Document:

Exhibit

INSMED INCORPORATED
RESTRICTED UNIT AWARD AGREEMENT
UNDER THE 2017 INCENTIVE PLAN 
FOR MEMBERS OF THE BOARD OF DIRECTORS

Grantee Name: _______________
Number of RSUs: __________
Grant Date: __________

Pursuant to the Insmed Incorporated 2017 Incentive Plan (the “Plan”) as amended through the date hereof and this Restricted Stock Unit Award Agreement (this “Agreement”), Insmed Incorporated (the “Company”) hereby grants an award of [_____] restricted stock units (the “Restricted Stock Units” or the “RSU Award”) to the individual named above (the “Grantee”).  The RSU Award shall be referred to herein as the “Award.”  Subject to the restrictions and conditions set forth herein and in the Plan, the Grantee shall receive the number of Restricted Stock Units specified above.

The Company acknowledges the receipt from the Grantee of consideration with respect to the par value of the shares of Common Stock subject to the Award in the form of cash, past or future services rendered to the Company by the Grantee or such other form of consideration as is acceptable to the Administrator and permitted under the Plan and applicable law.

1.Agreement with Terms.  Execution of this Agreement by the Grantee or receipt of any benefits under this Agreement by the Grantee shall constitute the Grantee’s acknowledgement of and agreement with all of the provisions of this Agreement and of the Plan that are applicable to this Award, and the Company shall administer this Agreement accordingly.

2.    Restrictions and Conditions on Award.  Restricted Stock Units granted herein may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by the Grantee other than by will or the laws of descent and distribution, and shall be subject to all the terms, conditions and restrictions set forth herein and in the Plan.

3.    Timing and Form of Payout of Restricted Stock Units.  As soon as practicable (but in no event later than 30 days) following the Vesting Date (as defined below) or, if earlier, the date the Award vests in accordance with Section 5 or Section 6 of this Agreement, the vested Restricted Stock Units shall be settled in shares of Common Stock.

4.    Vesting of Award.  Except as set forth in Section 5 of this Agreement, the restrictions and conditions in Section 2 of this Agreement shall lapse, with respect to 100% of the RSU Award, on the first anniversary of the Grant Date (the “Vesting Date”) so long as (a) the Grantee remains a member of the Board on such Vesting Date and (b) the Grantee attends at least seventy-five percent (75%) of the Board meetings that take place during the period of time commencing from the Grant Date and ending on the first anniversary of the Grant Date.

Except as otherwise provided in Sections 5 and 6 of this Agreement, the Grantee shall forfeit any unvested portion of the RSU Award if either the following shall occur: (i) in the event the Grantee’s service as a member of the Board is terminated for any reason prior to the Vesting Date; or (ii) in the event that the Grantee fails to attend at least seventy-five percent (75%) of the Board meetings that take place during the period of time commencing from the Grant Date and ending on the first anniversary of the Grant Date.

Notwithstanding anything to the contrary herein or in the Plan, the Administrator may at any time accelerate the vesting schedule specified in this Section 4.

5.    Change in Control.  In the event of a Change in Control of the Company, the unvested portion of the RSU Award, to the extent not previously forfeited or cancelled, shall immediately vest as of the date of such Change in Control.

6.    Termination of Service.  Except as otherwise provided herein, any unvested portion of the RSU Award shall be forfeited without payment of consideration upon the termination of the Grantee’s service with the Company or its Affiliates for any reason, except as otherwise provided in this Section 6.  Notwithstanding the foregoing, upon the Grantee’s death (while an active member of the Board) or upon the termination of the Grantee’s service due to Disability (as defined below), the RSU Award to extent not previously forfeited or cancelled, shall immediately vest as of the date of the Grantee’s death or Disability.  For purposes of this Agreement, the Grantee will be considered “Disabled” if, as a result of the Grantee’s incapacity due to physical or mental illness, the Grantee shall have been absent from his duties to the Company or its Affiliates on a full-time basis for 180 calendar days in the aggregate in any 12-month period.

7.    Voting Rights and Dividends.  If and until such time as Restricted Stock Units are paid out in shares of Common Stock (if at all), the Grantee shall not have any voting rights with respect to any shares of Common Stock underlying this RSU Award (“Underlying Shares”).  However, bookkeeping equivalents of all dividends and other distributions paid with respect to the Common Stock shall accrue with respect to the Underlying Shares and shall be converted to additional Restricted Stock Units (rounded to the nearest whole share of Common Stock) based on the closing price of the Common Stock on the dividend distribution date.  Such additional Restricted Stock Units shall be subject to the same restrictions on transferability as are the Restricted Stock Units with respect to which they were paid.

8.    Adjustments Upon Certain Unusual or Nonrecurring Events or Other Events.  Upon certain unusual or nonrecurring events, or other events, the terms of these Restricted Stock Units shall be adjusted by the Administrator pursuant to Section 15 of the Plan.

9.    Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Award and this Agreement shall be subject to and governed by all the terms and conditions of the Plan.  To the extent any provision hereof is inconsistent with a provision of the Plan, the provisions of the Plan will govern.  Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.

