Document:

Exhibit 10.8  

AFFYMAX, INC.  

2006 EMPLOYEE STOCK PURCHASE PLAN

OFFERING DOCUMENT  

Adopted by the Board of Directors: July 7, 2006  

        In this document, capitalized terms not otherwise defined shall have the same definitions of such terms as in the Affymax, Inc. 2006 Employee Stock
Purchase Plan. 

1.    GRANT; OFFERING DATE.  

	(a)
	The Board hereby authorizes a series of Offerings pursuant to the terms of this Offering document.

	(b)
	The first Offering hereunder (the "Initial Offering") shall begin on the date the
Common Stock is first offered to the public under a registration statement declared effective under the Securities Act and shall end on October 31, 2008, unless terminated earlier as provided
below. The Initial Offering shall consist of four (4) Purchase Periods, with the first Purchase Period ending on April 30, 2007, the second Purchase Period ending on October 31, 2007,
the third Purchase Period ending on April 30, 2008, and the fourth Purchase Period ending on October 31, 2008.

	(c)
	After the Initial Offering commences, a concurrent Offering shall begin on May 1 and November 1 each year after 2006 over
the term of the Plan and shall be approximately twenty-four (24) months in duration. Each Offering shall consist of four (4) Purchase Periods each of which shall be approximately six
(6) months in length ending on or about April 30 and October 31 each year. Except as provided below, a Purchase Date is the last day of a Purchase Period or of an Offering, as the
case may be.

	(d)
	Notwithstanding the foregoing: (i) if any Offering Date falls on a day that is not a Trading Day, then such Offering Date shall
instead fall on the next subsequent Trading Day, and (ii) if any Purchase Date falls on a day that is not a Trading Day, then such Purchase Date shall instead fall on the immediately preceding
Trading Day.

	(e)
	Prior to the commencement of any Offering, the Board may change any or all terms of such Offering and any subsequent Offerings. The
granting of Purchase Rights pursuant to each Offering hereunder shall occur on each respective Offering Date unless prior to such date (i) the Board determines that such Offering shall not
occur, or (ii) no shares of Common Stock remain available for issuance under the Plan in connection with the Offering.  

 
	(f)
	Notwithstanding
anything in this Section 1 to the contrary, if on the first day of a new Purchase Period during the Offering the Fair Market Value of a
share of Common Stock is less than or equal to the Fair Market Value of a share of Common Stock on the Offering Date for that Offering, then that Offering shall immediately terminate. Participants in
the terminated Offering shall automatically be enrolled in the new Offering that starts on or about such day. 

2.    ELIGIBLE EMPLOYEES.  

	(a)
	Each Eligible Employee, who has been an Employee for a continuous period of at least three (3) months ending on the Offering Date of an
Offering hereunder and is either (i) an employee of the Company; (ii) an employee of a Related Corporation incorporated in the 

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United
States; or (iii) an employee of a Related Corporation that is not incorporated in the United States, provided that the Board has designated the employees of such Related Corporation as
eligible to participate in the Offering, shall be granted a Purchase Right on the Offering Date of such Offering. 

	(b)
	Each person who first becomes an Eligible Employee during an Offering shall not be able to participate in such Offering.

	(c)
	Notwithstanding the foregoing, the following Employees shall not be Eligible Employees
or be granted Purchase Rights under an Offering: 

 
	(i)
	Employees whose customary employment is twenty (20) hours per week or less or five (5) months per calendar year or less;   

 
	(ii)
	five percent (5%) stockholders (including ownership through unexercised and/or unvested stock options) as described in Section 5(c) of
the Plan; or  

 
	(iii)
	Employees in jurisdictions outside of the United States if, as of the Offering Date of the Offering, the grant of such Purchase
Rights would
not be in compliance with the applicable laws of any jurisdiction in which the Employee resides or is employed. 

3.    PURCHASE RIGHTS.  

	(a)
	Subject to the limitations herein and in the Plan, a Participant's Purchase Right shall permit the purchase of the number of shares of
Common Stock purchasable with up to fifteen percent (15%) of such Participant's Earnings paid during the period of such Offering beginning immediately after such Participant first commences
participation; provided, however, that no Participant may have more than fifteen percent (15%) of such Participant's Earnings applied to purchase shares
of Common Stock under all ongoing Offerings under the Plan and all other plans of the Company and Related Corporations that are intended to qualify as Employee Stock Purchase Plans.

