Document:

EX-10.32

 Exhibit 10.32 

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REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

MASTER SERVICES AGREEMENT 
 This Master
Services Agreement (“Agreement”) is made and entered into effective as of October 15, 2013 (the “Effective Date”), by and between Evonik Corporation (“Evonik”) with a principal place of
business of 299 Jefferson Road, Parsippany, New Jersey, 07054 and Akebia Therapeutics, Inc. (“Customer”) with a principal place of business of 245 First Street, Suite 1100, Cambridge, MA 02142. Customer and Evonik are sometimes
referred to herein individually as a “Party” and collectively as the “Parties.” 
 Recitals: 

A. Evonik is, among others, engaged in the business of supplying specialized development, formulation and manufacturing services of active pharmaceutical
ingredients for the pharmaceutical industry and related industries and has considerable skills, expertise and know how in that field; 
 B. Customer is a
biopharmaceutical company focused on the development of small molecules for the treatment of anemia, including the product candidate AKB-6548; and 
 C.
Customer wishes to retain Evonik to perform certain services for Customer, including the development of AKB-6548, and production of drug substance for use in the Phase III clinical trial of AKB-6548 and Evonik wishes to provide such services, in
each case subject to the terms and conditions set forth in this Agreement and each Proposal executed by the Parties pursuant to this Agreement. 

Agreement: 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the Parties hereby agree as follows: 

1. Definitions 
 1.1 Certain
Definitions. As used in this Agreement, the following terms shall have the meanings set forth below when capitalized: 
 (a)
“Affiliate (s)” means, with respect to a Party, any other person, corporation, association or other entity that directly or indirectly owns, is owned by, or is under common ownership of such Party, either now or at any time during
the term of this Agreement. The terms “owns,” “owned,” or “ownership” mean the direct or indirect possession of more than fifty percent (50%) of the voting securities of, or income interest or comparable equity in,
such entity. 
 (b) “Background IP” has the meaning set forth in Section 4.1. 

(c) “Clinical Product” means units of Product (defined herein) which are to be used in Phase III clinical trials. 

  
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 (d) “Invention” means any and all inventions, trade secrets, discoveries,
developments, know-how, methods, techniques, formulae, processes and compositions of matter, whether or not patentable, conceived, reduced to practice, created, or otherwise resulting from or derived from or directly relating to Customer’s
and/or Evonik’s performance under this Agreement. 
 (e) “Product” means the substance referred to by Customer as of
the Effective Date by the designation AKB-6548, which is a HIF2 stabilizer (HIF-PH inhibitor). 
 (f) “Project(s)” shall
mean the services to be rendered to Customer by Evonik pursuant to a Proposal and the related Work Product. Each new Project will require a new Proposal and each new Proposal shall be incorporated by reference into this Agreement and all services
provided under a Proposal shall be subject to the terms and conditions of this Agreement. The first six (6) Projects hereunder are set forth in the Proposals attached hereto as Attachments B-1 through B-6, respectively, all of which are made a
part of this Agreement as of the Effective Date. 
 (g) “Proposal” shall mean a description of a set of services and
products to be provided by Evonik to Customer under this Agreement, as mutually agreed in writing, executed and delivered by the Parties from time to time. A template for a Proposal is attached as Attachment A. 

(h) “Work Product” shall mean and include all work product and deliverables created, developed, compiled or otherwise
generated by Evonik in the course of rendering services for a Project, including any data, documentation, Product and/or Clinical Product. 

1.2 Additional Defined Terms. As used in this Agreement, additional defined terms shall have the meaning set forth in the specific
section or paragraph where identified when capitalized. 
 1.3 Interpretation. Whenever the context requires, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” Except as specifically
otherwise provided in this Agreement, a reference to an Article, Section or Exhibit is a reference to an Article, Section or Exhibit of this Agreement, and the terms “hereof,” “herein,” and other like terms refer to this
Agreement as a whole, including attachments. The term “or” is used in its inclusive sense (“and/or”). The term “Dollars” and symbol “$” shall mean United States Dollars. 

2. Services 
 2.1 Scope of Services;
Professional Standards; Use of Subcontractors. Evonik shall render services in connection with each Project and create, develop and deliver the required Work Product for each Project to Customer, all in accordance with the relevant Proposal,
subject to the terms and conditions of this Agreement. Such services shall be provided by Evonik in a timely manner using high professional standards, and in all cases in compliance with all laws and regulations which are applicable to Evonik’s
performance of services under the Agreement, 

  
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including cGMP. In performing such services, Evonik shall use only (a) personnel who are trained, qualified and experienced to perform such services and (b) unless otherwise approved in
advance by Customer, employees of Evonik or Evonik Affiliates who have obligations of confidentiality and to assign all right, title and interest in all Inventions and Work Product to Evonik. If Evonik uses employees of any of its Affiliates to
provide any of the services under this Agreement, then Evonik will be responsible for the acts and omissions of such employees as if they were Evonik in this Agreement. 

2.2 Change Order Process. If at any time during the term of this Agreement Customer desires to make modifications to a Proposal,
Customer shall provide a written description of the proposed modification(s) to Evonik (a “Change Request”). Within five (5) business days after its receipt of such Change Request, Evonik shall submit a change order proposal
(the “Change Order”) that includes any additional fees or charges and any adjustments to the completion dates or Proposal timetable resulting from the proposed Change Request. Once the Change Order is executed by both Parties, such
Change Order shall become a part of the applicable Proposal and Project under this Agreement. The Parties recognize that the Proposal is necessarily a general description of the work to be done for a Project and that more specific direction on such
work to be performed may need to be provided by Customer from time to time. More specific directions shall not be deemed a Change Request for which any additional fees or charges are due unless such direction is outside the scope of the general work
described by the Proposal. 
 2.3 Title / Risk of Loss; Shipping. Title and risk of loss of all Work Product to be delivered to
Customer shall pass to Customer upon receipt by Customer. Unless otherwise mutually agreed in writing, all Work Product not hand delivered from Evonik to Customer shall be shipped DDP (Incoterms 2010) to an address specified by Customer. 

2.4 Reports. Evonik will prepare and submit progress reports for each Project or portion thereof if and as described in the Proposal or
as otherwise mutually agreed. Within thirty (30) days after completion of a Project, Evonik will submit to Customer a final report that (i) summarizes in reasonable detail all activities performed, data generated, and Inventions solely by
Evonik and (ii) contains any other information specified in the Proposal to be included or as otherwise mutually agreed. 
 2.5
Project Records. Evonik will prepare, record and maintain, and shall require all employees and approved subcontractors involved in a Project to prepare, record and maintain, accurate records and data relating to the progress and status of its
activities under each Project, including all records relating to any development or manufacturing of any Product or Clinical Product. From time-to-time throughout the Term upon reasonable advance notice by Customer, Evonik will disclose to or permit
direct access to, during regular business hours, Customer or its designated representatives all such records and data for the purpose of reviewing and copying, if so desired by Customer. 

2.6 Quality Agreement. Upon the Effective Date the parties have simultaneously executed a Quality Agreement which describes the
relationship of the Parties hereunder and the responsibilities of each party regarding quality systems practices and activities concerning the 

  
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Projects. This Agreement is intended to govern all provisions regarding the purchase and sale of all Product and Clinical Product between the Parties and all terms, obligations, responsibility,
and liability regarding same. The aforementioned Quality Agreement is intended to address the quality of the Products and Clinical Products and each party’s responsibilities regarding quality systems practices and activities concerning the
Product. All of the terms of the Quality Agreement shall apply to each Project, except to the extent otherwise specified in its Proposal. In the event of a conflict between this Agreement and the Quality Agreement, this Agreement shall govern except
to the extent the conflict is regarding the quality of the Product to be supplied hereunder, in which case the Quality Agreement shall govern. 
 3. Fees
and Expenses 
 3.1 Fees. 

(a) The estimated budget for the services conducted for each Proposal will be included in an executed Proposal (the “Estimated
Budget”). Evonik shall not bill Customer for amounts greater than the Estimated Budget without the express written consent of Customer. Customer shall pay Evonik as outlined in the Proposal associated with a Project. Furthermore, the
Parties may decide to amend or add additional services through an amended Proposal pursuant to Sections 2.2 of this Agreement. In such cases the Parties may amend or extend the Estimated Budget and agree on specific fee arrangements as it relates to
the amended Proposal, which may be set forth in the amended Proposal. 
 (b) Evonik must complete each Project, including delivery of all
Work Product to Customer, within its Estimated Budget (as amended by any Change Orders), unless impossible due to circumstances that were unforeseen and unforeseeable at the time of adoption of the corresponding Proposal (or any Change Order
thereto). Except as otherwise specified in a Proposal, Evonik is responsible for the procurement and supply of all active pharmaceutical ingredients, other raw materials, supplies, packaging, and other materials, as well as for providing all labor
necessary for the performance of its portion of the activities within each Project. 
 3.2 Payment. Evonik shall send invoices to the
address of Customer in the Notice provision below, “Attention: Accounts Payable”, at the time(s) specified in the Proposal for a Project. Customer shall pay all invoices within thirty (30) days of the date of invoice if properly
invoiced. Further, if at any time, Customer fails to pay an invoice within thirty (30) days after Evonik’s notice to Customer that payment is overdue, Evonik may in its own discretion, refuse to provide services for the subject Project,
including delivery of any Work Product, until all invoices overdue for the Project are paid and/or the Parties agree to change the payments terms. If Customer disputes one portion of an invoice but not another, then Customer may pay only the
undisputed portion until such time as the dispute is resolved. No portion of an unpaid invoice that is the subject of a reasonable dispute by Customer may be deemed late for purposes hereunder unless Customer does not pay the amount properly due
promptly after the dispute is resolved. 

  
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 4. Ownership of Inventions; Intellectual Property Rights 

4.1 Background Intellectual Property. The Parties acknowledge that the (a) intellectual property owned by or licensed to Evonik or
Customer existing prior to the Effective Date including, but not limited to, inventions, trade secrets, discoveries, developments, know-how, methods, techniques, formulae, processes, compositions of matter, technical information and confidential
information existing prior to the Effective Date, and (b) intellectual property that is conceived, reduced to practice, created, or otherwise entirely results from work performed outside of either Party’s performance under this Agreement
(together, the “Background IP”), are and will remain the separate property of Evonik or Customer. Except as expressly permitted under this Agreement, neither Party shall have any claims to or rights in or to such separate Background
IP of the other Party. 
 4.2 Disclosure. Promptly after the conception, reduction to practice, creation, discovery or development of
an Invention by Evonik, Evonik must notify Customer in writing of such Invention and must provide Customer with full and complete information so as to enable Customer to make a patent application or to seek other intellectual property protection for
that Invention. Until such time as mutually agreed in writing, Evonik must maintain in strict confidence all details of any Invention, whether it is to be patented or retained by Customer as know-how and/or trade secret. 

4.3 Inventorship; Authorship. Inventorship for all Inventions, whether or not patentable, shall be determined in accordance with U.S.
patent laws. Authorship of all works of authorship created in the course of a Project by either Party shall be determined in accordance with U.S. copyright laws. 

4.4 Ownership of Inventions. [***] Evonik shall cooperate, and cause its employees and permitted contractors to cooperate, with
Customer as reasonably requested from time to time to further document and record Customer’s sole ownership of all such Inventions. 

4.5 Ownership of Work Product. As between the Parties, all Work Product shall be the sole property of the Customer. The Parties intend
that all Work Product that is protectable by copyright is “work made for hire,” as that term is defined in the United States Copyright Act for which Customer it the owner and author. To the extent that any such Work Product cannot by law
be “work made for hire”, then immediately upon existence and without further action by either Party, Evonik hereby assigns to Customer all of Evonik’s rights, title and interest therein. Evonik shall cooperate, and cause its employees
and permitted contractors to cooperate, with Customer as reasonably requested from time to time to further document and record Customer’s sole ownership of all Work Product. 

4.6 Use of Evonik Background IP. In the event that any Invention or Work Product incorporates, otherwise relies upon, or is derived
from any Evonik Background IP as a result of any the Services provided by Evonik in connection with a Project, Evonik hereby grants to Customer a non-exclusive, irrevocable, non-terminable, transferable, [***], worldwide license, including the right
to sublicense, under all of Evonik’s rights in such Evonik Background IP as reasonably required to exploit the Product, Clinical Product, Inventions, and Work Product. 

  
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 4.7 Intellectual Property Rights Prosecution, Maintenance and Enforcement. 

(a) Evonik shall have the sole right (but not the obligation), at its expense, to prepare, file, prosecute and maintain patent applications or
patents or other forms of protection for Evonik Background IP. Evonik shall have the sole right to enforce all intellectual property rights in the Evonik Background IP. 

(b) Customer shall have the sole right (but not the obligation), at its expense, to prepare, file, prosecute and maintain patent applications
or patents or other forms of protection for Inventions and Customer Background IP. Customer shall have the sole right to enforce all intellectual property rights in the Inventions, Work Product and Customer Background IP. 

4.8 License. Customer hereby grants to Evonik a license under the Customer Background IP, Inventions and Work Product, and all
intellectual property rights therein, as strictly necessary for Evonik to fulfill its obligations under this Agreement. Except as provided in the preceding sentence, Customer reserves all right, title and interest in the Customer Background IP,
Inventions and Work Product, and all intellectual property rights therein, and does not grant any right, title or interest therein to Evonik by implication, estoppel or otherwise. Evonik shall not disclose, use or otherwise exploit any of the
foregoing for any other purpose or otherwise not strictly permitted by this Agreement. 
 5. Representations 

5.1 Evonik Representations. Evonik hereby represents to Customer as of the date hereof that: 

(a) Evonik has all requisite organizational power and authority to enter into this Agreement and to carry out the transactions contemplated
hereby and thereby; 
 (b) the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
hereby and thereby have been duly authorized by all requisite organizational action on the part of Evonik; 
 (c) this Agreement has been or
will be duly executed and delivered by Evonik and is a valid and binding obligation of Evonik, enforceable against it in accordance with its terms; 

(d) Evonik’s execution and delivery of this Agreement does not and will not violate or constitute a breach of any of its contractual
obligations with third parties; 
 (e) to the best of Evonik’s knowledge, it does not own any Background IP that is related to the
Product; and 

  
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 (f) Evonik has access to all necessary employees, equipment, property, materials or other
things necessary to completely fulfill each Project in a timely manner in accordance with its corresponding Estimated Budget and the Proposal, and can perform its obligations under this Agreement in compliance with all specifically applicable laws
and regulations which are applicable to Evonik’s performance of services under this Agreement. 
 5.2 Customer Representations.
Customer hereby represents to Evonik as of the date hereof that: 
 (a) Customer has all requisite organizational power and authority to
enter into this Agreement and to carry out the transactions contemplated hereby and thereby; 
 (b) the execution, delivery and performance
of this Agreement and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all requisite organizational action on the part of Customer; 

(c) this Agreement has been or will be duly executed and delivered by Customer and is a valid and binding obligation of Customer, enforceable
against it in accordance with its terms; and 
 (d) Customer’s execution and delivery of this Agreement does not and will not violate or
constitute a breach of any of its contractual obligations with third parties. 
 6. Term and Termination 

6.1 Term. This Agreement shall commence on the Effective Date and shall continue for the longer of (a) three (3) years and
(b) termination of the last Project which is subject to this Agreement, unless terminated sooner pursuant to Sections 6.2 – 6.5 hereof. The period from the Effective Date until termination is the “Term.” 

6.2 Termination by Either Party. At any time when a Proposal is not active, either Party may terminate this Agreement at any time, for
any reason or for no reason, by giving written notice of termination to the other Party not less than thirty (30) days prior to the effective date of such termination. Either Party may also terminate this Agreement for a Force Majeure as
provided in Section 11.1. 
 6.3 Termination by Customer. Customer may terminate this Agreement or any Project upon thirty
(30) days written notice to Evonik. 
 6.4 Termination for Breach. In the event of a material breach of this Agreement by either
Party that remains uncured for more than sixty (60) days following such Party’s receipt of written notice thereof from the non-breaching Party specifying in reasonable detail the nature of such breach, the non-breaching Party may terminate
this Agreement. Except as expressly limited by this Agreement, termination of this Agreement shall be without prejudice to any other remedies that may be available to a Party due to breach by the other Party of this Agreement. 

  
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 6.5 Bankruptcy and Insolvency. If either Party shall liquidate or dissolve, or shall
be declared bankrupt according to law, or shall make an assignment of its property for the benefit of creditors, or shall file any petition with a court of competent jurisdiction for reorganization under any bankruptcy or insolvency laws, or such
petition shall be filed against it and not dismissed within ninety (90) days, or shall have a receiver appointed for a substantial part of its assets who is not discharged within ninety (90) days of his appointment, the other Party shall
have the right to terminate this Agreement effective upon the giving of written notice thereof to such Party. 
 6.6 Survival of Certain
Obligations. 
 (a) Upon termination of this Agreement by Customer pursuant to Section 6.3 or by Evonik pursuant to Section 6.4
or 6.5, Evonik will be paid any amounts owed to Evonik for work that has been performed through the effective date of termination, including any non-cancelable third party costs reasonably incurred by Evonik in connection with the Project if such
costs were explicitly part of the Estimated Budget or otherwise were pre-approved in writing by Customer. 
 (b) Upon termination of this
Agreement for any reason, (i) any obligations accruing before the effective date of termination shall survive termination in accordance with their terms, and (ii) within thirty (30) days after termination, Evonik shall provide to
Customer all Work Product then in existence and not previously provided to Customer. 
 (c) Upon termination of this Agreement for any reason
other than by Evonik for material breach of Customer under Section 6.4, unless otherwise directed by Customer, Evonik shall complete the production of any Products for which the production process has started as of the time to termination, and
Customer’s payment obligations with respect to such Products shall survive termination in accordance with their terms. 
 (d)
Notwithstanding anything else written in this Agreement, the rights and obligations of the Parties under Sections 4, 6.6, 7, 8 and 10 and any other provision expressly indicated to survive termination shall survive the termination of this Agreement
for any reason in accordance with their terms. 
 7. Warranties; Disclaimer. 

7.1 Product/Clinical Product Warranty; Disclaimer.  

(a) EVONIK WARRANTS THAT FOR ANY PROJECT PURSUANT TO WHICH EVONIK IS TO SUPPLY PRODUCT OR CLINICAL PRODUCT TO CUSTOMER AND FOR WHICH THE
PARTIES EXPLICITLY AS PART OF SUCH PROPOSAL AGREE TO A WRITTEN SET OF SPECIFICATIONS, EVONIK WARRANTS THAT UPON DELIVERY OF SUCH PRODUCT OR CLINICAL PRODUCT TO CUSTOMER AND FOR THE DURATION OF ANY POST-DELIVERY PERIOD SPECIFIED IN SUCH
SPECIFICATIONS, SUCH PRODUCT OR CLINICAL PRODUCT SHALL MEET SUCH AGREED UPON SPECIFICATIONS. EVONIK FURTHER WARRANTS THAT ALL PRODUCTS AND CLINICAL PRODUCTS DELIVERED TO CUSTOMER SHALL HAVE BEEN MADE AND DELIVERED IN ACCORDANCE WITH CGMP AND ALL
LAWS AND REGULATIONS APPLICABLE TO THE PERFORMANCE OF THE PROPOSALS UNDER THIS AGREEMENT. 

