Document:

Exhibit 10.4

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT
(the “Agreement”) is made and entered into as of [_________], between [_________], a [_________]
corporation (the “Company”), and [_________] (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS, highly competent
persons have become more reluctant to serve corporations as directors or in other capacities unless they are provided with adequate
protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out
of their service to and activities on behalf of the corporation;

 

WHEREAS, the Board of Directors
of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the
Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread
practice among United States-based corporations and other business enterprises, the Company believes that, given current market
conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At
the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly
subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been
brought only against the Company or business enterprise itself. The By-laws of the Company (the “By-laws”)
and the Restated Certificate of Incorporation of the Company (as amended from time to time, the “Certificate of Incorporation”)
require indemnification of the directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General
Corporation Law of the State of Delaware (“DGCL”). The By-laws and Certificate of Incorporation and the
DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board has
determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company's
stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in
the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such
persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue
concern that they will not be so indemnified;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the By-laws and Certificate of Incorporation of the Company and any resolutions adopted
pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee

 

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thereunder;

 

WHEREAS, Indemnitee does
not regard the protection available under the Company's By-laws and Certificate of Incorporation and insurance as adequate in the
present circumstances, and may not be willing to serve as a director without adequate protection, and the Company desires Indemnitee
to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf
of the Company on the condition that he be so indemnified; and

 

WHEREAS, Indemnitee may
have certain rights to indemnification and/or insurance provided by [_________] (“Fund”), which
Indemnitee and Fund intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein,
with the Company’s acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s willingness
to serve on the Board.

 

NOW, THEREFORE, in consideration
of Indemnitee’s agreement to continue to serve as a director, the parties hereto agree as follows:

 

1.           Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law,
as such may be amended from time to time, including by reason of his Corporate Status prior to the date of this Agreement. In furtherance
of the foregoing indemnification, and without limiting the generality thereof:

 

(a)          Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section l(a) if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened
to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of
the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined),
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection
with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
had no reasonable cause to believe the Indemnitee’s conduct was unlawful.

 

(b)          Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section
1(b) if, by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any
Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against
all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding
if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made in respect
of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless
and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification may be made.

 

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(c)          Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding,
he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf
in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a
successful result as to such claim, issue or matter.

 

2.           Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of
this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status,
he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the
Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.
The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company
shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions,
set forth in Sections 6 and 7 hereof) to be unlawful.

 

3.           Contribution.

 

(a)          Whether
or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending
or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action,
suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any
right of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement
provides for a full and final release of all claims asserted against Indemnitee.

 

(b)          Without
diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee
shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action,
suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably
incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors
or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand,

 

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and Indemnitee, on the other
hand, from the transaction or events from which such action, suit or proceeding arose; provided, however, that the proportion determined
on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative
fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with
Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection
with the transaction or events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable
considerations which applicable law may require to be considered. The relative fault of the Company and all officers, directors
or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things,
the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability
is primary or secondary and the degree to which their conduct is active or passive.

 

(c)          The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers,
directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)          To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of
the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

4.           Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee
is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith.

 

5.           Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on
behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days
after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to
time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the
Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee
to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such
Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free.

 

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6.           Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee
is entitled to indemnification under this Agreement:

 

(a)          To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request
for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing,
any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not
relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially
prejudices the interests of the Company.

 

(b)          Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination
with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods,
which shall be at the election of the Board: (1) by a majority vote of the disinterested directors, even though less than a quorum,
(2) by a committee of disinterested directors designated by a majority vote of the disinterested directors, even though less than
a quorum, (3) if there are no disinterested directors or if the disinterested directors so direct, by Independent Counsel (as hereinafter
defined) in a written opinion to the Board, a copy of which shall be delivered to, and may be relied upon or otherwise used by,
the Indemnitee, or (4) if so directed by the Board, by the stockholders of the Company. For purposes hereof, disinterested directors
are those members of the Board who are not parties to the action, suit or proceeding in respect of which indemnification is sought
by Indemnitee.

 

(c)          If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof,
the Independent Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by
the Board. Indemnitee may, within 10 days after such written notice of selection shall have been given, deliver to the Company
a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section
13 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper
and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated,
the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has
determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification
pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company
or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution
of any objection which shall have been made by the Indemnitee to the Company’s selection of Independent Counsel and/or for
the appointment as Independent Counsel of a person selected by

 

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the court or by such other
person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed
shall act as Independent Counsel under Section 6(b) hereof. The Company shall pay any and all reasonable fees and expenses
of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and
the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the
manner in which such Independent Counsel was selected or appointed.

 

(d)          In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company
(including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action
pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee
has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not
met the applicable standard of conduct.

 

(e)          Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise
in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports
made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable
care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee
has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence.

 

(f)      
   If the person, persons or entity empowered or selected under Section 6 to determine whether
Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the
Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been
made and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or
an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with
the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that
such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person,
persons or entity making such determination with respect to entitlement to indemnification in good faith requires such
additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further, that the
foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to
be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days after
receipt by the

 

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Company of the request for
such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders
for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination
is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose
of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such
determination is made thereat.

 

(g)          Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to
indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good
faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs
or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons
or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement
to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)          The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee
is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee
has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(i)          The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

7.           Remedies
of Indemnitee.

 

(a)          In
the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no
determination of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within 90 days after
receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement
within ten (10) days after receipt by the Company of a written request therefor or (v) payment of indemnification is not

 

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made within ten (10) days
after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been
made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of
the State of Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification.
Indemnitee shall commence such proceeding seeking an adjudication within 180 days following the date on which Indemnitee first
has the right to commence such proceeding pursuant to this Section 7(a). The Company shall not oppose Indemnitee’s
right to seek any such adjudication.

 

(b)          In
the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a
de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c)          If
a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement
not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d)          In
the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover
damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies
maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the
definition of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him in such judicial adjudication,
regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance
recovery.

 

(e)          The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company
is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested
by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent
not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee
for indemnification or advance of Expenses from the Company under this Agreement or under any directors' and officers' liability
insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of Expenses or insurance recovery, as the case may be.

 

(f)   
       Notwithstanding anything in this Agreement to the contrary, no determination as to
entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the
Proceeding.

 

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8.           Non-Exclusivity;
Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a)          The
rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may
at any time be entitled under applicable law, the Certificate of Incorporation, the By-laws, any agreement, a vote of stockholders,
a resolution of directors of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute
or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation,
By-laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits
so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other right or remedy.

 

(b)          To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies
in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent
or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof,
the Company has directors' and officers' liability insurance in effect, the Company shall give prompt notice of the commencement
of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result
of such proceeding in accordance with the terms of such policies.

 

(c)          The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance
provided by Fund and certain of its affiliates (collectively, the “Fund Indemnitors”). The Company hereby
agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the
Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee
are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable
for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted
and as required by the terms of this Agreement and the Certificate of Incorporation or Bylaws of the Company (or any other agreement
between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and, (iii)
that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors
for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement
or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has

 

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sought indemnification from
the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the
extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee
agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 8(c).

 

(d)          Except
as provided in paragraph (c) above, in the event of any payment under this Agreement, the Company shall be subrogated to the extent
of such payment to all of the rights of recovery of Indemnitee (other than against the Fund Indemnitors), who shall execute all
papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to
enable the Company to bring suit to enforce such rights.

 

(e)          Except
as provided in paragraph (c) above, the Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise.

 

(f)     
    Except as provided in paragraph (c) above, the Company's obligation to indemnify or advance
Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, employee or
agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced
by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9.           Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)          for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing
shall not affect the rights of Indemnitee or the Fund Indemnitors set forth in Section 8(c) above; or

 

(b)          for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory
law or common law; or

 

(c)          in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of
any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the
indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

    	10

    	 

    

 

10.         Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is
a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be
subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of his Corporate Status, whether
or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification
can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or
otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal
and legal representatives.

 

11.         Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security
to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

 

12.         Enforcement.

 

(a)          The
Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director of the Company, and the Company acknowledges that Indemnitee is relying upon
this Agreement in serving as a director of the Company.

 

(b)          This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

 

(c)          The
Company shall not seek from a court, or agree to, a "bar order" which would have the effect of prohibiting or limiting
the Indemnitee's rights to receive advancement of expenses under this Agreement.

 

13.         Definitions.
For purposes of this Agreement:

 

(a)          “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company
or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or
was serving at the express written request of the Company.

 

(b)          “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(c)          “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that Indemnitee is or

 

    	11

    	 

    

 

was serving at the express
written request of the Company as a director, officer, employee, agent or fiduciary.

 

(d)          “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery
in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and
any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments
under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede
as bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee
or the amount of judgments or fines against Indemnitee.

 

(e)          “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under
similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the
Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(f) 
        “Proceeding” includes any threatened, pending
or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative
hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or
otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a
party or otherwise, by reason of his or her Corporate Status, by reason of any action taken by him or of any inaction on
his part while acting in his or her Corporate Status; in each case whether or not he is acting or serving in any such
capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement;
including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section
7 of this Agreement to enforce his rights under this Agreement.