	(b)
	For Offerings hereunder, "Earnings" means the base compensation paid to a Participant,
including all salary, wages (including amounts elected to be deferred by such Participant, that would otherwise have been paid, under any cash or deferred arrangement or other deferred compensation
program established by the Company or a Related Corporation), but excluding all overtime pay, commissions, bonuses, and other remuneration paid directly to such Participant, profit sharing, the cost
of employee benefits paid for by the Company or a Related Corporation, education or tuition reimbursements, imputed income arising under any Company or Related Corporation group insurance or benefit
program, traveling expenses, business and moving expense reimbursements, income received in connection with stock options, contributions made by the Company or a Related Corporation under any employee
benefit plan, and similar items of compensation.

	(c)
	Notwithstanding the foregoing, the maximum number of shares of Common Stock that a Participant may purchase on any Purchase Date in an
Offering shall be such number of shares as has a Fair Market Value (determined as of the Offering Date for such Offering) equal to (x) $25,000 multiplied by the number of calendar years in
which the Purchase Right under such Offering has been outstanding at any time, minus (y) the Fair Market Value of any other shares of Common Stock (determined as of the relevant Offering Date
with respect to such shares) that, for purposes of the limitation of Section 423(b)(8) of the Code, are attributed to any of such calendar years in which the Purchase Right is outstanding. The
amount in clause (y) of the previous sentence shall be determined in accordance with regulations applicable under Section 423(b)(8) of the Code based on (i) the number of shares
previously purchased with respect to such calendar years pursuant to such Offering or any other Offering 

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under
the Plan, or pursuant to any other Company or Related Corporation plans intended to qualify as Employee Stock Purchase Plans, and (ii) the number of shares subject to other Purchase
Rights outstanding on the Offering Date for such Offering pursuant to the Plan or any other such Company or Related Corporation Employee Stock Purchase Plan. 

	(d)
	The maximum aggregate number of shares of Common Stock available to be purchased by all Participants under an Offering shall be the
number of shares of Common Stock remaining available under the Plan on the Offering Date. If the aggregate purchase of shares of Common Stock upon exercise of Purchase Rights granted under all
concurrent Offerings would exceed the maximum aggregate number of shares available, the Board shall make a uniform and equitable allocation of the shares available. Any Contributions not applied to
the purchase of available shares of Common Stock shall be refunded to the Participants without interest.

	(e)
	Notwithstanding the foregoing, the maximum number of shares of Common Stock that may be purchased on any single Purchase Date by all
Eligible Employees under all ongoing Offerings shall not exceed one hundred thousand (100,000) shares. If the aggregate number of shares of Common Stock to be purchased upon the exercise of all
outstanding Purchase Rights on a single Purchase Date would exceed such limit, the Board shall make a uniform and equitable allocation of the shares available. Any Contributions not applied to the
purchase of available shares of Common Stock shall be refunded to the Participants without interest. 

4.    PURCHASE PRICE.  

        The purchase price of shares of Common Stock under the Offering shall be the lesser of: (i) eighty-five percent (85%) of the Fair Market Value
of such shares of Common Stock on the Offering Date, or (ii) eighty-five percent (85%) of the Fair Market Value of such shares of Common Stock on the applicable Purchase Date. For
the Initial Offering, the Fair Market Value of the shares of Common Stock at the time when the Offering commences shall be the price per share at which shares are first sold to the public in the
Company's initial public offering as specified in the final prospectus for that initial public offering. 

5.    PARTICIPATION.  

	(a)
	An Eligible Employee may elect to participate in an Offering on the Offering Date. An Eligible Employee may enroll in only one Offering
at a time. An Eligible Employee shall elect his or her payroll deduction percentage on such enrollment form as the Company provides. The completed enrollment form must be delivered to the Company
prior to the date participation is to be effective, unless a later time for filing the enrollment form is set by the Company for all Eligible Employees with respect to a given Offering. Payroll
deduction percentages must be expressed in whole percentages of Earnings, with a minimum percentage of one percent (1%) and a maximum percentage of fifteen percent (15%). Except as provided in
Section 5(e), a Participant may participate only by way of payroll deductions.

