Document:

avro-ex43_591.htm

 

Exhibit 4.3

Description of the Registrant’s Securities Registered Pursuant to 

Section 12 of the Securities Exchange Act of 1934, as amended

 

The common stock, par value $0.0001 per share (“Common Stock”), of AVROBIO, Inc., a Delaware corporation (the “Company,” “us,” “we,” or “our”), is registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The following description of the Common Stock sets forth certain general terms and provisions of the Common Stock. These descriptions are in all respects subject to and qualified in their entirety by, and should be read in conjunction with, the applicable provisions of the Fourth Amended and Restated Certificate of Incorporation of the Company (the “Charter”) and the Amended and Restated By-laws of the Company (the “Bylaws”) (each of which is incorporated herein by reference and copies of which are incorporated by reference as exhibits to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission) and the applicable provisions of the Delaware General Corporation Law (“DGCL”).

Authorized Capital Stock

Our authorized capital stock consists of 150,000,000 shares of Common Stock and 10,000,000 shares of preferred stock, par value $0.0001 per share (“Preferred Stock”), all of which shares of Preferred Stock are undesignated.

Common Stock

Dividends

Holders of our Common Stock are entitled to receive ratably any dividends declared by our board of directors (the “Board”) out of funds legally available for that purpose, subject to any preferential dividend rights of any outstanding Preferred Stock.

Voting

Holders of our Common Stock are entitled to one vote for each share held on all matters submitted to a vote of the stockholders. The holders of our Common Stock do not have any cumulative voting rights. 

Distributions on Liquidation

In the event of our liquidation, dissolution or winding up, holders of our Common Stock will be entitled to share ratably in all assets remaining after payment of all debts and other liabilities and any liquidation preference of any outstanding Preferred Stock. All outstanding shares are fully paid and non-assessable.

Other Rights

Our Common Stock has no preemptive rights, conversion rights or other subscription rights or redemption or sinking fund provisions.

 

Registration Rights

Certain holders of our Common Stock are entitled to rights with respect to the registration of these securities under the Securities Act of 1933, as amended (the “Securities Act”). These rights are provided under the terms of an investors’ rights agreement (the “Investors’ Rights Agreement”) between us and holders of our Preferred Stock, which was subsequently converted into Common Stock in connection with our initial public offering in June 2018 (the “IPO”). The Investors’ Rights Agreement includes demand registration rights, short-form registration rights and piggyback registration rights. All fees, costs and expenses of underwritten registrations under this agreement will be borne by us and all selling expenses, including underwriting discounts and selling commissions, will be borne by the holders of the shares being registered.

Demand Registration Rights

The holders of 5,567,289 shares of our Common Stock are entitled to demand registration rights. Under the terms of the Investors’ Rights Agreement, we will be required, upon the written request of holders of at least 50% of these securities that would result in an aggregate offering price of at least $10.0 million, to file a registration statement and use commercially reasonable efforts to effect the registration of all or a portion of these shares for public resale. We are required to effect only two registrations pursuant to this provision of the Investors’ Rights Agreement.

Short-Form Registration Rights

Pursuant to the Investors’ Rights Agreement, if we are eligible to file a registration statement on Form S-3, upon the written request of holders of at least 25% of these securities at an aggregate offer price of at least $3.0 million, we will be required to use commercially reasonable efforts to effect a registration of such shares. We are required to effect only two registrations in any twelve month period pursuant to this provision of the Investors’ Rights Agreement. The right to have such shares registered on Form S-3 is further subject to other specified conditions and limitations.

Piggyback Registration Rights

Pursuant to the Investors’ Rights Agreement, if we register any of our securities either for our own account or for the account of other security holders, the holders of these shares are entitled to include their shares in the registration. Subject to certain exceptions contained in the Investors’ Rights Agreement, we and the underwriters may limit the number of shares included in the underwritten offering to the number of shares which we and the underwriters determine in our sole discretion will not jeopardize the success of the offering.