  
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 (b) THE EXPRESS WARRANTIES PROVIDED IN THIS AGREEMENT ARE IN LIEU OF ALL OTHER WARRANTIES,
AND EVONIK MAKES NO OTHER WARRANTY, INCLUDING, WITHOUT LIMITATION, THAT THE PRODUCTS AND CLINICAL PRODUCTS PROVIDED ARE MERCHANTABLE OR SATISFACTORY FOR ANY PARTICULAR PURPOSE. NO OTHER WARRANTY SHALL APPLY TO ANY OF THE PRODUCTS OR CLINICAL
PRODUCTS PROVIDED HEREUNDER EXCEPT AS EXPRESSLY STATED HEREIN. FURTHERMORE, CUSTOMER SHALL NOT MAKE ANY REPRESENTATION OR WARRANTY ON BEHALF OF EVONIK. 

7.2 Customer Intellectual Property Warranty. Customer represents to Evonik that, [***], the manufacture of the Products by Evonik for
Akebia upon the terms and conditions of this Agreement, including the specifications and other conditions set forth in the applicable Proposal, will not infringe upon any U.S. patent of any third party, and Akebia’s provision of the information
provided to Evonik in connection with this Agreement does not constitute misappropriation of trade secrets or copyright infringement of the trade secrets or copyrights of any third party. 

7.3 Weight of Delivered Products. Evonik warrants that Evonik’s measurements shown on the packaging slip accompanying each
delivery of Product or Clinical Product will accurately reflect the contents. Such quantity measurements reported by weight on such packaging slip shall be deemed to be correct unless Customer notifies Evonik in writing of a shortage within ten
(10) business days after the date of delivery. In the event of a shortage, Customer will remain liable for payment for the Product delivered and Evonik shall promptly deliver to Customer an amount of Product necessary to eliminate such
shortage. 
 8. Indemnification; Limitation of Liability 

8.1 Indemnification by Customer. Subject to Sections 8.2 and 8.3 as applicable, Customer shall defend, indemnify and hold harmless
Evonik, its Affiliates, and its and their respective directors, officers, employees, principals, agents and assigns (“Evonik Personnel”) from and against any and all losses, penalties, actions, damages, liabilities,
costs and expenses incident thereto (including reasonable legal counsel fees and expenses) (the “Losses”) which any Evonik Personnel may hereafter incur, become responsible for or pay out relating to, based upon, arising out of or
in connection with any third party claim to the extent based upon (a) Customer’s breach of any of its representations, warranties, covenants or obligations under this Agreement; (b) any infringement or misappropriation of the
intellectual property rights of any third party relating to the Evonik Personnel’s use in compliance with the terms of this Agreement of any of the Customer Background IP provided by Customer to Evonik in connection with the Project or
Evonik’s performance of a Proposal, including its manufacture of the Products according to the formulation provided by Customer; (c) any use of the Work Product after delivery to Customer in a manner inconsistent with the use for which
such Work Product was developed; (d) the negligence or misconduct or omission of any Customer Personnel in the performance of the 

  
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Project; or (e) the development, manufacture, use, sale or other disposition of any Work Product or product incorporating the Work Product after delivery to Customer; in each case, except to
the extent that any of the foregoing is the subject of Evonik’s indemnity obligation to Customer under Section 8.2. 
 8.2
Indemnification by Evonik. Subject to Sections 8.1 and 8.3 as applicable, Evonik shall defend, indemnify and hold harmless Customer, its Affiliates, and its and their respective directors, officers, employees, principals, agents and assigns
(“Customer Personnel”) from and against any and all Losses which any Customer Personnel may hereafter incur, become responsible for or pay out relating to, based upon, arising out of or in connection with any third party claim to
the extent based upon (a) [***]; (b) any infringement or misappropriation of the intellectual property rights of any third party relating to any acts of Evonik Personnel in (i) utilizing Customer Background IP in a manner inconsistent
with the terms of this Agreement or (ii) solely related to the use of Evonik Background IP in the performance of a Project or Proposal; (c) [***] or (d) the acts or omissions of any subcontractors of Evonik, including its Affiliates
or other Evonik Personnel, that would, if by Evonik, be deemed a breach of any of its representations, warranties, covenants or obligations under this Agreement. 

8.3 Indemnification Procedures. 

(a) Each of the Evonik Indemnitees and Customer Indemnitees are an “Indemnitee” for the purpose of this Section 8, and
the Party that is obligated to indemnify the Indemnitee under Section 8.1 or Section 8.2 shall be the “Indemnifying Party.” 

(b) The Indemnitee shall notify the Indemnifying Party promptly of any claim, demand, action or other proceeding under Section 8.1 or
Section 8.2 and shall reasonably cooperate with all reasonable requests of the Indemnifying Party with respect thereto. 
 (c) If any
such claims or actions are made, the Indemnitee shall be defended at the Indemnifying Party’s sole expense by counsel selected by Indemnifying Party and reasonably acceptable to the Indemnitee, provided that the Indemnitee may, at its
own expense, also be represented by counsel of its own choosing. The Indemnifying Party shall have the sole right to control the defense of any such claim or action, subject to the terms of this Section 8. 

(d) The Indemnifying Party may settle any such claim, demand, action or other proceeding or otherwise consent to an adverse judgment
(i) with prior written notice to the Indemnitee but without the consent of the Indemnitee where the only liability to the Indemnitee is the payment of money and the Indemnifying Party makes such payment, or (ii) in all other cases, only
with the prior written consent of the Indemnitee, such consent not to be unreasonably withheld. The Indemnitee may not settle any such claim, demand, action or other proceeding or otherwise consent to an adverse judgment in any such action or other
proceeding or make any admission as to liability or fault without the express written permission of the Indemnifying Party. 

  
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 8.4 Limitation of Liability. EXCEPT FOR BREACH OF SECTION 10, AS REQUIRED TO MEET AN
INDEMNIFICATION OBLIGATION, OR IN THE EVENT OF AN INTENTIONAL AND WILFUL BREACH IN BAD FAITH OF ANY REPRESENTATION, WARRANTY, COVENANT OR AGREEMENT CONTAINED IN THIS AGREEMENT, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY UNDER THIS AGREEMENT
FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL OR PUNITIVE DAMAGES, REGARDLESS OF WHETHER THE CLAIM IS BASED ON WARRANTY, CONTRACT, TORT, STRICT LIABILITY, NEGLIGENCE OR OTHERWISE INCLUDING, BUT NOT LIMITED TO, LOSS OF PRODUCT, PROFITS OR REVENUES,
DAMAGE OR LOSS FROM OPERATION OR NONOPERATION OF PLANT. EVONIK’S TOTAL LIABILITY UNDER THIS AGREEMENT FOR ANY AND ALL CLAIMS WHATSOEVER, INCLUDING ANY THIRD PARTY CLAIMS PURSUANT TO SECTION 8.2, SHALL NOT EXCEED, IN THE AGGREGATE [***] BY
CUSTOMER UNDER THIS AGREEMENT. 
 9. Insurance. Each Party shall, at its sole cost and expense, procure and maintain in full force during the entire
Term of this Agreement the following types of insurance in the minimum amounts set forth below with insurance carriers having a rating of A as to financial strength by the latest edition of A. M. Best & Co: 

 

	 	(a)	Workers’ Compensation insurance in accordance with the laws of the state(s) of operations covering all Customer’s employees, subcontractors, or their employees who may be engaged directly or indirectly in any
work hereunder and Employer’s Liability Insurance coverage in the amount of $1,000,000.00 (one million dollars) for its employees; 

  

	 	(b)	Comprehensive General Liability insurance including Customer’s Completed Operations, covering bodily injuries and property damage with combined single limits of $1,000,000.00 (one million dollars) each occurrence
and $2,000,000.00 (two million dollars) aggregate; and 

  

	 	(c)	Product Liability insurance, including clinical trial coverage, in the amount of $5,000,000 (five million dollars) aggregate. 

Upon request of a Party, the other Party shall furnish to the requesting Party a copy of the certificate of insurance evidencing such coverages referred
herein. No policy provided hereunder shall be cancelled nor materially reduced without thirty (30) days’ written notice to the other Party. All stated insurance policies, where applicable, will designate the other Party as additional
insured, without qualifications or limitation, as its interest may appear. 

  
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 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

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 10. Confidentiality; Return/Destruction of Tangible Materials 

10.1 Confidential Information. 

(a) Both Parties acknowledge that it may be necessary for each to disclose certain technical and proprietary information with respect to the
Agreement to the other Party. For purposes of this Agreement, the term “Confidential Information” means all information which is disclosed by or on behalf of the Party that disclosed the information (the “Disclosing
Party”) to the Party that receives the information (the “Receiving Party”) in writing or other tangible medium, including information relating to the matters which are the subject of this Agreement, the terms of this
Agreement, and all other materials and information regarding the Disclosing Party’s technology, know-how, products, markets, prototypes, business information and operations, or technical information; provided, however, that
notwithstanding which Party first discloses any Inventions or Work Product to the other, all Inventions and Work Product are the Confidential Information of Customer for which Customer is the Disclosing Party and Evonik the Receiving Party and with
respect to which clause (ii) below shall not apply. Confidential Information shall not include: 
  

	 	(i)	information, that at the time of disclosure, is in the public domain, or that thereafter enters the public domain, through no act or omission of the Receiving Party; or 

 

	 	(ii)	information that the Receiving Party or its Personnel can establish by reasonable proof was in their possession at the time of disclosure, or was subsequently; or 

 

	 	(iii)	information independently developed by Personnel of the Receiving Party who had no knowledge of that information as a disclosure from the Disclosing Party; or 

 

	 	(iv)	information that is hereafter lawfully received by the Receiving Party or its Personnel on a non-restricted basis from another source having rightful possession of such Confidential Information and the legal right to
disclose it to the Receiving Party as documented by the Receiving Party’s written records; or 

  

	 	(v)	information that the Disclosing Party or its Personnel agrees in writing to release from the obligations under this Section 10. 

The burden of proving the applicability of any one or more of the above exceptions shall at all times be with the Receiving Party. 

(b) An individual feature of Confidential Information shall not be deemed to be within any of the specified exceptions merely because it is
embraced by more general information in such exception. In addition, any combination of features shall not be deemed to be within any of the specified exceptions merely because individual features are in such exception, but only if the combination
itself and its principle of operation are in such exception. 

  
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 (c) Any disclosure of Confidential Information made by the Receiving Party in response to a
valid order by a court or other governmental body or that is otherwise required by law (but only to the extent of such order or requirement), including a disclosure of this Agreement or the material terms thereof as required by the Securities and
Exchange Commission, will not be deemed to be a violation of the Receiving Party’s obligations under this Agreement if the Receiving Party follows the instructions of this Section 10. Under such circumstances, the Receiving Party agrees
that it will (to the extent permitted by applicable law) use reasonable commercial efforts to provide the Disclosing Party with immediate notice of any disclosure to be made pursuant to such order or requirement and cooperate, at the expense of and
with the efforts of the Disclosing Party, to obtain a protective order or other assurance of confidential treatment of the Confidential Information to be disclosed pursuant to such order or requirement. If, in the absence of a protective order, the
Receiving Party is compelled as a matter of law to disclose the Confidential Information, the Receiving Party will disclose, without liability, only that part of the Confidential Information as is required by law to be disclosed and prior to such
disclosure will, to the extent permitted by applicable law, advise and consult with the Disclosing Party as to such disclosure. 
 (d) During
the term of this Agreement and through the period of non-disclosure and non-use below, the Receiving Party agrees that it will not (i) use Confidential Information of the Disclosing Party for any purpose except as set forth in the Proposal and
in accordance with this Agreement, or (ii) disclose Confidential Information of the Disclosing Party to any third party without the advance written approval of the Disclosing Party, or (iii) disclose results under the Proposal that use or
disclose the Confidential Information of the Disclosing Party without the advance written approval of the Disclosing Party. The Receiving Party’s obligations of non-disclosure and non-use shall continue for a period of ten (10) years from
the termination or expiration date of this Agreement. 
 (e) Notwithstanding the above, the Receiving Party may, in its sole discretion,
disclose Confidential Information of the Disclosing Party to the Receiving Party’s Personnel who require the same in the performance of their regular responsibilities, and then only to the extent required to perform the Project contemplated
hereunder, who have been advised of the confidential nature of the Confidential Information and of the restrictions hereunder on its disclosure and use, and agree to maintain the same in confidence and not to use the same other than as herein.
Further, to the extent that Confidential Information is disclosed to the Receiving Party or Receiving Party’s Personnel by the Disclosing Party’s Personnel, this Agreement shall also apply to such disclosures. The Parties to this Agreement
shall assume full responsibility for its Personnel in this regard. 
 10.2 Return/Destruction of Tangible Materials. 

Upon the Disclosing Party’s request, the Receiving Party will return (and will cause all Personnel to return) all Confidential Information
of the Disclosing Party in written or manifested in other tangible form to the Disclosing Party, and shall also deliver to it all copies, extracts, summaries, adaptations and drawings, whether provided by the Disclosing Party or created by the
Receiving Party. The Receiving Party shall also deliver to the Disclosing Party any equipment, sample, product or material embodying, containing or based upon any of Disclosing 

  
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Party’s Confidential Information. Notwithstanding the above, (a) the Receiving Party may retain a record copy for the purpose of determining either Party’s rights, obligations,
and/or disclosures made under this Agreement, (b) Receiving Party shall not be required to destroy any computer files created during automatic system back-ups that are subsequently stored securely and not accessible to employees, except for the
purpose of securing application of the Agreement, and (c) Customer may retain and continue to use all Confidential Information of Evonik as reasonably necessary for Customer to exploit the Products, Clinical Products, Inventions and Work
Product in compliance with all applicable laws, provided that, all Confidential Information made and kept by Receiving Party shall continue to be governed by the terms of this Agreement. 

10.3 Existence of Agreement. 

Notwithstanding anything to the contrary herein, a Party may disclose the existence and terms of this Agreement: (A) in connection with
filings required by securities and tax regulations and the rules and regulations of any securities exchanges upon which a Party’s or its Affiliate’s securities are traded, provided, however, that such Party shall use reasonable
efforts to limit the dissemination of such information; (B) to a Party’s actual and potential lenders, private investors, bankers, accountants, and lawyers who are subject to an obligation of confidentiality; and (C) to a Party’s
actual and bona fide potential assignees or transferees permitted in accordance with Section 11.3 subject to an obligation of confidentiality prohibiting further disclosure of the information. 

11. Miscellaneous 
 11.1 Force
Majeure. Neither Party shall be liable for delay or failure to perform its obligations hereunder due to any circumstances beyond its reasonable control, regardless whether such circumstances can be reasonably foreseen. Such circumstances
include, but are not limited to acts of God, war (declared or undeclared), acts of terrorism (and related government actions), riot, political insurrection, rebellion, sabotage, revolution, acts, laws, regulations or orders of or expropriation by
any government (whether de facto or de jure), acts of government prohibiting sanction the import or export of the product, rationing, equipment or production facilities, quarantine restrictions, fuel shortage, strike, lock-out or other labor
troubles which interfere with the manufacture or transportation of the Product or with the supply of raw materials necessary for their production or fire, flood, explosion, earthquake, tornados or other natural events or disasters, national defense
or security requirements and natural disasters (“Force Majeure”). If such Force Majeure occurs, the affected Party shall notify the other Party in writing as soon as practicable of the occurrence of said Force Majeure event, the
nature of and expected duration of the Force Majeure event as well the effect the Force Majeure event will have on that Party’s performance of this Agreement. The affected Party will be excused from performing its obligations hereunder only
during the Force Majeure event and the affected shall not be liable to the other for damages by reason of any delay or suspension of performance resulting from the Force Majeure event; provided, however, that if either Party claims non- performance
based upon Force Majeure for more than sixty (60) days or the other Party reasonably believes the Force Majeure event is likely to continue for more than sixty (60) days, then the other Party may terminate this Agreement by notice. 

  
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 11.2 Parties Independent. In making and performing this Agreement, the Parties are
acting and shall act at all times as independent contractors and nothing contained in this Agreement shall be construed or implied to create an agency, partnership, or joint venture relationship between the Parties. 

11.3 Assignment; Successors and Assigns. Neither Party may assign all or any part of this Agreement without the other Party’s
prior written consent, which shall not be unreasonably withheld. Notwithstanding the foregoing, either Party may assign this Agreement (1) to an Affiliate, including its parent company; or (2) in the event of a merger, acquisition or sale
of substantially all of the assets of a Party or the portion of that Party’s business responsible for performance of this Agreement. This Agreement shall inure to the benefit of and be binding upon the Parties and their successors and permitted
assigns. 
 11.4 Notices. All notices, consents, claims, demands or other communications given under this Agreement shall only be
sufficient if in writing and sent (1) by certified mail, return receipt requested, postage prepaid or (2) by a nationally recognized overnight courier service which provides a delivery receipt, to the Parties at the address set forth below
or at such other address designated by either Party in writing. The date of giving such notice will be deemed to be three (3) days after such envelope was deposited with the U.S. Postal Service or courier service. The Post Office or courier
service receipt showing the date of such deposit shall be prima facie evidence of such deposit date. Such communications must be sent to the respective Parties at the following addresses: 

For Evonik: 
 Evonik
Corporation 
 299 Jefferson Road 

Parsippany, NJ 07054 
 FAX:
(973) 929-8160 
 Attention: Business Head Custom Manufacturing North America 

And 
 Evonik Corporation 

299 Jefferson Road 
 Parsippany,
New Jersey 07054 
 FAX: (973) 541-8850 

Attention: General Counsel 

For Customer: 
 Akebia
Therapeutics, Inc. 
 245 First Street, Suite 1100 

Cambridge, MA 02142 
 FAX:
617-871-2099 
 Attention: Chief Executive Officer 

  
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 With a copy to: 

Akebia Therapeutics, Inc. 
 245
First Street, Suite 1100 
 Cambridge, MA 02142 

FAX: 617-871-2099 
 Attention:
General Counsel 
 11.5 Remedies. Each Party acknowledges that a breach of such Party’s obligations in Sections 4 and 10 hereof
may result in irreparable and continuing damage to the other Party for which there may be no adequate remedy at law; and each Party agrees that, in the event of any breach of the aforesaid agreements, the other Party and its successors and assigns
may be entitled to injunctive relief and to such other and further relief as may be proper. 
 11.6 Waiver of Breach. The failure of
any Party at any time or times to require performance of any provision hereof shall in no manner affect that Party’s right at a later time to enforce the same. No waiver by any Party of the breach of any term or covenant contained in this
Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement.

 11.7 Headings; Construction. Section headings contained in this Agreement are included for convenience only, and are not a part of
the agreement between the Parties. The language used in this Agreement is the language chosen by the Parties to express their mutual intent. No rule of strict construction shall be applied against either Party. 