 

14.         Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to
the fullest extent permitted by applicable laws. In the event any

 

    	12

    	 

    

 

provision hereof conflicts
with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary
to resolve such conflict.

 

15.         Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16.         Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially
prejudices the Company.

 

17.         Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent
during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with
a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent:

 

(a)          To
Indemnitee at the address set forth below Indemnitee signature hereto.

 

(b)          To
the Company at:

 

[_________________]

 

__________________________________

 

__________________________________

 

__________________________________

 

or to such other address
as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

18.         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

    	13

    	 

    

 

19.         Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

20.         Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and
Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with
this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”),
and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to
submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection
with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and
(iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been
brought in an improper or inconvenient forum.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties
hereto have executed this Indemnification Agreement on and as of the day and year first above written.

 

	 	COMPANY
	 	 
	 	[_______________]
	 	 
	 	 
	 	 
	 	By:	 
	 	Name:  [_________]
	 	Title:  [_________]

 

	 	 
	 	 
	 	INDEMNITEE
	 	 
	 	 
	 	Name:  [_________]
	 	 
	 	Address:  [___________________
	 	____________________________
	 	____________________________]

 

    	15Exhibit 10.5

 

SHORT TERM OFFICE LEASE

 

THIS LEASE (the
"Lease"), is made as of this the 15th day of June, 2011 (the “Effective Date”), by and between HIGHWOODS
REALTY LIMITED PARTNERSHIP, a North Carolina limited partnership, hereinafter “Landlord” and NEPHROGENEX INCORPORATED,
a Delaware corporation [NEED TO BE REGISTERED TO DO BUSINESS IN NORTH CAORLINA PRIOR TO LEASE EXECUTION], hereinafter “Tenant”:

 

W I T N E S S E T H :

 

Upon the terms and conditions
hereinafter set forth, Landlord leases to Tenant and Tenant leases from Landlord property referred to as the Premises, all as follows:

 

1.           PREMISES;
COMMON AREAS. The property hereby leased to Tenant is that area shown on Exhibit A attached hereto, which consists of approximately
3,073 rentable square feet, known as Suite 290 (the “Premises”), located in the 4401 Research Commons Building (the
“Building”) at 79 T.W. Alexander Drive, Research Triangle Park, North Carolina 27709. During the Term, Tenant also
shall have non-exclusive access to the common areas of the Building. The common areas generally include space that is not included
in portions of the Building set aside for leasing to tenants or reserved for Landlord’s exclusive use, including entrances,
hallways, lobbies, elevators, restrooms, walkways and plazas (collectively referred to as the “Common Areas”). Landlord
has the exclusive right to: (a) designate the Common Areas, (b) change the designation of any Common Area and otherwise modify
the Common Areas, and (c) permit special use of the Common Areas, including temporary exclusive use for special occasions. Tenant
shall not interfere with the rights of others to use the Common Areas. All use of the Common Areas shall be subject to any reasonable
rules and regulations promulgated by Landlord.

 

2.           TERM.
This Lease Term (the "Term") shall commence on June 15, 2011 ("Commencement Date"), and shall expire (unless
sooner terminated or extended as herein provided) at 11:59 pm on December 31, 2011 ("Expiration Date"). Tenant shall
have the option (the “Extension Option”), provided there is no default under the Lease, to extend the term for an additional
six (6) months through June 30, 2012 provided Tenant provides Landlord with written notice of its election to exercise the Extension
Option on or before September 30, 2011. In the event Tenant timely exercises the Extension Option as provided herein, the period
commencing January 1, 2012 and ending June 30, 2012 shall be referred to as the “First Renewal Term”.

 

3.           RENT.

 

a.           Tenant
agrees to pay Rent to Landlord at such address as Landlord may designate, without notice, demand, offset or deduction, in advance
on or before the first day of each month of the Term. Tenant's obligation to pay Rent under this Lease is completely separate and
independent from any of Landlord's obligations under this Lease. Rental payments not received within five (5) days of the date
due shall be subject to a late charge of five percent (5%). Additionally, if Landlord presents Tenant's check to any bank and Tenant
has insufficient funds to pay for such check, then Landlord shall be entitled to the maximum lawful bad check fee or five percent
(5%) of the amount of such check, whichever amount is less.

 

b.           The
minimum base rent for the Term shall be the sum of $24,583.98 (the "Base Rent"), payable in monthly installments
of $4,097.33; provided, however, that Base Rent shall be fully abated for the period commencing June 15, 2011 and ending June 30,
2011. In the event Tenant timely exercises the Extension Option as provided in Section 2 above, the minimum base rent for the First
Renewal Term shall be the sum of $24,583.98, payable in monthly installments of $4,097.33.

 

c.           In
addition to Base Rent, Tenant shall pay as rent all sums and charges due and payable by Tenant under this Lease (“Additional
Rent”). Together, Base Rent and Additional Rent shall be referred to as “Rent”.

 

d.           Tenant
shall send Rent payments to the following address:

 

 HIGHWOODS
REALTY LIMITED PARTNERSHIP

 P.O. Box 409412

 Atlanta, Georgia 30384

 Tax ID #: 56-1869557

 

4.          USE.
The Premises may be used only for general office purposes in connection

 

    	 

    	 

    

 

with Tenant’s business and may be occupied by no
more than four (4) persons per one thousand (1,000) rentable square feet (the “Permitted
Use”), but for no other use without Landlord's prior written consent. Tenant shall never make any use of the Premises which
is in violation of any governmental laws, rules or regulations, whether now existing or hereafter enacted or which is in violation
of the general rules and regulations for tenants (a copy of the present rules are attached as Exhibit B) as may be developed
or modified from time to time by Landlord, provided such rules are uniformly applicable to all tenants in the Building (the "Rules
and Regulations"), nor may Tenant make any use of the Premises not permitted, or otherwise prohibited, by any restrictive
covenants which apply to the Premises. Tenant may not make any use that is or may be a nuisance or trespass, which increases any
insurance premiums, or makes such insurance unavailable to Landlord on the Building. In the event of an increase in any of Landlord's
insurance premiums which results from Tenant's use or occupancy of the Premises, Landlord may treat such use as a default hereunder
unless Tenant, promptly upon receipt of Landlord’s demand, either discontinues such use or pays the amount of the premium
increase. Tenant shall not install any equipment in the Premises that places unusual demands on the electrical, heating or air
conditioning systems (“High Demand Equipment”) without Landlord’s prior written consent. No such consent will
be given if Landlord determines, in its opinion, that such equipment may not be safely used in the Premises or that electrical
service is not adequate to support the equipment. Landlord’s consent may be conditioned, without limitation, upon separate
metering of the High Demand Equipment and Tenant’s payment of all engineering, equipment, installation, maintenance, removal
and restoration costs and utility charges associated with the High Demand Equipment and the separate meter. If High Demand Equipment
used in the Premises by Tenant affects the temperature otherwise maintained by the heating and air conditioning system, Landlord
shall have the right to install supplemental air conditioning units in the Premises with the reasonable costs of engineering, installation,
operation and maintenance of the units to be paid by Tenant. All costs and expenses relating to High Demand Equipment shall be
Additional Rent, payable by Tenant upon receipt of Landlord’s invoice.

 

5.           SERVICES
BY LANDLORD.

 

a.           Base
Services. Provided that Tenant is not then in default, Landlord shall cause to be furnished to the Building, or as applicable,
the Premises, in common with other tenants, the following services:

 

		i.	Water (if available from city mains) for drinking, lavatory and toilet purposes.

 

		ii.	Electricity for the building standard fluorescent lighting and for
the operation of general office machines, such as electric typewriters, desk top computers, word processing equipment, dictating
equipment, adding machines and calculators, and general service non-production type office copy machines; provided that Landlord
shall have no obligation to provide more than four (4) watts per usable square foot of electricity for convenience outlets
serving the Premises.

 

		iii.	Operatorless elevator service [if the Building is served by an elevator(s)].

 

		iv.	Building standard fluorescent lighting composed of 2' x 4' fixtures;
Tenant shall service, replace and maintain at its own expense any incandescent fixtures, table lamps, or lighting other than the
building standard fluorescent light, and any dimmers or lighting controls other than controls for the building standard fluorescent
lighting.

 

		v.	Heating and air conditioning for the reasonably comfortable use and
occupancy of the Premises, during business hours of 8:00 A.M. to 6:00 P.M. Monday through Friday (excluding National and
State holidays); provided that, heating and cooling conforming to any governmental regulation prescribing limitations thereon shall
be deemed to comply with this service. Notwithstanding the foregoing, Tenant shall be solely responsible for all costs associated
with the engineering, installation, operation, maintenance and repair of any supplemental HVAC unit in the Premises if required
pursuant to Section 4 above or any supplemental HVAC unit that is installed and/or operated in the Premises at Tenant’s request.

 

		vi.	After hours, weekend and holiday heating and air conditioning at
a charge of $40.00 per hour, per zone, with a minimum of two (2) hours per occurrence.

