Document:

EX-4.3

 Exhibit 4.3 
  

 
 EXECUTION VERSION 

 
 ALDER BIOPHARMACEUTICALS, INC. 

 
  

SECOND SUPPLEMENTAL INDENTURE 

Dated as of October 22, 2019 

to 
 INDENTURE 

Dated as of February 1, 2018 
  

 
 2.50%
Convertible Senior Notes due 2025 
  
  

U.S. BANK NATIONAL ASSOCIATION 

Trustee 
  

 
  

 This SECOND SUPPLEMENTAL INDENTURE, dated as of October 22, 2019 (this “Supplemental
Indenture”), among ALDER BIOPHARMACEUTICALS, INC., a Delaware corporation (the “Company”), as issuer, LUNDBECK LLC (“Lundbeck”), and U.S. Bank National Association, a national banking association organized
under the laws of the United States of America, as trustee (the “Trustee”), to the Indenture, dated as of February 1, 2018 (as supplemented by the First Supplemental Indenture, dated as of February 1, 2018 (the
“First Supplemental Indenture”) between the Company and the Trustee and as further supplemented or otherwise modified prior to the date hereof, the “Indenture”), between the Company and the Trustee. 

WHEREAS, the Company has heretofore executed and delivered the Indenture, pursuant to which the Company issued its 2.50% Convertible Senior
Notes due 2025 (the “Notes”) in the original aggregate principal amount of $287,500,000; 
 WHEREAS, the Company has
entered into an Agreement and Plan of Merger, dated as of September 16, 2019 (as amended, restated, supplemented or otherwise modified, the “Merger Agreement”), by and among the Company, H. Lundbeck A/S, a
Danish aktieselskab (“Parent”), Lundbeck, a Delaware limited liability company and an indirect wholly owned subsidiary of Parent, and Violet Acquisition Corp., a Delaware corporation and a direct wholly owned
subsidiary of Lundbeck (“Merger Sub”); 
 WHEREAS, pursuant to the terms of the Merger Agreement, Merger Sub will merge
with and into the Company (the “Merger”) on the date hereof with the Company, as the surviving entity in the Merger, becoming an indirect wholly owned subsidiary of Parent as of the date hereof; 

WHEREAS, the Merger constitutes a Common Stock Change Event under the Indenture; 

WHEREAS, Section 11.06(a) of the First Supplemental Indenture provides that, prior to or at the effective time of any Common Stock Change
Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture permitted under Section 9.02(h) of the First Supplemental Indenture providing that, at and after the effective
time of such Common Stock Change Event, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the kind and amount of shares of stock, other securities or other
property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such Common Stock Change Event would have owned or been entitled to receive (the
“Reference Property”) upon such Common Stock Change Event; 
 WHEREAS, in connection with the Merger, each outstanding
share of Common Stock prior to the effective time (other than the Excluded Shares as set forth in the Merger Agreement) shall be converted into the right to receive (x) an amount in cash equal to $18.00 and (y) one (1) contingent value
right (a “CVR”), which shall represent the right to receive the Milestone Payment (as such term is used in the Contingent Value Rights Agreement, dated as of October 21, 2019 (as amended, restated, supplemented or otherwise modified
from time to time, the “CVR Agreement”) by and among Parent, Lundbeck and Computershare Trust Company, N.A. and Computershare Inc., collectively with Computershare Trust Company, N.A. as rights agent) without interest and subject to
any applicable withholding taxes, in accordance with the terms of the Merger Agreement; 

  
 2. 

 WHEREAS, Section 9.02 of the First Supplemental Indenture provides that the Company and
the Trustee may enter into an indenture or indentures supplemental to the Indenture to, among other things, (i) irrevocably elect to eliminate one or more of the Settlement Methods, (ii) in connection with any Common Stock Change Event,
provide that the Notes are convertible into Reference Property, subject to the provisions of Section 11.02 of the First Supplemental Indenture, and make such related changes to the terms of the Notes to the extent expressly required by
Section 11.06 of the First Supplemental Indenture, and (iii) make any change that does not materially adversely affect the rights of any Holder; 

WHEREAS, in connection with the execution and delivery of this Supplemental Indenture, the Trustee has received an Officer’s Certificate
and an Opinion of Counsel as contemplated by Sections 9.05 and 13.07 of the Indenture; and 
 WHEREAS, the Company has requested that the
Trustee execute and deliver this Supplemental Indenture and have satisfied all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms. 

