Document:

Form of Stock Option Grant Agreement for Non-Employee Directors

 Exhibit 10.5 
 Arena Pharmaceuticals, Inc. 2012 Long-Term Incentive Plan 
 Stock
Option Grant Agreement for Non-Employee Directors 
 THIS GRANT AGREEMENT (this “Agreement”), effective as of
                         (the “Grant Date”), is entered into by and between Arena Pharmaceuticals, Inc., a
Delaware corporation (the “Company”), and                          (the “Participant”). 

1. Grant of Options. The Company hereby grants to the Participant a non-qualified stock option (the “Option”) to
purchase              shares of common stock of the Company, par value $0.0001 per share (the “Shares”), at the exercise price of
$             per Share (the “Exercise Price”). The Option is not intended to qualify as an incentive stock option under Section 422 of the Code. 

2. Subject to the Plan. This Agreement is subject to the provisions of the Arena Pharmaceuticals, Inc., 2012 Long-Term Incentive
Plan (the “Plan”), and, unless the context requires otherwise, terms used herein shall have the same meaning as in the Plan. In the event of a conflict between the provisions of the Plan and this Agreement, the Plan shall control.

 3. Term of Options. Unless the Option terminates earlier pursuant to the provisions of this Agreement, the Option
shall expire on the tenth anniversary of the Grant Date. 
 4. Vesting. Except as otherwise provided in Sections 6(b) or
(c) of this Agreement, provided the Participant is then a Director, an Employee or a Consultant, the Option shall become vested and exercisable on the following dates: 

 

			
	 Vest Date
	  	Vested Options
		  	
		  	
		  	

 5. Exercise of Option 
 (a) Manner of Exercise. To the extent vested, the Option may be exercised, in whole or in part, by delivering written notice to the Company in accordance with paragraph (f) of Section 8
in such form as the Company may require from time to time, or through such other means as permitted by the Company. Such notice shall specify the number of Shares subject to the Option as to which the Option is being exercised, and shall be
accompanied by full payment of the Exercise Price of such Shares in a manner permitted under the terms of Section 5.5 of the Plan, except that payment with previously acquired Shares may only be made with the consent of the Committee. The
Option may be exercised only in multiples of whole Shares and no partial Shares shall be issued. 
 (b) Issuance of
Shares. Upon exercise of the Option and payment of the Exercise Price for the Shares as to which the Option is exercised, the Company shall issue to the Participant the applicable number of Shares in the form of fully paid and nonassessable
Shares. 

 (c) Capitalization Adjustments. The number of Shares subject to the Option and the
exercise price per Share shall be equitably and appropriately adjusted as provided in Section 12.2 of the Plan. 
 (d)
Withholding. No Shares will be issued on exercise of the Option unless and until the Participant pays to the Company, or makes satisfactory arrangement with the Company for payment of, any federal, state or local taxes required by law to be
withheld in respect of the exercise of the Option. The Participant hereby agrees that the Company may withhold from the Participant’s wages or other remuneration the applicable taxes. At the discretion of the Company, the applicable taxes may
be withheld in kind from the Shares otherwise deliverable to the Participant on exercise of the Option, up to the Participant’s minimum required withholding rate or such other rate that will not trigger a negative accounting impact. 

6. Termination of Option. 
 (a) Termination of Service Other Than Due to Death or Disability. Unless the Option has earlier terminated, the Option shall terminate in its entirety, regardless of whether the Option is vested,
three (3) years after the date the Participant ceases to be in the Company’s continuous service as any of a Director, an Employee or a Consultant, for any reason other than the Participant’s death or Disability. Except as provided
below in Section 6(b) or (c), any portion of the Option that is not vested at the time the Participant ceases to be in the Company’s continuous service as any of a Director, an Employee or a Consultant, shall immediately terminate.

