Document:

fgen-ex1032_233.htm

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

Electronic Supervision Code: [*]

State-Owned Construction Land Use Right

Granting Contract

Promulgated by

Ministry of Land and Resources of the People’s Republic of China

State Administration for Industry and Commerce of the People’s Republic of China

1

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

Contract number: C13090020170010BC

State-Owned Construction Land Use Right Granting Contract

Parties to this Contract:

Grantor: The Bureau of Land and Resources of Cangzhou

Mailing address: Bohai New Area Branch, the Bureau of Land and Resources of Cangzhou

Postal code: 061113

Telephone: [*]

Facsimile: 0317-5767570

Account Bank: [*]

Account number: [*]

Grantee: FibroGen (China) Medical Technology Development Co., Ltd.

Mailing address: Rooms 101-601, Unit 2, Building No. 7, No. 88, Ke Chuang Liu Jie, Beijing Economic and Technological Development Zone, Beijing City

Postal code: 101111

Telephone: [*]

Facsimile: 010-56315052

Account Bank: [*]

Account number: [*]

2

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

Chapter I General Provisions

Article IThis Contract is entered into by and between the parties based on the principles of equality, free will, good faith and for a consideration, in accordance with the Property Law of the People’s Republic of China, the Contract Law of the People’s Republic of China, the Land Administration Law of the People’s Republic of China, the Urban Real Estate Administration Law of the People’s Republic of China and other applicable laws and administrative regulations and the policies in respect of land supply.

Article IIThe ownership of the granted land belongs to the People’s Republic of China. Grantor is authorized by applicable laws to grant the right to use state-owned construction land. Such grant does not include the underground resources or buried objects. 

Article IIIFor the state-owned construction land of which Grantee has lawfully obtained the use right, Grantee is entitled to, during the term of the grant, the possession, utilization, profits from and lawful disposition of the land, and have the right to lawfully construct buildings, structures and ancillary facilities thereon.

Chapter II Delivery of the Granted Land and Payment of the Grant Fee

Article IVThe serial number of the land parcel to be granted under this Contract is C-2016-41. The total area of the parcel is thirty-three thousand, three hundred and fifty-one point two zero (33,351.20) square meters, of which, the area of the land parcel to be granted is thirty-three thousand, three hundred and fifty-one point two zero (33,351.20) square meters.

The land parcel to be granted under this Contract is located at the western section of Cangzhou Coastal-Port Economic and Technological Development Zone bordering with state-owned vacant land to the north, south and west, and Jingliu Road to the east.

The ichnographic boundaries of the granted land parcel hereunder are      /      ; the map showing the ichnographic boundaries of the granted land parcel is set forth in Appendix 1.

The upper limit of the vertical limit of the granted land parcel hereunder shall be    / , and the lower limit thereof shall be   / , and the height difference is   /   meters. The vertical limit of the granted land parcel is set forth in Appendix 2.

The spatial scale of the granted land parcel shall be the closed spatial scale created by the perpendicular planes constituted by the aforesaid boundaries and the plane constituted by the upper limit and the lower limit of elevation. 

Article VThe land parcel granted hereunder shall be used for industrial purposes.

Article VIGrantor agrees to deliver the granted land parcel to Grantee by [*], and Grantor agrees to cause the land parcel to meet the land requirements as set forth in Clause (I) of this Article at the time of such delivery:

(I)Levelness of the land parcel: to make the land parcel level within; 

3

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

The surrounding infrastructure of the land parcel shall meet the following requirements: The construction of water supply, road and electricity supply facilities outside the land parcel shall be completed.

(II)Current land conditions:               /                .

Article VIIThe state-owned construction land use right granted hereunder shall have a term of grant of 50 years, commencing on the date of delivery pursuant to Article VI hereof, or, in the case of post-registration of land use right granted on a piece of state-owned construction land that was previously allotted (leased), the date of execution of the contract. 

Article VIIIThe grant fee for the granting of the state-owned construction land use right of the land parcel hereunder shall be RMB four million, eight hundred and forty thousand (4,840,000), at a unit price of RMB one hundred and forty-five point one two (145.12) per square meter.

Article IXThe deposit for the land parcel granted hereunder shall be RMB [*], and shall set off a portion of the grant fee.

Article XGrantee agrees to pay Grantor the grant fee for the state-owned construction land use right pursuant to Clause (I) of Section 1 under this Article X:

(I)Within 60 days from the date of execution of this Contract, Grantee shall pay the grant fee in a lump sum.

(II)Grantee shall pay in     /     installments the grant fee to Grantor at such times and in such amounts as set forth below.

In the event that Grantee pays the grant fee for the state-owned construction land use right in installments, Grantees agrees to pay Grantor, at the time of the second and each subsequent installment payment, an interest thereon at the loan interest rate published by the People’s Bank of China on the date of the first installment payment.

Article XIAfter full payment of the entire grant fee for the land parcel pursuant to the terms hereof, Grantee shall file an application for registration of the granted state-owned construction land use right by presenting this Contract, the payment certificate of the grant fee, and other relevant supporting documents. 

Chapter IIIDevelopment, Construction and Utilization of the Land

Article XIIGrantee agrees to comply with the requirements set forth in Clause (I) of this Article in respect of the development investment intensity of the land parcel hereunder:

(I)In the event the land parcel granted hereunder is used for the construction of an industrial project, Grantee agrees that the aggregate fixed asset investment in the project on the land parcel under this Contract shall be no less than the amount approved or registered, which is RMB [*], and the investment intensity shall be no less than RMB [*] per square meter. The aggregate fixed asset investment of the construction project on the land parcel hereunder shall include, among others, the buildings, structures and ancillary facilities, investment in equipment and the grant fee.

4

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

(II)In the event the land parcel granted hereunder is not used for the construction of an industrial project, Grantee undertakes that the aggregate development investment amount on the land parcel hereunder shall be no less than RMB              /              (in numbers, ______ / _______).

