Document:

Document

Exhibit 4.5

Execution Version 

Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type of information that the registrant treats as private or confidential. Double asterisks denote omissions.

INVESTMENT AGREEMENT

By and Between

VIFOR (INTERNATIONAL) LTD. AND
AKEBIA THERAPEUTICS, INC.

Dated as of February 18, 2022

TABLE OF CONTENTS

Page

ARTICLE I Definitions.    1
1.1.    Defined Terms    1
1.2.    Additional Defined Terms    3
ARTICLE II Purchase and Sale of Securities    4
2.1.    Purchase and Sale of Securities    4
ARTICLE III Closing; Deliveries.    4
3.1.    Closing    4
3.2.    Deliveries by the Company    4
3.3.    Deliveries by the Investor    4
ARTICLE IV Representations and Warranties of the Company.    4
4.1.    Organization, Corporate Power and Authority    5
4.2.    Authorization    5
4.3.    No Conflicts    5
4.4.    No Governmental Authority or Third Party Consents    5
4.5.    Capitalization    5
4.6.    Valid Issuance of Shares    6
4.7.    Company SEC Documents; Financial Statements    6
4.8.    Litigation.    7
4.9.    Investment Company    7
4.10.    No General Solicitation    7
ARTICLE V Representations and Warranties of the Investor.    7
5.1.    Organization; Good Standing    7
5.2.    Authorization    7
5.3.    No Conflicts    7
5.4.    No Governmental Authority or Third Party Consents    8
5.5.    Purchase Entirely for Own Account    8
5.6.    Disclosure of Information    8
5.7.    Investment Experience and Accredited Investor Status    8
5.8.    Acquiring Person    8
5.9.    Restricted Securities    8
5.10.    Legends    8

ARTICLE VI Additional Covenants and Agreements.    9
6.1.    Lock-Up    9
6.2.    Additional Agreements of Investor    9
6.3.    Form D; Blue Sky Filings    11
6.4.    Public Disclosure    11
6.5.    Rule 144    11
ARTICLE VII Miscellaneous.    11
7.1.    Governing Law; Submission to Jurisdiction    11
7.2.    Waiver    12
7.3.    Notices    12
7.4.    Specific Performance    13
7.5.    Entire Agreement    13
7.6.    Amendments    13
7.7.    Headings; Nouns and Pronouns; Section References    13
7.8.    Severability    13
7.9.    Assignment    14
7.10.    Successors and Assigns    14
7.11.    Counterparts    14
7.12.    Third Party Beneficiaries    14
7.13.    No Strict Construction    14
7.14.    Survival of Warranties    14
7.15.    Remedies    14
7.16.    Expenses    14
7.17.    Term    14
Exhibit A – Form of Opinion of Counsel Exhibit B – Form of Officer’s Certificate

INVESTMENT AGREEMENT

THIS INVESTMENT AGREEMENT (this “Agreement”) is dated as of February 18, 2022, by and between Vifor (International) Ltd. (together with its permitted successors and assigns, the “Investor”), a corporation established in accordance with Swiss laws and registered in the commercial registry under CH-107.360.718, with its premises at Rechenstrasse 37, 9014 St. Gallen, Switzerland, and Akebia Therapeutics, Inc. (together with its permitted successors and assigns, the “Company”), a Delaware corporation, with its principal place of business at 245 First Street, Cambridge, Massachusetts 02142.

WHEREAS, pursuant to the terms and subject to the conditions set forth in this Agreement, the Company desires to issue and sell to the Investor, and the Investor desires to subscribe for and purchase from the Company, certain shares of common stock, par value
$0.00001 per share, of the Company (the “Common Stock”); and

WHEREAS, in partial consideration for the Investor’s willingness to enter into this Agreement, the Company and Investor are entering into the License Agreement;

NOW, THEREFORE, in consideration of the following mutual promises and obligations, and for good and valuable consideration, the adequacy and sufficiency of which are hereby acknowledged, the Investor and the Company agree as follows:

ARTICLE I
Definitions.

1.1.    Defined Terms. Capitalized terms used herein but not defined shall have the respective meanings ascribed to them in the License Agreement. When used in this Agreement, the following terms shall have the respective meanings specified therefor below:

“Affiliate” shall mean, with respect to any Person, another Person that controls, is controlled by, controlling or is under common control with such Person, with “control” meaning direct or indirect Beneficial Ownership of at least 50% of the voting stock of, or at least a 50% interest in the income of, the applicable entity. Notwithstanding the foregoing, “Affiliates” will not include with respect to the Investor, FMC, FMCNA or any member of the Licensee Supply Group.

“Agreement” shall have the meaning set forth in the Preamble, including all Exhibits attached hereto.

“Beneficial Ownership” shall mean, with respect to any security, the ownership of such security by any “beneficial owner,” as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that, in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities (including derivative securities, whether such securities are settled in cash or stock), whether such right is currently exercisable or is exercisable only after

the passage of time. The terms “Beneficially Own,” “Beneficially Owned” and “Beneficial Owner” shall have correlative meaning.

