Document:

Exhibit 4.4  

AFFYMAX, INC.  

 AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT  

 September 7, 2006  

   TABLE OF CONTENTS  

	 
	 	 
	 	 
	 	Page

	1.	 	INFORMATION RIGHTS	 	1
	 	 	1.1	 	Financial Information	 	1
	 	 	1.2	 	Inspection Rights	 	2
	 	 	1.3	 	Termination of Certain Rights	 	2
	 	 	1.4	 	Board Observation Rights	 	3
	

2.	
 	

REGISTRATION RIGHTS	
 	

3
	 	 	2.1	 	Definitions	 	3
	 	 	2.2	 	Request for Registration	 	4
	 	 	2.3	 	Piggyback Registrations	 	6
	 	 	2.4	 	Form S-3 Registration	 	7
	 	 	2.5	 	Obligations of the Company	 	8
	 	 	2.6	 	Furnish Information	 	9
	 	 	2.7	 	Indemnification	 	10
	 	 	2.8	 	Rule 144 Reporting	 	12
	 	 	2.9	 	Termination of the Company's Obligation	 	12
	 	 	2.10	 	Limitations on Subsequent Registration Rights	 	12
	 	 	2.11	 	"Market Stand-Off" Agreement	 	12
	 	 	2.12	 	S-3 Registration Requirements	 	13
	

3.	
 	

RIGHT OF FIRST OFFER	
 	

13
	 	 	3.1	 	General	 	13
	 	 	3.2	 	New Securities	 	14
	 	 	3.3	 	Procedures	 	14
	 	 	3.4	 	Failure to Exercise	 	15
	 	 	3.5	 	Termination	 	15
	

4.	
 	

COVENANTS OF THE COMPANY	
 	

15
	 	 	4.1	 	Proprietary Information and Inventions Agreements	 	15
	 	 	4.2	 	Stock Vesting	 	15
	 	 	4.3	 	Reimbursement of Directors Expenses	 	16
	 	 	4.4	 	Directors and Officers Insurance	 	16
	 	 	4.5	 	Termination	 	16
	

5.	
 	

ASSIGNMENT AND AMENDMENT	
 	

16
	 	 	5.1	 	Assignment	 	16
	 	 	5.2	 	Amendment of Rights	 	16
	

6.	
 	

GENERAL PROVISIONS	
 	

17
	 	 	6.1	 	Notices	 	17
	 	 	6.2	 	Entire Agreement	 	17
	 	 	6.3	 	Governing Law	 	17
	 	 	6.4	 	Severability	 	17
	 	 	6.5	 	Third Parties	 	17
	 	 	6.6	 	Successors and Assigns	 	17
	 	 	6.7	 	Captions	 	17
	 	 	6.8	 	Counterparts and Facsimile Delivery	 	17
	 	 	6.9	 	Costs and Attorneys' Fees	 	17
	 	 	6.10	 	Adjustments for Stock Splits, Etc	 	18
	 	 	6.11	 	Aggregation of Stock	 	18
	 	 	6.12	 	Amendment and Restatement of Prior Agreement	 	18

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   AMENDED AND RESTATED

INVESTORS' RIGHTS AGREEMENT  

        This AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT (this
"Agreement") is made and entered into as of September 7, 2006 (the "Effective Date"), by and
among (i) AFFYMAX, INC., a Delaware corporation (the "Company"), (ii) the
purchasers of the Company's Series A Preferred Stock ("Series A Stock") that are listed on  Exhibit A hereto (the "Series A Investors"), (iii) the purchasers of the Company's
Series B Preferred Stock (the "Series B Stock") and common stock (the "Common Stock")
pursuant to that certain Securities Purchase Agreement dated as of July 27, 2001 (the "Securities Purchase Agreement") that are listed on  Exhibit B hereto (the "Series B Investors"), (iv) the purchasers of the Company's
Series C Preferred Stock ("Series C Stock") that are listed on Exhibit C hereto
(the "Series C Investors"), (v) the purchasers of the Company's Series D Preferred Stock (the
"Series D Stock") that are listed on Exhibit D hereto (the
"Series D Investors"), (vi) the purchasers of the Company's Series E Preferred Stock (the "Series E
Stock" and together with the Series A Stock, the Series B Stock, the Series C Stock and the Series D Stock, the "Preferred
Stock") that are listed on Exhibit E hereto (the "Series E
Investors") and for purposes of Sections 2.3, 2.6, 2.7, 2.9, 2.10, 2.11, 5 and 6 only, Montgomery & Co., LLC. The purchasers of the Series A Stock,
Series B Stock, Series C Stock, Series D Stock, Series E Stock and Common Stock shall be referred to herein as the
"Investors" and each individually as an "Investor." The initial Series A Investors listed on
Exhibit A hereto, together with any other entity Controlled (as defined herein) by SmithKline Beecham Corporation or Glaxo Group Limited, are referred to herein as the
"GSK Related Entities." 

RECITALS  

        WHEREAS, the Company granted certain purchasers of its Series A Stock, Series B Stock,
Series C Stock, Series D Stock, Series E Stock, and Common Stock certain registration and other rights pursuant to that certain Amended and Restated Investors' Rights Agreement
dated as of February 16, 2006, by and among the Company and the Investors (the "Prior Agreement"); and 

        WHEREAS, the Company and the Investors desire to amend and restate the Prior Agreement as set forth herein. 

        NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the parties hereto agree as
follows: 

1.     INFORMATION RIGHTS. 

        1.1    Financial Information.    The Company covenants and agrees
that, commencing on the date of this Agreement and for so long as any Investor continues to hold at least five hundred thousand (500,000) shares (as adjusted for stock splits, stock dividends,
recapitalizations or the like) of Preferred Stock and/or the equivalent number (on an as-converted basis) of Common Stock issued upon conversion of such shares of Preferred Stock (the
"Conversion Stock") (each a "Major Investor"), the Company will: 

        (a)    Annual Reports.    Furnish to such Major Investor as soon as
practicable, and in any case within ninety (90) days of the end of each fiscal year, an audited consolidated balance sheet as of the end of such fiscal year, an audited consolidated statement
of operations and an audited consolidated statement of cash flows of the Company and its subsidiaries for such fiscal year, all prepared in accordance with generally accepted accounting principles
("GAAP"), and certified by independent public accountants of nationally recognized standing selected by the Company. 

        (b)    Quarterly Reports.    Furnish to such Major Investor as soon as
practicable, and in any case within forty-five (45) days of the end of each quarter of the Company, quarterly unaudited consolidated financial statements, including an unaudited
consolidated balance sheet, an unaudited 

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consolidated
statement of operations and an unaudited consolidated statement of cash flows, prepared in accordance with GAAP, with the exception that no notes need be attached to such statements and
year-end audit adjustments may not have been made. 

        (c)    Monthly Reports.    In the case of the Series B
Investors, the Series C Investors and the Series D Investors, furnish to such Major Investor as soon as practicable, and in any case within thirty (30) days of the end of each
month of the Company, monthly unaudited consolidated financial statements, including an unaudited consolidated balance sheet, an unaudited consolidated statement of operations and an unaudited
consolidated statement of cash flows. 

        (d)    Annual Budget and Strategic Plan.    Furnish to each Major
Investor holding shares of the Company's Series B Preferred Stock, Series C Preferred Stock or Series D Preferred Stock, a copy of the Company's annual operating budget and
strategic plan for each fiscal year, at least 30 days prior to the beginning of each fiscal year. 

        (e)    Certificate.    In the case of all financial statements
provided to Major Investors under Section 1.1, such financial statement shall be accompanied by a certificate of an officer of the Company in the form requested by (i) Glaxo Group
Limited, in the case of the Series A Investors, provided that the GSK Related Entities own at least 575,000 shares (as adjusted for stock splits, stock dividends, recapitalizations or the like)
of Series A Stock and (ii) Apax Partners Ventures, Inc., in the case of the Series B Investors, Series C Investors, Series D Investors and Series E
Investors. 

        1.2    Inspection Rights.    The Company shall permit each Major
Investor or its transferees (as permitted pursuant to Section 5.1(a) hereof, and in the case of GSK Related Entities, subject to Section 1.3 hereof), at such Major Investor's expense, to
visit and inspect the Company's properties, to examine its books of account and records and to discuss the Company's affairs, finances and accounts with its officers, all at such times as may be
reasonably requested by such Major Investor and agreed to by the Company; provided, however, that the Company shall not be obligated under this
Section 1.2 to provide information that it deems in good faith to be a trade secret or similar confidential or proprietary information, and provided further that the Company has the right to
require such Major Investor to execute a confidentiality and non-disclosure agreement prior to any such visit and inspection. 

        1.3    Termination of Certain Rights.    The GSK Related Entities' and
the Series E Investors' rights under Sections 1.1 and 1.2 hereunder are personal to the GSK Related Entities or Series E Investors, as applicable, and cannot be transferred or assigned
to any third party unless otherwise approved by the Board of Directors of the Company (the "Board"); provided,
however, that a transfer or assignment of any Series E Investor's rights under Sections 1.1 and 1.2 may occur to any affiliate of such Series E Investors' in
connection with an otherwise permitted transfer of Series E Stock to such affiliate without approval of the Board. The Company's obligations under Sections 1.1 and 1.2 above and
Section 1.4 below will terminate upon the earliest of: (a) the closing of a firm commitment underwritten public offering of the Common Stock with managing underwriters acceptable to the
holders of a majority of the Common Stock, Series B Stock, Series C Stock and Series D Stock (voting together as a single class on an as-converted basis) pursuant to
an effective registration statement filed under the Securities Act of 1933, as amended (the "Securities Act"), that results in the conversion of all
outstanding Preferred Stock to Common Stock (a "Qualified IPO"); (b) when the Company first becomes subject to the periodic reporting
requirements of Sections 12(g) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); or (c) a liquidation,
dissolution or winding up of the Company as described in Article IV.B, Section 2 of the Company's Amended and Restated Certificate of Incorporation (the "Restated
Charter"). 

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        1.4    Board Observation Rights.    

        (a)   The Company shall invite a representative of the venture funds managed or advised by Apax Partners to attend all meetings
of its Board of Directors in a nonvoting observer capacity and, in this
respect, shall give such representative copies of all notices, minutes, consents, and other material that it provides to its directors; provided, however, that the Company reserves the right to
exclude such representative from access to any material or meeting or portion thereof if the Company believes upon advice of counsel that such exclusion is reasonably necessary to preserve the
attorney-client privilege, to protect highly confidential proprietary information or for other similar reasons. Such representative may participate in discussions of matters brought to the Board.
After the Closing, the Company shall not grant additional board observation rights without the approval of the majority of the members of the Board, including the approval of the member of the Board
designated by Bear Stearns Health Innoventures, L.P. pursuant to Section 3 of the Amended and Restated Voting Agreement, dated as of the date hereof. 