Indemnification

Our Investors’ Rights Agreement contains customary cross-indemnification provisions, under which we are obligated to indemnify holders of registrable securities in the event of material misstatements or omissions in the registration statement attributable to us, and they are obligated to indemnify us for material misstatements or omissions attributable to them.

Expiration of Registration Rights

The demand registration rights and short form registration rights granted under the Investors’ Rights Agreement will terminate on the earliest of (i) a deemed liquidation event, as defined in the Investors’ Rights Agreement, (ii) the fifth anniversary of the completion of our IPO and (iii) when the holders’ shares may be sold without restriction pursuant to Rule 144 of the Securities Act within a three month period.

 

Anti-Takeover Effects of our Charter and Bylaws and Delaware Law

Our Charter and Bylaws include a number of provisions that may have the effect of delaying, deferring or preventing another party from acquiring control of us and encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with our Board rather than pursue non-negotiated takeover attempts. These provisions include the items described below.

Board Composition and Filling Vacancies

Our Charter provides for the division of our Board into three classes serving staggered three-year terms, with one class being elected each year. Our Charter also provides that directors may be removed only for cause and then only by the affirmative vote of the holders of two-thirds or more of the shares then entitled to vote at an election of directors. Furthermore, any vacancy on our Board, however occurring, including a vacancy resulting from an increase in the size of our board, may only be filled by the affirmative vote of a majority of our directors then in office even if less than a quorum. The classification of directors, together with the limitations on removal of directors and treatment of vacancies, has the effect of making it more difficult for stockholders to change the composition of our Board.

No Written Consent of Stockholders

Our Charter provides that all stockholder actions are required to be taken by a vote of the stockholders at an annual or special meeting, and that stockholders may not take any action by written consent in lieu of a meeting. This limit may lengthen the amount of time required to take stockholder actions and would prevent the amendment of our Bylaws or removal of directors by our stockholders without holding a meeting of stockholders.

Meetings of Stockholders

Our Charter and Bylaws provide that only a majority of the members of our Board then in office may call special meetings of stockholders and only those matters set forth in the notice of the special meeting may be considered or acted upon at a special meeting of stockholders. Our Bylaws limits the business that may be conducted at an annual meeting of stockholders to those matters properly brought before the meeting.

Advance Notice Requirements

Our Bylaws establishes advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders. These procedures provide that notice of stockholder proposals must be timely given in writing to our corporate secretary prior to the meeting at which the action is to be taken. Generally, to be timely, notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the annual meeting for the preceding year. Our Bylaws specify the requirements as to form and content of all stockholders’ notices. These requirements may preclude stockholders from bringing matters before the stockholders at an annual or special meeting.

 

Amendments to the Charter and Bylaws

Any amendment of our Charter must first be approved by a majority of our Board, and if required by law or our Charter, must thereafter be approved by a majority of the outstanding shares entitled to vote on the amendment and a majority of the outstanding shares of each class entitled to vote thereon as a class, except that the amendment of the provisions relating to stockholder action, board composition, limitation of liability and the amendment of our Bylaws and Charter must be approved by not less than two-thirds of the outstanding shares entitled to vote on the amendment, and not less than two-thirds of the outstanding shares of each class entitled to vote thereon as a class. Our Bylaws may be amended by the affirmative vote of a majority of the directors then in office, subject to any limitations set forth in the Bylaws; and may also be amended by the affirmative vote of at least two-thirds of the outstanding shares entitled to vote on the amendment, or, if our Board recommends that the stockholders approve the amendment, by the affirmative vote of the majority of the outstanding shares entitled to vote on the amendment, in each case voting together as a single class.