 (b) Death. Upon the Participant’s death, unless the Option has earlier terminated, to the extent the Option is
not fully vested the Option shall become fully vested and exercisable. The Participant’s executor or personal representative, the person to whom the Option shall have been transferred by will or the laws of descent and distribution, or such
other permitted transferee, as the case may be, may exercise the Option in accordance with paragraph (a) of Section 5, provided such exercise occurs within three (3) years after the date of the Participant’s death or the
end of the term of the Option pursuant to Section 3, whichever is earlier. 
 (c) Disability. In the event that the
Participant ceases to be in the Company’s continuous service as any of a Director, an Employee or a Consultant by reason of Disability, unless the Option has earlier terminated, (i) the Option shall become fully vested and exercisable and
(ii) the Option may be exercised, in accordance with paragraph (a) of Section 5, provided such exercise occurs within three (3) years after the date of Disability or the end of the term of the Option pursuant to
Section 3, whichever is earlier. For purposes of this Agreement, “Disability” shall mean the Participant’s becoming disabled within the meaning of Section 22(e)(3) of the Code, or as otherwise determined by the Committee in
its discretion. The Committee may require such proof of Disability as the Committee in its sole and absolute discretion deems appropriate and the Committee’s determination as to whether the Participant has incurred a Disability shall be final
and binding on all parties concerned. 
 (d) Extension of Exercise Period. Notwithstanding any provisions of paragraphs
(a), (b) or (c) of this Section to the contrary, in the sole determination of the Committee, if exercise of the Option following termination of employment or service during the time period set forth in the applicable paragraph or sale
during such period of the Shares acquired on exercise would violate 

  
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(i) the registration requirements under the Securities Act, (ii) any of the provisions of the federal securities laws (or any Company policy related thereto), or (iii) a
“lock-up” agreement undertaken in connection with an issuance of securities by the Company, the time period to exercise the Option shall be extended until the later of the expiration of a total period of 90 days (that need not be
consecutive) after the termination of the Participant’s employment by or services to the Company during which the exercise of the Option or sale of the Shares acquired on exercise would not be in violation of any of such registration
requirement, the federal securities laws (or a related Company policy), or lock-up agreement, and (y) the end of the time period set forth in the applicable paragraph, but in either case, not beyond the term of the Option pursuant to
Section 3. 
 7. Change in Control; Corporate Transaction. 

(a) Effect of Change in Control on Option. In the event of a Change in Control, the Surviving Corporation or the Parent
Corporation, if applicable, may assume, continue or substitute for the Option on substantially the same terms and conditions (which may include the right to acquire the same consideration paid to the stockholders of the Company pursuant to the
Change in Control). In the event of a Change in Control, to the extent the Surviving Corporation or the Parent Corporation, if applicable, does not assume, continue or substitute for the Option on substantially the same terms and conditions (which
may include settlement in the common stock of the Surviving Corporation or the Parent Corporation), the Option shall (i) become fully vested and exercisable immediately prior to the Change in Control if the Participant is then a Director, an
Employee or a Consultant, and (ii) terminate on the date of the Change in Control. In the event of a Change in Control, to the extent the Surviving Corporation or the Parent Corporation, if applicable, assumes or substitutes for the Option on
substantially the same terms and conditions (which may include providing for settlement in the common stock of the Surviving Corporation or the Parent Corporation), if within 24 months following the date of the Change in Control the Participant
ceases to be in the Company’s continuous service as any of a Director, an Employee or a Consultant for any reason, the Option shall become fully vested and exercisable, and may be exercised by the Participant at any time until the first
anniversary of the date the Participant ceases to be in the Company’s continuous service as any of a Director, an Employee or a Consultant or the end of the term of the Option pursuant to Section 3, whichever is earlier. For purposes of
this paragraph, if the Company is the Surviving Corporation or the Parent Corporation, if applicable, it shall be deemed to have assumed the Option unless it takes explicit action to the contrary. 

