Document:

EX-10.1

 Exhibit 10.1 

RISE EDUCATION CAYMAN LTD 

2020 EQUITY INCENTIVE PLAN 

ARTICLE 1 
 PURPOSE

 The purpose of the RISE Education Cayman Ltd 2020 Equity Incentive Plan (the “Plan”) is to promote the success and enhance
the value of RISE Education Cayman Ltd (the “Company”) by linking the personal interests of the members of the Board, Employees and Consultants to those of the Company’s shareholders and by providing such individuals with an incentive
for outstanding performance to generate superior returns to the Company’s shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of members of the Board,
Employees and Consultants upon whose judgment, interests and special efforts the successful conduct of the Company’s operation is largely dependent. 

ARTICLE 2 
 DEFINITIONS
AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context
clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates. 
 2.1
“Administrator” shall mean the entity that conducts the general administration of the Plan as provided in Article 10. With reference to the duties of the Committee under the Plan which have been delegated to one or more persons
pursuant to Section 10.6, or as to which the Board has assumed, the term “Administrator” shall refer to such person(s) unless the Committee or the Board has revoked such delegation or the Board has terminated the assumption of such
duties. 
 2.2 “Applicable Accounting Standards” shall mean, Generally Accepted Accounting Principles in the United States,
International Financial Reporting Standards, or other accounting principles or standards as may apply to the Company’s financial statements under Applicable Laws. 

2.3 “Applicable Laws” means (i) the laws of the Cayman Islands as they relate to the Company and its Shares;
(ii) the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders of any jurisdiction applicable to Awards granted to
residents; and (iii) the rules of any applicable securities exchange, national market system or automated quotation system on which the Shares are listed, quoted or traded. 

2.4 “Article” means an article of this Plan. 

2.5 “Award” shall mean an Option, a Restricted Share award, a Restricted Share Unit award, a Dividend Equivalents award, a
Deferred Share award, a Share Payment award or a Share Appreciation Right, which may be awarded or granted under the Plan (collectively, “Awards”). 

2.6 “Award Agreement” shall mean any written notice, agreement, terms and conditions, contract or other instrument or
document evidencing the grant of an Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine consistent with the Plan. 

 2.7 “Board” shall mean the Board of Directors of the Company. 

2.8 “Code” shall mean the United States Internal Revenue Code of 1986, as amended from time to time. 

2.9 “Committee” shall mean the Compensation Committee of the Board, or another committee or subcommittee of the Board,
appointed as provided in Section 10.1. 
 2.10 “Company” shall mean RISE EDUCATION CAYMAN LTD, a Cayman Islands
company. 
 2.11 “Consultant” means any consultant or adviser if: (a) the consultant or adviser renders bona fide
services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market
for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 

2.12 “Deferred Share” shall mean a right to receive Shares awarded under Section 7.3. 

2.13 “Director” shall mean a member of the Board, as constituted from time to time. 

2.14 “Dividend Equivalent” shall mean a right to receive the equivalent value (in cash or Shares) of dividends paid on
Shares, awarded under Section 7.1. 
 2.15 “Effective Date” shall have the meaning set forth in Section 11.1.

 2.16 “Eligible Individual” shall mean any person who is an Employee, a Consultant or a
Non-Employee Director, as determined by the Committee; provided, however, that Awards shall not be granted to Consultants or Non-Employee Directors who are resident of
any country in the European Union, and any other country which pursuant to Applicable Laws does not allow grants to non-employees. 

2.17 “Employee” means any person who is in the employ of a Service Recipient, subject to the control and direction of the
Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a director’s fee by a Service Recipient shall not be sufficient to constitute “employment” by the Service Recipient. 

2.18 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

2.19 “Fair Market Value” means, as of any date, the value of Shares determined as follows: 

(a) If the Shares are listed on one or more established and regulated securities exchanges, national market systems or automated quotation
system on which Shares are listed, quoted or traded, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed
(as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported in
The Wall Street Journal or such other source as the Committee deems reliable; 

  
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 (b) If the Shares are not listed on an established securities exchange, notational market
system or automated quotation system, but are regularly quoted by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted by such securities dealer on the date of determination, but if selling
prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on the last date such prices were
reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 
 (c) In the absence of
an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest
private placement of the Shares and the development of the Company’s business operations and the general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the
development of the Company’s business operation and the general economic and market conditions since such sale, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee determines
to be indicative of Fair Market Value, relevant. 
 2.20 “Holder” shall mean a person who has been granted an Award. 

2.21 “Incentive Option” shall mean an Option that is intended to meet the applicable provisions of Section 422 of the
Code. 
 2.22 “Non-Employee Director” shall mean a Director of the Company who is
not an Employee. 
 2.23 “Non-Qualified Option” shall mean an Option that is not an
Incentive Option. 
 2.24 “Option” shall mean a right to purchase Shares at a specified exercise price, granted under
Article 5. An Option shall be either a Non-Qualified Option or an Incentive Option; provided, however, that Incentive Options may only be granted to Employees. 

2.25 “Parent” means any entity whether domestic or foreign, in an unbroken chain of entities ending with the Company, if each
of the entities other than the first entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities
or interests in one of the other entities in such chain. 
 2.26 “Plan” shall mean this RISE Education Cayman Ltd 2020
Equity Incentive Plan, as it may be amended or restated from time to time. 
 2.27 “Related Entity” means any business,
corporation, partnership, limited liability company or other entity in which the Company, a Parent or Subsidiary of the Company holds a substantial economic interest, directly or indirectly, through ownership or contractual arrangements but which is
not a Subsidiary and which the Board designates as a Related Entity for purposes of the Plan. 

  
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 2.28 “Restricted Shares” shall mean Shares awarded under Article 6 that is
subject to certain restrictions and may be subject to risk of forfeiture or repurchase. 
 2.29 “Restricted Share Units”
shall mean the right to receive Shares awarded under Section 7.4. 
 2.30 “Securities Act” shall mean the Securities
Act of 1933, as amended. 
 2.31 “Service Recipient” means the Company, any Parent or Subsidiary of the Company and any
Related Entity to which an Eligible Individual provides services as an Employee, Consultant or as a Director. 
 2.32
“Share” means an ordinary share of the Company, and such other securities of the Company that may be substituted for Shares pursuant to Article 12. 

2.33 “Share Appreciation Right” shall mean a share appreciation right granted under Article 8. 

2.34 “Share Payment” shall mean (a) a payment in the form of Shares, or (b) an option or other right to purchase
Shares, as part of a bonus, deferred compensation or other arrangement, awarded under Section 7.2. 
 2.35
“Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially
owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain. 

2.36 “Termination of Service” shall mean, 

(a) As to a Consultant, the time when the engagement of a Holder as a Consultant to a Service Recipient is terminated for any reason, with or
without cause, including, without limitation, by resignation, discharge, death or retirement, but excluding terminations where the Consultant simultaneously commences or remains in employment or service with the Company, any Subsidiary or any
Related Entity. 
 (b) As to a Non-Employee Director, the time when a Holder who is a Non-Employee Director ceases to be a Director for any reason, with or without cause, including, without limitation, a termination by resignation, failure to be elected, death or retirement, but excluding
terminations where the Holder simultaneously commences or remains in employment or service with the Company, any Subsidiary or any Related Entity. 

(c) As to an Employee, the time when the employee-employer relationship between a Holder and the Service Recipient is terminated for any
reason, with or without cause, including, without limitation, a termination by resignation, discharge, death, disability or retirement; but excluding terminations where the Holder simultaneously commences or remains in employment or service with the
Company, any Subsidiary or any Related Entity. 

  
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 The Administrator, in its sole discretion, shall determine the effect of all matters and
questions relating to Terminations of Service, including, without limitation, the question of whether a Termination of Service resulted from a discharge for cause and all questions of whether particular leaves of absence constitute a Termination of
Service; provided, however, that, with respect to Incentive Options and Awards subject to Section 409A of the Code, unless the Administrator otherwise provides in the terms of the Award Agreement or otherwise, a leave of absence,
change in status from an employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of Service only if, and to the extent that, such leave of absence, change in status or other change
interrupts employment for the purposes of Sections 422(a)(2) or 409A of the Code and the then applicable regulations and revenue rulings under said Sections. For purposes of the Plan, a Holder’s employee-employer relationship or consultancy
relations shall be deemed to be terminated in the event that the Subsidiary or Related Entity employing or contracting with such Holder ceases to remain a Subsidiary or Related Entity following any merger, sale of securities or other corporate
transaction or event (including, without limitation, a spin-off). 
 2.37 “Trading
Date” means the closing of the first sale to the general public of the Shares pursuant to an effective registration statement under Applicable Laws, which results in the Shares being publicly traded on one or more established stock
exchanges or national market systems. 
 ARTICLE 3 

SHARES SUBJECT TO THE PLAN 

3.1 Number of Shares. 

(a) Subject to Section 3.1(b) and Section 12.1, the aggregate number of Shares which may be issued or transferred pursuant to Awards
under the Plan is three point five percent (3.5%) of all issued shares (on a converted basis) of the Company. 
 (b) To the extent that an
Award terminates, expires, or lapses for any reason, or is settled in cash and not Shares, then any Shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan. Shares delivered by the Holder or withheld by
the Company upon the exercise of any Award under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Shares
forfeited by the Holder or repurchased by the Company are again returned to the Company, these shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). To the extent permitted by Applicable Laws,
Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company, any Parent or any Subsidiary or Related Entity shall not be counted against Shares available for grant
pursuant to the Plan. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for issuance under the Plan. Notwithstanding the provisions of this Section 3.1(b),
no Shares may again be optioned, granted or awarded if such action would cause an Incentive Option to fail to qualify as an incentive stock option under Section 422 of the Code. 

3.2 Share Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares,
treasury Shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, in the discretion of the Committee, American Depository Shares in an amount equal to the number of Shares which otherwise would be distributed
pursuant to an Award may be distributed in lieu of Shares in settlement of any Award. If the number of Shares represented by an American Depository Share is other than on a
one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu of Shares. 

  
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 ARTICLE 4 

GRANTING OF AWARDS 
 4.1
Participation. The Administrator may, from time to time, select from among all Eligible Individuals, those to whom an Award shall be granted and shall determine the nature and amount of each Award, which shall not be inconsistent with the
requirements of the Plan. No Eligible Individual shall have any right to be granted an Award pursuant to the Plan. 
 4.2 Award
Agreement. Each Award shall be evidenced by an Award Agreement. Award Agreements evidencing Incentive Options shall contain such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the Code. 

4.3 Jurisdictions. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in the jurisdictions in
which the Service Recipients operate or have Eligible Individuals, or in order to comply with the requirements of any securities exchange, the Administrator, in its sole discretion, shall have the power and authority to: (a) determine which
Subsidiaries and Related Entities shall be covered by the Plan; (b) determine which Eligible Individuals are eligible to participate in the Plan; (c) modify the terms and conditions of any Award granted to Eligible Individuals to comply
with Applicable Laws; (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such subplans and/or modifications shall be attached to the Plan as
appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations contained in Section 3.1; and (e) take any action, before or after an Award is made, that it deems advisable to obtain
approval or comply with any Applicable Laws including necessary local governmental regulatory exemptions or approvals or listing requirements of any such securities exchange. Notwithstanding the foregoing, the Administrator may not take any actions
hereunder, and no Awards shall be granted, that would violate the any Applicable Laws. 
 4.4 Stand-Alone and Tandem Awards. Awards
granted pursuant to the Plan may, in the sole discretion of the Administrator, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may
be granted either at the same time as or at a different time from the grant of such other Awards. 
 ARTICLE 5 

OPTIONS 
 5.1
General. The Committee is authorized to grant Options to Eligible Individuals on the following terms and conditions: 
 (a)
Exercise Price. The exercise price per Share subject to an Option shall be determined by the Administrator and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares;
provided, however, that no Option may be granted to an individual subject to taxation in the United States at less than the Fair Market Value on the date of grant, without compliance with Section 409A of the Code, or the Holder’s
consent. The exercise price per Share subject to an Option may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not
prohibited by Applicable Laws (including any applicable exchange rule and Section 409A of the Code), a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the
Company’s shareholders or the approval of the affected Holders. 

  
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 (b) Vesting. The period during which the right to exercise, in whole or in part, an
Option vests in the Holder shall be set by the Administrator and the Administrator may determine that an Option may not be exercised in whole or in part for a specified period after it is granted. Such vesting may be based on service with the
Service Recipient or any other criteria selected by the Administrator. At any time after grant of an Option, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an
Option vests. No portion of an Option which is unexercisable at a Holder’s Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the
Administrator following the grant of the Option. 
 (c) Time and Conditions of Exercise. The Administrator shall determine the time
or times at which an Option may be exercised in whole or in part, including exercise prior to vesting and that a partial exercise must be with respect to a minimum number of shares. The Administrator shall also determine any conditions, if any, that
must be satisfied before all or part of an Option may be exercised. 
 (d) Partial Exercise. An exercisable Option may be exercised
in whole or in part. However, an Option shall not be exercisable with respect to fractional shares and the Administrator may require that, by the terms of the Option, a partial exercise must be with respect to a minimum number of shares. 

(e) Manner of Exercise. All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the following to
the Secretary of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable: 

(i) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a portion
thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Option or such portion of the Option; 

(ii) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with
all Applicable Laws or regulations, and the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded. The Administrator may, in its sole discretion, also take whatever additional actions it
deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars; 

(iii) In the event that the Option shall be exercised pursuant to Section 9.3 by any person or persons other than the Holder,
appropriate proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator; and 

  
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 (iv) Full payment of the exercise price and applicable withholding taxes to the share
administrator of the Company for the Shares with respect to which the Option, or portion thereof, is exercised, in a manner permitted by Section 9.1 and 9.2. 

(f) Term. The term of any Option granted under the Plan shall not exceed ten years. Except as limited by the requirements of
Section 409A or Section 422 of the Code and regulations and rulings thereunder, the Administrator may extend the term of any outstanding Option, and may extend the time period during which vested Options may be exercised, in connection
with any Termination of Service of the Holder, and may amend any other term or condition of such Option relating to such a Termination of Service. 

(g) Evidence of Grant. All Options shall be evidenced by an Award Agreement between the Company and the Holder. The Award Agreement
shall include such additional provisions as may be specified by the Committee. 
 5.2 Incentive Options. Incentive Options may be
granted to Employees of the Company, a Parent or Subsidiary of the Company (which qualify as a parent or subsidiary corporation under Section 424(e) and (f) of the Code respectively). Incentive Options may not be granted to Employees of a
Related Entity or to Non-Employee Directors or Consultants. The terms of any Incentive Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following
additional provisions of this Section 5.2: 
 (a) Expiration of Option. An Incentive Option may not be exercised to any extent
by anyone after the first to occur of the following events, unless otherwise approved by the Administrator in a separate resolution: 
 (i)
Ten years from the date it is granted, unless an earlier time is set in the Award Agreement; 
 (ii) Three months after the Holder’s
Termination of Service as an Employee (save in the case of termination on account of disability or death); and 
 (iii) One year after the
date of the Holder’s Termination of Service on account of disability or death. Upon the Holder’s disability or death, any Incentive Options exercisable at the Holder’s disability or death may be exercised by the Holder’s legal
representative or representatives, by the person or persons entitled to do so pursuant to the Holder’s last will and testament, or, if the Holder fails to make testamentary disposition of such Incentive Option or dies intestate, by the person
or persons entitled to receive the Incentive Option pursuant to the applicable laws of descent and distribution as determined under Applicable Laws. 