 

		vii.	Janitorial services five (5) days a week (excluding National and
State holidays) after normal working hours.

 

    	 

    	 

    
 

		viii.	A reasonable pro-rata share of the unreserved free parking spaces
of the Building, in common with the other tenants, for use by Tenant's employees and visitors, not to exceed a maximum
of four (4) spaces per 1,000 rentable square feet of the Premises.

 

		ix.	General property management for the Building.

 

b.           Landlord’s
Maintenance. Landlord shall pay for and make all repairs and replacements to the Building (including Building fixtures and
equipment), Common Areas and Building Standard Improvements in the Premises, except for repairs and replacements that Tenant must
make under Section 6. Landlord’s maintenance shall include the roof, foundation, exterior walls, interior structural walls,
all structural components, and all Building systems, such as mechanical, electrical, HVAC, and plumbing. Repairs or replacements
shall be made within a reasonable time (depending on the nature of the repair or replacement needed) after receiving notice from
Tenant or Landlord having actual knowledge of the need for a repair or replacement. Landlord shall maintain the Building, common
areas and Building Standard Improvements on the Premises, except for repairs and replacements the Tenant must make under Section
6, to the same standard as other Class A office buildings in the Richmond, Virginia metropolitan area. For purposes of this Lease,
the term “Building Standard Improvements” shall mean the standards for normal construction of general office space
for tenants within the Building as specified by Landlord, including design and construction standards, electrical load factors,
materials, fixtures and finishes.

 

c.           No
Abatement. There shall be no abatement or reduction of Rent by reason of any of the foregoing services not being continuously
provided to Tenant. Landlord shall have the right to shut down the building systems (including electricity and HVAC systems) for
scheduled maintenance and safety inspections, and in cases of emergency.

 

d.           Tenant’s
Obligation to Report Defects. Tenant shall report to Landlord immediately any defective condition in or about the Premises
that is reasonably apparent to Tenant. Landlord shall not be liable for repair of any such condition unless so reported by Tenant
to Landlord.

 

e.           Limitation
on Landlord’s Liability. Landlord shall not be liable to Tenant for any damage caused to Tenant and its property due
to the Building or any part or appurtenance thereof being improperly constructed or being or becoming out of repair, or arising
from the leaking of gas, water, sewer or steam pipes, or from problems with electrical service, except to the extent such damage
is attributable to Landlord’s gross negligence or willful misconduct, which exception is subject to the insurance provisions,
waivers and releases set forth herein. Without limiting the foregoing, Landlord shall not be responsible for providing telephone
or other communication services to the Premises. Landlord shall only be responsible to provide conduit and cabling from the Premises
to the nearest pedestal of such service providers. Except as otherwise provided herein, Landlord shall not be required to provide
Tenant access to any satellite dish.

 

6.           ACCEPTANCE
AND MAINTENANCE OF PREMISES. Tenant’s occupancy of the Premises is Tenant’s representation to Landlord that Tenant:
(a) has examined and inspected the Premises, (b) finds the Premises to be as represented by Landlord and satisfactory for Tenant's
intended use, and (c) accepts the Premises "as is". Landlord makes no representation or warranty as to the condition
of the Premises. Tenant may not make any alterations to the Premises without Landlord’s prior written permission (and then
only on the terms of such permission), shall maintain the Premises in good repair and conditions, and on expiration or termination
of this Lease, shall return the same to Landlord in as good condition as on the commencement of the Term, reasonable wear and tear
and damage by insured casualty only excepted. In connection with the foregoing, Tenant, at its expense, shall remove all
of its furniture, equipment, trade fixtures and other personal property as well as any improvements or alterations to the Premises
made by or on behalf of Tenant (other than Building Standard Improvements), including, without limitation, all wiring and cabling
installed by or on behalf of Tenant, shall repair any damage caused by the removal, ordinary wear and tear excepted. Any Tenant
property remaining in the Premises or Building at the end of the Term shall be deemed abandoned, and Landlord, at Tenant’s
expense, may dispose of the same in any manner it elects without any liability to Tenant therefor.

 

7.           DAMAGE
TO PREMISES. If the Premises are damaged or destroyed by fire or other casualty not resulting from the wrongful or negligent
act of Tenant, the damage is such that Tenant is unable to reasonably use the Premises for its Permitted Use, and Landlord, with
reasonable due diligence, cannot repair the Premises within sixty days of the date of damage, then either party may terminate this
Lease by written notice to the other delivered within fifteen days after the date of the damage. If the Lease is terminated, Tenant
shall vacate and deliver the Premises to Landlord in accordance with Section 6 above within thirty days following the date of the
termination notice. If not so terminated, Landlord shall proceed diligently to repair the damage, and Rent shall be abated for
the period of time and to the extent that Tenant cannot use the Premises; provided, however, Landlord’s obligation to repair
the Premise shall be limited to the amount of available insurance proceeds (which, for purposes of this provision, shall include
any deductible or self-insurance retention amount for which Landlord is responsible), and Landlord shall

 

    	 

    	 

    
 

have no obligation to
repair and restore Tenant’s trade fixtures, decorations, signs, personal property, or any
improvements to the Premises installed by or on behalf of Tenant at Tenant’s expense (and not paid for out of an improvement
allowance given by Landlord to Tenant) (collectively “Tenant’s Property”). Additionally, Landlord shall not be
liable to Tenant for any damage to Tenant’s property, including, but not limited to, that arising from or caused by casualty
loss, fire, theft, acts of other tenants, water or weather, and Tenant shall carry at its expense whatever insurance it elects
to protect Tenant’s property from all loss of any nature whatsoever.

 

8.           SECURITY
DEPOSIT. Simultaneous with its execution of this Lease, Tenant shall deposit with Landlord the sum of $4,097.33 as a
deposit to secure the performance by Tenant of all its obligations hereunder, which Tenant may not apply toward any month’s
rent (the “Deposit”). Landlord shall not be required to segregate the Deposit in a separate account, may on any Tenant
default apply all or so much thereof as is needed to remedy or cure said default, and, if prior to the end of the Term, may require
that Tenant immediately replenish the amount so used. If Tenant complies with all of its obligations hereunder and leaves the Premises
in the condition required at the expiration of the Term, then so much of the Deposit not used by Landlord as permitted by the terms
hereof shall be returned to Tenant within thirty (30) days after such expiration date.

 

9.           INSURANCE
REQUIREMENTS.

 

a.           Tenant’s
Liability Insurance. Throughout the Term, Tenant, at its sole cost and expense, shall keep or cause to be kept for the mutual
benefit of Landlord, Landlord's Property Manager, and Tenant, Commercial General Liability Insurance (1986 ISO Form or its equivalent)
with a combined single limit, each Occurrence and General Aggregate-per location, of at least $1,000,000.00, which policy shall
insure against liability of Tenant, arising out of and in connection with Tenant's use of the Premises, and which shall insure
the indemnity provisions contained in this Lease. Landlord shall be named as an Additional Insured on any and all liability insurance
policies required under this Lease.

 

b.           Tenant’s
Property Insurance. Tenant, at its own cost and expense, shall also carry the equivalent of ISO Special Form Property Insurance
on Tenant’s Property for full replacement value and with coinsurance waived. For purposes of this provision, “Tenant’s
Property” shall mean Tenant’s personal property and fixtures, and any improvements to the Premises that were paid for
by Tenant (and were not provided to the Premises pursuant to a tenant improvement allowance provided to Tenant by Landlord or at
Landlord’s cost).

 

c.           Certificates
of Insurance. Prior to taking possession of the Premises, and annually thereafter, Tenant shall deliver to Landlord certificates
or other evidence of insurance satisfactory to Landlord. If Tenant fails to provide Landlord with certificates or other evidence
of insurance coverage, Landlord may obtain the required coverage on Tenant’s behalf, in which event the cost of such coverage
shall be Additional Rent due and payable by Tenant within 10 days after receipt of Landlord’s written demand.

 

d.           Insurance
Policy Requirements. Tenant’s insurance policies required by this Lease shall: (i) be issued by insurance companies licensed
to do business in the state in which the Premises are located with a general policyholder's ratings of at least A- and a financial
rating of at least VI in the most current Best's Insurance Reports available on the Commencement Date, or if the Best's ratings
are changed or discontinued, the parties shall agree to a comparable method of rating insurance companies; (ii) endorsed to be
primary to all insurance available to Landlord, with Landlord’s being excess, secondary or noncontributory; (iii) contain
only standard and/or usual exclusions or restrictions; (iv) have a deductible or self-insured retention of no more than $50,000.00
unless approved in writing by Landlord; and (v) provide that the policies cannot be canceled, non-renewed, or coverage reduced
except after at least 30 days' prior notice to Landlord. All deductibles and/or retentions shall be paid by, assumed by, for the
account of, and at Tenant’s sole risk. Tenant may provide the insurance required by virtue of the terms of this Lease by
means of a policy or policies of blanket insurance so long as: (a) the amount of the total insurance allocated to the Premises
under the terms of the blanket policy or policies furnishes protection equivalent to that of separate policies in the amounts required
by the terms of this Lease; and (b) the blanket policy or policies comply in all other respects with the requirements of this Lease.

