Document:

Exhibit 10.1

      

      

      
       CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY
          HARMFUL IF PUBLICLY DISCLOSED. SUCH EXLUDED INFORMATION HAS BEEN MARKED WITH "[***]".

      

       

      

       

      

      October 21, 2020

      

      

      Pfizer Inc.

      235 East 42nd Street

      New York, NY  10017

      Attention: James Rusnak, M.D., Ph.D.

      

      

      	

            	Re:	
              AKCEA-ANGPTL3-LRx License Agreement

            

      

      

      Dear Dr. Rusnak:

      

      

      This letter agreement (“Letter Agreement”) is in reference to the License Agreement (the “Agreement”), dated October 4, 2019, by and between Akcea Therapeutics, Inc. (“Akcea”) and Pfizer Inc. (“Pfizer”). Any capitalized terms not defined in this Letter Agreement will have the meanings set forth in the Agreement, unless expressly specified otherwise.

      

      

      1.            Akcea’s Right to Participate in Funding of Development
            of the Product.  Akcea and Pfizer desire to modify Section 2.3.4 of the Agreement. Accordingly, Section 2.3.4 of the Agreement is deleted in its entirety and replaced with the following provision:

       

      	

            	2.3.4	
              Akcea’s Right to Participate in the Funding of Development of the
                    Product. At any time beginning on the Closing Date until  [***], Akcea will have the conditional right to elect to participate in the funding of the
                  Development of the Product with Pfizer under the Development Plan pursuant to this Section 2.3.4. If Akcea provides written notice of such election to Pfizer prior to [***] (a “Notice

                    of Interest”), then the Parties will negotiate in good faith the terms and conditions of Akcea’s participation in the funding of the Development of the Product with Pfizer under the Development Plan for a period of [***],
                  including certain [***] terms for [***]. If Akcea (a) gives notice that it does not wish to participate in the funding of the Development of the Product with Pfizer under the Development Plan, (b) fails to give a timely Notice of
                  Interest, or (c) gives a timely Notice of Interest but the Parties cannot mutually agree on the terms upon which Akcea will participate in the funding of the Development of the Product with Pfizer under the Development Plan by the [***]
                  following the delivery of such notice, then (i) Akcea’s right to participate in the funding of the Development of the Product with Pfizer under the Development Plan pursuant to this Section 2.3.4 will automatically terminate, and
                  (ii) Pfizer will continue to be solely responsible for the Development of the Product, including all funding, in accordance with the Development Plan.

            

       

      For purposes of this Section 2.3.4, [***].

       

      
        
          

        
          	
                  
                    October 21, 2020

                  

                
	
                  Page 2 

                  

                

        

      

      
       

       
      2.           This Letter Agreement may be executed in any number of
          counterparts, each of which shall be deemed an original and all of which taken together shall be deemed to constitute one and the same agreement. The Parties agree that execution of this Letter Agreement by industry standard electronic signature
          software and/or by exchanging executed signature pages in .pdf format via e-mail shall have the same legal force and effect as the exchange of original signatures, and that in any proceeding arising under or related to this Letter Agreement, each
          Party hereby waives any right to raise any defense or waiver based upon execution of this Letter Agreement by means of such electronic signatures or maintenance of the executed agreement electronically.

      

      

      3.            Except as otherwise expressly set forth in this Letter
          Agreement, the Agreement remains in full force and effect in accordance with its terms.

      

      

      [Signature page to follow]

       

      
        
          

        
          	
                  
                    October 21, 2020

                  

                
	
                  Page 3 

                  

                

        

      

      If the terms of this Letter Agreement are acceptable, please so indicate by executing a copy of this Letter Agreement and returning it to Akcea.

      

      

      Very truly yours,

      

      

      AKCEA THERAPEUTICS, INC.

      

      

      /s/Damien McDevitt

      

      

      Damien McDevitt, Ph.D.

      Chief Executive Officer

      

      

      AGREED TO AND CONFIRMED BY PFIZER INC.:

      

      

      By: /s/James Rusnak

      Name: James Rusnak

      Title: SVP, Chief Development OfficerExhibit 10.2

    

     

    

    
      Adopted by the Board of Directors March 26, 2021

      

      

      Non-Employee Director Compensation Policy

      

      

      Ionis Pharmaceuticals, Inc. (“Ionis”) values the contributions made by its Board of Directors.  In recognition of these valuable contributions, Ionis will
        provide each non-employee Director with the compensation described in this policy.

