On June 30, 2023, (the “Effective Date”), IGC Pharma, Inc. (“IGC” or “Borrower”) entered into a Master Loan and Security Agreement along with the General Banking Facility Letter (collectively called the “Loan Agreement”) with O-Bank, CO., LTD., a banking corporation incorporated under the laws of Taiwan, as administrative agent and lender (the “Lender’) pursuant to which the Borrower may borrow up to USD 12,000,000.00 only or the equivalent thereof in other major currencies (the “Credit Facility”). Funds available under the Loan Agreement are being used for working capital needs and general corporate purposes as IGC deems necessary and appropriate. At the closing, the Borrower paid Lender a facility fee of USD 120,000.00.

The Credit Facility under the Loan Agreement matures on the first anniversary of the Effective Date. Borrowings under the Loan Agreement will bear interest, calculated according to the interest rate mentioned in the Certificate of Deposit, as the case may be, plus an applicable margin of 1%, and the Borrower shall bear the tax. Interest is due and payable in full by the Borrower on the last business day of each interest period.

The Loan Agreement contains covenants that are usual for this type of facility and contains customary events of default. Upon the occurrence of an event of default, the Lender shall require the immediate payment of all amounts outstanding.