(b) Individual Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with
respect to which Incentive Options are first exercisable by a Holder in any calendar year may not exceed US$100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive
Options are first exercisable by a Holder in excess of such limitation, the excess shall be considered Non-Qualified Options. 

  
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 (c) Ten Percent Owners. An Incentive Option shall be granted to any individual who,
at the date of grant, owns Shares possessing more than ten percent of the total combined voting power of all classes of shares of the Company only if such Option is granted at a price that is not less than 110% of Fair Market Value on the date of
grant and the Option is exercisable for no more than five years from the date of grant. 
 (d) Transfer Restriction. The Holder shall
give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Option within (i) two years from the date of grant of such Incentive Option or (ii) one year after the transfer of such Shares to the
Holder. 
 (e) Expiration of Incentive Options. No Award of an Incentive Option may be made pursuant to this Plan after the tenth
anniversary of the Effective Date. 
 (f) Right to Exercise. During a Holder’s lifetime, an Incentive Option may be exercised
only by the Holder. 
 ARTICLE 6 

AWARD OF RESTRICTED SHARES 

6.1 Award of Restricted Shares. 

(a) The Administrator is authorized to grant Restricted Share to Eligible Individuals, and shall determine the amount of, and the terms and
conditions, including the restrictions applicable to each award of Restricted Shares, which terms and conditions shall not be inconsistent with the Plan, and may impose such conditions on the issuance of such Restricted Shares as it deems
appropriate. 
 (b) The Administrator shall establish the purchase price, if any, and form of payment for Restricted Shares; provided,
however, that such purchase price shall be no less than the par value of the Shares to be purchased, unless otherwise permitted by Applicable Laws. In all cases, legal consideration shall be required for each issuance of Restricted Shares. 

6.2 Rights as Shareholders. Subject to Section 6.4, upon issuance of Restricted Shares, the Holder shall have, unless otherwise
provided by the Administrator, all the rights of a shareholder with respect to said shares, subject to the restrictions in his or her Award Agreement, including the right to receive all dividends and other distributions paid or made with respect to
the shares; provided, however, that, (i) such dividends shall be withheld by the Company for the Holder’s account and shall be subject to vesting and forfeiture to the same degree as the Restricted Shares to which such dividends
relate and (ii) in the sole discretion of the Administrator, any extraordinary distributions with respect to the Shares shall be subject to the restrictions set forth in Section 6.3. 

6.3 Restrictions. All Restricted Shares (including any shares received by Holders thereof with respect to Restricted Shares as a result
of share dividends, share splits or any other form of recapitalization) shall, in the terms of each individual Award Agreement, be subject to such restrictions and vesting requirements as the Administrator shall provide. Such restrictions may
include, without limitation, restrictions concerning voting rights and transferability and such restrictions may lapse separately or in combination at such times and pursuant to such circumstances or based on such criteria as selected by the
Administrator, including, without limitation, criteria based on the Holder’s duration of employment, directorship or consultancy with the Service Recipient, or other criteria selected by the Administrator. By action taken after the Restricted
Shares are issued, the Administrator may, on such terms and conditions as it may determine to be appropriate, accelerate the vesting of such Restricted Shares by removing any or all of the restrictions imposed by the terms of the Award Agreement.
Restricted Share may not be sold or encumbered until all restrictions are terminated or expire. 

  
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 6.4 Repurchase or Forfeiture of Restricted Shares. If no price was paid by the Holder
for the Restricted Shares, upon a Termination of Service the Holder’s rights in unvested Restricted Shares then subject to restrictions shall lapse, and such Restricted Shares shall be surrendered to the Company and cancelled without
consideration. If a purchase price was paid by the Holder for the Restricted Shares, upon a Termination of Service the Company shall have the right to repurchase from the Holder the unvested Restricted Shares then subject to restrictions at a cash
price per share equal to the price paid by the Holder for such Restricted Shares or such other amount as may be specified in the Award Agreement. The Administrator in its sole discretion may provide that in the event of certain events the
Holder’s rights in unvested Restricted Shares shall not lapse, such Restricted Shares shall vest and shall be non-forfeitable, and if applicable, the Company shall not have a right of repurchase. 

6.5 Certificates for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the
Administrator shall determine. Certificates or book entries evidencing Restricted Shares must include an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Share, and the Company may, in its sole
discretion, retain physical possession of any share certificate until such time as all applicable restrictions lapse. 
 ARTICLE 7

 AWARD OF DIVIDEND EQUIVALENTS, DEFERRED SHARES, SHARE PAYMENTS, RESTRICTED SHARE UNITS 

7.1 Dividend Equivalents. Dividend Equivalents may be granted by the Administrator based on dividends declared on the Shares subject to
an Award, to be credited as of dividend payment dates during the period between the date an Award is granted to a Holder and the date such Award vests, is exercised, is distributed or expires, as determined by the Administrator. Dividend Equivalents
shall be subject to vesting and forfeiture to the same degree as the Award to which such Dividend Equivalents relate. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such
limitations as may be determined by the Administrator. 
 7.2 Share Payments. The Administrator is authorized to make Share Payments
to any Eligible Individual. The number or value of shares of any Share Payment shall be determined by the Administrator and may be based upon any other criteria, including service to the Service Recipients, determined by the Administrator. Share
Payments may, but are not required to be made in lieu of base salary, bonus, fees or other cash compensation otherwise payable to such Eligible Individual. 

7.3 Deferred Shares. The Administrator is authorized to grant Deferred Shares to any Eligible Individual. The number of shares of
Deferred Shares shall be determined by the Administrator and may be based on any specific criteria, including service to the Service Recipients, as the Administrator determines, in each case on a specified date or dates or over any period or periods
determined by the Administrator. Shares underlying a Deferred Share award will not be issued until the Deferred Share award has vested, pursuant to a vesting schedule or other conditions or criteria set by the Administrator. Unless otherwise
provided by the Administrator, a Holder of Deferred Shares shall have no rights as a Company shareholder with respect to such Deferred Shares until such time as the Award has vested and the Shares underlying the Award has been issued to the Holder.

  
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 7.4 Restricted Share Units. The Administrator is authorized to grant Restricted Share
Units to any Eligible Individual. The number and terms and conditions of Restricted Share Units shall be determined by the Administrator. The Administrator shall specify the date or dates on which the Restricted Share Units shall become fully vested
and nonforfeitable, and may specify such conditions to vesting as it deems appropriate, including service to the Service Recipients, in each case on a specified date or dates or over any period or periods, as the Administrator determines. The
Administrator shall specify, or permit the Holder to elect, the conditions and dates upon which the Shares underlying the Restricted Share Units which shall be issued, which dates shall not be earlier than the date as of which the Restricted Share
Units vest and become nonforfeitable and which conditions and dates shall be subject to compliance with Section 409A of the Code, to the extent applicable to the Holder. Restricted Share Units may be paid in cash, Shares or both, as Determined
by the Administrator. On the distribution dates, the Company shall issue to the Holder one unrestricted, fully transferable Shares (or the Fair Market Value of one such Share in cash) for each vested and nonforfeitable Restricted Share Unit. 

7.5 Exercise or Purchase Price. The Administrator may establish the exercise or purchase price of shares of Deferred Shares, shares
distributed as a Share Payment award or shares distributed pursuant to a Restricted Share Unit award; provided, however, that value of the consideration shall not be less than the par value of a share of Shares, unless otherwise permitted by
Applicable Laws. 
 7.6 Exercise upon Termination of Service. A Dividend Equivalent award, Deferred Share award, Share Payment award
and/or Restricted Share Unit award is exercisable or distributable only while the Holder is an Employee, Director or Consultant, as applicable. The Administrator, however, in its sole discretion may provide that the Dividend Equivalent award,
Deferred Share award, Share Payment award and/or Restricted Share Unit award may be exercised or distributed subsequent to a Termination of Service in certain events, subject to compliance with Section 409A of the Code, to the extent applicable
to the Holder. 
 ARTICLE 8 

AWARD OF SHARE APPRECIATION RIGHTS 

8.1 Grant of Share Appreciation Rights. 

(a) The Administrator is authorized to grant Share Appreciation Rights to Eligible Individuals from time to time, in its sole discretion, on
such terms and conditions as it may determine consistent with the Plan. The term of any Share Appreciation Right granted under the Plan shall not exceed ten years. Except as limited by the requirements of Section 409A of the Code and
regulations and rulings thereunder, the Administrator may extend the term of any outstanding Share Appreciation Right, and may extend the time period during which vested Share Appreciation Rights may be exercised, in connection with any Termination
of Service of the Holder, and may amend any other term or condition of such Share Appreciation Right relating to such a Termination of Service. 

  
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 (b) A Share Appreciation Right shall entitle the Holder (or other person entitled to
exercise the Share Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the Share Appreciation Right (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by
multiplying the difference obtained by subtracting the exercise price per share of the Share Appreciation Right from the Share Value on the date of exercise of the Share Appreciation Right by the number of Shares with respect to which the Share
Appreciation Right shall have been exercised, subject to any limitations the Administrator may impose. 
 (c) The exercise price per Share
subject to a Share Appreciation Right shall be determined by the Administrator and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; provided, however, that no Share
Appreciation Right may be granted to an individual subject to taxation in the United States at less than the Fair Market Value on the date of grant, without compliance with Section 409A of the Code, or the Holder’s consent. The exercise
price per Share subject to a Share Appreciation Right may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not
prohibited by Applicable Laws (including any applicable securities exchange rule), a downward adjustment of the exercise prices of Share Appreciation Rights mentioned in the preceding sentence shall be effective without the approval of the
Company’s shareholders or the approval of the affected Holders. 
 8.2 Share Appreciation Right Vesting. 

(a) The period during which the right to exercise, in whole or in part, a Share Appreciation Right vests in the Holder shall be set by the
Administrator and the Administrator may determine that a Share Appreciation Right may not be exercised in whole or in part for a specified period after it is granted. Such vesting may be based on service with the Service Recipients, or any other
criteria selected by the Administrator. At any time after grant of a Share Appreciation Right, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which a Share
Appreciation Right vests. 
 (b) No portion of a Share Appreciation Right which is unexercisable at Termination of Service shall thereafter
become exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the grant of the Share Appreciation Right. 

8.3 Manner of Exercise. All or a portion of an exercisable Share Appreciation Right shall be deemed exercised upon delivery of all of
the following to the Administrator, or such other person or entity designated by the Administrator, or his, her or its office, as applicable: 

(a) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Share Appreciation
Right, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Share Appreciation Right or such portion of the Share Appreciation Right; 

(b) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with
all applicable provisions of the Securities Act and any other federal, state or foreign securities laws or regulations. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such
compliance; and 

  
 12 

 (c) In the event that the Share Appreciation Right shall be exercised pursuant to this
Section 8.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Share Appreciation Right, in the sole discretion of the Administrator. 

8.4 Payment. Amounts payable upon exercise of a Share Appreciation Right shall be in cash, Shares (based on its Fair Market Value as of
the date the Share Appreciation Right is exercised), or a combination of both, as determined by the Administrator. 
 ARTICLE 9 

ADDITIONAL TERMS OF AWARDS 

9.1 Payment. The Administrator shall determine the methods by which payments by any Holder with respect to any Awards granted under the
Plan shall be made, including, without limitation: (a) cash or check, (b) Shares (including, in the case of payment of the exercise price of an Award, Shares issuable pursuant to the exercise of the Award) or Shares held for such period of
time as may be required by the Administrator in order to avoid adverse accounting consequences under Applicable Accounting Standards, in each case, having a Fair Market Value on the date of delivery equal to the aggregate payments required,
(c) following the Trading Date, delivery of a notice that the Holder has placed a market sell order with a broker with respect to Shares then issuable upon exercise or vesting of an Award, and that the broker has been directed to pay a
sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate payments required, provided, that payment of such proceeds is then made to the Company upon settlement of such sale, or (d) other form of
legal consideration acceptable to the Administrator. The Administrator shall also determine the methods by which Shares shall be delivered or deemed to be delivered to Holders. Notwithstanding any other provision of the Plan to the contrary, no
Holder shall be permitted to make payment with respect to any Awards granted under the Plan to the extent prohibited by Applicable Laws. 

9.2 Tax Withholding. No Shares shall be delivered under the Plan to any Holder until such Holder has made arrangements acceptable to
the Administrator for the satisfaction of any income, employment, social welfare or other tax withholding obligations under Applicable Laws. Each Service Recipient shall have the authority and the right to deduct or withhold, or require a Holder to
remit to the applicable Service Recipient, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Holder’s employment, social welfare or other tax obligations) required by Applicable Laws to be withheld with
respect to any taxable event concerning a Holder arising as a result of the Plan. The Administrator may in its sole discretion and in satisfaction of the foregoing requirement allow a Holder to elect to have the Company withhold Shares otherwise
issuable under an Award (or allow the surrender of Shares). The number of Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase up to the
maximum expected aggregate amount of such liabilities based on the maximum statutory withholding rates for tax purposes that are applicable to such taxable income, provided that such withholding does not result in adverse tax or accounting
consequences to the Company. The Administrator shall determine the Fair Market Value of the Shares, consistent with Applicable Laws, for tax withholding obligations due in connection with a broker-assisted cashless Option or Share Appreciation Right
exercise involving the sale of shares to pay the Option or Share Appreciation Right exercise price or any tax withholding obligation. 

  
 13 

 9.3 Transferability of Awards. 

(a) Except as otherwise provided in Section 9.3(b): 

(i) No Award under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and
distribution or, subject to the consent of the Administrator, as required under applicable domestic relations laws, unless and until such Award has been exercised, or the shares underlying such Award have been issued, and all restrictions applicable
to such shares have lapsed; 
 (ii) No Award or interest or right therein shall be liable for the debts, contracts or engagements of the
Holder or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of
law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted
by the preceding sentence; and 
 (iii) During the lifetime of the Holder, only the Holder may exercise an Award (or any portion thereof)
granted to him under the Plan, unless it has been disposed of pursuant to applicable domestic relations law; after the death of the Holder, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the
Plan or the applicable Award Agreement, be exercised by his personal representative or by any person empowered to do so under the deceased Holder’s will or under the then Applicable Laws of descent and distribution. 

(b) Notwithstanding Section 9.3(a), the Administrator, in its sole discretion, may determine to permit a Holder to transfer an Award
other than an Incentive Option to certain persons or entities related to the Holder, including but not limited to members of the Holder’s family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are
members of the Holder’s family and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the Administrator may establish, including the
following conditions: (i) an Award transferred shall not be assignable or transferable other than by will or the laws of descent and distribution; (ii) an Award transferred shall continue to be subject to all the terms and conditions of
the Award as applicable to the original Holder (other than the ability to further transfer the Award); and (iii) the Holder and the permitted transferee shall execute any and all documents requested by the Administrator, including, without
limitation documents to (A) confirm the status of the transferee as a permitted transferee, (B) satisfy any requirements for an exemption for the transfer under Applicable Laws and (C) evidence the transfer. 