 

e.           Right
to Increase Requirements. Should this Lease be extended beyond the initial Term, Landlord shall have the right, upon prior
notice to Tenant, to require Tenant to increase the limit and coverage amount of any insurance Tenant is required to maintain under
this Lease to an amount that Landlord or its mortgagee, in the reasonable judgment of either, may deem sufficient, provided that
the increased limits are reasonable and consistent with those required by other owners of similar office buildings in the same
geographic region.

 

    	 

    	 

    

 

f.            Landlord’s
Property Insurance. Landlord shall keep the Building, including the improvements (but excluding Tenant’s Property), insured
against damage and destruction by perils insured by the equivalent of ISO Special Form Property Insurance for full replacement
value.

g.           Mutual
Waiver of Subrogation. Anything in this Lease to the contrary notwithstanding, Landlord hereby releases and waives unto Tenant
(including all partners, stockholders, officers, directors, employees and agents thereof), its successors and assigns, and Tenant
hereby releases and waives unto Landlord (including all partners, stockholders, officers, directors, employees and agents thereof),
its successors and assigns, all rights to claim damages for any injury, loss, cost or damage to persons or to the Premises or any
other casualty, as long as the amount of such injury, loss, cost or damage has been paid either to Landlord, Tenant, or any other
person, firm or corporation, under the terms of any Property, General Liability, or other policy of insurance, to the extent such
releases or waivers are permitted under applicable law. As respects all policies of insurance carried or maintained pursuant to
this Lease and to the extent permitted under such policies, Tenant and Landlord each waive the insurance carriers’ rights
of subrogation. For purposes of this provision, insurance proceeds paid to either party shall be deemed to include any deductible
or self-insurance retention amount for which that party is responsible. A party’s failure to obtain or maintain any insurance
coverage required to be carried pursuant to the terms of this Lease shall not negate the waivers and releases set forth herein
as long as the insurance that the party failed to obtain or maintain would have covered the loss or damage for which the party
is waiving its claims. Nothing in this provision shall be deemed a waiver or release by Landlord of its right to claim, demand
and collect insurance proceeds directly from Tenant’s insurer pursuant to Landlord’s status as an additional insured
under any insurance policy Tenant is required to carry pursuant to the terms of this Lease.

 

10.         INDEMNITY.
Subject to the insurance requirements, releases and mutual waivers of subrogation set forth in this Lease, Tenant agrees as
follows:

 

a.           Indemnity.
Except to the extent caused by Landlord’s negligence or willful misconduct, Tenant shall indemnify and hold Landlord
harmless from and against any and all claims, damages, losses, liabilities, lawsuits, costs and expenses (including attorneys'
fees at all tribunal levels) arising out of or related to (i) any activity, work, or other thing done, permitted or suffered by
Tenant in or about the Premises or the Building, (ii) any breach or default by Tenant in the performance of any of its obligations
under this Lease, or (iii) any act or neglect of Tenant, or any officer, agent, employee, contractor, servant, invitee or guest
of Tenant.

 

b.           Defense
Obligation. If any such action is brought against Landlord, then Tenant, upon notice from Landlord, shall defend the same through
counsel selected by Landlord’s insurer, or other counsel acceptable to Landlord. The provisions of this Section shall survive
the termination of this Lease.

 

11.         DEFAULT.
If Tenant (i) fails to pay rent as and when due hereunder, or (ii) breaches any other obligation herein contained, then in addition
to such other lawful rights or remedies that Landlord may have, Landlord may declare the rent for the balance of the Term due and
payable, seize and hold Tenant’s property located on the Premises, deny Tenant access to the Premises by changing locks or
otherwise, and with or without terminating this Lease, repossess the Premises and relet the same upon such terms and conditions
as Landlord deems reasonable, in which event Tenant shall be liable for all costs of reletting (including preparing the Premises
for a new tenant and leasing commissions incurred therewith). Tenant shall be liable for Landlord’s reasonable attorneys’
fees (at all tribunal levels) in enforcing Landlord’s rights or pursuing Landlord’s remedies as provided herein. Failure
by Landlord to enforce its rights and remedies shall not be deemed a waiver of Landlord’s rights to do so at some future
time, and acceptance by Landlord of Rent shall not constitute a waiver of any then existing default, known or unknown.

 

12.         NOTICES.
Notices to the other party shall be deemed sufficient if in writing and delivered (against a written receipt of delivery) personally,
or if sent by certified mail, postage prepaid, addressed as follows:

 

	 	LEGAL NOTICE	 
	 	ADDRESS FOR	 
	 	LANDLORD:	HIGHWOODS REALTY LIMITED PARTNERSHIP
	 	 	c/o Highwoods Properties, Inc.
	 	 	3100 Smoketree Court, Suite 600
	 	 	Raleigh, North Carolina 27604
	 	 	Attn: Manager, Lease Administration
	 	 	Facsimile #: 919/790-8749
	 	 	 
	 	TENANT:	NEPHROGENEX INCORPORATED
	 	 	4401 Research Commons Building, Suite 290
	 	 	79 T.W. Alexander Drive

 

    	 

    	 

    

 

	 	 	Research Triangle Park, North Carolina 27709
	 	 	Attn:  J. Wesley Fox

	 	 	Facsimile #: 609/275-5610

 

Notices shall be deemed
delivered as of three (3) business days after posting. Addresses for notices may be changed in the same manner as notices, but
shall not be effective until ten (10) business days after given. Counsel for either party may be given notice on such party’s
behalf.

 

13.         ENVIRONMENTAL
COMPLIANCE.

 

a.           Tenant's
Responsibility. Tenant shall not (either with or without negligence) cause or permit the escape, disposal or release of any
biologically active or other hazardous substances or materials on the Property. For purposes of this Article 13, the term “Property”
shall include the Premises, Building, all Common Areas, the real estate upon which the Building and Common Areas are located; all
personal property (including that owned by Tenant); and the soil, ground water, and surface water of the real estate upon which
the Building is located. Tenant shall not allow the storage or use of such substances or materials in any manner not sanctioned
by law or in compliance with the highest standards prevailing in the industry for the storage and use of such substances or materials,
nor allow to be brought onto the Property any such materials or substances except to use in the ordinary course of Tenant's business,
and then only after notice is given to Landlord of the identity of such substances or materials. No such notice shall be required,
however, for commercially reasonable amounts of ordinary office supplies and janitorial supplies.

 

b.           Liability
of the Parties. Landlord represents and warrants that, to the best of Landlord’s knowledge, there are no hazardous materials
on the Property as of the Commencement Date in violation of any laws. Landlord shall indemnify and hold Tenant harmless from any
liability resulting from Landlord’s violation of this representation and warranty, unless the hazardous materials are present
on the Property due to the act or omission of Tenant or its agents, employees, officers, licensees or contractors, in which event
Tenant shall be obligated to indemnify Landlord as hereafter provided. Tenant shall hold Landlord free, harmless, and indemnified
from any penalty, fine, claim, demand, liability, cost, or charge whatsoever which Landlord shall incur, or which Landlord would
otherwise incur, by reason of Tenant's failure to comply with this Article 13 including, but not limited to: (i) the cost of full
remediation of any contamination to bring the Property into the same condition as prior to the Commencement Date and into full
compliance with all Environmental Laws; (ii) the reasonable cost of all appropriate tests and examinations of the Premises to confirm
that the Premises and any other contaminated areas have been remediated and brought into compliance with law; and (iii) the reasonable
fees and expenses of Landlord's attorneys, engineers, and consultants incurred by Landlord in enforcing and confirming compliance
with this Article 13. Notwithstanding the foregoing, Tenant’s obligations under this Article 13 shall not apply to any condition
or matter constituting a violation of any law that was not caused, in whole or in part, by Tenant or Tenant's agents, employees,
officers, partners, contractors, servants or invitees. The covenants contained in this Article 13 shall survive the expiration
or termination of this Lease, and shall continue for so long as either party and its successors and assigns may be subject to any
expense, liability, charge, penalty, or obligation against which the other party has agreed to indemnify it under this Article
13.

 

c.           Inspections
by Landlord. Landlord and its engineers, technicians, and consultants (collectively the "Auditors"), from time to
time as Landlord deems appropriate, may conduct periodic tests and examinations ("Audits") of the Premises to confirm
and monitor Tenant's compliance with this Article 13. Such Audits shall be conducted in such a manner as to minimize the interference
with Tenant's Permitted Use; however, in all cases, the Audits shall be of such nature and scope as shall be reasonably required
by then existing technology to confirm Tenant's compliance with this Article 13. Tenant shall fully cooperate with Landlord and
its Auditors in the conduct of such Audits. The cost of such Audits shall be paid by Landlord unless an Audit shall disclose a
material failure of Tenant to comply with this Article 13, in which case, the reasonable cost of such Audit shall be paid for by
Tenant within 10 days after receipt of Landlord’s written demand.