Notwithstanding the foregoing, if on the date of the Change in Control the Fair Market Value of one Share is less than the Exercise
Price, then the Option shall terminate as of the date of the Change in Control, except as otherwise determined by the Committee. 
 (b) Effect of Corporate Transaction on Option. In the event of a Corporate Transaction that is not a Change in Control, any surviving corporation or acquiring corporation (or the surviving or
acquiring corporation’s parent company) may assume, continue or substitute for the Option on substantially the same terms and conditions (which may include the right to acquire the same consideration paid to the stockholders of the Company
pursuant to the Corporate Transaction). In the event of a Corporate Transaction that is not a Change in Control, then notwithstanding Section 11 of the Plan and paragraph (a) of this Section, to the extent that the surviving corporation or
acquiring corporation (or its parent company) does not assume, continue 

  
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or substitute for the Option on substantially the same terms and conditions (which may include the right to acquire the same consideration paid to the stockholders of the Company pursuant to the
Corporate Transaction), then the Option shall (i) become fully vested and exercisable immediately prior to the Corporate Transaction if the Participant is then a Director, an Employee or a Consultant, and (ii) terminate on the date of the
Corporate Transaction. 
 For purposes of this Agreement, “Corporate Transaction” means (i) the consummation of a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or (ii) the consummation of a merger, consolidation or similar transaction following which the Company is the surviving corporation but
the Shares outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or
otherwise. Notwithstanding the foregoing, a “Corporate Transaction” shall not include a transaction that is effected exclusively for the purpose of changing the domicile of the Company. 

(c) Other Agreement or Plan. The provisions of this Section shall be superseded by the specific provisions, if any, of a written
service agreement between the Participant and the Company, or a change in control severance agreement or plan covering the Participant, to the extent such a provision in such other agreement or plan provides a greater benefit to the Participant.

 8. Miscellaneous. 
 (a) No Rights of Stockholder. The Participant shall not have any of the rights of a stockholder with respect to the Shares subject to this Option until such Shares have been issued upon the due
exercise of the Option. 
 (b) Nontransferability of Option. Except to the extent and under such terms and conditions as
determined by the Committee, the Option shall be nontransferable otherwise than by will or the laws of descent and distribution, and during the lifetime of the Participant, the Option may be exercised only by the Participant or, during the period
the Participant is under a legal disability, by the Participant’s guardian or legal representative. Notwithstanding the foregoing, the Participant may, by delivering written notice to the Company, in a form provided by or otherwise satisfactory
to the Company, designate a third party who, in the event of the Participant’s death, shall thereafter be entitled to exercise the Option. 
 (c) Severability. The provisions of this Agreement shall be deemed severable. If any provision of this Agreement shall be held unlawful or otherwise invalid or unenforceable in whole or in part by
a court of competent jurisdiction or by reason of a change in a law or regulation, such provision shall (i) be deemed limited to the extent that such court of competent jurisdiction deems it lawful, valid and/or enforceable (or, if applicable,
to the extent necessary to comply with the change in the law or regulation), and as so limited shall remain in full force and effect, and (ii) not affect any other provision of this Agreement or part thereof, each of which shall remain in full
force and effect. 
 (d) Governing Law. This Agreement shall be governed by, and interpreted in accordance with, the laws
of the State of Delaware, other than its conflict of laws principles. 

  
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 (e) Headings. The headings in this Agreement are for reference purposes only and
shall not affect the meaning or interpretation of this Agreement. 
 (f) Notices. All notices required or permitted under
this Agreement shall be in writing and shall be sufficiently made or given if hand delivered or mailed by registered or certified mail, postage prepaid. Notice by mail shall be deemed delivered on the date on which it is postmarked. 

Notices to the Company should be addressed to: 
 Arena Pharmaceuticals, Inc. 
 6166 Nancy Ridge Drive 

San Diego, California 92121 
 Attention: Chief Financial Officer 
 With a copy to: General Counsel 

Notices to the Participant should be addressed to the Participant at the Participant’s address as it appears on the Company’s
records. The Company or the Participant may by writing to the other party, designate a different address for notices. If the receiving party consents in advance, notice may be transmitted and received via facsimile or via such other electronic
transmission mechanism as may be available to the parties. Such notices shall be deemed delivered when received. 
 (g)
Agreement Not a Contract. This Agreement (and the grant of the Option) is not a service contract, and nothing in the Option shall be deemed to create in any way whatsoever any obligation on Participant’s part to continue as a
Director, an Employee or a Consultant, or of the Company or an Affiliate to continue Participant’s service as a Director, an Employee or a Consultant. 
 (h) Entire Agreement; Modification. This Agreement and the Plan constitute the entire agreement between the parties with respect to the subject matter contained herein and may not be modified,
except as provided in the Plan or in a written document signed by each of the parties hereto, and may be rescinded only by a written agreement signed by both parties. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Grant Date. 
  

