<SEC-DOCUMENT>0001104659-25-100321.txt : 20251017
<SEC-HEADER>0001104659-25-100321.hdr.sgml : 20251017
<ACCEPTANCE-DATETIME>20251017120241
ACCESSION NUMBER:		0001104659-25-100321
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20251017
DATE AS OF CHANGE:		20251017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAVA Therapeutics NV
		CENTRAL INDEX KEY:			0001840748
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40241
		FILM NUMBER:		251399403

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		YALELAAN 62
		CITY:			UTRECHT
		PROVINCE COUNTRY:   	P7
		BUSINESS PHONE:		31 6 3000 3035

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		YALELAAN 62
		CITY:			UTRECHT
		PROVINCE COUNTRY:   	P7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAVA Therapeutics BV
		DATE OF NAME CHANGE:	20210115
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
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<DESCRIPTION>DEFA14A
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b></b></font></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>&nbsp;</b></font></p>

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SCHEDULE 14A</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(RULE 14a-101)</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; text-align: center"><b>INFORMATION REQUIRED IN PROXY STATEMENT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SCHEDULE 14A INFORMATION</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; text-align: center"><b>Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant&ensp;<font style="font-family: Wingdings">&#120;</font></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">Filed by a Party other than the Registrant&ensp;<font style="font-family: Wingdings">&#168;</font></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; text-indent: -0.25in">Check the appropriate box:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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    <td style="vertical-align: top; font-size: 10pt; width: 5%"><font style="font-family: Wingdings">&#168;</font></td>
    <td style="vertical-align: bottom; font-size: 10pt; width: 95%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</font></td></tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font style="font-family: Wingdings">&#168;</font></font></td>
    <td style="vertical-align: bottom; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</b></font></td></tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font style="font-family: Wingdings">&#168;</font></font></td>
    <td style="vertical-align: bottom; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</font></td></tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font style="font-family: Wingdings">&#120;</font></font></td>
    <td style="vertical-align: bottom; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</font></td></tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font style="font-family: Wingdings">&#168;</font></font></td>
    <td style="vertical-align: bottom; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LAVA Therapeutics N.V.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Name of Registrant as Specified In Its Charter)</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; text-align: center"><b>(Name of Person(s)&nbsp;Filing Proxy Statement,
if other than the Registrant)</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 0pt 0.25in; text-indent: -0.25in">Payment of Filing Fee (Check the appropriate
box):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</font></td></tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Wingdings">&#168;</font></td>
    <td style="vertical-align: top; padding-left: 10pt; font-size: 10pt; text-indent: -10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</font></td></tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Wingdings">&#168;</font></td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a6(i)(1)&nbsp;and 0-11</font></td></tr>
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<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"></p>

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<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"></p>

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    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&nbsp;</p></div>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt 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">&#160;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</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">&#160;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&#160;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</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">&#160;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&#160;13 or 15(d)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event reported)<BR>

October 17, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</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">&#160;</P>


<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LAVA Therapeutics N.V.</B></P>

<P STYLE="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</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">&#160;</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="text-align: center; width: 33%"><B>The Netherlands</B></TD>
    <TD STYLE="text-align: center; width: 33%"><B>001-40241</B></TD>
    <TD STYLE="text-align: center; width: 34%"><B>82-2745484</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>(State or other jurisdiction<BR>
 of incorporation)</B></TD>
    <TD STYLE="text-align: center"><B>(Commission <BR>
File Number)</B></TD>
    <TD STYLE="text-align: center"><B>(IRS Employer<BR>
 Identification No.)</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: center; vertical-align: top; width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Yalelaan
    62</B> <B>Utrecht</B><B>, The Netherlands</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><B>3584</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><B>(Address of principal executive offices)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>(Zip Code)</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+31 85 016 3100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registrant&#8217;s telephone number, including
area code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Former name or former address, if changed
since last report)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&#160;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form&#160;8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD>Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD>Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&#160;12(b)&#160;of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 41%"><B>Title of each class</B></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 27%"><B>Trading&#8239;Symbol(s)</B></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 30%"><B>Name of each exchange on which registered</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><B>Common shares, nominal value &#8364;0.12 per share</B></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><B>LVTX</B></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><B>NASDAQ Global Select Market</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities
Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Emerging growth company <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section&#160;13(a)&#160;of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 1.01 Entry into a Material Definitive
Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On October&#160;17,
2025, </FONT>LAVA Therapeutics N.V., a Dutch public limited liability company (<I>naamloze vennootschap</I>) (the &#8220;<FONT STYLE="text-decoration: underline">Company</FONT>&#8221;),
entered into an amendment (the &#8220;<FONT STYLE="text-decoration: underline">Amendment</FONT>&#8221;) to the Share Purchase Agreement (the &#8220;<FONT STYLE="text-decoration: underline">Purchase Agreement</FONT>&#8221;),
dated as of August&#160;3, 2025, by and between the Company and XOMA Royalty Corporation (&#8220;<FONT STYLE="text-decoration: underline">Buyer</FONT>&#8221;). Capitalized terms
not defined herein shall have the meaning ascribed to them in the Purchase Agreement, as amended by the Amendment. The Purchase Agreement
was filed as Exhibit&#160;2.1 to the Company&#8217;s Current Report on Form&#160;8-K filed with the Securities and Exchange Commission
(the &#8220;<FONT STYLE="text-decoration: underline">SEC</FONT>&#8221;) on August&#160;4, 2025. The material terms of the Purchase Agreement are described in more detail in the
definitive proxy statement of the Company filed with the SEC on September&#160;3, 2025, including as amended, in the section titled &#8220;The
Offer and the Other Transactions Contemplated by the Purchase Agreement&#8221; beginning on page&#160;25.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the
Amendment, holders of common shares of the Company (the &#8220;<FONT STYLE="text-decoration: underline">Shares</FONT>&#8221;, and such holders, the &#8220;<FONT STYLE="text-decoration: underline">Shareholders</FONT>&#8221;)
who tender their Shares in the tender offer (the &#8220;<FONT STYLE="text-decoration: underline">Offer</FONT>&#8221;) will now receive </FONT>(i)&#160;a price per Share of $1.04
(the &#8220;<FONT STYLE="text-decoration: underline">Cash Amount</FONT>&#8221;), as compared to the range between $1.16 and $1.24 that was originally agreed, plus (ii)&#160;one
contingent value right (&#8220;<FONT STYLE="text-decoration: underline">CVR</FONT>&#8221;) per Share, which shall represent the right to receive potential payments, in cash, described
in, and subject to and in accordance with the terms and conditions of, a Contingent Value Rights Agreement (&#8220;<FONT STYLE="text-decoration: underline">CVR Agreement</FONT>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the revised form of CVR
Agreement under the Amendment, each CVR will now represent a contractual right to receive contingent cash payments equal to a pro
rata share of: (i)&#160;100% of the amount by which the Closing Net Cash (as defined in the Purchase Agreement), as adjusted for any
Permitted Deductions (as defined in the CVR Agreement) made within ninety (90) days following the Closing Date (as defined in the
Purchase Agreement), exceeds Closing Net Cash as finally determined pursuant to the Purchase Agreement; (ii)(A)&#160;100% of the Net
Proceeds (as defined in the CVR Agreement), if any, from any sale, transfer, license or other disposition (each, a &#8220;<FONT STYLE="text-decoration: underline">Disposition</FONT>&#8221;)
by the Company, of all or any part of the rights, intellectual property and other assets related to LAVA-1266 prior to the Closing
Date; plus (B)&#160;75% of the Net Proceeds, if any, from any Disposition by Buyer or any of its affiliates, including the Company,
after, of all or any part of the CVR Products (as defined in the CVR Agreement) entered into following the Closing Date, in each
case for the period beginning at the Closing Date and ending on the 10<SUP>th</SUP>&#160;anniversary of the Closing Date;
(iii)&#160;75% of the Net Proceeds, in the case of Gross Proceeds as payable to Buyer or any of its Affiliates, including the
Company (after the Closing Date) and New Topco, or is otherwise due to or received by Buyer or any of its Affiliates, including the
Company (after the Closing Date) and New Topco, in respect of the Company&#8217;s collaborations (A)&#160;with Pfizer Inc. (formerly
Seagen Inc.) to develop, manufacture and commercialize EGFRd2 (PF-8046052) pursuant to that certain Exclusive License Agreement, by
and between Pfizer Inc. and Company, dated September&#160;23, 2022, as amended, restated, modified, replaced and novated from time
to time and (B)&#160;with Johnson&#160;&amp; Johnson (formerly Janssen) for the discovery and development of novel bispecific
antibody-based T cell engagers for the treatment of cancer, including JNJ-89853413 pursuant to that certain Research Collaboration
and License Agreement, by and between Johnson&#160;&amp; Johnson and Company, dated May&#160;13, 2020, as amended, restated,
modified, replaced and novated from time to time, for the period beginning at the Closing Date and ending on the
10<SUP>th</SUP>&#160;anniversary of the Closing Date; and (iv)&#160;100% of an amount equal to $6,330,000, minus any tax liabilities
or other costs or expenses incurred in connection with or related to the Tax Reserve Matter (as defined in the CVR Agreement), for
the period beginning at the Closing Date and ending no later than sixty (60) days following the Tax Reserve Confirmation Date (as
defined in the CVR Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in the Amendment the Company and
Buyer agreed to reduce the minimum Closing Net Cash (as defined in the Purchase Agreement), which is a condition to the consummation of
the Offer, to be $24.5 million, compared to the previous minimum Closing Net Cash of $31.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Amendment does
not purport to be complete and is qualified in its entirety by reference to the Amendment (including the new Form&#160;of CVR Agreement
included as Schedule I thereto), a copy of which is filed as Exhibit&#160;2.1 hereto and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8.01 Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October&#160;17, 2025, the Company and Buyer
issued a joint press release announcing the execution of the Amendment and an extension of the expiration of the Offer to one minute after
11:59 p.m., New York City time, on November&#160;12, 2025, unless it is extended further or earlier terminated in accordance with the
Purchase Agreement. The Offer was previously scheduled to expire one minute after 11:59 p.m., New York City time, on October&#160;17,
2025. The joint press release also announced the Company&#8217;s intention to reconvene the Extraordinary General Meeting of Shareholders
(the &#8220;<FONT STYLE="text-decoration: underline">EGM</FONT>&#8221;) at 2:00 p.m.&#160;(Central European Summer Time) on November&#160;7, 2025. The EGM will be held at the
offices of NautaDutilh N.V., Beethovenstraat 400, 1082 PR Amsterdam, the Netherlands. The Company will file a revised definitive proxy
statement reflecting the Amendment in due course. A copy of the press release is attached hereto as Exhibit&#160;99.1 and is incorporated
into this Item 8.01 by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Important Additional Information and Where
to Find It</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The description
contained in this Current Report on Form&#160;8-K is for informational purposes only and is not a recommendation, an offer to buy or the
solicitation of an offer to sell any of the Company&#8217;s ordinary shares. The Offer has been extended until one minute after 11:59
p.m.&#160;Eastern time on November&#160;12, 2025, unless the Offer is further extended or earlier terminated. Buyer will file an amendment
to its Tender Offer Statement on Schedule TO with the SEC. The Company will file an amendment to its Solicitation/Recommendation Statement
on Schedule 14D-9 with the SEC related to the Offer. The Company will file an amended definitive proxy statement in connection with the
reconvened EGM at which the Company&#8217;s shareholders will be requested to vote on certain proposed resolutions (the &#8220;EGM Proposals&#8221;)
in connection with the transactions between the Company and Buyer. The Company plans to file and send a revised proxy statement and proxy
card to each shareholder entitled to vote at the reconvened EGM</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>INVESTORS AND
SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDNG THE EXTRAORDINARY GENERAL MEETING AND THE TENDER OFFER MATERIALS (INCLUDING
THE OFFER TO PURCHASE, A LETTER OF TRANSMITTAL AND RELATED DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9
REGARDING THE OFFER, AS THEY MAY&#160;BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES
(INCLUDING THE TERMS AND CONDITIONS OF THE OFFER) OR MAKING ANY VOTING DECISION FOR THE EXTRAORDINARY GENERAL MEETING.</B></FONT>&#160;Investors
and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website
maintained by the SEC at www.sec.gov. Investors and security holders may also obtain, at no charge, the documents filed or furnished to
the SEC by the Company under the &#8220;SEC Filings&#8221; subsection of the &#8220;Financial Information&#8221; section of the Company&#8217;s
website at https://ir.lavatherapeutics.com/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Participants in the Solicitation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, its directors and executive officers
and other members of its management and employees, as well as Buyer and its directors and executive officers, may be deemed to be participants
in the solicitation of proxies from the Company&#8217;s shareholders in connection with the EGM Proposals. Information about the Company&#8217;s
directors and executive officers and their ownership of Shares is set forth in the proxy statement for the Company&#8217;s 2025 annual
general meeting of shareholders, which was filed with the SEC on April&#160;28, 2025. Information about Buyer&#8217;s directors and executive
officers is set forth in the proxy statement for Buyer&#8217;s 2025 annual meeting of shareholders, which was filed with the SEC on April&#160;15,
2025. Shareholders may obtain additional information regarding the direct and indirect interests of the participants in the solicitation
of proxies in connection with the EGM Proposals, including the interests of the Company&#8217;s directors and executive officers in the
transactions, which may be different than those of the Company&#8217;s shareholders generally, by reading the proxy statement and other
relevant documents regarding the transactions which will be filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cautionary Note Regarding Forward-Looking Statements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Current Report on Form&#160;8-K contains
&#8220;forward-looking statements,&#8221; including, but not limited to, statements regarding the Company&#8217;s beliefs and expectations
and statements about the proposed transactions, including the expected timing of the completion of the Offer and the consideration to
be paid to the Company&#8217;s shareholders who tender their shares in the Offer. These statements may be identified by their use of forward-looking
terminology including, but not limited to, &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221;
&#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;goal,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221;
&#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;target,&#8221; &#8220;will,&#8221;
and &#8220;would,&#8221; and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements
are neither historical facts nor assurances of future performance and involve risks and uncertainties that could cause actual results
to differ materially from those projected, expressed or implied by such forward-looking statements. These risks and uncertainties include,
but are not limited to: the possibility that various closing conditions set forth in the Purchase Agreement and Amendment may not be satisfied
or waived, including uncertainties as to the percentage of the Company&#8217;s shareholders tendering their shares in the Offer; the possibility
that competing offers will be made; the possibility that the closing conditions might not be met; the risk that the transactions may not
be completed in a timely manner, or at all, which may adversely affect the Company&#8217;s business and the price of its ordinary shares;
the delay or failure of the Offer Conditions to be satisfied (or waived), including insufficient common shares of the Company being tendered
in the Offer; significant costs associated with the Transactions; the risk that any shareholder or other litigation in connection with
the transactions may result in significant costs of defense, indemnification and liability; the risk that activities related to the CVR
Agreement, including the new form thereof, may not result in any value to the Company&#8217;s shareholders, including payments related
to the resolution of certain potential liabilities; the possibility that prior to the completion of the transactions, the Company&#8217;s
or Buyer&#8217;s business may experience significant disruptions due to transaction-related uncertainty; the effects of disruption from
the transactions of the Company&#8217;s business and the fact that the announcement and pendency of the transactions may make it more
difficult to establish or maintain relationships with employees, manufacturers, suppliers, vendors or business partners; the occurrence
of any event, change or other circumstance that could give rise to the termination of the Purchase Agreement; as well as potential adverse
effects on the Company&#8217;s business condition and results from general economic and market conditions and overall fluctuations in
the United States and international equity markets, including as a result of inflation, heightened interest rates, recent and potential
future pandemics and other health crises, and hostilities, including the Russian invasion of Ukraine and the conflict in the Middle East;
and other risks and uncertainties discussed in the Company&#8217;s most recent annual and quarterly reports filed with the SEC as well
as in the Company&#8217;s subsequent filings with the SEC. As a result of such risks and uncertainties, the Company&#8217;s actual results
may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained
herein. There can be no assurance that the transactions will in fact be consummated. The Company cautions investors not to unduly rely
on any forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward-looking statements contained in this
Current Report on Form&#160;8-K are made as of the date hereof, and the Company undertakes no obligation to update any forward-looking
statements, whether as a result of future events, new information or otherwise, except as expressly required by law. All forward-looking
statements in this document are qualified in their entirety by this cautionary statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
9.01 Financial Statements and Exhibits.</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#160;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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="border: black 1pt solid; padding-right: 5.9pt; padding-left: 5.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit<BR>
No.</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</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; padding-right: 5.9pt; padding-left: 5.9pt; text-align: center"><a href="tm2528774d2_ex2-1.htm" style="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></a></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; padding-right: 5.9pt; padding-left: 5.65pt"><a href="tm2528774d2_ex2-1.htm" style="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
to the Share Purchase Agreement, dated October&#160;17, 2025, by and among LAVA Therapeutics N.V. and XOMA Royalty Corporation</FONT></a></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-right: 5.9pt; padding-left: 5.9pt; text-align: center"><a href="tm2528774d2_ex99-1.htm" style="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></a></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; padding-right: 5.9pt; padding-left: 5.65pt"><a href="tm2528774d2_ex99-1.htm" style="-sec-extract: exhibit"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press
Release dated October&#160;17, 2025</font></a></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-right: 5.9pt; padding-left: 5.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page&#160;Interactive Data File (embedded within the Inline XBRL document)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</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">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LAVA Therapeutics N.V.</B></FONT></TD></TR>
  <TR>
    <TD>&#160;</TD>
    <TD COLSPAN="2">&#160;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: October&#160;17, 2025</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Fred Powell</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fred Powell</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</P>