        (b)   The Company shall invite a representative of the venture funds managed or advised by Jafco Co. Ltd to attend any
meeting of its Board of Directors where scientific discussions will occur in a nonvoting observer capacity; provided, however, that the Company reserves the right to exclude such representative from
access to any material or meeting or portion thereof if the Company believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege, to protect
highly confidential proprietary information or for other similar reasons. Such representative may participate in scientific discussions of the Board. 

2.     REGISTRATION RIGHTS. 

        2.1    Definitions.    For purposes of this Agreement: 

        (a)    Registration.    The terms "register," "registered" and
"registration" refer to a registration effected by preparing and filing a registration statement or similar document pursuant to the Securities Act, and the declaration or ordering of effectiveness of
such registration statement or document. 

        (b)    Registrable Securities.    The term "Registrable Securities"
means: (i) the shares of Common Stock issued or issuable upon the conversion of any shares of the Series A Stock (the "Series A Conversion
Stock"); (ii) the shares of Common Stock issued or issuable upon the conversion of any shares of the Series B Stock (the "Series B
Conversion Stock"); (iii) the shares of Common Stock issued or issuable upon the conversion of any shares of the Series C Stock (the
"Series C Conversion Stock"); (iv) the shares of Common Stock issued or issuable upon the conversion of any shares of the Series D
Stock (the "Series D Conversion Stock"); (v) the shares of Common Stock issued or issuable upon the conversion of any shares of the
Series E Stock (the "Series E Conversion Stock"); (vi) the shares of Common Stock issued pursuant to the Securities Purchase
Agreement and held by the Investors; (vii) the shares of Common Stock issued or issuable upon exercise of the warrants exercisable for one million five hundred thirty-two thousand
four hundred five (1,532,405) shares of its Common Stock (as adjusted for stock splits, stock dividends, recapitalizations or the like) (the "Warrants")
pursuant to the Warrant Purchase Agreement, dated as of July 11, 2005, (viii) for purposes of Sections 2.3, 2.6, 2.7, 2.9, 2.10, 2.11, 5 and 6 only, up to 220,316 shares of Common Stock
(as adjusted for stock splits, stock dividends, recapitalizations or the like) issued or issuable upon exercise of the warrant issued to Montgomery & Co., LLC on or around July 11, 2005,
and (ix) any shares of Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with
respect to, in exchange for or in replacement of any shares described in clauses (i), (ii), (iii), (iv) and (v) of this subsection (b);  excluding in all cases, however, any Registrable
Securities following the sale thereof (x) in a transaction in which rights 

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under
this Section 2 are not assigned in accordance with this Agreement, (y) to the public or (z) pursuant to Rule 144 promulgated under the Securities Act. 

        (c)    Registrable Securities Then Outstanding.    The number of
shares of "Registrable Securities then outstanding" shall mean the number of shares of Common Stock that are Registrable Securities and (i) are
then issued and outstanding or (ii) are then issuable pursuant to the exercise or conversion of then outstanding and then exercisable options, warrants or convertible securities. 

        (d)    Holder.    For purposes of Sections 2, 3 and 5 of this
Agreement, the term "Holder" means any person owning of record Registrable Securities that have not been sold to the public or pursuant to
Rule 144 promulgated under the Securities Act, or any assignee of record of such Registrable Securities to whom rights under Sections 2 or 3 have been duly assigned in accordance with this
Agreement; provided, however, that for purposes of this Agreement, a record holder of shares of
Preferred Stock of the Company convertible into such Registrable Securities shall be deemed to be the Holder of such Registrable Securities; and  provided, further, that the Company shall in no event be obligated to register shares of Preferred
Stock, and the Holders of Registrable Securities will not be required to convert their shares of Preferred Stock into Common Stock in order to exercise the registration rights granted hereunder until
immediately before the closing of the offering to which the registration relates (and then only to the extent necessary to sell the Registrable Securities to be sold in such offering). 

        (e)    Form S-3.    The term
"Form S-3" means Form S-3 under the Securities Act as in effect on the date hereof or any successor registration
form under the
Securities Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

        (f)    SEC.    The term
"SEC" or "Commission" means the United States Securities and Exchange Commission. 

        2.2    Request for Registration.    

        (a)   If the Company shall receive at any time on or after the earlier of (i) 180 days following a Qualified IPO
or (ii) July 10, 2007 a written request from the Holders of at least (x) 30% of the Series A Conversion Stock then outstanding or (y) 30% of the Series B
Conversion Stock, Series C Conversion Stock, Series D Conversion Stock or Series E Conversion Stock then outstanding that the Company file a registration statement under
the Securities Act with respect to any Registrable Securities (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to a stock option,
stock purchase or similar plan or an SEC Rule 145 transaction) having an aggregate offering price of not less than $10,000,000, then the Company shall: 

          (i)  within 15 days of the receipt thereof, give written notice of such request to all Holders; and 

         (ii)  use commercially reasonable efforts to effect as soon as practicable, and in any event within 45 days of the
receipt of such request, the registration under the Securities Act of all Registrable Securities that the Holders request to be registered, subject to the limitations of subsection 2.2(b). 

        (b)   If the Holders initiating the registration request hereunder (the "Initiating
Holders") intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made
pursuant to subsection 2.2(a) and the Company shall include such information in the written notice referred to in subsection 2.2(a). The underwriter will be selected by a majority in interest of the
Initiating 

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Holders
and shall be reasonably acceptable to the Company. In such event, the right of any Holder to include his, her or its Registrable Securities in such registration shall be conditioned upon such
Holder's participation in such underwriting and the inclusion of such Holder's Registrable Securities in the underwriting (unless otherwise mutually agreed to by a majority in interest of the
Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in
subsection 2.5(e)) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this
Section 2.2, if the underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Company shall so
advise all Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the underwriting shall be
allocated among all Holders thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the amount of Registrable Securities owned by each Holder,  provided, however, that the number of shares of Registrable Securities to be included in such
underwriting shall not be reduced unless all other securities of the Company, and other holders requesting registration are first entirely excluded from the underwriting and registration. Any
Registrable Securities excluded and withdrawn from such underwriting shall be withdrawn from the registration. 

        (c)   Notwithstanding the foregoing, if the Company shall furnish to the Holders requesting a registration statement pursuant
to this Section 2.2 a certificate signed by the President of the Company stating that in the good faith judgment of the Board it would be seriously detrimental to the Company and its
stockholders for such registration statement to be filed and it is therefore in the best interests of the Company to defer the filing of such registration statement, the Company shall have the right
to defer taking action with respect to such filing for a period of not more than 60 days after receipt of the request of the Initiating Holders;  provided, however, that the Company may not utilize this right more than once in any
12-month period and provided, further that the Company shall not register any other of its
shares during such 60 day period. 

        (d)   In addition, the Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
this Section 2.2: 

          (i)  after the Company has effected four registrations (a maximum of two at the request of the Holders of Series A
Conversion Stock and a maximum of two at the request of the Holders of Series B Conversion Stock, Series C Conversion Stock, the Series D Conversion Stock and Series E
Conversion Stock) pursuant to this Section 2.2 and such registrations have been declared or ordered effective; 

         (ii)  during the period starting with the date 60 days prior to the Board's good faith estimate of the filing date of
the registration statement relating to the Qualified IPO (provided that notice of such estimated filing date is given to the Initiating Holders within 30 days of their request for registration)
and ending on the date 180 days after the effective date of such registration statement; provided that the Company is actively employing in good faith all reasonable efforts to cause such
registration statement to become effective; or 

       (iii)  if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on
Form S-3 pursuant to a request made pursuant to Section 2.4 below. 

        (e)   The Company shall pay all expenses incurred in connection with each registration requested pursuant to this
Section 2.2 (excluding underwriters' or brokers' discounts and commissions) including, without limitation, all filing, federal and "blue sky" registration and qualification fees, printers' and
accounting fees, the fees and expenses of counsel for the Company, and the reasonable fees and disbursements of counsel for the selling Holder or Holders;  provided, 

5

 

 however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to this Section 2.2 if the registration request is
subsequently withdrawn at the request of the Holders of at least 50% of the Registrable Securities to be registered unless the registration is withdrawn because Holders have learned of a material
adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request, in which case the Company will be required to pay such expenses. 

        2.3    Piggyback Registrations.    The Company shall promptly notify
all Holders of Registrable Securities in writing prior to filing any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company
(including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding (i) registration statements relating to any registration
under Section 2.4 of this Agreement, (ii) registrations on any form to any employee benefit plan or to a corporate reorganization and (iii) registrations on any form that does not
include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities or registrations in which the only Common
Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered) and will afford each such Holder an opportunity to include in such registration
statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held
by such Holder shall, within 20 days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of
Registrable Securities such Holder wishes to include in such registration statement and the Company shall use all commercially reasonable efforts (subject to Section 2.3(a) and
(b) below) to cause to be registered under the Securities Act all of the Registrable Securities that each such Holder has requested to be registered. If a Holder decides not to include all of
its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable
Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth
herein. Any Holder who elects to include some or all of its Registrable Securities pursuant to this Section 2.3 shall cooperate with the Company in the preparation of any and all documents and
instruments the Company deems necessary or convenient for the preparation of any applicable registration statement, and such Holders shall supply the Company with any and all information the Company
reasonably deems necessary or convenient with respect to any registration statement. 

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        (a)    Right to Terminate Registration.    The Company shall have the
right to terminate or withdraw any registration initiated by it under this Section 2.3 prior to the effectiveness of such registration whether or not any Holder has elected to include
securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.3(c). 

        (b)    Underwriting.    If a registration statement for which the
Company gives notice pursuant to this Section 2.3 is for an underwritten offering, then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any
Holder's Registrable Securities to be included in a registration pursuant to this Section 2.3 shall be conditioned upon such Holder's participation in such underwriting and the inclusion of
such Holder's Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an
underwriting agreement in customary form with the managing underwriter or underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Agreement, if the managing
underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares (including
Registrable Securities) from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated  first, to the Company and
second, to the Holders requesting inclusion of their Registrable Securities in
such registration on a pro rata basis based upon the total number of Registrable Securities then held by each such Holder, provided,  however, that the
right of the underwriters to exclude shares from the registration and underwriting as described above in this Section 2.3 shall
be restricted so that all shares held by securityholders that are not Registrable Securities shall first be excluded from such registration; and provided
further that in no event shall the amount of securities of the selling Holders included in the registration be reduced below twenty-five percent (25%) of the total
amount of securities included in such offering, unless such offering is the initial public offering of the Company's securities and such registration does not include shares of any other selling
stockholders, in which event any or all Registrable Securities of the Holders may be excluded in accordance with the immediately preceding sentence. If any Holder disapproves of the terms of any such
underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter delivered at least 20 business days prior to the effective date of the registration
statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a partnership or corporation, the
partners, retired partners and shareholders of such Holder, or the estates and family members of any such partners, shareholders and retired partners and any trusts for the benefit of any of the
foregoing persons shall be deemed to be a single "Holder," and any pro rata reduction with respect to such "Holder" shall be based upon the aggregate amount of shares carrying registration rights
owned by all entities and individuals included in such "Holder," as defined in this sentence. No stockholder of the Company shall be granted piggyback registration rights which would reduce the number
of shares includable by the holders of the Registrable Securities in such registration without the consent of the holders of at least a majority of the Registrable Securities. 