Article XIIIAny new building, structure and ancillary facility constructed by Grantee within the land parcel under this Contract shall satisfy the planning requirements of the land parcel granted (as provided in Appendix 3) as imposed by the planning administration department of the appropriate municipality or county government. Such requirements include:

Nature of the main building: [*];

Nature of the ancillary buildings: [*];

Total construction area: [*];

Plot ratio: no more than         /         , and no less than [*]         ;

Building height limit:                /                ;

Building coverage ratio: no more than [*], and no less than [*]; 

Greening rate: no more than [*], and no less than    /    ;

Other land use requirements: [*].

Article XIVGrantee agrees to comply with Clause (I) of this Article with respect to the construction of ancillary facilities on the land parcel under this Contract:

(I)The land parcel hereunder is used for the construction of an industrial project. In accordance with the planning design requirements imposed by the planning authority, the land area, within the granted land parcel hereunder, used for internal administrative office and living service facilities shall be no more than [*] of the total area of the granted land parcel, which equals [*] square meters, and the construction area thereof shall be no more than _________/__________ square meters. Grantee agrees not to build any residential units, expert housings, hotels, guesthouses, training centers or other non-production facilities within the granted land parcel.

(II)The land parcel hereunder is used for the construction of a residential project. In accordance with the planning construction requirements imposed by the authorities of planning and construction administration, the total number of residential units built on the land parcel granted hereunder shall be no less than __  / __. Among them, there should be no less than ____/_____ residential units with a per-unit construction area under 90 square meters, and the requirements of such residential units shall be ____________/ ______________. The ratio of the total area of the residential units within the land parcel hereunder with a per-unit construction area under 90 square meters to the aggregate development construction area of the land parcel shall be no less than __/ ___%. With respect to the affordable housing, low-rent housing and other government-sponsored housing built within the land parcel under this Contract, Grantee agrees to act, upon the completion of their constructions, in accordance with Item _/__ of this provision:

5

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

1.Handover to the government;

2.Repurchase by the government;

3.Disposal pursuant to the applicable government regulations in respect of the construction and sales administration of affordable housing; 

4.___________/______________.

Article XVGrantee agrees to concurrently construct the following ancillary projects on the land parcel under this Contract, and to transfer without compensation such ancillary projects to the government upon completion thereof: ___________/_________.

Article XVIGrantee agrees to commence the construction project on the land parcel hereunder by [*] and to complete such project by [*].

Grantee shall submit an application for extension of construction commencement to Grantor 30 days in advance if it cannot commence on time. If the application is approved by Grantor, the completion time of the project may be extended accordingly, provided, however, that the extension period shall not exceed one year. 

Article XVIIDuring the construction on the land parcel under this Contract, Grantee shall comply with applicable regulations with respect to the works of connection between water supply, gas supply, sewage disposal and other facilities and the main pipelines and power substations outside of the land parcel.

Grantee agrees that any pipelines or wires installed by the government for public utility purposes may enter, exit, pass, or cross the land parcel, provided that the government or the entity responsible for the construction of public utilities shall reasonably compensate Grantee if the utilization of the land parcel is affected thereby.

Article XVIIIGrantee shall use the land in accordance with, and shall not alter without appropriate approval, the purpose of the land and the plot ratio as agreed herein. Both parties agree to apply Clause (I) of this Article in the event that the purpose of the land agreed herein needs to be altered during the term of the grant:

(I)Grantor shall reclaim the construction land use right with compensation.

(II)The parties shall obtain the approval for the land purpose change in accordance with the laws and enter into an amendment to the existing, or a new, state-owned construction land use right granting contract, and Grantee pay an additional grant fee for state-owned construction land use right in an amount equal to the difference between the appraised market price of the construction land use right for the new purpose at the time the change is approved and that of the construction land use right for the original purpose, and obtain land use change registration.

Article XIXThe government reserves the right to make any planning adjustment to the land parcel hereunder during the term of use. In the case of any amendment to the previous planning, the existing buildings on the land parcel at that time shall not be affected; provided, however, that in the event of any alteration, renovation or re-building of the buildings, structures and ancillary facilities on the land parcel during the term of use, or when applying for an extension after the original term expires, the planning then in effect shall apply.

6

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

Article XXGrantor shall not reclaim Grantee’s lawful state-owned construction land use right prior to the expiration of the term of use provided herein; under special circumstances where early reclamation of such right is required for social and public interest reasons, Grantor shall obtain an approval pursuant to the legal procedures, and shall indemnify the user of the land based on the value of the buildings, structures and ancillary facilities on the land at the time of such reclamation, the appraised market price of the state-owned construction land use right for the remaining period, and the appraised direct losses. 

Chapter IV Assignment, Lease and Mortgage
of the State-Owned Construction Land Use Right

Article XXISubject to its full payment of the grant fee for the state-owned construction land use right in accordance with the terms hereof and receipt of the state-owned land use certificate, Grantee is entitled to assign, lease or mortgage all or any part of the state-owned construction land use right hereunder. The initial assignment shall meet the requirements as set forth in Clause (I) of this Article:

(I)Grantee has made investment and development in accordance with the terms of this Contract, and has completed at least 25% of the total development investment amount;

(II)Grantee has made investment and development in accordance with the terms of this Contract, and has created the land conditions for industrial or other construction use.

Article XXIIContracts of such assignment, lease and mortgage in respect of the state-owned construction land use right shall not violate any laws or regulations of the State or the terms of this Contract. 

Article XXIIIUpon the assignment of all or a part of the state-owned construction land use right hereunder, the rights and obligations set forth in this Contract and in the land registration documents shall be assigned together with such assignment, and the term of use for the state-owned construction land use right shall be the term of use provided herein minus the number of years that have elapsed. 

Upon the lease of all or a part of the state-owned construction land use right hereunder, the rights and obligations set forth in this Contract and in the land registration documents shall remain with Grantee.

Article XXIVIn the event of any assignment or mortgage of the state-owned construction land use right hereunder, the parties to such assignment or mortgage shall register the change in land right at the applicable administration of land and resources by presenting this Contract, the relevant contract of assignment or mortgage, and the state-owned land use certificate.