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

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<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>tm2528774d2_ex2-1.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 2.1</B></P>

<P STYLE="margin: 0">&nbsp;</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; text-align: right">October&nbsp;17, 2025</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">XOMA Royalty Corporation<BR>
2200 Powell Street, Suite&nbsp;310<BR>
Emeryville, CA 94608<BR>
Attention: Legal Department; Bradley Sitko</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">LAVA Therapeutics N.V.<BR>
Yalelaan 62<BR>
3584 CM Utrecht,<BR>
The Netherlands<BR>
Attention: Stephen Hurly</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-indent: 0.5in">RE:&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Share Purchase
Agreement &ndash; Resolution of Dispute Notice / Amendment to Purchase Agreement</U></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">Ladies and Gentlemen,</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; text-indent: 0.5in">Reference is made to that
certain Share Purchase Agreement (the &ldquo;<U>Purchase Agreement</U>&rdquo;), dated as of August&nbsp;3, 2025, by and between XOMA Royalty
Corporation, a Nevada corporation (&ldquo;<U>Buyer</U>&rdquo;), and LAVA Therapeutics N.V., a Dutch public limited liability company (<I>naamloze
vennootschap</I>) organized under the Laws of The Netherlands, having its corporate seat (<I>statutaire zetel</I>) in Utrecht, The Netherlands,
registered with the Dutch trade register under number 65335740 (the &ldquo;<U>Company</U>&rdquo;). Capitalized terms used but not defined
in this letter shall have the meanings given to such terms in the Purchase Agreement.</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; text-indent: 0.5in">The Parties acknowledge and
agree that (i)&nbsp;in accordance with Section&nbsp;2.01(k)&nbsp;of the Purchase Agreement, Buyer delivered a Dispute Notice on September&nbsp;24,
2025, (ii)&nbsp;between September&nbsp;24, 2025 and the date hereof, the Parties have negotiated in good faith to determine an agreed
calculation of Closing Net Cash as of the Cash Determination Time and (iii)&nbsp;in connection herewith, the parties have agreed that
the Closing Net Cash as of the Cash Determination Time for all purposes under the Purchase Agreement shall be $24,500,000. Further, in
accordance with Section&nbsp;9.03 of the Purchase Agreement, the Parties hereby agree to amend the Purchase Agreement as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">1.</TD><TD>The fourth recital of the Purchase Agreement shall be amended and restated in its entirety as follows:</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 0pt 1.5in">WHEREAS, on the terms and subject to the conditions set forth
in this Agreement, Buyer shall commence a tender offer (as it may be amended from time to time as permitted by this Agreement, the &ldquo;<U>Offer</U>&rdquo;)
to purchase any (subject to the Minimum Condition) and all of the issued and outstanding ordinary shares, par value &euro;0.12 per share,
in the capital of the Company (collectively, the &ldquo;<U>Shares</U>&rdquo;), for (i)&nbsp;an amount in cash equal to $1.04 per Share
(the &ldquo;<U>Cash Amount</U>&rdquo;), plus (ii)&nbsp;one contingent value right per Share (a &ldquo;<U>CVR</U>&rdquo;), which shall
represent the right to receive potential payments, in cash, described in, and subject to and in accordance with the terms and conditions
of, the CVR Agreement (together with the Cash Amount, the &ldquo;<U>Offer Consideration</U>&rdquo;), in each case without interest and
net of applicable withholding Tax pursuant to <U>Section&nbsp;2.09</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">2.</TD><TD>The definitions of &ldquo;Additional Price Per Share&rdquo; and &ldquo;Base Price Per Share&rdquo; in <U>Section&nbsp;1.01</U> shall
be deemed deleted in their entirety.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">3.</TD><TD><U>Section&nbsp;2.01(c)(ii)</U>&nbsp;shall be amended and restated in its entirety as follows:</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 0pt 1.5in">decrease the Cash Amount or the number of CVRs comprised
in the Offer Consideration;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">4.</TD><TD><U>Section&nbsp;2.01(c)(iv)</U>&nbsp;shall be amended and restated in its entirety as follows:</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 0pt 1.5in">change the form of consideration to be paid in the Offer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">5.</TD><TD><U>Section&nbsp;2.01(d)</U>&nbsp;shall be amended and restated in its entirety as follows:</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"></P>

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<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 1.5in">The Offer shall initially expire at 9:00 a.m.&nbsp;(New York
City time) on October&nbsp;3, 2025 (such initial expiration date and time of the Offer, the &ldquo;<U>Initial Expiration Time</U>&rdquo;)
or, if the Offer has been extended pursuant to and in accordance with <U>Section&nbsp;2.01(e)</U>, the date and time to which the Offer
has been so extended (the Initial Expiration Time, or such later expiration date and time to which the Offer has been so extended, the
 &ldquo;<U>Expiration Time,</U>&rdquo; <U>provided</U>, that the Expiration Time shall not occur prior to the third (3<SUP>rd</SUP>) Business
Day following the date of the EGM (inclusive)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">6.</TD><TD><U>Section&nbsp;2.01(e)(ii)</U>&nbsp;shall be amended and restated in its entirety as follows:</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 0pt 1.5in">if, at the then-scheduled Expiration Time, any of the Offer
Conditions has not either been satisfied or waived (to the extent such waiver is not prohibited under this Agreement or by applicable
Law), then Buyer shall extend the Offer on one or more occasions in consecutive periods of up to ten (10)&nbsp;Business Days (five (5)&nbsp;Business
Days being sufficient, subject to applicable Law) each (with each such period to end at 5:00 p.m.&nbsp;(New York City time) on the last
Business Day of such period) (or such other duration as may be agreed to by Buyer and the Company) in order to permit the satisfaction
of such Offer Condition(s); <U>provided</U>, that if Buyer determines in good faith, after consultation with its outside legal counsel,
that at any then-scheduled Expiration Time, the Offer Condition set forth in <U>paragraph (B)</U>&nbsp;or <U>paragraph (H)</U>&nbsp;of
<U>Annex I</U> is not reasonably likely to be satisfied within such extension period, then Buyer may extend the Offer on such occasion
for periods of up to twenty (20) Business Days; <U>provided</U>, <U>further</U>, that (x)&nbsp;Buyer shall not be required to extend the
Offer to a date later than the End Date (as may be extended pursuant to <U>Section&nbsp;8.01(b)(i))</U> and <U>(y)</U>&nbsp;if all of
the Offer Conditions have been satisfied or waived (to the extent such waiver is not prohibited under this Agreement or by applicable
Law) other than the Minimum Condition, Buyer shall not be required to extend the Offer on more than two (2)&nbsp;occasions in consecutive
periods of up to ten (10)&nbsp;Business Days (five (5)&nbsp;Business Days being sufficient, subject to applicable Law) each (with each
such period to end at 5:00 p.m.&nbsp;(New York City time) on the last Business Day of such period) (or such other duration as may be agreed
to by Buyer and the Company); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">7.</TD><TD><U>Section&nbsp;2.01(j)</U>&nbsp;shall be amended and restated in its entirety as follows:</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 0pt 1.5in">Except as otherwise contemplated in this <U>Section&nbsp;2.01</U>,
on the tenth (10th) Business Day before the Initial Expiration Time, the Company shall deliver to Buyer a schedule (the &ldquo;<U>Closing
Cash Schedule</U>&rdquo;) setting forth, in reasonable detail, the Company&rsquo;s good faith, estimated calculation of Closing Net Cash
(the &ldquo;<U>Closing Cash Calculation</U>&rdquo;) as of immediately prior to the Closing (the &ldquo;<U>Cash Determination Time</U>&rdquo;)
based on the Initial Expiration Time. The Company shall make available to Buyer, as reasonably requested by Buyer, the work papers and
back-up materials used or any other relevant information useful in preparing the Closing Cash Schedule, including close-out memos or other
forms of written affirmation from vendors that either no more money is due or an amount of money is due that is reflected on the Closing
Cash Schedule. If reasonably requested by Buyer, access to the Company&rsquo;s accountants and counsel at reasonable times and upon reasonable
notice will be provided by the Company in order to permit Buyer to review the Closing Cash Calculation. The Closing Cash Calculation shall
include the Company&rsquo;s determination, as of the Cash Determination Time, of the Cash Amount and each component thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">8.</TD><TD><U>Section&nbsp;2.01(o)</U>&nbsp;shall be deemed deleted in its entirety.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">9.</TD><TD>Paragraph J of <U>Annex I</U> shall be amended and restated in its entirety as set forth below.</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 0pt 1.5in">the Closing Net Cash as finally determined in accordance
with this Agreement is at least $24,500,000; and</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">10.</TD><TD>A new Paragraph K shall be inserted into <U>Annex I</U> to read as set forth below and the &ldquo;Offer Conditions&rdquo; shall be
constructed to include such condition for all purposes under the Purchase Agreement.</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 0pt 1.5in">the Company shall have delivered to Seagen Inc. (or its applicable
successor in interest) a notice and waiver, with a copy of such delivery provided to Buyer, in respect of that certain Exclusive License
Agreement, dated as of September&nbsp;23, 2022, by and between LAVA Therapeutics,&nbsp;Inc. and Seagen,&nbsp;Inc., as amended to date,
waiving any and all of Company&rsquo;s rights to exercise the Buy-Up Option (as defined therein) pursuant to Section&nbsp;7.5 thereof,
in form and substance reasonably acceptable to Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">11.</TD><TD><U>Exhibit&nbsp;C</U> shall be amended and restated in its entirety with the form of CVR Agreement attached hereto as <U>Schedule
I</U>.</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; text-align: justify; text-indent: 0.5in">This letter agreement shall
constitute an amendment of the Purchase Agreement in accordance with Section&nbsp;9.03 of the Purchase Agreement. This letter agreement
and the Purchase Agreement (including the Annexes, Schedules and Exhibits hereto, the Company Letter and the Confidentiality Agreement,
and the other documents delivered in connection with the Purchase Agreement) constitute the entire agreement among the Parties with respect
to the subject matter hereof and thereof and supersede all prior (but not concurrent) agreements and undertakings, both written and oral,
among the parties, or any of them, with respect to the subject matter hereof and thereof. Except as expressly amended hereby, the Purchase
Agreement shall remain in full force and effect without modification. Article&nbsp;9 (<I>Miscellaneous</I>) of the Purchase Agreement
is incorporated by reference into this letter agreement, <I>mutatis mutandis</I>. Notwithstanding anything to the contrary herein, this
letter agreement shall automatically terminate and be of no further force and effect without any action of the parties if the Purchase
Agreement is terminated in accordance with the terms thereof.</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: center">[<I>Signature page&nbsp;follows</I>]</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-indent: 0.5in">IN WITNESS WHEREOF, the Parties have caused this
letter agreement to be duly executed by their respective authorized officers as of the date set forth on the cover page&nbsp;of this letter
agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">LAVA
    Therapeutics N.V.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Stephen Hurly</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:&nbsp; Stephen Hurly</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:&nbsp;President, Chief
    Executive Officer</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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="text-transform: uppercase"><B>XOMA
Royalty Corporation</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Owen Hughes</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:&nbsp; Owen Hughes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:&nbsp;Chief Executive Officer</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; text-align: center; margin-top: 0pt; margin-bottom: 0pt">SIGNATURE PAGE TO LETTER AGREEMENT</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</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; text-align: right"><FONT STYLE="text-transform: uppercase"><B>Schedule
I</B></FONT></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Form&nbsp;of CVR Agreement</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"></P>

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

<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;OF CONTINGENT VALUE RIGHTS AGREEMENT</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; text-indent: 1in">THIS CONTINGENT VALUE RIGHTS AGREEMENT, dated as
of [&#9679;] (this &ldquo;<B><I>Agreement</I></B>&rdquo;), is entered into by and between <B>XOMA ROYALTY CORPORATION</B>, a Nevada corporation
(the &ldquo;<B><I>Parent</I></B>&rdquo;), Broadridge Corporate Issuer Solutions, LLC, a Pennsylvania limited liability company, as Rights
Agent (as defined herein), Fortis Advisors LLC, a Delaware limited liability company, solely in its capacity as the initial representative,
agent and attorney in-fact of the Holders (the &ldquo;<B><I>Representative</I></B>&rdquo;), and Steve Hurly and Owen Hughes, each at the
request of the Company (as defined herein) and solely for purposes of representing the Holders with respect to the Tax Reserve Matter
(the &ldquo;<B><I>Tax Reserve Committee</I></B>&rdquo;).</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: center"><B>RECITALS</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">WHEREAS, Parent and
LAVA Therapeutics N.V., a public limited liability company (<I>naamloze vennootschap</I>) organized under the Laws of The Netherlands,
having its corporate seat in Utrecht, The Netherlands, registered with the Dutch trade register under number 65335740 (the &ldquo;<B><I>Company</I></B>&rdquo;),
have entered into a Share Purchase Agreement, dated as of August&nbsp;3, 2025, as amended on October&nbsp;17, 2025 (the &ldquo;<B><I>Purchase
Agreement</I></B>&rdquo;), pursuant to which Buyer will consummate the transactions described therein (the &ldquo;<B><I>Transactions</I></B>&rdquo;)</FONT>;</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-indent: 1in">WHEREAS, pursuant to the Purchase Agreement, and
in accordance with the terms and conditions thereof, Parent shall deliver one CVR (as defined below) (i)&nbsp;for each Share validly tendered
and not validly withdrawn pursuant to the Offer as of the Acceptance Time, (ii)&nbsp;for each Share validly tendered during the Subsequent
Offering Period, (iii)&nbsp;for each Share underlying each Company Option that is (x)&nbsp;outstanding as of immediately prior to the
Closing and (y)&nbsp;has a per Share exercise price that is less than the Cash Amount and (iv)&nbsp;for each New Topco A Share issued
and outstanding immediately prior to the Cancellation Effective Time (the initial holders of such CVRs collectively, the &ldquo;<B><I>Initial
Holders</I></B>&rdquo;);</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-indent: 1in">WHEREAS, Parent desires that the Rights Agent act
as its agent for the purposes of effecting the distribution of the CVRs to the Initial Holders and performing the other services described
in this Agreement;</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-indent: 1in">WHEREAS, Parent has designated the Representative
to act as agent for the Initial Holders for the purposes of accomplishing the intent and implementing the provisions of this Agreement
and facilitating the consummation of the transactions contemplated hereby and performing the other services described in this Agreement;
and</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-indent: 1in">WHEREAS, the Initial Holders desire that the Tax
Reserve Committee act on their behalf and for their benefit for the purposes of representing the Holders with respect to the Tax Reserve
Matter.</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-indent: 1in">NOW, THEREFORE, in consideration of the foregoing
and the consummation of the transactions referred to above, the parties agree, for the equal and proportionate benefit of all Holders
(as defined herein), as follows:</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: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;I</B></FONT><B><BR>
DEFINITIONS: CERTAIN RULES OF CONSTRUCTION</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; text-indent: 0.5in">Section&nbsp;1.1&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
Capitalized terms used but not otherwise defined herein have the meanings ascribed thereto in the Purchase Agreement. References to the
Company herein apply to New Topco, being the surviving company in the Downstream Merger, from and after the Merger Effective Time. As
used in this Agreement, the following terms will have the following meanings:</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-indent: 0.5in">&ldquo;<B><I>2022 CIT Return</I></B>&rdquo; has
the meaning given in <U>Schedule I</U> hereto.</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"></P>