11.8 Invalid or Void Provisions. In the event that individual provisions of this Agreement become wholly or partially invalid as
evidenced by a ruling of a court of competent jurisdiction, the effectiveness of the remaining rulings shall not be affected, to the extent severable. The Parties undertake in good faith to replace an invalid provision by a valid one which most
closely corresponds with the economic intention of the invalid ruling. 
 11.9 Governing Law; Venue. This Agreement and all rights
and remedies hereunder shall be governed by and interpreted and enforced in accordance with the laws of the State of New York, without regard to conflict of law principles. The federal and state courts of New York shall have exclusive jurisdiction
over any disputes or issues arising out of or in connection with this Agreement, and the Parties hereby irrevocably submit to such exclusive jurisdiction. Customer shall comply with all applicable laws and regulations, including but not limited to
those pertaining to environmental protection and safety and health. 
 11.10 Publicity; Use of Name. Except as required by law,
neither Party shall originate any publicity, news release or other public announcement, written or oral, whether to the public, press, public stockholders or otherwise, relating to this Agreement, to any amendment hereto or thereto or activities
hereunder or thereunder without the prior written consent of the other Party. Nothing contained in this Agreement shall be construed as conferring any right to 

  
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use in advertising, publicity or other promotional activities any name, trade name, trademark, or other designation (including any contraction, abbreviation, or simulation of any of the
foregoing); and each Party hereto agrees not to use any designation of the other Party in any promotional activity associated with this Agreement without the express written approval of the other Party. 

11.11 Counterparts; Evidence of Signature. This Agreement may be executed in separate counterparts, each of which shall be identical
and may be introduced in evidence or used for any other purpose without any other counterpart, but all of which shall together constitute one and the same agreement. Signatures of any Party transmitted by facsimile or electronic mail (including,
without limitation, electronic mailing of a so-called portable document format or “pdf” of a scanned counterpart) shall be treated as and deemed to be original signatures for all purposes, and shall have the same binding effect as if they
were original, signed instruments delivered in person. 
 11.12 Entire Agreement. This Agreement, together with all Attachments
referenced herein, constitutes the entire understanding and agreement of the Parties hereto with respect to the matters described herein and supersedes all prior agreements or understandings, written or oral, between the Parties with respect
thereto. 
 11.13 Conflicts; Order of Preference. In the event any subject matter addressed in Sections 1 – 11 of this Agreement
are also addressed in any Attachment, then all of such provisions shall remain applicable to such subject matter to the maximum extent possible, with the more specific controlling over that which is more general. In the event that there is an actual
conflict between any provision of Sections 1 – 11 of this Agreement and any provision(s) of any Attachment(s), then the provisions of Sections 1 – 11 shall prevail. In the event of a conflict between this Agreement and the Quality
Agreement, the conflict shall be resolved in accordance with Section 2.6 hereof. 
 11.14 Amendment or Waiver. Notwithstanding
any course of performance hereunder or other course of dealing, any amendment to or waiver of any provision of this Agreement must be in writing signed by each Party, and must specifically refer to the provision of the Agreement being amended or
waived in order to be effective. Any purported amendment or waiver, whether oral, by electronic communication including emails between Parties, by conduct, custom shall not constitute a writing sufficient to amend this Agreement. The Parties are
expressly and deliberately establishing these procedures specifically to avoid any possibility that an amendment, waiver or estoppel of or with respect to any of this Agreement’s terms could be deemed to have been affected in a manner other
than as set forth in this Section. 
 11.15 Translations. In the event of an inconsistency between any terms of this Agreement and
any translations thereof into another language, the English language meaning shall control. 

  
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 11.16 Export Compliance. The Parties shall abide by the applicable export regulations
of the United States and any other country or countries. If required, the Party intending to export controlled technology or data (including a “deemed” export) shall apply for an export license or other suitable authorization from the
proper authority prior to any such export and inform any Receiving Party of any further restrictions on use of the technology or data. The Parties shall not export or re-export any technical data, products, or samples received from the disclosing
Party or the direct product of such technical data in contravention of the export compliance laws of the United States or associated regulations. 

<Signatures follow on next page.> 

  
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 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement by their duly authorized
representatives, effective as of the Effective Date. 
  

									
	EVONIK CORPORATION	 		 	AKEBIA THERAPEUTICS, INC.
					
	By:	 	/s/ Robert J. Koprowski	 		 	By:	 	/s/ John P. Butler
	Name: Robert J. Koprowski	 		 	Name: John P. Butler
	Title: Director	 		 	Title: CEO
	Date: February 28, 2014	 		 	Date: February 28, 2014

  
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 ATTACHMENT A 

PROPOSAL [Insert Proposal Number] 

[Insert Proposal Title] 
 THIS PROPOSAL
(as defined in the Master Services Agreement by and between Akebia Therapeutics, Inc. (“Customer”) and Evonik Corporation (“Evonik”) dated
                    and hereinafter “Agreement”) upon execution will be incorporated into the Agreement and subject to the terms and
conditions in the Agreement and shall become effective as of the date of last signature. All capitalized terms in this Proposal shall have the same meaning as set forth in the Agreement. Any changes to the Proposal will require a written and agreed
Change Order as specified in Section 2.2 of the Agreement. 
 Customer hereby engages Evonik to provide the following services and Evonik hereby agrees
to provide such services for the compensation outlined below. 
 1. Services: Evonik shall provide the services as described below: [services to be
described]. 
 2. Estimated Timeline: The estimated time to complete the services described in the Proposal is [insert length of time]. 

3. Estimated Budget and Prepayment: The Estimated Budget for this Proposal is [Insert $] and the Prepayment is [Insert $]. 

This Proposal [Insert Proposal #], upon execution by both parties shall constitute an amendment and an additional Proposal to the Agreement pursuant to
Section 11.15 of the Agreement and shall hereinafter be part of the Agreement and attached as Attachment [X]. 
 [This Proposal contains information
that is proprietary to Evonik.] 
  

									
	AGREED TO AND ACCEPTED BY:	 		 	
			
	EVONIK CORPORATION	 		 	AKEBIA THERAPEUTICS, INC.
					
	By:	 	 	 		 	By:	 	 
	Printed Name:                                 
                                         
      	 		 	Printed Name:                                 
                                         
      
	Title:                                   
                                         
                   	 		 	Title:                                   
                                         
                   
	Date:                                   
                                         
                   	 		 	Date:                                   
                                         
                   

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 ATTACHMENT B 

Part 1 - Commercial Proposals for Akebia Product AKB-6548 

Proposals and Status as of March 3, 2014 

(A copy of each of the following documents and POs is attached.) 

 

													
	 Proposal
	  	 Description
	  	 Remarks
	  	PO	  	PO Issued	  	Current
Status	  	Cost
	B-1	  	Lab familiarization of AKB-6548	  	Subsets of document entitled “Proposal for Akebia AKB-6548” dated September 25, 2013 as indicated with “OK to Proceed” and on signature page.	  	1525	  	2013-10-15	  	Completed	  	[***]
	  	Optimization of [***]	  	  	1526	  	2013-10-15	  	Ongoing	  	[***]
							
	B-2	  	Optimization of AKB-6548 Synthesis, steps [***]	  	Subsets of above document, as indicated on signature page.	  	1529	  	2013-11-05	  	Ongoing	  	[***]
	  	Analytics for raw materials, IPCs, intermediates	  	  	1530	  	2013-11-05	  	Ongoing	  	[***]
	  	Analytics for API	  	  	1531	  	2013-11-05	  	Ongoing	  	[***]
							
	B-3	  	16 Kg Non-GMP demo batch (cost raw materials only)	  	Subsets of above document, as indicated on signature page.	  	1540	  	2013-12-03	  	Completed	  	Not to
exceed
[***]
	  	16 Kg Non-GMP demo batch (cost for plant reservation)	  	  	1539	  	2013-12-03	  	N/A	  	[***]
							
	B-4	  	“Proposal for Akebia AKB-6548” dated January 3, 2014 re: 2 Gallon scale up of AKB-6548	  	Entire document.	  	1548	  	2014-01-08	  	Ongoing	  	[***]
							
	B-5	  	“Proposal for Manufacturing Approximately 16 kg of Non-GMP AKB-6548”	  	Entire document.	  	n/a	  	n/a	  	n/a	  	Per proposal
							
	B-6	  	“Proposal for Manufacturing AT Least 350 kg of GMP AKB-6548”	  	Entire document.	  	n/a	  	n/a	  	n/a	  	Per proposal

 (See attached for each.) 

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 PROPOSAL B-1: PROPOSAL FOR AKEBIA AKB-6548 

Thank you for considering Evonik Corporation for the development and production of AKB-6548. Evonik believes this is a good fit from both a technical and
strategic perspective. The synthesis to do the Demo, Engineering and Registration batches will be run at our Tippecanoe Laboratories located in Lafayette, Indiana. To expedite the development and provide Akebia with the best value, the development
will be conducted at 2 sites, Lafayette Indiana and Hanau, Germany. 
 The quote provided is based on the technical package transferred by Akebia as well as
experience gained at Evonik running our production facility. 
 The process can be run as is described in the technical package. However, potential
improvements could be envisioned with an abbreviated development program. If realized, a more efficient process would be achieved from the variable and fixed costs. 

The prices are based on the following assumptions: 
  

	 	•	 	Evonik will purchase all necessary raw materials 

	 	•	 	Production will be done under cGMPs for API manufacture. 

	 	•	 	The development program set forth below is suggested but Evonik and Akebia will determine the actual scope of the experimentation and have conversations throughout development. 

	 	•	 	Methanol is assumed to be an appropriate cleaning solvent. 

	 	•	 	Basis for the evaluation: tech package provided on August 8th, 2013 and RFP received in August 28th, 2013. 

	 	•	 	cCMP production of 350 kg of AKB-6548 and its release as 3 batches of approximately equal size and appropriate use as Phase 3 clinical trials. 

	 	•	 	Material and registration batches to be available by the end of September 2014. 

	 	•	 	Development work to improve process robustness as well as DoE studies to identify and define appropriate operational ranges for each step of the synthesis. 

	 	•	 	An optional 15-20 kg non-GMP campaign to ensure robustness and address scale up issues. 

	 	•	 	Identify appropriate storage conditions and stability studies for isolated intermediates and API post GMP production. 

	 	•	 	Payment terms are 30 days. 

	 	•	 	Analytical methods for the raw materials, intermediates and IPCs will be transferred to Evonik. 

	 	•	 	Synthesis of reference standards and impurities as well as solvent recovery in not included 

 Development
Opportunities 
 The following areas of the process including technical transfer, improvements to the individual step, evaluation of the Suzuki coupling
and refinement of the final crystallization have been 

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 identified in order to enhance robustness of the current manufacturing route. Areas targeted for
experimentation are defined below. 
 Technical Transfer of the manufacturing route 

Familiarization with the existing process 
 Evonik will run a
process familiarization on the existing process at a cost of [***] dollars. 
 Development Work 

In addition, Evonik suggests optimizing steps [***] by modifying the current procedure for material isolation to improve throughput and equipment usage. This
work will be performed in Tippecanoe at a price of [***]. 
 [***] 

Perform experiment in two gallon to provide material for subsequent steps. 

[***] 
 Evaluate different approaches with a target of lowering
the volumes and removal of the slurries. This will be followed by 1 to 2 scale-up experiments. 
 [***] 

Evaluate different approaches with a target of lowering the volumes and removal of the slurries. This development will also include screening of different
reaction conditions. 
 [***] 
 Evaluate different approaches
with a target of lowering the volumes and removal of the slurries. 
 [***] 

Run 1-2 experiments to provide enough material for at least 5 experiments. Followed by work-up optimization studies to target lower volumes and avoid reslurry.

 Technical Improvements 
 In addition to the
development work cited above, the following chemistry experimentation is recommended to further enhance the process. 
 [***] 

[***]screening will be performed at Hanau. Evonik suggests the screening of different ligands, base, solvents and [***] for the reaction. The initial screening
experiments will cost [***] 
 In addition Evonik would perform a study on the [***] loading and solvent amount as previous studies reported lower reaction
rates at higher concentrations. This is a well know phenomena related to [***] formation and may indicate excess [***]. These studies would cost [***]. 

Furthermore the work up would be improved to avoid slurries at a cost of [***]. 

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 [***] 
 Evonik
will suggest screening of several [***] in order to optimize the reaction kinetics and the impurity profile. Most of the work will be performed at Tippcanoe laboratories. 

[***] 
 Evonik suggests the development of a [***] procedure as
the current method [***] on several occasions. The price will include delivery of phase diagrams, solubility study on the material, characterization of polymorph forms and crystallization process investigation with FBRM-PVM. The total costs
associated with the studies including analytics are $[***] which includes [***]. 
 Particle Size and Polymorphism 

The above isolation studies of the API will also incorporate polymorphism and particle size studies. 

Manufacturing Improvements and Engineering studies 
 The
manufacturing studies and engineering studies envisioned based on the tech package are listed above. Evonik will also determine bulk densities, melting points and other physical data as required for production. Additional studies may be required
based on the actual performance of the material in the laboratory. 
 Use tests of raw materials will be done directly prior to manufacturing as the key raw
materials cannot be utilized from the “on-scale” supplier for the lab development work due to long lead times. 
 The operational design space,
identification of critical parameters and associated proven acceptable ranges requires an intense discussion between Akebia and Evonik. Therefore, this price is only meant to be an indication based on Evonik’s experience with other customers
and the current technical package. Evonik suggests using material from the pilot campaign for the DoE experiments as this would allow for a better assessment. The cost for DoE experimentation is estimated at [***] per step. This includes use tests
in the subsequent step and analytics in the QC department. 
 Approach to ICH guidelines for implementation of Quality by Design 

Evonik will facilitate NDA submission by performing general optimization experiments and DoE studies. DoE experiments will be performed in each step as
follows: 
 Part 1. General optimization work and DoE studies screening different parameters (e.g., temperature, concentrations, dosing times and amount of
reagents). 
 Part 2. Proven and acceptable ranges (PARs) for the critical process parameters (CPPs) identified in Part 1 will be determined in larger scale
experiments. In addition factorial design in case of interactions between the CPPs will be performed. 

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SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Based on the current technical information, we suggest controlling the following parameters: 

B503 (RSM): NMR, HPLC (assay and impurity profile), water (KF), ([***] (visual substance specific test) and LOD to be discussed) 

B504, B505: NMR, HPLC (assay and impurity profile), additionally water (KF) for B 504 

IPCs for all synthetic steps (HPLC or TLC) 
 AKB-6548 according
to current specification: NMR, IR, HPLC (assay and impurity profile), Water (KF), residual solvents, heavy metals (ICP-MS), ROI or other testing as found appropriate during the development work. 

Additional analytical methods 
 Evonik will perform
additional analytical method development work were appropriate. Prices for this type of work strongly depend on the necessity of validation work (GMP vs. non-GMP) and the type of method (e.g. standard impurities vs. GTIs on ppm level). Evonik will
discuss with Akebia the need for any additional analytical method development as It is discovered throughout the campaign. 
 Raw material supplier
identification 
 Evonik identifies raw material suppliers during the RFP phase. After receiving a PO, Evonik typically requests samples from potential
suppliers and selects suitable suppliers. Depending on the critically of the raw materials Evonik may then also may perform audits following discussion with Akebia regarding the need and costs. 

Proof of Concept 
 A proof of concept study would be
performed in Evonik’s Tippecanoe laboratories using 2 gallon equipment. The costs associated with this study are [***]. 
 Pilot Campaign 

Evonik suggests performing a pilot campaign to have a better understanding of scale up effects as well as to provide material for formulation studies. In
addition, material on each step (500 g to 1 kg) could be employed for DOE studies as mentioned above. The costs and timeline associated with the Pilot Campaign are described in the table below. Target after sampling on each step would be 5-8 kg. The
cost for the Pilot Campaign is [***]. 
 B503 as regulatory API starting material 

The actual amount of work required to provide the FDA with sufficient information to allow the registration of B503 as registered starting material is highly
chemistry dependent. Due to the fact that there are still [***] chemical steps and [***] to [***] steps up to the API our experience is that the requirements are less strict than with fewer chemical conversions. However, we will 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 need to control all GTI’s and non- rejectable impurities in B503. Therefore, we need to establish the
appropriate analytical method. Impurities can likely be detected via HPLC and therefore do not require significant additional work. Traces of impurities (e.g CTIs) might need more sophisticated methods to be established due to the level of control.
For example, HPLC-MS or GC-MS would need to be established. The cost per method is approximately [***]. 
 Evonik assumes that the process development work
will be able to cover the appropriate rejection strategies for the impurities including GTI’s as well as the [***] content.     

Storage conditions for intermediates 
 Evonik will work in
close collaboration with Akebia to decide on the storage conditions. The conditions will be likely established during the development work. Based on typical storage conditions, study length and analytical parameters monitored, the costs associated
would be about [***] for intermediates and API-SM. All testing will be performed in the process development laboratories. Upon discussions with Akebia, the final assessment will be determined. 

Analytical method transfer for Raw materials, intermediates and IPCs 

The cost associated with the transfer and validation of analytical for the raw material, intermediates and IPC methods is [***]. 

Analytical method transfer for the API 
 The cost
associated with the transfer and validation of analytical methods for the API is [***]. 
 FDA filing requirements for analytical methods 

Evonik will do validation work but currently does not foresee the need for any additional development work on the analytical methods. 

Development Reports 
 Evonik will draft a development
report prior to manufacturing as a basis for decision making for unplanned events during manufacturing. These reports will be sent to Akebia for review. The costs for this are already included in the development work costs. 

Outsourcing 
 Evonik does not currently see the need for
outsourcing any of the work as all of the work required currently can be done in house. 
 Communication of R&D progress 

The Evonik Project Team will have weekly or biweekly telecons with Akebia. These meetings will include short summaries of the work performed in the last week
and a meeting summary with action items prepared by Evonik. 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 In addition, the project manager (and if preferred by Akebia other team members) will be in contact with
Akebia via email and telephone as necessary.     
 Manufacturing of 350 kg of AKB-6548 

Costs for scale up 
 In addition to the development and
laboratory familiarization studies described above some safety studies may be required. The costs associated with these studies will depend on the availability of data from previous campaigns. Typically Evonik requires DSC’s and RCI’s (ca.
[***] and ca. [***]) prior to scale up therefore about [***] per step or a total of [***] may be required. 
 Manufacturing Support 

Manufacturing support and value creating activities such as mass balances are typically included in the manufacturing costs for the initial campaigns. 

Scale Up Details 
 The production of the 350 kg would take
place in plants T27 and T31 at our Tippecanoe site. This assumes significant improvements to the volume for the final step. 
 Timeline constraints may be
caused by overcommitted raw material suppliers. Evonik attempts to mitigate this risk by identifying more than one source for all raw materials. In addition, detection of GTIs or new impurities for which no information is known poses a potential
timing risk. Recrystallization could potentially remove the impurities but could affect the production timing. 
 No Capital costs are expected for this
project. 
 Production of 350 kg API 
 The costs for
manufacturing the 3 registration batches of 350 kg AKB- 6548 is [***]/kg. The material will be produced under cGMP conditions and Evonik will provide a COA as well as electronic copies of the batch records. If an additional batch of each step is
performed as an engineering batch during this campaign at the same scale, the cost will be [***]/kg. 
 In the previous proposal, the cost for production of
the registration batches was [***]/kg. There are 2 reasons the price has increased. Firstly, the variable costs have risen from [***] per kg in the initial proposal to [***] per kg currently. Secondly, to run the 350 kg registration campaign, the
reactors are only at [***] fill volume. This has doubled the fixed costs per kg. If Evonik were to produce 700 kg of material in the 3 registration batches, the price will be approximately [***] per kg which represents the difference in the variable
cost when compared to the last campaign. 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Akebia and Evonik will work together to lower the costs of the key raw materials, which lead to the high
variable costs. In the event that qualified suppliers can be identified at a lower price, the cost savings will be passed through to Akebia. 
 Stability
Study 
 The costs for the API stability studies are [***]. Evonik assumes following: 

 

	 	•	 	1 long-term stability condition for 8 timepoints plus zero timepoint; 

	 	•	 	1 accelerated stability condition for 5 timepoints plus zero timepoint. Testing will include physical appearance, KF, LC, XRPD. 