Chapter VExpiration of Term of Use

Article XXVUpon expiration of the term of land use as provided herein, if the land user needs to continue using the land parcel hereunder, it shall submit an application to Grantor for an extension at least one year prior to the expiration date. Grantor shall approve such extension, unless the land parcel is required to be reclaimed due to social and public interests. 

7

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

Upon expiration of the term of land use right for residential housing construction land, the term of use shall be automatically extended. 

Where Grantor approves such extension, the land user shall perform the formalities for granting, lease or other compensated land use in compliance with legal requirements, enter into a new granting, lease or other compensated land use contract, and pay land grant fee, rent or other fee for the compensated land use.

Article XXVIIf the term of land granting expires, and the land user applies for an extension, but is denied due to social and public interest concerns, the land user shall return the state-owned land use certificate, and cancel the state-owned construction land use right registration pursuant to the applicable requirements. Such land use right shall be reclaimed by Grantor without compensation. Grantor and such land user agree that, with respect to the buildings, structures and ancillary facilities on the land parcel hereunder, the following Item (I) of this Article shall apply:

(I)Grantor shall reclaim the buildings, structures and ancillary facilities, and compensate the land user for the remaining value thereof at the time of reclamation.

(II)Grantor shall reclaim the buildings, structures and ancillary facilities without compensation.

Article XXVIIIf the term of land granting expires, but the land user does not apply for an extension, the land user shall return the state-owned land use certificate, and cancel the state-owned construction land use right registration in compliance with legal requirements. Such state-owned construction land use right shall be reclaimed by Grantor without compensation. The buildings, structures and ancillary facilities on the land parcel hereunder shall be reclaimed by Grantor without compensation, and the land user shall maintain such buildings, structures and ancillary facilities in normal working conditions, and shall not cause any damage to them willfully. If the buildings, structures and ancillary facilities are not in normal working conditions, Grantor may request the land user to remove or to demolish such buildings, structures and ancillary facilities, and to restore the leveling of the land.

Chapter VIForce Majeure 

Article XXVIIIIf either party is unable to perform all or part of the Contract due to force majeure, its liability may be exempted; provided, however, that such party shall, to the extent possible in light of the circumstances, take all remedial measures necessary to mitigate the losses caused by force majeure. Liability shall not be exempted if the force majeure occurs during the period of the delayed performance of one party.

Article XXIXIn the event of force majeure, the affected party shall notify the other party in writing, including through letter, telegram, and facsimile, within 7 days of such event, and shall submit, within 15 days of the event, to the other party a report and proof of its inability to perform all or part of the Contract or the need to delay its performance thereof.

8

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

Chapter VIILiabilities for Breach of Contract

Article XXXGrantee shall timely pay the grant fee for the state-owned construction land use right pursuant to the terms hereof. If Grantee fails to pay the grant fee for the state-owned construction land use right on time, Grantee shall pay liquidated damages equal to [*] of the overdue amount to Grantor for every day of delay, commencing from the date on which the amount becomes overdue. If the payment has been overdue for more than 60 days and Grantee still fails to make the payment despite the notice by Grantor demanding such payment, Grantor shall be entitled to terminate this Contract, while Grantee shall not be entitled to a refund of the deposit, and Grantor may also hold Grantee liable for Grantor’s losses. 

Article XXXIIf Grantee proposes to Grantor to terminate this Contract and applies to return the land to Grantor due to the fact that it has ceased its investment in and construction of the project for its own reasons, Grantor may, subject to the approval of the government that approved the original land granting plan, and in accordance with the following provisions, as applicable, refund all or part of the grant fee for the state-owned construction land use right (without interest) other than the deposit provided herein, and reclaim the state-owned construction land use right, and may make no compensation to Grantee for the buildings, structures and ancillary facilities already constructed within the land parcel. Grantor may further request Grantee to remove the constructed buildings, structures and ancillary facilities and to restore the leveling of the land; provided, however, in the event that Grantor desires to continue using such buildings, structures and ancillary facilities within the land parcel, Grantor shall make certain compensation to Grantee:

(I)In the event Grantee files the application at least 60 days prior to the first anniversary of the construction commencement date provided herein, Grantor shall refund the grant fee paid by Grantee for the state-owned construction land use right to Grantee after deduction of the deposit;

(II)In the event Grantee files the application after the first anniversary of the construction commencement date provided in this Contract but 60 days prior to the second anniversary of such construction commencement date, Grantor shall refund the grant fee paid by Grantee for the state-owned construction land use right to Grantee after deduction of the deposit provided herein and a land idle fee imposed in accordance with legal requirements. 

Article XXXIIIn the event Grantee causes the land to be idle for at least one year but less than two years, Grantee shall pay a land idle fee in accordance with legal requirements. In the event the land remains idle for two years or longer, and the construction has not commenced, Grantor shall be entitled to reclaim the state-owned construction land use right without compensation.

Article XXXIIIIn the event Grantee fails to commence the construction by the date provided herein, or the date agreed to in case of an approved extension, as applicable, for each day of delay, Grantee shall pay Grantor liquidated damages in an amount equal to [*] of the total grant fee for the state-owned construction land use right, and Grantor shall have the right to require Grantee to continue to perform this Contract. 

In the event Grantee fails to complete the construction on the date provided herein, or the date agreed to in case of an approved extension, as applicable, for each day of delay, Grantee shall pay Grantor liquidated damages in an amount equal to [*] of the total grant fee for the state-owned construction land use right.

9

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

Article XXXIVIn the event the total fixed asset investment, the investment intensity or the total development investment of the project fails to meet the standards set forth herein, Grantor may require Grantee to pay liquidated damages as a percentage of the grant fee for the state-owned construction land use right, which percentage shall equal the proportion of the actual shortfall to the agreed total investment or investment intensity index, and Grantor may also require Grantee to continue to perform this Contract.