 

14.         BROKER’S
COMMISSIONS.

 

a.           Broker.
Each party represents and warrants to the other that it has not dealt with any real estate broker, finder or other person with
respect to this Lease in any manner other than Fathom Realty (Stacy Zotter), who represented Tenant in this transaction.

 

b.           Indemnity.
Each party shall indemnify and hold the other party harmless from any and all damages resulting from claims that may be asserted
against the other party by any broker, finder or other person (including, without limitation, any substitute or replacement broker
claiming to have been engaged by indemnifying party in the future), claiming to have dealt with the indemnifying party in connection
with this Lease or any amendment or extension hereto, or which may result in Tenant leasing other or enlarged

 

    	 

    	 

    

 

 space from Landlord,
other than the broker referenced in Section 14(a) herein. The provisions of this Section shall survive the termination of this
Lease.

 

15.         HOLDING
OVER. If Tenant holds over after the Expiration Date or other termination of this Lease, such holding over shall not be a renewal
of this Lease but shall create a tenancy-at-sufferance. Tenant shall continue to be bound by all of the terms and conditions of
this Lease, except that, during such tenancy-at-sufferance, Tenant shall pay to Landlord: (i) Base Rent at the rate equal to one
hundred fifty percent (150%) of that provided for as of the expiration or termination date; and (ii) any and all Operating Expenses
and other forms of Additional Rent payable under this Lease. The increased Base Rent during such holding over is intended to compensate
Landlord partially for losses, damages and expenses, including frustrating and delaying Landlord's ability to secure a replacement
tenant.

 

16.         RIGHT
TO RELOCATE.

 

a.           Substitute
Premises. Prior to the Commencement Date or at any time during the Term or any extension of this Lease, Landlord, at its option,
may substitute for the Premises other space (hereafter called "Substitute Premises") owned by Landlord or one of its
affiliates in the same geographic vicinity. Insofar as reasonably possible, the Substitute Premises shall be of comparable quality
and shall have a comparable square foot area and a configuration substantially similar to the Premises. Landlord shall give Tenant
at least 60 days notice of its intention to relocate Tenant to the Substitute Premises. This notice will be accompanied by a floor
plan of the Substitute Premises. After such notice, Tenant shall have 10 days within which to agree with Landlord on the proposed
Substitute Premises and unless such agreement is reached within such period of time, Landlord may terminate this Lease at the end
of the 60-day period of time following the notice; provided, however, should Landlord fail to terminate the Lease within 10 days
following the expiration of the 60-day period, then: (i) Landlord shall be deemed to have forfeited its right to terminate the
Lease pursuant to this paragraph; (ii) Tenant shall have no obligation to relocate to the Substitute Premises; and (c) the Lease
will continue in full force and effect with respect to the Premises.

 

b.           Upfit
of Substitute Premises. Landlord agrees to construct or alter, at its expense, the Substitute Premises as expeditiously as
possible so that the Substitute Premises are in substantially the same condition that the Premises were in immediately prior to
the relocation. Landlord shall have the right to reuse the fixtures, improvements and alterations used in the Premises. Tenant
agrees to occupy the Substitute Premises as soon as Landlord's work is substantially completed.

 

c.           Relocation
Costs. If relocation occurs after the Commencement Date, then Landlord shall pay Tenant's reasonable third-party costs of moving
Tenant's furnishings, telephone and computer wiring, and other property to the Substitute Premises, and reasonable printing costs
associated with the change of address.

 

d.           Lease
Terms. Except as provided herein, Tenant agrees that all of the obligations of this Lease, including the payment of Rent (to
be determined on a per rentable square foot basis and applied to the Substitute Premises), will continue despite Tenant's relocation
to the Substitute Premises. Upon substantial completion of the Substitute Premises, this Lease will apply to the Substitute Premises
as if the Substitute Premises had been the space originally described in this Lease.

 

17.         PATRIOT
ACT COMPLIANCE. During the term, neither Tenant nor its respective constituents or affiliates shall (i) be an “enemy”
or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States of
America (50 U.S.C. App. §§ 1 et seq.), as amended, (ii) violate the Trading with the Enemy Act, as amended, (iii) violate
any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended)
or any enabling legislation or executive order relating thereto or (iv) violate the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Patriot Act”). Tenant shall, promptly following a request from Landlord,
provide all documentation and other information that the Lender requests in order to comply with its ongoing obligations under
applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act.

 

18.         ASSIGNMENT
AND SUBLEASE.

 

a.           Landlord
Consent. Except as provided in subsection (b) below, Tenant may not assign or encumber this Lease or its interest in the Premises
arising under this Lease, and may not sublet all or any part of the Premises without first obtaining the written consent of Landlord,
which consent shall not be withheld unreasonably. One consent shall not be the basis for any further consent. Landlord must be
given prior written notice of every assignment or subletting, and failure to do so shall be a default hereunder. No assignment
or sublease shall release Tenant of any of its obligations under this Lease.

 

    	 

    	 

    
 

b.           Permitted
Assignments/Subleases. Notwithstanding the foregoing, Tenant may assign this Lease or sublease part or all of the Premises
without Landlord's consent to: (i) any corporation, limited liability company, or partnership that controls,
is controlled by, or is under common control with, Tenant at the Commencement Date; or (ii) any corporation or limited liability
company resulting from the merger or consolidation with Tenant or to any entity that acquires all of Tenant's assets as a going
concern of the business that is being conducted on the Premises; provided, however, that the assignor remains liable under the
Lease and the assignee or sublessee is a bona fide entity and assumes the obligations of Tenant, is as creditworthy as the Tenant,
and continues the same Permitted Use as provided under Article 4.

 

c.           Limitation
on Assignments/Subleases. In no event shall this Lease be assignable by operation of any law, and Tenant's rights hereunder
may not become, and shall not be listed by Tenant as an asset under any bankruptcy, insolvency or reorganization proceedings. Acceptance
of Rent by Landlord after any non-permitted assignment or sublease shall not constitute approval thereof by Landlord. In addition
to the foregoing, any assignment for which Landlord’s consent is required shall not include the right to exercise any options
to renew the Term, expand the Premises or similar options, unless specifically provided for in the consent.

 

d.           Landlord’s
Right to Collect Sublease Rents upon Tenant Default. If the Premises (or any portion) is sublet and Tenant defaults under its
obligations to Landlord, then Landlord is authorized, at its option, to collect all sublease rents directly from the Sublessee.
Tenant hereby assigns the right to collect the sublease rents to Landlord in the event of Tenant default. The collection of sublease
rents by Landlord shall not relieve Tenant of its obligations under this Lease, nor shall it create a contractual relationship
between Sublessee and Landlord or give Sublessee any greater estate or right to the Premises than contained in its Sublease.

 

e.           Excess
Rents; Landlord’s Fees. If Tenant assigns this Lease or subleases all or part of the Premises at a rental rate that exceeds
the rentals paid to Landlord, then any such excess shall be paid over to Landlord by Tenant. Additionally, Tenant shall pay Landlord
an administration fee of $1,000.00 per assignment or sublease transaction for which Landlord’s consent is required.

 

19.         GENERAL
PROVISIONS. This Lease supersedes and replaces all prior negotiations, agreements or representations by either party hereto,
and may be changed only in writing duly signed by the party affected. Landlord may promulgate (and change from time to time) reasonable
regulations (a copy of the present rules are attached as Exhibit B) uniformly applicable to all tenants of the Building,
and Tenant after receipt of a copy thereof shall comply with the same. Landlord shall have the right at reasonable times to
enter the Premises to inspect the same or to show the same to prospective tenants or mortgagees. Landlord shall have the right
to enter the Premises at all times in the event of an emergency.

 

20.         SPECIAL
CONDITIONS. The following special conditions, if any, shall apply, and where in conflict with earlier provisions in this Lease
shall control: None.

 

21.         ADDENDA
AND EXHIBITS. If any addenda or exhibits are noted below, such addenda are incorporated herein and made a part of this Lease.

a.           Exhibit
A – Premises

b.           Exhibit
B – Rules and Regulations

 

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[SIGNATURE BLOCKS ON NEXT PAGE]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, Landlord
and Tenant have executed this lease in four originals, all as of the day and year first above written.

 

 

	TENANT:	 
	 	 
	NEPHROGENEX INCORPORATED	 
	a Delaware corporation	 
	 	 	 
	 	 	 
	By: 	/s/ J. Wesley Fox	 
	Name:	    J. Wesley Fox	 
	Title:	    President and CEO	 
	 	 	 
	Date:	    6-15-11	 

 

 

	LANDLORD:	 
	 	 
	HIGHWOODS REALTY LIMITED PARTNERSHIP	 
	a North Carolina limited partnership	 
	By: Highwoods Properties, Inc., its general partner	 
	a Maryland corporation	 
	 	 	 
	 	 	 
	By:	/s/ Thomas S. Hill III	 
	Name: 	    Thomas S. Hill III	 
	Title: 	Vice President and Division Manager	 
	 	 	 
	Date:	    6-17-11	 

 

    	 

    	 

    

 

EXHIBIT A

PREMISES

 

 

    	 

    	 

    

 

EXHIBIT B

RULES AND REGULATIONS

 

		1.	Access to Building. On Saturdays, Sundays, legal holidays and weekdays between the hours
of 6:00 P.M. and 8:00 A.M., access to the Building and/or to the halls, corridors, elevators or stairways in the Building may be
restricted and access shall be gained by use of a key or electronic card to the outside doors of the Buildings. Landlord may from
time to time establish security controls for the purpose of regulating access to the Building. Tenant shall be responsible for
providing access to the Premises for its agents, employees, invitees and guests at times access is restricted, and shall comply
with all such security regulations so established.