Summary of Costs 
  

					
	 Objective
	  	 Costs [$]
	  	Location
			
	 Laboratory Familiarization
	  	[***]	  	Tippe
			
	 Optimization step [***]
	  	[***]	  	Tippe
			
	 [***] screening and work up (incl. [***] determination)
	  	[***]	  	Hanau
			
	 Isolation of API (crystallization studies incl [***] determination)
	  	[***]	  	Hanau
			
	 Sample on 2 gallon scale (PoC)
	  	[***]	  	Tippe
			
	 Total Development Costs
	  	[***]	  	Tippe/Hanau
			
	 DOE Studies of 3 steps (indication only)
	  	[***]	  	Hanau
			
	 Analytics for Raws, IPCs,
	  	[***]	  	Tippe
			
	 Intermediates
	  		  	
			
	 Analytics for API
	  	[***]	  	Tippe
			
	 Stability Studies
	  	[***]	  	Tippe
			
	 Analytics (total)
	  	[***]	  	Tippe
			
	 Demo Batches
	  	[***]	  	Tippe
			
	 Registration Batches (3 Batches) 350 kg
	  	[***]/kg	  	Tippe
			
	 1 Demo plus 3 Registration Batches (4 Batches) 470 kg
	  	[***]/kg	  	Tippe

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 The PO is needed for this project by October 11, 2013 in order to start the project and guarantee the
slot in the facility. Payment terms are net 30. 
 Should you have any questions regarding this quotation, please feel free to contact me. 

Thank you again for your consideration and Evonik looks forward to hearing from you soon and being a part of this Akebia project. 

Thank You and Best Regards, 
 /s/ Joseph D’Antuono, PhD

 Joseph D’Antuono, PhD 
 Key Account Director 

Health Care 
 APPROVED FOR:

 (1) PROCESS FAMILIARIZATION: [***] 

(2) [***]: [***] 

                     
           TOTAL: [***] 
 SIGNED: /s/John P. Butler 

TITLE: 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 PROPOSAL B-2: PROPOSAL FOR AKEBIA AKB-6548 

Thank you for considering Evonik Corporation for the development and production of AKB-6548. Evonik believes this is a good fit from both a technical and
strategic perspective. The synthesis to do the Demo, Engineering and Registration batches will be run at our Tippecanoe Laboratories located in Lafayette, Indiana. To expedite the development and provide Akebia with the best value, the development
will be conducted at 2 sites, Lafayette Indiana and Hanau, Germany. 
 The quote provided is based on the technical package transferred by Akebia as well as
experience gained at Evonik running our production facility. 
 The process can be run as is described in the technical package. However, potential
improvements could be envisioned with an abbreviated development program. If realized, a more efficient process would be achieved from the variable and fixed costs. 

The prices are based on the following assumptions: 
  

	 	•	 	Evonik will purchase all necessary raw materials 

	 	•	 	Production will be done under cGMPs for API manufacture. 

	 	•	 	The development program set forth below is suggested but Evonik and Akebia will determine the actual scope of the experimentation and have conversations throughout development. 

	 	•	 	Methanol is assumed to be an appropriate cleaning solvent. 

	 	•	 	Basis for the evaluation: tech package provided on August 8th, 2013 and RFP received in August 28th, 2013. 

	 	•	 	cCMP production of 350 kg of AKB-6548 and its release as 3 batches of approximately equal size and appropriate use as Phase 3 clinical trials. 

	 	•	 	Material and registration batches to be available by the end of September 2014. 

	 	•	 	Development work to improve process robustness as well as DoE studies to identify and define appropriate operational ranges for each step of the synthesis. 

	 	•	 	An optional 15-20 kg non-GMP campaign to ensure robustness and address scale up issues. 

	 	•	 	Identify appropriate storage conditions and stability studies for isolated intermediates and API post GMP production. 

	 	•	 	Payment terms are 30 days. 

	 	•	 	Analytical methods for the raw materials, intermediates and IPCs will be transferred to Evonik. 

	 	•	 	Synthesis of reference standards and impurities as well as solvent recovery in not included 

 Development
Opportunities 
 The following areas of the process including technical transfer, improvements to the individual step, evaluation of the Suzuki coupling
and refinement of the final crystallization have been 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 
identified in order to enhance robustness of the current manufacturing route. Areas targeted for experimentation are defined below. 

Technical Transfer of the manufacturing route 

Familiarization with the existing process
                                         
   OK TO PROCEED 
 Evonik will run a process familiarization on the existing process at a cost of [***] dollars. 

Development Work 
 In addition, Evonik suggests optimizing
steps [***] by modifying the current procedure for material isolation to improve throughput and equipment usage. This work will be performed in Tippecanoe at a price of [***]. 

[***] 
 Perform experiment in two gallon to provide material for
subsequent steps. 
 [***] 
 Evaluate different approaches with
a target of lowering the volumes and removal of the slurries. This will be followed by 1 to 2 scale-up experiments. 
 [***] 

Evaluate different approaches with a target of lowering the volumes and removal of the slurries. This development will also include screening of different
reaction conditions. 
 [***] 
 Evaluate different approaches
with a target of lowering the volumes and removal of the slurries. 
 [***] 

Run 1-2 experiments to provide enough material for at least 5 experiments. Followed by work-up optimization studies to target lower volumes and avoid reslurry.

 Technical Improvements 
 In addition to the
development work cited above, the following chemistry experimentation is recommended to further enhance the process. 

[***]                         
                                         
                                   OK TO PROCEED 

[***]screening will be performed at Hanau. Evonik suggests the screening of different ligands, base, solvents and [***] for the reaction. The initial screening
experiments will cost [***] 

                          
                                         
                                         
   OK TO PROCEED 
 In addition Evonik would perform a study on the [***] loading and solvent amount as previous studies reported lower
reaction rates at higher concentrations. This is a well know phenomena related to [***] formation and may indicate excess catalyst. These studies would cost [***]. 

                          
                                         
                                         
   OK TO PROCEED 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Furthermore the work up would be improved to avoid slurries at a cost of [***]. 

[***] 
 Evonik will suggest screening of several [***] in order to
optimize the reaction kinetics and the impurity profile. Most of the work will be performed at Tippcanoe laboratories. 
 [***] 

Evonik suggests the development of a [***] procedure as the current method [***] on several occasions. The price will include delivery of phase diagrams,
solubility study on the material, characterization of polymorph forms and crystallization process investigation with FBRM-PVM. The total costs associated with the studies including analytics are $[***] which includes [***]. 

Particle Size and Polymorphism 
 The above isolation
studies of the API will also incorporate polymorphism and particle size studies. 
 Manufacturing Improvements and Engineering studies 

The manufacturing studies and engineering studies envisioned based on the tech package are listed above. Evonik will also determine bulk densities, melting
points and other physical data as required for production. Additional studies may be required based on the actual performance of the material in the laboratory. 

Use tests of raw materials will be done directly prior to manufacturing as the key raw materials cannot be utilized from the “on-scale” supplier for
the lab development work due to long lead times. 
 The operational design space, identification of critical parameters and associated proven acceptable
ranges requires an intense discussion between Akebia and Evonik. Therefore, this price is only meant to be an indication based on Evonik’s experience with other customers and the current technical package. Evonik suggests using material from
the pilot campaign for the DoE experiments as this would allow for a better assessment. The cost for DoE experimentation is estimated at [***] per step. This includes use tests in the subsequent step and analytics in the QC department. 

Approach to ICH guidelines for implementation of Quality by Design 

Evonik will facilitate NDA submission by performing general optimization experiments and DoE studies. DoE experiments will be performed in each step as
follows: 
 Part 1. General optimization work and DoE studies screening different parameters (e.g., temperature, concentrations, dosing times and amount of
reagents). 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Part 2. Proven and acceptable ranges (PARs) for the critical process parameters (CPPs) identified in Part 1
will be determined in larger scale experiments. In addition factorial design in case of interactions between the CPPs will be performed. 
 Based on the
current technical information, we suggest controlling the following parameters: 
 B503 (RSM): NMR, HPLC (assay and impurity profile), water (KF), ([***]
(visual substance specific test) and LOD to be discussed) 
 B504, B505: NMR, HPLC (assay and impurity profile), additionally water (KF) for B 504 

IPCs for all synthetic steps (HPLC or TLC) 
 AKB-6548 according to
current specification: NMR, IR, HPLC (assay and impurity profile), Water (KF), residual solvents, heavy metals (ICP-MS), ROI or other testing as found appropriate during the development work. 

Additional analytical methods 
 Evonik will perform
additional analytical method development work were appropriate. Prices for this type of work strongly depend on the necessity of validation work (GMP vs. non-GMP) and the type of method (e.g. standard impurities vs. GTIs on ppm level). Evonik will
discuss with Akebia the need for any additional analytical method development as It is discovered throughout the campaign. 
 Raw material supplier
identification 
 Evonik identifies raw material suppliers during the RFP phase. After receiving a PO, Evonik typically requests samples from potential
suppliers and selects suitable suppliers. Depending on the critically of the raw materials Evonik may then also may perform audits following discussion with Akebia regarding the need and costs. 

Proof of Concept 
 A proof of concept study would be
performed in Evonik’s Tippecanoe laboratories using 2 gallon equipment. The costs associated with this study are [***]. 
 Pilot Campaign 

Evonik suggests performing a pilot campaign to have a better understanding of scale up effects as well as to provide material for formulation studies. In
addition, material on each step (500 g to 1 kg) could be employed for DOE studies as mentioned above. The costs and timeline associated with the Pilot Campaign are described in the table below. Target after sampling on each step would be 5-8 kg. The
cost for the Pilot Campaign is [***]. 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 B503 as regulatory API starting material 

The actual amount of work required to provide the FDA with sufficient information to allow the registration of B503 as registered starting material is highly
chemistry dependent. Due to the fact that there are still [***] chemical steps and [***] to [***] steps up to the API our experience is that the requirements are less strict than with fewer chemical conversions. However, we will need to control all
GTI’s and non- rejectable impurities in B503. Therefore, we need to establish the appropriate analytical method. Impurities can likely be detected via HPLC and therefore do not require significant additional work. Traces of impurities (e.g
CTIs) might need more sophisticated methods to be established due to the level of control. For example, HPLC-MS or GC-MS would need to be established. The cost per method is approximately [***]. 

Evonik assumes that the process development work will be able to cover the appropriate rejection strategies for the impurities including GTI’s as well as
the [***] content. 
 Storage conditions for intermediates 

Evonik will work in close collaboration with Akebia to decide on the storage conditions. The conditions will be likely established during the development work.
Based on typical storage conditions, study length and analytical parameters monitored, the costs associated would be about [***] for intermediates and API-SM. All testing will be performed in the process development laboratories. Upon discussions
with Akebia, the final assessment will be determined. 
 Analytical method transfer for Raw materials, intermediates and IPCs 

The cost associated with the transfer and validation of analytical for the raw material, intermediates and IPC methods is [***]. 

Analytical method transfer for the API 
 The cost
associated with the transfer and validation of analytical methods for the API is [***]. 
 FDA filing requirements for analytical methods 

Evonik will do validation work but currently does not foresee the need for any additional development work on the analytical methods. 

Development Reports 
 Evonik will draft a development
report prior to manufacturing as a basis for decision making for unplanned events during manufacturing. These reports will be sent to Akebia for review. The costs for this are already included in the development work costs. 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Outsourcing 

Evonik does not currently see the need for outsourcing any of the work as all of the work required currently can be done in house. 

Communication of R&D progress 
 The Evonik Project
Team will have weekly or biweekly telecons with Akebia. These meetings will include short summaries of the work performed in the last week and a meeting summary with action items prepared by Evonik. 

In addition, the project manager (and if preferred by Akebia other team members) will be in contact with Akebia via email and telephone as
necessary.     
 Manufacturing of 350 kg of AKB-6548 

Costs for scale up 
 In addition to the development and
laboratory familiarization studies described above some safety studies may be required. The costs associated with these studies will depend on the availability of data from previous campaigns. Typically Evonik requires DSC’s and RCI’s (ca.
[***] and ca. [***]) prior to scale up therefore about [***] per step or a total of [***] may be required. 
 Manufacturing Support 

Manufacturing support and value creating activities such as mass balances are typically included in the manufacturing costs for the initial campaigns. 

Scale Up Details 
 The production of the 350 kg would take
place in plants T27 and T31 at our Tippecanoe site. This assumes significant improvements to the volume for the final step. 
 Timeline constraints may be
caused by overcommitted raw material suppliers. Evonik attempts to mitigate this risk by identifying more than one source for all raw materials. In addition, detection of GTIs or new impurities for which no information is known poses a potential
timing risk. Recrystallization could potentially remove the impurities but could affect the production timing. 
 No Capital costs are expected for this
project. 
 Production of 350 kg API 
 The costs for
manufacturing the 3 registration batches of 350 kg AKB- 6548 is [***]/kg. The material will be produced under cGMP conditions and Evonik will provide a COA as well as electronic copies of the batch records. If an additional batch of each step is
performed as an engineering batch during this campaign at the same scale, the cost will be [***]/kg. 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 In the previous proposal, the cost for production of the registration batches was [***]/kg. There are 2
reasons the price has increased. Firstly, the variable costs have risen from [***] per kg in the initial proposal to [***] per kg currently. Secondly, to run the 350 kg registration campaign, the reactors are only at [***] fill volume. This has
doubled the fixed costs per kg. If Evonik were to produce 700 kg of material in the 3 registration batches, the price will be approximately [***] per kg which represents the difference in the variable cost when compared to the last campaign. 

Akebia and Evonik will work together to lower the costs of the key raw materials, which lead to the high variable costs. In the event that qualified suppliers
can be identified at a lower price, the cost savings will be passed through to Akebia. 
 Stability Study 

The costs for the API stability studies are [***]. Evonik assumes following: 
  

	 	•	 	1 long-term stability condition for 8 timepoints plus zero timepoint; 

	 	•	 	1 accelerated stability condition for 5 timepoints plus zero timepoint. Testing will include physical appearance, KF, LC, XRPD. 

Summary of Costs 
  

					
	 Objective
	  	 Costs [$]
	  	Location
			
	 Laboratory Familiarization
	  	[***]	  	Tippe
			
	 Optimization step [***]
	  	[***]	  	Tippe
			
	 [***] screening and work up (incl. [***] determination)
	  	[***]	  	Hanau
			
	 Isolation of API (crystallization studies incl [***] determination)
	  	[***]	  	Hanau
			
	 Sample on 2 gallon scale (PoC)
	  	[***]	  	Tippe
			
	 Total Development Costs
	  	[***]	  	Tippe/Hanau
			
	 DOE Studies of 3 steps (indication only)
	  	[***]	  	Hanau
			
	 Analytics for Raws, IPCs,
	  	[***]	  	Tippe
			
	 Intermediates
	  		  	
			
	 Analytics for API
	  	[***]	  	Tippe
			
	 Stability Studies
	  	[***]	  	Tippe
			
	 Analytics (total)
	  	[***]	  	Tippe
			
	 Demo Batches
	  	[***]	  	Tippe
			
	 Registration Batches (3 Batches) 350 kg
	  	[***]/kg	  	Tippe
			
	 1 Demo plus 3 Registration Batches (4 Batches) 470 kg
	  	[***]/kg	  	Tippe

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 The PO is needed for this project by October 11, 2013 in order to start the project and guarantee the
slot in the facility. Payment terms are net 30. 
 Should you have any questions regarding this quotation, please feel free to contact me. 

Thank you again for your consideration and Evonik looks forward to hearing from you soon and being a part of this Akebia project. 

Thank You and Best Regards, 
 /s/ Joseph D’Antuono, PhD 

Joseph D’Antuono, PhD 
 Key Account Director 

Health Care 
 APPROVED FOR THE
FOLLOWING TASKS ONLY: 
 (1) OPTIMIZATION OF [***]:[***] 

(2) ANALYTICS FOR RMs, IPCs, ETC: [***] 

(3) ANALYTICS FOR API: [***] 

                     
                                       TOTAL: [***]

 SIGNED: /s/Mitch Antoon 

TITLE: MANAGER, CMC DATE: 5-NOV-2013 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 PROPOSAL B-3: PROPOSAL FOR AKEBIA AKB-6548 

Thank you for considering Evonik Corporation for the development and production of AKB-6548. Evonik believes this is a good fit from both a technical and
strategic perspective. The synthesis to do the Demo, Engineering and Registration batches will be run at our Tippecanoe Laboratories located in Lafayette, Indiana. To expedite the development and provide Akebia with the best value, the development
will be conducted at 2 sites, Lafayette Indiana and Hanau, Germany. 
 The quote provided is based on the technical package transferred by Akebia as well as
experience gained at Evonik running our production facility. 
 The process can be run as is described in the technical package. However, potential
improvements could be envisioned with an abbreviated development program. If realized, a more efficient process would be achieved from the variable and fixed costs. 

The prices are based on the following assumptions: 
  

	 	•	 	Evonik will purchase all necessary raw materials 

	 	•	 	Production will be done under cGMPs for API manufacture. 

	 	•	 	The development program set forth below is suggested but Evonik and Akebia will determine the actual scope of the experimentation and have conversations throughout development. 

	 	•	 	Methanol is assumed to be an appropriate cleaning solvent. 

	 	•	 	Basis for the evaluation: tech package provided on August 8th, 2013 and RFP received in August 28th, 2013. 

	 	•	 	cCMP production of 350 kg of AKB-6548 and its release as 3 batches of approximately equal size and appropriate use as Phase 3 clinical trials. 

	 	•	 	Material and registration batches to be available by the end of September 2014. 

	 	•	 	Development work to improve process robustness as well as DoE studies to identify and define appropriate operational ranges for each step of the synthesis. 

	 	•	 	An optional 15-20 kg non-GMP campaign to ensure robustness and address scale up issues. 

	 	•	 	Identify appropriate storage conditions and stability studies for isolated intermediates and API post GMP production. 

	 	•	 	Payment terms are 30 days. 

	 	•	 	Analytical methods for the raw materials, intermediates and IPCs will be transferred to Evonik. 

	 	•	 	Synthesis of reference standards and impurities as well as solvent recovery in not included 

 Development
Opportunities 
 The following areas of the process including technical transfer, improvements to the individual step, evaluation of the Suzuki coupling
and refinement of the final crystallization have been 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 
identified in order to enhance robustness of the current manufacturing route. Areas targeted for experimentation are defined below. 

Technical Transfer of the manufacturing route 

Familiarization with the existing process 
 Evonik will
run a process familiarization on the existing process at a cost of [***] dollars. 
 Development Work 

In addition, Evonik suggests optimizing steps [***] by modifying the current procedure for material isolation to improve throughput and equipment usage. This
work will be performed in Tippecanoe at a price of [***]. 
 [***] 

Perform experiment in two gallon to provide material for subsequent steps. 