        (c)    Expenses.    All expenses incurred in connection with a
registration pursuant to this Section 2.3 (excluding underwriters' and brokers' discounts and commissions) including, without limitation, all
filing, federal and "blue sky" registration and qualification fees, printers' and accounting fees, the fees and expenses of counsel for the Company, and the reasonable fees and disbursements of
counsel for the selling Holder or Holders selected by them shall be borne by the Company. 

        2.4    Form S-3 Registration.    In case the
Company shall receive from any Holder or Holders of at least 30% of all Registrable Securities then outstanding a written request or requests that the Company 

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effect
a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, then the
Company will: 

        (a)    Notice.    Promptly give written notice of the proposed
registration and the Holder's or Holders' request therefor, and any related qualification or compliance, to all other Holders; and 

        (b)    Registration.    Use commercially reasonable efforts to effect,
as soon as reasonably practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such
portion of such Holder's or Holders' Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in
such request as are specified in a written request given within 20 days after receipt of such written notice from the Company; provided, however,
that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4: 

        (1)   if Form S-3 is not available for such offering by the Holders; 

        (2)   if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than $1,000,000; 

        (3)   if the Company shall furnish to the Holders a certificate signed by the President of the Company stating that in the good
faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such Form S-3 Registration to be effected at such time, in which event the
Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than 60 days after receipt of the request of the Holder or
Holders under this Section 2.4; provided, however, that the Company shall not utilize this right
more than once in any twelve (12) month period and provided further, that the Company shall not register any other of its securities during such 60 day period; 

        (4)   if the Company has, within the twelve (12) month period preceding the date of such request, already effected four
registrations on Form S-3 for the Holders pursuant to this Section 2.4; or 

        (5)   in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general
consent to service of process in effecting such registration, qualification or compliance. 

        (c)    Expenses.    The Company shall pay all expenses incurred in
connection with each registration requested pursuant to this Section 2.4 (excluding underwriters' or brokers' discounts and commissions) including, without limitation, all filing, federal and
"blue sky" registration and qualification fees, printers' and accounting fees, the fees and expenses of counsel for the Company, and the reasonable fees and disbursements of counsel for the selling
Holder or Holders selected by them. 

        2.5    Obligations of the Company.    Whenever required to effect the
registration of any Registrable Securities under this Agreement, the Company shall, as expeditiously as reasonably possible: 

        (a)   Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the holders of a majority of the Registrable Securities registered thereunder, keep
such registration statement effective for up to 120 successive days. 

        (b)   Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in
connection with such registration statement as may be reasonably necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such
registration statement. 

8

 

        (c)   Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such
registration. 

        (d)   Use its commercially reasonable efforts to register and qualify the securities covered by such registration statement
under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a general consent to service of process or subject itself to taxation in any such states or jurisdictions. 

        (e)   In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement,
in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an
underwriting agreement. 

        (f)    Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which
similar securities issued by the Company are then listed. 

        (g)   Provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number
for all such Registrable Securities, in each case not later than the date by which such actions are required to be taken by applicable law or by the rules of any securities exchange on which
securities issued by the Company are then listed or approved for listing. 

        (h)   Notify each Holder covered by such registration statement at any time when a prospectus relating thereto is required to
be delivered under the Securities Act of the happening of any event of which the Company becomes aware as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing. 

        (i)    Furnish, at the request of any Holder requesting registration of Registrable Securities, on the date that such
Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters or, if such securities are not being sold through underwriters, on the date
that the registration statement with respect to such securities becomes effective, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in an underwritten public offering, or if not underwritten, in form and substance as is customarily given to underwriters
and reasonably satisfactory to counsel to the Holder offering the greatest number of Registrable Securities for sale in the registration, addressed to the underwriters, if any, and to the Holders
requesting registration of Registrable Securities, and (ii) a "comfort" letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as
is customarily given by independent certified public accountants to underwriters in an underwritten public offering, or if not underwritten, in form and substance as is customarily given to
underwriters and reasonably satisfactory to counsel to the Holder offering the greatest number of Registrable Securities for sale in the registration, addressed to the underwriters, if any, and to the
Holders requesting registration of Registrable Securities. 

        2.6    Furnish Information.    It shall be a condition precedent to
the obligations of the Company to take any action pursuant to Sections 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable
Securities held by them and the intended method of disposition of such securities as shall be required to timely effect the registration of their Registrable Securities. 

9

 

        2.7    Indemnification.    In the event any Registrable Securities are
included in a registration statement under Sections 2.2, 2.3 or 2.4: 

        (a)    By the Company.    To the extent permitted by law, the Company will indemnify and hold
harmless each Holder, the partners, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or
underwriter within the meaning of the Securities Act or Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Securities Act,
the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively a "Violation"): 

        (i)    any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including
any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; 

        (ii)   the omission or alleged omission to state in such registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto, a material fact required to be stated therein, or necessary to make the statements therein not misleading; or 

        (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any federal or state
securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any federal or state securities law in connection with the offering covered by such registration
statement; 

and
the Company will reimburse each such Holder or partner, officer, director, underwriter or controlling person or Affiliate of such Holder for any legal or other expenses reasonably incurred by
them, in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are reasonably incurred;  provided, however, that the indemnity agreement contained in this subsection 2.7(a) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, which consent
shall not be unreasonably withheld or delayed, nor shall the Company be liable in any case for any loss, claim, damage, liability or action to the extent that it arises out of or is based upon a
Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, officer, director,
underwriter or controlling person of such Holder. 

        (b)    By Selling Holders.    To the extent permitted by law, each
selling Holder, on a several and not joint basis, will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the registration statement, each person, if
any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder's
partners, directors or officers or any person who controls such Holder within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or
several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder, partner or director, officer or controlling person of such other Holder may become
subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon
any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in
connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or
other Holder, partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action;  provided,
however, that 

10

 

the
indemnity agreement contained in this subsection 2.7(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without
the consent of such Holder, which consent shall not be unreasonably withheld or delayed; and provided further that the total amounts payable in indemnity by a Holder under this Section 2.7(b)
in respect of any Violation shall not exceed the net proceeds received by such Holder in the registered offering out of which such Violation arises. 

        (c)    Notice.    Promptly after receipt by an indemnified party under
this Section 2.7 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any
indemnifying party under this Section 2.7, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and,
to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties;  provided,
however, that an indemnified party (together with all other indemnified parties which may be
represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing of interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend
such action, shall relieve such indemnifying party of liability to the extent so prejudiced to the indemnified party under this Section 2.7, but the omission so to deliver written notice
to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.7. 

        (d)    Contribution.    In order to provide for just and equitable
contribution to joint liability under the Securities Act in any case in which either (i) the Company, or any Holder exercising rights under this Agreement, or any controlling person of any such
Holder, makes a claim for indemnification pursuant to this Section 2.7 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the
expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 2.7 provides for
indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of the Company or any such selling Holder or any such controlling person in circumstances
for which indemnification of such party is provided under this Section 2.7, then, and in each such case, the Company and such Holder will contribute to the aggregate losses, claims, damages or
liabilities to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information, and
opportunity to correct or prevent such statement or omission; provided, however, that, in any such case,
(A) no Holder will be required to contribute any amount in excess of the net proceeds received by such Holder from the public offering price of Registrable Securities offered and sold by such
Holder pursuant to such registration statement, except in the case of willful fraud by such Holder, and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

11

  

        (e)    Underwriting Agreement.    Notwithstanding the foregoing, to
the extent that the provisions on indemnifications and contribution contained in the underwriting agreement entered into in connection with an underwritten public offering are in conflict with the
foregoing provisions, the provisions in the underwriting agreement shall control and supersede the provisions hereof. 

        (f)    Survival.    The obligations of the Company and Holders under
this Section 2.7 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 2, and otherwise. 

        2.8    Rule 144 Reporting.    With a view to making available
the benefits of certain rules and regulations of the Commission that may at any time permit the sale of the Registrable Securities to the public without registration, after such time as the Company
has become subject to the reporting requirements of the Exchange Act, the Company agrees to: 

        (a)   make and keep public information available, as those terms are understood and defined in Rule 144 under the
Securities Act, at all times after 90 days after the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general
public; 

        (b)   use its commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 

        (c)   so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request (i) a written
statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by
the Company for an offering of its securities to the general public) and of the Securities Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the
Exchange Act), (ii) a copy of the most recent annual or quarterly report of the Company and (iii) such other reports and documents of the Company as a Holder may reasonably request in
availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities without registration (at any time after the Company has become subject to the reporting
requirements of the Exchange Act). 

        2.9    Termination of the Company's Obligation.    The Company shall
have no obligations provided in Section 2 hereof with respect to: (i) any request or requests for registration made by any Holder on a date more than five (5) years after the
consummation of the Qualified IPO; or (ii) any Registrable Securities proposed to be sold by a Holder in a registration pursuant to Sections 2.2, 2.3 or 2.4 hereof if all such Registrable
Securities proposed to be sold by a Holder may then be sold in a three-month period without registration under the Securities Act pursuant to Rule 144 under the Securities Act. 

        2.10    Limitations on Subsequent Registration Rights.    From and
after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least a majority of the Registrable Securities then outstanding, enter into any
agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include such securities in any registration filed
under Sections 2.2, 2.3 or 2.4 hereof, unless under the terms of such agreement such holder or prospective holder may include such securities in any such registration only to the extent that the
inclusion of such securities will not reduce the amount of Registrable Securities of the Holders to be included or (b) to demand registration of their securities. 

        2.11    "Market Stand-Off" Agreement.    