Article XXXVIn the event the plot ratio, building coverage ratio or any other index of the land parcel hereunder is lower than the minimum stipulated herein, Grantor may require Grantee to pay liquidated damages as a percentage of the grant fee for the state-owned construction land use right, which percentage shall equal the proportion of the actual shortfall to such minimum stipulated, and Grantor shall have the right to require Grantee to continue to perform this Contract; in the event the plot ratio, building coverage ratio or any other index of the land parcel is higher than the maximum stipulated herein, Grantor shall be entitled to reclaim the part that is in excess of the maximum stipulated, and to require Grantee to pay liquidated damages as a percentage of the grant fee for the state-owned construction land use right, which percentage shall equal the proportion of the actual excess to the maximum stipulated herein.

Article XXXVIIn the event the greening rate, the percentage of the land used for internal administrative office and living service facilities, the construction area of internal administrative office and living service facilities or any other index in respect of an industrial construction project exceeds the index stipulated herein, Grantee shall pay Grantor liquidated damages in an amount equal to [*] of the grant fee for the land parcel, and shall be required to remove the corresponding greening and building facilities.

Article XXXVIIGrantor shall, upon Grantee’s payment of the grant fee for the state-owned construction land use right pursuant to this Contract, deliver the granted land on time in accordance with the terms hereof. In the case of any delay in Grantee’s possession of the land parcel hereunder due to the failure of Grantor to timely deliver the granted land, for each day of such delay, Grantor shall pay Grantee liquidated damages in an amount equal to [*] of the grant fee for the state-owned construction land use right paid by Grantee, and the term of land use shall commence on the date of actual delivery of the land. In the event the delay by Grantor continues for more than 60 days, and Grantor still fails to deliver the land despite the notice from Grantee demanding the delivery, Grantee shall be entitled to terminate the Contract, and Grantor shall pay Grantee an amount equal to twice the deposit, and refund to Grantee the balance of the grant fee paid for state-owned construction land use right. Grantee may also hold Grantor liable for Grantee’s losses. 

Article XXXVIIIIn the event that Grantor fails to deliver the land on time, or the land delivered does not meet the land conditions as stipulated herein, or Grantor unilaterally alters the land use conditions, Grantee shall have the right to require Grantor to perform Grantor’s obligations according to the terms provided herein, and to indemnify Grantee for the direct loss incurred by Grantee due to such delay. The term of land use shall commence from the date on which the stipulated land conditions are satisfied. 

Chapter VIIIGoverning Law and Dispute Resolution

Article XXXIXThe formation, validity, interpretation, performance and dispute resolution of this Contract shall be governed by the laws of the People’s Republic of China.

10

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

Article XLAny dispute arising from the performance of this Contract shall first be resolved through negotiation between the parties. If the parties do not settle after negotiation, such dispute shall be resolved by in accordance with Item (I) of this Article:

(I)submitting the dispute to Cangzhou Arbitration Commission for arbitration;

(II)bringing an action to a people’s court in accordance with law.

Chapter IXMiscellaneous

Article XLIThe land granting plan in connection with the land parcel hereunder has been approved by the Cangzhou Bohai New Area Administration Committee (people’s government). This Contract shall become effective as of the date of execution by both parties.

Article XLIIBoth parties represent that the names, mailing addresses, telephone numbers, facsimile numbers, account banks, agents and other information filled in under this Contract are accurate and valid. In the event that one party’s information changes, such party shall notify the other party in writing within 15 days from the date of the change, or be responsible for any failure in timely notification. 

Article XLIIIThis Contract, together with its appendices, consists of twenty-one pages, and the Chinese version shall prevail.

Article XLIVThe prices, amounts and areas herein shall be set forth both in texts and in numbers, which shall be consistent with each other. In case of any inconsistency, those stated in texts shall prevail.

Article XLVWith respect to any issue not stipulated herein, the parties may enter into a separate agreement, which shall be attached hereto as an appendix, and shall have the same legal force and effect as this Contract.

Article XLVIThis Contract shall be executed in four counterparts, of which Grantor shall keep one and Grantee shall keep three, all of which shall have the same legal force and effect. 

11

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

Supplementary Clause

Grantee shall, at the time of commencement and completion of the construction project on the land parcel hereunder, submit a written report on the commencement or completion, as the case may be, of the construction to the Zhongjie Industrial Zone Land and Resources Station of Bohai New Area Branch of the Bureau of Land and Resources of Cangzhou. Failure to do so will render Grantee ineligible to participate in any land acquisitions in Bohai New Area within one year. 

 

			
	
Grantor (chop):
	
 
	
Grantee (chop):

	
Legal representative
	
 
	
Legal representative

	
(or authorized representative):
	
 
	
(or authorized representative):

	
(Signature):/s/ Haihua Zhang
	
 
	
(Signature): /s/ Junming Chen

 

Date: February 21, 2017

12

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

[*]

13

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

Appendix 2 

[*]

14

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Act of 1934, as amended.

Exhibit 10.32

[*]

15fgen-ex1033_232.htm

 

Exhibit 10.33

FIBROGEN, INC.

CHANGE IN CONTROL AND SEVERANCE AGREEMENT

 

This Change in Control and Severance Agreement (this “Agreement”) is dated as of __________, by and between [______________] (“Executive”) and FibroGen, Inc., a Delaware corporation (the “Company”).  This Agreement is intended to provide Executive with certain benefits described herein upon the occurrence of specific events.   

RECITALS

A.It is expected that the Company from time to time will consider the possibility of a Change in Control.  The Company’s Board of Directors (the “Board”) recognizes that such consideration can be a distraction to Executive and can cause Executive to consider alternative employment opportunities.  The Board believes that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat or occurrence of a Change in Control (as defined below).

B.The Company’s Board believes it is in the best interests of the Company and its shareholders to retain Executive and provide incentives to Executive to continue in the service of the Company.

C.The Board further believes that it is imperative to provide Executive with certain benefits upon termination of Executive’s employment in connection with a Change in Control which benefits are intended to provide Executive with financial security and provide sufficient income and encouragement to Executive to remain with the Company, notwithstanding the possibility of a Change in Control and/or termination of Executive’s employment with the Company. 