[***] 
 Evaluate different approaches with a target of lowering
the volumes and removal of the slurries. This will be followed by 1 to 2 scale-up experiments. 
 [***] 

Evaluate different approaches with a target of lowering the volumes and removal of the slurries. This development will also include screening of different
reaction conditions. 
 [***] 
 Evaluate different approaches
with a target of lowering the volumes and removal of the slurries. 
 [***] 

Run 1-2 experiments to provide enough material for at least 5 experiments. Followed by work-up optimization studies to target lower volumes and avoid reslurry.

 Technical Improvements 
 In addition to the
development work cited above, the following chemistry experimentation is recommended to further enhance the process. 
 [***] 

[***]screening will be performed at Hanau. Evonik suggests the screening of different ligands, base, solvents and [***] for the reaction. The initial screening
experiments will cost [***] 
 In addition Evonik would perform a study on the [***] loading and solvent amount as previous studies reported lower reaction
rates at higher concentrations. This is a well know phenomena related to [***] formation and may indicate excess catalyst. These studies would cost [***]. 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Furthermore the work up would be improved to avoid slurries at a cost of [***]. 

[***] 
 Evonik will suggest screening of several [***] in order to
optimize the reaction kinetics and the impurity profile. Most of the work will be performed at Tippcanoe laboratories. 
 [***] 

Evonik suggests the development of a [***] procedure as the current method [***] on several occasions. The price will include delivery of phase diagrams,
solubility study on the material, characterization of polymorph forms and crystallization process investigation with FBRM-PVM. The total costs associated with the studies including analytics are $[***] which includes [***]. 

Particle Size and Polymorphism 
 The above isolation
studies of the API will also incorporate polymorphism and particle size studies. 
 Manufacturing Improvements and Engineering studies 

The manufacturing studies and engineering studies envisioned based on the tech package are listed above. Evonik will also determine bulk densities, melting
points and other physical data as required for production. Additional studies may be required based on the actual performance of the material in the laboratory. 

Use tests of raw materials will be done directly prior to manufacturing as the key raw materials cannot be utilized from the “on-scale” supplier for
the lab development work due to long lead times. 
 The operational design space, identification of critical parameters and associated proven acceptable
ranges requires an intense discussion between Akebia and Evonik. Therefore, this price is only meant to be an indication based on Evonik’s experience with other customers and the current technical package. Evonik suggests using material from
the pilot campaign for the DoE experiments as this would allow for a better assessment. The cost for DoE experimentation is estimated at [***] per step. This includes use tests in the subsequent step and analytics in the QC department. 

Approach to ICH guidelines for implementation of Quality by Design 

Evonik will facilitate NDA submission by performing general optimization experiments and DoE studies. DoE experiments will be performed in each step as
follows: 
 Part 1. General optimization work and DoE studies screening different parameters (e.g., temperature, concentrations, dosing times and amount of
reagents). 
 Part 2. Proven and acceptable ranges (PARs) for the critical process parameters (CPPs) identified in Part 1 will be determined in larger scale
experiments. In addition factorial design in case of interactions between the CPPs will be performed. 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Based on the current technical information, we suggest controlling the following parameters: 

B503 (RSM): NMR, HPLC (assay and impurity profile), water (KF), ([***] (visual substance specific test) and LOD to be discussed) 

B504, B505: NMR, HPLC (assay and impurity profile), additionally water (KF) for B 504 

IPCs for all synthetic steps (HPLC or TLC) 
 AKB-6548 according to
current specification: NMR, IR, HPLC (assay and impurity profile), Water (KF), residual solvents, heavy metals (ICP-MS), ROI or other testing as found appropriate during the development work. 

Additional analytical methods 
 Evonik will perform
additional analytical method development work were appropriate. Prices for this type of work strongly depend on the necessity of validation work (GMP vs. non-GMP) and the type of method (e.g. standard impurities vs. GTIs on ppm level). Evonik will
discuss with Akebia the need for any additional analytical method development as It is discovered throughout the campaign. 
 Raw material supplier
identification 
 Evonik identifies raw material suppliers during the RFP phase. After receiving a PO, Evonik typically requests samples from potential
suppliers and selects suitable suppliers. Depending on the critically of the raw materials Evonik may then also may perform audits following discussion with Akebia regarding the need and costs. 

Proof of Concept 
 A proof of concept study would be
performed in Evonik’s Tippecanoe laboratories using 2 gallon equipment. The costs associated with this study are [***]. 
 Pilot Campaign 

Evonik suggests performing a pilot campaign to have a better understanding of scale up effects as well as to provide material for formulation studies. In
addition, material on each step (500 g to 1 kg) could be employed for DOE studies as mentioned above. The costs and timeline associated with the Pilot Campaign are described in the table below. Target after sampling on each step would be 5-8 kg. The
cost for the Pilot Campaign is [***]. 

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SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 B503 as regulatory API starting material 

The actual amount of work required to provide the FDA with sufficient information to allow the registration of B503 as registered starting material is highly
chemistry dependent. Due to the fact that there are still [***] chemical steps and [***] to [***] steps up to the API our experience is that the requirements are less strict than with fewer chemical conversions. However, we will need to control all
GTI’s and non- rejectable impurities in B503. Therefore, we need to establish the appropriate analytical method. Impurities can likely be detected via HPLC and therefore do not require significant additional work. Traces of impurities (e.g
CTIs) might need more sophisticated methods to be established due to the level of control. For example, HPLC-MS or GC-MS would need to be established. The cost per method is approximately [***]. 

Evonik assumes that the process development work will be able to cover the appropriate rejection strategies for the impurities including GTI’s as well as
the [***] content.     
 Storage conditions for intermediates 

Evonik will work in close collaboration with Akebia to decide on the storage conditions. The conditions will be likely established during the development work.
Based on typical storage conditions, study length and analytical parameters monitored, the costs associated would be about [***] for intermediates and API-SM. All testing will be performed in the process development laboratories. Upon discussions
with Akebia, the final assessment will be determined. 
 Analytical method transfer for Raw materials, intermediates and IPCs 

The cost associated with the transfer and validation of analytical for the raw material, intermediates and IPC methods is [***]. 

Analytical method transfer for the API 
 The cost
associated with the transfer and validation of analytical methods for the API is [***]. 
 FDA filing requirements for analytical methods 

Evonik will do validation work but currently does not foresee the need for any additional development work on the analytical methods. 

Development Reports 
 Evonik will draft a development
report prior to manufacturing as a basis for decision making for unplanned events during manufacturing. These reports will be sent to Akebia for review. The costs for this are already included in the development work costs. 

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SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Outsourcing 

Evonik does not currently see the need for outsourcing any of the work as all of the work required currently can be done in house. 

Communication of R&D progress 
 The Evonik Project
Team will have weekly or biweekly telecons with Akebia. These meetings will include short summaries of the work performed in the last week and a meeting summary with action items prepared by Evonik. 

In addition, the project manager (and if preferred by Akebia other team members) will be in contact with Akebia via email and telephone as
necessary.     
 Manufacturing of 350 kg of AKB-6548 

Costs for scale up 
 In addition to the development and
laboratory familiarization studies described above some safety studies may be required. The costs associated with these studies will depend on the availability of data from previous campaigns. Typically Evonik requires DSC’s and RCI’s (ca.
[***] and ca. [***]) prior to scale up therefore about [***] per step or a total of [***] may be required. 
 Manufacturing Support 

Manufacturing support and value creating activities such as mass balances are typically included in the manufacturing costs for the initial campaigns. 

Scale Up Details 
 The production of the 350 kg would take
place in plants T27 and T31 at our Tippecanoe site. This assumes significant improvements to the volume for the final step. 
 Timeline constraints may be
caused by overcommitted raw material suppliers. Evonik attempts to mitigate this risk by identifying more than one source for all raw materials. In addition, detection of GTIs or new impurities for which no information is known poses a potential
timing risk. Recrystallization could potentially remove the impurities but could affect the production timing. 
 No Capital costs are expected for this
project. 
 Production of 350 kg API 
 The costs for
manufacturing the 3 registration batches of 350 kg AKB- 6548 is [***]/kg. The material will be produced under cGMP conditions and Evonik will provide a COA as well as electronic copies of the batch records. If an additional batch of each step is
performed as an engineering batch during this campaign at the same scale, the cost will be [***]/kg. 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

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SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 In the previous proposal, the cost for production of the registration batches was [***]/kg. There are 2
reasons the price has increased. Firstly, the variable costs have risen from [***] per kg in the initial proposal to [***] per kg currently. Secondly, to run the 350 kg registration campaign, the reactors are only at [***] fill volume. This has
doubled the fixed costs per kg. If Evonik were to produce 700 kg of material in the 3 registration batches, the price will be approximately [***] per kg which represents the difference in the variable cost when compared to the last campaign. 

Akebia and Evonik will work together to lower the costs of the key raw materials, which lead to the high variable costs. In the event that qualified suppliers
can be identified at a lower price, the cost savings will be passed through to Akebia. 
 Stability Study 

The costs for the API stability studies are [***]. Evonik assumes following: 
  

	 	•	 	1 long-term stability condition for 8 timepoints plus zero timepoint; 

	 	•	 	1 accelerated stability condition for 5 timepoints plus zero timepoint. Testing will include physical appearance, KF, LC, XRPD. 

Summary of Costs 
  

									
	 Objective
	  	 Costs [$]
	  	Location	 	  	  

				
	 Laboratory Familiarization
	  	[***]	  	 	Tippe	  	  	
				
	 Optimization step [***]
	  	[***]	  	 	Tippe	  	  	
				
	 [***] screening and work up (incl. [***] determination)
	  	[***]	  	 	Hanau	  	  	
				
	 Isolation of API (crystallization studies incl [***] determination)
	  	[***]	  	 	Hanau	  	  	
				
	 Sample on 2 gallon scale (PoC)
	  	[***]	  	 	Tippe	  	  	
				
	 Total Development Costs
	  	[***]	  	 	Tippe/Hanau	  	  	
				
	 DOE Studies of 3 steps (indication only)
	  	[***]	  	 	Hanau	  	  	
				
	 Analytics for Raws, IPCs,
	  	[***]	  	 	Tippe	  	  	
				
	 Intermediates
	  		  				  	
				
	 Analytics for API
	  	[***]	  	 	Tippe	  	  	
				
	 Stability Studies
	  	[***]	  	 	Tippe	  	  	
				
	 Analytics (total)
	  	[***]	  	 	Tippe	  	  	
				
	 Demo Batches
	  	[***]	  	 	Tippe	  	  	
				
	 Registration Batches (3 Batches) 350 kg
	  	[***]/kg	  	 	Tippe	  	  	
				
	 1 Demo plus 3 Registration Batches (4 Batches) 470 kg
	  	[***]/kg	  	 	Tippe	  	  	

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

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SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 The PO is needed for this project by October 11, 2013 in order to start the project and guarantee the
slot in the facility. Payment terms are net 30. 
 Should you have any questions regarding this quotation, please feel free to contact me. 

Thank you again for your consideration and Evonik looks forward to hearing from you soon and being a part of this Akebia project. 

Thank You and Best Regards, 
 /s/ Joseph D’Antuono, PhD 

Joseph D’Antuono, PhD 
 Key Account Director 

Health Care 
 APPROVED ONLY FOR
THE TASK INDICATED ON 
 PAGE 10, WHICH WILL BE IN 2 PARTS: 

(1) RESERVE PLANT FOR MANUFACTURE OF 16KG NON-GMP AKB-6548: [***] 

(2) RAW MATERIALS FOR 16 KG: APPROX. [***] 

                     
                               TOTAL COST: [***] 

SIGNED: /s/ John P. Butler 

TITLE: CEO DATE: 11/24/13 

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SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Proposal B-4: Proposal for Akebia AKB-6548 

Thank you for considering Evonik Corporation for the development and production of AKB-6548. Evonik believes this is a good fit from both a technical and
strategic perspective. The synthesis to do the Demo, Engineering and Registration batches will be run at our Tippecanoe Laboratories located in Lafayette, Indiana. The quote provided is based on the itechnical package transferred by Akebia as well
as experience gained at Evonik running our production facility. 
 The process can be run as is described in the technical package. However, potential
improvements are being attempted during the abbreviated development program. If realized, a more efficient process would be achieved from the variable and fixed costs. 

The prices are based on the following assumptions: 

	 	•	 	Evonik will purchase all necessary raw materials. 

  

	 	•	 	Production will be done under Non-cGMPs for API manufacture. 

  

	 	•	 	Methanol is assumed to be an appropriate cleaning solvent. 

  

	 	•	 	Basis for the evaluation: tech package provided on August 8th, 2013 and RFP received in August 28th, 2013. 

  

	 	•	 	A proof of concept 2-gallon run will be done non-GMP in the Tippecanoe Laboratories. ~ 200 grams 

  

	 	•	 	Identify appropriate storage conditions and stability studies for isolated intermediates and API post GMP production. 

  

	 	•	 	Payment terms are 30 days. 

  

	 	•	 	Analytical methods for the raw materials, intermediates and IPCs will be transferred to Evonik.     

  

	 	•	 	Synthesis of reference standards and impurities as well as solvent recovery in not included 

 Proof of
Concept 
 A proof of concept study would be performed in Evonik’s Tippecanoe laboratories using 2 gallon equipment. The costs associated with this
study are [***]. 
 The PO is needed for this project by January 15, 2014 in order to start the project and guarantee the slot in the facility. Payment
terms are net 30. 
 Should you have any questions regarding this quotation, please feel free to contact me. 

Thank you again for your consideration and Evonik looks forward to hearing from you soon and being a part of this Akebia project. 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Thank You and Best Regards, 
  

	
	
	/s/ Joseph D’Antuono, PhD
	 Joseph D’Antuono, PhD
 Key Account
Director Health Care

  
  

	
	
	Total Cost: [***]
	
	 Signed: /s/ John P. Butler

	
	 Date: 1/7/2014

	
	 Title: President & CEO

	 Akebia Therapeutics

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

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 Proposal B-5: Proposal for Manufacturing Approximately 16 kg of Non-GMP AKB-6548 

This Proposal for Manufacturing Approximately 16 kg of AKB-6548 is, effective as of the date of the latest signature below, made part of that Master
Services Agreement by and between Evonik Corporation (“Evonik”) and Akebia Therapeutics, Inc. (“Customer”) dated as of March 3, 2014 (“MSA”) and is a Proposal under the MSA, subject to all of the terms and
conditions therein. Capitalized terms used, but not otherwise defined, in this Proposal shall have the meaning set forth in the MSA. 
  

	1.	SCOPE OF WORK 

  

	1.1	Development of a detailed project plan. 

  

	1.2	Preparation of Master Batch Records (“MBRs”) for each step, to be reviewed and approved by Akebia. 

  

	1.3	Purchase of all starting materials and reagents by Evonik and vendor qualification through use testing of initially supplied representative samples of all starting materials. 

 

	1.4	Starting with [***] of the starting material B517, production of approximately [***] of AKB-6548 API in 2 lots of approximately equal size. 

 

	1.5	All Reference Samples will be provided by Akebia at no cost to Evonik. 

  

	1.6	Samples (of approximately 500 g or such other amount as mutually agreed) will be removed from certain or all of the intermediates, as determined by Akebia upon consultation with Evonik. These samples will be stored by
Evonik under appropriate conditions and will be dedicated for forthcoming DOE studies (or other mutually agreed studies). 

  

	1.7	This material will not be produced under cGMP conditions. 

  

	1.8	Manufacturing of AKB-6548 is intended to verify the scalability and appropriateness of the manufacturing route. 

  

	1.9	Testing, release of starting materials, raw materials, isolated intermediates, and in-process control measurements as mutually agreed upon based on current optimization studies conducted at Evonik. 

 

	1.10	Testing and release of the AKB-6548 lots against the specification that is shown in Appendix 1 to this Proposal or as otherwise mutually agreed upon based on current optimization studies conducted at Evonik.

  

	1.11	Preparation and provision of the Certificate of Analysis associated with each of the 2 lots of AKB-6548: 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

	1.12	Shipment of the 2 lots of AKB-6548 on or before September 1st, 2014 to an address to be specified by Akebia. 

 

	1.13	Coordination of waste disposal using either on site facilities or licensed vendors in compliance with applicable federal, state, and local regulations. 

 

	1.14	Provision of project progress updates as mutually agreed upon or as needed to keep Akebia informed as to production progress. Conference calls or meetings between Evonik and Akebia will be scheduled weekly or more
frequently as needed 

  

	1.15	Provision of the following project documentation (collectively, “Documentation”): 

  

	 	(A)	MBRs; 

  

	 	(B)	Listing of process deviations and investigation results if and to the extent generated; 

  

	 	(C)	Executed batch records (including analytical summary and raw data); 

  

	 	(D)	Unless previously provided, copies of test procedures for releasing starting and raw materials, isolated intermediates and API and those for in-process control and cleaning measurements. Also copies of the associated
specifications for this testing; and 

  

	 	(E)	Batch production report with processing details sufficient to support creation of the CMC section of regulatory documents. 

  

	2.	PRICE: 

  

	2.1	The price for manufacturing and all other activities to be conducted under this Proposal, inclusive of the costs of all necessary materials and reagents, is [***] and is fixed. 

 

	3.	INVOICES AND PAYMENT: 

  

	3.1	For the production of the targeted 16 kg less any amounts withheld for sample and future development work, Evonik will invoice Akebia as follows: 

 

	 	a)	[***] for the purchase of Key Raw Materials (PO number 1540) 

  

	 	b)	[***] to hold plant capacity for the campaign (PO Number 1539) 

  

	 	c)	[***] after successful completion of Step 3 

  

	 	d)	[***] upon completion of the campaign 

  

	 	e)	[***]upon receipt of the campaign documentation 

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SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

	3.2	All invoices issued under this Proposal must reference the appropriate Akebia Purchase Order number provided by Akebia. 

  

	3.3	All amounts properly invoiced are due within thirty (30) days following receipt of invoice by Akebia. 

  

									
	EVONIK CORPORATION	 		 	AKEBIA THERAPEUTICS, INC.
					
	By:	 	/s/ Robert J. Koprowski	 		 	By:	 	/s/ John P. Butler
	Name: Robert J. Koprowski	 		 	Name: John P. Butler
	Title: Director	 		 	Title: CEO
	Date: February 28, 2014	 		 	Date: February 28, 2014

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SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Appendix 1 (Current AKB-6548 Specification) 

 

									
	 Test Description
	  	 Test ID(s)
	  	 Limits

	Description	  	DESC	  	[***] solid
			
	Identification - IR (KBr)	  	IR	  	Maxima conform to those of the Standard
			
	Identification - HPLC	  	HPLCID	  	Retention time of the major peak in sample matches that of the major peak in the standard
			
	Chromatographic Impurities- HPLC	  	B506H2	  	 Total Impurities: NMT [***]

B640: NMT [***]
 B639: NMT [***]

B641: NMT [***]
 B504: NMT [***]

Any Other Individual Impurity:
 NMT [***]

			
	Assay - HPLC	  	B506H1	  	[***] %w/w s.f.a.b.
			