			
	 ARENA PHARMACEUTICALS, INC.

		
	By:	 	  

	
	  

	 Participant

  
 - 5 -Form of Restricted Stock Grant Agreement

 Exhibit 10.6 
 Arena Pharmaceuticals, Inc. 2012 Long-Term Incentive Plan 
 Restricted
Stock Grant Agreement 
 THIS GRANT AGREEMENT (this “Agreement”), effective as of
                         (the “Grant Date”), is entered into by and between Arena Pharmaceuticals, Inc., a
Delaware corporation (the “Company”), and                          (the “Participant”). 

1. Grant of Restricted Stock. The Company hereby grants to the Participant
             restricted shares of common stock of the Company, par value $0.0001 per share (the “Restricted Stock”). 

2. Subject to the Plan. This Agreement is subject to the provisions of the Arena Pharmaceuticals, Inc., 2012 Long-Term
Incentive Plan (the “Plan”), and, unless the context requires otherwise, terms used herein shall have the same meaning as in the Plan. In the event of a conflict between the provisions of the Plan and this Agreement, the Plan shall
control. 
 3. Vesting. All of the shares of Restricted Stock shall initially be unvested. Until shares of
Restricted Stock vest, the Participant may not sell, assign, transfer, pledge, or otherwise dispose of such shares. Except as otherwise provided in Sections 5(b) or (c) of this Agreement, and subject to Section 7.3 of the Plan, provided
the Participant is then any of an Employee, a Consultant or a Director, the Restricted Stock shall become vested on the following dates: 
  

			
	 Vest Date
	  	 Vested Shares

		  	
		  	
		  	

 4. Capitalization Adjustments. The number of shares of Restricted Stock shall be equitably
and appropriately adjusted as provided in Section 12.2 of the Plan. 
 5. Termination of Employment.

 (a) Termination of Employment or Service Other Than Due to Death or Disability. In the event the Participant ceases to
be in the Company’s continuous service as any of an Employee, a Consultant or a Director for any reason other than as a result of death or Disability, the shares of Restricted Stock that were not vested at the time the Participant ceases to be
in the Company’s continuous service as any of an Employee, a Consultant or a Director shall be immediately forfeited. 

 (b) Death. Upon the Participant’s death, to the extent the Restricted Stock is
not fully vested the shares of Restricted Stock that would vest on the next anniversary of the Grant Date following the Participant’s death shall become vested based on a fraction, the numerator of which is the number of whole months elapsed
since the prior anniversary of the Grant Date (or, if applicable, the Grant Date) and the denominator of which is 12. 
 (c)
Disability. In the event that the Participant ceases to be in the Company’s continuous service as any of an Employee, a Consultant or a Director by reason of Disability, to the extent the Restricted Stock is not fully vested, the shares
of Restricted Stock that would vest on the next anniversary of the Grant Date following the Participant’s Disability shall become vested based on a fraction, the numerator of which is the number of whole months elapsed since the prior
anniversary of the Grant Date (or, if applicable, the Grant Date) and the denominator of which is 12. For purposes of this Agreement, “Disability” shall mean the Participant’s becoming disabled within the meaning of
Section 22(e)(3) of the Code, or as otherwise determined by the Committee in its discretion. The Committee may require such proof of Disability as the Committee in its sole and absolute discretion deems appropriate and the Committee’s
determination as to whether the Participant has incurred a Disability shall be final and binding on all parties concerned. 