Now therefore, in consideration of the mutual promises, covenants and agreements contained herein, and in consideration of the continuing employment of Executive by the Company, the parties hereto agree as follows:

1.At-Will Employment.  Executive’s employment is at-will, which means that the Company may terminate Executive’s employment at any time, with or without advance notice, and with or without Cause.  Similarly, Executive may resign Executive’s employment at any time, with or without advance notice.  Executive shall not receive any compensation of any kind, including, without limitation, Stock Awards (as defined below), or other equity award vesting acceleration and severance benefits, following Executive’s termination of employment with the Company in connection with a Change in Control, except as expressly provided herein.   

2.Benefits upon a Termination in Connection with or Following a Change in Control.  

(a)Severance Benefits.  If Executive’s employment is terminated by the Company without Cause (as defined below), and other than as a result of death or disability, or Executive resigns his or her employment with the Company for Good Reason (as defined below) in connection with or within eighteen (18) months following the effective date of a Change in Control, and provided such termination constitutes a “separation from service” (within the meaning of Treasury Regulation Section 1.409A-1(h), a “Separation from Service”), and further provided that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the “Severance Benefits”):

(i)The Company shall pay Executive an amount equal to [twelve/eighteen/twenty-four (12/18/24)] months of Executive’s then current base salary, ignoring any decrease in base salary that forms the basis for Good Reason, less all applicable withholdings and deductions, paid [in a lump sum/over such twelve/eighteen/twenty-four (12/18/24) month period] immediately following the Separation from Service in accordance with the Company’s regular payroll practices, on the schedule described in Section 3 below.

 

 

(ii)The Company shall pay Executive’s expenses for continuing his or her health care coverage and the coverage of his or her dependents who are covered at the time of the Executive’s Separation from Service (the “COBRA Premiums”) under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) (or another state law equivalent), as applicable, for a period ending on the earlier of the eighteen (18) month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer  (the “Change in Control COBRA Payment Period”); provided however that any Company obligation under this Section 2(a)(ii) requires that Executive timely elects COBRA continuation coverage as required by applicable law.  Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the Company cannot pay the COBRA Premiums without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof pay Executive a taxable cash amount, which payment shall be made regardless of whether Executive or Executive’s eligible family members elect health care continuation coverage (the “Health Care Benefit Payment”).  The Health Care Benefit Payment shall be paid in monthly installments on the same schedule that the COBRA Premiums would otherwise have been paid to the insurer.  The Health Care Benefit Payment shall be equal to the amount that the Company would have otherwise paid for COBRA Premiums (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the expiration of the Change in Control COBRA Payment Period.

(iii)All outstanding Stock Awards then held by Executive shall become fully vested and exercisable with respect to all of the shares subject thereto effective immediately prior to Executive’s Separation from Service under this Section 2(a).

Notwithstanding the foregoing, in the event that Executive would be entitled to a greater level of severance benefits under the terms and conditions of a severance plan or policy provided by the Company or its successor to other Company employees being terminated in connection with or within twelve (12) months following a Change in Control but for the existence of this Agreement (the “Change in Control Benefits”), Executive shall be entitled to receive the greater of the Severance Benefits or the Change in Control Benefits, subject to the applicable terms and conditions thereof.

(b)Accrued Wages, Bonus and Vacation, Expenses.  Without regard to the reason for, or the timing of, Executive’s termination of employment: (i) the Company shall pay Executive any unpaid base salary due for periods prior to and including the date of Separation from Service; (ii) the Company shall pay Executive all of Executive’s accrued and unused vacation through the date of Separation from Service; (iii) the Company shall pay Executive any earned (as determined and approved by the Board prior to the Separation from Service) but not yet paid incentive bonus from the prior fiscal year, which bonus shall be paid in accordance with the Company’s regular bonus payment process and in any event by no later than March 15 of such subsequent year; and (iv) following submission of proper expense reports by Executive, the Company shall reimburse Executive for all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company prior to the Separation from Service.  These payments shall be made promptly upon or following termination and within the period of time mandated by law (or in the case of an earned bonus, within the time period set forth in the Company’s bonus plan and in any event by no later than March 15 of the calendar year following the year in which the bonus was earned).

3.Release Prior to Payment of Severance Benefits. Prior to the payment of any of the Severance Benefits, Executive shall execute, and allow to become effective, a customary and standard employment release agreement in substantially the form attached hereto as Exhibit A, Exhibit B, or Exhibit C, as applicable, releasing the Company (and its successor) from any and all claims Executive may have against such entities related to or arising in connection with his or her employment and the terms of such employment and termination thereof (the “Release”) within the time frame set forth therein, but not later than sixty (60) days following Executive’s Separation from Service (the “Release Effective Date”).  Such Release shall specifically relate to all of Executive’s rights and claims in existence at the time of such execution and shall confirm Executive’s continuing obligations to the Company (including but not limited to obligations under any confidentiality and/or non-solicitation agreement with the Company).  No Severance Benefits will be paid prior to the Release Effective Date.  Within five (5) days following the Release Effective Date, the Company will pay Executive the Severance Benefits Executive would otherwise have received on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of the benefits being paid as originally scheduled.  Unless a Change in Control has occurred, the Board, in its sole discretion, may modify the form of the required Release to comply with applicable law and shall determine the form of the required Release, which may be incorporated into a termination agreement or other agreement with Executive.  Notwithstanding the foregoing, if the Company (or, if applicable, the successor entity thereto) determines that any of the Severance Benefits constitute “deferred compensation” under Section 409A (defined below), then, solely to the extent 

2.

 

necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, no Severance Benefits will be paid prior to the sixtieth (60th) day following Executive’s Separation from Service. On the sixtieth (60th) day following the date of Separation from Service, the Company will pay to Executive in a lump sum the applicable Severance Benefits that Executive would otherwise have received on or prior to such date, with the balance of the Severance Benefits being paid as originally scheduled.

