Document:

EX-10.8.2

 EXHIBIT 10.8.2 

KEMPHARM, INC. 
  

COMMON STOCK PURCHASE WARRANT 

Upon and subject to the terms, conditions and limitations stated in this Common Stock Purchase Warrant (this “Warrant”),
KemPharm, Inc., a Delaware corporation, (the “Company”) hereby grants to the registered holder listed below, warrants to purchase up to an aggregate of the number of shares of the Company’s Common Stock set forth below
at the exercise price per share set forth below. 
  

			
		
	WARRANT NO:	 	W-C
		
	REGISTERED HOLDER:	 	
		
	NO. OF SHARES:	 	
		
	EXERCISE PRICE:	 	
		
	ISSUANCE DATE:	 	December 31, 2014

 EXERCISABLE ON OR BEFORE the earlier
of                                  or the second anniversary of an
initial underwritten public offering of the Company’s Common Stock that results in the mandatory conversion or reclassification, as applicable, of the Company’s Series A Convertible Preferred Stock into Common Stock. 

 

			
	KemPharm, Inc.
		
	By:	 	 /s/ Travis Mickle

		 	Travis Mickle, President

  
 1. 

 THIS WARRANT AND THE SECURITIES THAT MAY BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, OR PLEDGED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND STATUTES UNLESS PRIOR TO ANY SALE, TRANSFER, OR PLEDGE, THE ISSUER
RECEIVES AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO IT, THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT AND THE STATUTES AND RULES PROMULGATED THEREUNDER. 

 

			
	Dated:	  	    W-C             

 COMMON STOCK PURCHASE WARRANT 

OF 
 KEMPHARM, INC.

 KemPharm, Inc., a Delaware corporation (the “Company”), hereby agrees that, for value,
            , or his, her or its assigns, is entitled, subject to the terms set forth herein, to purchase from the Company
             shares of Common Stock, subject to adjustment in the number of such shares as set forth herein, at any time or from time to time after the date hereof, and before 5:00
p.m., Coralville, Iowa time, on the earlier of
(a)                                  or (b) the second anniversary of an
initial underwritten public offering of Common Stock that results in the mandatory conversion or reclassification, as applicable, of the Company’s Series A Convertible Preferred Stock (“Series A Preferred Stock”) into
Common Stock. 
  

	1.	DEFINITIONS. The following terms when used in this Warrant will have the following meanings: 

“Act” shall mean the United States Securities Act of 1933, as amended. 

“Affiliate” shall mean (a) any person or entity directly or indirectly controlling, controlled by or under common
control with another person or entity; (b) any person or entity owning or controlling 10% or more of the outstanding voting securities of such other person or entity; (c) any partner, officer, director, employee or shareholder of such
entity or any parent, spouse, child, brother, sister or other relative with a relationship (by blood, marriage or adoption) not more remote than first cousin of any of the foregoing; or (d) any liquidating trust, trustee or other similar person
or entity for any such person or entity. 
 “Commission” shall mean the Securities and Exchange
Commission. 
 “Common Stock” shall mean the authorized Common Stock of the Company and shall include
any stock of any class of the Company other than preferred stock with a fixed limit on dividends and a fixed amount payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company. 

“Exercise Price” shall have the meaning given in Section 2(a) below. 

  
 2. 

 “Holder” is the registered holder of this Warrant. 

“Registrable Securities” shall mean the shares of Common Stock issuable or issued under this Warrant, and any Common
Stock issued in respect of any shares of Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization, in either case held by a Holder. means any and
all (i) shares of Common Stock held by the Holder and (ii) any Common Stock issuable or issued or distributed in respect of any of this Warrant. Registrable Securities shall cease to be Registrable Securities when and to the extent that
they (i) shall have been transferred by Holders pursuant to an effective Registration Statement; (ii) shall have ceased to be outstanding; or (iii) may be sold pursuant to Rule 144 under the Securities Act during any ninety
(90) day period. 
 “Registration” means (i) 90 days after any public offering of the
Company’s securities pursuant to an effective Registration Statement or (ii) immediately upon the Company becoming subject to, or filing a Registration Statement under, Section 12 of the Securities Exchange Act of 1934, as
amended. 
 “Registration Statement” shall mean a registration statement filed under the Act or
Section 12 of the Securities Exchange Act of 1934, as amended. 
 “Securities” are all or any part
of the Common Stock purchased by the Holder or purchasable by the Holder upon the exercise of the Warrant. 

“Warrant” shall mean the Common Stock Purchase Warrant evidenced by this document. 

 

	2.	WARRANT PRICE/METHOD OF EXERCISE/NET EXERCISE. 

(a) Warrant Price. The per share price at which this Warrant may be exercised is
$             per share. The exercise price established pursuant to the preceding sentence shall be adjusted from time to time pursuant to
Section 4 hereof (the “Exercise Price”). 
 (b) Cash
Exercise. The purchase rights exercisable under this Warrant shall be exercised by the Holder from time-to-time by surrendering this Warrant with the Common Stock Purchase Warrant Exercise Form attached hereto (the
“Warrant Exercise Form”) duly executed by such Holder, to the Company at its principal office, accompanied by payment, in cash or by certified or cashier’s check payable to the order of the Company, of the purchase price
payable in respect of the Common Stock being purchased, and accompanied by any other document reasonably required by the Company to be executed by Holder acknowledging the applicable restrictions on the transfer of the Common Stock being purchased
as set forth in Section 6 hereof. 
 (c) Net Issue Election. The Holder may elect to receive, without the
payment by the Holder of any additional consideration, shares equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company (the “Net Exercise”), with
the net issue election initialed in the Warrant Exercise Form duly executed, at the office of the Company. Thereupon, the Company will issue to the Holder such number of fully paid and nonassessable shares of Common Stock of the Company as is
computed using the following formula: 

  
 3. 

					
		  	X=	  	Y(A-B)
		  		  	      A

  

					
	 where
	  	      X=	  	    the number of shares to be issued to the Holder pursuant to this Section 2(c).
			
		  	      Y=	  	     the number of shares covered by this Warrant in respect of which the net issue election is made pursuant to

    this Section 2(c).

			
		  	      A=	  	    the fair market value of one share of Common Stock, determined as follows:

  

	 	(i)	If the Common Stock is listed on a recognized securities exchange in the United States, Canada or the UK, or admitted to unlisted trading privileges on such exchange, the fair market value shall be the last reported
sale price of the Common Stock on such exchange or market on the last business day prior to the date of the exercise of this Warrant or if no sale is made on such day, the average closing bid and asked prices for such day on such exchange or market;
or 

  

	 	(ii)	If the Common Stock is not so listed or admitted to unlisted trading privileges, but is traded on a recognized trading system that provides closing bid and asked prices for securities, the fair market value shall be the
average of the closing bid and asked prices for such day on such market; or 

  

	 	(iii)	If the Common Stock is not so listed or admitted to unlisted trading privileges and bid and asked prices are not so reported, the fair market value shall be an amount determined in such reasonable manner as may be
prescribed by the Board of Directors of the Company. 

  

					
		  	B=	  	     the Exercise Price in effect under this Warrant at the time the net issue election is made pursuant to this

    Section 2(c).

 The Board will promptly respond in writing to an inquiry by the Holder as to the fair market value of one share of Common
Stock. 
 (d) Mechanics of Exercise. Upon Holder’s election to exercise this Warrant, Holder shall deliver (i) the
Warrant Exercise Form, (ii) a subscription agreement relating to the Securities in a form reasonably requested by the Company; and (iii) any other documents reasonably requested by Company for the lawful issuance of the Securities to
Holder. 
 The shares acquired upon exercise of this Warrant shall be deemed to be issued as of the close of business on the date on
which this Warrant is exercised. If less than all of the Common Stock purchasable under this Warrant is purchased, the Company will, upon such exercise, execute and deliver to the Holder a new warrant (dated the date thereof) evidencing the right to

  
 4. 

 
purchase the number of shares of the Common Stock not so purchased, or in the case of Net Exercise, the number of shares not included in “Y” above. As soon as practical after the
exercise of this Warrant and payment of the purchase price, the Company will cause to be issued in the name of and delivered to the Holder, or as such Holder may direct, a certificate or certificates representing the shares purchased,
provided that if such shares of Common Stock are uncertificated the Company shall issue and deliver to the Holder a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of
full shares of Common Stock issuable upon such exercise in accordance with the provisions hereof, and provided, further that if any law or regulation requires the Company to take any action with respect to the Common Stock to be purchased
before the issuance thereof, then the date of delivery of such shares of Common Stock shall be extended for the period necessary to take such action. The Company may require that such certificate or certificates or book entry evidencing such
uncertificated shares bear a legend substantially as follows: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, OR PLEDGED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND STATUTES UNLESS PRIOR TO ANY SALE, TRANSFER, OR
PLEDGE, THE ISSUER RECEIVES AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE SATISFACTORY TO IT, THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT AND STATUTES AND THE RULES PROMULGATED THEREUNDER.” 

3.      TRANSFERABILITY. The rights and obligations of Holder hereunder are assignable with
respect to all or any portion of the shares of Common Stock purchasable hereunder. Notwithstanding the foregoing, no right or obligation under this Warrant is assignable unless the Company has received an opinion of counsel satisfactory in form and
substance to counsel for the Company that such transaction will not violate the registration requirements of the Act or any applicable state law governing the sale of securities. Upon such assignment, and written notice thereof satisfactory in form
and substance to the Company, the Company will prepare and deliver to the assignor and assignee a new warrant covering the warrants to purchase shares of Common Stock assigned and retained, under substantially the same terms and conditions as this
Warrant, with the name of Holder substituted with the name of the assignee with respect to assigned warrants to purchase shares of Common Stock. 
  