WITNESSETH: 
 NOW THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company covenants and agrees with the Trustee as follows for the equal and ratable benefit of the Holders: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01 Definitions in the Supplemental Indenture. Unless otherwise specified herein or the context
otherwise requires: 
 (a) a term defined in the Indenture has the same meaning when used in this Supplemental Indenture unless the
definition of such term is amended or supplemented pursuant to this Supplemental Indenture; 
 (b) the terms defined in this Article
and in this Supplemental Indenture include the plural as well as the singular; and 
 (c) unless otherwise stated, a reference to a
Section or Article is to a Section or Article of this Supplemental Indenture. 

  
 3. 

 ARTICLE 2 

EFFECT OF MERGER ON CONVERSION 

Section 2.01 Settlement Election. In accordance with Section 9.02(n) and subject to Section 11.02
of the First Supplemental Indenture, the Company hereby irrevocably elects to eliminate Cash Settlement and Combination Settlement, and its Conversion Obligations shall be satisfied solely by Physical Settlement. 

Section 2.02 Conversion of Notes. In accordance with and subject to Section 11.06 of the First
Supplemental Indenture, as a result of the Common Stock Change Event, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the Reference Property upon the
consummation of the Merger. 
 For all conversions that occur at or after the effective time of the Merger in accordance with and subject to
Article 11 of the Indenture, (i) the consideration due upon conversion of each $1,000 principal amount of Notes shall be a number of units of Reference Property equal to the Conversion Rate in effect on the applicable Conversion Date (as may be
increased pursuant to Section 11.03 of the First Supplemental Indenture), and (ii) the Company shall satisfy its Conversion Obligations by delivering (or causing the delivery of) such units of Reference Property to converting Holders on
the second Business Day immediately following the relevant Conversion Date. 
 For purpose hereof, a “unit of Reference Property”
means: (i) prior to the earlier of (a) the occurrence of the Milestone (as defined in the CVR Agreement) and (b) the Expiration Date (as defined in the CVR Agreement), $18.00 in cash and one (1) CVR, (ii) after the occurrence of
the Milestone on or prior to the Expiration Date, $18.00 and one Milestone Payment (as defined in the CVR Agreement) in cash, and (iii) after the Expiration Date if the Milestone has not occurred on or prior to the Expiration Date, $18.00 in
cash. 
 ARTICLE 3 

MISCELLANEOUS 

Section 3.01 Provisions Binding on Company’s Successors. All agreements of the Company in this
Supplemental Indenture shall bind its successors. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 

Section 3.02 Official Acts by Successor Corporation. Any act or proceeding by any provision of the Indenture
authorized or required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at
the time be the lawful sole successor of the Company. 
 Section 3.03 Governing Law; Jurisdiction. THIS
SUPPLEMENTAL INDENTURE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 4. 

 Section 3.04 Table of Contents, Headings, Etc. The table of
contents and the titles and headings of the articles and sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or
provisions hereof. 
 Section 3.05 Execution in Counterparts. This Supplemental Indenture may be executed
in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 3.06
Severability. In the event any provision of this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 Section 3.07 Ratification of Indenture. The Indenture, as amended and supplemented by this Supplemental
Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

Section 3.08 Effectiveness. This Supplemental Indenture shall become effective upon, without further action
by the parties hereto, the effective time of the Merger. 
 Section 3.09 Trustee’s Disclaimer. The
Trustee accepts the amendments of the Indenture effected by this Supplemental Indenture, but on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the
Trustee. Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely
by the Company, or for or with respect to (i) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Company by action or otherwise, (iii) the
due execution hereof by the Company or (iv) the consequences of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters. 

[Signature Page Follows] 

  
 5. 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed as of the day and year first written above. 
  

			
	ALDER BIOPHARMACEUTICALS, INC.