10.    Taxes.  The Grantee is ultimately liable and responsible for all taxes owed by Grantee in connection with this RSU Award. The Company makes no representation or undertaking regarding the tax treatment of the grant, vesting, or settlement of this RSU Award or the subsequent sale of any of the Underlying Shares.  The Company does not commit and is under no obligation to structure this RSU Award to reduce or eliminate Grantee’s tax liability. 

11.    Section 409A of the Code. This Award is intended to comply with the requirements of Section 409A of the Code or an exemption thereto, and this Agreement shall be interpreted in a manner consistent with this intent in order to avoid the imposition of any additional tax, interest or penalties under Section 409A of the Code. In no event shall the Company be liable for any additional tax, interest or penalties that may be imposed on the Grantee pursuant to Section 409A of the Code or any damages for failing to comply with Section 409A of the Code or an exemption thereto. 

12.    No Right to Re-Election or Continued Service.  Nothing in the Plan or this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries and/or its Affiliates to terminate the Grantee’s service on the Board at any time or for any reason in accordance with the Company’s Bylaws and governing law, nor shall any terms of the Plan or this Agreement confer upon Grantee any right to continue his or her service for any specified period of time.  Neither this Agreement nor any benefits arising under the Plan shall constitute an employment contract with the Company, any Subsidiary and/or its Affiliates.  

13.    Notices.  Any notice or other communication given pursuant to this Agreement shall be in writing and shall be personally delivered or mailed by United States registered or certified mail, postage prepaid, return receipt requested, to the Company at its principal place of business or to the Grantee at the address on the Company’s records or, in either case, at such other address as one party may subsequently furnish to the other party in writing.  Additionally, if such notice or communication is by the Company to the Grantee, the Company may provide such notice electronically (including via email).  Any such notice shall be deemed to have been given (a) on the date of postmark, in the case of notice by mail, or (b) on the date of delivery, if delivered in person or electronically.

INSMED INCORPORATED
By:        
Name:    [NAME]
Title:        [TITLE]

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Dated:            By: ___________________________________          
  
 

1Exhibit

{80155736:3}    
FIRST AMENDMENT TO LEASE

THIS FIRST AMENDMENT TO LEASE (this "Amendment") made as of the 1st day of October, 2016 by and between CIP II/AR BRIDGEWATER HOLDINGS LLC, a Delaware limited liability company ("Landlord") and INSMED INCORPORATED, a Virginia corporation ("Tenant").

BACKGROUND

By that certain lease dated as of July 1, 2016 (the "Lease") Landlord leased to Tenant the entire lower level of the Building L (the "Building") containing approximately 13,274 rentable square feet (the “Original Premises”) located in the Township of Bridgewater, Somerset County, New Jersey within the Research and Development project commonly known as the New Jersey Center of Excellence at Bridgewater (the "Project").
Landlord and Tenant now desire to amend the Lease as hereinafter provided

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the parties, intending to be legally bound, agree as follows:

1.        Any capitalized term not defined herein and defined in the Lease, is used herein with the meaning set forth in the Lease.

2.        Subject to and in accordance with the terms and conditions of the Lease and this Amendment, effective as of the date hereof (the "Effective Date") the Lease is hereby amended as follows: 

(a)    Landlord hereby leases to Tenant and Tenant hereby hires from  Landlord,  that  portion  of  Building K consisting of approximately 1,037 rentable square feet of additional space (as shown on Exhibit "A" annexed hereto and made a part hereof, and being hereinafter referred to as the "Storage Space").  As of the Effective Date, the term “Premises” as used throughout the Lease shall be deemed amended to include both the Original Premises and the Storage Space for all purposes under the Lease, such that from and after the Effective Date the Premises shall be deemed to be 14,311 rentable square for all purposes of the Lease.     
(b)     Tenant shall use the Storage Space for storage of Tenant’s raw materials, chemicals, lab samples, empty drums and other personal property used by Tenant from time to time in connection with the conduct of Tenant’s business in the Original Premises and for no other purposes.

(c)       On the Effective Date, Tenant shall accept the Storage Space in its then "as-is" condition, and Tenant acknowledges that Landlord has no obligation under the provisions of this Amendment to perform any Landlord’s Base Building Work or make any repairs or perform any other work to prepare the Storage Space for Tenant’s use, except for the work performed by Landlord in the Storage Space as set forth on Exhibit “B” annexed hereto and made a part hereof  (the “Storage Space Work”).  If Tenant wants to perform any Alterations in and to the Storage Space, if any, such Alterations shall be subject in all respects to the terms of the Lease, including without limitation, the provisions of Section 22.
(d)      Landlord and Tenant acknowledge and agree that as of Effective Date; (i)  the amount of the Construction Credit set forth in Paragraph B(1) in Exhibit M of the Lease is increased from $66,370.00 to $71,555.00, (ii) Landlord has substantially completed the Initial Tenant Improvements Work and the Storage Space Work, (iii) Landlord has paid the entire Construction Credit ($71,555.00) collectively for the performance and completion of the Initial Tenant Improvements Work and the Storage Space Work, and (iv) Landlord has satisfied all of its obligations under the Lease to prepare the Original Premises and the Storage 