	4.	ADJUSTMENT OF PURCHASE PRICE; REORGANIZATION. 

(a)    The number of shares for which this Warrant is exercisable shall be adjusted from time to time in the event the
Company shall (i) pay a dividend or make a distribution on its Common Stock in shares of its capital stock, (ii) subdivide or reclassify its outstanding Common Stock into a greater number of shares, (iii) combine or reclassify the
shares of its outstanding Common Stock into a smaller number of shares, or (iv) issue by reclassification of its Common Stock any shares of its capital stock. In each such case the number of shares for which this Warrant may be exercised in
effect immediately prior thereto shall be proportionately adjusted so that the Holder of this Warrant shall be entitled to receive, the number and kind of shares of 

  
 5. 

 
capital stock of the Company which the Holder would have owned or have been entitled to receive after the happening of such event had the Holder held the number of shares of Common Stock which
were purchasable upon the exercise of the Warrant immediately prior to the record date for such event (or if no record date is established in connection with such event, the effective date for such action). An adjustment pursuant to this paragraph
shall become effective immediately after the record date in the case of a stock dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification. Such adjustment
shall be made successively whenever any event listed above shall occur. 
 (b)    Except for issuances of Common Stock
specifically listed below, the Exercise Price shall be adjusted from time to time if the Company shall issue any additional shares of Common Stock (including securities convertible into or warrants exercisable for Common Stock) without consideration
or for consideration per share (or conversion price or exercise price per share) less than the Exercise Price then in effect. In such event, the Exercise Price shall be adjusted to a price equal to the price paid per share for the additional Common
Stock (or conversion price or exercise price per share) issued and the number of shares subject to this Warrant shall be proportionately adjusted. The Exercise Price shall not be adjusted in the event of (i) the issuance of Common Stock to
officers, directors, employees, agents or consultants of the Company pursuant to any stock options or warrants which are issued and outstanding on the date of this Warrant, or (ii) the issuance of stock options or other equity incentives to
employees, directors or consultants pursuant to a plan approved by the Board of Directors, with an exercise or conversion price at least equal to what the Board of Directors determines in good faith to be the fair market value of the Common Stock as
of the date of the grant of the option or equity incentive. Such adjustment shall be made successively whenever any event listed above shall occur. 

(c)    In case the Company shall hereafter distribute to the holders of its Common Stock evidences of its indebtedness or
assets (excluding cash dividends or distributions and dividends or distributions referred to in paragraph (a) above) or subscription rights or warrants (excluding those referred to in paragraph (b) above), then in each such case the
Exercise Price in effect thereafter shall be determined by multiplying the Exercise Price in effect immediately prior thereto by a fraction, the numerator of which shall be the total number of shares of Common Stock outstanding multiplied by the
current fair market value per share of Common Stock (as determined by the Company’s Board of Directors), less the fair market value (as determined by the Company’s Board of Directors) of said assets or evidences of indebtedness so
distributed or of such rights or warrants, and the denominator of which shall be the total number of shares of Common Stock outstanding multiplied by such current fair market value per share of Common Stock (as determined by the Company’s Board
of Directors). Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date for the determination of shareholders entitled to receive such distribution. 

(d)    For purposes of any computation respecting consideration received pursuant to paragraphs (a) - (c) above, the
following shall apply: 
 (1)    in the case of the issuance of shares of Common Stock for cash, the consideration shall
be the amount of such cash, provided that in no case shall any deduction be made for any commissions, discounts or other expenses incurred by the Company for any underwriting of the issue or otherwise in connection therewith; 

  
 6. 

 (2)    in the case of the issuance of shares of Common Stock for a
consideration in whole or in part other than cash, the consideration other than cash shall be deemed to be the fair market value thereof as determined in good faith by the Board of Directors of the Company (irrespective of the accounting treatment
thereof), whose determination shall be conclusive; and 
 (3)    in the case of the issuance of securities convertible
into or exchangeable for shares of Common Stock, the aggregate consideration received therefor shall be deemed to be the consideration received by the Company for the issuance of such securities plus the additional minimum consideration, if any, to
be received by the Company upon the conversion or exchange thereof the consideration in each case to be determined in the same manner as provided in clauses (1) and (2) of this paragraph (d). 

(e)    Whenever the number of shares for which this Warrant is exercisable or the Exercise Price is adjusted, the Company
shall give notice by mail to the Holder of this Warrant, setting forth the adjustment and the new number of shares or the new Exercise Price. Notwithstanding the foregoing notice provisions, failure by the Company to give such notice or a defect in
such notice shall not affect the binding nature of such corporate action of the Company. 
 (f)    No fractional shares
of Common Stock are to be issued upon the exercise of the Warrant, but the Company shall pay a cash adjustment in respect of any fraction of a share which would otherwise be issuable in an amount equal to the same fraction of the market price per
share of Common Stock on the day of exercise as determined in good faith by the Company. 

5.      RECLASSIFICATION, REORGANIZATION OR MERGER. In case
of any reclassification, capital reorganization or other change of outstanding shares of Common Stock of the Company, or in case of any consolidation or merger of the Company with or into another corporation (other than a merger with a subsidiary in
which merger the Company is the continuing corporation and which does not result in any reclassification, capital reorganization or other change of outstanding shares of Common Stock of the class issuable upon exercise of this Warrant) or in case of
any sale, lease or conveyance to another corporation of the property of the Company as an entirety, the Company shall provide at least fifteen (15) days prior written notice of such contemplated action so that the Holder shall have a chance to
exercise this Warrant in whole or part prior to consummation of such contemplated action. In the event that Holder does not exercise this Warrant with respect to all of the shares of Common Stock purchasable hereunder, then as part of any
transaction contemplated by the Company described in this Section 5, the Company or acquiring or merging party shall pay to the Holder an amount of cash equal to the per share consideration receivable in such transaction for each share of
Common Stock of the Company, less the Exercise Price per share, multiplied times the number of unexercised shares of Common Stock purchasable under this Warrant. Upon receipt of such payment by the Holder, this Warrant shall terminate. 

6.      RESTRICTION ON DISPOSITION. Neither this Warrant nor the shares of
Common Stock issuable upon exercise of this Warrant has been registered under the Act or any applicable state securities law. The Warrant is issued to the Holder on the condition that the Warrant and any

  
 7. 

 
Common Stock purchased upon exercise of the Warrant (excepting Common Stock for which a Notification under Regulation A or a Registration Statement has been filed and declared effective and for
which such exercise may be effected pursuant to registration or an exemption from registration under any applicable state securities law) are or will be purchased for investment purposes and not with an intent to distribute the same. All shares of
Common Stock acquired by Holder upon exercise of this Warrant shall be subject to the restrictions on sale, encumbrance and other disposition imposed by applicable state and federal laws or regulations regarding the registration or qualification of
such acquisition of shares of Common Stock, and may not be sold or otherwise disposed of unless the Company has received an opinion of counsel satisfactory in form and substance to counsel for the Company that such transaction will not violate the
registration requirements of the Act or any applicable state law regulating the sale of securities. 

7.      CERTAIN EVENTS. The Company shall mail to the registered Holder of the Warrant, at
his, her or its last post office address appearing on the books of the Company, not less than fifteen (15) days prior to the date on which (i) a record will be taken for the purpose of determining the holders of Common Stock entitled to
dividends (other than cash dividends) or subscription rights, or (ii) a record will be taken (or in lieu thereof, the transfer books will be closed) for the purposes of determining the holders of Common Stock entitled to notice of and to vote
at a meeting of stockholders at which any capital reorganization, reclassification of shares of Common Stock, consolidation, merger, dissolution, liquidation, winding up or sale of substantially all of the Company’s assets shall be considered
and acted upon. Notwithstanding such notice requirements, until exercise of the Warrant, no Holder shall be deemed a shareholder of the Company with respect to shares of Common Stock underlying this Warrant. 

8.      NOTICES. Any notice required to be given in writing shall be deemed duly served
when personally received by Holder or Company or, in lieu of such personal service, when deposited in the United States mail, postage prepaid, and addressed as follows: 
  

					
	If to Company:	  		  	KemPharm, Inc.
		  		  	2656 Crosspark Rd., Suite 100
		  		  	Coralville, IA 52241
		  		  	Attn.: President
		  		  	Fax No.: 319-665-2577
	If to Holder:	  		  	

 9.      RESERVATION OF COMMON
STOCK. A number of shares of Common Stock sufficient to provide for the exercise of the Warrant upon the basis herein set forth shall at all times be reserved by the Company for the exercise thereof. 

10.    PIGGY-BACK REGISTRATION RIGHTS. 

(a)    At any time and from time-to-time after a Registration during the term of this Warrant and after the exercise of
the Warrant for so long as the Holder holds Common Stock, if the Company proposes to file on its behalf and/or on behalf of any of its stockholders a 

  
 8. 

 
Registration Statement under the Act on any form for the registration of securities to be sold for cash with respect to its Common Stock or any other class of equity security of the Company, the
Company shall give written notice (“Piggy-Back Notice”) to the Holder as promptly as practicable, but in no event less than thirty (30) business days prior to the anticipated filing thereof, specifying (x) the
approximate date on which the Company proposes to file such Registration Statement, (y) the estimated offering price of the securities and the intended method of distribution in connection therewith, and (z) advising the Holder of its
right, subject to the provisions of this Agreement, to have Registrable Securities then held included among the securities to be covered by such Registration Statement (“Piggy-Back Rights”). 

(b)    Subject to paragraph (c) below, in the event that the Holder elects to sell in the registered
offering Registrable Securities representing not less than the lesser of (a) $5,000,000 calculated at the estimated public offering price set forth in the Piggy-Back Notice or (b) 100% of the Holder’s Registrable Securities, the
Company shall include in the Registration Statement the Registrable Securities identified by the Holder in a written request (a “Piggy-Back Request”) given to the Company not later than fifteen (15) business days prior
to the proposed filing date of the Registration Statement. The Registrable Securities identified in a Piggy-Back Request shall be included in the Registration Statement on the same terms and conditions as the other securities included in the
Registration Statement. 
 (c)    Notwithstanding the Holder’s requirements in paragraph
(b) above to request registration of a minimum number of shares of Registrable Securities, if the lead managing underwriter(s) selected for an underwritten offering for which Piggy-Back Rights are requested shall advise in writing that
marketing or other factors require a limitation on the number of shares of securities which can be sold in such offering within a price range acceptable to the Company, then, (i) such underwriters shall provide written notice thereof to the
Holder and (ii) there shall be included in the offering, (A) first, the Common Stock proposed to be registered by the Company, (B) second, pro rata the Registrable Securities required to be included in such
Registration Statement by the Holder and any other shares of Common Stock for the account of persons other than the Holder required to be so registered, and (C) third, the shares of the Company’s convertible preferred stock required
to be included in such Registration Statement by their holders. 
 (d)    Notwithstanding anything in this Warrant to
the contrary, the Holder shall not have Piggy-Back Rights with respect to, and the Company shall not be obligated to include any of the Holder’s Registrable Securities in a Registration Statement (i) on Form S-4 or any successor forms for
securities to be offered in a transaction of the type referred to in Rule 145 under the Securities Act or (ii) filed in connection with an offering of securities solely for the benefit of employees of the Company pursuant to any employee
benefit plan. 
 (e)    All registration expenses incurred in connection with registrations pursuant to this
Section 10 shall be borne by the Company. Notwithstanding the foregoing, the Holder shall be responsible for any underwriting discounts and selling commissions applicable to the sale of his, her or its Registrable Securities. 