        (a)   The Investors hereby agree that, during the period of duration specified by the Company and an underwriter of Common
Stock or other securities of the Company, following the effective 

12

 

date
of the first registration statement for a firm commitment underwritten public offering of the Company's securities filed under the Securities Act, it shall not, to the extent requested by the
Company and such underwriter, directly or indirectly, sell, offer to sell, contract to sell (including, without limitation, any short sale), grant any option to purchase or otherwise transfer or
dispose of (other than to donees who agree to be similarly bound), or reduce its interest in (collectively, "Transfer"), any securities of the Company
held by it at any time during such period except Common Stock included in such registration; provided,  however, that: 

          (i)  all executive officers and directors of the Company and all other persons holding at least 1% of the Company's
outstanding stock enter into similar agreements; and 

         (ii)  such market stand-off time period shall not exceed 180 days. 

In
order to enforce the foregoing covenants, the Company may impose stop-transfer instructions with respect to the Registrable Securities of the Investors (and the shares or securities of
every other person subject to the foregoing restriction) until the end of such period. Notwithstanding the foregoing, the obligations described in this Section 2.11 shall not apply to a
registration relating
solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or to a registration relating solely to a
Commission Rule 145 transaction. 

        2.12    S-3 Registration Requirements.    Notwithstanding
anything else contained in this Agreement, the Company shall not become obligated to become subject to the Exchange Act and, the Investors acknowledge, until such time as the Company becomes subject
to the Exchange Act, the Company will be legally precluded from registering securities under a Form S-3 and, accordingly, no provisions in this Agreement to the contrary shall be
deemed to require the Company to undertake such a registration until the Company legally is qualified to do so. 

3.     RIGHT OF FIRST OFFER. 

        3.1    General.    (a)
Each Major Investor (each such Major Investor hereinafter referred to as a "Rights Holder") has the right of first offer to purchase such Rights
Holder's Pro Rata Share (as defined below) of all (or any part) of any "New Securities" (as defined in Section 3.2) that the Company may from time to time issue after the date of this
Agreement. A Rights Holder's "Pro Rata Share" for purposes of this right of first offer is the ratio of (a) the number of Registrable Securities
as to which such Rights Holder is the Holder (and/or is deemed to be the Holder under Section 2.1 (d)) to (b) a number of shares of Common Stock equal to the sum of (i) the total
number of shares of Common Stock then outstanding plus (ii) the total number of shares of Common Stock into which all then outstanding shares of Preferred Stock of the Company are then
convertible plus (iii) the total number of shares of Common Stock issuable upon the exercise of all then exercisable outstanding options or outstanding stock purchase warrants to purchase
shares of Common Stock or upon the conversion of other convertible securities. 

        (b)   In the event that any GSK Related Entity elects to participate in the right of first offer to purchase New Securities,
and the price of such New Securities is at a purchase price less than twenty-five percent (25%) of the then current Conversion Price (as defined in the Company's Certificate of
Incorporation) of the Series A Stock, the portion of such GSK Related Entity's Pro Rata Share of the New Securities that such GSK Related Entity elects to purchase shall be for securities with
substantially the same price, rights, preferences, obligations and privileges as the New Securities, except that such securities shall be non-voting in a manner substantially similar to
the Series A Stock (when compared to the Series B Stock, the Series C Stock and the Series D Stock). The amount of New Securities to be issued by the Company that have a
voting feature shall be proportionately reduced by the amount of non-voting securities being issued to any GSK Related Entity. In such instance, "New Securities" shall refer to the
aggregate of the voting securities to be issued by the 

13

 

Company
and the non-voting securities to be issued by the Company to any GSK Related Entity. If the price of the New Securities is being offered at a price equal to or greater than
twenty-five percent (25%) of the then current Conversion Price of the Series A Stock, then each GSK Related Entity shall have the opportunity to purchase the New Securities that are
voting and that are being offered to all other Rights Holders. This right of first offer for non-voting or voting securities is personal to the GSK Related Entities and cannot be
transferred to any transferee or assignee of the GSK Related Entities' securities other than to other GSK Related Entities. 

        3.2    New Securities.    "New
Securities" shall mean any Common Stock or preferred stock of the Company, whether now authorized or not, and rights options or warrants to purchase such Common Stock or
preferred stock, and securities of any type whatsoever, including notes or other debt instruments, that are, or may become, convertible or exchangeable into such Common Stock or preferred stock;  provided, however, that the term "New Securities" does not
include: 

          (i)  shares of the Common Stock (and/or options or warrants therefor) issued or issuable to employees, officers, directors,
contractors, advisors or consultants of the Company or any subsidiary pursuant to stock options or other stock incentive agreements or plans approved by the Board; 

         (ii)  any Common Stock issuable upon conversion of shares of Preferred Stock; 

       (iii)  any shares of the Company's Common Stock or preferred stock (or any other security of the Company) issued in connection
with any stock split, stock dividend or recapitalization; 

        (iv)  any securities issued pursuant to the acquisition of another corporation, business, assets, technologies or entity by
the Company or a subsidiary of the Company through consolidation, merger, purchase of assets or other reorganization approved by the Board; 

         (v)  shares of any capital stock (and/or options or warrants therefor) issued to financial institutions or lessors in
connection with commercial credit arrangements, equipment financings, real property leases, or similar transactions approved by a majority of the members of the Board of Directors; 

        (vi)  stock issued or issuable pursuant to any rights or agreements, options, warrants or convertible securities outstanding
as of the date of this Agreement; and stock issued pursuant to any such rights or agreements granted after the date of this Agreement, so long as the rights of first refusal established by this
Section 3.2 were complied with, waived, or were inapplicable pursuant to any provision of this Section 3.2 with respect to the initial sale or grant by the Company of such rights or
agreements; 

       (vii)  up to Two Million One Hundred Twenty Thousand Three Hundred Twenty-Nine (2,120,329) shares of
Series E Stock issuable pursuant to the Series E Stock Purchase Agreement and the shares of common stock issuable upon conversion thereof; or 

      (viii)  any shares of Alternative Stock (as defined in the Restated Charter) and any securities issuable upon conversion
thereof sold to any holder of Preferred Stock of the Company as of immediately prior to the filing date of the Restated Charter that does not purchase its Pro Rata Share (as defined in the Restated
Charter) of the shares of Series D Stock pursuant to the Series D Stock Purchase Agreement within nine (9) months following the initial closing of the sale of shares of
Series D Stock pursuant to the Series D Stock Purchase Agreement. 

        3.3    Procedures.    If the Company proposes to undertake an issuance
of New Securities, it shall give written notice to each Rights Holder of its intention to issue New Securities (the "Notice"), describing the type of
New Securities and the price and the general terms upon which the Company proposes to issue such New Securities. Each Rights Holder shall have twenty (20) days from the date of mailing of any
such Notice to agree in writing to purchase such Rights Holder's Pro Rata Share of 

14

 

such
New Securities for the price and upon the general terms specified in the Notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased (not to
exceed such Rights Holder's Pro Rata Share). Notwithstanding the terms set forth in the Notice, each Rights Holder shall have the right to pay cash for New Securities offered in the Notice. If any
Rights Holder fails to so agree in writing within such twenty (20) day period to purchase such Rights Holder's full Pro Rata Share of an offering of New Securities (a
"Nonpurchasing Holder"), then such Nonpurchasing Holder shall forfeit the right hereunder to purchase that part of its Pro Rata Share of such New
Securities that it did not so agree to purchase and the Company shall promptly give each Rights Holder (if any) who has timely agreed to purchase its full Pro Rata Share of such offering of New
Securities (a "Purchasing Holder") written notice of the failure of any Nonpurchasing Holder to purchase such Nonpurchasing Rights Holder's full Pro
Rata Share of such offering of New Securities (the "Overallotment Notice"). Each Purchasing Holder shall have a right of overallotment such that such
Purchasing Holder may agree to purchase a portion of the Nonpurchasing Holder's unpurchased Pro Rata Share of such offering on a pro rata basis according to the relative Pro Rata Shares of the
Purchasing Rights Holders at any time within five business days after receiving the Overallotment Notice. 

        3.4    Failure to Exercise.    If the Rights Holders fail to exercise
in full the right of first offer within such twenty calendar days plus five business day period, then the Company shall have 60 days thereafter to sell the New Securities with respect to which
the Rights Holders' rights of first offer hereunder were not exercised, at a price and upon general terms not materially more favorable to the purchasers thereof than specified in the Notice;  provided however that no party other than the GSK Related Entities shall be entitled to purchase non-voting securities. If the Company has
not issued and sold the New Securities within such 60 day period, then the Company shall not thereafter issue or sell any New Securities without again first offering such New Securities to the
Rights Holders pursuant to this Section 3. A Rights Holder's failure to exercise the right of first offer shall not be deemed to be an action that causes one series of preferred stock to be
treated materially differently than another series of preferred stock for any reason. 

        3.5    Termination.    This right of first offer shall terminate
(i) immediately before the closing of a Qualified IPO or (ii) upon a Change of Control (as defined in the Restated Charter). 

4.     COVENANTS OF THE COMPANY. 

        The
Company hereby covenants and agrees, so long as any Holder owns any Registrable Securities as follows: 

        4.1    Proprietary Information and Inventions Agreements.    The
Company hereby covenants that it shall require each new officer, employee and consultant of the Company to enter into and execute a Proprietary Information and Inventions Agreement in the standard
form used by the Company. 

        4.2    Stock Vesting.    Unless otherwise approved by the Board or the
Compensation Committee of the Board, all stock and stock equivalents issued after the date of this Agreement to employees, directors, consultants and other service providers will be subject to vesting
restrictions at least as restrictive as the following: 25% to vest at the end of the first year following such issuance, with the remaining 75% to vest monthly over the next three years. The
repurchase option shall provide that upon termination of the employment of the stockholder, with or without cause, the Company or its assignee (to the extent permissible under applicable securities
law qualification) retains the option to repurchase at the lesser of cost or fair market value any unvested shares held by such stockholder. 

15

   
        4.3    Reimbursement of Directors Expenses.    The Company shall
reimburse the reasonable expenses of the directors (other than employee-directors) for costs incurred in attending the meetings of the Board and committees of the Board. 

        4.4    Directors and Officers Insurance.    The Company shall use
commercially reasonable efforts to maintain directors and officers liability insurance in an amount of not less than $5,000,000, except as otherwise unanimously decided by the Board. 

        4.5    Termination.    This covenants contained in this Section 4 shall terminate (i) immediately before
the closing of a Qualified IPO or (ii) upon a Change of Control (as defined in the Restated Charter). 

5.     ASSIGNMENT AND AMENDMENT. 

        5.1    Assignment.    Notwithstanding anything herein to the contrary. 

        (a)    Information and Inspection Rights.    The rights of the
Investors under Section 1.1 or 1.2 hereof may be assigned only to a party who acquires from such Investors (or such Investors' permitted assigns) at least that number of shares of Preferred
Stock and/or an equivalent number (on an as-converted basis) of shares of Conversion Stock described in Section 1.1 or 1.2 hereof, respectively. 