  
 14 

 (c) Notwithstanding Section 9.3(a), a Holder may, in the manner determined by the
Administrator, designate a beneficiary to exercise the rights of the Holder and to receive any distribution with respect to any Award upon the Holder’s death. A beneficiary, legal guardian, legal representative, or other person claiming any
rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Holder, except to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary
or appropriate by the Administrator. If the Holder is married and resides in a community property jurisdiction, a designation of a person other than the Holder’s spouse as his or her beneficiary with respect to more than 50% of the
Holder’s interest in the Award shall not be effective without the prior written or electronic consent of the Holder’s spouse. If no beneficiary has been designated or survives the Holder, payment shall be made to the person entitled
thereto pursuant to the Holder’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Holder at any time provided the change or revocation is filed with the
Administrator prior to the Holder’s death. 
 9.4 Conditions to Issuance of Shares. 

(a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book
entries evidencing Shares pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance of such Shares is in compliance with all Applicable Laws and the Shares are covered by an effective
registration statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or Committee may require that a Holder make such reasonable covenants, agreements, and representations as the Board
or Committee, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. 
 (b) All Share
certificates delivered pursuant to the Plan and all Shares issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with all Applicable Laws.
The Administrator may place legends on any Shares certificate or book entry to reference restrictions applicable to the Shares. 
 (c) The
Administrator shall have the right to require any Holder to comply with any timing or other restrictions with respect to the settlement, distribution or exercise of any Award, including a window-period limitation, as may be imposed in the sole
discretion of the Administrator. 
 (d) No fractional Shares shall be issued and the Administrator shall determine, in its sole discretion,
whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down. 
 (e)
Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any Applicable Laws, the Company shall not deliver to any Holder certificates evidencing Shares issued in connection with any Award and
instead such Shares shall be recorded in the books of the Company (or, as applicable, the Administrator or the transfer agent of the Company). 

  
 15 

 9.5 Forfeiture Provisions. Pursuant to its general authority to determine the terms
and conditions applicable to Awards under the Plan, the Administrator shall have the right to provide, in the terms of Awards made under the Plan, or to require a Holder to agree by separate written instrument, that: (a)(i) any proceeds, gains or
other economic benefit actually or constructively received by the Holder upon any receipt or exercise of the Award, or upon the receipt or resale of any Shares underlying the Award, must be paid to the Company, and (ii) the Award shall
terminate and any unexercised portion of the Award (whether or not vested) shall be forfeited, if (b)(i) a Termination of Service occurs prior to a specified date, or within a specified time period following receipt or exercise of the Award, or
(ii) the Holder at any time, or during a specified time period, engages in any activity in competition with the Company, or which is inimical, contrary or harmful to the interests of the Company, as further defined by the Administrator or
(iii) the Holder incurs a Termination of Service for “cause” (as such term is defined in the sole discretion of the Administrator, or as set forth in a written agreement relating to such Award between the Company and the Holder). 

9.6 Applicable Currency. Unless otherwise required by Applicable Laws, or as determined in the discretion of the Administrator, all
Awards shall be designated in U.S. dollars. A Holder may be required to provide evidence that any currency used to pay the exercise price of any Award were acquired and taken out of the jurisdiction in which the Holder resides in accordance with
Applicable Laws, including foreign exchange control laws and regulations. In the event the exercise price for an Award is paid in another foreign currency, as permitted by the Administrator, the amount payable will be determined by conversion from
U.S. dollars at the exchange rate as selected by the Administrator on the date of exercise. 
 ARTICLE 10 

ADMINISTRATION 
 10.1
Administrator. The Committee shall administer the Plan and, unless otherwise provided by the Board, shall consist of two or more members of the Board of Directors who have been appointed by the Board of Directors (or such greater number as
many be required by Applicable Laws). The Committee shall have such authority and be responsible for such functions as the Board of Directors has assigned to it in accordance with the Articles. If no Committee has been appointed, the entire Board of
Directors shall administer the Plan. Any reference to the Board of Directors in the Plan shall be construed as a reference to the Committee (if any) to whom the Board of Directors has assigned a particular function. Notwithstanding the foregoing,
(a) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Awards granted to Non-Employee Directors and (b) the Board or
Committee may delegate its authority hereunder to the extent permitted by Section 10.6, except to the extent prohibited by Applicable Laws. 

10.2 Duties and Powers of Committee. It shall be the duty of the Committee to conduct the general administration of the Plan in
accordance with its provisions. The Committee shall have the power to interpret the Plan and the Award Agreement, and to adopt such rules for the administration, interpretation and application of the Plan as are not inconsistent therewith, to
interpret, amend or revoke any such rules and to amend any Award Agreement provided that the rights or obligations of the Holder of the Award that is the subject of any such Award Agreement are not affected adversely by such amendment, unless the
consent of the Holder is obtained or such amendment is otherwise permitted under Section 11.10. Any such grant or award under the Plan need not be the same with respect to each Holder. Any such interpretations and rules with respect to
Incentive Options shall be consistent with the provisions of Section 422 of the Code. In its sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan except with
respect to matters which under Applicable Laws are required to be determined in the sole discretion of the Committee. 

  
 16 

 10.3 Action by the Committee. Unless otherwise established by the Board or in any
charter of the Committee, a majority of the Committee shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Committee in lieu of a
meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of a Service Recipient, the
Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

10.4 Authority of Administrator. Subject to any specific designation in the Plan, the Administrator has the exclusive power, authority
and sole discretion to: 
 (a) Designate Eligible Individuals to receive Awards; 

(b) Determine the type or types of Awards to be granted to each Eligible Individual; 

(c) Determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

(d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant
price, or purchase price, any reload provision, any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, and any
provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Administrator in its sole discretion determines; 

(e) Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be
paid in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 
 (f) Prescribe the form of
each Award Agreement, which need not be identical for each Holder; 
 (g) Decide all other matters that must be determined in connection
with an Award, including without limitation, cancel or redeem an outstanding Award (including but not limited to an outstanding Option with an exercise price exceeding the Fair Market Value of the underlying Shares), in exchange for cash, another
Award or a combination of Awards, on terms and conditions the Administrator determines and communicates to the holder of such outstanding Award;; 

(h) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan, including the
establishment of any “blackout period”; 
 (i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award
Agreement; 
 (j) Adjust the exercise price per Share subject to an Option; and 

  
 17 

 (k) Make all other decisions and determinations that may be required pursuant to the Plan or
as the Administrator deems necessary or advisable to administer the Plan. 
 10.5 Decisions Binding. The Administrator’s
interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties. 

10.6 Delegation of Authority. To the extent permitted by Applicable Laws, the Board or Committee may from time to time delegate to a
committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to Article 10; provided, however, that in no event shall an officer
be delegated the authority to grant awards to, or amend awards held by officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder. Any delegation hereunder shall be subject to the restrictions and
limits that the Board or Committee specifies at the time of such delegation, and the Board may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 10.6 shall serve
in such capacity at the pleasure of the Board and the Committee. 
 ARTICLE 11 

MISCELLANEOUS PROVISIONS 

11.1 Effective Date. The Plan will be effective as of the date it is approved by the Board (the “Effective Date”). 

11.2 Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the
Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. 

11.3 Amendment, Suspension or Termination of the Plan. Except as otherwise provided in this Section 11.3, at any time and from
time to time, the Administrator may terminate, suspend, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with Applicable Laws the Company shall obtain the Board’s approval of any
Plan amendment in such a manner and to such a degree as required, and (b) the Board’s approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as
provided by Article 12), (ii) permits the Administrator to extend the term of the Plan or the exercise period for an Option or Share Appreciation Right beyond ten years from the date of grant, or (iii) results in a material increase in benefits
or a change in eligibility requirements. Except as provided in the Plan or any Award Agreement, no amendment, suspension or termination of the Plan shall, without the consent of the Holder, impair any rights or obligations under any Award
theretofore granted or awarded. 
 11.4 No Shareholders Rights. Except as otherwise provided herein, a Holder shall have none of the
rights of a shareholder with respect to Shares covered by any Award until the Holder becomes the record owner of such Shares. 

  
 18 

 11.5 Paperless Administration. In the event that the Company establishes, for itself
or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of
Awards by a Holder may be permitted through the use of such an automated system. 
 11.6 Effect of Plan upon Other Compensation
Plans. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for a Service Recipient. Nothing in the Plan shall be construed to limit the right of a Service Recipient: (a) to establish any other forms
of incentives or compensation for Eligible Individuals, or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without limitation, the grant or
assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, securities or assets of any corporation, partnership, limited liability company, firm or association. 

11.7 Compliance with Laws. The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of Shares and the
payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all Applicable Laws (including but not limited to securities law and margin requirements), and to such approvals by any listing, regulatory
or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities
shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by Applicable Laws,
the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such Applicable Laws. 
 11.8
Titles and Headings, References to Sections of the Code or Exchange Act. The titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such
titles or headings, shall control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto. 

11.9 Governing Law. The Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal laws of
the Cayman Islands without regard to conflicts of laws thereof. 
 11.10 Section 409A. To the extent that the Administrator
determines that any Award granted under the Plan is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable,
the Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other
guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Administrator determines that any Award may be subject to Section 409A of the
Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other
policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (a) exempt the Award from Section 409A of the
Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the
application of any penalty taxes under such Section. 

  
 19 

 11.11 No Rights to Awards. No Eligible Individual or other person shall have any
claim to be granted any Award pursuant to the Plan, and neither the Company nor the Administrator is obligated to treat Eligible Individuals, Holders or any other persons uniformly. 

11.12 No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right
of the Service Recipient to terminate any Holder’s employment or services at any time, nor confer upon any Holder any right to continue in the employ or service of any Service Recipient. 

11.13 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to
any payments not yet made to a Holder pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Holder any rights that are greater than those of a general creditor of the Company, any Subsidiary or any Related Entity.

 11.14 Indemnification. To the extent allowable pursuant to Applicable Laws, each member of the Committee or of the Board shall be
indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may
be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him
or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Amended and Restated Memorandum of Association and Articles of Association, as a matter of law, or otherwise, or any power that the
Company may have to indemnify them or hold them harmless. 
 11.15 Relationship to other Benefits. No payment pursuant to the Plan
shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of any Service Recipient except to the extent otherwise expressly provided in writing in
such other plan or an agreement thereunder. 
 11.16 Expenses. The expenses of administering the Plan shall be borne by the Service
Recipients. 
 ARTICLE 12 

CHANGES IN CAPITAL STRUCTURE 

12.1 Adjustments. In the event of any distribution, share split, combination or exchange of Shares, amalgamation, arrangement or
consolidation, reorganization of the Company, , or any other change affecting the Shares or the share price of a Share, the Administrator shall have the sole discretion to make proportionate and equitable adjustments, if any, to reflect such change
with respect to (a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and substitutions of shares in a parent or surviving company); (b)
the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan.
The form and manner of any such adjustments shall be determined by the Administrator in its sole discretion. 

  
 20 

 12.2 Outstanding Awards — Other Changes. In the event of any other change in the
capitalization of the Company or corporate change other than those specifically referred to in this Article 12, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to Awards outstanding on
the date on which such change occurs and in the per share grant or exercise price of each Award as the Administrator may consider appropriate to prevent dilution or enlargement of rights. 

12.3 No Other Rights. Except as expressly provided in the Plan, no Holder shall have any rights by reason of any subdivision or consolidation
of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the
Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to,
the number of shares subject to an Award or the grant or exercise price of any Award. 
 12.4 Section 409A. Notwithstanding anything in this
Section 12 to the contrary: (i) any adjustments made pursuant to this Section 12 to Awards that constitute a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code shall be made in
compliance with the requirements of Section 409A of the Code, and (ii) any adjustments made pursuant to this Section 12 to Awards that do not constitute a “nonqualified deferred compensation plan” subject to
Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment, the Awards either (A) continue not to be subject to Section 409A of the Code or (B) comply with the requirements of
Section 409A of the Code. 

  
 21EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 Certain
identified information has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the Company, if publicly disclosed. Double asterisks denote omissions. 

AMENDED AND RESTATED 
 PRODUCT
MANUFACTURE AND SUPPLY AND FACILITY CONSTRUCTION AGREEMENT 
 Between 

BIOVECTRA INC. 
 And 

KERYX BIOPHARMACEUTICALS, INC. 
 This amended and
restated Product Manufacture and Supply and Facility Construction Agreement (this “Amended Agreement”) is made and entered into on September 4, 2020 (“Amendment Effective Date”) by and between BioVectra Inc., with its
registered offices at 11 Aviation Avenue, Charlottetown, PEI, C1E 0A1, Canada (“BioVectra”) and Keryx Biopharmaceuticals, Inc., a wholly owned subsidiary of Akebia Therapeutics, Inc., with its offices at 245 First Street, Cambridge,
Massachusetts 02142, USA (“Keryx”) (each hereafter a “Party,” and together, “Parties”). 
 WHEREAS, BioVectra has the
capability to Manufacture, and in the past has Manufactured GMP-grade quantities of Keryx’s proprietary active pharmaceutical ingredient, ferric citrate, at BioVectra’s API Facility, pursuant to the
Manufacture and Supply Agreement (as defined herein below); 
 WHEREAS, Keryx desires to purchase certain quantities of Product (as defined herein below)
from BioVectra over a defined period of time and BioVectra is willing to construct a facility for the Manufacture of Product and to supply Product to Keryx on the terms and conditions provided herein; 

WHEREAS, effective December 11, 2017 (the “Effective Date”), BioVectra and Keryx entered into a Product Manufacture and Supply and Facility
Construction Agreement, as amended by Amendment No. 1 to Product Manufacture and Supply and Facility Construction Agreement, dated April 20, 2018 (“Original Agreement”); and 

WHEREAS, the Parties now desire to amend and restate the Original Agreement by entering into this Amended Agreement (the Original Agreement, as amended and
restated by this Amended Agreement, the “Agreement”). 
 NOW THEREFORE, in consideration of the mutual covenants hereafter set forth, the Parties
hereto mutually agree as follows: 
  

	 	1.	 Definitions. Unless this Agreement expressly provides to the contrary, the
following terms, whether used in the singular or plural, have the respective meanings set forth below 

	 	a.	 Affiliate means, with respect to either Party, any other corporation or business entity that directly,
or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Party. For purposes of this definition, the term “control” means direct or indirect ownership of more than fifty
percent (50%) of the securities or other ownership interests representing the equity voting stock or general partnership or membership interest of such entity or the power to direct or cause the direction of the management or policies of such
entity, whether through the ownership of voting securities, by contract, or otherwise. 

  

	 	b.	 API Facility means BioVectra’s facility for the manufacture of ferric citrate drug substance for
Keryx under the Manufacture and Supply Agreement located at [**]. 

  

	 	c.	 Applicable Law means all applicable ordinances, rules, regulations, laws, guidelines, guidances,
requirements and court orders of any kind whatsoever, including those issued by any Authority, as amended from time to time, including GMP. 

  

	 	d.	 Authority means any government authority responsible for granting approvals for the performance of the
Parties’ obligations under this Agreement or for issuing rules, regulations, laws, guidelines, guidances and requirements pertaining to the Facility and or the Manufacture and/or use of Product in the intended country of use, including the FDA.

  

	 	e.	 Batch means approximately [**] of Product that is intended to be of uniform character and quality,
within specified limits, and is produced during the same cycle of Manufacture as defined by the applicable Batch Documentation. 

  

	 	f.	 BioVectra Technology means the Technology of BioVectra (i) existing prior to the Effective Date; or
(ii) developed or obtained by or on behalf of BioVectra independent of this Agreement and without reliance upon the Confidential Information of Keryx. 