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<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-indent: 0.5in">&ldquo;<B><I>Acting Holders</I></B>&rdquo; means,
at the time of determination, Holders of not less than thirty five (35%) of outstanding CVRs as set forth in the CVR Register.</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-indent: 0.5in">&ldquo;<B><I>Additional Closing Net Cash Proceeds</I></B>&rdquo;
means 100% of the amount by which the Closing Net Cash, adjusted for any Permitted Deductions made within ninety (90) days following the
Closing Date, exceeds Closing Net Cash as finally determined pursuant to Section&nbsp;2.01(j)&ndash;(n)&nbsp;of the Purchase Agreement.</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-indent: 0.5in">&ldquo;<B><I>Amended 2022 CIT Return</I></B>&rdquo;
has the meaning given in <U>Schedule I</U> hereto.</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-indent: 0.5in">&ldquo;<B><I>Change of Control</I></B>&rdquo; means:
(a)&nbsp;a direct or indirect sale or other sale, lease, exchange, disposition or other transfer (through a single transaction or a series
of related transactions within a twelve-month period) of all or substantially all of the assets of New Topco (or its successor) on a consolidated
basis (other than to any direct or indirect controlled Subsidiary of Parent); (b)&nbsp;a merger, demerger, consolidation or business combination
involving New Topco (or its successor) in which New Topco (or its successor) is not the surviving or continuing entity (except for a merger,
demerger, consolidation or business combination in which the surviving or continuing entity would continue to be a direct or indirect
controlled Subsidiary of Parent); and (c)&nbsp;any other transaction (or series of related transactions within a twelve-month period)
involving New Topco (or its successor) in which New Topco (or its successor) is the surviving or continuing entity but in which Parent
owns less than 50% of New Topco&rsquo;s voting power immediately after the transaction.</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-indent: 0.5in">&ldquo;<B><I>Company Tax Advisor</I></B>&rdquo;
means Taxture B.V.</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-indent: 0.5in">&ldquo;<B><I>CVRs</I></B>&rdquo; means the contractual
contingent value rights to be granted by Parent to the respective Initial Holders as part of the Offer Consideration and in connection
with the settlement of their Company Options, as applicable, pursuant to the terms of the Offer and the Purchase Agreement. Unless otherwise
specified herein, for purposes of this Agreement all the CVRs shall be considered as part of and shall act as one class only. For the
avoidance of doubt, Parent shall grant CVRs only to the Initial Holders and shall not grant CVRs to any other Persons at any other time
during the pendency of this Agreement, pursuant and subject to the terms hereof.</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-indent: 0.5in">&ldquo;<B><I>CVR Payment Amount</I></B>&rdquo;
means, for a given Holder, an amount equal to the product of: (a)&nbsp;the CVR Proceeds; and (b)&nbsp;(i)&nbsp;the total number of CVRs
entitled to receive such CVR Proceeds held by such Holder, divided by (ii)&nbsp;the total number of CVRs entitled to receive such CVR
Proceeds held by all Holders as each reflected on the CVR Register as of the close of business on the date prior to the date of payment
(rounded down to the nearest whole cent).</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-indent: 0.5in">&ldquo;<B><I>CVR Payment Date</I></B>&rdquo; means:
(a)&nbsp;with respect to any Existing Partnership Proceeds or Disposition Proceeds payable to Holders, no later than thirty (30) days
following the receipt of Gross Proceeds by Parent or any of its Affiliates, including the Company (after the Closing) and New Topco; (b)&nbsp;with
respect to any Additional Closing Net Cash Proceeds payable to Holders, as soon as practicable (but in no event later than one hundred
five (105) days) following the Closing); and (c)&nbsp;with respect to any Tax Reserve Proceeds, no later than sixty (60) days following
the Tax Reserve Confirmation Date.</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-indent: 0.5in">&ldquo;<B><I>CVR Proceeds</I></B>&rdquo; means:
(a)&nbsp;any Existing Partnership Proceeds; (b)&nbsp;any Disposition Proceeds; (c)&nbsp;any Additional Closing Net Cash Proceeds; and
(d)&nbsp;any Tax Reserve Proceeds.</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-indent: 0.5in">&ldquo;<B><I>CVR Products</I></B>&rdquo; means:
(a)&nbsp;each of the product or product candidates developed or commercialized by the Company, its Affiliates or their respective (sub)licensees
and known as: (i)&nbsp;EGFRd2 (PF-8046052) or JNJ-89853413; (b)&nbsp;each other product or product candidate discovered, developed, or
commercialized pursuant to an Existing Partnership; and (c)&nbsp;any product, product candidate or other research program being researched
or developed by the Company as of the Closing, including the product or product candidate known as LAVA-1266.</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"></P>

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<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-indent: 0.5in">&ldquo;<B><I>Disposition</I></B>&rdquo; means the
direct or indirect sale, transfer, lease, conveyance, assignment, license or other disposition directly or indirectly by Parent or any
of its Affiliates, including the Company (after the Closing) and New Topco, of all or any part of its rights in and to any CVR Products,
in each case during the Disposition Period which, for the avoidance of doubt, shall exclude any Existing Partnership or any transaction
or other disposition by Parent or any of its Affiliates, including the Company (after the Closing) and New Topco, to a third party (unaffiliated
with the Parent or any of its Affiliates, including the Company (after the Closing) and New Topco), in a single transaction or series
of related transactions, of a portion of the future Net Proceeds to be retained by Parent or any of its Affiliates in accordance with
this Agreement.</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-indent: 0.5in">&ldquo;<B><I>Disposition Agreement</I></B>&rdquo;
means a definitive agreement, contract or other document entered into by Parent or any of its Affiliates, including the Company (after
the Closing) and New Topco, and any Person who is not an Affiliate of Parent providing for a Disposition or Permitted Disposition, as
the case may be.</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-indent: 0.5in">&ldquo;<B><I>Disposition Period</I></B>&rdquo;
means the period beginning on the Closing and ending on the tenth (10<SUP>th</SUP>) anniversary of the Closing.</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; text-indent: 0.5in">&ldquo;<B><I>Disposition Proceeds</I></B>&rdquo;
means (a)&nbsp;100% of the Net Proceeds, in the case of a Permitted Disposition entered into prior to the Closing and (b)&nbsp;75% of
the Net Proceeds, in the case of a Disposition entered into following the Closing.</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-indent: 0.5in">&ldquo;<B><I>DTC</I></B>&rdquo; means The Depository
Trust Company or any successor thereto.</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-indent: 0.5in">&ldquo;<B><I>Efforts Disposition Period</I></B>&rdquo;
means the period beginning on the Closing and ending on the second (2<SUP>nd</SUP>) anniversary of the Closing, in each case related to
a Permitted Disposition or a Disposition.</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-indent: 0.5in">&ldquo;<B><I>Expiration Date</I></B>&rdquo; means
the tenth (10<SUP>th</SUP>) anniversary of the Closing.</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-indent: 0.5in">&ldquo;<B><I>Equity Award CVR</I></B>&rdquo; means
a CVR received by an Initial Holder in respect of his or her Company Options.</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-indent: 0.5in">&ldquo;<B><I>Existing Partnerships</I></B>&rdquo;
means the Company&rsquo;s collaborations (i)&nbsp;with Pfizer Inc. (formerly Seagen Inc.) to develop, manufacture and commercialize EGFRd2
(PF-8046052) pursuant to that certain Exclusive License Agreement, by and between Pfizer Inc. and Company, dated September&nbsp;23, 2022,
as amended, restated, modified, replaced and novated from time to time and (ii)&nbsp;with Johnson&nbsp;&amp; Johnson (formerly Janssen)
for the discovery and development of novel bispecific antibody-based T cell engagers for the treatment of cancer, including JNJ-89853413
pursuant to that certain Research Collaboration and License Agreement, by and between Johnson&nbsp;&amp; Johnson and Company, dated May&nbsp;13,
2020, as amended, restated, modified, replaced and novated from time to time.</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-indent: 0.5in">&ldquo;<B><I>Existing Partnership Agreement</I></B>&rdquo;
means each of (i)&nbsp;the Research Collaboration and License Agreement, dated as of May&nbsp;13, 2020, by and among the Company (at that
time named LAVA Therapeutics B.V.), and Janssen Biotech,&nbsp;Inc., as amended to date, and (ii)&nbsp;the Exclusive License Agreement,
dated as of September&nbsp;23, 2022, by and between LAVA Therapeutics,&nbsp;Inc. and Seagen,&nbsp;Inc., as amended to date.</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-indent: 0.5in">&ldquo;<B><I>Existing Partnership Period</I></B>&rdquo;
means the period beginning on the Closing and ending on the tenth (10<SUP>th</SUP>) anniversary of the Closing.</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-indent: 0.5in">&ldquo;<B><I>Existing Partnership Proceeds</I></B>&rdquo;
means 75% of the Net Proceeds, in the case of Gross Proceeds as payable to Parent or any of its Affiliates, including the Company (after
the Closing) and New Topco, or is otherwise due to or received by Parent or any of its Affiliates, including the Company (after the Closing)
and New Topco, in respect of any Existing Partnership during the Existing Partnership Period.</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"></P>

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<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-indent: 0.5in">&ldquo;<B><I>Gross Proceeds</I></B>&rdquo; means,
without duplication, the sum of all cash consideration and the value of any and all consideration of any kind that is payable to Parent
or any of its Affiliates, including the Company (after the Closing) and New Topco, or is otherwise due to or received by, Parent or any
of its Affiliates, including the Company (after the Closing) and New Topco (i)&nbsp;during the Existing Partnership Period in respect
of an Existing Partnership or (ii)&nbsp;during the Disposition Period in respect of a Disposition or Permitted Disposition, in each case
solely as such consideration or value relates to any CVR Products. The value of any securities (whether debt or equity) or other non-cash
property constituting Gross Proceeds shall be determined as follows: (A)&nbsp;the value of securities for which there is an established
public market shall be equal to the volume weighted average of their closing market prices for the five (5)&nbsp;trading days ending the
day prior to the due date of payment to, or receipt by, Parent or its relevant Affiliate; and (B)&nbsp;the value of securities that have
no established public market and the value of consideration that consists of other non-cash property, shall be the fair market value thereof
as of the due date of payment to, or receipt by, Parent or its relevant Affiliate; <U>provided</U>, that Parent may elect, upon prompt
notice to the Representative after receipt of consideration, to have any securities or other non-cash property specified in the foregoing
<U>clause (B)</U>&nbsp;be deemed as Gross Proceeds only upon the earlier of: (1)&nbsp;the receipt by Parent or any of its Affiliates,
including the Company (after the Closing) and New Topco, of cash in respect of the sale or other liquidation by Parent or its Affiliates
of such securities or other non-cash property, and the value of such cash shall be Gross Proceeds upon receipt by Parent or any of its
Affiliates, including the Company (after the Closing) and New Topco; (2)&nbsp;the first (1<SUP>st</SUP>) anniversary of receipt of such
securities or other non-cash property, and (3)&nbsp;the day before the date on which the Disposition Period expires and the value of such
consideration shall be Gross Proceeds as of such date with a value equal to the greater of (x)&nbsp;the fair market value of such securities
or other non-cash property as of the date originally due to be received by Parent or its relevant Affiliate or (y)&nbsp;the fair market
value of such securities or other non-cash property as of such date, and all other consideration, if any, payable or paid to or received
by Parent or any of its Affiliates, including the Company (after the Closing) and New Topco, will be deemed Gross Proceeds upon the due
date for receipt by Parent or its relevant Affiliate.</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-indent: 0.5in">&ldquo;<B><I>Holder</I></B>&rdquo; means, at the
relevant time, either (A)&nbsp;an Initial Holder of a CVR or (B)&nbsp;a Person in whose name such CVR is subsequently registered in the
CVR Register following a Permitted CVR Transfer.</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-indent: 0.5in">&ldquo;<B><I>Liability</I></B>&rdquo; means any
liability, indebtedness, obligation, expense, claim, deficiency, guaranty or endorsement of any kind, whether accrued, absolute, contingent,
matured, unmatured or otherwise.</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-indent: 0.5in">&ldquo;<B><I>Net Proceeds</I></B>&rdquo; means
the Gross Proceeds received by Parent or any of its Affiliates, including the Company (after the Closing) and New Topco, minus Permitted
Deductions, as calculated in a manner consistent with generally accepted accounting principles in the United States set forth in the opinions
and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board. For clarity: (i)&nbsp;if Permitted Deductions exceed Gross Proceeds as it relates to any
payment event, as applicable, any excess Permitted Deductions shall be applied against Gross Proceeds in a subsequent payment event, as
applicable; (ii)&nbsp;if any of the Gross Proceeds or Permitted Deduction are not in U.S. dollars, currency conversion to U.S. dollars
shall be made by using the exchange rate prevailing at the JP Morgan Chase Bank or its successor entity on the due date of receipt of
such Gross Proceeds or due date of payment of relevant Permitted Deductions, as applicable; and (iii)&nbsp;Net Proceeds shall not include
any royalties or other amounts payable by Parent or any of its Affiliates (including the Company (after the Closing) and New Topco) to
any third party in connection with the applicable Existing Partnership Agreement or Disposition Agreement.</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-indent: 0.5in">&ldquo;<B><I>Officer&rsquo;s Certificate</I></B>&rdquo;
means a certificate signed by an authorized officer of Parent, in his or her capacity as such an officer, and delivered to the Rights
Agent and the Representative.</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"></P>

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<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-indent: 0.5in">&ldquo;<B><I>Parent Tax Advisor</I></B>&rdquo;
means PricewaterhouseCoopers Belastingadviseurs N.V.</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-indent: 0.5in">&ldquo;<B><I>Permitted CVR Transfer</I></B>&rdquo;
means a transfer of CVRs: (a)&nbsp;upon death of a Holder by will or intestacy; (b)&nbsp;pursuant to a court order; (c)&nbsp;by operation
of law (including by consolidation, merger, or demerger) or without consideration in connection with the dissolution, liquidation or termination
of any corporation, limited liability company, partnership or other entity; (d)&nbsp;in the case of CVRs held in book-entry or other similar
nominee form, from a nominee to a beneficial owner and, if applicable, through an intermediary, to the extent allowable by DTC; or (e)&nbsp;as
provided in <U>Section&nbsp;2.7</U>.</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-indent: 0.5in">&ldquo;<B><I>Permitted Deductions</I></B>&rdquo;
means the sum of, without duplication, the following costs or expenses:</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
applicable Taxes (including any applicable value added or sales taxes or withholding Taxes) imposed on or with respect to Gross Proceeds
and payable by (or withheld from) Parent or any of its Affiliates, including the Company (after the Closing) and New Topco, and, without
duplication, any income or other Taxes payable by Parent or any of its Affiliates, including the Company (after the Closing) and New Topco,
that would not have been incurred by Parent or its Affiliates, including the Company (after the Closing) and New Topco, but for the Gross
Proceeds having been received or accrued by Parent or its Affiliates, including the Company (after the Closing) and New Topco (in each
case, regardless of the due date of such Taxes); <U>provided</U> that for purposes of calculating income Taxes payable by Parent or its
Affiliates, including the Company (after the Closing) and New Topco, in respect of the Gross Proceeds, any such income Taxes shall be
computed after taking into account any net operating loss carryforwards or other Tax attributes (including Tax credits) of the Company
or its Affiliates as of the Closing prior to the Closing that are available to offset such gain after taking into account any limits of
the usability of such attributes, including under Section&nbsp;382 of the Code as reasonably determined by a nationally recognized tax
advisor (and for the sake of clarity such income Taxes shall be calculated without taking into account any net operating losses or other
Tax attributes generated by Parent or its Affiliates, including the Company (after Closing) and New Topco;</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(i) any
Taxes imposed under Dutch tax law arising in connection with the Post-Offer Reorganization (other than Taxes withheld in connection with
the Cancellation), computing after taking into account the use of any carry forward Tax losses or other Tax attributes (including Tax
credits) of the Company that are available to offset such tax after taking into account any limits of the usability of such attributes,
including under Sections 20 and 20a of the Dutch Corporate Income Tax Act (<I>Wet op de vennootschapsbelasting 1969</I>) and (ii)&nbsp;any
incremental Australian income tax or related amounts (including for the avoidance of doubt interest or penalties) that arise in connection
with the Australian research and development tax offset claimed by the Company;</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-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
reasonable and documented unreimbursed out-of-pocket costs and expenses incurred by Parent or any of its Affiliates, including the Company
(after the Closing) and New Topco, in connection with (i)&nbsp;the applicable CVR Product(s)&nbsp;in respect of a Disposition or Permitted
Disposition or (ii)&nbsp;the Existing Partnerships, in each case including research and development costs, technology transfer costs,
contractual expenses and any costs in respect of head licenses for sublicensed technology and the development or prosecution, maintenance
or enforcement by Parent or any of its Affiliates, including the Company (after the Closing) and New Topco, of the intellectual property
related to the CVR Products, but excluding any such costs that are accounted for in Transaction Expenses or Estimated Costs Post-Merger
Effective Date;</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-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
reasonable and documented unreimbursed out-of-pocket costs and expenses incurred by Parent or any of its Affiliates, including the Company
(after the Closing) and New Topco, in connection with (i)&nbsp;any Disposition or other business development related efforts after the
Closing Date with respect to the relevant CVR Product(s)&nbsp;or intellectual property related to the CVR Products during or otherwise
attributable to the Disposition Period or Existing Partnership Period, as applicable; and (ii)&nbsp;maintenance costs related to the CVRs
or the CVR Products (including fees and expenses related to the Rights Agent and the Representative);</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"></P>