4.Limitation on Payments. If any payment or benefit (including payments and benefits pursuant to this Agreement) that Executive would receive in connection with a Change in Control from the Company or otherwise (“Transaction Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be determined, before any amounts of the Transaction Payment are paid to Executive, which of the following two alternative forms of payment would result in Executive’s receipt, on an after-tax basis, of the greater amount of the Transaction Payment notwithstanding that all or some portion of the Transaction Payment may be subject to the Excise Tax: (1) payment in full of the entire amount of the Transaction Payment (a “Full Payment”), or (2) payment of only a part of the Transaction Payment so that Executive receives the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”) .  For purposes of determining whether to make a Full Payment or a Reduced Payment, the Company shall cause to be taken into account all applicable federal, state and local income and employment taxes and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes).  If a Reduced Payment is made, (x) Executive shall have no rights to any additional payments and/or benefits constituting the Transaction Payment, and (y) reduction in payments and/or benefits will occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits paid to Executive.  In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards.  In no event will the Company or any stockholder be liable to Executive for any amounts not paid as a result of the operation of this Section 4.

(a)The professional firm engaged by the Company for general tax purposes as of the day prior to the effective date of the Change in Control shall make all determinations required to be made under this Section 4.  If the professional firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder.  The Company shall bear all expenses with respect to the determinations by such professional firm required to be made hereunder.

(b)The professional firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Executive within fifteen (15) calendar days after the date on which Executive’s right to a Transaction Payment is triggered or such other time as reasonably requested by the Company or Executive.  If the professional firm determines that no Excise Tax is payable with respect to the Transaction Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and Executive with detailed supporting calculations of its determinations that no Excise Tax will be imposed with respect to such Transaction Payment.  Any good faith determinations of the professional firm made hereunder shall be final, binding and conclusive upon the Company and Executive.

5.Successors.

(a)Company’s Successors.  Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the Company’s, or ensure that the Company fully performs its, obligations under this Agreement and shall perform the Company’s, or ensure that the Company performs its, obligations, under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession.  For all purposes under this Agreement, the term “Company” shall include any such successor.

(b)Executive’s Successors.    Without the written consent of the Company, Executive shall not assign or transfer any right or obligation under this Agreement to any other person or entity.  Notwithstanding the foregoing, the terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

3.

 

6.Notices.

(a)General.  Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid.  In the case of Executive, mailed notices shall be addressed to him at the home address which he most recently communicated to the Company in writing.  In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.

(b)Notice of Termination.  Any termination by the Company with or without Cause or by Executive as a result of a voluntary resignation for any reason shall be communicated by a notice of termination to the other party hereto given in accordance with this Agreement.

7.Arbitration.  The Company and Executive shall attempt to settle any disputes arising in connection with this Agreement through good faith consultation.  In the event that Executive and the Company are not able to resolve any such disputes within fifteen (15) days after notification in writing to the other, any dispute or claim arising out of or in connection with this Agreement will be finally settled by binding arbitration in San Francisco, California in accordance with the rules of the American Arbitration Association by one arbitrator mutually agreed upon by the parties.  The arbitrator will apply California law, without reference to rules of conflicts of law or rules of statutory arbitration, to the resolution of any dispute.  Except as set forth in Section 9(h) below, the arbitrator shall not have authority to modify the terms of this Agreement.  The Company shall pay the costs of the arbitration proceeding.  Each party shall, unless otherwise determined by the arbitrator, bear its or his or her own attorneys’ fees and expenses, provided however that if Executive prevails in an arbitration proceeding, the Company shall reimburse Executive for his or her reasonable attorneys' fees and costs.  Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  Notwithstanding the foregoing, the Company and Executive may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this paragraph, without breach of this arbitration provision.

8.Definition of Terms.  The following terms referred to in this Agreement shall have the following meanings:

(a)Cause.  “Cause” for termination of Executive’s employment will exist if Executive is terminated by the Company for any of the following reasons:  (i) Executive’s willful failure substantially to perform his or her duties and responsibilities to the Company or deliberate violation of a Company policy; (ii) Executive’s commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to result in material injury to the Company; (iii) unauthorized use or disclosure by Executive of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation of nondisclosure as a result of his or her relationship with the Company; or (iv) Executive’s willful breach of any of his or her obligations under any written agreement or covenant with the Company.  The determination as to whether Executive is being terminated for Cause shall be made in good faith by the Company and shall be final and binding on Executive.  The foregoing definition does not in any way limit the Company’s ability to terminate Executive’s employment relationship at any time as provided in Sections 1 and 9(d) of this Agreement, and the term “Company” will be interpreted to include any subsidiary, parent or affiliate of the Company, as appropriate. 

(b)Change in Control.  “Change in Control” means the first to occur of any of the following transactions that also constitutes a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the Company’s assets, as described in Treasury Regulation Section 1.409A‐3(i)(5):  (A) a merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the state in which the Company is incorporated; (B) the sale, transfer or other disposition of all or substantially all of the assets of the Company (including the capital stock of the Company’s subsidiary corporations); (C) any reverse merger in which the Company is the surviving entity but in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such merger; or (D) an acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities.

4.

 

(c)Good Reason.  “Good Reason” for Executive's resignation of his or her employment shall exist following the occurrence of any of the following without Executive’s written consent:  (i) a material reduction in job duties or responsibilities inconsistent with the Executive’s position with the Company; provided, however, that any such reduction or change after a Change in Control will not constitute Good Reason if Executive retains reasonably comparable duties,  and responsibilities with respect to the Company’s business within the successor entity following a Change of Control; (ii) a reduction of Executive’s then current base salary; (iii) the relocation of Executive’s principal place of employment to a place that increases Executive’s one-way commute by more than forty (40) miles as compared to Executive’s then current principal place of employment immediately prior to such relocation; (iv) any material breach by the Company of the Plan or any other written agreement between the Company and the Participant; or (v) the failure by any successor to the Company to assume the Plan and any obligations under the Plan; provided, that the Executive gives written notice to the Company of the event forming the basis of the termination for Good Reason within sixty (60) days after the date on which the Company gives written notice to the Executive of the Company’s affirmative decision to take an action set forth in clause (i), (ii), (iii), (iv) or (v) above, the Company fails to cure such basis for the Good Reason resignation within thirty (30) days after receipt of Executive’s written notice and Executive terminates his or her employment within thirty (30) days following the expiration of the cure period.

