned holder of
the attached Senior Secured Convertible Note (the &ldquo;Note&rdquo;) hereby sells, assigns and transfers unto the person or persons below
named the right to receive the principal amount of $___________ from ADC Therapeutics SA, a Swiss stock corporation (<I>soci&eacute;t&eacute;
anonyme</I>), evidenced by the attached Note and does hereby irrevocably constitute and appoint _______________ attorney to transfer the
said Note on the books of the Company, with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">Dated:&nbsp;&nbsp;_____________</TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><U>&#9;</U></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Signature</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Fill in for new registration of Note:</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><U>&#9;</U></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><U>&#9;</U></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><U>&#9;</U></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Address</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><U>&#9;</U></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Please print name and address of assignee</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">(including zip code number)</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit D</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF OPINION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;,20_____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re:&#9;ADC Therapeutics (the &ldquo;Company&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sir:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[_______________] (&ldquo;[______________]&rdquo;)
intends to transfer its Senior Secured Convertible Note in the principal amount of $_________ (the &ldquo;Note&rdquo;) of the Company
to ________ (&ldquo;_____&rdquo;) without registration under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).
In connection herewith, we have examined such documents and issues of law as we have deemed relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on and subject to the foregoing, we are
of the opinion that the transfer of the Note by _____________ to ______________ may be effected without registration under the Securities
Act: provided, however, that the Note to be transferred to __________ shall contain a legend restricting its transferability pursuant
to the Securities Act as set forth in the Note and may to a stop transfer order consistent therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing opinion is furnished only to ___________
and may not be used, circulated, quoted or otherwise referred to or relied upon by you for any purposes other than the purpose for which
furnished or by any other person for any purpose, without our prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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