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<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-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
reasonable and documented unreimbursed out-of-pocket costs incurred or accrued by Parent or any of its Affiliates, including the Company
(after the Closing) and New Topco, in connection with Parent&rsquo;s (i)&nbsp;commercially reasonable efforts to negotiate or enter into
any Disposition Agreement or consummate a Disposition of any applicable CVR Product(s)&nbsp;or a Permitted Disposition, including any
Representative&rsquo;s fee, Right&rsquo;s Agent fee, any brokerage fee, finder&rsquo;s fee, opinion fee, success fee, transaction fee,
service fee or other fee, commission or expense owed to any broker, finder, investment bank, auditor, accountant, counsel, advisor or
other third party in relation thereto and (ii)&nbsp;obligations under Section&nbsp;4.6(a)&nbsp;or, without duplication of any Tax Reserve
Matter Expenses, Section&nbsp;4.7, including any such costs arising out of any third-party claims, demands, actions, or other proceedings
relating to or in connection with any Disposition or Permitted Disposition; and</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-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
(i)&nbsp;Liabilities existing or incurred prior to the Expiration Date that would have been required to be included in the calculation
of Closing Net Cash in accordance with the Purchase Agreement to the extent not taken account in the calculation of Closing Net Cash and
(ii)&nbsp;without duplication, any Tax Reserve Matter Expense in excess of $6,333,000.</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-indent: 0.5in">&ldquo;<B><I>Rights Agent</I></B>&rdquo; means
the Rights Agent named in the first paragraph of this Agreement, until a successor Rights Agent will have become such pursuant to the
applicable provisions of this Agreement, and thereafter &ldquo;<B><I>Rights Agent</I></B>&rdquo; will mean such successor Rights 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; text-indent: 0.5in">&ldquo;<B><I>Tax Authority</I></B>&rdquo; means
any Governmental Authority competent to impose a liability in respect of Tax or responsible for the administration or collection of Tax.</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-indent: 0.5in">&ldquo;<B><I>Tax Confirmation</I></B>&rdquo; means
the final response of the Dutch Tax Authority in respect of the Tax Confirmation Request in a form and substance reasonably satisfactory
to the Tax Reserve Committee (acting together).</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-indent: 0.5in">&ldquo;<B><I>Tax Confirmation Request</I></B>&rdquo;
has the meaning given in <U>Schedule I</U> hereto.</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-indent: 0.5in">&ldquo;<B><I>Tax Reserve</I></B>&rdquo; means an
amount equal to $6,333,000 and which amount has been included as a Liability in the calculation of Closing Net Cash.</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-indent: 0.5in">&ldquo;<B><I>Tax Reserve Actions</I></B>&rdquo;
has the meaning given in <U>Schedule I</U> hereto.</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-indent: 0.5in">&ldquo;<B><I>Tax Reserve Confirmation Date</I></B>&rdquo;
means the earlier of (i)&nbsp;the expiration of the statute of limitations (including extensions thereof) applicable to the Tax Reserve
Matter plus 60 days, or (ii)&nbsp;the date on which the Tax Confirmation is received by the Company or New Topco.</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-indent: 0.5in">&ldquo;<B><I>Tax Reserve Matter</I></B>&rdquo;
means the actions that will be taken with respect to certain Tax Returns of the Company for certain Pre-Closing Tax Periods, as further
described on <U>Schedule I</U> hereto.</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-indent: 0.5in">&ldquo;<B><I>Tax Reserve Matter Expenses</I></B>&rdquo;
means, without duplication, (i)&nbsp;an amount equal to the additional Dutch corporate income tax actually due by the Company in Euro
(to be translated into U.S. dollars as at the applicable CVR Payment Date), including any applicable interest or penalties, if any (the
 &ldquo;<B><I>Tax Reserve Liability</I></B>&rdquo;) and (ii)&nbsp;any associated documented and unreimbursed out-of-pocket costs and expenses
incurred by Parent, the Tax Reserve Committee or any of its Affiliates, including the Company (after the Closing) and New Topco, in connection
with or related to the Tax Reserve Matter, including any damages or losses (including special, punitive or indirect, consequential or
incidental loss or damage or penalties of any kind as may be imposed or otherwise agreed to), judgments, settlements, interest, court
or other costs and fees and costs of attorneys, accountants and other experts, or other expenses of litigation or other proceedings or
of any claim, default or assessment.</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"></P>

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<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-indent: 0.5in">&ldquo;<B><I>Tax Reserve Proceeds</I></B>&rdquo;
means an amount equal to the Tax Reserve, <I>minus</I> any Tax Reserve Matter Expenses. For the avoidance of doubt, if the Tax Reserve
Matter Expenses exceed $6,333,000, then there shall be no Tax Reserve Proceeds payable hereunder.</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-indent: 0.5in">&ldquo;<B><I>Tax Return</I></B>&rdquo; means any
return, declaration, report or other information relating to Tax, including any schedule or annex thereto, and including any amendment
thereof, to be filed with any Tax Authority.</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-indent: 0.5in">Section&nbsp;1.2&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules&nbsp;of
Construction</U>.</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
used in this Agreement, any noun or pronoun will be deemed to include the plural as well as the singular and to cover all genders.</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement will be construed without regard to any presumption or rule&nbsp;requiring construction or interpretation against the party
drafting or causing any instrument to be drafted. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly
drafted by the parties hereto and no presumption of burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of this Agreement.</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-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
used in this Agreement, the words &ldquo;include,&rdquo; &ldquo;includes,&rdquo; or &ldquo;including&rdquo; will be deemed to be followed
by the words &ldquo;without limitation.&rdquo; The words &ldquo;hereof,&rdquo; &ldquo;herein,&rdquo; &ldquo;hereby,&rdquo; &ldquo;hereto,&rdquo;
and &ldquo;hereunder&rdquo; and words of similar import when used in this Agreement will refer to this Agreement as a whole and not to
any particular provision of this Agreement. The word &ldquo;or&rdquo; will not be exclusive.</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-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;When
reference is made in this Agreement to an Article&nbsp;or Section, such reference will refer to Articles and Sections of this Agreement,
as the case may be, unless otherwise indicated.</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-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
headings contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement and shall
not be referred to in connection with the construction or interpretation of this Agreement.</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-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
references to $ are to United States dollars.</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: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;II</B></FONT><B><BR>
CONTINGENT VALUE RIGHTS</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; text-indent: 0.5in">Section&nbsp;2.1&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CVRs;
Authority; Appointment of Rights Agent</U>. The CVRs represent the contractual rights of Holders to receive contingent cash payment of
the CVR Proceeds from Parent pursuant to this Agreement. Parent has all requisite corporate power and authority to execute and deliver
this Agreement and to perform its obligations hereunder and to consummate the transactions contemplated by this Agreement. The execution
and delivery 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 Parent and no other corporate proceedings on the part of Parent are necessary to authorize this Agreement
or to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by Parent and, assuming the
due authorization, execution and delivery by the Rights Agent, and the Representative, constitutes a legal, valid and binding obligation
of Parent, enforceable against Parent in accordance with its terms. Neither the execution and delivery of this Agreement nor the performance
by Parent of its obligations hereunder or the consummation of the transactions contemplated hereby will: (i)&nbsp;conflict with, or result
in any violation of any provision of the certificate of incorporation, bylaws and other similar organizational documents of Parent; or
(ii)&nbsp;conflict with, or result in any violation of or default (with or without notice or lapse of time, or both) under, or give rise
to a right of termination, cancellation or acceleration of any obligation under, any loan or credit agreement, note, mortgage, indenture,
lease, or other agreement, obligation, instrument, permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance,
rule&nbsp;or regulation applicable to Parent or its properties or assets which violation, in the case of <U>clause (ii)</U>, individually
or in the aggregate, would reasonably be expected to have a material adverse effect on the ability of Parent to perform the obligations
forth in this Agreement. No consent, approval, order or authorization of, or registration, declaration, notice or filing with, any Governmental
Authority is required by or with respect to Parent in connection with the execution and delivery of this Agreement by the Parent or the
consummation by Parent of the transactions contemplated hereby, except as would not reasonably be expected to have a material adverse
effect on the ability of Parent to perform the obligations set forth in this Agreement. Parent hereby appoints Broadridge Corporate Issuer
Solutions, LLC as the Rights Agent to act as rights agent for Parent in accordance with the instructions hereinafter set forth in this
Agreement, and Broadridge Corporate Issuer Solutions, LLC hereby accepts such appointment.</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"></P>

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<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-indent: 0.5in">Section&nbsp;2.2&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferable</U>.
Except for Permitted Transfers, the CVRs may not be sold, assigned, transferred, pledged, encumbered or in any other manner transferred
or disposed of, in whole or in part. Any attempted sale, assignment, transfer, pledge, encumbrance or disposition of CVRs, in whole or
in part, in violation of this <U>Section&nbsp;2.2</U> shall be void ab initio and of no effect.</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-indent: 0.5in">Section&nbsp;2.3&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Certificate; Registration; Registration of Transfer; Change of Address</U>.</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
CVRs will be issued and distributed by Parent to each Holder in book-entry form only and will not be evidenced by a certificate or other
instrument.</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent will keep a register (the &ldquo;<B><I>CVR Register</I></B>&rdquo;) for the purpose of: (i)&nbsp;identifying the Holders
(<U>provided</U> that the CVR Register will initially show one position for Cede&nbsp;&amp; Co. as nominee for DTC, instead of showing
individual Holders who received CVRs for Shares or New Topco A Shares held by DTC in street name, as well as showing Holders whose CVRs
are registered in their own name); and (ii)&nbsp;registering CVRs and Permitted CVR Transfers thereof. With respect to CVRs issued for
Shares or New Topco A Shares held by DTC on behalf of Holders who held such Shares or New Topco A Shares in street name, the CVR Register
will initially show one position for Cede&nbsp;&amp; Co. as nominee for DTC, instead of showing the individual Holders of such CVRs. The
Rights Agent will have no responsibility whatsoever directly to the street name holders with respect to transfers of CVRs unless and until
such CVRs are transferred into the name of such street name holders in accordance with <U>Section&nbsp;2.2</U>. With respect to any payments
to be made under <U>Section&nbsp;2.4</U> below, the Rights Agent will accomplish the payment to any former street name holders of Shares
or New Topco A Shares by sending one lump payment to DTC. The Rights Agent will have no responsibilities whatsoever with regard to the
distribution of payments by DTC to such street name holders. Upon request of a Holder or the Representative to Parent, Parent will cause
the Rights Agent to make available to such Holder or the Representative, as applicable, a list of the other Holders, the number of CVRs
held by each Holder, the contact information maintained by the Rights Agent with respect to each Holder and such other information relating
to this Agreement as may be reasonably requested by the Representative and is information that is typically stored by a Rights Agent in
accordance with general industry practices for similar types of engagements.</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the restrictions on transferability set forth in <U>Section&nbsp;2.2</U> and subject to the Rights Agent&rsquo;s bona fide procedures
to validate the identity of a Holder, every request made to transfer a CVR must be in writing and accompanied by a written instrument
of transfer, in form reasonably satisfactory to the Rights Agent pursuant to its guidelines, duly executed by the Holder thereof, the
Holder&rsquo;s attorney duly authorized in writing, the Holder&rsquo;s personal representative duly authorized in writing, or the Holder&rsquo;s
survivor (with written documentation evidencing such Person&rsquo;s status as the Holder&rsquo;s survivor), and setting forth in reasonable
detail the circumstances relating to the transfer. Upon receipt of such written notice and proper validation of the identity of such Holder,
the Rights Agent will, subject to its reasonable determination that the transfer instrument is in proper form and the transfer otherwise
complies with the other terms and conditions of this Agreement (including the provisions of <U>Section&nbsp;2.2</U>), register the transfer
of the CVRs in the CVR Register. As a condition of such transfer, Parent and Rights Agent may require a transferring Holder or its transferee
to pay to the applicable Governmental Authority any transfer, stamp, documentary, registration, or other similar Tax or governmental charge
that is imposed in connection with any such registration of transfer. The Rights Agent shall have no duty or obligation to take any action
under any section of this Agreement that requires the payment by a Holder of a CVR of such applicable Taxes or charges unless and until
the Rights Agent is reasonably satisfied that all such Taxes or charges have been paid or that such Taxes or charges are not applicable.
All duly transferred CVRs registered in the CVR Register will be the valid obligations of Parent and will entitle the transferee to the
same benefits and rights under this Agreement as those held immediately prior to the transfer by the transferor. No transfer of a CVR
will be valid until registered in the CVR Register in accordance with this Agreement.</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-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
Holder may make a written request to the Rights Agent to change such Holder&rsquo;s address of record in the CVR Register. The written
request must be duly executed by the Holder. Upon receipt of such written notice and proper validation of the identity of such Holder,
the Rights Agent will promptly record the change of address in the CVR Register.</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-indent: 0.5in">Section&nbsp;2.4&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
Procedures: Notices</U>.</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Parent
hereby agrees that (i)&nbsp;if a Disposition Agreement is entered into during the Disposition Period, then Parent shall promptly deliver
to the Rights Agent (with a copy to the Representative) written notice indicating that a Disposition Agreement has been entered into and
a copy of the Disposition Agreement and any ancillary agreements thereto and (ii)&nbsp;promptly following the Tax Reserve Confirmation
Date, Parent shall promptly deliver to the Representative written notice of the occurrence of such date.</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;On
or prior to each CVR Payment Date, with respect to any Existing Partnership Proceeds, Disposition Proceeds, any Additional Closing Net
Cash Proceeds or Tax Reserve Proceeds, Parent shall deliver to the Rights Agent (with a copy to the Representative): (i)&nbsp;written
notice indicating that: (A)&nbsp;the Holders are entitled to receive one or more payments with respect to Existing Partnership Proceeds,
Disposition Proceeds, Additional Closing Net Cash Proceeds or Tax Reserve Proceeds, as applicable; (B)&nbsp;the source and trigger event
for such payment of Existing Partnership Proceeds, Disposition Proceeds, Additional Closing Net Cash Proceeds or Tax Reserve Proceeds,
as applicable; and (C)&nbsp;(i)&nbsp;a calculation of Gross Proceeds (including any calculation or supporting documentations applicable
to any allocation determination for consideration related or not related to a CVR Product), Net Proceeds and any Permitted Deductions
used to calculate such Existing Partnership Proceeds or Disposition Proceeds, if applicable, with reasonable supporting detail for such
Permitted Deductions, or (ii)&nbsp;as applicable, an overview of the Tax Reserve Proceeds, including a list of any Tax Reserve Matter
Expenses, and (iii)&nbsp;any other calculations used to calculate the Additional Closing Net Cash Proceeds or Tax Reserve Proceeds, as
applicable (each such notice, a &ldquo;<B><I>CVR Payment Notice</I></B>&rdquo;); (ii)&nbsp;a letter of instruction setting forth, for
each CVR, the CVR Payment Amount with respect thereto (including each component included in the calculation thereof); and (iii)&nbsp;any
other letter of instruction reasonably required by the Rights Agent. On or prior to any CVR Payment Date, Parent shall deliver to the
Rights Agent the CVR Payment Amounts required by <U>Section&nbsp;4.2</U>. All payments by Parent hereunder shall be made in U.S. dollars.
For the avoidance of doubt, Parent shall have no further liability in respect of the relevant CVR Payment Amount upon delivery of such
CVR Payment Amount in accordance with this <U>Section&nbsp;2.4(b)</U>&nbsp;and the satisfaction of each of Parent&rsquo;s obligations
set forth in this <U>Section&nbsp;2.4(b)</U>. With respect to cash deposited by Parent with the bank or financial institution designated
by Rights Agent, Rights Agent agrees to cause such bank or financial institution to establish and maintain a separate demand deposit account,
therefor in the name of Rights Agent for the benefit of Parent. Rights Agent will only draw upon cash in such account(s)&nbsp;as required
from time to time in order to make payments as required under this Agreement and any applicable tax withholding payments. The Rights Agent
shall have no responsibility or liability for any diminution of funds that may result from any deposit made by the Rights Agent in accordance
with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party, in the absence
of fraud, bad faith or willful misconduct by or on behalf of the Rights Agent. The Rights Agent may from time to time receive interest
in connection with such deposits. The Rights Agent shall not be obligated to pay such interest to Parent, the Representative, any Holder
or any other party. The Rights Agent is acting as an agent hereunder and is not a debtor of Parent in respect of cash deposited hereunder.
For the avoidance of doubt, Parent and Representative acknowledge that (i)&nbsp;the Rights Agent is not a bank or a trust company, (ii)&nbsp;the
Rights Agent is not acting in any sort of capacity as an &ldquo;escrow&rdquo; or similar agent hereunder, and (iii)&nbsp;nothing in this
Agreement shall be construed as requiring the Rights Agent to perform any services that would require registration with any governmental
authority as a bank or a trust company.</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"></P>