(d)Plan. “Plan” collectively refers to  (i) Company’s Amended and Restated 2005 Stock Plan, adopted by the Board on February 17, 2005, as amended from time to time, (ii) Company’s 2014 Equity Incentive Plan, adopted by the Board on September 9, 2014, as amended from time to time, and (iii) any preceding and succeeding plans thereto.

(e)Stock Awards.  “Stock Award(s)” means any right to receive or purchase equity of the Company or other equity based award or compensation as granted under the Plan, including without limitation an Incentive Stock Option, a Nonstatutory Stock Option, a Stock Purchase Award, a Stock Bonus Award, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Unit Award, a Stock Appreciation Right, a Performance Stock Award or any Other Stock Award, each of the foregoing as defined under the Plan.   

9.Miscellaneous Provisions.

(a)Executive Obligations.  Notwithstanding anything to the contrary contained herein, payment of any of the Severance Benefits will be conditioned upon (i) Executive continuing to comply with his or her obligations under his or her Confidential Information, Secrecy and Invention Agreement during the period of time in which Executive is receiving the Severance Benefits; and (ii) if Executive is a member of the Board, Executive’s resignation from the Board, to be effective no later than the date of Separation from Service (or such other date as requested by the Board). 

(b)Effect of Statutory Benefits. To the extent that any severance benefits are required to be paid to Executive upon termination of employment with the Company as a result of any requirement of law or any governmental entity in any applicable jurisdiction, the aggregate amount of severance benefits payable pursuant to Section 2 hereof shall not be reduced by such amount. 

(c)No Duty to Mitigate.  Executive shall not be required to mitigate the amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that Executive may receive from any other source.

(d)At-Will Employment Status.  Nothing in this Agreement modifies Executive’s at-will employment status.  Either Executive or the Company can terminate the employment relationship at any time, with or without Cause.

(e)Waiver.  No provision of this Agreement may be waived or discharged unless the waiver or discharge is agreed to in writing and signed by the affected Participant and by an authorized officer of the Company (other than Executive).  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

(f)Integration.  This Agreement supersedes all prior or contemporaneous agreements, whether written or oral, with respect to this Agreement, including Executive’s eligibility to be a Participant in the policy; provided that, for clarification purposes, this Agreement shall not affect any agreements between the Company and Executive regarding intellectual property matters, non-solicitation or non-competition restrictions or confidential information of the Company. This Agreement expressly supersedes and terminates the Change in Control and Severance Agreement, dated December 16, 2015, entered into by and between Company and Executive. 

5.

 

(g)Choice of Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the internal substantive laws, but not the conflicts of law rules, of the State of California.

(h)Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.

(i)Income and Employment Taxes.  Executive is responsible for any applicable taxes of any nature (including any penalties or interest that may apply to such taxes) that the Company reasonably determines apply to any payment made hereunder.  Executive’s receipt of any benefit hereunder is conditioned on his or her satisfaction of any applicable withholding or similar obligations that apply to such benefit and any cash payment owed hereunder will be reduced to satisfy any such withholding or similar obligations that may apply.  

(j)Code Section 409A.  It is intended that each installment of the payments and benefits provided for in this Agreements constitute a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i).  For the avoidance of doubt, it is intended that payments of the amounts set forth in this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (Section 409A of the Code, together, with any state law of similar effect, “Section 409A”) provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if the Company (or, if applicable, the successor entity thereto) determines that the severance payments and benefits provided under this Agreement(the “Agreement Payments”) constitute “deferred compensation” under Section 409A and Executive is, on the date of his or her Separation from Service, a “specified employee” of the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code (a “Specified Employee”), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Severance Benefits described in Section 4(b) shall be delayed as follows: on the earlier to occur of (i) the date that is six months and one day after Executive’s Separation from Service or (ii) the date of Executive’s death (such earlier date, the “Delayed Initial Payment Date”), the Company (or the successor entity thereto, as applicable) shall pay to Executive a lump sum amount equal to the applicable benefit that Executive would otherwise have received through the Delayed Initial Payment Date if the commencement of the payment of the benefit had not been so delayed pursuant to this Section 9(j).

(k)Legal Fees and Expenses.  The parties shall each bear their own expenses, legal fees and other fees incurred in connection with the execution of this Agreement.

(l)Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument.

[Signature Page Follows]

 

6.

 

In Witness Whereof, the parties have executed this Agreement as of the date first set forth above.

		
	
[OFFICER NAME]

	
Name:
	
 

	
Date:
	
 

	
FIBROGEN, INC.

	
By:
	
 

	
Name:
	
 

	
Title:
	
 

	
Date:
	
 

 

 

 

For Executive Age 40 or Older

Group Termination

Exhibit A

RELEASE AGREEMENT

In consideration of receiving certain benefits under my Change in Control and Severance Agreement with FibroGen, Inc. (the “Company”) dated ______________ (the “Agreement”), I have agreed to sign this Release.  I understand that I am not entitled to benefits under the Agreement unless I sign this Release.

I understand that this Release, together with the Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me with regard to the subject matter hereof.  I am not relying on any promise or representation by the Company that is not expressly stated therein.  Certain capitalized terms used in this Release are defined in the Agreement.

I hereby confirm my obligations under my Confidential Information, Secrecy and Invention Agreement with the Company.

Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its current and former directors, officers, executives, shareholders, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the “Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release (collectively, the “Released Claims”).  The Released Claims include, but are not limited to: (1) all claims arising out of or in any way related to my employment with the Company or its affiliates, or the termination of that employment; (2) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, Stock Awards, or any other ownership interests in the Company or its affiliates; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended), and the California Fair Employment and Housing Act (as amended)1.  Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (1) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party, the charter or bylaws of the Company, or under applicable law; (2) any rights related to vested securities of the Company that were granted to me during the course of my employment with the Company or any shares of capital stock or other securities of the Company that I purchased other than pursuant to Company’s Plan; or (3) any rights which are not waivable as a matter of law.  In addition, nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, the California Department of Fair Employment and Housing, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding.  I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released Claims.