Undesignated Preferred Stock 

Our Charter provides for 10,000,000 authorized shares of Preferred Stock. The existence of authorized but unissued shares of Preferred Stock may enable our Board to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise. For example, if in the due exercise of its fiduciary obligations, our Board were to determine that a takeover proposal is not in the best interests of our stockholders, our Board could cause shares of Preferred Stock to be issued without stockholder approval in one or more private offerings or other transactions that might dilute the voting or other rights of the proposed acquirer or insurgent stockholder or stockholder group. In this regard, our Charter grants our Board broad power to establish the rights and preferences of authorized and unissued shares of Preferred Stock. The issuance of shares of Preferred Stock could decrease the amount of earnings and assets available for distribution to holders of shares of Common Stock. The issuance may also adversely affect the rights and powers, including voting rights, of these holders and may have the effect of delaying, deterring or preventing a change in control of us.

Choice of Forum

Our Bylaws provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for any state law claim for: (1) any derivative action or proceeding brought on our behalf; (2) any action asserting a claim of breach of or based on a fiduciary duty owed by any of our current or former directors, officers or other employees to us or our stockholders; (3) any action asserting a claim against us or any of our current or former directors, officers, employees or stockholders arising pursuant to any provision of the DGCL or our Charter or Bylaws; or (4) any action asserting a claim governed by the internal affairs doctrine (the “Delaware Forum Provision”). The Delaware Forum Provision will not apply to any causes of action arising under the Securities Act of 1933 or the Securities Exchange Act of 1934. Our Bylaws also provide that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of and to have consented to this choice of forum provision.

In addition, our Bylaws contains a provision by virtue of which unless we consent in writing to the selection of an alternative forum, the United States District Court for the District of Massachusetts will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act (the “Federal Forum Provision”). If any action the subject matter of which is within the scope of the preceding sentence is filed in a court other than the United States District Court for the District of Massachusetts, the plaintiff or plaintiffs shall be deemed by this provision of our Bylaws (i) to have consented to removal of the action by us to the United States District Court for the District of Massachusetts, 

 

in the case of an action filed in a state court, and (ii) to have consented to transfer of the action to the United States District Court for the District of Massachusetts. We have chosen the United States Court for the District of Massachusetts as the exclusive forum for such causes of action because our principal executive offices are located in Cambridge, Massachusetts. Some companies that have adopted similar federal district court forum selection provisions are currently subject to a suit in the Court of Chancery of the State of Delaware by stockholders who assert that the federal district court forum selection provision is not enforceable. On December 19, 2018, the Court of Chancery of the State of Delaware issued a decision declaring that such federal forum selection provisions purporting to require claims under the Securities Act be brought in federal court are ineffective and invalid under Delaware law. In August 2019, the decision was appealed to the Delaware Supreme Court, and the appeal remains pending before the Delaware Supreme Court. Unless and until the Court of Chancery’s decision is reversed by the Delaware Supreme Court or otherwise abrogated, we do not intend to enforce our federal forum selection provision designating the District of Massachusetts as the exclusive forum for Securities Act claims. In the event that the Delaware Supreme Court affirms the Court of Chancery’s decision or otherwise determines that federal forum selection provisions are invalid, the Company’s Board of Directors intends to amend promptly our Bylaws to remove our Federal Forum Provision. As a result of the Court of Chancery’s decision or a decision by the Supreme Court of Delaware affirming the Court of Chancery’s decision, we may incur additional costs associated with our Federal Forum Provision, which could have an adverse effect on our business, financial condition and results of operations.

We recognize that the Delaware Forum Provision and the Federal Forum Provision may impose additional litigation costs on stockholders in pursuing any such claims, particularly if the stockholders do not reside in or near the State of Delaware or the Commonwealth of Massachusetts. Additionally, the forum selection clauses in our Bylaws may limit our stockholders’ ability to bring a claim in a judicial forum that they find favorable for disputes with us or our directors, officers or employees, which may discourage the filing of lawsuits against us and our directors, officers and employees even though an action, if successful, might benefit our stockholders. Alternatively, if the Federal Forum Provision is found inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could have an adverse effect on our business, financial condition or results of operations. The Court of Chancery of the State of Delaware or the United States District Court for the District of Massachusetts may also reach different judgments or results than would other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments may be more or less favorable to us than our stockholders.