“Business Day” shall mean any day (other than a Saturday or Sunday) on which the banks in both Cambridge, Massachusetts and Zurich, Switzerland are open for business.

“Company SEC Documents” shall mean, for the year in which the Closing occurs
(i)    the most recently filed Annual Report on Form 10-K, (ii) any Current Reports on Form 8-K filed by the Company with the SEC since the first day of the then-current fiscal year, (iii) the Quarterly Reports on Form 10-Q filed by the Company with the SEC since the filing date of the Form 10-K referred to above, (iv) the Company’s most recently filed definitive proxy statement for the annual meeting of stockholders, and (v) all other statements, reports, schedules, forms and other documents filed by the Company with the SEC since the last day of the prior fiscal year, and all amendments thereto.

“DOJ” shall mean the U.S. Department of Justice. “FTC” shall mean the U.S. Federal Trade Commission.
“Governmental Authority” shall mean any court, agency, department, authority or other instrumentality of any national, state, county, city or other political subdivision.

“Law” or “Laws” shall mean any applicable law (including common law), statute, rule, regulation, order, judgment or ordinance of any Governmental Authority, including those concerning environmental, health, regulatory and safety matters.

“License Agreement” shall mean the Second Amended and Restated License Agreement, of even date herewith, between the Investor and the Company.

“Lock-Up Period” shall mean the period beginning on the date of this Agreement and extending until the earliest of (i) [**] and (ii) [**].

“Material Adverse Effect” means any change, event or occurrence that has had or is reasonably likely to have (i) a material adverse effect on the business, condition (financial or other), assets, liabilities or results of operations of the Company and its subsidiaries, taken as a whole, or (ii) a material adverse effect on the Company’s ability to timely perform its obligations under, or timely consummate the Transaction, except to the extent that any such change, event or occurrence results from or arises out of changes occurring in general legal, regulatory, political, economic or business conditions or changes in GAAP or interpretations thereof occurring after such date that, in each case, generally affect the biotechnology or biopharmaceutical industries and have not had or would not be reasonably likely to have a disproportionate effect on the Company and its subsidiaries compared to other participants in the biotechnology or biopharmaceutical industries.

“Nasdaq” shall mean The Nasdaq Global Market LLC.

“Organizational Documents” shall mean (i) the Ninth Amended and Restated Certificate of Incorporation of the Company, as amended through the date of this Agreement and

(ii)    the Amended and Restated Bylaws of the Company, as amended through the date of this Agreement.

“Person” shall mean any individual, partnership, limited liability company, firm, corporation, trust, joint venture, unincorporated organization, Governmental Authority or other entity, as well as any “group” within the meaning of Rule 13d-5 of the Exchange Act.

“Price Per Share” shall equal $5.00.

“Public Offering” shall mean a public offering and sale of Common Stock pursuant to an effective registration statement under the Securities Act.

“Sale Transaction” shall mean a transaction between the Company and a Third Party (i) involving the direct or indirect acquisition by such Third Party of [**]% or more of the Company’s outstanding shares of Common Stock or consolidated assets (including assets held by subsidiaries), excluding a transaction in which (a) [**] or (b) [**], or (ii) involving the sale of substantially all of the Company’s rights with respect to vadadustat.

“SEC” shall mean the United States Securities and Exchange Commission. “Securities Act” shall mean the Securities Act of 1933, as amended.
“Third Party” shall mean any Person, other than a Governmental Authority, the Investor, the Company or any Affiliate of the Investor or the Company.

“Transaction” shall mean the issuance and sale of the Shares by the Company, and the purchase of the Shares by the Investor at the Closing.

1.2.    Additional Defined Terms. In addition to the terms defined in Section 1.1, the following terms shall have the respective meanings assigned thereto in the sections indicated below:

Defined Term    Section
Common Stock    Recitals
Company    Preamble
Exchange Act    Section 4.7(a)
Closing    Section 2.1
Closing Date    Section 3.1
GAAP    Section 4.7(b)
Investor    Preamble
Irrevocable Proxy    Section 6.2(b)(ii)
Modified Clause    Section 7.8
Rule 144    Section 5.9
Shares    Section 2.1

ARTICLE II
Purchase and Sale of Securities

2.1.    Purchase and Sale of Securities. Subject to the terms and conditions of this Agreement, at the closing (the “Closing”) the Company shall issue and sell to the Investor, free and clear of all liens, other than any liens arising as a result of any action by the Investor, and the Investor shall purchase from the Company, 4,000,000 shares of Common Stock (the “Shares”) at the Price Per Share, representing an aggregate purchase price of U.S. $20,000,000 (the “Purchase Price”).

ARTICLE III
Closing; Deliveries.

3.1.    Closing. The Closing shall take place by electronic exchange of documents upon execution by all parties of this Agreement (the date of such Closing, the “Closing Date”).