      

      

      Cash Compensation

       

      Each non-employee Director will receive cash compensation based on his or her role on the Board and Board committees as follows:

       

      

      	
              Role

            	
              Cash Compensation

            
	
              Board Member (base retainer)

            	
              $60,000(1)

            
	
              Non-Executive Chairman of the Board (additional)

            	
              $40,000

            
	
              Independent Lead Director (additional)

            	
              $40,000

            
	
              Committee Chair (additional):

            	

            
	
              -Audit

            	$24,000
	
              -Commercial Compliance

            	$10,000
	
              -Compensation

            	
              $20,000

            
	
              -Finance

            	$20,000
	
              -Nominating, Governance and Review

            	$20,000
	
              -Science/Medical

            	$20,000
	
              Committee Member (additional):

            	

            
	
              -Audit

            	$12,000
	
              -Commercial Compliance

            	$5,000
	
              -Compensation

            	$10,000
	
              -Finance

            	$10,000
	
              -Nominating, Governance and Review

            	$10,000
	
              -Science/Medical

            	 $10,000

       

      

      	

            	(1)	
              Before March 31, 2024 this annual base cash retainer for each non-employee Director (not including fees for Non-Executive Chair, Independent Lead Director, Committee Chair or Committee Member) is limited to a
                maximum of $70,000 per year.

            

      

      

      Equity Compensation

       

        

      Each non-employee Director will receive an initial stock option award and restricted stock unit award upon joining the Board and an annual stock option award and restricted stock unit award for each year of continued
        service as follows (subject to the aggregate grant date value limit described below):

       

      

      	
              Type of Grant

            	
              Number of Shares*

            
	
              Initial Stock Option Grant

            	
              24,000

            
	
              Initial Restricted Stock Unit Grant

            	
              10,667

            
	
              Annual Stock Option Grant

            	
              12,000

            
	
              Annual Restricted Stock Unit Grant

            	
              5,333

            

       

      

      
        *These equity awards are to be automatically granted pursuant to the terms of the Ionis Pharmaceuticals, Inc. Amended and Restated 2002 Non-Employee Directors Stock Option Plan as approved by our stockholders on
          June 4, 2020 (the “NED Plan”).  Notwithstanding the terms of the NED Plan, (1) the Compensation Committee, with input from its independent consultant, may reduce the number of shares to
          be automatically issued on a grant date for each such award so that the awards granted have an aggregate grant date fair value (as determined in accordance with FASB Topic ASC 718 or its successor) that is aligned with the set of peer companies
          the Compensation Committee uses to evaluate compensation, and (2) the initial equity awards for new directors will be adjusted downward such that they are 1.5X the annual equity awards for any given year.

      

      
        1

        
          

      

      Adopted by the Board of Directors March 26, 2021

      

      

      The exercise price of each stock option will be the Fair Market Value (as defined in the NED Plan) of Ionis’ common stock on the date of grant.

       

      

      As set forth in the NED Plan, initial grants vest on the annual anniversary of the date of grant and annual grants vest on either (1) the annual anniversary of the date of grant, or (2) the next regularly scheduled annual meeting of stockholders, whichever occurs earlier.

       

        

      While serving on the Board, each non-employee Director may not sell Ionis shares obtained pursuant to vesting of restricted stock unit awards if selling such shares would reduce the shares owned by such non-employee
        Director (not including stock options or unvested restricted stock units) below an amount that is equal to four times his or her annual base cash retainer.

        

      

      Review of Non-Employee Director Compensation Policy

      

      

      This policy will be reviewed annually by Ionis’ Compensation Committee and Board of Directors.

       

      

      On at least an annual basis, Ionis will retain an independent consultant to (1) advise the Compensation Committee on recent developments and best practices concerning director compensation, and (2) compare Ionis’
        director compensation levels, policies, practices, and procedures to a set of peer companies selected by the Compensation Committee with input from the independent consultant.

      

      

      Ionis reserves the right to amend this compensation policy at any time so long as the issuance of the equity awards comply with the terms of the NED Plan or any successor thereto.

       

      

       

      

       2

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