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<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-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent will promptly, and in any event within ten (10)&nbsp;Business Days after receipt of the CVR Payment Notice as well as any
letter of instruction reasonably required by the Rights Agent, send each registered Holder at its registered address a copy of the CVR
Payment Notice (at Parent&rsquo;s sole cost and expense (without limitation to Parent&rsquo;s right to deduct any such expenses in accordance
herewith)) and, following the applicable CVR Payment Date, promptly pay by check mailed to the address of record of each registered Holder
the CVR Payment Amount to each of the registered Holders reflected in the CVR Register as of the close of business on the CVR Payment
Date. With respect to any Holder who is not a registered Holder, the Rights Agent will, following the applicable CVR Payment Date, promptly
pay to DTC the CVR Payment Amount with respect to CVRs issued for Shares or New Topco A Shares held by DTC on behalf of Holders who held
such Shares or New Topco A Shares in street name.</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-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
portion of the CVR Payment Amount that remains undistributed to a Holder six (6)&nbsp;months after the date of the delivery of the applicable
CVR Payment Date will be delivered by the Rights Agent to Parent, upon demand, and any Holder will thereafter look only to Parent for
payment of the CVR Payment Amount, without interest, but such Holder will have no greater rights against Parent than those accorded to
general unsecured creditors of Parent under applicable Law.</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-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;None
of Parent, any of its Affiliates, including the Company (after the Closing) and New Topco, or the Rights Agent or the Tax Reserve Committee
Group will be liable to any Person in respect of the CVR Payment Amount delivered to a public official pursuant to any applicable abandoned
property, escheat or similar Law. If, despite Parent&rsquo;s, any of its Affiliates&rsquo; and/or the Rights Agent&rsquo;s commercially
reasonable efforts to deliver the CVR Payment Amount to the applicable Holder, the CVR Payment Amount has not been paid prior to two (2)&nbsp;years
after the applicable CVR Payment Date (or immediately prior to such earlier date on which the CVR Payment Amount would otherwise escheat
to or become the property of any Governmental Authority), the CVR Payment Amount will be delivered by the Rights Agent to Parent and,
to the extent permitted by applicable Law, become the property of Parent, free and clear of all claims or interest of any Person previously
entitled thereto. If the CVR Payment Amount does not become the property of the Parent, to the extent permitted by applicable Law, upon
transfer by the Rights Agent, such Holder will thereafter look only to the Parent for payment of the CVR Payment Amount, without interest,
and the Parent will be responsible for escheatment to the applicable Governmental Body. The Rights Agent will not be responsible for escheatment
of abandoned property except in the case that the Parent is unable to provide the Rights Agent with the applicable instructions to transfer
such property to the Parent before the CVR Payment would escheat to the applicable Governmental Body. In such case, the Rights Agent will
be required to escheat the funds to the State immediately. In addition to and not in limitation of any other indemnity obligation herein,
Parent agrees to indemnify and hold harmless Rights Agent with respect to any liability, penalty, cost or expense Rights Agent may incur
or be subject to in connection with transferring such property to Parent or New Topco.</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"></P>

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<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-indent: 0.5in">Section&nbsp;2.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Tax
Matters</U>.</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
to the extent any portion of the CVR Payment Amount is required to be treated as interest pursuant to applicable Law, Parent, and the
Representative intend that, for all U.S. federal and applicable state and local income tax purposes: (i)&nbsp;the CVRs received in respect
of Shares (which for avoidance of doubt does not include the Equity Award CVRs) are treated as additional consideration paid with respect
to such Shares in connection with the Offer; (ii)&nbsp;any CVR Payment Amount received in respect of such CVRs is treated as an amount
realized on the disposition or partial disposition of the applicable CVRs; and (iii)&nbsp;any CVR Payment Amount paid in respect of any
Equity Award CVR is treated as wages in the year in which the CVR Payment Amount is made (and not upon the receipt of such CVR) (<U>clauses
(i), (ii)</U>&nbsp;and <U>(iii)</U>, collectively, the &ldquo;<B><I>Intended Tax Treatment</I></B>&rdquo;).</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
addition to any Permitted Deductions, Parent and its Affiliates (including the Company, after the Closing) and the Rights Agent shall
be entitled to deduct and withhold, or cause to be deducted or withheld, from each CVR Payment Amount or any other amounts otherwise payable
pursuant to this Agreement such amounts as may be required to be deducted and withheld therefrom under applicable Law. With respect to
Holders who received Equity Award CVRs, any such withholding may be made, or caused to be made, by Parent through the payroll system or
any successor payroll system of Parent or any of its Affiliates, including the Company (after the Closing) and New Topco. Prior to making
(or causing to be made) any such Tax deduction or withholding, Parent shall instruct the Rights Agent to provide the opportunity for the
Holders to provide properly completed and duly executed Internal Revenue Service Forms W-9 or appropriate W-8, as applicable, or any other
reasonably appropriate forms or information from Holders in order to avoid or reduce withholding. Parent shall promptly and timely remit,
or cause to be remitted (including by causing the Rights Agent to remit), any amounts withheld in respect of Taxes to the appropriate
Governmental Authority. To the extent any amounts are so deducted and withheld and remitted to the appropriate Governmental Authority,
such amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of whom such deduction and
withholding was made.</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-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Parent
and the Representative intend that each payment provided under this Agreement with respect to an Equity Award CVR (the &ldquo;<B><I>Payments</I></B>&rdquo;)
is a separate &ldquo;payment&rdquo; for purposes Section&nbsp;1.409A-2(b)(2)(i)&nbsp;of the U.S. Treasury Regulations. For the avoidance
of doubt, Parent and the Representative intend that the Payments satisfy, to the greatest extent possible, the exemption from the application
of Section&nbsp;409A of the Code and the Treasury Regulations and other guidance issued thereunder and any state law of similar effect
(collectively &ldquo;<B><I>Section&nbsp;409A</I></B>&rdquo;) provided under Treasury Regulations Section&nbsp;1.409A-1(b)(4)&nbsp;and,
to the extent not so exempt, that the Payments comply, and this Agreement be interpreted to the greatest extent possible, as consistent
with Treasury Regulations Section&nbsp;1.409A-3(i)(5)(iv)(A)&nbsp;&ndash; that is, as &ldquo;transaction-based compensation.&rdquo; To
the extent this Agreement (and any definitions hereunder), or any payments hereunder, are not exempt, they shall be construed in a manner
that complies with Section&nbsp;409A, including by reason of satisfying the &ldquo;transaction-based compensation&rdquo; provisions thereunder
and shall incorporate by reference all required definitions and payment terms. Notwithstanding the foregoing, none of Parent, the Company
(after the Closing) or the manager of Parent, or any of their respective representatives make any representation or warranty and will
have no liability to a Holder or transferee or any other Person if any payments under any provisions of this Agreement are determined
to constitute deferred compensation under Section&nbsp;409A of the Code (or any similar provisions of applicable state or local law) that
are subject to certain additional federal, state or other taxes. Parent may provide each recipient of an Equity Award CVR with a notice
or award agreement setting forth the terms and condition of the holder&rsquo;s entitlement to payments under such Equity Award CVR in
accordance with the terms of this Agreement. Rights Agent makes no representations or warranties with respect to tax treatment of the
CVRs. None of the Rights Agent, its Affiliates or the services provided by the Rights Agent hereunder are intended to provide legal, tax
or financial advice.</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"></P>

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<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-indent: 0.5in">Section&nbsp;2.6&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Voting, Dividends or Interest; No Equity or Ownership Interest in Parent or any of its Affiliates</U>.</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
CVRs will not have any voting or dividend rights, and interest will not accrue on any amounts payable on the CVRs to any Holder.</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
CVRs will not represent any equity or ownership interest in Parent, the Company or any of their respective Affiliates. It is hereby acknowledged
and agreed that a CVR shall not constitute a security of Parent.</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-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Holder acknowledges and agrees to the appointment and authority of the Representative to act as the exclusive representative, agent and
attorney-in-fact of such Holder and all Holders as set forth in this Agreement. Notwithstanding the foregoing, the Representative shall
have no obligation to act on behalf of the Holders, except as expressly provided herein and in the Representative Engagement Agreement,
and for the avoidance of doubt, the Representative shall have no obligations under any ancillary agreement, schedule, exhibit or disclosure
schedule. For the further avoidance of doubt, the Representative has no obligations in connection with the Tax Reserve Matter or any related
matters. Certain Holders have entered into an engagement agreement (the &ldquo;<B><I>Representative Engagement Agreement</I></B>&rdquo;)
with the Representative and agreed to provide direction to the Representative in connection with its services under this Agreement and
the Representative Engagement Agreement (such Holders, including their individual representatives, collectively hereinafter referred to
as the &ldquo;<B><I>Advisory Group</I></B>&rdquo;). Neither the Representative nor its members, managers, directors, officers, contractors,
agents and employees nor any member of the Advisory Group (collectively, the &ldquo;<B><I>Representative Group</I></B>&rdquo;), shall
be liable to any Holder for any action or failure to act in connection with the acceptance or administration of the Representative&rsquo;s
responsibilities hereunder or under the Representative Engagement Agreement, unless and only to the extent such action or failure to act
constitutes gross negligence, fraud or willful misconduct. The Holders shall indemnify, defend and hold harmless the Representative Group
from and against any and all losses, claims, damages, liabilities, fees, costs, expenses (including fees, disbursements and costs of counsel
and other skilled professionals and in connection with seeking recovery from insurers), judgments, fines, amounts paid in settlement (collectively,
the &ldquo;<B><I>Representative Expenses</I></B>&rdquo;) incurred without gross negligence, fraud or willful misconduct on the part of
the Representative and arising out of or in connection with the acceptance or administration of its duties hereunder or under the Representative
Engagement Agreement. Such Representative Expenses may be recovered first, from the Expense Fund (as defined in the Representative Engagement
Agreement), second, from any distribution of CVR Payment Amounts otherwise distributable to the Holders at the time of distribution, and
third, directly from the Holders. At any time, the Representative may resign (in which case the Acting Holders shall promptly appoint
a successor Representative reasonably acceptable to Parent). The immunities and rights to indemnification shall survive the Closing, the
resignation or removal of the Representative or any member of the Advisory Group or any termination of this Agreement. The Holders acknowledge
that the Representative shall not be required to expend or risk its own funds or otherwise incur any financial liability in the exercise
or performance of any of its powers, rights, duties or privileges or pursuant to this Agreement, the Representative Engagement Agreement
or the transactions contemplated hereby or thereby. Furthermore, the Representative shall not be required to take any action unless the
Representative has been provided with funds, security or indemnities which, in its reasonable determination, are sufficient to protect
the Representative against the costs, expenses and liabilities which may be incurred by the Representative in performing such actions.
The powers, immunities and rights to indemnification granted to the Representative Group hereunder: (i)&nbsp;are coupled with an interest
and shall be irrevocable and survive the death, incompetence, bankruptcy or liquidation of any Holder and shall be binding on any successor
thereto, and (ii)&nbsp;shall survive the delivery of an assignment by any Holder of the whole or any fraction of his, her or its interest
in the CVRs or other interest herein. The Representative shall be entitled to: (A)&nbsp;rely upon the CVR Register and any associated
list of Holders, (B)&nbsp;rely upon any signature reasonably believed by it to be genuine, and (C)&nbsp;reasonably assume that a signatory
has proper authorization to sign on behalf of the applicable Holder or other party. The Representative will not be deemed to have any
fiduciary or similar duties to any Holder or other party/person by virtue of this Agreement or otherwise. Each Holder agrees that such
Holder will not challenge or contest any action, inaction, determination or decision of the Representative or the authority or power of
the Representative and will not threaten, bring, commence, institute, maintain, prosecute or voluntarily aid any action, which challenges
the validity of or seeks to enjoin the operation of any provision of this Agreement, including the provisions relating to the authority
of the Representative to act on behalf of such Holder and all Holders as set forth in this Agreement. All actions taken by the Representative
under this Agreement or the Representative Engagement Agreement shall be binding upon each Holder and such Holder&rsquo;s successors as
if expressly confirmed and ratified in writing by such Holder, and all defenses which may be available to any Holder to contest, negate
or disaffirm the action of the Representative taken in good faith under this Agreement or the Representative Engagement Agreement are
waived.</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"></P>

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<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-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Parent,
its manager and its officers and Affiliates will not be deemed to have any fiduciary or similar duties to any Holder by virtue of this
Agreement.</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-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Holder acknowledges and agrees to the appointment and authority of the Tax Reserve Committee to act on behalf and for the benefit of such
Holder and all Holders as set forth in this Agreement, which shall include the power and authority of the Tax Reserve Committee to take
or refrain the Company (or New Topco, after the Merger Effective Time) from taking the actions specified herein and any other actions
relating to the subject matter of this Agreement as determined by the Tax Reserve Committee. Notwithstanding the foregoing or anything
else herein, the Tax Reserve Committee shall have no obligation to act on behalf of the Holders except as expressly provided herein, and
for purposes of clarity, there are no obligations of the Tax Reserve Committee in any ancillary agreement, schedule, exhibit or disclosure
schedule. The powers, immunities and rights to indemnification granted to the Tax Reserve Committee Group hereunder: (i)&nbsp;are coupled
with an interest and shall be irrevocable and survive the death, incompetence, bankruptcy or liquidation of any Holder and shall be binding
on any successor thereto, and (ii)&nbsp;shall survive the delivery of an assignment by any Holder of the whole or any fraction of his,
her or its interest in the CVRs or other interest herein. Each Holder agrees that such Holder will not threaten, bring, commence, institute,
maintain, prosecute or voluntarily aid any action, which challenges the validity of or seeks to enjoin the operation of any provision
of this Agreement, including the provisions relating to the authority of the Tax Reserve Committee to act on behalf of such Holder and
all Holders as set forth in this Agreement. The Tax Reserve Committee shall be entitled to: (A)&nbsp;rely upon the CVR Register and associated
list of Holders, (B)&nbsp;rely upon any signature reasonably believed by it to be genuine and (C)&nbsp;reasonably assume that a signatory
has proper authorization to sign on behalf of the applicable Holder or other 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; text-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Tax Reserve Committee will not be deemed to have any fiduciary or similar duties to any Holder by virtue of this Agreement. All actions
taken by the Tax Reserve Committee under this Agreement shall be binding upon each Holder and such Holder&rsquo;s successors as if expressly
confirmed and ratified in writing by such Holder, and all defenses which may be available to any Holder to contest, negate or disaffirm
the action of the Tax Reserve Committee taken in good faith under this Agreement are waived.</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-indent: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
is hereby acknowledged and agreed that the CVRs and the possibility of any payment hereunder with respect thereto are highly speculative
and subject to numerous factors outside of Parent&rsquo;s control, and there is no assurance that Holders will receive any payments under
this Agreement or in connection with the CVRs. The Parties acknowledge that it is possible that no Existing Partnership Proceeds, Disposition
Proceeds, Additional Closing Net Cash Proceeds or Tax Reserve Proceeds will accrue and that there will not be any Gross Proceeds that
may be the subject of a CVR Payment Amount.</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"></P>

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<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-indent: 0.5in">Section&nbsp;2.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Ability
to Renounce or Abandon CVR</U>. Notwithstanding anything to the contrary contained herein, any Holder or Holder&rsquo;s successor or
assign pursuant to a Permitted CVR Transfer may, at any time, at such Holder&rsquo;s option, agree to renounce, in whole or in part,
its rights under this Agreement and abandon all of such Holder&rsquo;s remaining rights in a CVR by transferring such CVR to Parent without
consideration therefor, effected by written notice to the Rights Agent, the Representative and Parent, which renouncement and abandonment
notice, if given, shall be irrevocable. Nothing in this Agreement shall prohibit Parent or any of its Affiliates, including the Company
(after the Closing) and New Topco, from offering to acquire or acquiring any CVRs for consideration from the Holders, in private transactions
or otherwise, in its sole discretion. Any CVRs acquired by Parent or any of its Affiliates, including the Company (after the Closing)
and New Topco, shall be automatically deemed extinguished and no longer outstanding for purposes of the definition of Acting Holders
and <U>ARTICLE&nbsp;VI</U> and <U>Section&nbsp;6.3</U> hereunder.</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: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;III</B></FONT><B><BR>
THE RIGHTS AGENT</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; text-indent: 0.5in">Section&nbsp;3.1&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Duties and Responsibilities</U>. The provisions of this Article&nbsp;III shall survive the termination of this Agreement and the resignation,
replacement or removal of the Rights Agent, and the exercise, termination and expiration of the CVRs. The Rights Agent will not have any
liability for any actions taken or not taken in connection with this Agreement, except to the extent of its bad faith, gross negligence,
fraud or willful misconduct (in each case as determined by a court of competent jurisdiction). IN NO EVENT WILL THE RIGHTS AGENT BE LIABLE
FOR ANY SPECIAL,&nbsp;INDIRECT,&nbsp;INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATED TO THIS AGREEMENT (INCLUDING
LOST PROFITS, DAMAGE TO REPUTATION OR LOST SAVINGS), EVEN IF FORESEEABLE AND EVEN IF RIGHTS AGENT HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES.</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-indent: 0.5in">Section&nbsp;3.2&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Rights of Rights Agent</U>. The Rights Agent undertakes to perform only the duties and obligations as are specifically set forth in this
Agreement, and no implied covenants or obligations will be read into this Agreement against the Rights Agent. In addition, Parent and
the Representative (on behalf of the Holders) each agree that the Rights Agent shall have the following rights:</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Rights Agent may rely on and will be protected and held harmless by Parent in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, power of attorney, endorsement, direction, consent, order or other paper or document
believed by it in good faith to be genuine and to have been signed, executed and, where necessary, verified or acknowledged or presented
by the proper party or parties;</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Rights Agent may rely on and shall be held harmless by Parent in acting upon written (including electronically transmitted) or oral instructions
from Parent, the Representative or any CVR Holder with respect to any matter relating to its acting as Rights 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; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;whenever
the Rights Agent deems it desirable that a matter be proved or established prior to taking or omitting any action hereunder, the Rights
Agent may: (i)&nbsp;rely upon an Officer&rsquo;s Certificate, which certificate shall be full authorization and protection to the Rights
Agent; and (ii)&nbsp;the Rights Agent shall, in the absence of bad faith, gross negligence, fraud or willful misconduct on its part (in
each case, as determined by a court of competent jurisdiction), incur no liability and be held harmless by Parent for or in respect of
any action taken or omitted to be taken by it under the provisions of this Agreement in reliance upon such Officer&rsquo;s Certificate;</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-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Rights Agent may engage and consult with counsel of its selection and the written advice of such counsel or any opinion of counsel will,
in the absence of bad faith, gross negligence, fraud or willful misconduct (in each case, as determined by a court of competent jurisdiction),
provide full and complete authorization and protection to the Rights Agent and the Rights Agent shall be held harmless by Parent in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;</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"></P>