(f)    This Section 10 shall survive any termination of this Warrant. 

  
 9. 

 11.    MISCELLANEOUS. The Company will not, by amendment of its
Certificate of Incorporation or through reorganization, consolidation, merger, dissolution or sale of assets, or by any other voluntary act or deed, avoid or seek to avoid the observance or performance of the covenants, stipulations or conditions to
be observed or performed hereunder by the Company, but will, at all times in good faith, assist, insofar as it is able, in the carrying out of all provisions hereof and in the taking of all other action which may be necessary in order to protect the
rights of the Holder against dilution. 
 The representations, warranties and agreements herein contained shall survive the exercise of this Warrant. 

All shares of Common Stock or other securities issued upon the exercise of the Warrant shall be validly issued, fully paid and nonassessable. 

12.    BINDING EFFECT. This Warrant shall inure to the benefit of and be binding upon the parties
hereto and their respective heirs, executors, administrators, successors and assigns. If possible, this Warrant shall be construed along with and in addition to any other agreement which the Company and Holder may enter into, but any provisions in
this Warrant which contradict any provision of any other such agreement shall take precedence and be binding over such other provision. 

13.    AMENDMENT. This Warrant may be amended or waived at any time by agreement of the
Company and the Holder. 
 14.    GOVERNING LAW. This Warrant will be governed by
and construed under the laws of the State of Delaware without regard to conflicts of laws principles that would require the application of any other law. 

[Signature Page Follows] 

  
 10. 

 IN WITNESS WHEREOF, this
Warrant has been duly executed and issued by KemPharm, Inc., as of the date set forth above. 
  

			
	COMPANY:
	
	KemPharm, Inc.
		
	By:	 	 /s/ Travis Mickle

	Travis Mickle, Ph.D.
	President and Chief Executive Officer

 SIGNATURE PAGE TO COMMON
STOCK PURCHASE WARRANT 

 COMMON STOCK PURCHASE WARRANT 

ASSIGNMENT FORM 
 (TO
BE SIGNED ONLY UPON TRANSFER OF THE WARRANT) 
 For value received, the undersigned hereby sells, assigns or transfers unto
                                        ,
whose address is
                                        
and social security or tax identification number is
                                        ,
the right represented by that certain Common Stock Purchase Warrant No. WC-         (the “Warrant”) to purchase
                                        
of the shares of common stock of KemPharm, Inc., or as the shares of common stock are adjusted from time to time pursuant to the Warrant, to which the Warrant relates, and appoints
                                        
attorney to transfer said right on the books of KemPharm, Inc., with full power of substitution in the premises. 
 Dated:
                    ,              

							
		  		  	  
	  	
		  		  	(Signature must conform in all	  	
		  		  	respects to the name of holder of	  	
		  		  	the warrant)	  	
				
		  		  	  
 (Address)
	  	
				
		  		  	  
 (City - State - Zip)
	  	
				
	In the presence of:	  		  		  	
				
	  
	  		  		  	

 COMMON STOCK PURCHASE WARRANT 

EXERCISE FORM 

(TO BE SIGNED ONLY UPON EXERCISE OF WARRANT) 

TO KEMPHARM, INC.: 
 The undersigned, the holder
of that certain Common Stock Purchase Warrant No. WC-         (the “Warrant”), hereby irrevocably elects to exercise the purchase right represented by such warrant for, and to
purchase thereunder
                                        *
shares of the common stock of KemPharm, Inc., and [herewith makes payment of
$                                        
therefore] or [elects to purchase the shares by Net Exercise, as defined in the Warrant] (strike inapplicable clause), and requests that the certificates for such shares be issued in the name of
                                         
                   , and be delivered to
                                         
                   , whose address is
                                         
                                        and social
security or tax identification number is
                                        .
The undersigned hereby represents and warrants that, if the undersigned has hereby made a cash exercise of the Warrant, the undersigned is an “accredited investor” as such term is defined in Rule 501 under the Securities Act of 1933, as
amended. 
 Dated:                     ,
             
  

	
	  

	(Signature must conform in all respects to the name of holder as specified on the face of the warrant)
	
	  

	(Address)
	
	  

	(City - State - Zip)

  

	
	Signature Guaranteed:
	
	  

  

	*	Insert here all or such portion of the number of shares called for on the face of the within Warrant with respect to which the holder desires to exercise the purchase right represented thereby, without adjustment for
any other or additional stock, other securities, property or cash which may be deliverable on such exercise. 

 Schedule of Warrantholders to Form of Common Stock Purchase Warrant 

Issued by KemPharm, Inc., a Delaware corporation 
  

															
	 Warrant No.
	  	 Name of Registered Holder
	  	Number of
Shares	 	  	Exercise Price
Per Share	 	  	Expiration
Date
(Earlier of
date listed
below or
the second
anniversary
of an IPO)	 
					
	 WC-127
	  	Allen H. Schaper Trustee for the Allen H. Schaper Revocable Trust	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-128
	  	Alleyn V. & Darlagene D. Luzum Trustees for the Alleyn V. Luzum & Darlagene D. Luzum Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-129
	  	Anderson AA, LP	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-130
	  	Arlen Dykhuis	  	 	25,855	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-131
	  	Bill G. Wells Trustee for the Bill G. Wells Revocable Trust and Anita J. Wells Trustee for the Anita J. Wells Revocable Trust TIC	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-132
	  	Bonnie L. De Jong Trustee for the Bonnie L. De Jong Revocable Trust	  	 	6,156	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-133
	  	Bradley J. Van Weelden	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-134
	  	Brett Agnew	  	 	22,162	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-135
	  	Bruce A. Whipple and Patty B. Whipple, JTWROS	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-136
	  	Charles J. & Lue Ann D. Bruggemann Trustees for the Charles J. & Lue Ann D. Bruggemann Revocable Living Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-137
	  	Conrad L. & Rosemary Jungmann Trustees for the Conrad L. & Rosemary Jungmann Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-138
	  	Craig I. Struve and Christine E. Struve Trustees (and their successors) of the C & C Struve Revocable Trust U/T/A dated October 13, 2006	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-139
	  	Daniel R. Thomas Trustee for the Daniel R. Thomas Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-140
	  	Darrell D. & Marilyn J. Vore Trustees for the Darrell & Marilyn Vore Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-141
	  	Darrell Spaulding Trustee for the Darrell Spaulding Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  

  
 14. 

															
					
	 WC-142
	  	David M. & Elizabeth Jane Fenton Trustees for the David M. & Elizabeth Jane Fenton Family Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-143
	  	David P. Brown and Allison L. Brown, JTWROS	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-144
	  	Deborah E. Hansen Trustee for the Deborah E. Hansen Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-145
	  	Don Jerry Cahail Trustee for the Don Jerry Cahail Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-146
	  	Donald E. Carr and Mary C. Carr, JTWROS	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-147
	  	Donald G. DeWaay, Jr.	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-148
	  	Donald G. DeWaay, Jr.	  	 	107,981	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-149
	  	Donald G. DeWaay, Jr.	  	 	143,640	  	  	$	0.62	  	  	 	7/15/2016	  
					
	 WC-150
	  	Donald G. DeWaay, Jr.	  	 	50,129	  	  	$	0.62	  	  	 	9/8/2016	  
					
	 WC-151
	  	Donna Morrison Trustee for the Donna Morrison Revocable Trust dated September 5, 2002	  	 	1,231	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-152
	  	Douglas J. Woods & Valerie C. Woods, Trustees of the Woods Living Trust dated August 23, 2010, and any amendments thereto	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-153
	  	Edward T. Robinson, III and Cheryl P. Robinson, JTWROS	  	 	1,231	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-154
	  	Eugene B. Harris and Ruth Ann Harris, Trustees of the Eugene B. Harris Trust dated November 5, 2008	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-155
	  	Faye Garnett Trustee for the Faye Garnett Revocable Trust dated May 10, 2001	  	 	2,462	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-156
	  	Francis B. Boesen and Gerilyn W. Boesen Trustees for the Francis & Gerilyn Boesen Revocable Trust UTA 10-4-06	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-157
	  	Francis C. Mobley and Linda K. Mobley Trustees for The Frank & Linda Mobley Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-158
	  	Gary M. Wells Trustee for the Gary M. Wells Trust UTA 12/21/01	  	 	6,833	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-159
	  	Gene A. Johnson and Richard T. Johnson, Trustees of the Gene and Richard Johnson Trust dated April 28, 2010	  	 	1,231	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-160
	  	Gerald A. and Linda B. Bravard, JTWROS	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-161
	  	Gerald F. & Gladys F. Sawyer Trustees for the Gerald F. Sawyer & Gladys F. Sawyer Revocable Trust	  	 	923	  	  	$	0.62	  	  	 	6/16/2016	  

  
 15. 