	(b)
	A Participant may increase his or her participation level once during a Purchase Period. A Participant may increase his or her
participation level effective in a subsequent Purchase Period. In addition, a Participant may decrease (including a decrease to zero percent (0%)) his or her participation level no more than twice
during a Purchase Period (and the second decrease in participation level must be to zero percent (0%)). Any such change in participation level shall be made by delivering a notice to the Company or a
designated Related Corporation in such form as the Company provides prior to the ten (10) day period (or such shorter period of time as determined by the Company and communicated to
Participants) immediately preceding the payroll date for which it is to be effective. 

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	(c)
	A Participant may withdraw from an Offering and receive a refund of his or her Contributions (reduced to the extent, if any, such
Contributions have been used to acquire shares of Common Stock for the Participant on any prior Purchase Date) without interest, at any time prior to the end of the Offering, excluding only each ten
(10) day period immediately preceding a Purchase Date (or such shorter period of time determined by the Company and communicated to Participants), by delivering a withdrawal notice to the
Company or a designated Related Corporation in such form as the Company provides. A Participant who has withdrawn from an Offering shall not again participate in such Offering, but may participate in
subsequent Offerings under the Plan in accordance with the terms of the Plan and the terms of such subsequent Offerings.

	(d)
	Notwithstanding the foregoing or any other provision of this Offering document or of the Plan to the contrary, neither the enrollment
of any Eligible Employee in the Plan nor any forms relating to participation in the Plan shall be given effect until such time as a registration statement covering the shares reserved under the Plan
that are subject to the Offering has been filed by the Company and has become effective.

	(e)
	If the provisions of Section 5(d) are applicable, the Company shall establish such procedures as will enable the purposes of the
Plan to be satisfied while complying with applicable securities laws. Such procedures may include, for example, allowing Participants to participate other than by means of payroll deduction and/or
allowing Participants to increase their level of participation during a Purchase Period. Except as otherwise provided by the Company pursuant to the preceding sentence, for the initial Purchase Period
ending April 30, 2007, no payroll deductions shall be required from the Eligible Employee until such time as the Eligible Employee affirmatively elects to commence such payroll deductions
following the Eligible Employee's receipt of the Securities Act prospectus for the Plan. Each Eligible Employee shall automatically be enrolled in such initial Purchase Period with a contribution rate
equal to fifteen percent (15%) of Earnings and will have a limited opportunity to make all or part of the contributions in a lump sum payment prior to the end of the initial Purchase Period rather
than through payroll deductions. To the extent that the Eligible Employee's payroll deductions for such initial Purchase Period are less than fifteen percent (15%) of Earnings paid to the Eligible
Employee during such initial Purchase Period, the Eligible Employee may make an additional cash payment at any time on or prior to April 20, 2007 in order to fund the purchase of shares of
Common Stock purchased on behalf of the Eligible Employee on such initial Purchase Date. 

6.    PURCHASES.  

        Subject to the limitations contained herein, on each Purchase Date, each Participant's Contributions (without any increase for interest) shall be applied to the
purchase of whole shares, up to the maximum number of shares permitted under the Plan and the Offering. 

7.    NOTICES AND AGREEMENTS.  

        Any notices or agreements provided for in an Offering or the Plan shall be given in writing, in a form provided by the Company (including documents delivered in
electronic form, if authorized by the Committee), and unless specifically provided for in the Plan or this Offering, shall be deemed effectively given upon receipt or, in the case of notices and
agreements delivered by the Company, five (5) days after deposit in the United States mail, postage prepaid. 

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8.    EXERCISE CONTINGENT ON STOCKHOLDER APPROVAL.  

        The Purchase Rights granted under an Offering are subject to the approval of the Plan by the stockholders of the Company as required for the Plan to obtain
treatment as an Employee Stock Purchase Plan. 

9.    OFFERING SUBJECT TO PLAN.  

        Each Offering is subject to all the provisions of the Plan, and the provisions of the Plan are hereby made a part of the Offering. The Offering is further subject
to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of an
Offering and those of the Plan (including interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan), the provisions of the Plan
shall control. 