 

		2.	Protecting Premises. The last member of Tenant to leave the Premises shall close and securely
lock all doors or other means of entry to the Premises and shut off all lights and equipment in the Premises.

 

		3.	Building Directories. The directories for the Building in the form selected by Landlord
shall be used exclusively for the display of the name and location of tenants. Any additional names and/or name change requested
by Tenant to be displayed in the directories must be approved by Landlord and, if approved, will be provided at the sole expense
of Tenant.

 

		4.	Large Articles. Furniture, freight and other large or heavy articles may be brought into
the Building only at times and in the manner designated by Landlord and always at Tenant's sole responsibility. All damage done
to the Building, its furnishings, fixtures or equipment by moving or maintaining such furniture, freight or articles shall be repaired
at Tenant’s expense.

 

		5.	Signs. Tenant shall not paint, display, inscribe, maintain or affix any sign, placard, picture,
advertisement, name, notice, lettering or direction on any part of the outside or inside of the Building, or on any part of the
inside of the Premises which can be seen from the outside of the Premises, including windows and doors, without the written consent
of Landlord, and then only such name or names or matter and in such color, size, style, character and material as shall be first
approved by Landlord in writing. Landlord, without notice to Tenant, reserves the right to remove, at Tenant's expense, all matters
other than that provided for above.

 

		6.	Compliance with Laws. Tenant shall comply with all applicable laws, ordinances, governmental
orders or regulations and applicable orders or directions from any public office or body having jurisdiction, whether now existing
or hereinafter enacted with respect to the Premises and the use or occupancy thereof. Tenant shall not make or permit any use of
the Premises which directly or indirectly is forbidden by law, ordinance, governmental regulations or order or direction of applicable
public authority, which may be dangerous to persons or property or which may constitute a nuisance to other tenants.

 

		7.	Hazardous Materials. Tenant shall not use or permit to be brought into the Premises or the
Building any flammable oils or fluids, or any explosive or other articles deemed hazardous to persons or property, or do or permit
to be done any act or thing which will invalidate, or which, if brought in, would be in conflict with any insurance policy covering
the Building or its operation, or the Premises, or any part of either, and will not do or permit to be done anything in or upon
the Premises, or bring or keep anything therein, which shall not comply with all rules, orders, regulations or requirements of
any organization, bureau, department or body having jurisdiction with respect thereto (and Tenant shall at all times comply with
all such rules, orders, regulations or requirements), or which shall increase the rate of insurance on the Building, its appurtenances,
contents or operation.

 

		8.	Defacing Premises and Overloading. Tenant shall not place anything or allow anything to
be placed in the Premises near the glass of any door, partition, wall or window that may be unsightly from outside the Premises.
Tenant shall not place or permit to be placed any article of any kind on any window ledge or on the exterior walls; blinds, shades,
awnings or other forms of inside or outside window ventilators or similar devices shall not be placed in or about the outside windows
in the Premises except to the extent that the character, shape, color, material and make thereof is approved by Landlord. Tenant
shall not do any painting or decorating in the Premises or install any floor coverings in the Premises or make, paint, cut or drill
into, or in any way deface any part of the Premises or Building without in each instance obtaining the prior written consent of
Landlord. Tenant shall not overload any floor or part thereof in the Premises, or any facility in the Building or any public corridors
or elevators therein by bringing in or removing any large or heavy articles and Landlord may direct and control the location of
safes, files, and all other heavy articles and, if considered necessary by Landlord may require Tenant at its expense to supply
whatever supplementary supports necessary to properly distribute the weight.

 

 

		9.	Obstruction of Public Areas. Tenant shall not, whether temporarily, accidentally or otherwise,
allow anything to remain in, place or store anything in, or obstruct in any way, any sidewalk, court, hall,

 

 

    	 

    	 

    

 

			passageway,
entrance, or shipping area. Tenant shall lend its full cooperation to keep such areas free from all obstruction and in a clean
and sightly condition, and move all supplies, furniture and equipment as soon as received directly to the Premises, and shall
move all such items and waste (other than waste customarily removed by Building employees) that are at any time being taken from
the Premises directly to the areas designated for disposal. All courts, passageways, entrances, exits, elevators, escalators,
stairways, corridors, halls and roofs are not for the use of the general public and Landlord shall in all cases retain the right
to control and prevent access thereto by all persons whose presence, in the judgment of Landlord, shall be prejudicial to the
safety, character, reputation and interest of the Building and its tenants; provided, however, that nothing herein contained shall
be construed to prevent such access to persons with whom Tenant deals within the normal course of Tenant's business so long as
such persons are not engaged in illegal activities.

 

		10.	Additional Locks. Tenant shall not attach, or permit to be attached, additional locks or
similar devices to any door or window, change existing locks or the mechanism thereof, or make or permit to be made any keys for
any door other than those provided by Landlord. Upon termination of this Lease or of Tenant's possession, Tenant shall immediately
surrender all keys to the Premises.

 

		11.	Communications or Utility Connections. If Tenant desires signal, alarm or other utility
or similar service connections installed or changed, then Tenant shall not install or change the same without the approval of Landlord,
and then only under direction of Landlord and at Tenant's expense. Tenant shall not install in the Premises any equipment which
requires a greater than normal amount of electrical current for the permitted use without the advance written consent of Landlord.
Tenant shall ascertain from Landlord the maximum amount of load or demand for or use of electrical current which can safely be
permitted in the Premises, taking into account the capacity of the electric wiring in the Building and the Premises and the needs
of other tenants in the Building, and Tenant shall not in any event connect a greater load than that which is safe.

 

		12.	Office of the Building. Service requirements of Tenant will be attended to only upon application
at the office of Highwoods Properties, Inc. Employees of Landlord shall not perform, and Tenant shall not engage them to do any
work outside of their duties unless specifically authorized by Landlord.

 

		13.	Restrooms. The restrooms, toilets, urinals, vanities and the other apparatus shall not be
used for any purpose other than that for which they were constructed, and no foreign substance of any kind whatsoever shall be
thrown therein. The expense of any breakage, stoppage or damage resulting from the violation of this rule shall be borne by the
Tenant whom, or whose employees or invitees, shall have caused it.

 

		14.	Intoxication. Landlord reserves the right to exclude or expel from the Building any person
who, in the judgment of Landlord, is intoxicated, or under the influence of liquor or drugs, or who in any way violates any of
the Rules and Regulations of the Building.

 

		15.	Nuisances and Certain Other Prohibited Uses. Tenant shall not (a) install or operate any
internal combustion engine, boiler, machinery, refrigerating, heating or air conditioning apparatus in or about the Premises; (b)
engage in any mechanical business, or in any service in or about the Premises or Building, except those ordinarily embraced within
the Permitted Use as specified in Section 3 of the Lease; (c) use the Premises for housing, lodging, or sleeping purposes; (d)
prepare or warm food in the Premises or permit food to be brought into the Premises for consumption therein (heating coffee and
individual lunches of employees excepted) except by express permission of Landlord; (e) place any radio or television antennae
on the roof or on or in any part of the inside or outside of the Building other than the inside of the Premises, or place a musical
or sound producing instrument or device inside or outside the Premises which may be heard outside the Premises; (f) use any power
source for the operation of any equipment or device other than dry cell batteries or electricity; (g) operate any electrical device
from which may emanate waves that could interfere with or impair radio or television broadcasting or reception from or in the Building
or elsewhere; (h) bring or permit to be in the Building any bicycle, other vehicle, dog (except in the company of a blind person),
other animal or bird; (i) make or permit any objectionable noise or odor to emanate from the Premises; (j) disturb, harass, solicit
or canvass any occupant of the Building; (k) do anything in or about the Premises which could be a nuisance or tend to injure the
reputation of the Building; (i) allow any firearms in the Building or the Premises except as approved by Landlord in writing.

 

		16.	Solicitation. Tenant shall not canvass other tenants in the Building to solicit business
or contributions and shall not exhibit, sell or offer to sell, use, rent or exchange any products or services in or from the Premises
unless ordinarily embraced within the Tenant's Permitted Use as specified in Section 3 of the Lease.

 

		17.	Energy Conservation. Tenant shall not waste electricity, water, heat or air conditioning
and agrees to cooperate fully with Landlord to insure the most effective operation of the Building's heating and air

 

    	 

    	 

    

 

			conditioning,
and shall not allow the adjustment (except by Landlord's authorized Building personnel) of any controls.