															
					
	 WC-162
	  	Gregory H. & Barbara J. Dyer Trustees for the Gregory H. & Barbara J. Dyer Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-163
	  	Gregory R. Tuominen and Tina M. Tuominen Trustees for the Gregory R. Tuominen and Tina M. Tuominen Revocable Trust	  	 	1,231	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-164
	  	Honor Gibson	  	 	616	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-165
	  	Howard Hill and Nancy Hill Trustees for the Howard Hill and Nancy Hill Revocable Trust dated June 2, 2008	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-166
	  	Howard Thielen and Robyn Thielen, JTWROS	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-167
	  	J. Stanley & Colleen Lemkuil Trustees for the J. Stanley & Colleen Lemkuil Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-168
	  	James D. German Trustee for the James D. German Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-169
	  	James Daubendiek	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-170
	  	James K. Hamm Trustee for the James K. Hamm Revocable Trust dated May 16, 2003	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-171
	  	James L. Blessman and Carole Beth Blessman Trustees for the Blessman Family Trust dated August 9, 1996	  	 	2,462	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-172
	  	James R. Shattuck Trustee for the James R. Shattuck Revocable Living Trust	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-173
	  	Janice M. Richards	  	 	985	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-174
	  	Jean E. Johnston Trustee for the Jean E. Johnston Revocable Trust	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-175
	  	Jeanne & Robert E. Faust Trustees for the Robert & Jeanne Faust Revocable Trust	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-176
	  	Jerilyn J. Kitzinger and David E. Kitzinger Trustees for the David and Jeri Kitzinger Revocable Trust dated December 2004	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-177
	  	Jerry D. and Karen L. Cahail Trustees for the Jerry D. Cahail Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-178
	  	John W. Hilleman and Janet S Hilleman Trustees for the John W. & Janet S. Hilleman Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-179
	  	Jon O. Nicholas and Marilyn N. Nicholas, Trustees of the Nicholas Living Trust dated November 12, 2010, and any amendments thereto	  	 	2,462	  	  	$	0.62	  	  	 	6/16/2016	  

  
 16. 

															
					
	 WC-180
	  	Judith A. Miller and Timothy C. Miller Trustees for the Miller Family Revocable Living Trust dated December 12, 1998	  	 	739	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-181
	  	Karlton Kleis	  	 	25,486	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-182
	  	Kenneth B. & Sharon A. Crouse Trustees for the Kenneth & Sharon Crouse Revocable Trust	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-183
	  	Kurt J. Klise and Julie A. Klise, JTWROS	  	 	1,231	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-184
	  	Larry E. Martin and Sophia B. Martin Trustees for the Larry E. & Sophia B. Martin Revocable Trust	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-185
	  	Leo E. Beebout and Gloria D. Beebout Trustees for the Leo E. & Gloria D. Beebout Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-186
	  	Loring V. Miller and Phyllis A. Miller, JTWROS	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-187
	  	Louis P. Bredesky, Jr. and Elaine J. Bredesky Trustees for the Louis P. Bredesky, Jr. & Elaine J. Bredesky Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-188
	  	Lyle A. Haugen	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-189
	  	Mark Leiss Trustee for the Mark Leiss Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-190
	  	Mary Jeanette Parmerlee and Mallory M. Parmerlee Trustees for the Mary Jeannette Parmerlee Revocable Trust UTA 7-19-89	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-191
	  	Maude Limited Partnership	  	 	4,617	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-192
	  	Maurice R. Russell and Mardene R. Russell Trustees for the Maurice and Mardene Russell Revocable Trust	  	 	4,617	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-193
	  	Melvin J. McKie and Sharon K. McKie Trustees for the Melvin J. MeKie and Sharon K. McKie Revocable Trust	  	 	1,231	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-194
	  	Michael H. Leuck and Valerie P. Leuck, JTWROS	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-195
	  	Michael J. Lickteig & Shirley J. Lickteig, JTWROS	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-196
	  	Nichols Holding Company, LLC	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-197
	  	Philip L. Metcalf and Janet R. Metcalf Trustees for the Philip L. Metcalf & Janet R. Metcalf Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-198
	  	Philip L. Myer & Janet L. Myer Trustees for the Philip & Janet Myer Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  

  
 17. 

															
					
	 WC-199
	  	Preferred Holdings, LLC	  	 	1,231	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-200
	  	Randall D. Stoecker Trustee for the Randall D. Stoecker Revocable Trust UT/A dated May 28, 2008	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-201
	  	Randolph R. Rough Trustee for the Randolph R. Rough Trust	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-202
	  	Reba G. Barrett and Thomas A. Barrett, Trustees of the Reba G. Barrett Living Trust dated May 4, 2012, and any amendments	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-203
	  	Richard C. & Betty L. Lamb Trustees for the Richard & Betty Lamb Revocable Trust	  	 	1,293	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-204
	  	Richard C. Anderson and Margaret J. Anderson, Trustees of the Anderson Living Trust dated March 5, 2010	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-205
	  	Richard D. Goecke	  	 	923	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-206
	  	Richard J. Weiler	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-207
	  	Richard Mau and Donna Mau Trustees for the Richard Mau Living Trust	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-208
	  	Rita Berkemann Trustee for the Rita Berkemann Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-209
	  	Robert B. Brummer and Lori A. Brummer, Joint Tenants	  	 	2,462	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-210
	  	Robert L. & Wilma J. Hall Trustees for the Robert & Wilma Hall Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-211
	  	Robert L. German and Pamela S. German, Trustees of the Robert L. and Pamela S. German Revocable Trust dated 1/4/08	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-212
	  	Robin L. Epp	  	 	492	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-213
	  	ROCH Holdings, LLC	  	 	1,231	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-214
	  	Roger D. & Sharon M. Kunz Trustees for the Roger D. & Sharon M. Kunz Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-215
	  	Roger E. Kentner & Sheila M. Kentner Trustees of the Roger E. Kentner & Sheila M. Kentner Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-216
	  	Ronald and Judith Farrell, Tenants in Common	  	 	1,231	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-217
	  	Rosemarie Staebell Trustee of the John B. & Rosemarie Staebell Revocable Trust U/T/A dated May 19, 1997, and all amendments thereto	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  

  
 18. 

															
					
	 WC-218
	  	Roy A. Schultz and Kathryn Schultz Trustees for the Roy A. Schultz and Janice M. Schultz Revocable Trust dated March 30, 2009	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-219
	  	Russell G. Olson	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-220
	  	Scott Beckwith and Kathryn Beckwith, Tenants in Common	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-221
	  	Stanly V. Glawe	  	 	2,462	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-222
	  	Steven P. Koeppen and Kim E. Koeppen, JTWROS	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-223
	  	TD Ameritrade Clearing Custodian FBO: Stephen Richards IRA	  	 	862	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-224
	  	TD Ameritrade Clearing Inc. Custodian FBO Daniel J. Williams Roth IRA	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-225
	  	TD Ameritrade Clearing Inc. Custodian FBO: Barbara K. Thorsheim, ROTH IRA	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-226
	  	TD Ameritrade Clearing Inc. Custodian FBO: Nancy K. Newcomb IRA	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-227
	  	TD Ameritrade Clearing Inc. Custodian FBO: Patricia M. Wadle IRA	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-228
	  	TD Ameritrade Custodian FBO: Dean R. Kleckner IRA	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-229
	  	TD Ameritrade Custodian FBO: Guy Danielson IRA	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-230
	  	TD Ameritrade Custodian FBO: James R. Magnuson Roth IRA	  	 	923	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-231
	  	TD Ameritrade Custodian FBO: Jerald L. Fleagle IRA	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-232
	  	TD Ameritrade Custodian FBO: Katherine Rike IRA	  	 	923	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-233
	  	TD Ameritrade Custodian FBO: Michael L. Reams IRA	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-234
	  	TD Ameritrade Custodian FBO: Patrick W. Moran	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-235
	  	TD Ameritrade Custodian FBO: Richard W. Hook IRA	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-236
	  	TD Ameritrade Custodian FBO: The Robert J. & Marilyn A. Coghlan Family Trust	  	 	3,694	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-237
	  	TD Ameritrade Inc. Custodian FBO D. Steven Pollmann IRA	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-238
	  	Terrance G. Townsend and Charlotte M. Townsend Trustees for the Terrance G. Townsend & Charlotte M. Townsend Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  

  
 19. 

															
					
	 WC-239
	  	Thomas A. Barrett and Reba G. Barrett, Trustees of the Thomas A. Barrett Living Trust dated May 4, 2012, and any amendments	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-240
	  	Thomas C. Lally and Nancy G. Lally Trustees for the Thomas C. Lally and Nancy G. Lally Revocable Trust	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-241
	  	Thomas L. Fifer and Martha A. Fifer Trustees for the Thomas L. Fifer Revocable Living Trust Dated December 16, 2003	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-242
	  	Thomas M. Crispin and Bonnie L. Crispin, JTWROS	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-243
	  	Todd Doorenbos	  	 	369	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-244
	  	Travis J. Petree, Trustee, or his successors in interest, of the Travis J. Petree Living Trust dated March 5, 2012, and any amendments thereto	  	 	2,462	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-245
	  	Will Hoekman and Dixie Hoekman, JTWROS	  	 	1,847	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-246
	  	William J. Wickemeyer and Susan J. Wickemeyer Trustees for the Wickemeyer Revocable Trust U/T/A dated June 5, 1998	  	 	3,078	  	  	$	0.62	  	  	 	6/16/2016	  
					
	 WC-247
	  	Allen H. Schaper Trustee for the Allen H. Schaper Revocable Trust	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-248
	  	Alleyn V. & Darlagene D. Luzum Trustees for the Alleyn V. Luzum & Darlagene D. Luzum Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-249
	  	Anderson AA, LP	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-250
	  	Arlen Dykhuis	  	 	73,360	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-251
	  	Bill G. Wells Trustee for the Bill G. Wells Revocable Trust and Anita J. Wells Trustee for the Anita J. Wells Revocable Trust TIC	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-252
	  	Bonnie L. De Jong Trustee for the Bonnie L. De Jong Revocable Trust	  	 	17,467	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-253
	  	Bradley J. Van Weelden	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-254
	  	Brett Agnew	  	 	62,880	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-255
	  	Bruce A. Whipple and Patty B. Whipple, JTWROS	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-256
	  	Charles J. & Lue Ann D. Bruggemann Trustees for the Charles J. & Lue Ann D. Bruggemann Revocable Living Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  

  
 20. 