  

	 	g.	 Business Day means all days excluding Saturdays and Sundays and any other public holiday in either
Canada or the US. 

  

	 	h.	 Certificate of Analysis means a document signed by an authorized representative of BioVectra, describing
Specifications for, and testing methods applied to, Product, and the results of testing. 

  

	 	i.	 Certificate of Compliance means a document signed by an authorized representative of BioVectra,
certifying that a particular Batch was manufactured in accordance with GMP, all other Applicable Law, the Manufacturing Procedure, and the Specifications. 

  

	 	j.	 CMC shall mean the chemistry, manufacturing, and controls section(s) and data in any Health
Registration(s) that covers the chemical composition of a given Product and its components and the control and Manufacturing Procedure for any Products and their components, as may be amended or supplemented from time to time. 

  
 2 

	 	k.	 Comparability Report means a report delivered by Keryx to BioVectra containing information that confirms
adherence of multiple Engineering Batches to the Comparability Protocol. 

  

	 	l.	 Effective Date has the meaning set forth in the recitals. 

 

	 	m.	 Equipment means all process equipment used in the manufacture of Product as defined in the Final Design.

  

	 	n.	 Facility has the meaning set forth in Section 2.a. 

 

	 	o.	 Facility Approval means the earlier of (i) FDA Approval, and (ii) receipt by BioVectra of a
notice from Keryx approving the Manufacture of Product in the Facility. 

  

	 	p.	 Facility Reimbursement Payment means [**]. 

 

	 	q.	 FDA means the U.S. Food and Drug Administration. 

 

	 	r.	 FDA Approval means FDA approval of the NDA Manufacturing Supplement for the Facility.

  

	 	s.	 GMP means Current Good Manufacturing Practices, which are requirements for the quality system under
which Product will be Manufactured. Those practices are laid down in guidelines and regulations, including ICH Q7 Good Manufacturing Practice Guide for Active Pharmaceutical Ingredients and US Code of Federal Regulations 21 CFR parts 210 & 211.

  

	 	t.	 Health Registration shall mean the technical, medical and scientific licenses, registrations,
authorizations and/or approvals of the Product that are required by any national, supra-national (e.g., the European Commission or the Council of the European Union), federal, regional, state or local Authority or other governmental entity, for the
Manufacture, use or sale of the subject Product. 

  

	 	u.	 Improvements means all Technology and discoveries, inventions, developments, modifications, innovations,
updates, enhancements, improvements, writings or rights (whether or not protectable under patent, trademark, copyright or similar laws) that are conceived, discovered, invented, developed, created, made or reduced to practice in the performance
under this Agreement. 

  

	 	v.	 Keryx Supplied Materials means those materials and equipment, if any, supplied by, or on behalf of,
Keryx to BioVectra for use in the Manufacture of Product hereunder (including any Starting Materials). Keryx Supplied Materials shall at all 

  
 3 

	 	
times remain the property of Keryx (and BioVectra shall ensure that no pledges, liens, restrictions, claims, charges, security interests or other encumbrance are placed on such Keryx Supplied
Materials). 

  

	 	w.	 Keryx Technology means (i) Keryx Supplied Materials and any intermediates, components, or
derivatives thereof; (ii) Product and any intermediates, components, or derivatives of Product; (iii) the Specifications and Manufacturing Procedure; and (iv) the Technology of Keryx (A) existing prior to the Effective Date, or
(B) developed or obtained by or on behalf of Keryx independent of this Agreement and without reliance upon the Confidential Information of BioVectra. 

  

	 	x.	 Latent Defect means [**] as described in the Quality Agreement. 

 

	 	y.	 Manufacture and Manufacturing means any steps, processes and activities necessary to produce
Product including purchasing Starting Materials, subcontracting or performing services, formulating, processing, cleaning, maintenance, packaging, labeling, quality control testing, stability testing, release, storage, shipping or supply of Product.

  

	 	z.	 Manufacture and Supply Agreement means the Manufacture and Supply Agreement, between BioVectra and Keryx
dated May 26, 2017, as amended from time to time. 

  

	 	aa.	 Manufacturing Procedure means the process by which the Starting Materials and any intermediate compounds
are used to create the Product as communicated by Keryx to BioVectra from time to time, as detailed in the Quality Agreement, and as memorialized in Batch Documentation, including the testing plan. 

 

	 	bb.	 Manufacturing Requirements means the standards to which BioVectra agrees to Manufacture the Product
under this Agreement, which shall be in accordance with GMP, the Manufacturing Procedure, the Specifications, the quality requirements set forth in the Quality Agreement, and all Applicable Law. 

 

	 	cc.	 Metric Tons or MT means one thousand kilograms. 

 

	 	dd.	 NDA Manufacturing Supplement means an application filed with the FDA, or any comparable application
filed with the regulatory authorities of a country other than the United States, to obtain approval to manufacture Product at the Facility. 

  

	 	ee.	 Nonconforming, Nonconformity and Nonconformance means that a Batch of Product does not
comply with the Manufacturing Requirements. 

  

	 	ff.	 Party or Parties has the meaning set forth in the preamble. 

 

	 	gg.	 Physical Delivery means physical receipt of Product by Keryx or its designee. 

  
 4 

	 	hh.	 Product(s) means GMP-grade quantities of Keryx’s
proprietary active pharmaceutical ingredient, ferric citrate drug substance. 

  

	 	ii.	 [**]. 

  

	 	jj.	 Process Validation Report means a report delivered by BioVectra to Keryx containing information that
confirms adherence to the Process Validation Protocol. 

  

	 	kk.	 Quality Agreement means the Quality Agreement executed by the Parties, as amended and updated by mutual
approval from time to time, describing, in accordance with this Agreement, the quality assurance responsibilities and obligations of the Parties for the Manufacture of the Product. 

 

	 	ll.	 Quality Module shall mean the chemistry, manufacturing, and controls section(s) and data in any Health
Registration(s) that covers the chemical composition of a given Product and its components and the control and Manufacturing Procedure for any Products and their components, as may be amended or supplemented from time to time. 

 

	 	mm.	 Records are all records (including reports, accounts, notes, raw data, and records of all information
and results obtained from performance of BioVectra’s activities under this Agreement) of all work done by BioVectra under this Agreement, in form and substance as specified in the applicable purchase order, the Quality Agreement, and this
Agreement. 

  

	 	nn.	 Reprocess and Reprocessing means [**]. 

 

	 	oo.	 Specification(s) shall mean the specifications for the Product and Starting Materials, along with the
analytical test methods and acceptance criteria applicable thereto, as set forth in the Quality Agreement, as amended in accordance with the change control procedures in the Quality Agreement. The Specifications as of the Amendment Effective Date
are set forth in Appendix 2 hereto.  

  

	 	pp.	 Starting Materials means the chemical entities and materials required to synthesize the Product,
including [**]. 

  

	 	qq.	 Substantial Completion means the Facility has been certified to commence Process Engineering for the
Product by the Certified Engineer. 

  

	 	rr.	 Supply Term means the period commencing [**] and ending at the end of the Term. 

 

	 	ss.	 Supporting Documentation means authorizations, certificates, methodologies, Starting Material
specifications, standard operating procedures (“SOPs”), standard test methods, and other documentation in the possession or under the control of BioVectra relating to the development and/or Manufacture of Product (or any intermediate or
component of Product). 

  
 5 

	 	tt.	 Technology means all methods, techniques, trade secrets, copyrights,
know-how, data, documentation, regulatory submissions, specifications and other intellectual property of any kind (whether or not protectable under patent, trademark, copyright or similar laws).

  

	 	uu.	 Working Capacity means [**]. 

 

	 	2.	 Construction of Facility 

 

	 	a.	 Facility Construction and Timeline. BioVectra will construct a production facility in [**] with the
Working Capacity (the “Facility”) for Manufacturing of Product in accordance with GMP and all other Applicable Law. The Facility, which will be [**]. BioVectra’s obligations hereunder include, but are not limited to the following:

  

	 	i.	 Construction of the Facility to perform the Manufacturing Requirements in the Facility in accordance with the
design of the Facility previously approved in writing by the Parties (the “Final Design”), which includes but is not limited to all work related to the procurement, design, project management, installation, assembly, commissioning and
validation of the Facility and all Equipment; 

  

	 	ii.	 Engineering of the Manufacturing Requirements at the Facility (the “Process Engineering”); and

  

	 	iii.	 Validation of the Manufacturing Requirements at the Facility (“Process Validation”).

 The Parties will work [**], to complete the activities set forth in Sections
2.k-n in accordance with the timelines set forth in [**] approved by the Parties, as may be amended from time to time by mutual agreement of the Parties (the “Timeline”), provided that [**].

  

	 	b.	 Facility Financing. Except as set forth herein, BioVectra will be responsible for financing all costs
associated with constructing the Facility. 

  

	 	c.	 Equipment. With respect to all Equipment, BioVectra shall provide engineering project management and
process validation, qualification support, installation and commissioning services. BioVectra shall manage the installation, commissioning and validation activities of such Equipment. 

 

	 	d.	 Vendors. BioVectra shall disclose to Keryx in writing within [**] after Keryx’s written request:
(i) all persons and entities proposed by BioVectra to produce, construct, fabricate or supply any component part of the Facility, including all Equipment; (ii) the location(s) where each component of the Facility, including all

  
 6 

	 	
Equipment, will be produced, constructed or fabricated or from which such component shall be sourced; and (iii) any other information relating to sourcing and/or construction and assembly of
the Facility which is [**] requested by Keryx. BioVectra shall promptly pay to each vendor the amount due for such vendor’s work, provided BioVectra shall have the right to withhold payment to any of its vendors who have furnished defective,
substandard, and/or incorrect materials, workmanship, or deliverables. Keryx shall have no obligation to pay, or cause the payment of, any money to any vendor or any other party acting through, under or on behalf of BioVectra. 

 

	 	e.	 Design Documents. BioVectra shall build, construct and assemble the Facility in strict accordance with
the Final Design, photographs, plans, designs, drawings, Facility construction specifications, reports, and other documents relating thereto (collectively, the “Design Documents”), as may be updated, amended, or modified and otherwise in
accordance this Agreement and all Applicable Law. Any material update, amendment or modification being either approved in writing by the Supply Committee within [**] from receipt, not to exceed [**]. 

 

	 	f.	 Keryx Right of Access. Not in limitation of any other provision of this Agreement, Keryx shall have the
right of access to any of BioVectra’s and/or its vendor’s plants (including the Facility) as may be necessary to allow Keryx to: (i) review BioVectra’s progress; (ii) verify that the Facility is being built, constructed and
assembled so as to conform to the Design Documents, the Timeline, and this Agreement; and/or (iii) verify that a progress payment contingency has been completed. Payments to BioVectra under this Agreement shall not constitute acceptance or
impede Keryx’s right to subsequently inspect the Facility or pursue remedies available to it. 

  

	 	g.	 Facility Costs. The Parties shall use [**] to minimize the costs of procurement, installation and
commissioning of the Equipment. BioVectra shall provide Keryx with quotes and copies of all applicable invoices from vendors, for the costs of procurement, transportation, installation, and commissioning of the Equipment. 

 

	 	h.	 [**] Facility Reimbursement [**]. Keryx will pay the Facility Reimbursement Payment [**].

  

	 	i.	 Inspection Right. Keryx will have, upon [**] notice to BioVectra, the right to monitor, review and
inspect the Facility and Equipment any time during construction of the Facility and on and after the Substantial Completion of the Facility. BioVectra shall give [**] to any comments provided by Keryx resulting from the monitoring, review and
inspection of the construction site, Facility and Equipment. 

  

	 	j.	 Certification of Substantial Completion. The Parties engaged a mutually-agreed independent certified
engineer (the “Certified Engineer”) to conduct a review to certify Substantial Completion, which certification was accepted by the Parties on 

  
 7 

	 	
[**]. Both Parties shall be entitled to obtain copies of all results of the Certified Engineer’s review. The findings of the Certified Engineer were binding on the Parties, absent fraud or
manifest error. The Parties will [**] of the Certified Engineer’s initial review. To the extent [**]. 

  

	 	k.	 Process Engineering. 

 

	 	i.	 The Parties have agreed on a comparability protocol (the “Comparability Protocol”) and an engineering
protocol (the “Engineering Protocol”) for Process Engineering, which together contain the manufacturing conditions, process controls, testing and expected outcomes for Process Engineering, including drug substance and drug product
stability, either of which may be amended from time to time by mutual agreement of the Parties (the Comparability Protocol and the Engineering Protocol together, the “Process Engineering Protocols”). 

 

	 	ii.	 BioVectra and Keryx will be responsible for completing Process Engineering consistent with the steps set forth
in the Timeline and the Process Engineering Protocols. [**] following Substantial Completion, BioVectra will commence Process Engineering and produce [**] of Product in accordance with the Process Engineering Protocols during Process Engineering
(the “Engineering Batches”). In accordance with the Process Engineering Protocols, BioVectra will supply Keryx with (i) Batch Documentation from the Engineering Batches, and (ii) Product from the Engineering Batches for
evaluations, including but not limited to [**] In the event that Process Engineering does not adhere to the Process Engineering Protocols at any point during Process Engineering, the Parties will work [**] to resolve any issues that prevent such
adherence, which may include [**]. Process Engineering will be considered complete upon written confirmation from both Parties that the Comparability Report confirms adherence to the Comparability Protocol (“Completion of Process
Engineering”). 

  

	 	iii.	 Within [**] following the Amendment Effective Date, [**]. In the event that BioVectra produces [**],
provided that, if [**] are required to be produced [**]. 

  

	 	l.	 Process Validation. 

 

	 	i.	 [**] following Completion of Process Engineering, but no later than [**] thereafter, the Parties will agree on
a protocol for Process Validation, the first draft of which will be generated by [**], that will contain the manufacturing conditions, controls, testing and expected outcomes for Process Validation (the “Process Validation
Protocol”). In the event there is a disagreement between the Parties with respect to one or more technical issues in the Process Validation Protocol that prevent the Parties from

  
 8 

	 	
agreeing to the Process Validation Protocol within [**] following Completion of Process Engineering, then the Parties will engage a mutually-agreed, independent CMC expert to make a determination
on the disputed technical issues. Consent to the appointment of such CMC expert will not be [**] withheld or delayed by either Party. The determination of such CMC expert on the disputed technical issues will be binding on the Parties.

  

	 	ii.	 BioVectra will be responsible for completing Process Validation consistent with the steps set forth in the
Timeline and the Process Validation Protocol. [**] following Completion of Process Engineering but no later than [**] after agreement by the Parties on Process Validation Protocol, BioVectra will commence Process Validation. BioVectra must produce
[**] Product during Process Validation (the “Validation Batches”) in accordance with the Process Validation Protocol. In accordance with the Process Validation Protocol, BioVectra will supply Keryx with (i) Batch Documentation from
the Validation Batches, and (ii) Product from the Validation Batches for evaluations, including but not limited to stability testing and drug product formulation. [**] Process Validation will be considered complete upon written confirmation
from both Parties that the Process Validation Report confirms adherence to the Process Validation Protocol (“Completion of Process Validation”). 

  

	 	iii.	 [**] for the Validation Batches in accordance with the price [**] set forth in Appendix 1 to this Agreement and
in accordance with the procedures set forth in Section 7 hereto, provided that, [**]. In the event that Keryx requests that BioVectra produce additional Validation Batches, [**]. 