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<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-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
permissive rights of the Rights Agent to do things enumerated in this Agreement will not be construed as a duty;</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-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Rights Agent will not be required to give any note or surety in respect of the execution of such powers or otherwise in respect of the
CVR Proceeds;</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-indent: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Rights Agent shall not be liable for or by reason of, and shall be held harmless by Parent with respect to, any of the statements of fact
or recitals contained in this Agreement or be required to verify the same, but all such statements and recitals are and shall be deemed
to have been made by Parent only;</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-indent: 1in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Rights Agent will have no liability and shall be held harmless by Parent in respect of the validity of this Agreement or the execution
and delivery hereof (except the due execution and delivery hereof by the Rights Agent and the enforceability of this Agreement against
the Rights Agent assuming the due execution and delivery hereof by Parent), nor shall it be responsible for any breach by Parent of any
covenant or condition contained in this Agreement;</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-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Rights Agent shall not be required to perform any action if such action would cause the Rights Agent to violate any applicable law, regulation
or court order;</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-indent: 1in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Rights Agent shall not be deemed to have any knowledge of any event of which it was to receive notice thereof hereunder, and the Rights
Agent shall be fully protected and shall incur no liability for failing to take any action in connection therewith, unless and until it
has received such notice in writing;</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-indent: 1in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Rights Agent shall not assume any obligations or relationship of agency or trust with the Representative or any Holder;</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-indent: 1in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Parent
agrees to indemnify the Rights Agent and its affiliates, and its and their respective employees, officers, directors, representatives
and advisors for, and hold such Persons harmless against, any loss, liability, damage, judgment, fine, penalty, cost or expense (each,
a &ldquo;<B><I>Loss</I></B>&rdquo;) arising out of or in connection with the Rights Agent&rsquo;s duties under this Agreement, including
the reasonable, documented and necessary out-of-pocket costs and expenses of defending Rights Agent against any claims, charges, demands,
actions or suits arising out of or in connection with the execution, acceptance, administration, exercise and performance of its duties
under this Agreement or enforcing its rights hereunder, unless such Loss has been determined by a court of competent jurisdiction to be
a result of Rights Agent&rsquo;s gross negligence, bad faith, fraud or willful misconduct; <U>provided</U> that this <U>Section&nbsp;3.2(l)</U>&nbsp;shall
not apply with respect to income, receipt, franchise or similar Taxes;</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-indent: 1in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Parent
agrees: (i)&nbsp;to pay the fees and expenses of the Rights Agent in connection with this Agreement as agreed upon in writing by the Rights
Agent and Parent on or prior to the date hereof; and (ii)&nbsp;to reimburse the Rights Agent for all reasonable, documented and necessary
out-of-pocket expenses paid or incurred by the Rights Agent in connection with the administration by the Rights Agent of its duties hereunder,
including all stamp and transfer Taxes (and excluding for the avoidance of doubt any income, receipt, franchise or similar) and governmental
charges, except that Parent will have no obligation to pay the fees of the Rights Agent or reimburse the Rights Agent for the fees of
counsel in connection with any lawsuit initiated by the Rights Agent on behalf of itself, except in the case of any suit enforcing the
provisions of <U>Section&nbsp;2.4(a)</U>, <U>Section&nbsp;2.4(b)</U>, <U>Section&nbsp;2.4(c)</U>, <U>Section&nbsp;2.4(d)</U>&nbsp;or <U>Section&nbsp;3.2</U>,
if Parent is found by a court of competent jurisdiction to be liable to the Rights Agent or the Holders, as applicable in such suit; and</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"></P>

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<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-indent: 1in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;no
provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing
that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.</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-indent: 0.5in">Section&nbsp;3.3&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignation
and Removal; Appointment of Successor</U>.</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent may resign at any time by giving written notice thereof to Parent (with a copy to the Representative) specifying a date when
such resignation will take effect, which notice will be sent at least sixty (60) days prior to the date so specified but in no event will
such resignation become effective until a successor Rights Agent has been appointed. The Representative shall have the right to remove
Rights Agent at any time by specifying a date when such removal will take effect but no such removal will become effective until a successor
Rights Agent has been appointed. Notice of such removal will be given by the Representative to Rights Agent (with a copy to the Parent),
which notice will be sent at least sixty (60) days prior to the date so specified.</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the Rights Agent provides notice of its intent to resign, is removed pursuant to <U>Section&nbsp;3.3(a)</U>&nbsp;or becomes incapable
of acting, Parent and the Representative, acting in concert, will, as soon as is reasonably possible, appoint a qualified successor Rights
Agent who, unless otherwise consented to in writing by the Acting Holders, shall be a stock transfer agent of national reputation or the
corporate trust department of a commercial bank. The successor Rights Agent so appointed will, forthwith upon its acceptance of such appointment
in accordance with <U>Section&nbsp;3.4</U>, become the successor Rights Agent. Notwithstanding the foregoing, if Parent shall fail to
make such appointment within a period of 60 days after giving notice of such removal or after it has been notified in writing of such
resignation or incapacity by the resigning or incapacitated Rights Agent, then the Acting Holders may apply to any court of competent
jurisdiction for the appointment of a new Rights Agent. The successor Rights Agent so appointed shall, forthwith upon its acceptance of
such appointment in accordance with Section&nbsp;3.5, become the successor Rights 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; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Parent
will give notice of each resignation and each removal of a Rights Agent and each appointment of a successor Rights Agent by mailing written
notice of such event by first-class mail to the Holders as their names and addresses appear in the CVR Register. Each notice will include
the name and address of the successor Rights Agent. If Parent fails to send such notice within ten (10)&nbsp;Business Days after acceptance
of appointment by a successor Rights Agent in accordance with <U>Section&nbsp;3.4</U>, the successor Rights Agent will cause the notice
to be mailed at the expense of Parent. Failure to give any notice provided for in this Section&nbsp;3.3, however, shall not affect the
legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may
be.</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-indent: 0.5in">Section&nbsp;3.4&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transition
Support</U>. As long as all undisputed fees and charges that are due and payable to the Rights Agent for the Rights Agent&rsquo;s services
performed under this Agreement have been paid, Rights Agent will cooperate with Parent, the Representative and any successor Rights Agent
as reasonably requested in connection with the transition of the duties and responsibilities of the Rights Agent to the successor Rights
Agent, including the transfer of all relevant data, including transferring the CVR Register to the successor Rights Agent. The Rights
Agent shall be entitled to reimbursement by Parent (without limitation to Parent&rsquo;s right to deduct any such expenses in accordance
herewith) for costs and expenses related to such transition services.</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-indent: 0.5in">Section&nbsp;3.5&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acceptance
of Appointment by Successor</U>. Every successor Rights Agent appointed pursuant to <U>Section&nbsp;3.3(b)</U>&nbsp;hereunder will execute,
acknowledge and deliver to Parent and to the retiring Rights Agent an instrument accepting such appointment and a counterpart of this
Agreement, and thereupon such successor Rights Agent, without any further act, deed or conveyance, will become vested with all the rights,
powers, trusts and duties of the retiring Rights Agent. On request of Parent or the successor Rights Agent, the retiring Rights Agent
will execute and deliver an instrument transferring to the successor Rights Agent all the rights, powers, trusts and duties of the retiring
Rights 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"></P>

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<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: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;IV</B></FONT><B><BR>
COVENANTS</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; text-indent: 0.5in">Section&nbsp;4.1&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>List
of Holders</U>. Parent will furnish or cause to be furnished to the Rights Agent (with a copy to the Representative) in such form as Parent
receives from the Company&rsquo;s transfer agent (or other agent performing similar services for Parent), the names and addresses of the
Holders of such securities within thirty (30) days of the Merger Effective Time.</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-indent: 0.5in">Section&nbsp;4.2&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of CVR Payment Amounts</U>. Parent shall, on or prior to any CVR Payment Date, deposit with the bank or financial institution designated
by the Rights Agent, for payment to the Holders in accordance with <U>Section&nbsp;2.4</U>, the aggregate amount necessary to pay the
CVR Payment Amount to each Holder.</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-indent: 0.5in">Section&nbsp;4.3&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Discretion
and Decision-Making Authority</U>. Notwithstanding anything herein to the contrary, but subject to Parent&rsquo;s obligations as set forth
in Section&nbsp;4.6, (a)&nbsp;Parent and its Affiliates, including the Company (after the Closing) and New Topco, shall have the power
and right to control all aspects of their businesses and operations (and all of their assets and products), and subject to its compliance
with the terms of this Agreement, Parent and its Affiliates, including the Company (after the Closing) and New Topco, may exercise or
refrain from exercising such power and right as it may deem appropriate and in the best overall interests of Parent and its Affiliates,
including the Company (after the Closing) and New Topco, and its and their stockholders, rather than the interest of the Holders; and
(b)&nbsp;following the Efforts Disposition Period, the Company shall be permitted to take (or omit) any action in respect of the CVR Products.</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-indent: 0.5in">Section&nbsp;4.4&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Audit
Right</U>. Upon the prior written request by the Representative, Parent shall meet at reasonable times during normal business hours with
the Representative to discuss the content of any CVR Payment Notice. Parent agrees to maintain, for at least six (6)&nbsp;months after
the last possible payment of CVR Proceeds, all books and records relevant to the calculation of a CVR Payment Amount and the amount of
Gross Proceeds, Net Proceeds, Permitted Deductions, Tax Reserve Matter Expenses or any other calculations with respect to the Additional
Closing Net Cash Proceeds or Tax Reserve Proceeds, as applicable. Subject to reasonable advance written notice from the Representative
and prior execution and delivery by an independent accounting firm of national reputation chosen by the Representative (the &ldquo;<B><I>Accountant</I></B>&rdquo;)
of a reasonable and customary confidentiality/nonuse agreement, Parent shall permit the Representative and the Accountant, acting as agent
of the Representative (on behalf of the Holders), for one (1)&nbsp;year after the last possible payment of CVR Proceeds, to have access
during normal business hours to the books and records of Parent as may be reasonably necessary to audit the calculation of such CVR Payment
Amount, the calculation of the amount of Gross Proceeds, Net Proceeds, Permitted Deductions, Tax Reserve Matter Expenses or any calculations
with respect to the Additional Closing Net Cash Proceeds or Tax Reserve Proceeds, as applicable.</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-indent: 0.5in">Section&nbsp;4.5&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignments</U>.
Parent shall not, in whole or in part, assign any of its obligations under this Agreement other than in accordance with the terms of <U>Section&nbsp;6.3</U>.</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-indent: 0.5in">Section&nbsp;4.6&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Covenants</U>.</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the Existing Partnership Period, Parent shall, and shall cause its Affiliates (including the Company (after the Closing) and New Topco),
and licensees and rights transferees to, use commercially reasonable efforts to (i)&nbsp;maintain and enforce the Existing Partnership
Agreements and (ii)&nbsp;comply in all material respects with their respective covenants and obligations under each Existing Partnership
Agreement.</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the Efforts Disposition Period, Parent shall, and shall cause its Affiliates (including the Company (after the Closing) and New Topco),
licensees and rights transferees to, use commercially reasonable efforts to (i)&nbsp;enter into one or more Disposition Agreements as
promptly as practicable following the Closing, (ii)&nbsp;maintain and enforce any Disposition Agreements entered into prior to or following
the Closing and (iii)&nbsp;retain an employee or consultant of Parent or the Company for the purpose of maintaining and preserving the
CVR Products.</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"></P>

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<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-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the Efforts Disposition Period, Parent shall, and shall cause its Affiliates (including the Company (after the Closing) and New Topco),
and licensees and rights transferees to, use commercially reasonable efforts to comply in all material respects with their respective
covenants and obligations under each such Disposition Agreement.</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-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the period beginning on the Closing and ending on December&nbsp;31, 2026, Parent shall, and shall cause its Affiliates (including the
Company (after the Closing) and New Topco), licensees and rights transferees to, use commercially reasonable efforts to maintain and prosecute
the intellectual property relating to the CVR Products. For the avoidance of doubt, Parent and (after the Closing) the Company are not
obligated to pursue new clinical, manufacturing or enabling work with respect to the CVR Products, except as otherwise required pursuant
to the applicable Disposition Agreement, Existing Partnership Agreement, or agreement governing a Permitted Disposition.</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-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the Existing Partnership Period and the Disposition Period, Parent shall, and (after the Closing) shall cause the Company to maintain
the CVRs (including fees and expenses related to the Rights Agent and the Representative).</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-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the Disposition Period: (i)&nbsp;Parent shall, and (after the Closing) shall cause the Company to, maintain records in the ordinary course
of business pursuant to record-keeping procedures normally used by Parent and the Company regarding their respective activities (including
its resources and efforts) with respect to entering into Disposition Agreements; and (ii)&nbsp;to the extent the Company licenses, sells,
assigns or otherwise transfers intellectual property and other rights (including, without limitation, all data, marketing authorizations
and applications for marketing authorization), assets, rights, powers, privileges and Contracts, the Company will require the licensee,
purchaser, assignee, or transferee, as applicable to provide the information necessary for Parent to comply with its obligations under
this Agreement.</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-indent: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the Existing Partnership Period (including any Tail Period), upon the reasonable written request from the Representative, Parent will
provide: (i)&nbsp;the Representative with a written update in reasonable detail describing the progress, status and anticipated trajectory
of efforts in respect of the Existing Partnerships; and (ii)&nbsp;the anticipated timing of receiving payments in respect of the Existing
Partnerships, in each case up to (I)&nbsp;one time in a fiscal quarter of each calendar year during the Existing Partnership Period and
(II)&nbsp;one time during the Tail Period. The Representative agrees to maintain the confidentiality of any such update or other confidential
information provided by Parent to the Representative under this Agreement; <U>provided</U> that the Representative may disclose any such
update or other information to the Representative Group.</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-indent: 1in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the Disposition Period (including any Tail Period), upon the reasonable written request from the Representative, Parent will provide:
(i)&nbsp;the Representative with a written update in reasonable detail describing the progress, status and anticipated trajectory of efforts
in respect of the Disposition Agreement; and (ii)&nbsp;the anticipated timing of receiving payments in respect of the Disposition Agreements,
in each case up to (I)&nbsp;one time in a fiscal quarter of each calendar year during the Disposition Period and (II)&nbsp;one time during
the Tail Period. The Representative agrees to maintain the confidentiality of any such update or other confidential information provided
by Parent to the Representative under this Agreement; <U>provided</U> that the Representative may disclose any such update or other information
to the Representative Group.</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"></P>