	Water Content - Karl Fischer Coulometric	  	KFCK	  	Report Only, %w/w
				
	Residual Solvents - GC ([***])	  	HSRES	  	 [***]
 [***]

[***]
 [***]
	  	 NMT [***]
 NMT [***]

NMT [***]
 NMT [***]

				
	Residual B541 assay - GC/MS	  	B541G1	  		  	[***]
				
	Elemental Impurities, USP <232>: Cd, Pb, As, Hg, Ir, Pd, Pt, Rh, Ru, Cr, Mo, Ni, V and Cu	  	ICP	  	Cd	  	[***]
	  	  	Pb	  	[***]
	  	  	As	  	[***]
	  	  	Hg	  	[***]
	  	  	Ir	  	[***]
	  	  	Pd	  	[***]
	  	  	Pt	  	[***]
	  	  	Rh	  	[***]
	  	  	Ru	  	[***]
	  	  	Cr	  	[***]
	  	  	Mo	  	[***]
	  	  	Ni	  	[***]
	  	  	V	  	[***]
	  	  	Cu	  	[***]
			
	Residual Iron	  	ICP	  	[***]
			
	Residue on Ignition	  	ROI	  	NMT [***]
			
	Melting Point	  	DSC	  	 Peak onset: Report only, oC

Peak Apex: Report only, oC

			
	X-Ray Powder Diffraction	  	PXRD	  	Diffraction pattern compares to that of the standard

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

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SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Proposal B-6: Proposal for Manufacturing 350kg of AKB-6548 

This Proposal for Manufacturing 350kg of AKB-6548 is, effective as of the date of the latest signature below, made part of that Master Services
Agreement by and between Evonik Corporation (“Evonik”) and Akebia Therapeutics, Inc. (“Customer”) dated as of March 3, 2014 (“MSA”) and is a Proposal under the MSA, subject to all of the terms and conditions
therein. Capitalized terms used, but not otherwise defined, in this Proposal shall have the meaning set forth in the MSA. 
  

	1.	SCOPE OF WORK 

  

	1.1	Development of a detailed project plan. 

  

	1.2	Preparation of Master Batch Records (“MBRs”) for each step, to be reviewed and approved by Akebia. 

  

	1.3	Purchase of all starting materials and reagents by Evonik and vendor qualification through use testing of initially supplied representative samples of all starting materials. 

 

	1.4	Commencing with the starting materials B517 ([***] which is equivalent to [***] of pure [***]) and B518 ([***] which is equivalent to [***] of [***]), Evonik is targeting production of 350 kg of AKB-6548. The first 3
independent lots will be of approximately equal size with a fourth lot produced from the remaining Step 3 intermediate produced. Evonik will convert the 2 starting material listed above to AKB- 6548. 

 

	1.5	Production is to take place under cGMP conditions. 

  

	1.6	Manufacturing of AKB-6548 of acceptable quality for use in phase III clinical trial and as registration batches for a NDA submission. 

 

	1.7	Testing and release of starting materials, raw materials, isolated intermediates and in-process control measurements with acceptance limits as mutually agreed upon based on current optimization studies conducted at
Evonik. 

  

	1.8	Testing and release of the AKB-6548 lots against the specification that is shown in Appendix 1 to this Proposal or as otherwise mutually agreed upon based on current optimization studies conducted at Evonik.

  

	1.9	Preparation and provision of the following documents associated with each of the lots of AKB-6548: 

  

	 	(A)	Certificate of Analysis; 

  

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	 	(B)	Certification that the lot of AKB-6548 is free of BSE/TSE contamination; and 

  

	 	(C)	Certificate of cGMP compliance. 

  

	1.10	Shipment of the lots of AKB-6548 is targeted for October 1st, 2014, to an address to be specified by Akebia. Akebia and Evonik will continue to have regular
teleconferences throughout the production of AKB-6548 as indicated in 1.12 below and will determine an appropriate release and shipping strategy as production is proceeding. 

 

	1.11	Coordination of waste disposal using either on site facilities or licensed vendors in compliance with applicable federal, state, and local regulations. If off-site waste disposal is necessary, Evonik will pass through
the costs directly to Akebia. This cost will be shared equally between Evonik and Akebia. 

  

	1.12	Provision of project progress updates as mutually agreed upon or as needed to keep Akebia informed as to production progress. Conference calls or meetings between Evonik and Akebia will be scheduled weekly or more
frequently as needed. 

  

	1.13	Provision of the following project documentation (collectively, “Documentation”): 

  

	 	(A)	MBRs; 

  

	 	(B)	Listing of process deviations and investigation results; 

  

	 	(C)	Executed batch records (including analytical summary and raw data); 

  

	 	(D)	Unless previously provided, copies of test procedures for releasing starting and raw materials, isolated intermediates and API and those for in-process control and cleaning measurements. Also copies of the associated
specifications for this testing; 

  

	 	(E)	Method validation plans and reports suitable for support of the CMC NDA filing; and 

  

	 	(F)	Batch production report. 

  

	1.14	Support to Akebia in compiling USA and ex-USA regulatory submissions necessary to update existing submissions, including any documents requested by Akebia which were generated during the production of the campaign.

  

	1.15	All Reference Samples will be provided by Akebia at no cost to Evonik. 

  

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

	2.	PRICE: 

  

	2.1	The price for manufacturing and all other activities to be conducted under this Proposal, except the costs of materials and reagents specified in Section 2.3 or any off-site waste disposal costs, is fixed and is
based for any quantity of AKB-6548 actually delivered over [***] kg. The price is [***] 

  

	2.2	If Evonik is unable to deliver [***] kg of material from the 4 lots planned, the price of manufacturing of the material will be a prorated price (defined in Section 2.1) based on the actual quantity deliver.

  

	2.3	The cost of starting materials and reagents for this campaign will be charged to Akebia at Evonik’s actual cost. The current estimate of this cost is approximately [***]/kg AKB-6548 (i.e., [***] for the manufacture
of 350kg of AKB-6548), and will not exceed [***]- unless agreed to in writing by Akebia. 

  

	2.4	The preparation plan contains a contingency of 36% based on Akebia’s three previous manufacturing campaigns at Alphora (not considering a recrystallization) or 19% (considering a recrystallization) in starting
materials over that expected to be required for the minimum delivery quantity of 350kg of AKB-6548. Any additional AKB-6548 that is produced as a result of such contingency or improvements to the manufacturing process will be supplied to Akebia at
no additional charge; that is, Akebia may not be charged for more than 350kg of AKB-6548 pursuant to this Proposal. 

  

	3.	INVOICES AND PAYMENT: 

  

	3.1	For the production of 350 kg, Evonik will invoice Akebia as follows: 

  

	 	A.	[***] for the purchase of Key Raw Materials upon signing this work order 

  

	 	B.	[***] to hold plant capacity for the campaign upon signing this work order 

  

	 	C.	[***] After successful completion and release of intermediate B504 (Step 3 intermediate) 

  

	 	D.	[***] upon completion of the campaign 

  

	 	E.	The variable cost as defined in 2.3, less any amount invoiced under 3.1. A. upon completion of the campaign 

  

	 	F.	[***] upon receipt of the campaign documentation 

  

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

	3.2	All invoices issued under this Proposal must reference the appropriate Akebia Purchase Order number provided by Akebia. 

  

	3.3	All amounts properly invoiced are due within thirty (30) days following receipt by Akebia. 

  

									
	 EVONIK CORPORATION
	 		 	AKEBIA THERAPEUTICS, INC.
					
	By:	 	 /s/ Robert J. Koprowski
	 		 	By:	 	 /s/ John P. Butler

	Name:	 	Robert J. Koprowski	 		 	Name:	 	John P. Butler
	Title:	 	Director	 		 	Title:	 	CEO
	Date:	 	February 28, 2014            	 		 	Date:	 	February 28, 2014

  

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT

 REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED 

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 Appendix 1 (Current AKB-6548 Specification) 

 

							
	 Test Description
	  	 Test ID(s)
	  	Limits
	Description	  	DESC	  	[***] solid
			
	Identification - IR (KBr)	  	IR	  	Maxima conform to those of the Standard
			
	Identification – HPLC	  	HPLCID	  	Retention time of the major peak in sample matches that of the major peak in the standard
			
	Chromatographic Impurities- HPLC	  	B506H2	  	Total Impurities: NMT [***]
 [***]

[***]
 [***]

[***]
 Any Other Individual Impurity:

[***] %w/w

			
	Assay - HPLC	  	B506H1	  	[***] %w/w s.f.a.b.
			
	Water Content - Karl Fischer Coulometric	  	KFCK	  	Report Only, %w/w
				
	Residual Solvents - GC ([***])	  	HSRES	  	[***]
 [***]
 [***]

[***]
	  	NMT [***]
 NMT [***]
 NMT [***]

NMT [***]

				
	Residual B541 assay - GC/MS	  	B541G1	  		  	[***]
				
	Elemental Impurities, USP <232>: Cd, Pb, As, Hg, Ir, Pd, Pt, Rh, Ru, Cr, Mo, Ni, V and Cu	  	ICP	  	Cd	  	[***]
	  	  	Pb	  	[***]
	  	  	As	  	[***]
	  	  	Hg	  	[***]
	  	  	Ir	  	[***]
	  	  	Pd	  	[***]
	  	  	Pt	  	[***]
	  	  	Rh	  	[***]
	  	  	Ru	  	[***]
	  	  	Cr	  	[***]
	  	  	Mo	  	[***]
	  	  	Ni	  	[***]
	  	  	V	  	[***]
	  	  	Cu	  	[***]
			
	Residual Iron	  	ICP	  	[***]
			
	Residue on Ignition	  	ROI	  	NMT [***]
			
	Melting Point	  	DSC	  	Peak onset: Report only, oC
 Peak Apex: Report only, oC

			
	X-Ray Powder Diffraction	  	PXRD	  	Diffraction pattern compares to that of the standardEX-10.3

 Exhibit 10.3 

TriNet Group, Inc. 

2009 EQUITY INCENTIVE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
NOVEMBER 18, 2009 
 APPROVED BY THE STOCKHOLDERS:
MARCH 3, 2010 
 APPROVED BY THE STOCKHOLDERS:
MARCH 1, 2013 
 AMENDED BY THE BOARD OF
DIRECTORS: MAY 11, 2010 
 AMENDED BY THE
BOARD OF DIRECTORS: AUGUST 14, 2012 
 AMENDED
BY THE BOARD OF DIRECTORS: FEBRUARY 5, 2013 

AMENDED BY THE BOARD OF DIRECTORS:
FEBRUARY 11, 2014 
 APPROVED BY THE STOCKHOLDERS:
FEBRUARY 20, 2014 
 TERMINATION DATE: NOVEMBER 17, 2019

 1. GENERAL. 

(a) Successor to and Continuation of Prior Plan.  

(i) The Plan is intended as the successor to and continuation of the TriNet Group, Inc. 2000 Equity Incentive Plan (the
“Prior Plan”). Following the Effective Date, no additional stock awards shall be granted under the Prior Plan. All Awards granted on or after the Effective Date of this Plan shall be subject to the terms of this Plan. 

(ii) Any shares remaining available for future issuance under the Prior Plan as of the Effective Date (the “Prior
Plan’s Available Reserve”) ceased to be available under the Prior Plan at such time and instead became available for issuance pursuant to Stock Awards granted hereunder. 

(iii) From and after the Effective Date, all outstanding stock awards granted under the Prior Plan shall remain subject to the terms of
the Prior Plan; provided, however, any shares subject to outstanding stock awards granted under the Prior Plan that (i) expire or terminate for any reason prior to exercise or settlement; (ii) are forfeited because of the failure to
meet a contingency or condition required to vest such shares or repurchased by the Company or (iii) are reacquired, withheld (or not issued) to satisfy a tax withholding obligation in connection with an award (the “Returning
Shares”) will immediately be added to the Share Reserve (as further described in Section 3(a) below) as and when such shares become Returning Shares (up to the maximum number set forth in Section 3(a)), and shall become
available for issuance pursuant to Awards granted hereunder. 
 (b) Eligible Award Recipients. The persons eligible to receive Awards
are Employees, Directors and Consultants. 
 (c) Available Awards. The Plan provides for the grant of the following Awards:
(i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, (vi) Performance Stock Awards, (vii) Performance Cash
Awards, and (viii) Other Stock Awards. 

  

 (d) Purpose. The Company, by means of the Plan, seeks to secure and retain the services of
the group of persons eligible to receive Awards as set forth in Section 1(b), to provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and to provide a means by which such eligible
recipients may be given an opportunity to benefit from increases in value of the Common Stock through the granting of Awards. 
 2.
ADMINISTRATION. 
 (a) Administration by Board. The Board shall administer the Plan unless and until the Board
delegates administration of the Plan to a Committee or Committees, as provided in Section 2(c).  
 (b) Powers of Board.
The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan: 
 (i) To
determine from time to time (A) which of the persons eligible under the Plan shall be granted Awards; (B) when and how each Award shall be granted; (C) what type or combination of types of Award shall be granted; (D) the
provisions of each Award granted (which need not be identical), including the time or times when a person shall be permitted to receive cash or Common Stock pursuant to a Stock Award; (E) the number of shares of Common Stock (or the cash value)
with respect to which an Award shall be granted to each such person; and (F) the Fair Market Value applicable to a Stock Award. 

(ii) To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its
administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement or in the written terms of a Performance Cash Award, in a manner and to the extent it shall deem
necessary or expedient to make the Plan or Award fully effective. 
 (iii) To settle all controversies regarding the Plan and Awards
granted under it. 
 (iv) To accelerate, in whole or in part, the time at which an Award may first be exercised or vest (or at which
cash or shares of Common Stock may be issued). 
 (v) To suspend or terminate the Plan at any time. Except as otherwise provided in
the Plan or an Award Agreement, suspension or termination of the Plan shall not materially impair a Participant’s rights under his or her outstanding Award without his or her written consent except as provided in subsection (viii) below.

 (vi) To amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting
amendments relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to make the Plan or Awards granted under the Plan compliant with the requirements for Incentive Stock Options or
exempt from or compliant with the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable 

  

 
law. However, except as provided in Section 10(a) relating to Capitalization Adjustments, to the extent required by applicable law or listing requirements, stockholder approval shall be
required for any amendment of the Plan that either (A) materially increases the number of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Awards under the
Plan, (C) materially increases the benefits accruing to Participants under the Plan or materially reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (D) materially extends the term of the Plan, or
(E) materially expands the types of Awards available for issuance under the Plan. Except as provided in this Plan (including subsection (viii) below) or in an Award Agreement, no amendment of the Plan will materially impair a
Participant’s rights under an outstanding Award without the Participant’s written consent. 
 (vii) To submit any amendment
to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of (A) Section 162(m) of the Code regarding the exclusion of performance-based compensation from the limit on
corporate deductibility of compensation paid to Covered Employees, (B) Section 422 of the Code regarding “incentive stock options” or (C) Rule 16b-3. 

(viii) To approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not
limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion. A Participant’s rights under any
Award shall not be impaired by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such Participant consents in writing. However, a Participant’s rights shall not be deemed to have been
impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant’s rights. In addition, subject to the limitations of applicable law, if any, the
Board may amend the terms of any one or more Awards without the affected Participant’s consent (i) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (ii) to change the terms
of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iii) to clarify the manner of
exemption from, or to bring the award into compliance with, Section 409A of the Code; or (iv) to comply with other applicable laws or listing requirements. 

(ix) Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best
interests of the Company and that are not in conflict with the provisions of the Plan or Awards. 
 (x) To adopt such procedures and
sub-plans as are necessary or appropriate (A) to permit or facilitate participation in the Plan by Employees, Directors or Consultants who are foreign nationals or employed outside the United States or (B) allow Awards to qualify for
special tax treatment in a foreign jurisdiction; provided that Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction.

  

 (xi) To effect, at any time and from time to time, with the consent of any adversely
affected Participant, (A) the reduction of the exercise price (or strike price) of any outstanding Stock Award under the Plan; (B) the cancellation of any outstanding Stock Award under the Plan and the grant in substitution therefore of
(1) a new Option or SAR under the Plan or another equity plan of the Company covering the same or a different number of shares of Common Stock, (2) a Restricted Stock Award, (3) a Restricted Stock Unit Award, (4) an Other Stock
Award, (5) cash and/or (6) other valuable consideration (as determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or a different number of shares of Common Stock as the cancelled Stock
Award and (y) granted under the Plan or another equity or compensatory plan of the Company); or (C) any other action that is treated as a repricing under generally accepted accounting principles. 

(c) Delegation to Committee. 

(i) General. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of
the Plan is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a
subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not
inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board or Committee (as applicable). The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in
the Board some or all of the powers previously delegated. 
 (ii) Section 162(m) and Rule 16b-3 Compliance. The Committee may
consist solely of two or more Outside Directors, in accordance with Section 162(m) of the Code, or solely of two or more Non-Employee Directors, in accordance with Rule 16b-3. 

(d) Delegation to an Officer. The Board may delegate to one (1) or more Officers the authority to do one or both of the following
(i) designate Employees who are not Officers to be recipients of Options and Stock Appreciation Rights (and, to the extent permitted by applicable law, other Stock Awards) and, to the extent permitted by applicable laws, the terms thereof, and
(ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such delegation shall specify the total number of
shares of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself. Notwithstanding the foregoing, the Board may not delegate authority to an Officer who is
acting solely in the capacity of an Officer (and not also as a Director) to determine the Fair Market Value (as defined below). 

(e) Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith shall not be
subject to review by any person and shall be final, binding and conclusive on all persons. 

  

 3. SHARES SUBJECT TO THE PLAN.

 (a) Share Reserve. 

(i) Subject to Section 10(a) relating to Capitalization Adjustments and the “evergreen” provision in
Section 3(a)(ii),, the aggregate number of shares of Common Stock that may be issued pursuant to Stock Awards from and after the Effective Date shall not exceed 8,100,000 shares (the “Share Reserve”), which number is the
sum of (i) the 206,728 shares subject to the Prior Plan’s Available Reserve plus (ii) an additional number of shares in an amount not to exceed 7,893,272 shares (which number includes the Returning Shares, if any, as such shares
become available from time to time). 
 (ii) The Share Reserve will automatically increase on January 1st of each year until the year of the Termination Date, commencing on January 1 of the year following the year in which the IPO Date occurs, in an amount equal to 4.5% of the total number of
shares of Common Stock outstanding on December 31st of the preceding calendar year. The Board may act prior to January 1st of a given
year to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a smaller number of shares of
Common Stock than would otherwise occur pursuant to the preceding sentence. 
 (iii) For clarity, the Share Reserve is a limitation
on the number of shares of Common Stock that may be issued under to the Plan. As a single share may be subject to grant more than once (e.g., if a share subject to a Stock Award is forfeited, it may be made subject to grant again as provided in
Section 3(b) below), the Share Reserve is not a limit on the number of Stock Awards that can be granted. 
 (iv) Shares may be
issued in connection with a merger or acquisition as permitted by, as applicable, NASDAQ Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance shall not
reduce the number of shares available for issuance under the Plan. 
 (b) Reversion of Shares to the Share Reserve. If a Stock Award
or any portion thereof (i) expires or otherwise terminates without all of the shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash rather than stock), such expiration,
termination or settlement shall not reduce (or otherwise offset) the number of shares of Common Stock that may be available for issuance under the Plan. If any shares of Common Stock issued pursuant to a Stock Award are forfeited back to or
repurchased by the Company because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares which are forfeited or repurchased shall revert to and again become available for issuance under
the Plan. Also, any Returning Shares, shares cancelled in accordance with an exchange pursuant to Section 2(b)(xi), shares reacquired by the Company in satisfaction of tax withholding obligations on a Stock Award pursuant to Section 9(h)
or as consideration for the exercise of an Option or the purchase price of a Stock Award shall again become available for issuance under the Plan. 