 

	 	m.	 Mock FDA Audit. As soon as practicable following Completion of Process Validation, but no later than
[**] thereafter, Keryx will engage a mutually-agreed independent regulatory expert (the “Regulatory Expert”) to perform a mock FDA audit of the Facility (the “Mock FDA Audit”). Consent to the appointment of the Regulatory Expert
will not be [**] withheld or delayed by either Party. Both Parties will cooperate with the Regulatory Expert’s reasonable requests for assistance in connection with its evaluation hereunder. Both Parties shall be entitled to observe the Mock
FDA Audit. Following completion of the Mock FDA Audit, unless otherwise agreed by the Parties, BioVectra will address the findings from the Mock FDA Audit prior to Keryx’s submission of the NDA Manufacturing Supplement (the “Key
Findings”), and [**] in addressing the Key Findings as appropriate. [**]. 

  

	 	n.	 Submission of NDA Manufacturing Supplement. As soon as practicable after BioVectra has addressed
the Key Findings [**], Keryx will file the NDA Manufacturing Supplement with the FDA. Keryx will provide BioVectra with written updates as to the status of the NDA Manufacturing Supplement every [**], until the NDA Manufacturing Supplement has been
filed with the FDA. BioVectra shall, upon Keryx’s request, provide Keryx with all supporting data and information relating to the Facility, the Equipment, the Manufacturing Process and any other information reasonably necessary to obtain and
maintain FDA Approval. 

  
 9 

	 	3.	 Management 

 

	 	a.	 Following the Effective Date, Keryx and BioVectra established a supply committee to facilitate regular and
efficient communication between the Parties regarding their activities and issues relating to the design and construction of the Facility and the Manufacture and supply of Product under this Agreement (“Supply Committee”). Keryx and
BioVectra each designated three (3) representatives with appropriate expertise to serve as members of the Supply Committee, which membership may change during the course of the various activities under this Agreement (i.e. during the design and
construction phases of the Facility vs. the Product Manufacture and supply activities thereafter). Each Party shall select one (1) person appointed by it to the Supply Committee to serve as co-chair.
Either Party may designate substitutes for its Supply Committee representatives to participate if one or more of such Party’s designated representatives are unable to be present at a meeting. A Party may replace its representatives serving on
the Supply Committee from time to time by written notice to the other Party specifying the prior representative(s) to be replaced and the replacement(s) therefor. The co-chairpersons of the Supply Committee
shall be responsible for calling meetings, preparing and circulating an agenda in advance of each meeting. One of BioVectra’s Supply Committee representatives shall be responsible for preparing and issuing minutes of each meeting within [**]
thereafter. Such minutes shall not be finalized until Keryx reviews and confirms with BioVectra the accuracy of such minutes in writing within [**] after Keryx receives such minutes. If BioVectra does not receive any written comments on such minutes
from Keryx within such [**] period, then such minutes shall be deemed to be approved by Keryx. 

  

	 	b.	 The Supply Committee shall meet at least once [**] until successful completion and validation of the Facility
and the Manufacturing Procedure and thereafter once every [**], and more frequently as the Parties deem appropriate, on such dates, and at such places and times as the Parties shall agree. Both Parties may agree in writing to cancel one or more
Supply Committee meetings. Meetings of the Supply Committee may be held by audio or video teleconference with the consent of each Party. Meetings of the Supply Committee that are held in person shall occur at such place as the Supply Committee may
determine based on the agenda proposed for the meeting and the place of convenience as relating to the agenda items. The members of the Supply Committee also may be polled or consulted from time to time by means of electronic mail or correspondence,
as deemed necessary or appropriate. With the consent of each co-chair, other representatives of each Party or of third parties involved in the design and construction of the Facility and Manufacture and supply
of Product may attend meetings of the Supply Committee as non-voting participants. 

  
 10 

	 	c.	 The Supply Committee shall operate by consensus. With respect to matters to be discussed by the Supply
Committee, the representatives of each Party shall present a unified position on behalf of such Party. In the absence of consensus of Supply Committee members with respect to any matter before the Supply Committee, such matter shall be deemed not to
have been approved by the Supply Committee and the matter shall be escalated to each Party’s senior management for review and consideration. 

  

	 	d.	 In addition to its overall responsibility for overseeing the Parties’ activities with respect to design
and construction of the Facility and Manufacture and supply of Product under this Agreement, the Supply Committee shall in particular: 

  

	 	(a)	 Review and update during design of Facility; 

 

	 	(b)	 Review and update during construction of Facility; 

 

	 	(c)	 Review Process Engineering and Process Validation; 

 

	 	(d)	 Oversee Manufacture and quality of Product, including labeling, packaging, logistics; 

 

	 	(e)	 Discuss any changes to Manufacturing Procedure or Specifications; 

 

	 	(f)	 Oversee and coordinate regulatory activities; 

 

	 	(g)	 Discuss changes to Forecast and supply schedule; 

 

	 	(h)	 Oversee and agree Process Development Work and any resulting [**] to the Manufacturing Procedure;

  

	 	(i)	 Oversee and address issues that may affect the Timeline; 

 

	 	(j)	 Oversee any other aspects expressly contemplated by this Agreement or otherwise mutually agreed by the Parties
in writing; and 

  

	 	(k)	 Establish such working groups or sub-committees as it may choose from
time to time to accomplish its purposes. 

  

	 	e.	 The Supply Committee shall have only those powers set forth herein, and, without limiting the generality of the
foregoing, shall not have any power to amend, modify or waive compliance with this Agreement. 

  

	 	4.	 Product Supply & Purchase 

 

	 	a.	 During the Term of this Agreement, BioVectra will Manufacture Product in accordance with the terms and
conditions of this Agreement exclusively for Keryx for the US, Europe and any other market in which Keryx has license to sell (“Territory”) in the Facility [**]. 

 

	 	b.	 Starting Materials. [**] all Starting Materials used in the Manufacture of Product. [**]orderly supply
of Starting Materials, [**] Starting Materials in sufficient volumes [**]. 

  
 11 

	 	c.	 Minimums. Subject to Section 4.d, the minimum order quantity (“Minimum Order Quantity”)
for [**]: 

 [**] 
  

	 	d.	 Subject to BioVectra’s termination right in Section 13.c, [**]. 

 

	 	e.	 Forecasting. 

  

	 	i.	 Keryx will provide to BioVectra a non-binding, rolling forecast of its
estimated Product requirements for a [**] period. Keryx will provide such forecast to BioVectra [**] during the Term of this Agreement. 

  

	 	ii.	 Keryx will provide BioVectra with a rolling [**] non-binding forecast
of its Product requirements consistent with the Minimum Order Quantities and the Working Capacity (the “Forecast”). Keryx will commence providing such Forecast within [**] following the Amendment Effective Date, and update such Forecast no
later than [**] after the start of [**] thereafter. 

  

	 	f.	 Purchase Orders. Purchase and shipment of Product will be in response to binding written purchase orders
submitted by Keryx according to the process set out herein. At least [**] prior to the commencement of [**] in the Supply Term, Keryx will place a binding purchase order for all its requirements of Product for the subsequent [**]. Purchase orders
will be confirmed by BioVectra for acceptance and BioVectra shall not reject any Keryx purchase orders for Product that are in accordance with the Minimum Order Quantities and the terms and conditions of this Agreement. Each purchase order shall be
on such form of purchase order or document [**]. BioVectra shall be obligated to manufacture and supply such quantities of Product as are set forth in each purchase order and deliver such quantities in accordance with the mutually agreed-upon
delivery schedule. For the purposes of this Agreement, “delivery” of Product means [**]. BioVectra shall, within [**] of receipt of a purchase order, confirm in writing that the purchase order has been accepted, including the confirmation
of the mutually agreed upon delivery date(s) for the Product listed in such purchase order. BioVectra shall be required to accept the purchase orders (or portions thereof, as applicable) submitted to BioVectra in accordance with the terms and
conditions of this Agreement. In the event that the terms of any purchase order or purchase order acceptance are not consistent with this Agreement, the terms of this Agreement shall prevail. [**]. 

 

	 	g.	 Shortfalls. If BioVectra fails, or anticipates that it will fail, to Manufacture and deliver the
quantity of Product set forth in a purchase order for which BioVectra has provided a notice of acceptance in accordance with the delivery schedule set forth in such purchase order [**] then BioVectra will notify Keryx as soon as practicable (each
such failure, a “Shortfall”). Within [**] of receipt of notification of a Shortfall, Keryx will provide to BioVectra written notification of its decision to either [**]. 

  
 12 

	 	h.	 If there is a [**], then within [**] following written notification by either Party of [**] the Parties will
(i) develop a plan, [**] and (ii) [**] implement such plan. [**]. 

  

	 	i.	 If, after the first [**] of Product manufactured in the Facility, BioVectra delivers less than [**] of the
volume of Product ordered by Keryx [**], BioVectra shall [**]. If there is a dispute as to the quantity delivered, the Parties will work in good faith towards prompt resolution. 

 

	 	j.	 If, commencing with [**], BioVectra delivers less than [**] of the volume of Product ordered by Keryx [**],
BioVectra shall [**]. If there is a dispute as to the quantity delivered, the Parties will work in good faith towards prompt resolution. 

  

	 	k.	 Any changes to the Manufacturing Procedure, Manufacturing schedule, the Keryx Release requirements or quality
requirements and associated impact(s), including impacts to costs, will be reviewed and assessed prior to implementation, and in all cases subject to the prior mutual agreement of both Parties. 

 

	 	l.	 Process Development. 

 

	 	i.	 Whether initiated by Keryx, BioVectra, or a joint effort of the two Parties, BioVectra may, at Keryx’s
cost, from time to time and with the prior written agreement of Keryx, engage in Process Development Work. “Process Development Work” means the conduct by BioVectra of activities to develop, confirm and/or refine processes for producing
the Product and/or activities to develop, optimize and/or scale-up a manufacturing process suitable for GMP Manufacture of the Product. A Party wanting to initiate Process Development Work will bring a
proposed plan to the Supply Committee for consideration, approval, and further development. The Supply Committee will receive regular updates regarding the Process Development Work and generally oversee its progress. Any Improvements to the
Manufacturing Procedure will be the sole and exclusive property of Keryx. 

  

	 	ii.	 Following completion of any Process Development Work, BioVectra shall within the timeline approved by the
Supply Committee provide Keryx with a final written report on the development work completed, including, if called for in the written project plan agreed by the Supply Committee for the Process Development Work, the impact of any such Process
Development Work on the costs to Manufacture Product. 

  

	 	iii.	 If called for in the written project plan agreed by the Supply Committee for the Process Development Work,
BioVectra shall perform one or more process development runs and Manufacture non-GMP process development 

  
 13 

	 	
batches of Product in accordance with the project plan. BioVectra will provide the services to perform such process development runs and produce such process development batches in accordance
with the project plan. BioVectra shall provide Keryx with all process development batches requested by Keryx that result from any partial or completed process development runs. While there will be no final specifications for acceptance of process
development batches, the Parties will mutually agree on certain target quality attributes, to be set forth in the applicable project plan.    BioVectra shall provide analytical testing of the batch as agreed by the Parties in
each project plan and will report the results to Keryx. Keryx shall have the right to make whatever further use of such process development batches as it shall determine, provided that such use does not violate any Applicable Law. 

 

	 	iv.	 If, as a result of any Process Development Work, the cost to Manufacture Product is reduced (including a
situation in which the yield is increased or cycle time is reduced), [**] subject to Keryx consenting to, and the implementation by BioVectra of, the process development improvements resulting from the Process Development Work. Notwithstanding the
foregoing, before any [**] between the Parties, [**]. 

  

	 	v.	 The Parties shall mutually agree on the proposed plan for Keryx’s [**]. If the Parties disagree, they
shall submit such dispute to an independent pharmaceutical manufacturing expert agreed by the Parties (an “Expert”) for evaluation, provided that both Parties shall be entitled to observe and obtain copies of all results of such
evaluation. The Expert must be of recognized standing in the industry, and consent to the appointment of such Expert will not be [**] withheld or delayed by either Party. The Expert will determine the resulting cost reduction. Both Parties shall
cooperate with the Expert’s reasonable requests for assistance in connection with its evaluation hereunder. The findings of the Expert shall be binding on the Parties, absent fraud or manifest error. The Parties shall [**] the
Expert. 

  

	 	m.	 Non-Compete and Non-Use.

  

	 	i.	 Other than [**] during the Term and for [**] after expiry of Term (unless terminated by Keryx pursuant to
Section 13.b.ii or 13.b.iii and for termination by BioVectra under Section 13.d.) BioVectra and its Affiliates agrees that they will not, directly or with or on behalf of a third party, develop, market, advertise, promote, Manufacture,
supply, distribute, offer to sell or sell: [**] without Keryx’s prior written consent. In all cases, under no circumstances will BioVectra (or any of its Affiliates) use any Keryx Technology, Improvements or Confidential Information of Keryx to
Manufacture, for itself or for any other person or entity other than for Keryx pursuant to this Agreement any product at any time, or for any other purpose other than for the Manufacture of Product for Keryx hereunder, and such

  
 14 

	 	
obligation not to use any Keryx Technology, Improvements or Confidential Information of Keryx shall survive the expiration or termination of this Agreement. 

 

	 	ii.	 Subject to Section 4.m.i, BioVectra [**] with BioVectra’s obligations to Keryx under this Agreement.

  

	 	5.	 Product Quality, Disposition & Release 

 

	 	a.	 Product Manufacture. BioVectra will Manufacture Product according to the Manufacturing Requirements. The
Quality Agreement contains and governs all quality-related matters and sets forth the responsibilities of the Parties with respect to certain tasks, including change control, deviations, stability, complaints, records, sampling, testing, retaining
of samples, release, as well as tasks related to regulatory reporting, investigations, and recalls. 

  

	 	b.	 BioVectra Disposition. Each Batch of Product will be sampled and tested by BioVectra against the
Manufacturing Requirements. The quality assurance department of BioVectra will review the documentation relating to the Manufacture of the Batch and assess if the Manufacture has taken place in compliance with the Manufacturing Requirements. In
addition to any requirements set forth in the Quality Agreement, and in accordance with the Manufacturing Requirements, BioVectra shall provide to Keryx a Certificate of Compliance, Certificate of Analysis, certificate of origin (including a BSE /
TSE statement), and copies of any Batch deviations (collectively “Batch Documentation”) for each Batch of Product that BioVectra has deemed to meet the Manufacturing Requirements (hereinafter, “BioVectra Disposition”). Such Batch
Documentation will be delivered to Keryx by electronic mail in the form of a PDF upon BioVectra Disposition. No Keryx Release of any Batch of Product Manufactured under this Agreement may occur until BioVectra Disposition for such Batch has
occurred. Upon Keryx’s request, BioVectra will also deliver to Keryx all Records and Supporting Documentation in the possession or under the control of BioVectra relating to the Manufacture of each Batch of Product (or any intermediate or
component of Product). 

  

	 	c.	 Keryx Release. Upon BioVectra Disposition of a Batch of Product Manufactured under this Agreement, Keryx
shall review such Batch’s Batch Documentation in order to determine that the Product complies with the Manufacturing Requirements and is ready for shipment. Keryx’s Quality department will review the documentation provided by BioVectra for
any Batch of Product, and will provide BioVectra with the documentation of lot disposition or, otherwise, with its justified objections to issuing the certificate of lot disposition in accordance with the Quality Agreement (hereinafter, “Keryx
Release”). 