 

		18.	Building Security. At all times other than normal business hours the exterior Building doors
and suite entry door(s) must be kept locked to assist in security. Problems in Building and suite security should be directed to
Landlord at (___)________.

 

		19.	Parking. Parking is in designated parking areas only. There shall be no vehicles in "no
parking" zones or at curbs. Handicapped spaces are for handicapped persons only and the Police Department will ticket unauthorized
(unidentified) cars in handicapped spaces. Landlord reserves the right to remove vehicles that do not comply with the Lease or
these Rules and Regulations and Tenant shall indemnify and hold harmless Landlord from its reasonable exercise of these rights
with respect to the vehicles of Tenant and its employees, agents and invitees.

 

		20.	Janitorial Service. The janitorial staff will remove all trash from trashcans. Any container
or boxes left in hallways or apparently discarded unless clearly and conspicuously labeled DO NOT REMOVE may be removed without
liability to Tenant. Any large volume of trash resulting from delivery of furniture, equipment, etc., should be removed by the
delivery company, Tenant, or Landlord at Tenant's expense. Janitorial service will be provided after hours five (5) days a week.
All requests for trash removal other than normal janitorial services should be directed to Landlord at (___)________.

 

		21.	Construction. Tenant shall make no structural or interior alterations of the Premises. All
structural and nonstructural alterations and modifications to the Premises shall be coordinated through Landlord as outlined in
the Lease. Completed construction drawings of the requested changes are to be submitted to Landlord or its designated agent for
pricing and construction supervision.

 

    	 

    	 

    

 

LEASE
AMENDMENT NUMBER ONE

 

This
LEASE AMENDMENT NUMBER ONE entered into this 6th day of December, 2011 (the “First Amendment”), by and between HIGHWOODS
REALTY LIMITED PARTNERSHIP, a North Carolina limited partnership (the “Landlord”) and NEPHROGENEX INCORPORATED,
a Delaware corporation (“Tenant”).

 

W
I T N E S S E T H:

 

WHEREAS,
Tenant and Landlord entered into that certain Short Term Office Lease dated June 15, 2011 (the “Lease”), for space
designated as Suite 290, comprising approximately 3,073 rentable square feet, in the 4401 Research Commons Building, located at
79 T.W. Alexander Drive, Research Triangle Park, North Carolina 27709; and

 

WHEREAS,
the parties hereto desire to alter and modify said Lease in the manner hereinafter set forth,

 

NOW
THEREFORE, in consideration of the mutual and reciprocal promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Landlord and Tenant hereby agree to amend the Lease as follows:

 

		1.	Term. Effective on January 1, 2012, Section 2 of the
Lease, entitled “Term”, shall be amended to extend the Expiration Date through June 30, 2012. The period commencing
January 1, 2012 and ending June 30, 2012 shall hereinafter be referred to as the “First Renewal Term”. Landlord and
Tenant acknowledge and agree that the extension of the Lease for the First Renewal Term exercises Tenant’s Extension Option
pursuant to the Lease and Tenant shall have no further options to extend the Term of the Lease unless otherwise agreed in writing
by Landlord.

 

		2.	Base Rent. Effective on January 1, 2012, Section 3
of the Lease, entitled “Base Rent”, shall be amended to provide that cumulative Base Rent during the First Renewal
Term shall be $24,583.98, to be payable in equal monthly installments of $4,097.33 in accordance with the Lease. 

 

		3.	Brokers’ Commissions. Tenant hereby represents
and warrants to Landlord that Tenant has not dealt with any real estate broker, finder or other person with respect to this First
Amendment and the extension of the Lease. Tenant shall indemnify, defend and hold harmless Landlord from and against any claims,
damages, expenses and liabilities arising from Tenant’s breach of this representation and warranty. 

 

		4.	Miscellaneous. The foregoing is intended to be an
addition and a modification to the Lease. Unless otherwise defined herein, all capitalized terms used in this First Amendment shall
have the same definitions ascribed in the Lease. Except as modified and amended by this First Amendment, the Lease shall remain
in full force and effect. If anything contained in this First Amendment conflicts with any terms of the Lease, then the terms of
this First Amendment shall govern and any conflicting terms in the Lease shall be deemed deleted in their entirety.

 

		5.	Tenant Acknowledgment. Tenant acknowledges that
Landlord has complied with all of its obligations under said Lease to date, and, to the extent not expressly modified hereby, all
of the terms and conditions of said Lease shall remain unchanged and in full force and effect.

 

    	1

    	 

    

 

IN
WITNESS WHEREOF, Tenant and Landlord have caused this instrument to be executed as of the date first above written, by their respective
officers or parties thereunto duly authorized.

 

Tenant:

 

NEPHROGENEX
INCORPORATED

a Delaware
corporation

 

	 	By: 	/s/ Bob Peterson	 
	 	Name: 	Bob Peterson	 
	 	Title: 	VP Operations	 
	 	 	 	 
	 	Date: 	12/6/11	 

 

 

	Landlord:	 
	 	 
	HIGHWOODS REALTY LIMITED PARTNERSHIP	 
	a North Carolina limited partnership	 
	By: Highwoods Properties, Inc., its general partner	 
	a Maryland corporation	 

 

	 	By: 	/s/ Thomas S. Hill III	 
	 	 	Thomas S. Hill, III
	 	 	Vice President and Division Manager

 

    	2

    	 

    

 

LEASE
AMENDMENT NUMBER TWO

 

This
LEASE AMENDMENT NUMBER TWO entered into this 27th day of June, 2012 (the “Second Amendment”), by and between
HIGHWOODS REALTY LIMITED PARTNERSHIP, a North Carolina limited partnership (the “Landlord”) and NEPHROGENEX
INCORPORATED, a Delaware corporation (“Tenant”).

 

W
I T N E S S E T H:

 

WHEREAS,
Tenant and Landlord entered into that certain Short Term Office Lease dated June 15, 2011 (the “Lease Agreement”),
as amended by that Lease Amendment Number One dated December 6, 2011 (the "First Amendment”), for space designated as
Suite 290, comprising approximately 3,073 rentable square feet, in the 4401 Research Commons Building, located at 79 T.W. Alexander
Drive, Research Triangle Park, North Carolina 27709; 

 

WHEREAS,
the Lease Agreement and the First Amendment are collectively referred to hereinafter as the “Lease”; and

 

WHEREAS,
the parties hereto desire to alter and modify said Lease in the manner hereinafter set forth.

 

NOW
THEREFORE, in consideration of the mutual and reciprocal promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Landlord and Tenant hereby agree to amend the Lease as follows:

 

		1.	Term. Effective on July 1, 2012, Section 2 of the
Lease entitled “Term” shall be amended to extend the Expiration Date through December 31, 2012. The period commencing
July 1, 2012 and ending December 31, 2012 shall hereinafter be referred to as the “Second Renewal Term”. Landlord and
Tenant acknowledge and agree that Landlord’s consent to the extension of the Lease for the Second Renewal Term is specific
and exclusive to this Second Amendment and that Tenant’s lone Extension Option under the Lease was previously exercised by
Tenant under the First Amendment and that Tenant has no further options to extend the Term of the Lease unless otherwise agreed
in writing by Landlord.

 

		2.	Base Rent. Effective on July 1, 2012, Section 3 of
the Lease entitled “Base Rent” shall be amended to provide that cumulative Base Rent during the Second Renewal Term
shall be $25,321.50, to be payable in equal monthly installments of $4,220.25 in accordance with the Lease. 

 

		3.	Brokers’ Commissions. Tenant hereby represents
and warrants to Landlord that Tenant has not dealt with any real estate broker, finder or other person with respect to this Second
Amendment and the extension of the Lease. Tenant shall indemnify, defend and hold harmless Landlord from and against any claims,
damages, expenses and liabilities arising from Tenant’s breach of this representation and warranty. 

 

		4.	Miscellaneous. The foregoing is intended to be an
addition and a modification to the Lease. Unless otherwise defined herein, all capitalized terms used in this Second Amendment
shall have the same definitions ascribed in the Lease. Except as modified and amended by this Second Amendment, the Lease shall
remain in full force and effect. If anything contained in this Second Amendment conflicts with any terms of the Lease, then the
terms of this Second Amendment shall govern and any conflicting terms in the Lease shall be deemed deleted in their entirety.

 

		5.	Tenant Acknowledgment.  Tenant acknowledges
that Landlord has complied with all of its obligations under said Lease to date, and, to the extent not expressly modified hereby,
all of the terms and conditions of said Lease shall remain unchanged and in full force and effect.

 

    	1

    	 

    

 

IN
WITNESS WHEREOF, Tenant and Landlord have caused this instrument to be executed as of the date first above written, by their respective
officers or parties thereunto duly authorized.