        (b)    Registration Rights, Offer Rights.    Subject to the terms of
this Agreement, the registration rights of a Holder under Section 2 hereof and the rights of first offer of a Rights Holder under Section 3 hereof may be assigned only to: (i) any
direct or indirect partner or retired partner of any such Holder or Rights Holder that is a limited or general partnership and (ii) any member or former member of any holder which is a limited
liability company, and (iii) any affiliate of such Holder, provided, however, that no party may
be assigned any of the foregoing rights unless the Company is given written notice by the assigning party at the time of such assignment stating the name and address of the assignee and identifying
the securities of the Company as to which the rights in question are being assigned and the Company consents in writing thereto prior to the transfer (which consent shall not be unreasonably
withheld), provided that any such proper assignee shall agree in writing to be bound to all the terms and conditions of this Agreement, including without limitation the provisions of this
Section 5. Notwithstanding the foregoing, no GSK Related Entity can assign such rights to a Competitor of the Company. A "Competitor" of the
Company means any individual, unincorporated organization, partnership, corporation, limited liability company, joint venture or other business association or entity that the Board determines in good
faith to be a competitor of the Company or one of its subsidiaries; provided, however, that no GSK
Related Entity shall be considered a Competitor of the Company unless and until such entity is no longer Controlled by GlaxoSmithKline plc. For purposes of this Agreement,
"Controlled" as to an entity shall mean (a) direct or indirect ownership of greater than fifty percent (50%) of the voting securities of, or
other ownership interest in, such entity, or (b) possession, directly or indirectly, of the power to direct or cause the direction of management or policies of the entity in question (whether
through ownership of securities or other ownership interest, by contract or otherwise). 

        5.2    Amendment of Rights.    Any provision of this Agreement may be amended and the observance thereof may be waived
(either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the holders of at least seventy percent (70%) of the
Registrable Securities then outstanding; provided, however, that if such amendment or waiver materially
adversely affects the rights of a series of preferred stock herein in a manner materially differently than the rights of the other series of preferred stock, then such amendment or waiver will also
require the consent of the holders of a majority of the materially 

16

 

adversely
affected series. Any amendment or waiver effected in accordance with this Section 5.2 shall be binding upon each Investor, Holder and Rights Holder, each permitted successor or
assignee of each Investor, Holder or Rights Holder, and the Company. 

6.     GENERAL PROVISIONS. 

        6.1    Notices.    Any notices and other communications hereunder shall be in writing and shall be deemed given:
(i) upon personal delivery to the party to be notified; (ii) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if not, then on the next
business day, (iii) domestically, five (5) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one
(1) business day after deposit with a nationally or internationally, as applicable, recognized overnight courier, specifying next day delivery, if domestic, or if international, then three
(3) business days thereafter, with written verification of receipt. All communications shall be sent as follows (provided, that any party hereto (and such party's permitted assigns) may by
notice so given change its address for future notices hereunder by giving ten days' advance notice to all other parties): 

        (a)   if to the Investors (other than the GSK Related Entities), at the addresses set forth on Exhibits
B, C, D and E attached hereto. 

        (b)   if to the GSK Related Entities, at the addresses set forth on  Exhibit A attached hereto. 

        (c)   if to the Company, at the address set forth on the signature page attached hereto. 

        6.2    Entire Agreement.    This Agreement, together with all the exhibits hereto, constitutes and contains the entire
agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations
between the parties respecting the subject matter hereof. 

        6.3    Governing Law.    This Agreement shall be governed by and construed exclusively in accordance with the internal
laws of the State of Delaware as applied to agreements among Delaware residents entered into and to be performed entirely within Delaware, excluding that body of law relating to conflict of laws and
choice of law. 

        6.4    Severability.    If one or more provisions of this Agreement are held to be unenforceable under applicable law,
then such provision(s) shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with
its terms. 

        6.5    Third Parties.    Nothing in this Agreement, express or implied, is intended to confer upon any person, other
than the parties hereto and their successors and assigns, any rights or remedies under or by reason of this Agreement. 

        6.6    Successors and Assigns.    Subject to the provisions of this Agreement, this Agreement and the provisions
hereof shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto. 

        6.7    Captions.    The captions to sections of this Agreement have been inserted for identification and reference
purposes only and shall not be used to construe or interpret this Agreement. 

        6.8    Counterparts and Facsimile Delivery.    This Agreement may be executed in counterparts and delivered by
facsimile, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. A facsimile signature shall be deemed an original. 

        6.9    Costs and Attorneys' Fees.    If any action, suit or other proceeding is instituted concerning or arising out
of this Agreement or any transaction contemplated hereunder, the prevailing party shall 

17

 

recover
all of such party's costs and attorneys' fees incurred in each such action, suit or other proceeding, including any and all appeals or petitions therefrom. 

        6.10    Adjustments for Stock Splits, Etc.    Wherever in this Agreement there is a reference to a specific number of
shares of Common Stock or preferred stock of the Company of any class or series, then, upon the occurrence of any subdivision, combination or stock dividend of such class or series of stock, the
specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of stock by such
subdivision, combination or stock dividend. 

        6.11    Aggregation of Stock.    All shares held or acquired by affiliated entities or persons shall be aggregated
together for the purpose of determining the availability of any rights under this Agreement. 

        6.12    Amendment and Restatement of Prior Agreement.    The Prior Agreement is hereby amended in its entirety and
restated herein. Such amendment and restatement is effective upon the execution of this Agreement by the Company and the holders of at least 70% of the Registrable Securities outstanding pursuant to
the Prior Agreement. Upon such execution, all provisions of, rights granted and covenants made in the Prior Agreement are hereby waived, released and superseded in their entirety and shall have no
further force or effect. 

18

        IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 

	 	 	COMPANY:
	

 	
 	
AFFYMAX, INC.
	

 	
 	

By:	

/s/  ARLENE MORRIS      

	 	 	Name:	Arlene Morris
	 	 	Title:	President and CEO
	

 	
 	

Address:	

4001 Miranda Avenue

Palo Alto, California 94304

AFFYMAX, INC.

SIGNATURE PAGE TO AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

	 	 	INVESTORS:
	

 	
 	
JAFCO LIFE SCIENCE NO.1 INVESTMENT ENTERPRISE PARTNERSHIP
	

 	
 	

By:	

/s/  H. AGATA      
 Tomio Kezuka

Executive Vice President JAFCO Co., Ltd.

It's Executive Partner
	

 	
 	
JAFCO V-1(A) VENTURE CAPITAL INVESTMENT LIMITED PARTNERSHIP
	

 	
 	

By:	

/s/  H. AGATA      
 Tomio Kezuka

Executive Vice President JAFCO Co., Ltd.

It's General Partner
	

 	
 	
JAFCO V-1(B) VENTURE CAPITAL INVESTMENT LIMITED PARTNERSHIP
	

 	
 	

By:	

/s/  H. AGATA      
 Tomio Kezuka

Executive Vice President JAFCO Co., Ltd.

It's General Partner
	

 	
 	
JAFCO V-1 STAR VENTURE CAPITAL INVESTMENT LIMITED PARTNERSHIP
	

 	
 	

By:	

/s/  H. AGATA      
 Tomio Kezuka

Executive Vice President JAFCO Co., Ltd.

It's General Partner

	INVESTORS:	 	 	 
	
BEAR STEARNS HEALTH INNOVENTURES OFFSHORE, L.P.	
 	
BSHI MEMBERS, L.L.C.
	

Bear Stearns Health Innoventures Management, LLC

Its General Partner	
 	

Bear Stearns Health Innoventures Management, LLC

Its Managing Member
	

By:	

/s/  ELIZABETH CZEREPAK      
	
 	

By:	

/s/  ELIZABETH CZEREPAK      

	Name: Elizabeth Czerpak

Title: Managing Partner	 	Name: Elizabeth Czerpak

Title: Managing Member
	
BEAR STEARNS HEALTH INNOVENTURES EMPLOYEE FUND, L.P.	
 	

BX, L.P.
	

Bear Stearns Health Innoventures Management, LLC

Its General Partner	
 	

Bear Stearns Health Innoventures Management, LLC

Its General Partner
	

By:	

/s/  ELIZABETH CZEREPAK      
	
 	

By:	

/s/  ELIZABETH CZEREPAK      

	Name: Elizabeth Czerpak

Title: Managing Partner	 	Name: Elizabeth Czerpak

Title: Managing Partner
	
BEAR STEARNS HEALTH INNOVENTURES, L.P.	
 	

 	

 
	

Bear Stearns Health Innoventures Management, LLC

Its General Partner	
 	

 	

 
	

By:	

/s/  ELIZABETH CZEREPAK      
	
 	

 	

 
	Name: Elizabeth Czerpak

Title: Managing Partner	 	 	 

	 	 	INVESTORS:
	

 	
 	
APAX EXCELSIOR VI, L.P.
	

 	
 	

By:	

Apax Excelsior VI Partners, L.P.
	 	 	Its:	General Partner
	

 	
 	

By:	

Apax & Co. Managers, Inc.
	 	 	Its:	General Partner
	

 	
 	

By:	

/s/ Oren Zeev

	 	 	Name:	Oren Zeev

	 	 	Title:	Vice President
	

 	
 	
APAX EXCELSIOR VI-A C.V., L.P.
	

 	
 	

By:	

Apax Excelsior VI Partners, L.P.
	 	 	Its:	General Partner
	

 	
 	

By:	

Apax & Co. Managers, Inc.
	 	 	Its:	General Partner
	

 	
 	

By:	

/s/ Oren Zeev

	 	 	Name:	Oren Zeev

	 	 	Title:	Vice President

	 	 	APAX EXCELSIOR VI-B C.V., L.P.
	

 	
 	

By:	

Apax Excelsior VI Partners, L.P.
	 	 	Its:	General Partner
	

 	
 	

By:	

Apax & Co. Managers, Inc.
	 	 	Its:	General Partner
	

 	
 	

By:	

/s/ Oren Zeev

	 	 	Name:	Oren Zeev

	 	 	Title:	Vice President
	

 	
 	
INVESTORS:
	

 	
 	
PATRICOF PRIVATE INVESTMENT CLUB III, L.P.
	

 	
 	

By:	

Apax Excelsior VI Partners, L.P.
	 	 	Its:	General Partner
	

 	
 	

By:	

Apax & Co. Managers, Inc.
	 	 	Its:	General Partner
	

 	
 	

By:	

/s/ Oren Zeev

	 	 	Name:	Oren Zeev

	 	 	Title:	Vice President

INVESTORS:  

        For and on behalf of Apax Partners Europe Managers Limited as Manager of Apax Europe V—A, L.P. 