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<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-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event that Parent desires to consummate a Change of Control or other disposition of the CVR Products prior to the Expiration Date,
Parent shall cause the Person acquiring the assets, shares or voting interests in New Topco (or its successor) or the applicable CVR Products,
as applicable, to assume Parent&rsquo;s or its successor&rsquo;s (as applicable depending upon the structure of the Change of Control)
obligations, duties and covenants under this Agreement. No later than five (5)&nbsp;Business Days after the consummation of any Change
of Control or other transaction, Parent will deliver to the Rights Agent an Officer&rsquo;s Certificate, stating that such Change of Control
or other transaction complies with this <U>Section&nbsp;4.6(i)</U>&nbsp;and that all conditions precedent herein relating to such transaction
have been complied with.</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-indent: 0.5in">Section&nbsp;4.7&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Reserve Matter</U>.</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Parent agrees that it (and the Parent Tax Advisor) will use commercially reasonable efforts to provide (and to cause the Company to provide)
such assistance as may reasonably be requested in order to ensure the proper and adequate conduct of the Tax Reserve Actions.</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Tax Reserve Committee shall be entitled to, with the assistance of the Company Tax Advisor and the Parent Tax Advisor, direct the conduct
of the Tax Reserve Actions and to settle and/or compromise any discussions with the Dutch Tax Authority regarding the Tax Reserve Matter
and the Tax Reserve Actions; provided that any final settlement or compromise with the Dutch Tax Authority with respect to the Tax Reserve
Matters, or final determination of the Tax Reserve Liability, shall require the prior written consent of the Parent (such consent not
to be unreasonably withheld, conditioned or delayed)<SUP></SUP>.</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-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Tax Reserve Committee shall reasonably consult and cooperate with the Parent (and the Parent Tax Advisor) and consider in good faith suggestions
concerning the decisions and determinations with respect to the Tax Reserve Matter. In the event the Tax Reserve Matter Expenses exceed
$6,333,000 such that there shall be no Tax Reserve Proceeds payable hereunder, Parent may undertake, and have the sole discretion and
authority with respect to, the settlement of the Tax Reserve Matter on behalf of the Company (or New Topco, after the Merger Effective
Time) with the Parent Tax Advisor; <U>provided</U>, however, that (i)&nbsp;the Tax Reserve Committee may, at its sole expense, select
an outside advisor on behalf of the Company (or New Topco, after the Merger Effective Time) for purposes of participating in the resolution
of the Tax Reserve Matter, and (ii)&nbsp;the Parent Tax Advisor shall reasonably consult and cooperate with the advisor of the Tax Reserve
Committee&rsquo;s choosing and consider in good faith suggestions concerning the decisions and determinations with respect to the Tax
Reserve Matter.</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-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither
the Tax Reserve Committee nor its members, managers, directors, officers, contractors, agents, advisors and employees from time to time
(collectively, the &ldquo;<B><I>Tax Reserve Committee Group</I></B>&rdquo;), shall be liable to any Holder for any action or failure to
act in connection with the acceptance or administration of the Tax Reserve Committee&rsquo;s responsibilities hereunder, unless and only
to the extent such action or failure to act is finally determined to be fraud or willful misconduct. Each of the Company, on behalf of
itself and its Affiliates (including New Topco), and Parent, on behalf of itself and its Affiliates (including the Company and its Affiliates
after the Closing), hereby agrees that the Tax Reserve Committee Group shall not have any liability or obligations to the Company, New
Topco, Parent or any of their respective Affiliates relating to this Agreement or any of the transactions contemplated hereby. Each of
the Company and Parent, on behalf of itself and its Affiliates, hereby waives any and all claims and causes of action (whether at law,
in equity, in contract, in tort or otherwise) against the Tax Reserve Committee and all members of the Tax Reserve Committee Group arising
out of or in connection with the acceptance or administration of its or their duties hereunder. The Parent shall indemnify, defend and
hold harmless the Tax Reserve Committee and all members of the Tax Reserve Committee Group from and against any and all Tax Reserve Matter
Expenses arising out of or in connection with the acceptance or administration of its duties hereunder. These immunities and rights to
indemnification shall survive the resignation or removal of any or all members of the Tax Reserve Committee Group or any termination of
this Agreement. The Holders acknowledge that the Tax Reserve Committee and Tax Reserve Committee Group shall not be required to expend
or risk its own funds or otherwise incur any financial liability in the exercise or performance of any of its powers, rights, duties or
privileges or pursuant to this Agreement or the transactions contemplated hereby.</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"></P>

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<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-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Tax Reserve Committee shall, assisted by the Company Tax Advisor and the Parent Tax Advisor, procure that it shall at all times keep the
Parent informed of any developments in connection with the Tax Reserve Actions and of its intentions as to how to proceed and shall deliver
to the Parent copies of all correspondence sent to or received from the Dutch Tax Authority in respect of the Tax Reserve Actions.</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: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;V</B></FONT><B><BR>
AMENDMENTS</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; text-indent: 0.5in">Section&nbsp;5.1&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments
without Consent of Holders</U>.</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Without
the consent of any Holders, the Representative, Parent and the Rights Agent, at any time and from time to time, may enter into one or
more amendments hereto, for any of the following purposes:</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; text-indent: 0.9in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
evidence the succession of another Person to Parent and the assumption by any such successor of the covenants of Parent herein as provided
in <U>Section&nbsp;6.3</U>; <U>provided</U> that, in each case, such provisions do not adversely affect the interests of the Holders;</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; text-indent: 0.9in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
add to the covenants of Parent such further covenants, restrictions, conditions or provisions as the Representative, Parent and the Rights
Agent will consider to be for the protection of the Holders;</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; text-indent: 0.9in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
cure any ambiguity, to correct or supplement any provision herein that may be defective or inconsistent with any other provision herein,
or to make any other provisions with respect to matters or questions arising under this Agreement; <U>provided</U> that, in each case,
such provisions do not adversely affect the interests of the Holders;</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; text-indent: 0.9in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;as
may be necessary or appropriate to ensure that the CVRs are not subject to registration under the Securities Act of 1933, as amended,
or the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations promulgated thereunder, and to ensure that the
CVRs are not subject to any similar registration or prospectus requirement under applicable securities laws outside of the United States;
<U>provided</U> that, in each case, such provisions do not adversely affect the interests of the Holders;</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; text-indent: 0.9in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
evidence the succession of another Person as a successor Rights Agent or the Representative and the assumption by any such successor of
the covenants and obligations of the Rights Agent or the Representative, as applicable, herein in accordance with <U>Section&nbsp;3.3</U>
and <U>Section&nbsp;3.4</U>; or</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; text-indent: 0.9in">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
other amendments hereto for the purpose of adding, eliminating or changing any provisions of this Agreement; <U>provided</U> that, in
each case, such addition, elimination or change does not adversely affect the interests of the Holders in any material respect.</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"></P>

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<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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Without
the consent of any Holders, the Representative, Parent and the Rights Agent, in their sole and absolute discretion, at any time and from
time to time, may enter into one or more amendments hereto, to reduce the number of CVRs which, and only in the event that, any Holder
agrees to renounce and abandon such Holder&rsquo;s rights under this Agreement in accordance with <U>Section&nbsp;2.7</U>.</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-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Promptly
after the execution by the Representative, Parent and the Rights Agent of any amendment pursuant to the provisions of this <U>Section&nbsp;5.1</U>,
Parent shall mail (or cause the Rights Agent to mail) a notice thereof by first class mail to the Holders at their addresses as they appear
on the CVR Register, setting forth such amendment.</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-indent: 0.5in">Section&nbsp;5.2&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments
with Consent of Holders</U>.</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to <U>Section&nbsp;5.1</U> (which amendments pursuant to <U>Section&nbsp;5.1</U> may be made without the consent of the Holders), with
the consent of the Acting Holders, whether evidenced in writing or taken at a meeting of the Holders, the Representative, Parent and the
Rights Agent may enter into one or more amendments hereto for the purpose of adding, eliminating or changing any provisions of this Agreement,
even if such addition, elimination or change is materially adverse to the interests of the Holders.</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Promptly
after the execution by Parent the Representative, and the Rights Agent of any amendment pursuant to the provisions of this Section&nbsp;5.2,
Parent will mail (or cause the Rights Agent to mail at Parent&rsquo;s sole cost and expense (without limitation to Parent&rsquo;s right
to deduct any such expenses in accordance herewith)) a notice thereof by first class mail to the Holders at their addresses as they appear
on the CVR Register, setting forth such amendment.</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-indent: 0.5in">Section&nbsp;5.3&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution
of Amendments</U>. In executing any amendment permitted by this <U>ARTICLE&nbsp;V</U>, the Rights Agent will be entitled to receive, and
will be fully protected in relying upon, an opinion of counsel selected by Parent stating that the execution of such amendment is authorized
or permitted by this Agreement. The Rights Agent may, but is not obligated to, enter into any such amendment that affects the Rights Agent&rsquo;s
own rights, privileges, covenants or duties under this Agreement or otherwise.</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-indent: 0.5in">Section&nbsp;5.4&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Amendments</U>. Upon the execution of any amendment under this <U>ARTICLE&nbsp;V</U>, this Agreement will be modified in accordance
therewith, such amendment will form a part of this Agreement for all purposes and every Holder will be bound thereby. Notwithstanding
anything in this Agreement to the contrary, the Rights Agent and the Representative shall not be required to execute any supplement or
amendment to this Agreement that it has determined would adversely affect its own rights, duties, obligations or immunities under this
Agreement or, with respect to the Representative, the rights, duties, obligations or immunities of the Holders under this Agreement. No
supplement or amendment to this Agreement shall be effective unless duly executed by the Parent, Rights Agent and the Representative.</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"></P>

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<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: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;VI</B></FONT><B><BR>
OTHER PROVISIONS OF GENERAL APPLICATION.</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; text-indent: 0.5in">Section&nbsp;6.1&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>.
Any notice or other communication required or permitted hereunder shall be in writing and shall be deemed given when delivered in Person
or by email, or by overnight courier, or three (3)&nbsp;Business Days after being sent by registered or certified mail (postage prepaid,
return receipt requested), provided that with respect to notices delivered to the Representative, such notices must be delivered solely
via email, as follows:</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">If to the Rights Agent, to it at:</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">Broadridge Corporate Issuer Solutions, LLC<BR>
Attn: BCIS IWS<BR>
51 Mercedes Way<BR>
Edgewood, NY 11717<BR>
Email: legalnotices@Broadridge.com; <U>BCISCAManagement@Broadridge.com</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">BCISERM@Broadridge.com</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">With a copy (which shall not constitute notice) to:</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">Broadridge Financial Solutions,&nbsp;Inc.<BR>
2 Gateway Center<BR>
Newark, New Jersey 07102<BR>
Attention: General Counsel.<BR>
Email: legalnotices@Broadridge.com; <U>BCISCAManagement@Broadridge.com</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">BCISERM@Broadridge.com</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">If to the Representative, to it at:</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 1.5in; text-indent: -1in">Fortis Advisors LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Notices Department (LAVA Therapeutics)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Email: notices@fortisrep.com</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">If to Parent:</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">XOMA Royalty Corporation<BR>
2200 Powell Street, Suite&nbsp;310<BR>
Emeryville, CA 94608<BR>
Attention: Legal Department<BR>
Email: legalgroup@xoma.com</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">with a copy (which shall not constitute notice) to:</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">Gibson, Dunn&nbsp;&amp; Crutcher LLP<BR>
One Embarcadero Center Suite&nbsp;2600<BR>
San Francisco, CA 94111<BR>
Attention: Ryan A. Murr; Branden Berns<BR>
Email: rmurr@gibsondunn.com; bberns@gibsondunn.com</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-indent: 0.5in">Any party may specify a different address by giving
notice in accordance with this <U>Section&nbsp;6.1</U>.</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-indent: 0.5in">Section&nbsp;6.2&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
to Holders</U>. Where this Agreement provides for notice to Holders, such notice will be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the Holder&rsquo;s address
as it appears in the CVR Register, not later than the latest date, and not earlier than the earliest date, if any, prescribed for the
giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in
any notice so mailed, to any particular Holder will affect the sufficiency of such notice with respect to other Holders.</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"></P>

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<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-indent: 0.5in">Section&nbsp;6.3&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>. Parent may assign any or all of its rights, interests and obligations hereunder in its sole discretion and without the
consent of any other party: (i)&nbsp;to any controlled Affiliate of Parent, but only for so long as it remains a controlled Affiliate
of Parent (and Parent shall cause such Affiliate to immediately assign all of its rights, interests and obligations hereunder to Parent
if and when such Affiliate ceases to be a controlled Affiliate of Parent); (ii)&nbsp;in compliance with Section&nbsp;4.6(i)&nbsp;or (iii)&nbsp;otherwise
with the prior written consent of the Acting Holders (such consent not to be unreasonably withheld, conditioned or delayed), any other
Person (any permitted assignee under <U>clauses (i)</U>, <U>(ii)</U>&nbsp;or (<U>iii)</U>, an &ldquo;<B><I>Assignee</I></B>&rdquo;), in
each case <U>provided</U> that the Assignee agrees to assume and be bound by all of the terms of this Agreement as if it were Parent.
Any Assignee may thereafter assign all of its rights, interests and obligations hereunder in the same manner, and subject to the same
conditions, as Parent pursuant to the prior sentence. In connection with any assignment to an Assignee described in <U>clauses (i)</U>&nbsp;or
<U>(ii)</U>&nbsp;above in this <U>Section&nbsp;6.3</U>, Parent shall agree to remain liable for the performance by each Assignee of all
obligations of Parent hereunder with such Assignee substituted for Parent under this Agreement. This Agreement will be binding upon, inure
to the benefit of and be enforceable by each of Parent&rsquo;s successors and each Assignee. Subject to compliance with the requirements
set forth in this <U>Section&nbsp;6.3</U> relating to assignments, this Agreement shall not restrict Parent&rsquo;s ability to merge or
consolidate with, or sell, issue or dispose of its stock or other equity interests or assets to, any other Person. Each of Parent&rsquo;s
successors and Assignees shall expressly assume by an instrument supplemental hereto, executed and delivered to the Rights Agent (with
a copy to the Representative), the due and punctual payment of the CVR Proceeds and the due and punctual performance and observance of
all of the covenants and obligations of this Agreement to be performed or observed by Parent. The Rights Agent may not assign this Agreement
without the Representative&rsquo;s written consent, except to an affiliate of the Rights Agent in connection with a corporate restructuring
or to a successor Rights Agent in accordance with the terms of this Agreement. Any attempted assignment of this Agreement or any such
rights in violation of this <U>Section&nbsp;6.3</U> shall be void and of no effect.</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-indent: 0.5in">Section&nbsp;6.4&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefits
of Agreement</U>. Nothing in this Agreement, express or implied, will give to any Person (other than the Rights Agent, the Representative,
Parent, Parent&rsquo;s successors and Assignees, the Holders and the Holders&rsquo; successors and assigns pursuant to a Permitted CVR
Transfer) any benefit or any legal or equitable right, remedy or claim under this Agreement or under any covenant or provision herein
contained, all such covenants and provisions being for the sole benefit of the foregoing. The rights of Holders and their successors and
assigns pursuant to Permitted CVR Transfers are limited to those expressly provided in this Agreement. Notwithstanding anything to the
contrary herein, the Representative shall not commence any legal proceeding under this Agreement on behalf of or to enforce the rights
of the Holders except at the direction of and with the prior written consent of the Acting Holders. Except for the rights of the Rights
Agent and the Representative set forth herein, the Acting Holders will have the sole right, on behalf of all Holders, by virtue of or
under any provision of this Agreement, to institute any action or proceeding with respect to this Agreement, and no individual Holder
or other group of Holders will be entitled to exercise such rights. Reasonable expenditures incurred by such Holders in connection with
any enforcement action hereunder may be deducted from any damages or settlement obtained prior to the distribution of any remainder to
Holders generally. Holders acting pursuant to this provision on behalf of all Holders shall have no liability to the other Holders for
such actions. The Representative and all Holders (including the Acting Holders) must enforce any such legal or equitable rights, remedies
or claims under this Agreement against Parent and Purchaser and not against the Rights 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; text-indent: 0.5in">Section&nbsp;6.5&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law; Jurisdiction; Waiver of Jury Trial</U>.</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-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement, the CVRs and all actions arising under or in connection therewith shall be governed by and construed in accordance with the
laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law thereof.</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-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
of the parties hereto (i)&nbsp;irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Chancery
Court of the State of Delaware and any state appellate court therefrom or, if (but only if) such court lacks subject matter jurisdiction,
the United States District Court sitting in New Castle County in the State of Delaware and any appellate court therefrom (collectively,
the &ldquo;<B><I>Delaware Courts</I></B>&rdquo;); and (ii)&nbsp;consents to service of process by first class certified mail, return receipt
requested, postage prepaid, to the address at which such party is to receive notice in accordance with <U>Section&nbsp;6.1</U>. Each of
the parties irrevocably and unconditionally: (A)&nbsp;agrees not to commence any such action or proceeding except in the Delaware Courts;
(B)&nbsp;agrees that any claim in respect of any such action or proceeding may be heard and determined in the Delaware Courts; (C)&nbsp;waives,
to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the jurisdiction or laying
of venue of any such action or proceeding in the Delaware Courts; and (D)&nbsp;waives, to the fullest extent permitted by law, the defense
of an inconvenient forum to the maintenance of such action or proceeding in the Delaware Courts.</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"></P>