 

Tenant:

 

NEPHROGENEX
INCORPORATED

a Delaware
corporation

 

	 	By: 	/s/ J. Wesley Fox	 
	 	Name: 	J. Wesley Fox	 
	 	Title: 	President and CEO	 
	 	 	 	 
	 	Date: 	June 27, 2012	 

 

 

	Landlord:	 
	 	 
	HIGHWOODS REALTY LIMITED PARTNERSHIP	 
	a North Carolina limited partnership	 
	By: Highwoods Properties, Inc., its general partner	 
	a Maryland corporation	 

 

	 	By:	/s/ Thomas S. Hill III	 
	 	 	Thomas S. Hill, III
	 	 	Vice President and Division Manager

 

    	2

    	 

    

 

LEASE
AMENDMENT NUMBER THREE

 

This
LEASE AMENDMENT NUMBER THREE entered into this 20th day of December, 2012 (the “Third Amendment”), by and
between HIGHWOODS REALTY LIMITED PARTNERSHIP, a North Carolina limited partnership (the “Landlord”) and NEPHROGENEX
INCORPORATED, a Delaware corporation (“Tenant”).

 

W I
T N E S S E T H:

 

WHEREAS,
Tenant and Landlord entered into that certain Short Term Office Lease dated June 15, 2011 (the “Lease Agreement”),
as amended by that Lease Amendment Number One dated December 6, 2011 (the "First Amendment”), and as amended by that
Lease Amendment Number Two dated June 27, 2012 (the “Second Amendment”) for space designated as Suite 290, comprising
approximately 3,073 rentable square feet, in the 4401 Research Commons Building, located at 79 T.W. Alexander Drive, Research Triangle
Park, North Carolina 27709; 

 

WHEREAS,
the Lease Agreement, First Amendment and Second Amendment are collectively referred to hereinafter as the “Lease”;
and

 

WHEREAS,
the parties hereto desire to alter and modify said Lease in the manner hereinafter set forth.

 

NOW THEREFORE,
in consideration of the mutual and reciprocal promises contained herein and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, Landlord and Tenant hereby agree to amend the Lease as follows:

 

		1.	Term. Effective on January 1, 2013, Section 2 of the
Lease entitled “Term” shall be amended to extend the Expiration Date through June 30, 2013. The period commencing January
1, 2013 and ending June 30, 2013 shall hereinafter be referred to as the “Third Renewal Term”. Landlord and Tenant
acknowledge and agree that Landlord’s consent to the extension of the Lease for the Third Renewal Term is specific and exclusive
to this Third Amendment and that Tenant’s lone Extension Option under the Lease was previously exercised by Tenant under
the First Amendment and that Tenant has no further options to extend the Term of the Lease unless otherwise agreed in writing by
Landlord.

 

		2.	Base Rent. Effective on January 1, 2013, Section 3
of the Lease entitled “Base Rent” shall be amended to provide that cumulative Base Rent during the Third Renewal Term
shall be $26,081.15, to be payable in equal monthly installments of $4,346.86 in accordance with the Lease. 

 

		3.	Brokers’ Commissions. Tenant hereby represents
and warrants to Landlord that Tenant has not dealt with any real estate broker, finder or other person with respect to this Third
Amendment and the extension of the Lease. Tenant shall indemnify, defend and hold harmless Landlord from and against any claims,
damages, expenses and liabilities arising from Tenant’s breach of this representation and warranty. 

 

		4.	Miscellaneous.
The foregoing is intended to be an addition and a modification to the Lease. Unless otherwise defined herein, all capitalized
terms used in this Third Amendment shall have the same definitions ascribed in the Lease. Except as modified and amended by this
Third

 

 

    	1

    	 

    
 

			Amendment,
the Lease shall remain in full force and effect. If anything contained in this Third Amendment conflicts with any terms of the
Lease, then the terms of this Third Amendment shall govern and any conflicting terms in the Lease shall be deemed deleted in their
entirety.

 

		15.	Tenant Acknowledgment.  Tenant acknowledges
that Landlord has complied with all of its obligations under said Lease to date, and, to the extent not expressly modified hereby,
all of the terms and conditions of said Lease shall remain unchanged and in full force and effect.

 

    	2

    	 

    

 

IN WITNESS
WHEREOF, Tenant and Landlord have caused this instrument to be executed as of the date first above written, by their respective
officers or parties thereunto duly authorized.

 

Tenant:

 

NEPHROGENEX
INCORPORATED

a Delaware
corporation

 

	 	By:	/s/ J. Wesley Fox	 
	 	Name: 	J. Wesley Fox, Ph. D.	 
	 	Title: 	President and CEO	 
	 	 	 	 
	 	Date: 	12-20-12	 

 

 

	Landlord:	 
	 	 
	HIGHWOODS REALTY LIMITED PARTNERSHIP	 
	a North Carolina limited partnership	 
	By: Highwoods Properties, Inc., its general partner	 
	a Maryland corporation	 

 

	 	By: 	/s/ Thomas S. Hill III	 
	 	 	Thomas S. Hill, III
	 	 	Vice President and Division Manager

 

    	3

    	 

    

 

LEASE
AMENDMENT NUMBER FOUR

 

This
LEASE AMENDMENT NUMBER FOUR entered into this 1st day of July, 2013 (the “Fourth Amendment”), by and between HIGHWOODS
REALTY LIMITED PARTNERSHIP, a North Carolina limited partnership (the “Landlord”) and NEPHROGENEX INCORPORATED,
a Delaware corporation (“Tenant”).

 

W
I T N E S S E T H:

 

WHEREAS,
Tenant and Landlord entered into that certain Short Term Office Lease dated June 15, 2011 (the “Lease Agreement”),
as amended by that Lease Amendment Number One dated December 6, 2011 (the "First Amendment”), as amended by that certain
Lease Amendment Number Two dated June 27, 2012 (the “Second Amendment”), and as amended by that certain Lease Amendment
Number Three dated December 20, 2012 (the “Third Amendment”) for space designated as Suite 290, comprising approximately
3,073 rentable square feet, in the 4401 Research Commons Building, located at 79 T.W. Alexander Drive, Research Triangle Park,
North Carolina 27709; 

 

WHEREAS,
the Lease Agreement, First Amendment, Second Amendment, and Third Amendment are collectively referred to hereinafter as the “Lease”;
and

 

WHEREAS,
the parties hereto desire to alter and modify said Lease in the manner hereinafter set forth.

 

NOW
THEREFORE, in consideration of the mutual and reciprocal promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Landlord and Tenant hereby agree to amend the Lease as follows:

 

		1.	Term. Effective on July 1, 2013, Section 2 of the
Lease entitled “Term” shall be amended to extend the Expiration Date through December 31, 2013. The period commencing
July 1, 2013 and ending December 31, 2013 shall hereinafter be referred to as the “Fourth Renewal Term”. Landlord and
Tenant acknowledge and agree that Landlord’s consent to the extension of the Lease for the Fourth Renewal Term is specific
and exclusive to this Fourth Amendment and that Tenant’s lone Extension Option under the Lease was previously exercised by
Tenant under the First Amendment and that Tenant has no further options to extend the Term of the Lease unless otherwise agreed
in writing by Landlord.

 

		2.	Base Rent. Effective on July 1, 2013, Section 3 of
the Lease entitled “Base Rent” shall be amended to provide that cumulative Base Rent during the Fourth Renewal Term
shall be $26,081.15, to be payable in equal monthly installments of $4,346.86 in accordance with the Lease. 

 

		3.	Brokers’ Commissions. Tenant hereby represents
and warrants to Landlord that Tenant has not dealt with any real estate broker, finder or other person with respect to this Fourth
Amendment and the extension of the Lease. Tenant shall indemnify, defend and hold harmless Landlord from and against any claims,
damages, expenses and liabilities arising from Tenant’s breach of this representation and warranty. 

 

		4.	Miscellaneous. The foregoing is intended to be an
addition and a modification to the Lease. Unless otherwise defined herein, all capitalized terms used in this Fourth Amendment
shall have the same definitions ascribed in the Lease. Except as modified and amended by this Fourth Amendment, the Lease shall
remain in full force and effect. If anything contained in this Fourth Amendment conflicts with any terms of the Lease, then the
terms of this Fourth Amendment shall govern and any conflicting terms in the Lease shall be deemed deleted in their entirety.

 

		5.	Tenant Acknowledgment.  Tenant acknowledges
that Landlord has complied with all of its obligations under said Lease to date, and, to the extent not expressly modified hereby,
all of the terms and conditions of said Lease shall remain unchanged and in full force and effect.

 

    	1

    	 

    

 

IN
WITNESS WHEREOF, Tenant and Landlord have caused this instrument to be executed as of the date first above written, by their respective
officers or parties thereunto duly authorized.

 

Tenant:

NEPHROGENEX
INCORPORATED

a Delaware
corporation

 

	 	By: 	/s/ J. Wesley Fox	 
	 	Name:	J. Wesley Fox, Ph.D.	 
	 	Title:	President and CEO	 
	 	 	 	 
	 	Date:	July 1, 2013	 

 

 

	Landlord:	 
	 	 
	HIGHWOODS REALTY LIMITED PARTNERSHIP	 
	a North Carolina limited partnership	 
	By: Highwoods Properties, Inc., its general partner	 
	a Maryland corporation	 

 

	 	By: 	/s/ Thomas S. Hill III	 
	 	 	Thomas S. Hill, III
	 	 	Vice President and Division Manager

 

    	2

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