 
			
		
	By:	 	
	 /s/ Peter Anastasiou

	Name:	 	Peter Anastasiou
	Title:	 	President

  

			
	Lundbeck LLC
		
	By:	 	
	 /s/ Peter Anastasiou

	Name:	 	 Peter Anastasiou

	Title:	 	President and Lead Manager

  

			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	
	 /s/ Richard Prokosch

	Name:	 	Richard Prokosch
	Title:	 	Vice President

 SIGNATURE PAGE TO SECOND SUPPLEMENTAL INDENTUREEX-10.1

 Exhibit 10.1 

October 21, 2019 
 Robert W. Azelby 

Dear Bob: 
 This letter agreement (this
“Agreement”) confirms the understanding between you and Alder BioPharmaceuticals, Inc. (the “Company”) regarding certain treatment that you may become entitled to receive in connection with the acquisition (the
“Acquisition”) of the Company by H. Lundbeck A/S (“Parent”), pursuant to that certain Agreement and Plan of Merger, dated as of September 16, 2019, among the Company, Parent and certain other parties (the
“Merger Agreement”). Capitalized terms used but not otherwise defined in this letter have the meanings given to such terms in the Merger Agreement. This Agreement will become effective immediately prior to the Offer Acceptance Time.
However, if the Merger Agreement terminates pursuant to its terms or your employment with the Company terminates for any reason prior to the Offer Acceptance Time, this letter will terminate and be of no force or effect. 

1. Certain Taxes 
 In the
event that it shall be determined that any payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or distribution) by the Company or any of its affiliated entities (including their respective successors) to or
for your benefit in connection with the Acquisition (determined without regard to any additional payments required under this Section 1) (the “Payments”) would be subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code of 1986, as amended (the “Code”), or any interest or penalties are incurred by you with respect to such excise tax (such excise tax, together with any such interest and penalties, the “Excise
Tax”), then the Company shall pay you an additional payment (which, for this purpose, includes withholding and remittance of taxes by Parent or the Company on your behalf) (a “Reimbursement Payment”) in an amount such that
after payment by you of all taxes (including, without limitation, any income taxes and any interest and penalties imposed with respect thereto, and any excise tax imposed upon the Reimbursement Payment), you retain an amount of the Reimbursement
Payment equal to the Excise Tax imposed upon the Payments. For purposes of determining the amount of the Reimbursement Payment, you shall be deemed to (i) pay federal income taxes at the highest marginal rates of federal income taxation for the
calendar year in which the Reimbursement Payment is to be made and (ii) pay applicable state and local income taxes at the highest marginal rate of taxation for the calendar year in which the Reimbursement Payment is to be made, net of the
maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 

 The Reimbursement Payment with respect to any Payment will be made promptly (and in no event
later than 10 days following any Payment triggering such obligation). 
 You and the Company agree that the determinations necessary to be
made under the first paragraph of this Section 1, including whether and when a Reimbursement Payment is required, the amount of such Reimbursement Payment and the assumptions to be utilized in arriving at such determinations, will be based on
the most recent calculations prepared by Golden Parachute Tax Solutions LLC (the “Consultant”) prior to such determination. The Consultant shall provide detailed supporting calculations both to you and the Company within 15 business
days of the receipt of notice from you or the Company that there has been a Payment, or such earlier time as is requested by the Company (collectively, the “Determination”). The Determination shall be binding upon you and the
Company. 
 As a result of the uncertainty in the application of Section 4999 of the Code at the time of the Determination, it is
possible that Reimbursement Payments which will not have been made by the Company should have been made (“Underpayment”), consistent with the calculations required to be made hereunder. In the event the amount of the Reimbursement
Payment is less than the amount necessary to reimburse you for your Excise Tax, the Consultant shall determine the amount of the Underpayment that has occurred and any such Underpayment (together with interest, for the period from the date when due
to the date when finally paid, at the rate provided in Section 1274(b)(2)(B) of the Code) shall be promptly paid by the Company to or for the benefit of you. As a result of the uncertainty in the application of Section 4999 of the Code at
the time of the Determination, it is possible that at a later time there will be a determination that the Reimbursement Payments made by the Company were more than the Reimbursement Payments that should have been made by the Company
(“Overpayment”), consistent with the calculations required to be made hereunder. You agree to refund the Company the amount of any Overpayment that the Consultant shall determine has occurred hereunder. If, after receipt of a
Reimbursement Payment, you become entitled to receive any refund with respect to the Excise Tax to which such Reimbursement Payment relates, you shall promptly pay to the Company the amount of any such refund. 