  

	 	d.	 Stability Testing. During each [**]. Any additional Batches designated for stability testing will be
considered outside of the scope of this Agreement [**]. 

  
 15 

	 	e.	 Facility Status. BioVectra shall [**] ensure that at all times during the Term of this Agreement, the
Facility is in a qualified and validated state appropriate for inclusion as a manufacturing site for Product as required by the applicable Authorities, Applicable Law, the Manufacturing Requirements, and any Health Registrations and shall ensure
that at all times there is sufficient capacity to Manufacture Product ordered hereunder. 

  

	 	f.	 Location of Manufacturing Activities. Notwithstanding anything to the contrary contained herein, except
as set forth in Section 4.a of this Agreement, all Manufacturing activities shall occur at the Facility and BioVectra may not change the location of such Manufacture to a different facility (for all or any portion of the Manufacture of Product
hereunder) unless consented to by Keryx in writing in Keryx’s sole discretion; provided, that in all cases no change of Facility shall relieve BioVectra of any of its obligations under this Agreement. BioVectra shall provide to Keryx
supporting data in order to permit Keryx to amend its (and its Affiliate’s and designee’s, as applicable) regulatory filings to reflect any such change and shall otherwise cooperate in good faith with Keryx to comply with all regulatory
obligations arising out of such changes (and BioVectra shall reimburse Keryx for all costs incurred in connection therewith). 

  

	 	g.	 Person in Plant. At all times during the Term of this Agreement, Keryx shall be allowed to have two
representatives on site at the Facility (including adequate temporary desk space and other reasonable resources available to these representatives during the periods they are at the Facility) and access to all applicable portions of the Facility
(including the Manufacturing train), and all Records, for the purpose of observing, reporting on, and consulting as to the activities hereunder (hereinafter, “Keryx On-Site Representatives”). The
Keryx On-Site Representatives shall be appropriately trained by Keryx (e.g., GMP training), shall observe at all times BioVectra’s policies and procedures as they pertain to the Facility, and comply with
all reasonable directions of BioVectra in relation to the same. BioVectra may refuse or limit in its sole discretion at any time admission to the Facility by any Keryx On-Site Representative who fails to
observe policies or comply with reasonable directions. 

  

	 	h.	 Quality Agreement. In the event of any discrepancy or inconsistency between the tasks listed in such
Quality Agreement and the terms of this Agreement, the terms of the Quality Agreement will govern with respect to quality matters and other similar matters, and the terms of this Agreement shall govern with respect to all other matters;
provided, that the Quality Agreement may not be interpreted or construed by either Party as amending or modifying in any way any terms of this Agreement except those terms specifically governed by the Quality Agreement. The Quality Agreement
may be modified or amended by the Parties, in writing; provided, that such modification or amendment shall not be deemed to modify or amend the terms of this Agreement. 

  
 16 

	 	i.	 Batch Failure. BioVectra agrees to notify Keryx within [**] of discovery after any Batch failure which
could result in BioVectra’s inability to meet the agreed upon delivery dates, or of learning of any failure of any Batch of Product to meet Specifications or the Manufacturing Requirements, or if BioVectra has any other safety or efficacy
concerns with respect to a Batch of Product. BioVectra agrees not to Reprocess any Batch of Product, or any intermediate in the Manufacture of Product, without the prior written approval of Keryx in writing (in Keryx’s sole discretion). Should
Keryx provide such approval, BioVectra will Reprocess the affected Batch(es) or intermediate(s) in the Manufacture of Product at its own cost. BioVectra will schedule any Reprocess as soon as practicable. 

 

	 	6.	 Regulatory Requirements 

 

	 	a.	 Sarbanes-Oxley Compliance. Without limiting the foregoing, if and to the extent reasonably
necessary to ensure Keryx’s continuing compliance with the requirements of the Sarbanes-Oxley Act of 2002 (as determined by Keryx in its sole discretion), BioVectra shall, at Keryx’s request, provide the appropriate report(s) as
established by the Statement on Standards for Attestation Engagements No. 16 (SSAE 16) (or its successor standard), and other report(s) as requested by Keryx covering the manufacturing services provided by BioVectra to Keryx. The audit will be
performed at BioVectra’s expense and audit findings shall be provided to Keryx on an annual basis consistent with SSAE 16 (or its successor standard) and with the requirements of the Keryx. The report should be prepared by a public accounting
firm that is reasonably acceptable to Keryx (preferably one of the Big Four – Deloitte, Ernst & Young, KPMG or PricewaterhouseCoopers). Any material weaknesses in BioVectra’s internal controls revealed by the audit will be
promptly remedied by BioVectra. 

  

	 	b.	 Filing and Maintenance of the Health Registrations. As between the Parties, Keryx shall have the sole
right to prepare and file for the Health Registrations with the applicable Authorities and, for clarity, BioVectra shall have no right to do so and shall not communicate with any Authorities in connection with any Health Registration. If determined
by Keryx in its sole discretion, Keryx shall have the right to include a designation of BioVectra and the Facility as a manufacturer and manufacturing site of Product in the applicable Health Registrations. Notwithstanding the foregoing, if, in
connection with Keryx’s state licensing requirements for pharmaceutical manufacturers in the United States, BioVectra is required to register with a state as a manufacturer in order for Keryx to obtain its license with such state, BioVectra
shall do so promptly at Keryx’s request. 

  

	 	c.	 CMC Information. Keryx, in its discretion, may provide BioVectra with CMC information applicable to
BioVectra for BioVectra to Manufacture Product in accordance with this Agreement and the Health Registrations (hereinafter, “CMC Information”), and BioVectra shall comply with all such CMC Information in performing its activities
hereunder. Any changes to a Quality Module section of a Health Registration after the Amendment Effective Date will need to be reviewed 

  
 17 

	 	
for scope changes to the manufacturing schedule, release requirements or quality requirements and associated impact(s), including impacts to costs prior to implementation. For clarity, all CMC
Information shall be considered Confidential Information of Keryx hereunder. 

  

	 	d.	 Regulatory Support for Maintaining Filings. For regulatory filings that occur after FDA Approval of the
Facility, BioVectra shall perform, [**], the activities (including tests and also including at Keryx’s request, preparing documents to support Quality Modules for filing or filing related support for the Health Registrations) in connection with
the receipt and maintenance of the Health Registrations as requested in writing by Keryx from time to time, which activities shall be performed by BioVectra in compliance with all Applicable Law. In all cases, BioVectra shall be prepared for any and
all inspections, including pre-approval inspections, by Authorities. Without limitation of the foregoing, BioVectra shall provide Keryx with such information and assistance as Keryx may [**] for purposes of
applying for and maintaining all relevant Health Registrations for Product including providing Keryx with all reports, authorizations, certificates, methodologies, specifications and other documentation in the possession or under the control of
BioVectra (or any of its Affiliates) relating to the pharmaceutical/technical development and/or Manufacture of Product or any component thereof. BioVectra hereby grants Keryx an irrevocable, perpetual, worldwide, fully paid-up license, with the right to grant sublicenses (through multiple tiers) to use such information, data and other BioVectra Technology reflected in such documentation for the purpose of obtaining and maintaining
the Health Registrations for Product as well as a right of reference to any regulatory approvals of BioVectra for use in connection with Product. 

  

	 	e.	 Communications by Keryx. For purposes of clarity, nothing in this Agreement, including the provisions of
this Section 6, shall restrict the right of Keryx (or its Affiliates or other designees) from taking any action that it deems to be appropriate or required by Applicable Law with respect to Product, including making a timely report to a given
Authority or other governmental entity with respect to Product. 

  

	 	7.	 Invoicing, Payment & Shipping 

 

	 	a.	 BioVectra will invoice Keryx for Product in accordance with the pricing [**] set forth in Appendix 1 upon [**].
Keryx will pay for invoices less any holdback for disputed amounts, within [**] of invoice receipt. [**] Akebia Therapeutics, Inc., [**], 245 First Street, Cambridge, MA 02142 USA. 

 

	 	b.	 Keryx will be responsible for [**].    Keryx will also be responsible, [**]. After Product
delivery, Keryx will review the Batch Documentation and, within [**]. Once BioVectra has received a written authorization to ship from Keryx, BioVectra shall promptly comply with Keryx’s shipping instructions. For the avoidance of doubt,
BioVectra shall not ship Product from the Facility until [**]. Notwithstanding the 

  
 18 

	 	
foregoing, if so requested by Keryx, BioVectra shall store Product on site at the Facility for up to [**]. Whether or not Product has shipped from the Facility, Keryx does not waive its right to
reject the Product under Section 8 by not providing such rejection within the aforementioned [**] period. 

  

	 	c.	 Any services requested that are beyond the activities related to design and construction of the Facility,
Manufacture of Product, [**]. BioVectra will charge Keryx according to BioVectra’s FTE hourly rate[**], for any such ad hoc services. 

  

	 	8.	 Nonconforming Product & Recalls 

 

	 	a.	 Acceptance of Product. Keryx or its designees shall have [**]to inspect Product for Nonconformance.
Keryx or its designees may inspect the Product, review the Batch Documentation for each Batch of Product, test samples of the Batch of Product against the Specifications, and perform any or all of the quality control procedures outlined in the
Quality Agreement to determine if there is a Nonconformance. During this review period, the Parties agree to respond promptly, but in any event within [**], to any reasonable inquiry or request for a correction or change by the other Party with
respect to such Batch Documentation. Keryx has no obligation to accept a Batch if such Batch does not comply with the Manufacturing Requirements. Notwithstanding the foregoing, in the event there is a Nonconformance that is a [**], then Keryx shall
promptly, and in no event more than [**] after discovery of such Nonconformance, notify BioVectra of [**]. If Keryx rejects a Batch of Product or a portion thereof pursuant to this section for Nonconformance, Keryx will inform BioVectra of the
reason in writing. If BioVectra confirms that the Product(s) shall be rejected for Nonconformance or if, pursuant to Section 8.b the independent testing lab or GMP consultant determines there has been a Nonconformance, then [**] Moreover, the
Parties will meet to discuss, evaluate and analyze the reasons for and implications of the Nonconformance. 

  

	 	b.	 Quality Disputes. If BioVectra does not agree with Keryx’s rejection of the Product pursuant to
Section 8.a, the difference of opinion shall be first negotiated in good faith by the Parties through their quality assurance representatives, who will attempt in good faith to resolve any such disagreement and Keryx and BioVectra will follow
their respective SOPs to determine the conformity of the Product to the Manufacturing Requirements. If such dispute is not resolved within [**] after BioVectra’s receipt of Keryx’s written notice of its disagreement, the Parties shall
submit such dispute to a mutually acceptable independent third party laboratory for such laboratory’s determination as to whether Product meets or fails to meet Specifications and/or mutually acceptable independent GMP consultant in the case of
an alleged failure to comply with GMP or any of the other Manufacturing Requirements, as appropriate. The laboratory and consultant, as applicable, must be of recognized standing in the industry, and consent to the appointment of such laboratory and
consultant will not be [**] withheld or delayed by either Party. Such laboratory will use the test methods contained in the applicable Specifications and the Quality Agreement. [**]. The ultimate disposition of Nonconforming Product will be the
responsibility of Keryx’s quality assurance department. 

  
 19 

	 	c.	 Customer Returns. Keryx will have the responsibility for handling customer returns of the Products.
BioVectra will give Keryx any assistance that Keryx may reasonably require to handle the returns. 

  

	 	d.	 Recalls. If a recall or return results from, or arises out of, a failure by BioVectra to provide Product
that conforms to the Specifications or other Manufacturing Requirements, in addition to the amounts payable under this Agreement, BioVectra will also be responsible for the documented
out-of-pocket expenses of the recall or return. [**] If Product is recalled because the Product Manufactured and released by BioVectra deviates from the Specifications
or otherwise does not meet the Manufacturing Requirements, Keryx shall have the right to avail itself of the remedies set forth in Section 8.a above. 

  

	 	9.	 Warranties & Indemnifications 

 

	 	a.	 BioVectra warrants and represents that: 

 

	 	i.	 BioVectra is a corporation duly organized, validly existing and in good standing under the laws of the Prince
Edward Island, Canada; 

  

	 	ii.	 BioVectra has full right, power and authority to enter into this Agreement, and that the execution and
performance of this Agreement shall not constitute a violation of any material covenant of restriction, or breach of any obligation under any other agreement, contract, commitment, rule, or regulation to which BioVectra is a party or by which
BioVectra is bound; 

  

	 	iii.	 the Product supplied to Keryx shall meet all the Manufacturing Requirements; 

 

	 	iv.	 when delivered, Keryx will have good and marketable title, free and clear of any liability, pledge, lien,
restriction, claim, charge, security interest and/or other encumbrance, to all Product; 

  

	 	v.	 the work hereunder will be performed with requisite care, skill and diligence, by individuals who are
appropriately trained and qualified and in facilities suited for such work; 

  

	 	vi.	 the conduct and the provision of the work hereunder, including use of any BioVectra Technology, will not
violate any patent, trade secret or other proprietary or intellectual property rights of any third party and BioVectra will promptly notify Keryx in writing should BioVectra become aware of any claims asserting such violation; and

  

	 	vii.	 BioVectra and its officers and directors and any person or entity engaged by BioVectra in connection with the
Manufacture of Product or performance of any other obligations under this Agreement: (i) have not been debarred and are not subject to a pending debarment pursuant to section 306 of the United States Food, Drug and Cosmetic Act, 21 U.S.C.
§ 335a; (ii) are not ineligible to participate in any federal and/or state 

  
 20 

	 	
healthcare programs or federal procurement or non-procurement programs (as that term is defined in 42 U.S.C.
§ 1320a-7b(f)); (iii) are not disqualified by any government or regulatory authorities from performing specific services, and are not subject to a pending disqualification proceeding; and
(iv) have not been convicted of a criminal offense related to the provision of healthcare items or services and are not subject to any such pending action. BioVectra will notify Keryx immediately if BioVectra and its officers and directors and
any person or entity engaged by BioVectra in connection with the Manufacture of Product or performance of any other obligations under this Agreement is subject to the foregoing, or if any action, suit, claim, investigation, or proceeding relating to
the foregoing is pending, or to the best of BioVectra’s knowledge, is threatened 

  

	 	b.	 Keryx warrants and represents that: 

 

	 	i.	 Keryx is duly organized validly existing and in good standing under the laws of the State of Delaware, USA;

  

	 	ii.	 Keryx has full right, power and authority to enter into this Agreement, and that the execution and performance
of this Agreement shall not constitute a violation of any material covenant or restriction, or breach of any obligation under any other agreement, contract, commitment, rule, or regulation to which Keryx is a party or by which Keryx is bound;

  

	 	iii.	 To the knowledge of Keryx, the provision of and use of any Keryx Technology will not violate any patent, trade
secret or other proprietary or intellectual property rights of any third party and Keryx will promptly notify BioVectra in writing should Keryx become aware of any claims asserting such violation; and 

 

	 	iv.	 Keryx has or will maintain all the necessary qualified personnel, equipment, materials, quality systems recall
procedures, facilities and support to maintain performance hereunder. 

  

	 	c.	 Indemnifications. BioVectra will defend, indemnify, and hold Keryx and its directors, officers,
employees, agents and Affiliates (all the foregoing “Keryx Indemnitees”), harmless from any and all losses, liabilities, judgments, fines, penalties, damages and reasonable
out-of-pocket expenses, including [**] (all the foregoing “Losses”), arising from or related to any and all third-party related claims, actions, suits or
proceedings (all the foregoing “Third-Party Claims”) arising as a result of [**]. 