															
					
	 WC-257
	  	Conrad L. & Rosemary Jungmann Trustees for the Conrad L. & Rosemary Jungmann Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-258
	  	Craig I. Struve and Christine E. Struve Trustees (and their successors) of the C & C Struve Revocable Trust U/T/A dated October 13, 2006	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-259
	  	Daniel R. Thomas Trustee for the Daniel R. Thomas Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-260
	  	Darrell D. & Marilyn J. Vore Trustees for the Darrell & Marilyn Vore Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-261
	  	Darrell Spaulding Trustee for the Darrell Spaulding Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-262
	  	David M. & Elizabeth Jane Fenton Trustees for the David M. & Elizabeth Jane Fenton Family Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-263
	  	David P. Brown and Allison L. Brown, JTWROS	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-264
	  	Deborah E. Hansen Trustee for the Deborah E. Hansen Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-265
	  	Don Jerry Cahail Trustee for the Don Jerry Cahail Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-266
	  	Donald E. Carr and Mary C. Carr, JTWROS	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-267
	  	Donald G. DeWaay, Jr.	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-268
	  	Donald G. DeWaay, Jr.	  	 	146,357	  	  	$	0.78	  	  	 	2/24/2018	  
					
	 WC-269
	  	Donald G. DeWaay, Jr.	  	 	94,070	  	  	$	0.78	  	  	 	9/15/2018	  
					
	 WC-270
	  	Donald G. DeWaay, Jr.	  	 	84,714	  	  	$	0.78	  	  	 	10/4/2018	  
					
	 WC-271
	  	Donald G. DeWaay, Jr.	  	 	218,831	  	  	$	0.78	  	  	 	10/26/2018	  
					
	 WC-272
	  	Donald G. DeWaay, Jr.	  	 	66,180	  	  	$	0.78	  	  	 	11/22/2018	  
					
	 WC-273
	  	Donald G. DeWaay, Jr.	  	 	122,846	  	  	$	0.78	  	  	 	12/7/2018	  
					
	 WC-274
	  	Donald G. DeWaay, Jr.	  	 	65,802	  	  	$	0.78	  	  	 	1/18/2019	  
					
	 WC-275
	  	Donald G. DeWaay, Jr.	  	 	57,428	  	  	$	0.78	  	  	 	3/4/2019	  
					
	 WC-276
	  	Donna Morrison Trustee for the Donna Morrison Revocable Trust dated September 5, 2002	  	 	3,493	  	  	$	0.78	  	  	 	11/30/2017	  

  
 21. 

															
					
	 WC-277
	  	Douglas J. Woods & Valerie C. Woods, Trustees of the Woods Living Trust dated August 23, 2010, and any amendments thereto	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-278
	  	Edward T. Robinson, III and Cheryl P. Robinson, JTWROS	  	 	3,493	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-279
	  	Eugene B. Harris and Ruth Ann Harris, Trustees of the Eugene B. Harris Trust dated November 5, 2008	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-280
	  	Faye Garnett Trustee for the Faye Garnett Revocable Trust dated May 10, 2001	  	 	6,987	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-281
	  	Francis B. Boesen and Gerilyn W. Boesen Trustees for the Francis & Gerilyn Boesen Revocable Trust UTA 10-4-06	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-282
	  	Francis C. Mobley and Linda K. Mobley Trustees for The Frank & Linda Mobley Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-283
	  	Gary M. Wells Trustee for the Gary M. Wells Trust UTA 12/21/01	  	 	19,388	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-284
	  	Gene A. Johnson and Richard T. Johnson, Trustees of the Gene and Richard Johnson Trust dated April 28, 2010	  	 	3,493	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-285
	  	Gerald A. and Linda B. Bravard, JTWROS	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-286
	  	Gerald F. & Gladys F. Sawyer Trustees for the Gerald F. Sawyer & Gladys F. Sawyer Revocable Trust	  	 	2,620	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-287
	  	Gregory H. & Barbara J. Dyer Trustees for the Gregory H. & Barbara J. Dyer Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-288
	  	Gregory R. Tuominen and Tina M. Tuominen Trustees for the Gregory R. Tuominen and Tina M. Tuominen Revocable Trust	  	 	3,493	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-289
	  	Honor Gibson	  	 	1,747	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-290
	  	Howard Hill and Nancy Hill Trustees for the Howard Hill and Nancy Hill Revocable Trust dated June 2, 2008	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-291
	  	Howard Thielen and Robyn Thielen, JTWROS	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-292
	  	J. Stanley & Colleen Lemkuil Trustees for the J. Stanley & Colleen Lemkuil Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-293
	  	James D. German Trustee for the James D. German Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-294
	  	James Daubendiek	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-295
	  	James K. Hamm Trustee for the James K. Hamm Revocable Trust dated May 16, 2003	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  

  
 22. 

															
					
	 WC-296
	  	James L. Blessman and Carole Beth Blessman Trustees for the Blessman Family Trust dated August 9, 1996	  	 	6,987	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-297
	  	James R. Shattuck Trustee for the James R. Shattuck Revocable Living Trust	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-298
	  	Janice M. Richards	  	 	2,795	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-299
	  	Jean E. Johnston Trustee for the Jean E. Johnston Revocable Trust	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-300
	  	Jeanne & Robert E. Faust Trustees for the Robert & Jeanne Faust Revocable Trust	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-301
	  	Jerilyn J. Kitzinger and David E. Kitzinger Trustees for the David and Jeri Kitzinger Revocable Trust dated December 2004	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-302
	  	Jerry D. and Karen L. Cahail Trustees for the Jerry D. Cahail Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-303
	  	John W. Hilleman and Janet S Hilleman Trustees for the John W. & Janet S. Hilleman Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-304
	  	Jon O. Nicholas and Marilyn N. Nicholas, Trustees of the Nicholas Living Trust dated November 12, 2010, and any amendments thereto	  	 	6,987	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-305
	  	Judith A. Miller and Timothy C. Miller Trustees for the Miller Family Revocable Living Trust dated December 12, 1998	  	 	2,096	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-306
	  	Karlton Kleis	  	 	65,940	  	  	$	0.78	  	  	 	2/24/2018	  
					
	 WC-307
	  	Karlton Kleis	  	 	6,372	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-308
	  	Kenneth B. & Sharon A. Crouse Trustees for the Kenneth & Sharon Crouse Revocable Trust	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-309
	  	Kurt J. Klise and Julie A. Klise, JTWROS	  	 	3,493	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-310
	  	Larry E. Martin and Sophia B. Martin Trustees for the Larry E. & Sophia B. Martin Revocable Trust	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-311
	  	Leo E. Beebout and Gloria D. Beebout Trustees for the Leo E. & Gloria D. Beebout Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-312
	  	Loring V. Miller and Phyllis A. Miller, JTWROS	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-313
	  	Louis P. Bredesky, Jr. and Elaine J. Bredesky Trustees for the Louis P. Bredesky, Jr. & Elaine J. Bredesky Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  

  
 23. 

															
					
	 WC-314
	  	Lyle A. Haugen	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-315
	  	Mark Leiss Trustee for the Mark Leiss Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-316
	  	Mary Jeanette Parmerlee and Mallory M. Parmerlee Trustees for the Mary Jeannette Parmerlee Revocable Trust UTA 7-19-89	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-317
	  	Maude Limited Partnership	  	 	13,100	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-318
	  	Maurice R. Russell and Mardene R. Russell Trustees for the Maurice and Mardene Russell Revocable Trust	  	 	13,100	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-319
	  	Melvin J. McKie and Sharon K. McKie Trustees for the Melvin J. MeKie and Sharon K. McKie Revocable Trust	  	 	3,493	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-320
	  	Michael H. Leuck and Valerie P. Leuck, JTWROS	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-321
	  	Michael J. Lickteig & Shirley J. Lickteig, JTWROS	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-322
	  	Nichols Holding Company, LLC	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-323
	  	Philip L. Metcalf and Janet R. Metcalf Trustees for the Philip L. Metcalf & Janet R. Metcalf Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-324
	  	Philip L. Myer & Janet L. Myer Trustees for the Philip & Janet Myer Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-325
	  	Preferred Holdings, LLC	  	 	3,493	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-326
	  	Randall D. Stoecker Trustee for the Randall D. Stoecker Revocable Trust UT/A dated May 28, 2008	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-327
	  	Randolph R. Rough Trustee for the Randolph R. Rough Trust	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-328
	  	Reba G. Barrett and Thomas A. Barrett, Trustees of the Reba G. Barrett Living Trust dated May 4, 2012, and any amendments	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-329
	  	Richard C. & Betty L. Lamb Trustees for the Richard & Betty Lamb Revocable Trust	  	 	3,668	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-330
	  	Richard C. Anderson and Margaret J. Anderson, Trustees of the Anderson Living Trust dated March 5, 2010	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-331
	  	Richard D. Goecke	  	 	2,620	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-332
	  	Richard J. Weiler	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  

  
 24. 

															
					
	 WC-333
	  	Richard Mau and Donna Mau Trustees for the Richard Mau Living Trust	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-334
	  	Rita Berkemann Trustee for the Rita Berkemann Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-335
	  	Robert B. Brummer and Lori A. Brummer, Joint Tenants	  	 	6,987	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-336
	  	Robert L. & Wilma J. Hall Trustees for the Robert & Wilma Hall Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-337
	  	Robert L. German and Pamela S. German, Trustees of the Robert L. and Pamela S. German Revocable Trust dated 1/4/08	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-338
	  	Robin L. Epp	  	 	1,397	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-339
	  	ROCH Holdings, LLC	  	 	3,493	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-340
	  	Roger D. & Sharon M. Kunz Trustees for the Roger D. & Sharon M. Kunz Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-341
	  	Roger E. Kentner & Sheila M. Kentner Trustees of the Roger E. Kentner & Sheila M. Kentner Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-342
	  	Ronald and Judith Farrell, Tenants in Common	  	 	3,493	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-343
	  	Rosemarie Staebell Trustee (and successors) of the John B. & Rosemarie Staebell Revocable Trust U/T/A dated May 19, 1997, and all amendments thereto	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-344
	  	Roy A. Schultz and Kathryn Schultz Trustees for the Roy A. Schultz and Janice M. Schultz Revocable Trust dated March 30, 2009	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-345
	  	Russell G. Olson	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-346
	  	Scott Beckwith and Kathryn Beckwith, Tenants in Common	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-347
	  	Stanly V. Glawe	  	 	6,987	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-348
	  	Steven P. Koeppen and Kim E. Koeppen, JTWROS	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-349
	  	TD Ameritrade Clearing Custodian FBO: Stephen Richards IRA	  	 	2,445	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-350
	  	TD Ameritrade Clearing Inc. Custodian FBO Daniel J. Williams Roth IRA	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-351
	  	TD Ameritrade Clearing Inc. Custodian FBO: Barbara K. Thorsheim, ROTH IRA	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-352
	  	TD Ameritrade Clearing Inc. Custodian FBO: Nancy K. Newcomb IRA	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  

  
 25. 