Section 203 of the DGCL

We are subject to the provisions of Section 203 of the DGCL. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a three-year period following the time that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions:

	
  
	
•
	
 
	
before the stockholder became interested, our Board approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

 

	
  
	
•
	
 
	
upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and 

employee stock plans, in some instances, but not the outstanding voting stock owned by the interested stockholder; or

	
  
	
•
	
 
	
at or after the time the stockholder became interested, the business combination was approved by our Board and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

Section 203 defines a business combination to include:

	
  
	
•
	
 
	
any merger or consolidation involving the corporation and the interested stockholder;

	
  
	
•
	
 
	
any sale, transfer, lease, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;

	
  
	
•
	
 
	
subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

	
 
	
•
	
 
	
subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; and

	
 
	
•
	
 
	
the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person.

Nasdaq Global Select Market Listing

Our Common Stock is listed on The Nasdaq Global Select Market under the trading symbol “AVRO.”

Transfer Agent and Registrar

The transfer agent and registrar for our Common Stock is Computershare Trust Company, N.A. The transfer agent and registrar’s address is 250 Royall Street, Canton, Massachusetts 02021, and its telephone number is (800) 962-4284.avro-ex107_544.htm

Exhibit 10.7

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

AMENDMENT NO. 1 TO LICENSE AGREEMENT 

This AMENDMENT NO. 1 TO LICENSE AGREEMENT (herein referred to as “Amendment No. 1”) is made and entered into as of this 21st day of February, 2018 (the “Amendment No. 1 Effective Date”), between BioMarin Pharmaceutical Inc., a Delaware corporation, with offices at 770 Lindaro Street, San Rafael, CA 94901 (“BioMarin”), and AVROBIO, Inc., a Delaware corporation having a place of business at 700 Technology Square, Suite 101, Cambridge, MA 02139 (“AVROBIO”).  Each of BioMarin and “AVROBIO” may be referred to herein as a “Party” or collectively as the “Parties.”

 

	
1.
	
This Amendment No. 1 shall serve as an amendment to that certain License Agreement, effective as of August 31, 2017 by and between AVROBIO and BioMarin (the “Agreement”). Except as expressly modified hereby, the Agreement shall continue in full force according to its terms.  Capitalized terms not otherwise defined in this Amendment No. 1 shall have the meaning ascribed to such term in the Agreement.

	
2.
	
Subject to the terms and conditions of the Agreement, including this Amendment No. 1, BioMarin agrees to supply AVROBIO with [***] in the amount set forth in Attachment 1 hereto.

	
3.
	
Section 2.1 of the Agreement is hereby deleted and replaced with the following:

“2.1License Grants.  

2.1.1Subject to the terms and conditions of this Agreement, BioMarin hereby grants to AVROBIO an exclusive, royalty-bearing license under the Licensed Patent Rights and Licensed Know-How to research, have researched, develop, have developed, make, have made, use, have used, sell, have sold, offer for sale, have offered for sale, import, have imported, export and have exported Licensed Products in the Field in the Territory, including the right to grant sublicenses through multiple tiers, subject to any limitations on sublicensing expressly set forth in this Agreement (the “License”).  

2.1.2Subject to the terms and conditions of this Agreement, BioMarin hereby grants to AVROBIO a limited, non-sublicensable, non-transferable, non-exclusive license to use [***] solely for the experiments set forth in Schedule D, which shall be performed by AVROBIO personnel at the facilities specified therein.  

2.1.3For clarity, except as set forth in Section 2.1.2, AVROBIO shall have no license rights either outside the Field or with respect to products other than Licensed Products.  For further clarity, AVROBIO shall have no right to make or have made [***].”

	
4.
	
The following Section 2.6 is hereby added to the Agreement:

“2.6Material Transfer ([***]).  

2.6.1BioMarin agrees to supply AVROBIO with [***] in the amount set forth in Schedule D hereto. 