	By:	 	/s/ illegible
	 	and	 	/s/ illegible

INVESTORS:  

        For and on behalf of Apax Partners Europe Managers Limited as Manager of Apax Europe V—B, L.P. 

	By:	 	/s/ illegible
	 	and	 	/s/ illegible

INVESTORS:  

        For and on behalf of Apax Partners Europe Managers Limited as Manager of Apax Europe V C GmbH & Co. KG 

	By:	 	/s/ illegible
	 	and	 	/s/ illegible

INVESTORS:  

        For and on behalf of Apax Partners Europe Managers Limited as Manager of Apax Europe V—D, L.P. 

	By:	 	/s/ illegible
	 	and	 	/s/ illegible

INVESTORS:  

        For and on behalf of Apax Partners Europe Managers Limited as Manager of Apax Europe V—E, L.P. 

	By:	 	/s/ illegible
	 	and	 	/s/ illegible

INVESTORS:  

        For and on behalf of Apax Partners Europe Managers Limited as Manager of Apax Europe V—F, C.V. 

	By:	 	/s/ illegible
	 	and	 	/s/ illegible

INVESTORS:  

        For and on behalf of Apax Partners Europe Managers Limited as Manager of Apax Europe V—G, C.V. 

	By:	 	/s/ illegible
	 	and	 	/s/ illegible

INVESTORS:  

        For and on behalf of Apax Partners Europe Managers Limited as Manager of Apax Europe V—1, L.P. (UK Limited Partnership) 

	By:	 	/s/ illegible
	 	and	 	/s/ illegible

INVESTORS:  

        For and on behalf of Apax Partners Europe Managers Limited as Manager of Apax Europe V—2, L.P. (UK Limited Partnership) 

	By:	 	/s/ illegible
	 	and	 	/s/ illegible

INVESTORS:  

MPM BIOVENTURES II, L.P.  

By:
MPM Asset Management II, L.P., its General Partner

By: MPM Asset Management II LLC, its General Partner 

	By:	 	/s/ NICHOLAS GALAKATOS
	 	 
	Name:	 	Nicholas Galakatos	 	 
	Title:	 	Investment Manager	 	 

INVESTORS:  

MPM BIOVENTURES II-QP, L.P.  

By:
MPM Asset Management II, L.P., its General Partner

By: MPM Asset Management II LLC, its General Partner 

	By:	 	/s/ NICHOLAS GALAKATOS
	 	 
	Name:	 	Nicholas Galakatos	 	 
	Title:	 	Investment Manager	 	 

INVESTORS:  

MPM BIOVENTURES GMBH & CO. PARALLEL-BETEILIGUNGS KG  

By:
MPM Asset Management II, L.P., in its capacity as the Special Limited Partner

By: MPM Asset Management II LLC, its General Partner 

	By:	 	/s/ NICHOLAS GALAKATOS
	 	 
	Name:	 	Nicholas Galakatos	 	 
	Title:	 	Investment Manager	 	 

INVESTORS:  

MPM ASSET MANAGEMENT INVESTORS 2001 LLC  

	By:	 	/s/ NICHOLAS GALAKATOS
	 	 
	Name:	 	Nicholas Galakatos	 	 
	Title:	 	Investment Manager	 	 

INVESTOR:  

MPM BIOVENTURES STRATEGIC FUND, L.P.  

By:
MPM BioVentures III GP, L.P., its General Partner

By: MPM BioVentures III LLC, its General Partner 

	By:	 	/s/ NICHOLAS GALAKATOS
	 	 
	Name:	 	Nicholas Galakatos	 	 
	Title:	 	Series A Member	 	 

	 	 	INVESTORS:
	

 	
 	
DLJ CAPITAL CORPORATION
	

 	
 	

By:	
 	

/s/ KATHLEEN LAPORTE

	 	 	Name:	 	Kathleen D. LaPorte
	 	 	Title:	 	Managing Director
	

 	
 	
SPROUT IX PLAN INVESTORS, L.P.
	

 	
 	

By:	
 	

DLJ LBO Plans Management Corporation II
	 	 	Its:	 	General Partner
	

 	
 	

By:	
 	

/s/ KATHLEEN LAPORTE

	 	 	Name:	 	Kathleen D. LaPorte
	 	 	Title:	 	Attorney in fact
	

 	
 	
SPROUT ENTREPRENEURS FUND, L.P.
	

 	
 	

By:	
 	

DLJ Capital Corporation
	 	 	Its:	 	General Partner
	

 	
 	

By:	
 	

/s/ KATHLEEN LAPORTE

	 	 	Name:	 	Kathleen D. LaPorte
	 	 	Title:	 	Managing Director
	

 	
 	
SPROUT CAPITAL IX, L.P.
	

 	
 	

By:	
 	

DLJ Capital Corporation
	 	 	Its:	 	Managing General Partner
	

 	
 	

By:	
 	

/s/ KATHLEEN LAPORTE

	 	 	Name:	 	Kathleen D. LaPorte
	 	 	Title:	 	Managing Director

EXHIBIT A

SCHEDULE OF SERIES A INVESTORS  

	NAME OF SERIES A INVESTOR

	 	ADDRESS

	Affymax Research Institute

Affymax Technologies N.V.

Glaxo Group Limited

SmithKline Beecham Corporation	 	980 Great West Road

Brentford

Middlesex

TW8 9GS

United Kingdom

Attn: Secretariat Services, Corporate Secretariat

Facsimile No.: +44 20 8047 6904

Telephone No.: +44 20 8047 5000
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	GlaxoSmithKline

One Franklin Plaza

200 N. 16th Street

Philadelphia, PA 19101

Attention: General Counsel

Facsimile: (215) 751-3935

Telephone: (215) 751-3027

EXHIBIT B

SCHEDULE OF SERIES B INVESTORS  

	NAME OF SERIES B INVESTOR

	 	ADDRESS

	Apax Excelsior VI L.P.

Apax Excelsior VI-A C.V., L.P.

Apax Excelsior VI-B C.V., L.P.

Patricof Private Investment Club III, L.P.	 	c/o Apax Partners

2100 Geng Road, Suite 150

Palo Alto, California 94303

Attn: Lori Rafield
	

Apax (OCS) Nominees Limited(1)	
 	

Client Services, 4th Floor

One Canada Square

London E14 5AL
	

MPM BioVentures II, L.P.

MPM BioVentures II-QP, L.P.

MPM BioVentures GmbH & Co. Parallel-Beteiligungs KG

MPM Asset Management Investors 2001 LLC	
 	

c/o MPM Capital

111 Huntington Avenue

Boston, MA 02199

Attn: Nicholas Galakatos
	

DLJ Capital Corp.

Sprout IX Plan Investors, L.P.

Sprout Entrepreneurs Fund, L.P.

Sprout Capital IX, L.P.	
 	

c/o Sprout Group

11 Madison Avenue, 26th Floor

New York, NY 10010

Attn: Kathleen LaPorte

	(1)
	The
beneficial interest of these shares is owned by 7 partnerships. Such funds consist of: (a) Apax Europe V—A, L.P., (b) Apax Europe V—B, L.P.,
(c) Apax Europe V C GmbH & Co. KG, (d) Apax Europe V—D, L.P., (e) Apax Europe V—E, L.P., (f) Apax Europe V—F, C.V. and
(g) Apax Europe V—G, C.V. 

EXHIBIT C

SCHEDULE OF SERIES C INVESTORS  

	NAME OF SERIES C INVESTOR

	 	ADDRESS

	Bear Stearns Health Innoventures, L.P.

Bear Stearns Health Innoventures Offshore, L.P.

BSHI Members, L.L.C.

Bear Stearns Health Innoventures Employee Fund, L.P.

BX, L.P.	 	c/o Bear Stearns Health Innoventures

383 Madison Avenue

New York, NY 10179

Attn: Elizabeth A. Czerepak
	

Apax Excelsior VI L.P.

Apax Excelsior VI-A C.V., L.P.

Apax Excelsior VI-B C.V., L.P.

Patricof Private Investment Club III, L.P.	
 	

c/o Apax Partners

2100 Geng Road, Suite 150

Palo Alto, California 94303

Attn: Lori Rafield
	

Apax (OCS) Nominees Limited(2)	
 	

Client Services, 4th Floor

One Canada Square

London E14 5AL
	

MPM BioVentures II, L.P.

MPM BioVentures II-QP, L.P.

MPM BioVentures GmbH & Co. Parallel-Beteiligungs KG

MPM Asset Management Investors 2001 LLC	
 	

c/o MPM Capital

111 Huntington Avenue

Boston, MA 02199

Attn: Nicholas Galakatos
	

DLJ Capital Corporation

Sprout IX Plan Investors, L.P.

Sprout Entrepreneurs Fund, L.P.

Sprout Capital IX, L.P.

R. Scott Greer	
 	

c/o Sprout Group

11 Madison Avenue, 26th Floor

New York, NY 10010

Attn: Kathleen LaPorte

	(2)
	The
beneficial interest of these shares is owned by 9 partnerships. Such funds consist of: (a) Apax Europe V—A, L.P., (b) Apax Europe V—B, L.P.,
(c) Apax Europe V C GmbH & Co. KG, (d) Apax Europe V—D, L.P., (e) Apax Europe V—E, L.P., (f) Apax Europe V—F, C.V.,
(g) Apax Europe V—G, C.V., (h) Apax Europe V—1, L.P. and (i) Apax Europe V—2, L.P. 

EXHIBIT D

SCHEDULE OF SERIES D INVESTORS  

	NAME OF SERIES D INVESTOR	 	ADDRESS
	
	 	

	JAFCO Life Science No.1 Investment Enterprise Partnership

JAFCO V-1(A) Venture Capital Investment Limited Partnership

JAFCO V-1(B) Venture Capital Investment Limited Partnership

JAFCO V-1 STAR Venture Capital Investment Limited Partnership	 	Tekko Bldg, 1-8-2 Marunouchi, Chiyoda-ku Tokyo 100-0005 Japan fax 81-3-5223-7095
	

Bear Stearns Health Innoventures, L.P.

Bear Stearns Health Innoventures Offshore, L.P.

BSHI Members, L.L.C.

Bear Stearns Health Innoventures Employee Fund, L.P.

BX, L.P.	
 	

c/o Bear Stearns Health Innoventures

383 Madison Avenue

New York, NY 10179

Attn: Elizabeth A. Czerepak
	

Apax Excelsior VI L.P.

Apax Excelsior VI-A C.V., L.P.

Apax Excelsior VI-B C.V., L.P.