2. Other Terms 
 The
effectiveness of this Agreement shall be subject to the execution by you of the amended and restated Proprietary Information and Inventions Agreement with the Company in the form attached hereto as Exhibit A, which shall become effective immediately
prior to and subject to the Offer Acceptance Time. The validity, interpretation, construction and performance of this letter shall in all respects be governed by the laws of the State of Washington, without reference to principles of conflict of
law, and will be binding on any successor to the Company. Payments pursuant to this letter are intended to comply with or be exempt from the requirements of Section 409A of the Code (to the extent applicable) and shall be interpreted, operated
and administered accordingly. Each payment under this letter will be treated as a separate payment for purposes of Section 409A of the Code. 

  
 -2- 

 3. Counterparts. 

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will
constitute one and the same agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 -3- 

 We thank you for your service and contributions to the success of the Company. 

 

	
	Sincerely,
	
	 /s/ James B. Bucher

	 Name: James B. Bucher
 Title: Executive Vice
President and General Counsel

  

	
	Acknowledged and agreed on the date first written above:
	
	 /s/ Robert W. Azelby

	Robert W. Azelby

  
 -4- 

 EXHIBIT A 

AMENDED AND RESTATED PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT 

In exchange for good and valuable consideration, including eligibility to receive the payments described in that certain letter agreement
between me and Alder BioPharmaceuticals, Inc, dated on or about October 21, 2019, continued employment or engagement with Alder BioPharmaceuticals, Inc. or any of its current or future subsidiaries, affiliates, successors or assigns
(collectively, the “Company”) and any cash and equity compensation for my services, I hereby enter into this agreement (this “Agreement”) and agree as follows: 

1.    Duties. I will perform for the Company such duties as may be designated by the Company from time to
time. During my period of employment or consulting relationship with the Company, I will devote my best efforts to the interests of the Company and will not engage in any activities detrimental to the best interests of the Company without the prior
written consent of the Company. 
 2.    Confidentiality Obligation. I understand and agree that all
Proprietary Information (as defined below) shall be the sole property of the Company and its assigns, including all trade secrets, patents, copyrights and other rights in connection therewith. I hereby assign to the Company any rights I may acquire
in such Proprietary Information. I will hold in confidence and not directly or indirectly to use or disclose, both during my employment by or consulting relationship with the Company and for a period of three years after its termination
(irrespective of the reason for such termination), any Proprietary Information I obtain or create during the period of my employment or consulting relationship, whether or not during working hours, except to the extent authorized by the Company,
until such Proprietary Information becomes generally known. I agree not to make copies of such Proprietary Information except as authorized by the Company. Upon termination of my employment or consulting relationship or upon an earlier request of
the Company, I will return or deliver to the Company all tangible forms of such Proprietary Information in my possession or control, including but not limited to drawings, specifications, documents, records, devices, models or any other material and
copies or reproductions thereof. 
 3.    Ownership of Physical Property. All document, apparatus,
equipment and other physical property in any form, whether or not pertaining to Proprietary Information, furnished to me by the Company or produced by me or others in connection with my employment or consulting relationship shall be and remain the
sole property of the Company. I shall return to the Company all such documents, materials and property as and when requested by the Company, except only (i) my personal copies of records relating to my compensation, if any; (ii) if
applicable, my personal copies of any materials evidencing shares of the Company’s capital stock purchased by me and/or options to purchase shares of the Company’s capital stock granted to me; (iii) my copy of this Agreement and
(iv) my personal property and personal documents I bring with me to the Company and any personal correspondence and personal materials that I accumulate and keep at my office during my employment (my “Personal Documents”). Even
if the Company does not so request, I shall return all such documents, materials and property upon termination of my employment or consulting relationship, and, except for my Personal Documents, I will not take with me any such documents, material
or property or any reproduction thereof upon such termination. 

  
 -5- 

 4.    Assignment of Inventions. 

(a)    Without further compensation, I hereby agree promptly to disclose to the Company, all Inventions (as defined below)
which I may solely or jointly develop or reduce to practice during the period of my employment or consulting relationship with the Company which (i) pertain to any line of business activity of the Company, (ii) are aided by the use of
time, material or facilities of the Company, whether or not during working hours or (iii) relate to any of my work during the period of my employment or consulting relationship with the Company, whether or not during normal working hours
(“Company Inventions”). During the term of my employment or consultancy, all Company Inventions that I conceive, reduce to practice, develop or have developed (in whole or in part, either alone or jointly with others) shall be the
sole property of the Company and its assigns to the maximum extent permitted by law (and to the fullest extent permitted by law shall be deemed “works made for hire”), and the Company and its assigns shall be the sole owner of all patents,
copyrights, trademarks, trade secrets and other rights in connection therewith. I hereby assign to the Company any rights that I may have or acquire in such Company Inventions. 