Space for Tenant’s use and occupancy.   
(e)      From and after the Effective Date, the Base Rent table in Section 3(a) of the Lease shall be deleted and the following Base Rent table inserted in lieu thereof:
	
				
	Period
	Annual Rent PSF
	Annual Base Rent
	Monthly Base Rent

	Year 1*
	$29.00
	$415,019.00
	$34,584.92

	Year 2
	$29.87
	$427,469.57
	$35,622.46

	Year 3
	$30.77
	$440,349.47
	$36,695.79

	Year 4
	$31.69
	$453,515.59
	$37,792.97

	Year 5
	$32.64
	$467,111.04
	$38,925.92

	Year 6**
	$33.62
	$481,135.82
	$40,094.65

*Base Rent to be abated for the first three (3) months.
**Year 6 represents only three (3) months of the year.

(f)    From and after the Effective Date, the Common Expense Rent table in Section 5(a) of the Lease shall be deleted and the following Common Expense Rent table inserted in lieu thereof:

	
				
	Period
	Annual Operating Expenses PSF*
	Annual Expense Reimbursement
	Monthly Expense Reimbursement

	Year 1
	$14.00 
	$0.00
	$0.00

	Year 2
	$14.42 
	$6,010.62
	$500.89

	Year 3
	$14.85 
	$12,164.35
	$1,013.70

	Year 4
	$15.30 
	$18,604.30
	$1,550.36

	Year 5
	$15.76 
	$25,187.36
	$2,098.95

	Year 6
	$16.23 
	$31,913.53
	$2,659.46

*Annual Operating Expenses includes common area maintenance, central utility plant operations, and direct utilities.

(g)    The second sentence in Section 5(c) of the Lease shall be deleted and the following sentences inserted in lieu thereof: 

“For purposes of the Section 5(c), Tenant’s proportionate share shall mean a fraction (i) the numerator of which is the total rentable square footage of the Original Premises, as same may change from time to time during the Term and the denominator of which shall be the total rentable square footage of the Building L with respect to the Original Premises, and (ii) the numerator of which is the total rentable square footage of the Storage Space, as same may change from time to time during the Term and the denominator of which shall be the total rentable square footage of the Building K with respect to the Storage Space.”

3.      Landlord and Tenant represent and warrant to each other that they have dealt and negotiated solely and only with Jones Lang LaSalle for this Amendment and with no other broker.  Landlord shall pay Jones Lang LaSalle a brokerage commission pursuant to a separate agreement.  Landlord and Tenant hereby agree to indemnify, defend and hold the other harmless from and against any and all claims, suits, damages, liabilities, counsel fees, costs, expenses, orders and judgments imposed upon, incurred by or asserted against Landlord or Tenant by reason of the actions or inactions of the indemnifying party.
4.       Landlord and Tenant each hereby ratify and confirm its obligations under the Lease, and represent and warrant to the other party that it has no defenses thereto. Additionally, Tenant further confirms and ratifies that, as of the date hereof, (a) the Lease is and remains in good standing and in full force and effect, and (b) Tenant has no claims, counterclaims, set-offs or defenses against Landlord arising out of the Lease or in any way relating thereto or arising out of any other transaction between Landlord and Tenant.
5.    Except as modified hereby, the Lease shall remain in full effect and this Amendment shall be binding upon Landlord and Tenant and their respective successors and assigns. If any inconsistency exists or arises between the terms of this Amendment and the terms of the Lease, the terms of this Amendment shall prevail. This Amendment shall be governed by the laws of the State of New Jersey.

1.This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one document. To facilitate execution of this Amendment, the parties hereto may execute and exchange, by electronic mail PDF, counterparts of the signature pages. Signature pages may be detached from the counterparts and attached to a single copy of this Amendment to physically form one document.

2.This Amendment may not be changed orally and shall be binding upon and inure to the benefit of the parties hereto and their respective successors, permitted assigns and legal representatives. 

3.If any provisions of this Amendment shall be held invalid or unenforceable according to law, the remaining provisions herein shall not be affected thereby and shall continue in full force and effect.

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

CIP II/AR BRIDGEWATER HOLDINGS LLC,
a Delaware limited liability company 

By:  CIP II/AR Bridgewater LLC,
        a Delaware limited liability company,
        its sole Member 

        By:   AR at Bridgewater LLC,
                 a New Jersey limited liability company,
                 its Administrative Manager  

                By:   ACP Land Holdings, LLC,
                        a New Jersey limited liability   company,
                        its sole Member 

                          By:   Padco Management, Inc.,
                                   a New Jersey corporation,
                                   its Managing Member

                         By: /s/ Kurt Padavano            
                                Name:  Kurt Padavano
                                Title:  Senior Vice President 
1

INSMED INCORPORATED

By: /s/ S. Nicole Schaeffer 
         Name:   S. Nicole Schaeffer                     
         Title:   SVP, Human Resources & Corporate Services

EXHIBIT “A”

STORAGE SPACE

EXHIBIT “B”

STORAGE SPACE WORK

Paint
4” Vinyl Cove Base
Wax floors
Lighting
Ceiling tiles

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