*
* * * 

5[*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

Exhibit 10.18  

EPO RECEPTOR LICENSE AGREEMENT  

        THIS AGREEMENT, effective this 5 day of September, 1996, between GENETICS INSTITUTE, INC., a corporation of the State of Delaware, with its principle place
of business at 87 CambridgePark Drive, Cambridge, Massachusetts, 02140, hereinafter referred to at "GI" and the licensee set out on the signature page below, hereinafter referred to as "LICENSEE", 

WITNESSETH
THAT: 

        WHEREAS,
GI represents that it is the assignee and/or exclusive licensee of, and has full right to sublicense Licensed Patent Rights as defined below, and 

        WHEREAS,
LICENSEE wishes to obtain a non-exclusive license under said Licensed Patent Rights in order to utilize materials and/or processes covered by Licensed Patent Rights
in its research and development activities, 

        NOW
THEREFORE, the parties agree as follows: 

ARTICLE I—DEFINITIONS  

	A.
	"Licensed
Patent Rights" means U.S. 5,278,065 and U.S. 5,378,808 as well as any or all reissue(s) thereof.

	B.
	"Effective
Date" means the date indicated above as the effective date of this Agreement.

	C.
	"Affiliate"
means any corporation, company, partnership, joint venture and/or firm which controls, is controlled by or is under common control with a party hereto. For purposes of this
definition, "control" shall mean (a) in the case of corporate entities, direct or indirect ownership of at least 50% of the securities of the corporation; and (b) in the case of
non-corporate entities, direct or indirect ownership of at least 50% of the equity 

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interest
in such entity or possession of at least 50% of the power to direct the management and policies of such non-corporate entities. 

	D.
	"Selling
Price" means the gross sales price for that quantity of product subject to fee hereunder billed by LICENSEE or an Affiliate to third parties, less (i) cash and trade
discounts and credits for returns and allowances; (ii) sales or other excise taxes or duties imposed upon and paid by LICENSEE or an Affiliate; and (iii) selling commissions paid by
LICENSEE or an Affiliate.

	E.
	"Licensed
Product" means a product identified as a commercial candidate directly or indirectly utilizing any material and/or process covered by Licensed Patent Rights, as well as any
derivative of such product.

	F.
	"Field"
means research and development utilizing materials and/or processes covered by Licensed Patent Rights; the Field shall not include the selling of products covered by Licensed
Patent Rights. 

ARTICLE II—PATENT LICENSE  

        As of the date of receipt by GI of the sum of twenty thousand U.S. dollars ($20,000) pursuant to Article III-A, GI hereby grants to LICENSEE
and its Affiliates a non-exclusive license under the Licensed Patent Rights in the Field. 

ARTICLE III—PAYMENTS AND REPORTS  

	A.
	Within
thirty (30) days after the Effective Date of this Agreement LICENSEE shall pay to GI twenty thousand U.S. dollars ($20,000) which shall not be returnable in any event but
shall constitute an advance payment to be applied against running fees owing to GI under paragraph B of this Article III.

	B.
	LICENSEE
shall pay to GI running fees which shall not be returnable in any event at the rate of [*] of the
Selling Price of all quantities of Licensed Product sold by LICENSEE and each Affiliate. 

[*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

2

 
	C.
	LICENSEE
shall pay to GI [*] U.S. dollars
($[*]) upon the start of [*] of each Licensed Product,
and an additional [*] U. S dollars ($[*]) upon the  [*] (or equivalent) [*]
 for each Licensed Product.

	D.
	In
the event that any quantity of the Licensed Product is sold by LICENSEE to an Affiliate, only one fee shall be paid to GI (in order that duplication of fees be avoided) and that fee
shall only be paid when Affiliate has sold the said quantity of the Licensed Product to a third party which is not an Affiliate of the Licensee.

	E.
	Until
such time as LICENSEE and Affiliate have sold all quantities of the Licensed Product, LICENSEE shall report in writing to GI within sixty (60) days after the end of each
calendar quarter beginning with the first sale of the Licensed Product, the quantities of Licensed Product that were sold by LICENSEE and Affiliate during said quarter and the calculation of fees
thereon. With said report LICENSEE shall pay to GI the total amount of the said fees that have not been paid in advance. Reports, notices and other communications to LICENSEE hereunder shall be sent
to: 

Legal
Department

Affymax Research Institute

4001 Miranda Avenue

Palo Alto, CA 94304

        and
to GI shall be sent to: 

GENETICS
INSTITUTE, INC.