Patricof Private Investment Club III, L.P.	
 	

c/o Apax Partners

2100 Geng Road, Suite 150

Palo Alto, California 94303

Attn: Lori Rafield
	

Apax WW Nominees Limited A/C AE5(3)	
 	

Client Services, 4th Floor

One Canada Square

London E14 5AL
	

MPM BioVentures II, L.P.

MPM BioVentures II-QP, L.P.

MPM BioVentures GmbH & Co. Parallel-Beteiligungs KG

MPM Asset Management Investors 2001 LLC

MPM Bioventures Strategic Fund, L.P.	
 	

c/o MPM Capital

111 Huntington Avenue

Boston, MA 02199

Attn: Nicholas Galakatos

	(3)
	The
beneficial interest of these shares is owned by 9 partnerships. Such funds consist of: (a) Apax Europe V—A, L.P., (b) Apax Europe V—B, L.P.,
(c) Apax Europe V C GmbH & Co. KG, (d) Apax Europe V—D, L.P., (e) Apax Europe V—E, L.P., (f) Apax Europe V—F, C.V.,
(g) Apax Europe V—G, C.V., (h) Apax Europe V—1, L.P. and (i) Apax Europe V—2, L.P. 

	NAME OF SERIES D INVESTOR	 	ADDRESS
	
	 	

	Sprout Capital IX, L.P.	 	c/o Sprout Group

11 Madison Avenue, 26th Floor

New York, NY 10010

Attn: Kathleen LaPorte
	

Bessemer Venture Partners VI Institutional L.P.

Bessemer Venture Partners Co-Investment L.P.

Bessemer Venture Partners VI L.P.	
 	

c/o Bessemer Venture Partners

1865 Palmer Avenue

Suite 104

Larchmont, N.Y. 10538

Attn: Scott Ring and Joanna M. Rychlik
	

Merlin Nexus II, L.P.	
 	

Merlin BioMed Group

230 Park Avenue

Suite 928 New York, NY 10169

Attn: Dominique Sémon

Tel 646-227-5228

Fax 646-227-5201
	

MTFG Venture Capital I, Limited Partnership	
 	

3-6-3 Kanda Kajicho, Chiyoda-ku

Tokyo, Japan 101-0045

Attn: Takao Wada

EXHIBIT E

SCHEDULE OF SERIES E INVESTORS  

	NAME OF SERIES E INVESTOR	 	ADDRESS
	
	 	

	Takeda Pharmaceutical Company Limited	 	12-10, Nihonbashi 2-Chome, Chuo-ku

Tokyo, Japan 103-8668Exhibit 10.1  

INDEMNITY AGREEMENT  

        THIS INDEMNITY AGREEMENT (this "Agreement") dated as of            , 2006 is
made by and between
Affymax, Inc. a Delaware corporation (the "Company"),
and                        ("Indemnitee"). 

R E C I T A L S:  

        A.    The
Company desires to attract and retain the services of highly qualified individuals as directors, officers, employees and agents. 

        B.    The
Company's bylaws (the "Bylaws") require that the Company indemnify its directors, and empowers the Company to
indemnify its officers, employees and agents, as authorized by the Delaware General Corporation Law, as amended (the "Code"), under which the Company is
organized and such Bylaws expressly provide that the indemnification provided therein is not exclusive and contemplates that the Company may enter into separate agreements with its directors, officers
and other persons to set forth specific indemnification provisions. 

        C.    Indemnitee
does not regard the protection currently provided by applicable law, the Company's governing documents and available insurance as adequate under the present
circumstances, and the Company has determined that Indemnitee and other directors, officers, employees and agents of the Company may not be willing to serve or continue to serve in such capacities
without additional protection. 

        D.    The
Company desires and has requested Indemnitee to serve or continue to serve as a director, officer, employee or agent of the Company, as the case may be, and has
proferred this Agreement to Indemnitee as an additional inducement to serve in such capacity. 

        E.    Indemnitee
is willing to serve, or to continue to serve, as a director, officer, employee or agent of the Company, as the case may be, if Indemnitee is furnished the
indemnity provided for herein by the Company. 

A G R E E M E N T:  

        NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the parties hereto, intending to be legally bound, hereby agree as
follows: 

        1.    Definitions.    

        (a)    Agent.    For purposes of this Agreement, the term "agent" of the Company means any
person who: (i) is or was a director, officer, employee or other fiduciary of the Company or a subsidiary of the Company; or (ii) is or
was serving at the request or for the convenience of, or representing the interests of, the Company or a subsidiary of the Company, as a director, officer, employee or other fiduciary of a foreign or
domestic corporation, partnership, joint venture, trust or other enterprise. 

        (b)    Expenses.    For purposes of this Agreement, the term "expenses" shall be broadly
construed and shall include, without limitation, all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys', witness, or other professional fees and
related disbursements, and other out-of-pocket costs of whatever nature), actually and reasonably incurred by Indemnitee in connection with the investigation, defense or appeal
of a proceeding or establishing or enforcing a right to indemnification under this Agreement, the Code or otherwise, and amounts paid in settlement by or on behalf of Indemnitee, but shall not include
any judgments, fines or penalties actually levied against Indemnitee for such individual's violations of law. The term "expenses" shall also include reasonable compensation for time spent by
Indemnitee for which he is not compensated by the Company or any subsidiary or third party (i) for any period during which Indemnitee is not an agent, in the employment of, or providing
services for compensation to, the Company or any subsidiary; and (ii) if the rate of compensation and estimated time involved is approved by the directors of the Company who are not parties to
any action with respect to which expenses are incurred, for Indemnitee 

 

while
an agent of, employed by, or providing services for compensation to, the Company or any subsidiary. 

        (c)    Proceedings.    For purposes of this Agreement, the term "proceeding" shall be broadly
construed and shall include, without limitation, any threatened, pending, or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing
or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, and whether
formal or informal in any case, in which Indemnitee was, is or will be involved as a party or otherwise by reason of: (i) the fact that Indemnitee is or was a director or officer of the
Company; (ii) the fact that any action taken by Indemnitee or of any action on Indemnitee's part while acting as director, officer, employee or agent of the Company; or (iii) the fact
that Indemnitee is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, and in any such case described above, whether or not serving in any such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement
of expenses may be provided under this Agreement. 

        (d)    Subsidiary.    For purposes of this Agreement, the term "subsidiary" means any
corporation or limited liability company of which more than 50% of the outstanding voting securities or equity interests are owned, directly or indirectly, by the Company and one or more of its
subsidiaries, and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of
the Company as a director, officer, employee, agent or fiduciary. 

        (e)    Independent Counsel.    For purposes of this Agreement, the term "independent counsel"
means a law firm, or a partner (or, if applicable, member) of such a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has
been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term "independent counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. 

        2.    Agreement to Serve.    Indemnitee will serve, or continue to serve, as a director,
officer, employee or agent of the Company or any subsidiary, as the case may be, faithfully and to the best of his or her ability, at the will of such corporation (or under separate agreement, if such
agreement exists), in the capacity Indemnitee currently serves as an agent of such corporation, so long as Indemnitee is duly appointed or elected and qualified in accordance with the applicable
provisions of the bylaws or other applicable charter documents of such corporation, or until such time as Indemnitee tenders his or her resignation in writing; provided, however, that nothing
contained in this Agreement is intended as an employment agreement between Indemnitee and the Company or any of its subsidiaries or to create any right to continued employment of Indemnitee with the
Company or any of its subsidiaries in any capacity. 

        The
Company acknowledges that it has entered into this Agreement and assumes the obligations imposed on it hereby, in addition to and separate from its obligations to Indemnitee under
the Bylaws, to induce Indemnitee to serve, or continue to serve, as a director, officer, employee or agent of the
Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer, employee or agent of the Company. 

        3.    Indemnification.    

        (a)    Indemnification in Third Party Proceedings.    Subject to Section 10 below, the
Company shall indemnify Indemnitee to the fullest extent permitted by the Code, as the same may be amended from 

2

 

time
to time (but, only to the extent that such amendment permits Indemnitee to broader indemnification rights than the Code permitted prior to adoption of such amendment), if Indemnitee is a party to
or threatened to be made a party to or otherwise involved in any proceeding, for any and all expenses, actually and reasonably incurred by Indemnitee in connection with the investigation, defense,
settlement or appeal of such proceeding. 

        (b)    Indemnification in Derivative Actions and Direct Actions by the Company.    Subject to
Section 10 below, the Company shall indemnify Indemnitee to the fullest extent permitted by the Code, as the same may be amended from time to time (but, only to the extent that such amendment
permits Indemnitee to broader indemnification rights than the Code permitted prior to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved
in any proceeding by or in the right of the Company to procure a judgment in its favor, against any and all expenses actually and reasonably incurred by Indemnitee in connection with the
investigation, defense, settlement, or appeal of such proceedings. 

        4.    Indemnification of Expenses of Successful Party.    Notwithstanding any other provision
of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any proceeding or in defense of any claim, issue or matter therein, including the
dismissal of any action without prejudice, the Company shall indemnify Indemnitee against all expenses actually and reasonably incurred in connection with the investigation, defense or appeal of such
proceeding. 

        5.    Partial Indemnification.    If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of any expenses actually and reasonably incurred by Indemnitee in the investigation, defense, settlement or appeal of a proceeding,
but is precluded by applicable law or the specific terms of this Agreement to indemnification for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof
to which Indemnitee is entitled. 

        6.    Advancement of Expenses.    To the extent not prohibited by law, the Company shall
advance the expenses incurred by Indemnitee in connection with any proceeding, and such advancement shall be
made within twenty (20) days after the receipt by the Company of a statement or statements requesting such advances (which shall include invoices received by Indemnitee in connection with such
expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by
applicable law shall not be included with the invoice) and upon request of the Company, an undertaking to repay the advancement of expenses if and to the extent that it is ultimately determined by a
court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. Advances shall be unsecured, interest free and without
regard to Indemnitee's ability to repay the expenses. Advances shall include any and all expenses actually and reasonably incurred by Indemnitee pursuing an action to enforce Indemnitee's right to
indemnification under this Agreement, or otherwise and this right of advancement, including expenses incurred preparing and forwarding statements to the Company to support the advances claimed.
Indemnitee acknowledges that the execution and delivery of this Agreement shall constitute an undertaking providing that Indemnitee shall, to the fullest extent required by law, repay the advance if
and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company.
The right to advances under this Section shall continue until final disposition of any proceeding, including any appeal therein. This Section 6 shall not apply to any claim made by Indemnitee
for which indemnity is excluded pursuant to Section 10(b). 