															
					
	 WC-353
	  	TD Ameritrade Clearing Inc. Custodian FBO: Patricia M. Wadle IRA	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-354
	  	TD Ameritrade Custodian FBO: Dean R. Kleckner IRA	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-355
	  	TD Ameritrade Custodian FBO: Guy Danielson IRA	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-356
	  	TD Ameritrade Custodian FBO: James R. Magnuson Roth IRA	  	 	2,620	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-357
	  	TD Ameritrade Custodian FBO: Jerald L. Fleagle IRA	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-358
	  	TD Ameritrade Custodian FBO: Katherine Rike IRA	  	 	2,620	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-359
	  	TD Ameritrade Custodian FBO: Michael L. Reams IRA	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-360
	  	TD Ameritrade Custodian FBO: Patrick W. Moran	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-361
	  	TD Ameritrade Custodian FBO: Richard W. Hook IRA	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-362
	  	TD Ameritrade Custodian FBO: The Robert J. & Marilyn A. Coghlan Family Trust	  	 	10,480	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-363
	  	TD Ameritrade Inc. Custodian FBO D. Steven Pollmann IRA	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-364
	  	Terrance G. Townsend and Charlotte M. Townsend Trustees for the Terrance G. Townsend & Charlotte M. Townsend Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-365
	  	Thomas A. Barrett and Reba G. Barrett, Trustees of the Thomas A. Barrett Living Trust dated May 4, 2012, and any amendments	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-366
	  	Thomas C. Lally and Nancy G. Lally Trustees for the Thomas C. Lally and Nancy G. Lally Revocable Trust	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-367
	  	Thomas L. Fifer and Martha A. Fifer Trustees for the Thomas L. Fifer Revocable Living Trust Dated December 16, 2003	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-368
	  	Thomas M. Crispin and Bonnie L. Crispin, JTWROS	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-369
	  	Todd Doorenbos	  	 	1,048	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-370
	  	Travis J. Petree, Trustee, or his successors in interest, of the Travis J. Petree Living Trust dated March 5, 2012, and any amendments thereto	  	 	6,987	  	  	$	0.78	  	  	 	11/30/2017	  
					
	 WC-371
	  	Will Hoekman and Dixie Hoekman, JTWROS	  	 	5,240	  	  	$	0.78	  	  	 	11/30/2017	  

  
 26. 

															
					
	 WC-372
	  	William J. Wickemeyer and Susan J. Wickemeyer Trustees for the Wickemeyer Revocable Trust U/T/A dated June 5, 1998	  	 	8,733	  	  	$	0.78	  	  	 	11/30/2017	  

  
 27.EX-10.9

 EXHIBIT 10.9 

LEASE — BUSINESS PROPERTY 

(Board as Landlord) 
 THIS
LEASE AGREEMENT, MADE AND ENTERED INTO THIS 6th day of September, 2013, by and between KemPharm, Inc. (hereinafter called Tenant) whose address for the purpose of this lease is 7 Hawkeye
Drive, North Liberty, IA 52317 and the Board of Regents, State of Iowa for the Use and Benefit of the University of Iowa (hereinafter called Landlord) whose address for the purpose of this lease is The University Business Office, 2660 UCC, Iowa
City, IA 52242 
 WITNESSETH THAT: 
 1.
PREMISES AND TERM. 
 (a). Landlord, in consideration of the rents herein reserved and of the agreements and conditions herein
contained, on the part of Tenant to be kept and performed, leases unto Tenant and Tenant hereby rents and leases from Landlord, according to the terms and provisions herein, the following described real estate, situated in Johnson County, Iowa, to
Wit: approximately 7,804 square feet of space located at 2656 Crosspark Road (Suite 100), at the University of Iowa, Research Park, with the improvements thereon and all rights, easements and appurtenances thereto belonging, which,
more particularly, includes the space and premises as shown on “Exhibit A,” attached hereto (the “Premises”), for a term three (3) years, beginning at midnight on the first day, which shall be on the
October 1, 2013, and ending at midnight on the last day of the lease term, which shall be on September 30, 2016, upon the condition that Tenant pays rent therefore, and otherwise performs as in this lease provided. References
in this Lese Agreement to the “Building” shall mean the building in which the Premises is located. 
 (b) RENEWAL. If this
lease is subject to an option to renew the terms of the option are found in paragraph 25 below. 
 2. RENTAL. Tenant agrees to pay to
Landlord as rental for said term, as follows: $7,804 per month ($12.00 per square foot) in advance, on the 1st day of each month from October 1, 2013 until September 30, 2016. 

All sums shall be paid at the address of: 

BioVentures Center 
 Suite E152

 Coralville, IA 52241 
 3.
POSSESSION. Tenant shall be entitled to possession on the first day of the term of this lease, and shall yield possession to Landlord at the time and date of the close of this lease term, except as herein otherwise expressly provided. 

4. USE OF PREMISES. Tenant covenants and agrees during the term of this lease to use and to occupy the leased Premises, only for legal
purposes. 

  
 1 

 5. QUIET ENJOYMENT. Landlord covenants that its estate in said Premises is undivided and that
Tenant on paying the rent herein reserved and performing all the agreements by Tenant to be performed as provided in this lease shall and may peaceably. 

Landlord shall have the right to mortgage all of its right, title, interest in said Premises at any time without notice, subject to this
lease. 
 6. CARE AND MAINTENANCE OF PREMISES. (a) Tenant takes said Premises in its present condition except for such repairs and
alterations as may be expressly herein provided. 
 (b) LANDLORD’S DUTY OF CARE AND MAINTENANCE. Landlord will keep in good repair the
roof, structural part of the floor, walls and other structural parts of the Building, the exterior façade of the Building, and the sidewalks, parking lots, landscaping and exterior lighting appurtenant to the Building. 

(c) TENANTS DUTY OF CARE AND MAINTENANCE. Tenant shall, after taking possession of said Premises and until the termination of this lease and
the actual removal from the Premises, at its own expense, care for and maintain said Premises in a reasonably safe and serviceable condition, except as otherwise provided herein, including, without limitation section 6(b) hereof. Tenant will furnish
its own interior decorating with written approval of Landlord, which approval shall not be unreasonably withheld. Tenant will not permit or allow said Premises to be damaged or depreciated in value by any act of negligence of Tenant, its agents or
employees. 
 Tenant agrees to keep faucets closed so as to prevent waste of water and flooding of Premises and to promptly take care of any
leakage or stoppage in any of the water, gas or waste pipes. Tenant agrees to maintain adequate heat to prevent freezing of pipes, if and only if the other terms of this lease fix responsibility for heating upon Tenant. Tenant shall make no
structural alterations or improvements without the written approval of Landlord, which approval shall not be unreasonably withheld. 

Tenant is responsible for securing all windows and doors within and on the Premises and shall exert diligence in keeping the Premises’
entrances and openings locked after normal business hours. 
 Tenant will make no unlawful use of said Premises and agrees to comply with
all applicable valid regulations of the Board of Health, any applicable City Ordinances, the laws of the State of Iowa and the Federal government, but this provision shall not be construed as creating any duty by Tenant to members of the general
public. 
 7. UTILITIES AND SERVICES. Tenant, during the term of this lease, shall pay all charges for use of telephone, HVAC, electricity,
gas, water and sewer and other utilities and services, including janitorial cleaning, which may be used in or upon the Premises, except as provided below: 

(a) Trash Removal shall be furnished at the expense of Landlord, Tenant’s pro-rata share of which will be billed to Tenant by Landlord on
a monthly basis. As used in this lease, Tenant’s pro rata share shall equal one-twelfth (1/12th). 

  
 2 

 (b) Lawn Care and Snow Removal shall be furnished at the expense of Landlord, Tenant’s
pro-rata share of which will be billed to Tenant by Landlord on a monthly basis 
 (c) Tenant’s pro-rata share of the annualized real
estate tax assessment will be billed to Tenant by Landlord on a monthly basis. 
 (d) Tenant’s pro-rata share of the annualized ground
lease expense shall be billed to Tenant by Landlord on a monthly basis. 
 8. (a) SURRENDER OF PREMISES AT THE END OF TERM - REMOVAL OF
FIXTURES. Tenant agrees that upon the termination of this lease, it will surrender, yield up and deliver the leased Premises in good and clean condition, except the effects of ordinary wear and tear and depreciation arising from lapse of time, or
damage without fault or liability of Tenant. 
 (b) Tenant may, at the expiration of the term of this lease, or renewal or renewals thereof
or at a reasonable time thereafter, if Tenant is not in default hereunder, remove any fixtures or equipment which said Tenant has installed in the leased Premises, providing said Tenant repairs any and all damages caused by removal. 

(c) HOLDING OVER. Continued possession, beyond the expiration date of the term of this lease, by Tenant, coupled with the receipt of the
specified rental by Landlord (and absent a written agreement by both parties for an extension of this lease, or for a new lease) shall constitute a month to month extension of this lease. 