87 CambridgePark Drive

Cambridge, Massachusetts 02140

Attn: Legal Department 

[*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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ARTICLE IV—RECORDS  

        LICENSEE shall keep, and require each Affiliate to keep, adequate records in sufficient detail to enable the fees due hereunder to be determined, and permit said
records to be inspected at any time during regular business hours, but not more than once annually, by an independent auditor, appointed and paid by GI for this purpose and not unacceptable to
LICENSEE, who shall report to GI only the amount of the royalties due hereunder. Nothing herein shall require LICENSEE or any Affiliate to retain such records longer that three (3) years after
the fees to which they relate are paid. 

ARTICLE V—TERMINATION  

	A.
	This
Agreement unless earlier terminated as hereinafter provided shall terminate with the last to expire of the Licensed Patent Rights.

	B.
	In
the event that any stipulation or provision of this Agreement is breached by LICENSEE or an Affiliate, GI, upon (60) days' advance written notice, may terminate this
Agreement and all rights granted hereunder. However, if such a breach is corrected within the sixty (60)-day period, this Agreement and the rights granted shall continue in force.

	C.
	Termination
of this Agreement shall not relieve LICENSEE or any Affiliate of any obligation hereunder to keep records, nor shall such termination relieve any obligations to make
payment of any sum due pursuant to Article III, or provide written reports with respect thereto. 

[*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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ARTICLE VI—INDEMNIFICATION  

        LICENSEE shall defend, indemnify and hold harmless GI and its Affiliates and their officers, directors and employees for any claim made for death, personal
injury, illness, property damage, intellectual property infringement, contract or other claim, or other injury or damage arising out of the actions hereunder of LICENSEE and its Affiliates hereunder
and their customers. 

ARTICLE VII—ASSIGNABILITY  

        Neither this Agreement nor the rights herein granted may be assigned by either party to any third party without the written consent of the other, which consent
shall not be unreasonably withheld; provided, however, this Agreement and the rights may be assigned by a party, without such written consent, to the successor of its entire business relating to the
subject matter of this Agreement. 

ARTICLE VIII—APPLICABLE LAW  

        This Agreement is acknowledged to have been made in and shall be construed in accordance with the laws of the State of Delaware. 

ARTICLE IX—MEDIATION  

        Any dispute between the parties that arises in connection with this Agreement will be resolved by mediation. Either party shall have the right to submit a
disputed issue to mediation by notifying the other party in writing. Within thirty (30) days of such notice, the parties shall exchange position papers setting forth the terms and conditions
each would accept as a resolution of the dispute and, based on the position papers, attempt in good faith to settle the dispute. If 

[*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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the
parties are unable to settle the dispute within sixty (60) days of such notice, the parties shall agree on an independent mediator. If the parties are unable to agree on a single mediator,
each party will name an independent mediator within ninety (90) days after such notice and the two named mediators will in turn name a third independent mediator within one hundred twenty
(120) days after such notice. Statements by the parties supporting their respective positions will be filed with the mediator(s) within thirty (30) days after the parties agree on a
single mediator or thirty (30) days after three mediators are named. The mediator(s) will issue a written decision within sixty (60) days thereafter setting the terms and conditions for
the resolution of the dispute. The mediator(s) will not be bound by the positions of the parties and may set terms and conditions which are deemed fair, equitable and consistent with industry practice
in comparable cases. Either party may request an oral hearing upon filing its statement which will take place at the direction of the mediator(s) within thirty (30) days thereafter. The parties
shall be bound by the decision of the mediators(s). 

        IN WITNESS WHEREOF, the parties have executed this Agreement and have entered the effective date on the first page hereof. 

	 	 	GENETICS INSTITUTE, INC.
	

 	
 	

By:	

/s/  THOMAS J. DESROSIER      
 Name: Thomas J. DesRosier

Title: Vice President and Chief Patent Counsel
	

 	
 	

AFFYMAX RESEARCH INSTITUTE
	

 	
 	

By:	

/s/  GORDON RINGOLD      
 Name: Gordon Ringold

Title: CEO

[*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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