(b)    I attach hereto as Exhibit A is a complete list of all Inventions, if any, made by me prior to my employment or
consulting relationship with the Company that are relevant to the Company’s business, and I represent and warrant that such list is complete. If no such list is attached to this Agreement, I represent that I have no such Inventions at the time
of signing this Agreement. If in the course of my employment or consultancy (as the case may be) with the Company, I use or incorporate into a product or process an Invention not covered by Section 4(a) of this Agreement in which I have an
interest, the Company is hereby granted a nonexclusive, fully paid-up, royalty-free, perpetual, worldwide license of my interest to use and sublicense such Invention without restriction of any kind. 

NOTICE REQUIRED BY REVISED CODE OF WASHINGTON 49.44.140: 

Any assignment of Inventions required by this Agreement does not apply to an Invention for which no equipment, supplies, facility or trade
secret information of the Company was used and which was developed entirely on the employee’s own time, unless (a) the Invention relates (i) directly to the business of the Company or (ii) to the Company’s actual or
demonstrably anticipated research or development or (b) the Invention results from any work performed by the employee for the Company. 

5.    Further Assistance; Power of Attorney. I agree to perform, during and after my employment or
consulting relationship, all acts deemed necessary or desirable by the Company to permit and assist it, at its expense, in obtaining and enforcing the full benefits, enjoyment, rights and title throughout the world in the Inventions assigned to the
Company as set forth in Section 4 above. Such acts may include, but are not limited to, execution of documents and assistance or cooperation in legal proceedings. I hereby irrevocably designate the Company and its duly authorized officers and
agents as my agent and attorney-in fact, to execute and file on my behalf any such applications and to do all other lawful acts to further the prosecution and issuance of patents, copyright and mask work
registrations related to such Inventions. This power of attorney shall not be affected by my subsequent incapacity. 

  
 -6- 

 6.    Inventions. As used in this Agreement, the term
“Inventions” means discoveries, developments, concepts, designs, ideas, know-how, improvements, inventions, trade secrets and/or original works of authorship, whether or not patentable,
copyrightable or otherwise legally protectable. This includes, but is not limited to, any new product, machine, article of manufacture, biological material, method, procedure, process, technique, use, equipment, device, apparatus, system, compound,
formulation, composition of matter, design or configuration of any kind, or any improvement thereon. 

7.    Proprietary Information. As used in this Agreement, the term “Proprietary
Information” means information or physical material not generally known or available outside the Company or information or physical material entrusted to the Company by third parties. This includes, but is not limited to, Inventions,
confidential knowledge, copyrights, product ideas, techniques, processes, formulas, object codes, biological materials, mask works and/or any other information of any type relating to documentation, laboratory notebooks, data, schematics,
algorithms, flow charts, mechanisms, research, manufacture, improvements, assembly, installation, marketing, forecasts, sales, pricing, customers, the salaries, duties, qualifications, performance levels and terms of compensation of other employees,
and/or cost or other financial data concerning any of the foregoing or the Company and its operations. Proprietary Information may be contained in material such as drawings, samples, procedures, specifications, reports, studies, customer or supplier
lists, budgets, cost or price lists, compilations or computer programs, or may be in the nature of unwritten knowledge or know-how. 

8.    Permitted Disclosures. I understand that nothing in this Agreement shall prohibit or restrict me from
making any voluntary disclosure of information or documents concerning possible violations of law to any governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to the Company, or any of
their respective successors. Further, in accordance with 18 U.S.C. § 1883(b), I understand that notwithstanding anything in this Agreement to the contrary, I will not be held criminally or civilly liable under any federal or state trade secret
law for disclosing a trade secret of the Company that (a) is made (i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or
investigating a suspected violation of law, or (b) is made in a complaint or other document filed under seal in a lawsuit or other proceeding. Further, I understand that in any lawsuit for retaliation by the Company for reporting a suspected
violation of law, I may disclose a trade secret to my attorney and use the trade secret under seal. 