9. ASSIGNMENT AND SUBLETTING. Any assignment of this lease or subletting of the Premises or any part thereof is prohibited without
Landlord’s written permission. Such written permission shall not be unreasonably withheld. 
 10. LANDLORD’S RIGHT OF ACCESS.
After giving reasonable notice, Landlord or its authorized representative may enter the leased Premises at any reasonable time for the purpose of inspecting the leased Premises or for the performance of Landlord’s duties under the lease;
provided, however, that except in the case of an emergency, such prior notice shall be given at least two (2) business days before the date on which Landlord desires such entry. Tenant shall have the right to accompany Landlord or its
authorized representative during any entry on the Premises, but the failure of Tenant to provide someone to accompany Landlord shall not preclude Landlord or its authorized representative from entering the Premises. Notwithstanding the forgoing,
Landlord acknowledges that the Premises shall contain proprietary information of Tenant which is not in the public domain, and Landlord and its agents and representatives shall not use or disclose without Tenant’s prior written consent any of
Tenant’s proprietary information obtained by Landlord or its representatives during the course of any entry by Landlord or its authorized representatives onto the Premises; provided, however, that Landlord may disclose such proprietary
information to the limited extent that Landlord is required to make such disclosure pursuant to any governmental order, law or other valid legal process and, prior to making such disclosure, Landlord provides Tenant with prompt notice of such
requirement so that Tenant may object to such disclosure or seek a protective order or other appropriate remedy. 
 11. RULES. Tenant agrees
to observe all of Landlord’s written operating policies, including but not limited to rules, procedures, and traffic regulations located at the University of Iowa. The online “Operations Manual” can be found at:
http://www.uiowa.edui/~our/opmanual/). 

  
 3 

 12. TAXES. 

(a) REAL ESTATE TAXES. It is understood that Tenant is responsible for real estate taxes as provided in section 7(c) of this lease agreement.

 (b) PERSONAL PROPERTY TAXES. Tenant agrees to timely pay all taxes, assessments or other public charges levied or assessed by lawful
authority (but reasonably preserving Tenant’s rights of appeal) against its personal property on the Premises, during the term of this lease. 

13. INSURANCE. 
 (a) Landlord
and Tenant will each keep its respective property interests in the Premises and its liability in regard thereto, and the personal property on the Premises, reasonably insured against hazards and casualties; that is, fire and those items usually
covered by extended coverage. Both parties recognize that Landlord, as any agency of the State of Iowa, is self-insured. 
 (b) Tenant will
not do or omit the doing of any act which would vitiate any insurance, or increase the insurance rates in force upon the real estate improvements on the Premises. 

(c) In the event of damage to buildings, or improvements by any natural or manmade disaster, Tenant shall notify Landlord by telephone or in
writing within 24 hours and provide written documentation within 7 days. 
 (d) Release of Recovery Rights. Each party hereby releases the
other from claims for recovery for any loss or damage to any property owned by either party which is insured under valid and collective insurance policies to the extent of any recovery collectible under such insurance. It is further agreed that
waiver shall apply only when permitted by the applicable policy of insurance. 
 (e) Tenant shall carry the following types and minimum
coverage of insurance: (1) Worker’s Compensation insurance (if applicable); (2) Comprehensive General Liability with respect to the Tenant’s use and occupancy of the Premises with limit of not less than three (3) million for
bodily injury liability for each occurrence; (3) Automobile Liability Insurance on all owned, non-owned, hired or leased automotive equipment in conjunction with operations, in amounts of not less than one (1) million for bodily injury
liability and one (1) million for property damage liability. As evidence to the above, Tenant shall submit to Landlord certificates of insurance on an annual basis. Both parties recognize that the Board of Regents, as any agency of the State of
Iowa, is self-insured. 
 14. LIABILITY. Tenant agrees to indemnify, defend and hold harmless Landlord against any liability, and/or pay for
any and all damages, losses, or expenses incurred by Landlord in connection with the leased Premises, beyond that covered by insurance, due to Tenant’s negligence or failure to perform the terms of the lease, including the expenses of enforcing
the lease. 
 15. DESTRUCTION OF LEASED PREMISES. 

(a) PARTIAL DESTRUCTION. In the event of a partial destruction or damage of the leased Premises, which is a business interference, that is,
which prevents the conducting of a 

  
 4 

 
normal business operation and which damage is reasonably repairable within sixty (60) days of its occurrence, this lease shall not terminate but the rent for the leased Premises shall abate
during the time of such business interference. In the event of partial destruction, Landlord shall repair such damages within sixty (60) days of its occurrence unless prevented from so doing by acts of God, the elements, the public enemy,
strikes, riots, insurrection, government regulations, city ordinances, labor, material or transportation shortages, or other causes beyond Landlord’s reasonable control. 

(b) ZONING. Should the zoning ordinance of the city or municipality in which this property is located make it impossible for Landlord, using
diligent and timely effort to obtain necessary permits and to repair and/or rebuild so that Tenant is not able to conduct its business on these Premises, then such partial destruction shall be treated as a total destruction as in the next paragraph
provided. 
 (c) TOTAL DESTRUCTION OF BUSINESS USE. In the event of a destruction or damage of the leased Premises including the parking
area (if a parking area is a part of the subject matter of this lease) so that Tenant is not able to conduct its business on the Premises and the damage cannot be repaired within sixty (60) days, this lease may be terminated at the option of
either Landlord or Tenant. Such termination in such event shall be affected by written notice of one party to the other, within twenty (20) days after such destruction. Tenant shall surrender possession within ten (10) days after such
notice issues, and each party shall be released from all future obligations hereunder, Tenant paying rent pro rate only to the date of such destruction. In the event of such termination of this lease, Landlord at its option, may rebuild or not,
according to its own wishes and needs. 
 16. CONDEMNATION - DISPOSITION OF AWARDS. Should the whole or any part of the demised Premises be
condemned or taken by a competent authority for any public or quasi-public use or purpose, each party shall be entitled to retain, as its own property, any award payable to it. Or in the event that a single entire award is made on account of the
condemnation, each party will then be entitled to take such proportion of said award as may be fair and reasonable. 
 17. TERMINATION OF
LEASE. This lease shall terminate upon expiration of the demised term; or if this lease expressly and in writing provides for any option or options, and if any such option is exercised by Tenant, then this lease will terminate at the expiration of
the option term or terms. 
 18. SIGNS. 

(a) Tenant shall have the right and privilege of attaching, affixing, painting or exhibiting signs on the leased Premises, provided only that
such signs shall comply with all provisions and covenants of the University of Iowa Research Park guidelines, and in addition, 
  

	 	(1)	that any and all signs shall comply with the ordinances of the city or municipality in which the property is located and the laws of the State of Iowa; 

 

	 	(2)	such signs shall not change the structure of the building; 

  

	 	(3)	such signs if and when taken down shall not damage the building; 

  
 5 

	 	(4)	such signs shall be subject to the written approval of Landlord, which approval shall not be unreasonably withheld. 

(b) Landlord during the last ninety (90) days of this lease, or extension, shall have the right to maintain in the windows or on the
building or on the Premises either or both a “For Rent” or “For Sale” sign and Tenant will permit, at such time, Landlord’s agents, prospective tenants or buyers to enter and examine the Premises. 

19. RIGHTS CUMULATIVE. The various rights, powers, options, elections and remedies of either party, provided in this lease, shall be construed
as cumulative and no one of them as exclusive of the others, or exclusive of any rights, remedies or priorities allowed either party by law, and shall in no way affect or impair the right of either party to pursue any other equitable or legal remedy
to which either party may be entitled as long as any default remains in any way unremedied, unsatisfied or undischarged. 
 20. NOTICE AND
DEMANDS. Notices as provided for in this lease shall be given to the respective parties hereto at the respective addresses designated on page one of this lease unless either party notifies the other, in writing, or a different address. Without
prejudice to any other method of notifying a party in writing or making a demand or other communication, such message shall be considered given under the terms of this lease when sent, addressed as above designated, postage prepaid, by registered
mail or certified mail, return receipt requested, by the United States mail and so deposited in a United States mail box. 
 21. PROVISIONS
TO BIND AND BENEFIT SUCCESSORS, ASSIGNS, ETC. Each and every covenant and agreement herein contained shall extend to and be binding upon the respective successors, heirs, administrators, executors and assigns of the parties hereto; except that if
any part of this lease is held in joint tenancy, the successor in interest shall be the surviving joint tenant. 
 22. CHANGES TO BE IN
WRITING. None of the covenants, provisions, terms or conditions of this lease to be kept or performed by Landlord or Tenant shall be in any manner modified, waived or abandoned, except by a written instrument duly signed by the parties and delivered
to Landlord and Tenant. 
 23. CONSTRUCTION. Words and phrases herein, including acknowledgement hereof, shall be construed as in the
singular or plural number, and as masculine, feminine or neuter gender according to the context. 
 24. HANDICAPPED ACCESSIBILITY. Landlord
shall maintain the Premises in compliance with all applicable State and Federal laws and regulations concerning accessibility by the handicapped. 

25. RENEWAL OPTION(S). Tenant shall have the right to an additional three year renewal period, each such period shall be under the same terms
and conditions of this lease, except reasonable rental rate adjustments to be negotiated by the parties at the time of Tenant’s election to renew. No rate increase may exceed the CPI inflationary adjustment rate for commercial property in the
Midwest region. Tenant shall provide landlord ninety (90) days notice of Tenant’s intent to renew its lease. 
 26. LEASEHOLD
IMPROVEMENTS. Prior to taking occupancy of the Premises, Tenant seeks to construct improvements to the Premises listed in Exhibit B and Exhibit C .Both 

  
 6 

 
Exhibits are attached to and incorporated into this Lease agreement. Tenant shall pay their own respective costs for the improvements associated with Exhibit B and shall hold Landlord harmless
from all claims of contractors or subcontractors. Tenant will also pay the costs associated with Exhibit C; however, upon submission by Tenant to Landlord of evidence of payment of contractor or subcontractor invoices pertaining to said construction
improvements in Exhibit C, Landlord will reimburse Tenant for such payments in an amount not to exceed the contractor’s estimate of $36,500.00; further provided that if the actual costs for the construction improvements in Exhibit C exceed the
contractor’s estimate of $36,500.00, Landlord shall provide reimbursement for such excess costs upon mutual agreement by Landlord and Tenant. Landlord shall reimburse Tenant for such costs and expenses within thirty (30) days from
Landlord’s receipt of the invoices of such expenses. If reimbursement is not received within (60) days from Landlord’s receipt of the invoices of such expenses, Tenant’s monthly rent of $7804.00 for the next five (5) months
will be used as reimbursement not to exceed the actual cost of construction. 
 [Signature Page Follows] 

  
 7 

 SIGNATURE PAGE TO 

LEASE – BUSINESS PROPERTY 

IN WITNESS THEREOF, the parties hereto have duly executed this lease the day and year first above written. 