        7.    Notice and Other Indemnification Procedures.    

        (a)    Notification of Proceeding.    Indemnitee will notify the Company in writing promptly
upon being served with any summons, citation, subpoena, complaint, indictment, information or other 

3

 

document
relating to any proceeding or matter which may be subject to indemnification or advancement of expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise. 

        (b)    Request for Indemnification and Indemnification Payments.    Indemnitee shall notify
the Company promptly in writing upon receiving notice of nay demand, judgment or other requirement for payment that Indemnitee reasonably believes to the subject to indemnification under the terms of
this Agreement, and shall request payment thereof by the Company. Indemnification payments requested by Indemnitee under Section 3 hereof shall be made by the Company no later than sixty
(60) days after receipt of the written request of Indemnitee. Claims for advancement of expenses shall be made under the provisions of Section 6 herein. 

        (c)    Application for Enforcement.    In the event the Company fails to make timely payments
as set forth in Sections 6 or 7(b) above, Indemnitee shall have the right to apply to any court of competent jurisdiction for the purpose of enforcing Indemnitee's right to indemnification or
advancement of expenses pursuant to this Agreement. In such an enforcement hearing or proceeding, the burden of proof shall be on the Company to prove by that indemnification or advancement of
expenses to
Indemnitee is not required under this Agreement or permitted by applicable law. Any determination by the Company (including its Board of Directors, stockholders or independent counsel) that Indemnitee
is not entitled to indemnification hereunder, shall not be a defense by the Company to the action nor create any presumption that Indemnitee is not entitled to indemnification or advancement of
expenses hereunder. 

        (d)    Indemnification of Certain Expenses.    The Company shall indemnify Indemnitee against
all expenses incurred in connection with any hearing or proceeding under this Section 7 unless the Company prevails in such hearing or proceeding on the merits in all material respects. 

        8.    Assumption of Defense.    In the event the Company shall be requested by Indemnitee to
pay the expenses of any proceeding, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, or to participate to the extent permissible in such proceeding, with
counsel reasonably acceptable to Indemnitee. Upon assumption of the defense by the Company and the retention of such counsel by the Company, the Company shall not be liable to Indemnitee under this
Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same proceeding, provided that Indemnitee shall have the right to employ separate counsel in such proceeding
at Indemnitee's sole cost and expense. Notwithstanding the foregoing, if Indemnitee's counsel delivers a written notice to the Company stating that such counsel has reasonably concluded that there may
be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or the Company shall not, in fact, have employed counsel or otherwise actively pursued the defense of
such proceeding within a reasonable time, then in any such event the fees and expenses of Indemnitee's counsel to defend such proceeding shall be subject to the indemnification and advancement of
expenses provisions of this Agreement. 

        9.    Insurance.    To the extent that the Company maintains an insurance policy or policies
providing liability insurance for directors, officers, employees, or agents of the Company or of any subsidiary ("D&O Insurance"), Indemnitee shall be
covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or
policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has D&O Insurance in effect, the Company shall give prompt notice of the commencement of such
proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on
behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 

4

 

        10.    Exceptions.    

        (a)    Certain Matters.    Any provision herein to the contrary notwithstanding, the Company
shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee on account of any proceeding with respect to (i) remuneration paid to Indemnitee if it is determined by
final judgment or other final adjudication that such remuneration was in violation of law (and, in this respect, both the Company and Indemnitee have been advised that the Securities and Exchange
Commission believes that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should
be submitted to appropriate courts for adjudication, as indicated in Section 10(d) below); (ii) a final judgment rendered against Indemnitee for an accounting, disgorgement or repayment
of profits made from the purchase or sale by Indemnitee of securities of the Company against Indemnitee or in connection with a settlement by or on behalf of Indemnitee to the extent it is
acknowledged by Indemnitee and the Company that such amount paid in settlement resulted from Indemnitee's conduct from which Indemnitee received monetary personal profit, pursuant to the provisions of
Section 16(b) of the Securities Exchange Act of 1934, as amended, or other provisions of any federal, state or local statute or rules and regulations thereunder; (iii) a final judgment
or other final adjudication that Indemnitee's conduct was in bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct (but only to the extent of such specific
determination); or (iv) on account of conduct that is established by a final judgment as constituting a breach of Indemnitee's duty of loyalty to the Company or resulting in any personal profit
or advantage to which Indemnitee is not legally entitled. For purposes of the foregoing sentence, a final judgment or other adjudication may be reached in either the underlying proceeding or action in
connection with which indemnification is sought or a separate proceeding or action to establish rights and liabilities under this Agreement. 

        (b)    Claims Initiated by Indemnitee.    Any provision herein to the contrary
notwithstanding, the Company shall not be obligated to indemnify or advance expenses to Indemnitee with respect to proceedings or claims initiated or brought by Indemnitee against the Company or its
directors, officers, employees or other agents and not by way of defense, except (i) with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement
or under any other agreement, provision in the Bylaws or Certificate of Incorporation or applicable law, or (ii) with respect to any other proceeding initiated by Indemnitee that is either
approved by the Board of Directors or Indemnitee's participation is required by applicable law. However, indemnification or advancement of expenses may be provided by the Company in specific cases if
the Board of Directors determines it to be appropriate. 

        (c)    Unauthorized Settlements.    Any provision herein to the contrary notwithstanding, the
Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee under this Agreement for any amounts paid in settlement of a proceeding effected without the Company's
written consent. Neither the Company nor Indemnitee shall unreasonably withhold consent to any proposed settlement; provided, however, that the Company may in any event decline to consent to (or to
otherwise admit or agree to any liability for indemnification hereunder in respect of) any proposed settlement if the Company is also a party in such proceeding and determines in good faith that such
settlement is not in the best interests of the Company and its stockholders. 

        (d)    Securities Act Liabilities.    Any provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee or otherwise act in violation of any undertaking appearing in and required by the rules and
regulations promulgated under the Securities Act of 1933, as amended (the "Act"), or in any registration statement filed with the SEC under the Act.
Indemnitee acknowledges that paragraph (h) of Item 512 of Regulation S-K currently generally requires the Company to undertake in connection with any registration statement
filed under the Act to submit the issue of the enforceability of Indemnitee's rights under this Agreement in connection with any liability under the Act on public policy grounds to a court of 

5

 

appropriate
jurisdiction and to be governed by any final adjudication of such issue. Indemnitee specifically agrees that any such undertaking shall supersede the provisions of this Agreement and to be
bound by any such undertaking. 

        11.    Nonexclusivity and Survival of Rights.    The provisions for indemnification and
advancement of expenses set forth in this Agreement shall not be deemed exclusive of any other rights which Indemnitee may at any time be entitled under any provision of applicable law, the Company's
Certificate of Incorporation, Bylaws or other agreements, both as to action in Indemnitee's official capacity and Indemnitee's action as an agent of the Company, in any court in which a proceeding is
brought, and Indemnitee's rights hereunder shall continue after Indemnitee has ceased acting as an agent of the Company and shall inure to the benefit of the heirs, executors, administrators and
assigns of Indemnitee. The obligations and duties of the Company to Indemnitee under this Agreement shall be binding on the Company and its successors and assigns until terminated in accordance with
its terms. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

        No
amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or
omitted by such Indemnitee in his or her corporate status prior to such amendment, alteration or repeal. To the extent that a change in the Code, whether by statute or judicial decision, permits
greater indemnification or advancement of expenses than would be afforded currently under the Company's Certificate of Incorporation, Bylaws and this Agreement, it is the intent of the parties hereto
that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, by Indemnitee shall not prevent the concurrent assertion or employment of any other right or remedy by Indemnitee. 

        12.    Term.    This Agreement shall continue until and terminate upon the later of:
(a) five (5) years after the date that Indemnitee shall have ceased to serve as a director or and/or officer, employee or agent of the Company; or (b) one (1) year after
the final termination of any proceeding, including any appeal
then pending, in respect to which Indemnitee was granted rights of indemnification or advancement of expenses hereunder. 

        No
legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against an Indemnitee or an Indemnitee's estate, spouse, heirs, executors or
personal or legal representatives after the expiration of five (5) years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such five-year period; provided, however, that if any shorter period of limitations is otherwise
applicable to such cause of action, such shorter period shall govern. 

        13.    Subrogation.    In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who, at the request and expense of the Company, shall execute all papers required and shall do everything that
may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 

        14.    Interpretation of Agreement.    It is understood that the parties hereto intend this
Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law. 

6

 

        15.    Severability.    If any provision of this Agreement shall be held to be invalid,
illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of the Agreement (including without limitation, all portions of any
paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
held invalid, illegal or unenforceable and to give effect to Section 14 hereof. 

        16.    Amendment and Waiver.    No supplement, modification, amendment, or cancellation of
this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

        17.    Notice.    Except as otherwise provided herein, any notice or demand which, by the
provisions hereof, is required or which may be given to or served upon the parties hereto shall be in writing and, if by telegram, telecopy or telex, shall be deemed to have been validly served, given
or delivered when sent, if by overnight delivery, courier or personal delivery, shall be deemed to have been validly served, given or delivered upon actual delivery and, if mailed, shall be deemed to
have been validly served, given or delivered three (3) business days after deposit in the United States mail, as registered or certified mail, with proper postage prepaid and addressed to the
party or parties to be notified at the addresses set forth on the signature page of this Agreement (or such other address(es) as a party may designate for itself by like notice). If to the Company,
notices and demands shall be delivered to the attention of the Secretary of the Company. 

        18.    Governing Law.    This Agreement shall be governed exclusively by and construed
according to the laws of the State of California, as applied to contracts between California residents entered into and to be performed entirely within California. 

        19.    Counterparts.    This Agreement may be executed in one or more counterparts, each of
which shall for all purposes be deemed to be an original but all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the existence
of this Agreement. 

        20.    Headings.    The headings of the sections of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction hereof. 

        21.    Entire Agreement.    This Agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, written and oral, between the parties with respect to the subject matter of this
Agreement; provided, however, that this Agreement is a supplement to and in furtherance of the Company's Certificate of Incorporation, Bylaws, the Code and any other applicable law, and shall not be
deemed a substitute therefor, and does not diminish or abrogate any rights of Indemnitee thereunder. 

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        IN WITNESS WHEREOF, the parties hereto have entered into this Agreement effective as of the date first above written. 

	 	 	COMPANY
	

 	
 	

Affymax, Inc., a Delaware corporation
	

 	
 	

By:	

 	

 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	 	

	 	 	 	Title:	 
	 	 	 	 	

	

 	
 	
INDEMNITEE
	

 	
 	

 	

 	

 
	 	 	 	 	 
	 	 	
 Signature of Indemnitee
	

 	
 	

 	

 	

 
	 	 	 	 	 
	 	 	
 Print or Type Name of Indemnitee

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