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<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-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;EACH
OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING BETWEEN THE PARTIES (WHETHER BASED
ON CONTRACT, TORT OR OTHERWISE),&nbsp;INCLUDING ANY COUNTERCLAIM, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF. EACH PARTY HERETO (A)&nbsp;MAKES
THIS WAIVER VOLUNTARILY AND (B)&nbsp;ACKNOWLEDGES THAT SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS CONTAINED IN THIS <FONT STYLE="text-transform: uppercase"><U>Section&nbsp;6.5(c)</U></FONT>.</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-indent: 0.5in">Section&nbsp;6.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Severability</U>.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this
Agreement shall remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree
shall remain in full force and effect to the extent not held invalid or unenforceable. The parties further agree to replace such invalid
or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic,
business and other purposes of such invalid or unenforceable provision.</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-indent: 0.5in">Section&nbsp;6.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts
and Signature</U>. This Agreement may be executed in two or more counterparts (including by an electronic scan delivered by electronic
mail), each of which shall be deemed an original but all of which together shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each of the parties hereto and delivered to the other party, it being understood that
the parties need not sign the same counterpart.</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-indent: 0.5in">Section&nbsp;6.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination</U>.
This Agreement will be terminated and of no force or effect, the parties hereto will have no liability hereunder (other than with respect
to monies due and owing by Parent to the Rights Agent and/or the Representative), and no payments will be required to be made, upon the
earliest to occur of: (a)&nbsp;the delivery by the Rights Agent to each Holder of all CVR Payment Amounts required to be paid under the
terms of this Agreement; (b)&nbsp;the delivery of a written notice of termination duly executed by Parent, New Topco and the Acting Holders;
or (c)&nbsp;the Expiration Date; provided that if on the Expiration Date (i)&nbsp;Gross Proceeds are due to, but not yet received by,
Parent or any of its Affiliates or (ii)&nbsp;CVR Payment Amounts have been determined to be payable to Holders pursuant hereto which have
not yet been paid, in each of cases (i)&nbsp;and (ii), then this Agreement shall terminate in accordance with this Section&nbsp;6.8(c)&nbsp;on
the date that is the first anniversary of the Expiration Date (such additional period, the &ldquo;<B><I>Tail Period</I></B>&rdquo;). For
the avoidance of doubt and notwithstanding anything to the contrary, nothing herein shall terminate or otherwise negatively affect any
of the rights or remedies of the Representative with respect to the Holders pursuant to this Agreement or otherwise.</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-indent: 0.5in">Section&nbsp;6.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Entire
Agreement</U>. This Agreement, the Purchase Agreement (including the schedules, annexes and exhibits thereto and the documents and instruments
referred to therein) contain the entire understanding of the parties hereto and thereto with reference to the transactions and matters
contemplated hereby and thereby and supersede all prior agreements, written or oral, among the parties with respect hereto and thereto.</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-indent: 0.5in">Section&nbsp;6.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Legal
Holiday</U>. In the event that the CVR Payment Date shall not be a Business Day, then, notwithstanding any provision of this Agreement
to the contrary, any payment required to be made in respect of the CVRs on such date need not be made on such date, but may be made on
the next succeeding Business Day with the same force and effect as if made on the CVR Payment Date.</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: center">[<I>Remainder of Page&nbsp;Left Blank Intentionally</I>]</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"></P>

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<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-indent: 0.5in">IN WITNESS WHEREOF, each of the parties has caused
this Agreement to be executed on its behalf by its duly authorized officers as of the day and year first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">xoma
    royalty corporation</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</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; text-indent: 0.5in">IN WITNESS WHEREOF, each of the parties has caused
this Agreement to be executed on its behalf by its duly authorized officers as of the day and year first above written.</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"><B>BROADRIDGE CORPORATE ISSUER SOLUTIONS, LLC solely in its capacity
as Rights Agent</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"></P>

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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</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"></P>

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<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-indent: 0.5in">IN WITNESS WHEREOF, each of the parties has caused
this Agreement to be executed on its behalf by its duly authorized officers as of the day and year first above written.</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"><FONT STYLE="text-transform: uppercase"><B>Fortis Advisors LLC</B></FONT><B>,
solely in its capacity as Representative</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"></P>

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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<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"></P>

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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>tm2528774d2_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B>&nbsp;</FONT></P>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2528774d1_ex99-1img01.jpg" ALT=""></FONT></TD><TD STYLE="font-size: 10pt; width: 2%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2528774d1_ex99-1img02.jpg" ALT="">&nbsp;</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>XOMA Royalty
and LAVA Therapeutics Announce Amendment to Purchase Agreement</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>- Amendment includes
finalized cash amount and updated CVR terms for tender offer</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>- LAVA announces
new date for extraordinary general meeting of shareholders</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>EMERYVILLE, Calif., UTRECHT, The
Netherlands, and PHILADELPHIA, Penn, &ndash; October&nbsp;17, 2025, (GLOBE NEWSWIRE) </B>&ndash; XOMA Royalty Corporation (&ldquo;XOMA
Royalty&rdquo;) (Nasdaq: XOMA) and LAVA Therapeutics N.V. (&ldquo;LAVA&rdquo;) (Nasdaq: LVTX) today announced that they have reached
an agreement to amend their previously announced definitive share purchase agreement (the &ldquo;Purchase Agreement,&rdquo; and such
amendment, the &ldquo;Amendment&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Under the Amendment, LAVA shareholders
who tender their shares will now receive (i)&nbsp;an initial cash amount per share of $1.04 (the &ldquo;Cash Amount,&rdquo; as compared
to the range between $1.16 and $1.24 that was originally agreed), plus (ii)&nbsp;a non-transferable contingent value right (&ldquo;CVR&rdquo;)
per share representing the right to receive certain cash payments, including (A)&nbsp;the previously announced rights to receive, among
other things, 75% of the net proceeds related to LAVA&rsquo;s two partnered assets plus 75% of any net proceeds from any out license
or sale of LAVA&rsquo;s unpartnered programs, plus (B)&nbsp;a new right to receive up to approximately $0.23 per CVR depending on the
final determination after closing of certain potential liabilities (the &ldquo;Offer&rdquo;). In addition, LAVA and XOMA Royalty have
agreed to amend LAVA&rsquo;s minimum net-cash closing condition to be $24.5 million, compared to the previous minimum net-cash closing
condition of $31.5 million. LAVA and XOMA Royalty are entering into the Amendment in light of their current understanding of potential
liabilities, associated expenses, and the most recent estimates of LAVA&rsquo;s expected cash balance at closing. LAVA will be filing
the Amendment, including the amended form of CVR, on a Current Report on Form&nbsp;8-K.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Offer, which was previously scheduled
to expire one minute after 11:59 p.m.&nbsp;Eastern Time on October&nbsp;17, 2025, has been extended until one minute after 11:59 p.m.&nbsp;Eastern
Time on November&nbsp;12, 2025, unless the Offer is further extended or earlier terminated. The proposed acquisition is expected to close
in the fourth quarter of 2025, subject to customary closing conditions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">LAVA shareholders who previously have
tendered their shares do not need to re-tender their shares or take any other action in response to the extension of the Offer. LAVA
shareholders have signed support agreements to tender their shares in the Offer prior to the expiration date and support the Offer.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The closing of the Offer is subject
to certain conditions, including the tender of LAVA common shares representing at least 80% (or, in certain cases, 75%) of LAVA&rsquo;s
issued and outstanding shares, the condition that certain resolutions are adopted by LAVA&rsquo;s shareholders meeting, a minimum net-cash
balance at closing, and other customary closing conditions. Following a subsequent offering period, LAVA will undergo a corporate reorganization
designed to result in XOMA Royalty acquiring 100% of the shares in LAVA&rsquo;s successor and all then-remaining LAVA shareholders (other
than XOMA Royalty) receiving the same cash and non-transferable contingent value right consideration per share as is provided in the
Offer, subject to applicable withholding taxes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">LAVA intends to reconvene the Extraordinary
General Meeting of Shareholders to approve matters related to the transactions between LAVA and XOMA Royalty including the resolutions
mentioned above (the &ldquo;EGM&rdquo;) to 2:00 p.m.&nbsp;(Central European Summer Time) on November&nbsp;7, 2025 at the offices of NautaDutilh
N.V., located at Beethovenstraat 400, 1082 PR Amsterdam, the Netherlands. The EGM was previously scheduled to occur on September&nbsp;30,
2025. LAVA will file a revised definitive proxy statement related to the reconvened EGM.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>About XOMA Royalty Corporation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">XOMA Royalty is a biotechnology royalty
aggregator playing a distinctive role in helping biotech companies achieve their goal of improving human health. XOMA Royalty acquires
the potential future economics associated with pre-commercial and commercial therapeutic candidates that have been licensed to pharmaceutical
or biotechnology companies. When XOMA Royalty acquires the future economics, the seller receives non-dilutive, non-recourse funding they
can use to advance their internal drug candidate(s)&nbsp;or for general corporate purposes. XOMA Royalty has an extensive and growing
portfolio of assets (asset defined as the right to receive potential future economics associated with the advancement of an underlying
therapeutic candidate). For more information about XOMA Royalty and its portfolio, please visit www.xoma.com or follow XOMA Royalty Corporation
on LinkedIn.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>About LAVA Therapeutics</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">LAVA Therapeutics N.V. is a biopharmaceutical
company that has developed several clinical-stage bispecific gamma delta T cell engagers using its proprietary Gammabody<SUP>&reg;</SUP>
platform, including JNJ-89853413, targeting CD33 and hematologic cancers (NCT06618001), partnered with Johnson&nbsp;&amp; Johnson, and
PF-08046052, targeting EGFR and solid tumors (NCT05983133), partnered with Pfizer,&nbsp;Inc. For more information on LAVA, please visit
www.lavatherapeutics.com.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Gammabody<SUP>&reg;</SUP> is a registered
trademark of LAVA Therapeutics N.V.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>XOMA Royalty Forward-Looking Statements/Explanatory
Notes</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Certain statements contained in this
press release are forward-looking statements, including statements regarding the expected timing and ability to satisfy the conditions
required to close the Offer, the transactions related to the Purchase Agreement and Amendment, the ability of XOMA Royalty to monetize
LAVA&rsquo;s programs for the benefit of XOMA Royalty and LAVA shareholders, the ability of XOMA Royalty to obtain a final determination
of any potential liabilities after closing, and the ability to achieve any dispositions within the disposition period under the CVR,
including the new form thereto. In some cases, you can identify such forward-looking statements by terminology such as &ldquo;anticipate,&rdquo;
 &ldquo;approximately,&rdquo; &ldquo;look to,&rdquo; &ldquo;plan,&rdquo; &ldquo;expect,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo;
 &ldquo;could&rdquo; or &ldquo;should,&rdquo; the negative of these terms or similar expressions. These forward-looking statements are
not a guarantee of XOMA Royalty&rsquo;s performance, and you should not place undue reliance on such statements. These statements are
based on assumptions that may not prove accurate, and actual results could differ materially from those anticipated due to certain risks
including the risk that XOMA Royalty does not achieve the anticipated benefits from LAVA&rsquo;s two partnered assets or the potential
out license or sale of LAVA&rsquo;s unpartnered programs, the risk that XOMA Royalty is unable to enter into dispositions related to
the LAVA programs, the risk that XOMA Royalty is unable to obtain a timely or satisfactory final determination of any potential liabilities
after closing, and risks that the conditions to the closing the transaction in the Purchase Agreement and Amendment are not satisfied.
Other potential risks to XOMA Royalty meeting these expectations are described in more detail in XOMA Royalty&rsquo;s most recent filing
on Form&nbsp;10-Q and in other filings with the Securities and Exchange Commission. Any forward-looking statement in this press release
represents XOMA Royalty&rsquo;s beliefs and assumptions only as of the date of this press release and should not be relied upon as representing
its views as of any subsequent date. XOMA Royalty disclaims any obligation to update any forward-looking statement, except as required
by applicable law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">EXPLANATORY NOTE: Any references to
 &ldquo;portfolio&rdquo; in this press release refer strictly to milestone and/or royalty rights associated with a basket of drug products
in development. Any references to &ldquo;assets&rdquo; in this press release refer strictly to milestone and/or royalty rights associated
with individual drug products in development.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>LAVA&rsquo;s Cautionary Note on Forward-Looking
Statements</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This press release contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as &ldquo;anticipate&rdquo;, &ldquo;believe&rdquo;,
 &ldquo;could&rdquo;, &ldquo;will&rdquo;, &ldquo;may&rdquo;, &ldquo;expect&rdquo;, &ldquo;should&rdquo;, &ldquo;plan&rdquo;, &ldquo;intend&rdquo;,
 &ldquo;estimate&rdquo;, &ldquo;potential&rdquo;, &ldquo;suggests&rdquo;, and similar expressions (as well as other words or expressions
referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements
are based on LAVA&rsquo;s expectations and assumptions as of the date of this press release and are subject to various risks and uncertainties
that may cause actual results to differ materially from these forward-looking statements. As a result, a number of important factors
could cause actual results to differ materially from those indicated by such forward-looking statements, including: the risk that the
transactions may not be completed in a timely manner, or at all, which may adversely affect LAVA&rsquo;s business and the price of its
ordinary shares; the delay or failure of the conditions of the Offer to be satisfied (or waived), including insufficient ordinary shares
of LAVA being tendered in the Offer; the possibility that competing offers will be made; significant costs associated with the transactions;
the risk that any shareholder or other litigation in connection with the transactions may result in significant costs of defense, indemnification
and liability; the risk that activities related to the CVR Agreement, including new form thereof, may not result in any value to LAVA&rsquo;s
shareholders, including payments related to the resolution of certain potential liabilities; the possibility that prior to the completion
of the transactions, LAVA&rsquo;s or XOMA Royalty&rsquo;s business may experience significant disruptions due to transaction-related
uncertainty; the effects of disruption from the transactions of LAVA&rsquo;s business and the fact that the announcement and pendency
of the transactions may make it more difficult to establish or maintain relationships with employees, manufacturers, suppliers, vendors
or business partners; the occurrence of any event, change or other circumstance that could give rise to the termination of the Purchase
Agreement; as well as potential adverse effects on LAVA&rsquo;s business condition and results from general economic and market conditions
and overall fluctuations in the United States and international equity markets, including as a result of inflation, heightened interest
rates, recent and potential future pandemics and other health crises, and hostilities, including the Russian invasion of Ukraine and
the conflict in the Middle East. These and other risks are described in greater detail under the caption &ldquo;Risk Factors&rdquo; in
LAVA&rsquo;s most recent Annual Report on Form&nbsp;10-K and other filings LAVA makes with the U.S. Securities and Exchange Commission
(the &ldquo;SEC&rdquo;). LAVA assumes no obligation to update any forward-looking statements contained herein whether as a result of
any new information, future events, change in expectations or otherwise, except as otherwise required by law.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Additional Information and Where
to Find It</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The description contained in this press
release is for informational purposes only and is not a recommendation, an offer to buy or the solicitation of an offer to sell any shares
of LAVA&rsquo;s ordinary shares. The tender offer for LAVA&rsquo;s outstanding ordinary shares described in this report has been extended
until one minute after 11:59 p.m.&nbsp;Eastern time on November&nbsp;12, 2025, unless the Offer is further extended or earlier terminated.
XOMA Royalty will file an amendment to its Tender Offer Statement on Schedule TO with the SEC. LAVA will file an amendment to its Solicitation/Recommendation
Statement on Schedule 14D-9 with the SEC related to the Offer. LAVA will file an amended definitive proxy statement in connection with
the reconvened EGM at which LAVA&rsquo;s shareholders will be requested to vote on certain proposed resolutions (the &ldquo;EGM Proposals&rdquo;)
in connection with the transactions. LAVA plans to file and send a revised proxy statement and proxy card to each shareholder entitled
to vote at the reconvened EGM.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">INVESTORS AND SECURITY HOLDERS ARE URGED
TO READ THE PROXY STATEMENT REGARDING THE EXTRAORDINARY GENERAL MEETING AND THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE,
A LETTER OF TRANSMITTAL AND RELATED DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 REGARDING THE OFFER, AS
THEY MAY&nbsp;BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES (INCLUDING THE TERMS
AND CONDITIONS OF THE OFFER) OR MAKING ANY VOTING DECISION FOR THE EXTRAORDINARY GENERAL MEETING.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Investors and security holders may obtain
a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov
or by directing such requests to the information agent for the Offer, which is named in the tender offer statement. Investors and security
holders may also obtain, at no charge, the documents filed or furnished to the SEC by LAVA under the &ldquo;SEC Filings&rdquo; subsection
of the &ldquo;Financials&nbsp;&amp; Filings&rdquo; section of LAVA&rsquo;s website at https://ir.lavatherapeutics.com or by accessing
the Investor Relations sections of XOMA Royalty&rsquo;s website at <U>https://www.investors.xoma.com</U>.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Participants in the Solicitation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">LAVA, its directors and executive officers,
and other members of its management and employees, as well as XOMA Royalty and its directors and executive officers, may be deemed to
be participants in the solicitation of proxies from LAVA&rsquo;s shareholders in connection with the EGM Proposals. Information about
LAVA&rsquo;s directors and executive officers and their ownership of LAVA shares is set forth in the proxy statement for LAVA&rsquo;s
2025 annual general meeting of shareholders, which was filed with the SEC on April&nbsp;28, 2025. Information about XOMA Royalty&rsquo;s
directors and executive officers is set forth in the proxy statement for XOMA Royalty&rsquo;s 2025 annual meeting of shareholders, which
was filed with the SEC on April&nbsp;15, 2025. Shareholders may obtain additional information regarding the direct and indirect interests
of the participants in the solicitation of proxies in connection with the EGM Proposals, including the interests of LAVA&rsquo;s directors
and executive officers in the transactions, which may be different than those of LAVA&rsquo;s shareholders generally, by reading the
proxy statement and other relevant documents regarding the transactions which have been or will be filed with the SEC.</FONT></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: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>XOMA Royalty Investor Contact</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: justify"><B>XOMA Royalty Media Contact</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juliane Snowden</FONT></TD>
    <TD STYLE="text-align: justify">Kathy Vincent</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XOMA Royalty Corporation</FONT></TD>
    <TD STYLE="text-align: justify">KV Consulting&nbsp;&amp; Management</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1 646-438-9754</FONT></TD>
    <TD STYLE="text-align: justify">kathy@kathyvincent.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">juliane.snowden@xoma.com</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>LAVA Therapeutics Investor Contact</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Fred Powell&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">LAVA Therapeutics</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">+1 800-311-6892</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ir@lavatherapeutics.com</FONT></P>

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

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