 

					
		 		 	 LANDLORD
 BOARD OF REGENTS, STATE OF
IOWA

			
	 9/11/13
  

(Date)
	 		 	 /s/ David Kieft
  

David Kieft, University of Iosa Business Manager

			
		 		 	 TENANT
 KemPharm, Inc.

			
	 9/6/2013
  

(Date)
	 		 	 /s/ Christal M. M. Mickle

  
 8 

 Exhibit A 
  

 

 Exhibit B 
  

 

 Proposal for: 

University of lowa/KemPharm 

2656 Crosspark Road #100 

Work Summary 

Project: Kem Pharm  

Location: Coralville, IA  

Architect: N/A  

Date: 8/27/13 
  

					
	 Description
	  	Quantity Unit	 
	 Merit Construction Company
	  			
	 protect existing carpet
	  	 	360.00 sf	  
	 demo existing wall
	  	 	96.00 sf	  
	 demo wall & metal studs
	  	 	96.00 Is	  
	 demo existing door & sidelite
	  	 	1.00 loc	  
	 demo door & sidelite
	  	 	1.00 loc	  
	 haul to dump
	  	 	1.00 load	  
	 frame & finish opening
	  	 	35 sf	  
	 install bulkhead
	  	 	12.00 If	  
	 install metal framing
	  	 	12.00 If	  
	 install & finish drywall
	  	 	24.00 sf	  
	 mobilization/cleanup
	  	 	8.00 hr	  
	 Ace Electric - disconnect outlets in
	  			
	 existing wall & modify light switches
	  	 	1.00 Is	  
	 Bachmeier Carpet One - patch carpet
	  	 	1.00 Ioc	  
	 Davis Painting - paint walls & bulkhead
	  	 	1.00 Is	  
	 Building Permit - City of Coralville
	  	 	1.00 Is	  

 Clarifications:  

Bond not included. 

Builder’s risk insurance not included. 

Testing and removal of hazardous 

materials not included. 
  

			
	

	  	8/29/2013            

 Exhibit C 
  

							
	

	 	 	  	Document #  
	 	         13-390C 

	 	 6440 6th SL S.W. - Cedar Rapids, Iowa 52404

(800) 334-7717 - (319) 363-9209 - Fax (319) 363-0434
	  		 	

 August 23, 2013 
 Jennifer
Carter - Operations Manager 
 KemPharm, Inc. 
 7 Hawkeye Drive,
Suite 103 
 North Liberty, IA 52317 
 Re: 2656 Crosspark Road
Laboratory Upgrade 
 Dear Jennifer, 
 You are planning to
occupy the space at 2656 Crosspark Road, Suite 100 in Coralville. This space has a heating, ventilating, and air conditioning system that was designed for a laboratory application. The system was designed for the future addition of fume hoods with
automatic control of the face velocity at the sash, the proper amount of conditioned mate-up air, variable volume supply, and exhaust air boxes, and a variable volume fume exhaust system. At this time, you would like to add two (2) fume hoods to the
building and start the system. 
 The fume hoods that are to be added are setting in the space. These are 6’ wide hoods. Since the current hood
openings are only 5’ wide, someone will have to remove part of the cabinetry to allow them to fit. If you would like, we can coordinate that work as an extra to this proposal. 

As a part of this budget proposal, we will provide the following services for a complete and operational system: 

 

	 	•	 	Install and connect water and electrical service to the two (2) fume hoods in the openings in the northwest comer of the lab. The compressed air connections will not be used. 

 

	 	•	 	Furnish and install stainless steel spiral ductwork to connect the hoods to the existing exhaust system. 

  

	 	•	 	Furnish and install the automatic controls to regulate the air flow for the fume hoods. Create new color graphics on the existing U of I operator workstations connected to the system. 

 

	 	•	 	Check out and start up the existing make-up and exhaust air systems, and adjust them as needed for proper operation. 

  

	 	•	 	Air balance the system to provide the proper air flows needed. 

  

	 	•	 	Remove the electrical cords hanging throughout the space. The circuits will be terminated above the ceiling and the ceiling boxes will be removed. 

 

	 	•	 	Remove and re-install the ceiling as needed to accommodate the above work. 

  

	 	•	 	Replace any ceiling tiles that are damaged from water or where the electrical cords are removed. This includes the damaged ceiling tiles we found in the office area. 

 
 

 

 Document
#            13-390C 
  

 We are pleased to quote you a budget price of Thirty six thousand dollars ($36,000.00) to furnish and install
the above described work. This price includes the labor, materials, expenses, and freight charges. This price assumes that the existing equipment is operational. If any repairs or replacement parts are needed for the existing equipment, it will be
handled on a time and material extra basis. 
 Upon approval of this proposal, an invoice for 25% of the project price will be issued for a down payment.
The balance of the project will be progress billed on a monthly basis. 
 The lead time on some of the control components is six weeks. 

Option #1 - The control system is currently controlled by a University of Iowa Andover Controls operator workstation. If you would like to have your own color
graphic operator workstation to monitor and control the system, please add Five thousand four hundred dollars ($5,400.00) to the above budget proposal. This price includes training for your KemPharm personnel on the system. 

This proposal is valid for 30 days. This price does not include sales tax. 

Thank you for the opportunity of presenting this proposal. Please let me know if there are any questions. We look forward to being of service to you. 

 

			
	 Sincerely,
 Ace Refrigeration, Inc.
	 	
		
	

	 	
	Keith Miller	 	

			
	This proposal is accepted and Ace Refrigeration, Inc. is authorized to proceed with the work.

			
		
	Signature	 	  

		
	Name (Printed)	 	  

		
	Company	 	  

		
	Date	 	  

		
	Option #1	 	Yes          No         

 
 

  
 Terms and Conditions 

The customer agrees to the following terms and conditions: 
  

	 	1.	Unless otherwise stated, this proposal is based upon straight time labor only. Plastering, patching, and painting are excluded. The customer agrees to provide Ace Refrigeration with required field utilities
(electricity, toilets, drinking water, elevator service, etc.) without charge. Ace Refrigeration will keep the job site clean of debris from our own operations. The customer will not back charge Ace Refrigeration for any costs or expenses without
our written consent. Unless it is specifically stated in our proposal, Ace Refrigeration is not responsible for the identification, abatement, clean up, removal, or disposal of environmental bazards, including, but not limited to, asbestos or PCSs
on the job site. 

  

	 	2.	Ace Refrigeration may require a down payment including the cost of equipment and materials, engineering, and other job mobilization expenses. We may invoice the customer monthly for all materials delivered to the job
site or to an off-site storage facility, and for all work performed on-site and off-site. The customer agrees to pay Ace Refrigeration the amount invoiced upon receipt of the Invoice. Lien waivers will be furnished upon request, as the work
progresses, to the extent that payments are received. if the invoices are not paid within 30 days, they will be considered delinquent. 

  

	 	3.	If the materials or equipment included in this proposal become temporarily or permanently unavailable for reasons beyond the control and without the fault of Ace Refrigeration, the time for performance of the work shall
be extended. If the items are permanently unavailable, then Ace Refrigeration shall be reimbursed for the difference between the cost of the materials or equipment now unavailable and a reasonable substitute. 

  
 —Page 2 

 Document
#            13-390C 
  

	 	4.	Ace Refrigeration shall provide the same warranty on the materials and equipment as we receive from the manufacturer or supplier. Unless specifically stated otherwise in the proposal, the warranty coverage shall be for
the materials and equipment only, not including labor or consequential damages. All freight charges as a result of warranty coverage shall be the responsibility of the customer. All warranties shall be voided If the materials or equipment have been
repaired by others, abused, altered or misused, or have not been properly maintained. 

  

	 	5.	Ace Refrigeration shall not be liable for any special, indirect, or consequential damages arising in any manner from the equipment or material furnished or the work performed in this proposal. 

 

	 	6.	The price of this proposal does not include sates, use, or other similar taxes. The customer shall pay, in addition to the stated price, ail taxes required, or shall provide Ace Refrigeration with acceptable tax
exemption certificates. We will provide the customer with any tax payment certificate upon request and after completion and acceptance of the work. 

  

	 	7.	Ace Refrigeration shall not be liable for any delay in the performance of the work resulting from or attributed to acts or circumstances beyond our control, including, but not limited to, acts of God, fire, riots, labor
disputes, conditions of the premises, acts or omissions of the customer, owner, or other contractors, or delays caused by suppliers or subcontractors of Ace Refrigeration, etc. 

 

	 	8.	Ace Refrigeration shall comply with all applicable federal, state, and local laws and regulations, and shall obtain all temporary licenses and permits required for the performance of the work. Licenses and permits of a
permanent nature shall be the responsibility of the customer. 

  

	 	9.	All disputes involving more than $15,000.00 shall be resolved by arbitration in accordance with the rules of the American Arbitration Association. The prevailing party shall recover all legal costs and attorney’s
fees incurred as a result. Nothing here shall limit any rights under construction lien laws. 

  

	 	10.	Insurance coverage in excess of Ace Refrigeration’s standard limits will be furnished when requested and required. No credit will be given or premium paid by Ace Refrigeration for insurance provided by others.

  

	 	11.	The parties hereto agree to indemnify each other from any and all liabilities, claims, expenses, losses or damages, including attorneys’ fees, which may arise in connection with the work herein specified and which
are caused, in whole or in part, by the negligent act or omission of the indemnifying party. 

  

	 	12.	The parties hereto agree to notify each other immediately upon becoming aware of an inspection under, or any alleged violation of, the Occupational Safely and Health Act relating in any way to the project or project
site. 

  

	 	13.	This proposal shall constitute the entire agreement between the parties and supersedes any prior representations or understandings, 

  

	 	14.	No change or modification of any of the terms and conditions stated herein shall be binding upon Ace Refrigeration unless accepted by Ace Refrigeration in writing. 

  
 —Page 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}]]