  

 (c) Incentive Stock Option Limit. Subject to the Share Reserve and Section 10(a)
relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options shall be 8,100,000 shares of Common Stock. 

(d) Section 162(m) Limitations. Subject to Section 10(a) relating to Capitalization Adjustments, at such time as the Company
may be subject to the applicable provisions of Section 162(m) of the Code, the following limitations will apply.  
 (i)
A maximum of 800,000 shares of Common Stock subject to Options, SARs and Other Stock Awards whose value is determined by reference to an increase over an exercise or strike price of at least 100% of the Fair Market Value on the date the Stock
Award is granted under the Plan as “qualified performance-based compensation” under Section 162(m) of the Code to any one Participant during any calendar year. Grants of additional Options, SARs or Other Stock Awards whose value is
determined by reference to an increase over an exercise or strike price of at least 100% of the Fair Market Value on the date any such Stock Award is granted in excess of the foregoing annual limit any will not satisfy the requirements for such
“qualified performance-based compensation” unless such additional Stock Awards are separately approved by the Company’s stockholders in a manner that complies with the applicable requirements of Section 162(m) of the Code. 

(ii) A maximum of 800,000 shares of Common Stock subject to Performance Stock Awards may be granted to any one Participant during any
one calendar year (whether the grant, vesting or exercise is contingent upon the attainment during the Performance Period of the Performance Goals). 

(iii) A maximum of $500,000 may be granted as a Performance Cash Award to any one Participant during any one calendar year 

(e) Source of Shares. The stock issuable under the Plan shall be shares of authorized but unissued or reacquired Common Stock,
including shares repurchased by the Company on the open market or otherwise. 
 4. ELIGIBILITY. 

(a) Eligibility for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent
corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and (f) of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants;
provided, however, that Stock Awards may not be granted to Employees, Directors, and Consultants who are providing Continuous Services only to any “parent” of the Company, as such term is defined in Rule 405, unless (i) the
stock underlying such Stock Awards is treated as “service recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate transaction such as a spin off transaction),
(ii) the Company, in consultation with its legal counsel, has determined that such Stock Awards are otherwise exempt from or alternatively comply with the distribution requirements of Section 409A of the Code. 

  

 (b) Ten Percent Stockholders. A Ten Percent Stockholder shall not be granted an Incentive
Stock Option unless the exercise price of such Option is at least one hundred ten percent (110%) of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five (5) years from the date of grant.
 
 5. PROVISIONS RELATING TO OPTIONS AND STOCK
APPRECIATION RIGHTS. 
 Each Option or SAR shall be in such form and shall contain such terms and
conditions as the Board shall deem appropriate. All Options shall be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates shall be
issued for shares of Common Stock purchased on exercise of each type of Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the
Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) shall be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however,
that each Option Agreement or Stock Appreciation Right Agreement shall conform to (through incorporation of provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following provisions: 

(a) Term. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR shall be exercisable
after the expiration of ten (10) years from the date of its grant or such shorter period specified in the Award Agreement. 

(b) Exercise Price. Subject to the provisions of Section 4(b) regarding Incentive Stock Options granted to Ten Percent Stockholders,
the exercise price (or strike price) of each Option or SAR shall be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Option or SAR is granted. Notwithstanding the
foregoing, an Option or SAR may be granted with an exercise price (or strike price) lower than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option or SAR if such Option or SAR is granted pursuant to an
assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Sections 409A and, if applicable, 424(a) of the Code. Each SAR will be denominated in
shares of Common Stock equivalents. 
 (c) Purchase Price for Options. The purchase price of Common Stock acquired pursuant to the
exercise of an Option shall be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board shall have the authority to grant Options
that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to utilize a particular method of payment. The permitted methods of
payment are as follows: 
 (i) by cash, check, bank draft or money order payable to the Company; 

(ii) pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the
stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds; 

  

 (iii) by delivery to the Company (either by actual delivery or attestation) of shares of
Common Stock; 
 (iv) if the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the
Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company shall accept a cash
or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued; provided, further, that shares of Common Stock will no longer be
subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are reduced to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to the Participant as
a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; 
 (v) subject to applicable law,
according to a deferred payment or similar arrangement with the Optionholder; provided, however, that interest shall compound at least annually and shall be charged at the minimum rate of interest necessary to avoid (A) the imputation of
interest income to the Company and compensation income to the Optionholder under any applicable provisions of the Code, and (B) the classification of the Option as a liability for financial accounting purposes; or 

(vi) in any other form of legal consideration that may be acceptable to the Board. 

(d) Exercise and Payment of a SAR. To exercise any outstanding Stock Appreciation Right, the Participant must provide written notice of
exercise to the Company in compliance with the provisions of the Award Agreement evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate
Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested under such SAR, and with respect to which the Participant is
exercising the SAR on such date, over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such date. The appreciation distribution in respect to a SAR may be
paid in Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Award Agreement evidencing such SAR. 

(e) Transferability of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability of
Options and SARs as the Board shall determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Options and SARs shall apply: 

(i) Restrictions on Transfer. An Option or SAR shall not be transferable except by will or by the laws of descent and distribution and
shall be exercisable during the  

  

 
lifetime of the Participant only by the Participant; provided, however, that the Board may, in its sole discretion, permit transfer of the Option or SAR in a manner that is not prohibited by
applicable tax and securities laws. Except as explicitly provided herein, neither an Option nor a SAR may be transferred for consideration. 

(ii) Domestic Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred
pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation 1.42-1(b)(2). If an Option is an Incentive Stock Option, such Option may be
deemed to be a Nonstatutory Stock Option as a result of such transfer. 
 (iii) Beneficiary Designation. Subject to the
approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to the Company, in a form provided by or otherwise satisfactory to the Company, designate a third party who, in the event of the death of the
Participant, shall thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, the executor or administrator of the Participant’s
estate shall be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by
the Company that such designation would be inconsistent with the provisions of applicable laws. 
 (f) Vesting Generally. The
total number of shares of Common Stock subject to an Option or SAR may vest and therefore become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or
times when it may or may not be exercised (which may be based on the satisfaction of Performance Goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this
Section 5(f) are subject to any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised. 

(g) Termination of Continuous Service. Except as otherwise provided in the applicable Award Agreement or other agreement between the
Participant and the Company, in the event that a Participant’s Continuous Service terminates (other than for Cause or upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that
the Participant was entitled to exercise such Award as of the date of termination of Continuous Service) but only within such period of time ending on the earlier of (i) the date three (3) months following the termination of the
Participant’s Continuous Service (or such longer or shorter period specified in the applicable Award Agreement, which period shall not be less than thirty (30) days if necessary to comply with applicable state laws unless such termination
is for Cause), or (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the time specified herein
or in the Award Agreement (as applicable), the Option or SAR shall terminate. 

  

 (h) Extension of Termination Date. Except as otherwise provided in the applicable Award
Agreement or other agreement between the Participant and the Company, if the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause or upon the Participant’s death or
Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR shall terminate on the earlier of (i) the expiration
of a total period of three (3) months (that need not be consecutive) after the termination of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration requirements,
and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement. In addition, unless otherwise provided in a Participant’s Award Agreement, if the sale of any Common Stock received upon exercise of
an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the Option or SAR shall terminate on the earlier of (i) the expiration
of a period of time (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during which sale of the Common Stock received upon exercise of the Option
or SAR would not be in violation of the Company’s insider trading policy, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement. 

(i) Disability of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the
Participant and the Company, in the event that a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was
entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date twelve (12) months following such termination of Continuous Service (or
such longer or shorter period specified in the Award Agreement, which period shall not be less than six (6) months if necessary to comply with applicable state laws), or (ii) the expiration of the term of the Option or SAR as set forth in
the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the time specified herein or in the Award Agreement (as applicable), the Option or SAR (as applicable) shall
terminate. 
 (j) Death of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement
between the Participant and the Company, in the event that (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Award
Agreement for exercisability after the termination of the Participant’s Continuous Service for a reason other than death, then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of
the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death, but only
within the period ending on the earlier of (i) the date eighteen (18) months following the date of death (or such longer or shorter period specified in the Award Agreement, which period shall not be less than six (6) months if
necessary to comply with applicable state laws), or (ii) the expiration of the term of such Option or SAR as set forth in the Award Agreement. If, after the Participant’s death, the Option or SAR is not exercised within the time specified
herein or in the Award Agreement (as applicable), the Option or SAR shall terminate. 

  

 (k) Termination for Cause. Except as explicitly provided otherwise in a Participant’s
Award Agreement or other individual written agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option or SAR shall terminate upon the termination date of such
Participant’s Continuous Service, and the Participant shall be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous Service. 

(l) Non-Exempt Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the U.S. Fair
Labor Standards Act of 1938, as amended, the Option or SAR shall not be first exercisable for any shares of Common Stock until at least six (6) months following the date of grant of the Option or SAR (although the Award may vest prior to such
date). Consistent with the provisions of the U.S. Worker Economic Opportunity Act, (i) in the event of a Participant’s death or Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or
substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Award Agreement, in another applicable agreement between the Participant and the Company,
or, if no such definition, in accordance with the Company’s then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six (6) months following the date of grant. The
foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent permitted and/or required
for compliance with the U.S. Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from the
employee’s regular rate of pay, the provisions of this Section 5(l) shall apply to all Stock Awards and are hereby incorporated by reference into such Stock Award Agreements. 

(m) Early Exercise of Options. An Option may, but need not, include a provision whereby the Optionholder may elect at any time before
the Optionholder’s Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock subject to the Option prior to the full vesting of the Option. Subject to the “Repurchase Limitation” in
Section 9(m), any unvested shares of Common Stock so purchased may be subject to a repurchase right in favor of the Company or to any other restriction the Board determines to be appropriate. Provided that the “Repurchase Limitation”
in Section 9(m) is not violated, the Company shall not be required to exercise its repurchase right until at least six (6) months (or such longer or shorter period of time required to avoid classification of the Option as a liability for
financial accounting purposes) have elapsed following exercise of the Option unless the Board otherwise specifically provides in the Option Agreement. 

(n) Right of Repurchase. Subject to the “Repurchase Limitation” in Section 9(m), an Option or SAR may include a
provision whereby the Company may elect to repurchase all or any part of the vested shares of Common Stock acquired by the Participant pursuant to the exercise of the Option or SAR.  

  

 (o) Right of First Refusal. An Option or SAR may include a provision whereby the Company
may elect to exercise a right of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the shares of Common Stock received upon the exercise of the Option or SAR. Such right of first refusal
shall be subject to the “Repurchase Limitation” in Section 9(m). Except as expressly provided in this Section 5(o) or in the Award Agreement, such right of first refusal shall otherwise comply with any applicable provisions of
the Bylaws of the Company.  
 6. PROVISIONS OF STOCK AWARDS OTHER
THAN OPTIONS AND SARS. 
 (a) Restricted Stock Awards. Each
Restricted Stock Award Agreement shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. To the extent consistent with the Company’s Bylaws, at the Board’s election, shares of Common Stock may
be (x) held in book entry form subject to the Company’s instructions until any restrictions relating to the Restricted Stock Award lapse; or (y) evidenced by a certificate, which certificate shall be held in such form and manner as
determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical; provided,
however, that each Restricted Stock Award Agreement shall conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions: 

(i) Consideration. A Restricted Stock Award may be awarded in consideration for (A) cash or cash equivalents, (B) past
services actually rendered to the Company or an Affiliate, or (C) any other form of legal consideration (including future services) that may be acceptable to the Board in its sole discretion and permissible under applicable law. 

(ii) Vesting. Subject to the “Repurchase Limitation” in Section 9(m), if applicable, shares of Common Stock
awarded under the Restricted Stock Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board. 

(iii) Termination of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may
receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant that have not vested as of the date of termination of Continuous Service under the terms of the Restricted Stock Award
Agreement. 
 (iv) Transferability. Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement shall
be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board shall determine in its sole discretion, so long as Common Stock awarded under the Restricted Stock Award
Agreement remains subject to the terms of the Restricted Stock Award Agreement. 
 (v) Dividends. A Restricted Stock Award
Agreement may provide that any dividends paid on Restricted Stock will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate. 

  

 (b) Restricted Stock Unit Awards. Each Restricted Stock Unit Award Agreement shall be in
such form and shall contain such terms and conditions as the Board shall deem appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock
Unit Award Agreements need not be identical; provided, however, that each Restricted Stock Unit Award Agreement shall conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each
of the following provisions: 
 (i) Consideration. At the time of grant of a Restricted Stock Unit Award, the Board will determine
the consideration, if any, to be paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by the Participant for each share of Common Stock subject to a
Restricted Stock Unit Award may be paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law. 

(ii) Vesting. At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the
vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate. 
 (iii) Payment. A Restricted Stock
Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. 

(iv) Additional Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose
such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award. 

(v) Dividend Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit
Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board, such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit
Award in such manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all the terms and conditions of the underlying Restricted Stock Unit
Award Agreement to which they relate. 
 (vi) Termination of Participant’s Continuous Service. Except as otherwise provided in
the applicable Restricted Stock Unit Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous Service. 

(vii) Compliance with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein, any Restricted Stock
Unit Award granted under the Plan that is not exempt from the requirements of Section 409A of the Code shall contain such provisions so that such Restricted Stock Unit Award will comply with the requirements of Section 409A of the 

  

 
Code. Such restrictions, if any, shall be determined by the Board and contained in the Restricted Stock Unit Award Agreement evidencing such Restricted Stock Unit Award. For example, such
restrictions may include, without limitation, a requirement that any Common Stock that is to be issued in a year following the year in which the Restricted Stock Unit Award vests must be issued in accordance with a fixed pre-determined schedule.

 (c) Performance Awards. 

(i) Performance Stock Awards. A Performance Stock Award is a Stock Award (covering a number of shares not in excess of the limit set
forth in Section 3(d) above) that is payable (including that may be granted, vest or may be exercised) contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Stock Award may, but need not, require
the completion of a specified period of Continuous Service. The length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been
attained shall be conclusively determined by the Committee (or, if not required for compliance with Section 162(m) of the Code, the Board), in its sole discretion. In addition, to the extent permitted by applicable law and the applicable Award
Agreement, the Board may determine that cash may be used in payment of Performance Stock Awards. 
 (ii) Performance Cash
Awards. A Performance Cash Award is a cash award (for a dollar value not in excess of the limit set forth in Section 3(d) above) that is payable contingent upon the attainment during a Performance Period of certain Performance Goals. A
Performance Cash Award may also require the completion of a specified period of Continuous Service. At the time of grant of a Performance Cash Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance
Period, and the measure of whether and to what degree such Performance Goals have been attained shall be conclusively determined by the Committee (or, if not required for compliance with Section 162(m) of the Code, the Board), in its sole
discretion. The Committee may specify the form of payment of Performance Cash Awards, which may be cash or other property, or may provide for a Participant to have the option for his or her Performance Cash Award, or such portion thereof as the
Committee may specify, to be paid in whole or in part in cash or other property. 
 (iii) Section 162(m) Compliance.
Unless otherwise permitted in compliance with the requirements of Section 162(m) of the Code with respect to an Award intended to qualify as “performance-based compensation” thereunder, the Committee shall establish the Performance
Goals applicable to, and the formula for calculating the amount payable under, the Award no later than the earlier of (a) the date ninety (90) days after the commencement of the applicable Performance Period, or (b) the date on which
twenty-five (25%) of the Performance Period has elapsed, and in any event at a time when the achievement of the applicable Performance Goals remains substantially uncertain. Prior to the payment of any compensation under an Award intended to
qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall certify in writing the extent to which any Performance Goals and any other material terms under such Award have been satisfied (other
than in cases where such relate solely to the increase in the value of the Common Stock).  

  

 (iv) Use of Discretion. Notwithstanding satisfaction of any completion of any Performance
Goals, the number of shares of Common Stock, Options, cash or other benefits granted, issued, retainable and/or vested under an Award on account of satisfaction of such Performance Goals may be reduced by the Committee on the basis of such further
considerations as the Committee, in its sole discretion, shall determine. In addition, the Committee retains the sole discretion to define the manner of calculating the Performance Criteria it selects for use for a Performance Period. 

(d) Other Stock Awards. Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock,
including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100% of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone or in addition to Stock
Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board shall have sole and complete authority to determine the persons to whom and the time or times at which
such Other Stock Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock Awards and all other terms and conditions of such Other Stock Awards. 

7. [RESERVED] 
 8.
COVENANTS OF THE COMPANY. 
 (a) Availability of Shares. During the
terms of the Stock Awards, the Company shall keep available at all times the number of shares of Common Stock required to satisfy such Stock Awards. 

(b) Securities Law Compliance. The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the
Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this undertaking shall not require the Company to register
under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or
agency the authority that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell Common Stock upon exercise of such
Stock Awards unless and until such authority is obtained. A Participant shall not be eligible for the grant of a Stock Award or the subsequent issuance of Common Stock pursuant to the Stock Award if such grant or issuance would be in violation of
any applicable securities law. 
 (c) No Obligation to Notify or Minimize Taxes. The Company shall have no duty or obligation
to any Participant to advise such holder as to the time or manner of exercising such Stock Award. Furthermore, the Company shall have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of a Stock
Award or a possible period in which the Stock Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock Award. 

  

 9. MISCELLANEOUS. 

(a) Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards shall
constitute general funds of the Company. 
 (b) Corporate Action Constituting Grant of Stock Awards. Corporate action
constituting a grant by the Company of a Stock Award to any Participant shall be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter evidencing
the Stock Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms
(e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Stock Award Agreement as a result of a clerical error in the papering of the Stock Award Agreement, the corporate records shall control and the
Participant shall have no legally binding right to the incorrect term in the Stock Award Agreement.  
 (c) Stockholder
Rights. No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to such Stock Award unless and until (i) such Participant has satisfied all
requirements for the exercise of, or the issuance of shares of Common Stock under, the Stock Award pursuant to its terms, if applicable, and (ii) the issuance of the Common Stock subject to such Stock Award has been entered into the books and
records of the Company. 
 (d) No Employment or Other Service Rights. Nothing in the Plan, any Stock Award Agreement or any
other instrument executed thereunder or in connection with any Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was
granted or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such
Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the
Affiliate is incorporated, as the case may be. 
 (e) Change in Time Commitment. In the event a Participant’s regular level of
time commitment in the performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a full-time
Employee to a part-time Employee, or takes an extended leave of absence) after the date of grant of any Stock Award to the Participant, the Board has the right in its sole discretion to (i) make a corresponding reduction in the number of shares
or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment
schedule applicable to such Award. In the event of any such reduction, the Participant shall have no right with respect to any portion of the Award that is so reduced or extended. 

  

 (f) Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair
Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds
one hundred thousand dollars ($100,000) (or such other limit established in the Code), the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules shall be
treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s). 
 (g)
Investment Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge
and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating,
alone or together with the purchaser representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring Common Stock subject to the Stock
Award for the Participant’s own account and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances given pursuant to such requirements, shall be inoperative if
(A) the issuance of the shares upon the exercise or acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities Act, or (B) as to any particular
requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on stock
certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock. 

(h) Withholding Obligations. Unless prohibited by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any
U.S. federal, state, local, foreign or other tax withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of
Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Award; provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax
required to be withheld by law (or such other amount as may be necessary to avoid classification of the Stock Award as a liability for financial accounting purposes); (iii) withholding cash from an Award settled in cash; (iv) withholding
payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth in the Award Agreement. 