6. Change in Control; Corporate Transaction. 
 (a) Effect of Change in Control on Restricted Stock. In the event of a Change in Control, the Surviving Corporation or the Parent Corporation, if applicable, may assume, continue or substitute for
the unvested shares of Restricted Stock on substantially the same terms and conditions (which may include replacement with shares of the common stock of the Surviving Corporation or the Parent Corporation). In the event of a Change in Control, to
the extent the Surviving Corporation or the Parent Corporation, if applicable, does not assume, continue or substitute for the unvested shares of Restricted Stock on substantially the same terms and conditions (which may include replacement with
shares of the common stock of the Surviving Corporation or the Parent Corporation), all of such unvested shares of Restricted Stock shall become fully vested immediately prior to the Change in Control, provided the Participant has been in the
Company’s continuous service since the Grant Date as any of an Employee, a Consultant or a Director. In the event of a Change in Control, to the extent the Surviving Corporation or the Parent Corporation, if applicable, assumes or substitutes
for the unvested shares of Restricted Stock on substantially the same terms and conditions (which may include replacement with shares of the common stock of the Surviving Corporation or the Parent Corporation) and within 24 months following the date
of the Change in Control the Participant ceases to be in the Company’s continuous service as either of an Employee or Consultant by reason of (i) an involuntary termination without Cause, or (ii) a voluntary termination in connection
with a Relocation Requirement, all of such shares of Restricted Stock shall become fully vested. 
 For purposes of this
Agreement (i) if the Company is the Surviving Corporation or the Parent Corporation, if applicable, it shall be deemed to have assumed the unvested shares of Restricted Stock unless it takes explicit action to the contrary and
(ii) “Relocation Requirement” shall mean a requirement by the Company, the Surviving Corporation or an affiliate thereof that 

  
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the Participant be based anywhere more than fifty (50) miles from both the Participant’s primary office location at the time of the Change in Control and the Participant’s
principal residence at the time of the Change in Control. For purposes of this Agreement, except as otherwise provided in a written employment or severance agreement between the Participant and the Company or a severance plan of the Company covering
the Participant (including a change in control severance agreement or plan), “Cause” shall mean: a determination by the Committee that the Participant has breached his or her employment or service contract with the Company (or an
Affiliate), or has been engaged in disloyalty to the Company (or an Affiliate), including, without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty in the course of his or her employment or service, or has
disclosed trade secrets or confidential information of the Company to persons not entitled to receive such information, or has breached any written noncompetition or nonsolicitation agreement between the Participant and the Company (or an Affiliate)
or has engaged in such other behavior detrimental to the interests of the Company (or an Affiliate) as the Committee determines. 
 (b) Effect of Corporate Transaction on Restricted Stock. In the event of a Corporate Transaction that is not a Change in Control, any surviving corporation or acquiring corporation (or the
surviving or acquiring corporation’s parent company) may assume, continue or substitute for the unvested shares of Restricted Stock on substantially the same terms and conditions (which may include replacement with shares of the common stock of
the surviving corporation, acquiring corporation, or the surviving or acquiring corporation’s parent company). In the event of a Corporate Transaction that is not a Change in Control, then notwithstanding Section 11 of the Plan and
paragraph (a) of this Section, to the extent that the surviving corporation or acquiring corporation (or its parent company) does not assume, continue or substitute for the unvested shares of Restricted Stock on substantially the same terms and
conditions (which may include replacement with shares of the common stock of the surviving corporation, acquiring corporation, or the surviving or acquiring corporation’s parent company), then all of such unvested shares of Restricted Stock
shall become fully vested immediately prior to the Corporate Transaction if the Participant is then an Employee, a Consultant or a Director. 
 For purposes of this Agreement, “Corporate Transaction” means (i) the consummation of a merger, consolidation or similar transaction following which the Company is not the surviving
corporation; or (ii) the consummation of a merger, consolidation or similar transaction following which the Company is the surviving corporation but the Shares outstanding immediately preceding the merger, consolidation or similar transaction
are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise. Notwithstanding the foregoing, a “Corporate Transaction” shall not include
a transaction that is effected exclusively for the purpose of changing the domicile of the Company. 
 (c) Other Agreement or
Plan. The provisions of this Section (including the definition of Cause) shall be superseded by the specific provisions, if any, of a written employment or severance agreement between the Participant and the Company or a severance plan of the
Company covering the Participant, including a change in control severance agreement or plan, to the extent such a provision in such other agreement or plan provides a greater benefit to the Participant. 