  

	 	d.	 Keryx will defend, indemnify, and hold BioVectra and its directors, officers, employees, agents and Affiliates
(all the foregoing “BioVectra Indemnitees”), harmless from any and all Losses arising from or related to any and all Third-Party Claims arising as a result of [**]. 

  
 21 

	 	e.	 In the event a Party seeks indemnification under this Section 9 (each an “Indemnitee”), it
shall: (i) inform the other Party (the “Indemnifying Party”) of a Third-Party Claim as soon as reasonably practicable (and in any event within [**]) after it receives notice of the Third-Party Claim; (ii) shall permit the
Indemnifying Party to assume direction and control of the defense of the Third-Party Claim (including the right to settle the claim solely for monetary consideration with no admission of fault and using legal counsel of its choice) at the
Indemnifying Party’s expense; and (iii) shall cooperate as reasonably requested (at the expense of the Indemnifying Party) in the defense of the claim; provided, however, no Indemnitee, as applicable, shall be required to admit fault or
responsibility in connection with any settlement. An Indemnitee’s failure to perform any obligations under this Section 9 shall not relieve the Indemnifying Party of its obligations under this Section 9 except to the extent that the
Indemnifying Party can demonstrate that it has been materially prejudiced as a result of such failure. An Indemnitee shall have the right participate in and observe the proceedings through its own separate legal counsel at its own expense.

  

	 	f.	 Disclaimer. Except as otherwise set forth in this Agreement, neither Party makes any warranties, express
or implied, with respect to the Product. No representation or statement not expressly contained in this Agreement shall be binding upon a Party as a warranty or otherwise. The stated warranties are exclusive and in lieu of all other warranties
provided by law. 

  

	 	10.	 Insurance. 

 

	 	a.	 BioVectra and Keryx will maintain comprehensive general liability insurance (which may be in the form of
primary insurance and umbrella coverage) with an aggregate limit of [**] and product liability insurance against claims regarding the Product under this Agreement at an aggregate limit of [**]. Each Party shall maintain such insurance during the
Term of this Agreement and, thereafter, for so long as it customarily maintains insurance for itself for similar products and activities, but in no event less than [**]. Each Party shall cause the other Party to be named as an additional insured
under such insurance and shall provide the other Party proof of such insurance upon request. If requested each Party will give the other a certificate of insurance evidencing the above and showing the name of the issuing company, the policy number,
the effective date, the expiration date, and the limits of liability. The insurance certificate will further provide for a minimum of [**] written notice to the insured of a cancellation of the insurance. 

 

	 	11.	 Confidential Information 

 

	 	a.	 Confidential Information. Each of the Parties shall protect all information supplied or revealed to it
by the other Party pursuant to this Agreement (“Confidential Information”), and shall not directly or indirectly disclose to any third party the other Party’s Confidential Information without the prior written consent of the other
Party. Neither Party will use the other Party’s Confidential Information for any purpose except as may be necessary for such Party to perform its obligations pursuant to this Agreement or to exercise its rights under this Agreement.

  
 22 

	 	
Confidential Information shall include any and all non-public scientific, technical, financial, regulatory, business information, or data or trade secrets
in whatever form (written, oral or visual) that may be furnished or made available by the disclosing Party to the other Party, whether marked in writing or communicated in visual or oral form. Confidential Information of Keryx includes
(i) the Manufacturing Procedure, Keryx Supplied Materials, Keryx Technology, the Manufacturing Requirements, and Improvements; (ii) development and marketing plans, regulatory and business strategies, financial information, and
Forecasts of Keryx; (iii) information regarding the Facility design and construction; and (iv) all information of third parties that Keryx has an obligation to keep confidential. Confidential Information of BioVectra includes
(i) BioVectra Technology; (ii) capabilities, regulatory and business strategies, financial information; and (iii) all information of third parties that BioVectra has an obligation to keep confidential. 

 

	 	b.	 Treatment of Confidential Information. Each Party shall take such steps as are reasonably required
(including, without limitation, such steps as such Party takes to protect its own proprietary information) to protect the other Party’s Confidential Information from unauthorized disclosure or use. Product, Records and other reports and
information provided by, or on behalf of, BioVectra to Keryx shall be deemed Confidential Information of Keryx, as to which Keryx shall be deemed the disclosing Party for purposes of this Agreement. The Parties acknowledge and agree that BioVectra
and its employees shall have access to Confidential Information of Keryx (which may include information from its Affiliates, its licensors and third party business partners). Except as otherwise stated in this Section 11, for purposes of this
Agreement, the terms of this Agreement shall be deemed to be Confidential Information of both Parties. Confidential Information also includes third-party confidential information supplied by receiving Party to disclosing Party hereunder.

  

	 	c.	 Permitted Disclosures. Nothing in this Section 11 shall be construed to impose a confidentiality
obligation on a Party in connection with any Confidential Information to the extent such information can be shown by clear and convincing evidence: (i) is at the time of disclosure already known to the receiving Party (as clearly established by
such Party’s prior written records); (ii) is at the time of disclosure or subsequently becomes part of the public domain through no fault, act or omission of the receiving Party; (iii) is subsequently disclosed to the receiving Party by a
third party whose receipt and disclosure of such Confidential Information does not, constitute a violation of any confidentiality obligation; or (iv) is independently developed by the receiving Party by employees having no access to or
knowledge of Confidential Information received. Further, a receiving Party shall be entitled to disclose the disclosing Party’s Confidential Information that is required by a court or government agency to be disclosed; provided that the
receiving Party shall promptly provide the disclosing Party notice in writing of any proposed disclosure under this subsection and an opportunity to object to the disclosure or seek confidential treatment thereof. If so requested, the receiving
Party shall provide reasonable assistance in opposing such disclosure or seeking a 

  
 23 

	 	
protective order or other limitations on disclosure. If, after providing such notice and assistance as required herein, the receiving Party remains legally required to disclose any Confidential
Information, the receiving Party shall disclose no more than that portion of the Confidential Information which, on the advice of the receiving Party’s legal counsel, is require to be disclosed and, upon the disclosing Party’s request,
shall [**] to obtain assurances from the applicable court or agency that such Confidential Information will be afforded confidential treatment. A receiving Party may disclose a Party’s Confidential Information to its Affiliates, and to its and
their directors, employees, consultants, contractors and agents; provided, however, that (i) any such Affiliates, directors, employees, consultants, contractors and agents are bound by written obligations of confidentiality with respect
to the disclosing Party’s Confidential Information that are at least as restrictive as those set forth in this Agreement; (ii) the receiving Party remains liable for the compliance of such Affiliates, employees, consultants, contractors
and agents with such obligations; and (iii) in the case of BioVectra as the receiving Party, such disclosure is only to the extent necessary for BioVectra to carry out its obligations under this Agreement. Furthermore, during the Term, Keryx
may disclose Confidential Information of BioVectra relating to the development and/or Manufacture of Product to entities with whom Keryx has (or may have) a marketing and/or development collaboration or to bona fide actual or prospective
underwriters, investors, lenders or other financing sources, or to potential acquirers of the business to which this Agreement relates, and who in each case have a specific need to know such Confidential Information and who are bound by a like
obligation of confidentiality and restrictions on use. 

  

	 	d.	 Public Announcements. Neither Party shall issue any public announcement, press release, or other public
disclosure of this Agreement, regarding this Agreement, or its subject matter, without the other Party’s prior written consent, except for any such disclosure that is, in the opinion of the discloser’s counsel, required by Applicable Law
or the rules or common practices of a stock exchange on which the securities of the discloser are listed. 

  

	 	e.	 No Rights/Remedies. All Keryx Confidential Information which BioVectra or its personnel shall obtain or
be given access pursuant to or in connection with this Agreement shall be and remain the sole property of Keryx, and BioVectra shall have no rights or interests (except as expressly provided herein) to or in such Confidential Information. The
Parties recognize and agree that an action for damages may be inadequate to enforce the restrictions and rights set forth in this Section 11. BioVectra’s breach or imminent breach of this Section 11 may cause immediate and
irreparable harm and unascertainable damages to Keryx. The Parties agree that in the event of any breach or imminent breach of this Section 11, Keryx shall be entitled, in addition to any other right or remedy it may have at law or in equity,
to seek and obtain injunctive relief, without the need to post bond or other security or show monetary damages. 

  
 24 

	 	12.	 Intellectual Property 

 

	 	a.	 Keryx Technology. All rights to and interests in Keryx Technology (including all intellectual property
rights therein) will remain solely with Keryx and no right or interest therein is transferred or granted to BioVectra under this Agreement. BioVectra acknowledges and agrees that it does not acquire a license or any other right to Keryx Technology
except for the limited purpose of carrying out its duties and obligations under this Agreement, and that such limited, non-exclusive, license will expire upon the completion of such duties and obligations or
the termination or expiration of this Agreement, whichever is the first to occur. 

  

	 	b.	 BioVectra Technology. All rights to and interests in BioVectra Technology will remain solely in
BioVectra and, except as otherwise set forth in this Agreement, no right or interest therein is transferred or granted to Keryx under this Agreement. During the Term of this Agreement, BioVectra hereby grants to Keryx a non-exclusive, perpetual, irrevocable, royalty-free, fully-paid-up, worldwide, transferable and sublicensable right and license to Keryx and its Affiliates to use and modify
BioVectra Technology to research, develop, Manufacture, have Manufactured, distribute, offer for sale, sell, market, and otherwise dispose of Product. 

  

	 	c.	 Improvements. BioVectra agrees (i) to promptly disclose to Keryx all Improvements related to Keryx
Technology; (ii) that all Improvements related to Keryx Technology (and all intellectual property rights related thereto) will be the sole and exclusive property of Keryx; and (iii) that BioVectra will assign and does assign all
Improvements related to Keryx Technology (and all intellectual property rights related thereto) to Keryx (or its designee) without additional compensation to BioVectra. BioVectra will take such steps as Keryx may reasonably request (at Keryx’s
expense) to vest in Keryx (or its designee) ownership of the Improvements related to Keryx Technology, and all intellectual property rights related thereto. In furtherance of the foregoing, BioVectra shall, upon request by Keryx, promptly undertake
and perform (and/or cause its Affiliates and its and their respective employees and/or contractors to promptly undertake and perform, as applicable) such further actions as are reasonably necessary for Keryx to perfect its right, title and interest
in and to any such Improvements, and all intellectual property rights associated therewith, including by causing the execution of any assignments or other legal documentation, and/or providing Keryx or its patent counsel with reasonable access to
any employees or contractors who may be inventors of such Improvements, and any intellectual property rights associated therewith. 

  

	 	d.	 Non-Exclusive License. During the Term of this Agreement,
BioVectra agrees to grant to Keryx a non-exclusive, perpetual, irrevocable, fully paid-up, worldwide license, to use Improvements made solely by BioVectra personnel and
that relate solely to BioVectra Technology or the Confidential Information of BioVectra to research, develop, Manufacture, have Manufactured, distribute, offer for sale, sell, market, and otherwise dispose of Product. 

  
 25 

	 	e.	 Patent Filings. Keryx will have the exclusive right and option, but not the obligation, to prepare,
file, prosecute, maintain and defend, at its sole expense, any patents that claim or cover the Improvements, and any intellectual property rights associated therewith. 

 

	 	f.	 Technology Transfer. If, during the Term, Keryx elects to Manufacture Product itself, or to have Product
Manufactured by a third party (including but limited to in the event of termination of this Agreement), then BioVectra will provide to Keryx or its designee, all manufacturing information, including documentation, technical assistance, materials and
cooperation, as Keryx or its designee may reasonably require in order to Manufacture Product. Except for termination by Keryx under Sections 13.d or 14.g, Keryx will [**]. 

 

	 	g.	 Trademarks and Trade Names. Keryx and BioVectra hereby acknowledge that neither Party has, nor shall
either Party acquire by reason of this Agreement, any interest or rights of use in any of the other Party’s, or such Party’s Affiliates’, trademarks, trade names, designs or logos unless otherwise expressly agreed in writing by the
Parties. Notwithstanding the foregoing, Keryx shall have the right to use BioVectra’s trademarks, trade names, designs or logos, as may be required by Applicable Law (or as may otherwise be reasonably necessary) in connection with obtaining and
maintaining Health Registrations for the Products or in connection with marketing and sale of Product (e.g., listing BioVectra as the manufacturer of product on the packaging, if applicable). 

 

	 	13.	 Term and Termination 

 

	 	a.	 The Agreement will commence on the Amendment Effective Date and end on December 31, 2026, unless
terminated earlier as provided herein (“Initial Term”). This Agreement will automatically renew after the Initial Term for successive terms of one (1) year unless either Party gives written notice to the other Party of its intention
to terminate this agreement at least twenty-four (24) months prior to the end of the then current term (collectively, the Initial Term and any extensions thereof, the “Term”). 

 

	 	b.	 Keryx may terminate the Agreement for the reasons set out below in this Section 13.b:

  

	 	i.	 Due to loss of, or inability of Keryx to obtain, Health Registrations to market the Product in the United
States by giving BioVectra sixty (60) days’ prior written notice (or such shorter period if required pursuant to the related Authority action). For the avoidance of doubt, failure to obtain FDA Approval does not constitute an event giving
rise to a termination right under this Section 13.b.i; 

  
 26 

	 	ii.	 At any time by giving BioVectra sixty (60) days’ prior written notice (or such shorter period if
required pursuant to the following Authority action) in the event of a permanent withdrawal from the market of the final drug product incorporating the Product in the United States or any Authority takes any action or raises any objection, that
prevents Keryx from developing, importing, exporting, purchasing, selling or otherwise commercializing final drug product incorporating the Product in the United States. For the avoidance of doubt, failure to obtain FDA Approval does not constitute
an event giving rise to a termination right under this Section 13.b.ii; or 

  

	 	iii.	 Within [**] of its awareness, Keryx will notify BioVectra if a party has filed an abbreviated new drug
application (“ANDA”) with a Paragraph IV certification, certifying against current or future Orange Book-listed patents related to Keryx’s final drug product incorporating the Product. Keryx will provide BioVectra immediate notice,
after Keryx’s awareness, if the FDA has approved a drug product, [**] pursuant to an ANDA for a version of Auryxia, in any dosage form, that is identified in FDA’s Approved Drug Products with Therapeutic Equivalence
Evaluations as therapeutically equivalent (i.e., that is identified with an “A” therapeutic equivalence rating) (“Generic Entry”). If Generic Entry occurs on or before [**] and the market share of Auryxia [**] erodes
[**] Keryx may terminate the Agreement [**] eroded [**].  

  

	 	c.	 BioVectra may terminate this Agreement on [**] prior written notice from the date on which BioVectra provides
notice of acceptance of a Purchase Order for [**] in which Keryx requests [**] in accordance with Section 4.d. 