(i) Electronic Delivery. Any reference herein to a “written” agreement or document shall include any agreement or document
delivered electronically, filed publicly at www.sec.gov (or any successor website) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access). 

(j) Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common
Stock or the payment of cash, upon the  

  

 
exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be made by Participants. Deferrals by
Participants will be made in accordance with Section 409A of the Code (to the extent applicable to the Participant). Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee
or otherwise providing services to the Company. The Board is authorized to make deferrals of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s
termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law. 

(k) Compliance with Section 409A. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements
shall be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and to the extent not so exempt, in compliance with Section 409A of the Code. If
the Board determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions necessary to avoid the
consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to
the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an Award that constitutes “deferred compensation” under
Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A
of the Code without regard to alternative definitions thereunder) shall be issued or paid before the date that is six (6) months following the date of such Participant’s “separation from service” or, if earlier, the date of the
Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred shall be paid in a lump sum on the day after such six (6) month period elapses,
with the balance paid thereafter on the original schedule. 
 (l) Clawback/Recovery. All Awards granted under the Plan shall be
subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is
otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawbacks, recovery or recoupment provisions in an Award Agreement as the Board determines
necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of Cause. No recovery of compensation under such a clawback policy
shall be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company. 

(m) Repurchase Limitation. The terms of any repurchase right shall be specified in the Award Agreement. The repurchase price for vested
shares of Common Stock shall be the Fair Market Value of the shares of Common Stock on the date of repurchase. The repurchase price for unvested shares of Common Stock shall be the lower of (i) the Fair Market Value of the 

  

 
shares of Common Stock on the date of repurchase or (ii) their original purchase price. However, the Company shall not exercise its repurchase right until at least six (6) months (or
such longer or shorter period of time necessary to avoid classification of the Award as a liability for financial accounting purposes) have elapsed following delivery of shares of Common Stock subject to the Award, unless otherwise specifically
provided by the Board. 
 (n) Compliance with Section 162(m) of the Code. To the extent that the Board determines that it is in
the best interest of the Company to do so after the Common Stock is publicly traded, in connection with the expiration of the “reliance period” (within the meaning of the Treasury Regulations promulgated under Section 162(m) of the
Code), it may submit the Plan for stockholder approval in order to satisfy the requirements of Section 162(m) of the Code regarding the exclusion of performance-based compensation from the limit on corporate deductibility of compensation paid
to Covered Employees. 
 10. ADJUSTMENTS UPON CHANGES IN COMMON
STOCK; OTHER CORPORATE EVENTS. 
 (a) Capitalization Adjustments. In
the event of a Capitalization Adjustment, the Board shall appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number
of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), (iii) the class(es) and, if applicable, maximum number of securities that may be awarded to any person pursuant to
Section 3(d) and (ii) the class(es) and number of securities and price per share of stock subject to outstanding Stock Awards. The Board shall make such adjustments, and its determination shall be final, binding and conclusive. 

(b) Dissolution or Liquidation. Except as otherwise provided in the Stock Award Agreement, in the event of a dissolution or liquidation
of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) shall terminate immediately prior to
the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the
holder of such Stock Award is providing Continuous Service, provided, however, that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase
or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion. 

  

 (c) Corporate Transaction. The following provisions shall apply to Stock Awards in the
event of a Corporate Transaction unless otherwise provided in the instrument evidencing the Stock Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at
the time of grant of a Stock Award. In the event of a Corporate Transaction, then, notwithstanding any other provision of the Plan, the Board shall take one or more of the following actions with respect to Stock Awards, contingent upon the closing
or completion of the Corporate Transaction: 
 (i) arrange for the surviving corporation or acquiring corporation (or the
surviving or acquiring corporation’s parent company) to assume or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award to acquire the same consideration paid to the
stockholders of the Company pursuant to the Corporate Transaction); 
 (ii) arrange for the assignment of any reacquisition or
repurchase rights held by the Company in respect of Common Stock issued pursuant to the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company); 

(iii) accelerate the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be
exercised) to a date prior to the effective time of such Corporate Transaction as the Board shall determine (or, if the Board shall not determine such a date, to the date that is five (5) days prior to the effective date of the Corporate
Transaction), with such Stock Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction;  

(iv) arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the
Stock Award; 
 (v) cancel or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior
to the effective time of the Corporate Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and 

(vi) cancel or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time
of the Corporate Transaction, in exchange for a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the Participant would have received upon the exercise of the Stock Award
immediately prior to the effective time of the Corporate Transaction, over (B) any exercise price payable by such holder in connection with such exercise. 

The Board need not take the same action or actions with respect to all Stock Awards or portions thereof or with respect to all Participants.
The Board may take different actions with respect to the vested and unvested portions of a Stock Award. 
 In the absence of any affirmative
determination by the Board at the time of a Corporate Transaction, each outstanding Stock Award will be assumed or an equivalent Stock Award will be substituted by such successor corporation or a parent or subsidiary of such successor corporation
(the “Successor Corporation”), unless the Successor Corporation does not agree to assume the Stock Award or to substitute an equivalent Stock Award, in which case such Stock Award will terminate upon the consummation of the
transaction.  
 (d) Change in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability
upon or after a Change in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between the Company or any Affiliate and the Participant, but in the absence of such
provision, no such acceleration shall occur. 

  

 11. TERMINATION OR SUSPENSION OF
THE PLAN. 
 (a) Plan Term. The Board may suspend or terminate the Plan at any time. Unless
terminated sooner by the Board, the Plan shall automatically terminate on November 17, 2019. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. 

(b) No Impairment of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Award granted
while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan. 
 12.
EFFECTIVE DATE OF PLAN. 
 This Plan shall become effective on the Effective Date. 

13. CHOICE OF LAW. 

The law of the State of Delaware shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that
state’s conflict of laws rules. 
  

	14.	DEFINITIONS. As used in the Plan, the following definitions shall apply to the capitalized terms indicated below: 

(a) “Affiliate” means, at the time of determination, any “parent” or
“subsidiary” of the Company, as such terms are defined in Rule 405 of the Securities Act. The Board shall have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within
the foregoing definition. 
 (b) “Award” means a Stock Award or a Performance
Cash Award. 
 (c) “Award Agreement” means a written agreement
between the Company and a Participant evidencing the terms and conditions of an Award. 
 (d) “Board” means
the Board of Directors of the Company. 
 (e) “Capitalization Adjustment” means any change that
is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar
equity restructuring transaction, as that term is used in the Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of
the Company shall not be treated as a Capitalization Adjustment. 
 (f) “Cause” shall have the
meaning ascribed to such term in any written agreement between the Participant and the Company defining such term and, in the absence of such agreement, such term shall mean, with respect to a Participant, the occurrence of any of the

  

 
following events that has a material negative impact on the business or reputation of the Company: (i) such Participant’s commission of any felony or any crime involving fraud,
dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) such
Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s unauthorized use or disclosure of the
Company’s confidential information or trade secrets; or (v) such Participant’s gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause shall be made by
the Company, in its sole discretion. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant shall have no effect upon any
determination of the rights or obligations of the Company or such Participant for any other purpose. 
 (g)
“Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events:  

(i) any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty
percent (50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur
(A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires
the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities, or (C) solely because the level of Ownership held by
any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the
number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes
the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage
threshold, then a Change in Control shall be deemed to occur; 
 (ii) there is consummated a merger, consolidation or similar
transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly,
either (A) outstanding voting securities representing more than fifty percent (50%) of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than fifty percent
(50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting
securities of the Company immediately prior to such transaction; 

  

 (iii) there is consummated a sale, lease, exclusive license or other disposition of all or
substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more
than fifty percent (50%) of the combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company
immediately prior to such sale, lease, license or other disposition; or 
 (iv) individuals who, on the IPO Date, are members of the
Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new
Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the Incumbent Board. 

Notwithstanding the foregoing or any other provision of this Plan, the term Change in Control shall not include a sale of assets, merger or other
transaction effected exclusively for the purpose of changing the domicile of the Company. Notwithstanding the foregoing or any other provision of this Plan, the definition of Change in Control (or any analogous term) in an individual written
agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term
is set forth in such an individual written agreement, the foregoing definition shall apply. 
 If required for compliance with Section 409A of
the Code, in no event will a Change in Control be deemed to have occurred if such transaction is not also a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the
assets of” the Company as determined under U.S. Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). The Board may, in its sole discretion and without a Participant’s consent, amend the
definition of “Change in Control” to conform to the definition of “Change in Control” under Section 409A of the Code, and the regulations thereunder. 

(h) “Code” means the U.S. Internal Revenue Code of 1986, as amended, as well as any
applicable regulations and guidance thereunder. 
 (i) “Committee”
means a committee of one (1) or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c). 

(j) “Common Stock” means the common stock of the Company. 

(k) “Company” means TriNet Group, Inc., a Delaware corporation. 

(l) “Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate
to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a
fee for such service, shall not cause a Director to be considered a “Consultant” for purposes of the Plan. 

  

 
Notwithstanding the foregoing, (A) before the Common Stock has been registered under a then currently effective registration statement under the Securities Act, a Consultant shall not be
eligible for the grant of a Stock Award if, at the time of grant, either the offer or the sale of the Company’s securities to such Consultant is not exempt under Rule 701 because of the nature of the services that the Consultant is providing to
the Company, because the Consultant is not a natural person, or because of any other provision of Rule 701, unless the Company determines that such grant need not comply with the requirements of Rule 701 and will satisfy another exemption under the
Securities Act as well as comply with the securities laws of all other relevant jurisdictions and (B) if the issuance of the shares upon the exercise or acquisition of Common Stock under the Stock Award has been registered under a then
currently effective registration statement under the Securities Act, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the
Company’s securities to such person. 
 (m) “Continuous Service” means that
the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an
Employee, Consultant or Director or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, shall not terminate
a Participant’s Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole discretion,
such Participant’s Continuous Service shall be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an employee of the Company to a consultant of an Affiliate or to a
Director shall not constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service shall be
considered interrupted in the case of (i) any leave of absence approved by the Board or Chief Executive Officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or
their successors. In addition, if required for exemption from or compliance with Section 409A of the Code, the determination of whether there has been a termination of Continuous Service will be made, and such term will be construed, in a
manner that is consistent with the definition of “separation from service” as defined under U.S. Treasury Regulation Section 1.409A-1(h) (without regard to any alternative definition thereunder). A leave of absence shall be treated as
Continuous Service for purposes of vesting in a Stock Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as
otherwise required by law. 
 (n) “Corporate Transaction” means the
consummation, in a single transaction or in a series of related transactions, of any one or more of the following events: 

(i) a sale or other disposition of all or substantially all, as determined by the Board, in its sole discretion, of the consolidated
assets of the Company and its Subsidiaries; 
 (ii) a sale or other disposition of at least ninety percent (90%) of the
outstanding securities of the Company; 

  

 (iii) a merger, consolidation or similar transaction following which the Company is not
the surviving corporation; or 
 (iv) a merger, consolidation or similar transaction following which the Company is the surviving
corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in
the form of securities, cash or otherwise. 
 To the extent required for compliance with Section 409A of the Code, in no event will an event be deemed
a Corporate Transaction if such transaction is not also a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as determined under U.S.
Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). 
 (o) “Covered
Employee” shall have the meaning provided in Section 162(m)(3) of the Code. 
 (p)
“Director” means a member of the Board. 
 (q)
“Disability” means, with respect to a Participant, the inability of such Participant to engage in any substantially gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and shall be determined by
the Board on the basis of such medical evidence as the Board deems warranted under the circumstances. 
 (r)
“Effective Date” means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved by the Company’s stockholders, or (ii) the date this Plan is
adopted by the Board. 
 (s) “Employee” means any person employed by the Company or an
Affiliate. However, service solely as a Director, or payment of a fee for such services, shall not cause a Director to be considered an “Employee” for purposes of the Plan. 

(t) “Entity” means a corporation, partnership, limited liability company or other entity. 

(u) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder. 
 (v) “Exchange Act
Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” shall not include (i) the Company or any Subsidiary
of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an
underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in

  

 
substantially the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of
the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities. 

(w) “Fair Market Value” means, as of any date, the value of the Common Stock determined as follows: 

(i) If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a
share of Common Stock shall be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the
Board deems reliable. 
 (ii) Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock
on the date of determination, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 

(iii) In the absence of such markets for the Common Stock, the Fair Market Value shall be determined by the Board in good faith and in
a manner that complies with Sections 409A and 422 of the Code. 
 (x) “Incentive Stock
Option” means an option granted pursuant to Section 5 of the Plan that is intended to be, and qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code. 

(y) “IPO Date” means the date of the underwriting agreement between the Company and the underwriters(s)
managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering (the “IPO”). 

(z) “Non-Employee Director” means a Director who either (i) is not a current
employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as a Director (except for an
amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction for which
disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a
“non-employee director” for purposes of Rule 16b-3. 
 (aa)
“Nonstatutory Stock Option” means any option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock Option. 

(bb) “Officer” means a person designated by the Company as an officer. If the Common Stock has been registered
under a then currently effective registration statement under the Securities Act, an “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act. 

  

 (cc) “Option” means an Incentive Stock
Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan. 

(dd) “Option Agreement” means a written agreement between the Company and an
Optionholder evidencing the terms and conditions of an Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan. 

(ee) “Optionholder” means a person to whom an Option is granted pursuant to the
Plan or, if applicable, such other person who holds an outstanding Option. 
 (ff)
“Other Stock Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant to the terms and conditions of Section 6(d). 

(gg) “Other Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock
Award evidencing the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement shall be subject to the terms and conditions of the Plan. 

(hh) “Outside Director” means a Director who either (i) is not a current
employee of the Company or an “affiliated corporation” (within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company or an “affiliated corporation” who
receives compensation for prior services (other than benefits under a tax-qualified retirement plan) during the taxable year, has not been an officer of the Company or an “affiliated corporation,” and does not receive remuneration from the
Company or an “affiliated corporation,” either directly or indirectly, in any capacity other than as a Director, or (ii) is otherwise considered an “outside director” for purposes of Section 162(m) of the Code.

 (ii) “Own,” “Owned,”
“Owner,” “Ownership” A person or Entity shall be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such
person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 (jj) “Participant” means a person to whom an Award is granted pursuant
to the Plan or, if applicable, such other person who holds an outstanding Stock Award. 
 (kk)
“Performance Cash Award” means an award of cash granted pursuant to the terms and conditions of Section 6(c)(ii). 

(ll) “Performance Criteria” means the one or more criteria that the Board shall select for
purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that shall be used to establish such Performance Goals may be based on any one of, or combination of, the following as determined by the Committee:
(i) earnings per share; (ii) earnings before interest, taxes and depreciation; (iii) earnings before interest, taxes, depreciation and amortization (EBITDA); (iv) net earnings; (v) total shareholder return; (vi) return
on equity; (vii) return on assets, investment, or capital employed; (viii) operating margin; (ix) gross margin; (x) operating income; (xi) net income (before or after taxes); (xii) net operating income; (xiii) net
operating income after tax; (xiv) pre- and after-tax income; (xv) pre-

  

 
tax profit; (xvi) operating cash flow; (xvii) sales or revenue targets; (xviii) increases in revenue or product revenue; (xix) expenses and cost reduction goals;
(xx) improvement in or attainment of expense levels; (xxi) improvement in or attainment of working capital levels; (xxii) economic value added (or an equivalent metric); (xxiii) market share; (xxiv) cash flow;
(xxv) cash flow per share; (xxvi) share price performance; (xxvii) debt reduction; (xxviii) implementation or completion of projects or processes; (xxix) customer satisfaction; (xxx) total stockholder return;
(xxxi) stockholders’ equity; (xxxiii) credit rating and (xxxiii) to the extent that an Award is not intended to comply with Section 162(m) of the Code, other measures of performance selected by the Board. Partial achievement
of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Award Agreement. 

(mm) “Performance Goals” means, for a Performance Period, the one or more goals established by
the Board for the Performance Period based upon the Performance Criteria. The Board is authorized at any time in its sole discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period in order to prevent the
dilution or enlargement of the rights of Participants, (a) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or development; (b) in recognition of, or in anticipation of, any other
unusual or nonrecurring events affecting the Company, or the financial statements of the Company, or in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions; or (c) in view
of the Board’s assessment of the business strategy of the Company, performance of comparable organizations, economic and business conditions, and any other circumstances deemed relevant. Specifically, the Board is authorized to make adjustment
in the method of calculating attainment of Performance Goals and objectives for a Performance Period as follows: (i) to exclude the dilutive effects of acquisitions or joint ventures; (ii) to assume that any business divested by the
Company achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; and (iii) to exclude the effect of any change in the outstanding shares of common stock of the Company by reason
of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common shareholders other than regular
cash dividends. In addition, with respect to Performance Goals established for Participants who are not Covered Employees, and who will not be Covered Employees at the time the compensation will be paid, the Board is authorized to make adjustment in
the method of calculating attainment of Performance Goals and objectives for a Performance Period as follows: (i) to exclude restructuring and/or other nonrecurring charges; (ii) to exclude exchange rate effects, as applicable, for
non-U.S. dollar denominated net sales and operating earnings; (iii) to exclude the effects of changes to generally accepted accounting principles; (iv) to exclude the effects to any statutory adjustments to corporate tax rates; (v) to
exclude the impact of any “extraordinary items” as determined under generally accepted accounting principles; and (vi) to exclude any other unusual, non-recurring gain or loss or other extraordinary item. 

(nn) “Performance Period” means the period of time selected by the Board over which
the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Stock Award or a Performance Cash Award. Performance Periods may be of varying and overlapping
duration, at the sole discretion of the Board. 

  

 (oo) “Performance Stock Award” means a
Stock Award granted under the terms and conditions of Section 6(c)(i). 
 (pp)
“Plan” means this TriNet Group, Inc. 2009 Equity Incentive Plan. 
 (qq)
“Restricted Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a). 

(rr) “Restricted Stock Award Agreement” means a written agreement between the Company and a holder of a
Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement shall be subject to the terms and conditions of the Plan. 

(ss) “Restricted Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to
the terms and conditions of Section6 (b). 
 (tt) “Restricted Stock Unit Award
Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement shall be
subject to the terms and conditions of the Plan. 
 (uu) “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time. 

    (vv) “Rule 405” means Rule 405 promulgated under the
Securities Act. 
     (ww) “Rule 701” means
Rule 701 as promulgated under the Securities Act.  
     (xx)
“Securities Act” means the U.S. Securities Act of 1933, as amended. 

(yy) “Stock Appreciation Right” or “SAR” means a right to
receive the appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 5. 

(zz) “Stock Appreciation Right Agreement” means a written agreement between the
Company and a holder of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement shall be subject to the terms and conditions of the Plan. 

(aaa) “Stock Award” means any right to receive Common Stock granted under the Plan, including an Incentive
Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right, a Performance Stock Award or any Other Stock Award. 

(bbb) “Stock Award Agreement” means a written agreement between the Company and a Participant evidencing the
terms and conditions of a Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of the Plan. 

  

 (ccc) “Subsidiary” means, with respect to the Company,
(i) any corporation of which more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any
other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or
other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%). 

(ddd) “Ten Percent Stockholder” means a person who Owns (or is deemed to Own
pursuant to Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Affiliate.

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