2.6.2AVROBIO will not use [***] in any activities or experiments other than in those experiments specifically set forth in Schedule D, which support AVROBIO’s Development 

1

 

 

of Licensed Products.  BioMarin shall at all times retain all right, title and interest in and to [***].  Except as otherwise provided in this Agreement, AVROBIO shall not, without the prior written consent of BioMarin, (a) reproduce or modify [***] or any portion thereof; (b) reverse assemble, reverse compile or reverse engineer [***], or otherwise attempt to discover any source code or underlying Confidential Information with respect to [***]; (c) rent, sell, lease, disclose or otherwise transfer or provide access to [***], or any derivative thereof, to another party; provided, that AVROBIO may allow access to [***] to its employees who require such access to conduct the experiments set forth in Schedule D and are bound by written agreements to retain and use [***] only in the manner permitted under this Agreement; or (d) alter, destroy, or otherwise remove any proprietary notices or labels on or supplied with [***].  

2.6.3AVROBIO acknowledges and agrees that [***] is experimental in nature and that [***] is provided “AS IS” and may not be functional.  AVROBIO understands and agrees that [***] may have unpredictable and unknown biological and/or chemical properties, that [***] is to be handled and used with caution, and that [***] is not to be used for testing in or treatment of humans.  [***] IS PROVIDED WITH NO WARRANTIES OF ANY KIND, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR THAT IT IS FREE FROM THE RIGHTFUL CLAIM OF ANY THIRD PARTY, BY WAY OF INFRINGEMENT OR THE LIKE.  FURTHER, BIOMARIN DISCLAIMS ANY REPRESENTATION OR WARRANTY THAT SAMPLES OF [***] PROVIDED HAVE NOT EXCEEDED THEIR EXPIRATION DATE(S).

2.6.4In no event will BioMarin be liable for any use by AVROBIO of [***] or any loss, claim, damage or liability of any kind which may arise from or in connection with the use, handling or storage of [***] by or through AVROBIO.  AVROBIO will indemnify BioMarin with respect to [***], as set forth in Article 9.

2.6.5If AVROBIO conceives and/or reduces to practice inventions or discoveries, whether or not be patentable, in the course of using [***] that directly relate to [***] (and for clarity do not relate to AVROBIO’s gene therapy Licensed Products (“[***] Inventions”), AVROBIO shall promptly and fully disclose to BioMarin any such [***] Inventions after the conception or reduction to practice thereof.  AVROBIO hereby assigns all right, title, and interest in and to any [***] Inventions, including all intellectual property therein, to BioMarin, and AVROBIO shall obtain no rights, whether express or implied, in such [***] Inventions.  AVROBIO agrees not to obtain or attempt to obtain patent coverage on [***] Inventions and agrees to execute such documents and perform such other acts, as BioMarin may reasonably request and at BioMarin’s expense, to obtain, perfect and enforce BioMarin’s rights in and to such [***] Inventions.  AVROBIO hereby irrevocably designates and appoints BioMarin and its duly authorized officers and agents as AVROBIO’s agent and attorney-in-fact to act for and on AVROBIO’s behalf to execute, deliver and file any and all documents with the same legal force and effect as if executed by AVROBIO, if BioMarin is unable for any reason to secure AVROBIO’s signature on any document needed in connection with the actions described in this Section 2.6.5.  AVROBIO acknowledges that this appointment is coupled with an interest.

2.6.6AVROBIO shall have and retain sole and exclusive ownership of all data created by AVROBIO’s employees or independent contractors from the use of [***] pursuant to the terms and conditions of this Agreement.  Reports regarding such work using [***] shall be provided in conjunction with the reports to be provided to BioMarin pursuant to Section 3.4 of this Agreement.   AVROBIO shall have the right to publish or publicly present the results of the research conducted with [***] under this Agreement; provided, that BioMarin shall have the opportunity to review any 