9.    Solicitation of Employees, Consultants and Other Parties. During the term of my employment or
consulting relationship with the Company, and for a period of eighteen months following the termination of my relationship with the Company for any reason, I will not directly or indirectly solicit, induce, recruit or encourage any of the
Company’s employees or consultants to terminate their relationship with the Company, or attempt any of the foregoing, either for myself or any other person or entity. For a period of one year following termination of my relationship with the
Company for any reason, I shall not solicit any licensor to or customer of the Company or licensee of the Company’s products, that are known to me, with respect to any business, products or services that are competitive to the products or
services offered by the Company or under development as of the date of termination of my relationship with the Company. 

  
 -7- 

 10.    Noncompetition. During the term of my employment or
consulting relationship with the Company and for eighteen months following the termination of my relationship with the Company for any reason, I will not, directly or indirectly, manage, engage in, operate, control, work for, consult with, render
services to or maintain any interest in, or participate in the ownership, management, operation or control of, any Competitive Business. For purposes of this Agreement, “Competitive Business” means any person or entity which is
engaged, or is preparing to engage, in the discovery, development or commercialization of biopharmaceuticals for prevention of migraines (“Migraine Products”) anywhere in the Restricted Territory, including, by way of example and
without limitation, Amgen, Novartis, Teva and Eli Lilly. For purposes of this Agreement, “Restricted Territory” means the United States, Europe or any country in which the Company, during my employment, discovers, develops or
commercializes, or has plans to discover, develop or commercialize, Migraine Products, it being understood that, as of the date of this Agreement, the Company has current plans to commercialize Migraine Products throughout the United States and
Europe. Notwithstanding the foregoing, nothing in this Section 10 shall prohibit me from (a) working for, consulting with, or rendering services to, a Competitive Business that does not primarily engage in the discovery, development or
commercialization of Migraine Products and which engages in other lines of business that are separate, distinct and divisible from Migraine Products; provided, however, that I must not (i) serve as a director or officer of the
Competitive Business, (ii) have any role in or oversight of its Migraine Products business, or provide any services, Proprietary Information or advice with respect to Migraine Products, and/or (iii) attend meetings where Migraine Products
are discussed; or (b) owning or investing in publicly traded securities, so long as my aggregate holdings do not exceed one percent (1%) of the outstanding interest in the applicable issuer. 

11.    No Conflicts. I represent that my performance of all the terms of this Agreement as an employee of or
consultant to the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by me in confidence or in trust prior to my becoming an employee or consultant of the Company, and I will
not disclose to the Company, or induce the Company to use, any confidential or proprietary information or material belonging to any previous employer or others. I agree not to enter into any written or oral agreement that conflicts with the
provisions of this Agreement. 
 12.    No Interference. I certify that, to the best of my information and
belief, I am not a party to any other agreement which will interfere with my full compliance with this Agreement. 

13.    Effects of Agreement. This Agreement (a) shall survive for a period of five years beyond the
termination of my employment by or consulting relationship with the Company, (b) inures to the benefit of successors and assigns of the Company and (c) is binding upon my heirs and legal representatives. 

14.    At-Will Relationship. I understand and acknowledge that my
employment or consulting relationship with the Company is and shall continue to be at-will, as defined under applicable law, meaning that either I or the Company may terminate the relationship at any time for
any reason or no reason, without further obligation or liability. 

  
 -8- 

 15.    Injunctive Relief. I acknowledge that violation of
this Agreement by me may cause irreparable injury to the Company, and I agree that the Company will be entitled to seek extraordinary relief in court, including, but not limited to, temporary restraining orders, preliminary injunctions and permanent
injunctions without the necessity of posting a bond or other security and without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement. 

16.    Miscellaneous. This Agreement supersedes any oral, written or other communications or agreements
concerning the subject matter of this Agreement, and may be amended or waived only by a written instrument signed by me and the Chief Executive Officer of the Company. This Agreement shall be governed by the laws of the State of Washington
applicable to contracts entered into and performed entirely within the State of Washington, without giving effect to principles of conflict of laws. If any provision of this Agreement is held to be unenforceable under applicable law, then such
provision shall be excluded from this Agreement only to the extent unenforceable, and the remainder of such provision and of this Agreement shall be enforceable in accordance with its terms. 

17.    Acknowledgment. I certify and acknowledge that I have carefully read all of the provisions of this
Agreement and that I understand and will fully and faithfully comply with such provisions. 
  

	
	  

	Robert W. Azelby

  
 -9-

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