  

	 	d.	 Either Party may terminate this Agreement for breach by the other Party of any of its material obligations
under this Agreement: (A) upon [**] prior written notice to the other, if such default occurs prior to Substantial Completion and during such [**] notice period the default is not corrected to the reasonable satisfaction of the non-defaulting Party; or (B) upon [**] prior written notice to the other, if such default occurs on or after Substantial Completion and during such [**] notice period the default is not corrected to the
reasonable satisfaction of the non-defaulting Party; 

  

	 	e.	 Upon expiration or termination of this Agreement, the following shall apply: 

 

	 	i.	 Except for termination by Keryx under Sections 13.b.i., 13.b.ii., 13.d or 14.g, Keryx will, as promptly as
practicable, pay to BioVectra the unpaid portion, if any, of the Facility Reimbursement Payment. For termination by Keryx under Sections 13.b.i., 13.b.ii., 13.d or 14.g, Keryx will, as promptly as practicable, pay to BioVectra the Facility
Reimbursement Payment invoiced (but not yet paid for by Keryx) up to the effective termination date. 

  
 27 

	 	ii.	 Except for termination by Keryx under Sections 13.d or 14.g, Keryx will pay amounts for Product Manufactured
pursuant to existing purchase orders, amounts for work in progress, materials and supplies inventory (to the extent the costs can’t be recovered through returns/resale), reasonable wind-down expenses [**], and
non-cancellable obligations to third parties that were previously authorized by Keryx in writing. If the foregoing wind-down expenses and non-cancellable obligations are
covered by Keryx’s payment of the Facility Reimbursement Payment under Section 13.e.i., no additional payments therefor will be due by Keryx. BioVectra will [**] mitigate the foregoing expenses. BioVectra shall invoice Keryx for all such
expenses incurred under this Section, along with supporting documentation for such expenses, within [**] of the termination date. Prior to any amounts being due and payable to BioVectra under this Section, BioVectra shall provide to Keryx a detailed
summary of such, payable as to undisputed amount by Keryx to BioVectra within [**] of Keryx’s receipt of such detailed summary. Keryx shall pay such amounts within [**] of receipt of a proper invoice and conforming documentation.

  

	 	iii.	 Except termination by Keryx pursuant to Section 13.b.iii. and for termination by BioVectra under
Section 13.d., Keryx shall have the option (in its discretion) to either: (A) cancel all outstanding purchase orders; or (B) require BioVectra to continue to supply Product in accordance with purchase orders submitted prior to the
termination or expiration of this Agreement (which supply shall be in accordance with the terms and conditions of this Agreement). 

  

	 	iv.	 Except for termination by Keryx pursuant to Section 13.b.ii and 13.b.iii and for termination by BioVectra
under Section 13.d., at the election of Keryx, BioVectra shall continue to supply Product to Keryx on the terms and conditions set forth herein until the earlier of: (i) such time as Keryx notifies BioVectra that Keryx has achieved
alternative Manufacturing arrangements which are presently capable of Manufacturing the applicable Products, or (ii) [**]. 

  

	 	v.	 Except for termination by Keryx pursuant to Section 13.b.ii and 13.b.iii and for termination by BioVectra
under Section 13.d and upon written request from Keryx to BioVectra, pursuant to Section 12.f. above BioVectra shall transfer to Keryx and/or its designee any and all Keryx Technology and Improvements in BioVectra’s possession and
shall provide to Keryx and/or its designee BioVectra Technology so as to permit Keryx and/or its designee(s) to produce/Manufacture Products with such technical assistance being provided in accordance with a plan provided to BioVectra by Keryx at
BioVectra’s FTE hourly rate [**]. To the extent transferable, BioVectra shall also transfer any license(s) obtained specifically for the production/Manufacture of Products under this Agreement.    BioVectra hereby grants to
Keryx a non-exclusive, royalty-free, paid-up, perpetual, non-terminable, worldwide license, with the right to grant sublicenses,
and otherwise transfer such license to practice (including the right to make 

  
 28 

	 	
derivative works and copies of) any and all BioVectra Technology to make, have made, use, offer for sale, sell, and import Products, which license shall survive termination of this Agreement.

  

	 	vi.	 BioVectra shall thereafter not use in any manner whatsoever any trademarks, service marks, names, logos,
designs or trade dress of Keryx or any of its Affiliates, or any other Keryx Technology or any Confidential Information of Keryx. 

  

	 	vii.	 Except in order to fulfill its obligations to Manufacture and supply Products to Keryx following expiration or
termination of this Agreement as expressly set forth in this Section, BioVectra shall immediately cease the Manufacture of any Product(s) as of the date of the notice of termination. 

 

	 	viii.	 Upon the written request of Keryx, BioVectra shall return to Keryx (or its designee), or destroy, all remaining
Keryx Supplied Materials, as requested by Keryx. BioVectra shall perform any such destruction (if destruction was requested by Keryx) in compliance with all Applicable Law. 

 

	 	f.	 Return of Keryx Supplied Materials and other Information. Upon termination or expiration of this
Agreement, or at any time during the Term, in each case upon Keryx’s written request, BioVectra shall promptly deliver to Keryx, at Keryx’s expense: (a) all unused Keryx Supplied Materials in BioVectra’s (or any of its
Affiliate’s) possession or control; (b) all documentation and all copies thereof in whatever form or medium in BioVectra’s (or any of its Affiliate’s) possession or control relating to the Product, Quality Modules,
Specifications, or Keryx Technology or Improvements other than any documentation which BioVectra must retain for such period of time as required by Applicable Law (as to which copies shall be provided to Keryx); and (c) all other Confidential
Information of Keryx and any and all other Records, documents and materials (and all copies thereof) in BioVectra’s (or any of its Affiliate’s) possession or control relating to Product and/or containing any Confidential Information of
Keryx other than any Confidential Information which BioVectra must retain for such period of time as required by Applicable Law (as to which copies shall be provided to Keryx); provided, however, that the provisions of this Agreement relating
to such Confidential Information shall apply to such Confidential Information for so long as it is so retained notwithstanding the expiration or termination of this Agreement. 

 

	 	g.	 Inventories. Upon expiration or termination of this Agreement, Keryx at its discretion (i) may
obtain from BioVectra any existing inventories of Product ordered under this Agreement at the price for such Product set forth in the Agreement; and (ii) may either (A) purchase any such Product in process held by BioVectra as of the date
of the termination, at a price to be mutually agreed (it being understood that such price will reflect, on a pro rata basis, work performed and non-cancelable out-of-pocket expenses actually incurred by BioVectra with respect to the Manufacture of such in-process Product); or (B) direct BioVectra to dispose of such
material at Keryx’s cost. 

  
 29 

	 	14.	 General Provisions  

 

	 	a.	 Governing Law; Exclusive Jurisdiction/Venue. The rights and obligations of the Parties under this
Agreement, and any disputes arising out of or relating to this Agreement, shall be governed by and interpreted in accordance with the laws of the State of Delaware, United Sates of America, without regard to application of any conflicts of laws
provisions that would otherwise apply the substantive law of any other jurisdiction. The Parties expressly reject any application to this Agreement of (a) the United Nations Convention on Contracts for the International Sale of Goods; and
(b) the 1974 Convention on the Limitation Period in the International Sale of Goods, as amended by that certain Protocol, done at Vienna on April 11, 1980. Any legal action or proceeding concerning the validity, interpretation and
enforcement of this Agreement, matters arising out of or related to this Agreement or its making, performance or breach, or related matters will be brought exclusively in the state and federal courts located in the State of Delaware, USA. The
Parties consent to the exclusive jurisdiction of those courts and waive any objection to the propriety or convenience of such venues. 

  

	 	b.	 Relationship of Parties. The relationship of BioVectra to Keryx under this Agreement is intended to be
that of independent contractors. Nothing contained in this Agreement is intended or is to be construed so as to constitute BioVectra and Keryx as employer/employee or principal/agent, or the employees or the agents of any Party hereto as employees
or agents of the other Party hereto. Neither Party hereto has any express or implied right or authority under this Agreement to assume or create any obligations on behalf of or in the name of the other Party or to bind the other Party to any
contract, agreement, or undertaking with any third party, other than the successors and permitted assigns of the respective Parties hereto. 

  

	 	c.	 Assignment. This Agreement may not be assigned or otherwise transferred by either Party without the
prior written consent of the other Party; provided, however, that either Party may, without such consent, but with notice to the other Party, assign this Agreement, in whole or in part, [**]. Any purported assignment in violation of the
preceding sentence will be void. Any permitted assignee will assume the rights and obligations of its assignor under this Agreement. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective permitted
successors and assigns. No transfer or assignment will relieve the transferor or assignor of any liability or obligations hereunder. BioVectra may not subcontract with any third party, including any Affiliate of BioVectra, to perform any of its
obligations under this Agreement or the Quality Agreement without the prior written consent of Keryx. BioVectra will be solely responsible for the performance of any permitted subcontractor, and for costs, expenses, damages, or losses of any nature
arising out of such performance as if such performance had been provided by BioVectra itself under this Agreement. BioVectra will cause any such permitted subcontractor to be bound by, and to comply with, the terms of this Agreement, as applicable,
including all confidentiality, quality assurance, regulatory and other obligations and requirements of BioVectra set forth in this Agreement. 

  
 30 

	 	d.	 Severability. In the event any provision of this Agreement shall be invalid, void, illegal, or
unenforceable, the remaining provisions hereof nevertheless will continue in full force and effect without being impaired or invalidated in any way. Each provision in this Agreement is independent and severable from the others, and no provision will
be rendered unenforceable because any other provision is found by a proper authority to be invalid or unenforceable in whole or in part. If any provision of this Agreement is found by such an authority to be invalid or unenforceable in whole or in
part, such provision will be changed and interpreted so as to best accomplish the objectives of such unenforceable or invalid provision and the intent of the Parties, within the limits of Applicable Law. 

 

	 	e.	 Survival. Expiration or termination of this Agreement for any reason will not relieve either Party of
any obligation accruing prior to such expiration or termination. Unless expressly specified to the contrary in this Agreement, no remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative and in addition to any
other remedy referred to in this Agreement or otherwise available under law or at equity. The rights and obligations of the Parties set forth herein which, either explicitly state they survive or by their nature should survive termination or
expiration of this Agreement, will survive any such termination or expiration, including without limitation those respecting confidentiality, intellectual property, indemnification, warranties, governing law and jurisdiction and notices.

  

	 	f.	 Notices. All notices under this Agreement shall be in writing and, other than purchase orders and
invoices, which may be sent by email, shall be deemed given if sent by certified or registered first class mail, postage prepaid, or commercial express courier (return receipt or confirmation of delivery requested), or by personal delivery to the
Party to receive such notices or other communications called for by this Agreement at the following addresses for a Party as shall be specified by such Party by like notice: 

If to BioVectra: 
 BioVectra
Inc. 
 11 Aviation Avenue 

Charlottetown, PE C1E 0A1 

Canada 
 Email: [**] 

Attention: Legal Department 

If to Keryx: 
 Keryx
Biopharmaceuticals, Inc. 
 c/o Akebia Therapeutics, Inc. 

Attention: [**] 

  
 31 

 Address: 245 First Street 

Cambridge, MA 02142 USA 
 Email:
[**] 
 With a cc. at the above address to attention [**] 
  

	 	g.	 Force majeure. If either Party shall be delayed, interrupted in, or prevented from the performance of
any obligation hereunder by reason of any cause beyond its reasonable control, including an act of God, fire, flood, earthquake, war (declared or undeclared), public disaster, act of terrorism, strike or labor differences, such Party shall not be
liable to the other therefor; and the time for performance of such obligation shall be extended for a period equal to the duration of the force majeure which occasioned the delay, interruption or prevention. BioVectra’s financial inability to
perform, changes in cost or availability of materials, components, or services, market conditions or supplier actions, or contract disputes will not excuse performance by BioVectra under this Section 14.g. The Party invoking such force majeure
rights of this Section 14.g must notify the other Party by courier or overnight dispatch (e.g., Federal Express) within a period of [**] of both the first and last day of the force majeure unless the force majeure renders such
notification impossible in which case notification will be made as soon as possible. A Party invoking force majeure will use [**] to end the failure or delay and ensure the effects of the force majeure are minimized. The Party invoking force majeure
shall resume the performance of its obligations as soon as practicable after the removal of the cause. If the delay resulting from the force majeure exceeds [**] and the Party invoking force majeure has not used diligent efforts to avoid, remove or
remedy the force majeure cause during such time, the Party not invoking the force majeure shall [**] The rights granted to BioVectra with respect to excused delays under this Section 14.g are intended to limit BioVectra’s rights under
theories of force majeure, commercial impracticability, impracticability, or impossibility of performance, or failure of presupposed conditions or otherwise, including any rights arising under
Section 2-615 or 2-616 of the State of Delaware UCC. 

  

	 	h.	 Limited Liability. Except in the case of a Party’s indemnification obligations hereunder, [**] of
the confidentiality or intellectual property provisions of this Agreement, or [**] (all the foregoing, the “Exceptions”), in no event shall either Party be liable to the other Party for lost profits, loss of goodwill, or any special,
indirect, consequential or incidental damages, however caused and on any theory of liability, arising in any way out of the Agreement. This limitation shall apply even if a Party has been advised of the possibility of such damages, and
notwithstanding any failure of essential purpose of any limited remedy. Except for cases of Exceptions, a Party’s total liability under this Agreement shall not exceed the greater of [**]. The limitations set forth herein shall not apply to
claims for (i) death or personal injury caused by a Party’s negligence; or (ii) a Party’s fraud or fraudulent misrepresentation. 

  
 32 

	 	i.	 Third Party Beneficiaries. Other than Indemnitees with regard to indemnification under Section 9,
nothing in this Agreement, express or implied, is intended to confer upon any third party any rights, remedies, obligations or liabilities. 

  

	 	j.	 Further Actions. BioVectra agrees to execute, acknowledge and deliver such further instruments, and to
do all such other acts, requested by Keryx as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

  

	 	k.	 Entire Agreement, Modification, Waivers. This Agreement, which includes the Appendices and Exhibits
attached hereto (including the Quality Agreement) that are incorporated herein by reference, and any purchase orders issued by Keryx and accepted by BioVectra constitute the full and entire understanding and agreement of the Parties hereto with
regard to the subject matter hereof, and supersede all prior agreements and understandings, written or oral, between the Parties with respect to the such subject matter. For the avoidance of doubt, nothing herein shall be deemed to modify or revise
the Manufacture and Supply Agreement, which remains in full force and effect in accordance with its terms. This Agreement may not be amended except by a written instrument signed by the Parties hereto. Any delay in enforcing a Party’s rights
under this Agreement, or any waiver as to a particular default or other matter, will not constitute a waiver of such Party’s rights to the future enforcement of its rights under this Agreement, except with respect to an express written waiver
relating to a particular matter for a particular period of time signed by an authorized representative of the waiving Party, as applicable. The section headings are included solely for convenience of reference and will not control or affect the
meaning or interpretation of any of the provisions of this Agreement. 

  

	 	l.	 Counterparts; Facsimile/PDF Signatures. This Agreement may be executed in counterparts, each of which
shall be an original and all of which shall constitute one and the same instrument. Executed signatures pages to this Agreement may be delivered by facsimile or a portable document format (PDF) copy sent by
e-mail and such facsimiles or PDFs shall be deemed as if actual signature pages had been delivered. 

  
 33 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly
authorized representatives as of the date first above written. 
  

					
	 BioVectra Inc.
  

/s/ Oliver Technow
	  		 	 Keryx Biopharmaceuticals, Inc.
  

/s/ John. P. Butler

	Name: Oliver Technow	  	                    	 	Name: John P. Butler
	Title: CEO	  		 	Title: Sole Director

  
 34 

 Appendix 1 – Product and Price Schedule 

Appendix 2 – Specifications 
 Appendix 3 –
Quality Agreement 

  
 35

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