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such proposed manuscripts, non-confidential presentations, or other public disclosures describing said research.  Any proposed publication or other non-confidential disclosure to third parties will be provided to BioMarin at least [***] days ([***] days in the case of abstracts) prior to the earlier of the date of submission to any journal for review or the date of publication or other disclosure.  AVROBIO agrees to consider any of BioMarin’s comments with respect to [***] that are provided within [***] days of BioMarin’s receipt of the submitted documents and, at BioMarin’s request, to delete any of BioMarin’s Confidential Information contained therein.  However, if submission of such manuscript for publication or delivery of such presentation or other disclosure would preclude BioMarin from obtaining patent protection for a [***] Invention(s) unless an application is filed with relevant patent authorities, AVROBIO shall, at its option, either delete the enabling portion of the proposed publication or presentation or withhold publication or delay presentation for an additional [***] days to permit BioMarin to prepare and file a patent application covering such [***] Invention(s). 

2.6.7Upon the completion of the experiments set forth in Schedule D, or any earlier expiration or termination of the Agreement, the license granted in Section 2.1.2 shall terminate and AVROBIO shall destroy (and will provide evidence documenting the manner of destruction to BioMarin) any remaining [***].”

	
5.
	
The following sections are hereby added to Section 8.4.4 as additional sections that survive expiration or termination of the Agreement: Sections 2.6.4, 2.6.5, 2.6.6, and 2.6.7.

	
6.
	
Section 9.2 is hereby deleted and replaced with the following:

“9.2Indemnification by AVROBIO.  AVROBIO will indemnify BioMarin, its Affiliates, and their respective directors, officers, employees, and agents (“BioMarin Indemnitees”), and defend and hold each of them harmless, from and against any and all Losses based on or suffered in connection with any Claims against any such BioMarin Indemnitee to the extent arising from or occurring as a result of or in connection with: (i) the Development and Commercialization of Licensed Products by or on behalf of AVROBIO, its Affiliates, and sublicensees, and each of their distributors, wholesalers, and agents, including, without limitation, Losses arising from Claims based on any theory of product liability (including actions in the form of tort, warranty or strict liability), (ii) the use, storage, or handling of [***] by or on behalf of AVROBIO (including its employees, independent contractors, and agents), (iii) any breach by AVROBIO, its Affiliates or sublicensees (including each of their respective directors, officers, employees, independent contractors, and agents) of this Agreement or of applicable law, (iv) the negligence or willful misconduct of AVROBIO, its Affiliates or sublicensees (including each of their respective directors, officers, employees, independent contractors, and agents); (v) breach of a contractual or fiduciary obligation owed by AVROBIO or its Affiliates or sublicensees to a Third Party (including misappropriation of trade secrets); or (vi) criminal investigations of, defense of criminal charges against, and criminal penalties levied on, AVROBIO or its Affiliates or sublicensees, or their respective directors, employees and agents; except, in each case, to the extent that such Losses arise out of or result from the gross negligence or willful misconduct of any BioMarin Indemnitee, or a breach by BioMarin of any provision of this Agreement..

	
7.
	
Attachment 1 to this Amendment No. 1 is hereby added to the Agreement as Schedule D.

	
8.
	
This Amendment No. 1 shall inure to the benefit of and be binding upon the Parties hereto and their respective heirs, successors, trustees, transferees and assigns.

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9.
	
This Amendment No. 1 may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the Parties hereto, intending to be legally bound hereby, have caused this Amendment No. 1 to be executed and delivered by their proper and duly authorized officers effective as of the day and year first above written.

 

	
BioMarin Pharmaceutical Inc.
	
 
	
AVROBIO, Inc.

	
 
	
 
	
 

	
/s/ Brinda Balakrishan
	
 
	
/s/ Geoff MacKay

	
 
	
 
	
 
	
 
	
 

	
By:
	
Brinda Balakrishan
	
 
	
By:
	
Geoff MacKay

	
 
	
 
	
 
	
 
	
 

	
Its:
	
Group Vice President
	
 
	
Its:
	
President & CEO

 

4

 

 

Attachment 1

 

Schedule D

 

[***]

 

 

 

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