	
	 

	
11
	
 Will need to revise for other states, as applicable.

-1-

For Executive Age 40 or Older

Group Termination

I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA.  I also acknowledge that the consideration given for the Released Claims is in addition to anything of value to which I was already entitled.  I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) the Released Claims do not apply to any rights or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not to do so); (c) I have forty-five (45) days to consider this Release (although I may choose to voluntarily sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the Release by providing written notice to an officer of the Company; and (e) the Release will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after I sign this Release (“Effective Date”).  

I have received with this Release all of the information required by the ADEA, including without limitation a detailed list of the job titles and ages of all employees who were terminated in this group termination and the ages of all employees of the Company in the same job classification or organizational unit who were not terminated, along with information on the eligibility factors used to select employees for the group termination and any time limits applicable to this group termination program.

I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”  I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims hereunder.

I hereby represent that I have been paid all compensation owed and for all hours worked, I have received all the leave and leave benefits and protections for which I am eligible, and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim.

I hereby agree not to disparage the Company, or its officers, directors, executives, shareholders or agents, in any manner likely to be harmful to its or their business, business reputation, or personal reputation; provided, however, that I will respond accurately and fully to any question, inquiry or request for information when required by legal process.

I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than forty-five (45) days following the date it is provided to me, and I must not revoke it thereafter.

		
	
[OFFICER NAME]

	
Name:
	
 

	
Date:
	
 

 

-2-

For Executive Under Age 40

Individual and Group Termination

 

Exhibit B

RELEASE AGREEMENT

In consideration of receiving certain benefits under my Change in Control and Severance Agreement with FibroGen, Inc. (the “Company”) dated  _______________ (the “Agreement”), I have agreed to sign this Release.  I understand that I am not entitled to benefits under the Agreement unless I sign this Release.

I understand that this Release, together with the Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me with regard to the subject matter hereof.  I am not relying on any promise or representation by the Company that is not expressly stated therein.  Certain capitalized terms used in this Release are defined in the Agreement.

I hereby confirm my obligations under my Confidential Information, Secrecy and Invention Agreement with the Company.

Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its current and former directors, officers, executives, shareholders, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the “Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release (collectively, the “Released Claims”).  The Released Claims include, but are not limited to:  (1) all claims arising out of or in any way related to my employment with the Company or its affiliates, or the termination of that employment; (2) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, Stock Awards, or any other ownership interests in the Company or its affiliates; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the federal Executive Retirement Income Security Act of 1974 (as amended), and the California Fair Employment and Housing Act (as amended).  Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (1) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party, the charter or bylaws of the Company, or under applicable law; (2) any rights related to vested securities of the Company that were granted to me during the course of my employment with the Company or any shares of capital stock or other securities of the Company that I purchased other than pursuant to Company’s Plan; or (3) any rights which are not waivable as a matter of law.  In addition, nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, the California Department of Fair Employment and Housing, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding.  I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released Claims.

I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA.  I also acknowledge that the consideration given for the Released Claims is in addition to anything of value to which I was already entitled.  I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) the Released Claims do not apply to any rights or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not to do so); (c) I have twenty-one (21) days to consider this Release (although I may choose to voluntarily sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the Release by providing written notice to an officer of the Company; and (e) the Release will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after I sign this Release (“Effective Date”).  

-1-

For Executive Under Age 40

Individual and Group Termination

 

I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”  I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims hereunder.

I hereby represent that I have been paid all compensation owed and for all hours worked, I have received all the leave and leave benefits and protections for which I am eligible, and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim.

I hereby agree not to disparage the Company, or its officers, directors, executives, shareholders or agents, in any manner likely to be harmful to its or their business, business reputation, or personal reputation; provided, however, that I will respond accurately and fully to any question, inquiry or request for information when required by legal process.

I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than twenty-one (21) days following the date it is provided to me, and I must not revoke it thereafter.

		
	
[OFFICER NAME]

	
Name:
	
 

	
Date:
	
 

 

 

-2-

For Executive Under Age 40

Individual and Group Termination

 

Exhibit C

RELEASE AGREEMENT

In consideration of receiving certain benefits under my Change in Control and Severance Agreement with FibroGen, Inc. (the “Company”) dated  _____________ (the “Agreement”), I have agreed to sign this Release.  I understand that I am not entitled to benefits under the Agreement unless I sign this Release.

I understand that this Release, together with the Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me with regard to the subject matter hereof.  I am not relying on any promise or representation by the Company that is not expressly stated therein.  Certain capitalized terms used in this Release are defined in the Agreement.

I hereby confirm my obligations under my Confidential Information, Secrecy and Invention Agreement with the Company.

Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its current and former directors, officers, executives, shareholders, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the “Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release (collectively, the “Released Claims”).  The Released Claims include, but are not limited to:  (1) all claims arising out of or in any way related to my employment with the Company or its affiliates, or the termination of that employment; (2) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, Stock Awards, or any other ownership interests in the Company or its affiliates; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Executive Retirement Income Security Act of 1974 (as amended), and the California Fair Employment and Housing Act (as amended).  Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (1) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party, the charter or bylaws of the Company, or under applicable law; (2) any rights related to vested securities of the Company that were granted to me during the course of my employment with the Company or any shares of capital stock or other securities of the Company that I purchased other than pursuant to Company’s Plan; or (3) any rights which are not waivable as a matter of law.  In addition, nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, the California Department of Fair Employment and Housing, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding.  I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released Claims.

I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”  I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims hereunder.

I hereby represent that I have been paid all compensation owed and for all hours worked, I have received all the leave and leave benefits and protections for which I am eligible, and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim.

-1-

For Executive Under Age 40

Individual and Group Termination

 

I hereby agree not to disparage the Company, or its officers, directors, executives, shareholders or agents, in any manner likely to be harmful to its or their business, business reputation, or personal reputation; provided, however, that I will respond accurately and fully to any question, inquiry or request for information when required by legal process.

I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than fourteen (14) days following the date it is provided to me, and I must not revoke it thereafter.

		
	
[OFFICER NAME]

	
Name:
	
 

	
Date:
	
 

 

-2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}]]