  
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 7. Legend. Each certificate issued in respect of shares of Restricted Stock
under the Agreement shall be registered in the Participant’s name and deposited by the Participant, together with a stock power endorsed in blank, with the Company and shall bear the following (or a similar) legend: 

“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions
(including forfeiture) contained in an Agreement entered into between the registered owner and Arena Pharmaceuticals, Inc.” 
 When shares
of Restricted Stock become vested, the Company shall redeliver to the Participant (or the Participant’s legal representatives, beneficiaries or heirs) from the shares of Restricted Stock deposited with it the number of shares which have then
vested. The Participant agrees that any resale of shares of Restricted Stock received upon vesting shall be made in compliance with the registration requirements of the Securities Act of 1933 or an applicable exemption therefrom, including without
limitation the exemption provided by Rule 144 promulgated thereunder (or any successor rule). 
 8.
Nontransferability. Except to the extent and under such terms and conditions as determined by the Committee, the Restricted Stock shall be nontransferable otherwise than by will or the laws of descent and distribution. Notwithstanding the
foregoing, the Participant may, by delivering written notice to the Company, in a form provided by or otherwise satisfactory to the Company, designate a third party who, in the event of the Participant’s death, shall thereafter be entitled to
receive the vested shares of Restricted Stock. 
 9. Rights as Stockholder. During the period that shares of
Restricted Stock remain unvested, the Participant shall have all of the rights of a stockholder of the Company with respect to the Restricted Stock, including, but not limited to, the right to receive dividends paid on the shares of Restricted Stock
and the right to vote such shares. 
 10. Withholding. The Participant agrees to pay to the Company, or to make
satisfactory arrangement with the Company for payment of, any federal, state or local taxes required by law to be withheld in respect of the vesting of the Restricted Stock. The Participant hereby agrees that the Company may withhold from the
Participant’s wages or other remuneration the applicable taxes. At the discretion of the Company, the applicable taxes may be withheld in kind from the Shares otherwise deliverable to the Participant on the vesting of the Restricted Stock.

  
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 11. Notices. All notices required or permitted under this Agreement shall be
in writing and shall be sufficiently made or given if hand delivered or mailed by registered or certified mail, postage prepaid. Notice by mail shall be deemed delivered on the date on which it is postmarked. 

Notices to the Company should be addressed to: 
 Arena Pharmaceuticals, Inc. 
 6166 Nancy Ridge Drive 

San Diego, California 92121 
 Attention: Chief Financial Officer 
 With a copy to: General Counsel 

Notices to the Participant should be addressed to the Participant at the Participant’s address as it appears on the Company’s
records. The Company or the Participant may by writing to the other party, designate a different address for notices. If the receiving party consents in advance, notice may be transmitted and received via facsimile or via such other electronic
transmission mechanism as may be available to the parties. Such notices shall be deemed delivered when received. 
 12.
Headings. The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 13. Governing Law. This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of Delaware, other than its conflict of laws principles. 

14. Agreement Not a Contract. This Agreement (and the grant of Restricted Stock) is not an employment or service
contract, and nothing in this Agreement shall be deemed to create in any way whatsoever any obligation on Participant’s part to continue in the employment or service of the Company as an Employee, a Consultant or a Director, or of the Company
or an Affiliate to continue Participant’s service as an Employee, a Consultant or a Director. 
 15. Entire
Agreement; Modification. This Agreement and the Plan constitute the entire agreement between the parties with respect to the subject matter contained herein and may not be modified, except as provided in the Plan or in a written
document signed by each of the parties hereto, and may be rescinded only by a written agreement signed by both parties. 

16. Severability. The provisions of this Agreement shall be deemed severable. If any provision of this Agreement shall be
held unlawful or otherwise invalid or unenforceable in whole or in part by a court of competent jurisdiction or by reason of a change in a law or regulation, such provision shall (i) be deemed limited to the extent that such court of competent
jurisdiction deems it lawful, valid and/or enforceable (or, if applicable, to the extent necessary to comply with the change in the law or regulation), and as so limited shall remain in full force and effect, and (ii) not affect any other
provision of this Agreement or part thereof, each of which shall remain in full force and effect. 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Grant Date.

  

			
	ARENA PHARMACEUTICALS, INC.
		
	By:	 	 
	
	  

		 	 Participant

  
 -6-

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