3.2.    Deliveries by the Company. At the Closing, immediately following the execution of this Agreement and delivery of the Purchase Price by the Investor to Company in accordance with Section 3.3, the Company shall deliver to the Investor the Shares, registered in the name of the Investor, by instructing its transfer agent to register such issuance in book-entry form at the time of issuance and by causing its transfer agent to deliver a statement evidencing such issuance as soon as practicable following the Closing. The Company shall also deliver at the Closing: (i) a certificate of the Secretary of the Company dated as of the Closing Date certifying (A) that attached thereto is a true and complete copy of the Amended and Restated Bylaws of the Company as in effect at the time of the actions by the Board of Directors of the Company referred to in clause
(B) below, and on the Closing Date; (B) that attached thereto is a true and complete copy of all resolutions adopted by the Board of Directors of the Company authorizing the execution, delivery and performance of this Agreement and the Transaction and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions contemplated hereby as of the Closing Date; (C) that attached thereto is a true and complete copy of the Company’s Ninth Amended Restated Certificate of Incorporation, as amended, as in effect at the time of the actions by the Board of Directors of the Company referred to in clause (B) above, and on the Closing Date; and (D) as to the incumbency and specimen signature of any officer of the Company executing this Agreement on behalf of the Company, (ii) an opinion of counsel to the Company substantially in the form attached hereto as Exhibit A and (iii) a certificate of the Chief Executive Officer of the Company substantially in the form attached hereto as Exhibit B.

3.3.    Deliveries by the Investor. At the Closing, the Investor shall deliver, or cause to be delivered, to the Company the Purchase Price by wire transfer of immediately available United States funds to an account designated by the Company. The Company shall notify the Investor in writing of the wiring instructions for such account not less than [**] before the Closing Date.

ARTICLE IV
Representations and Warranties of the Company.

The Company hereby represents and warrants to the Investor as of the date of this Agreement that:

4.1.    Organization, Corporate Power and Authority. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. The Company has all requisite corporate power and corporate authority to own, lease and operate its properties and assets, to carry on its business as described in the Company SEC Documents and as contemplated to be conducted by this Agreement. The Company has and will have all requisite power and corporate authority to enter into this Agreement and to perform its obligations under and to carry out the Transaction.

4.2.    Authorization.

(a)    All requisite corporate action required by applicable Law for the authorization, execution and delivery by the Company of this Agreement, and the performance of all obligations of the Company hereunder and thereunder, including the authorization, issuance and delivery of the Closing Shares, has been taken.

(b)    This Agreement has been duly executed and delivered by the Company and, upon the due execution and delivery thereof by the Investor, will constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms (except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other Laws of general application relating to or affecting enforcement of creditors’ rights and (ii) rules of Law governing specific performance, injunctive relief or other equitable remedies and limitations of public policy).

4.3.    No Conflicts. The execution, delivery and performance of this Agreement, and compliance with the provisions hereof by the Company do not and shall not: (a) violate any provision of applicable Law or any ruling, writ, injunction, order, permit, judgment or decree of any Governmental Authority, (b) constitute a breach of, or default under (or an event which, with notice or lapse of time or both, would become a default under) or conflict with, or give rise to any right of termination, cancellation or acceleration of, any agreement, arrangement or instrument, whether written or oral, by which the Company is bound or (c) violate or conflict with any of the provisions of the Company’s Organizational Documents, except in each case as would not have a Material Adverse Effect.

4.4.    No Governmental Authority or Third Party Consents. No consent, approval, authorization or other order of or filing with any Governmental Authority is required to be obtained by the Company in connection with the authorization, execution and delivery of this Agreement or with the issuance and sale of the Shares at the Closing, except the filing of a Current Report on Form 8-K and a Notice of Sale of Securities on Form D with the Securities and Exchange Commission to the extent required by applicable Law.

4.5.    Capitalization. The authorized capitalization of the Company consists of 350,000,000 shares of Common Stock, of which 174,551,989 shares were issued and outstanding as of September 30, 2021, and 25,000,000 shares of preferred stock, $0.00001 par value, of which no shares are issued and outstanding. The sale and issuance of the Shares will not obligate the Company to issue shares of Common Stock or other securities to any other person and will not result in a right of any holder of securities issued by the Company to adjust the exercise,

conversion, or exchange price or ratio under any such securities. Other than as set forth in the Company SEC Documents, the Company is not a party to any stockholders, voting or similar agreement with any other person.

4.6.    Valid Issuance of Shares. When issued and delivered in accordance with the terms hereof against payment therefor, the Shares shall be validly issued, fully paid and nonassessable, free from any liens, encumbrances or restrictions on transfer, including preemptive rights, rights of first refusal or other similar rights, other than as arising pursuant to this Agreement, as a result of any action by the Investor or under federal or state securities Laws. Assuming the accuracy of the representations and warranties of the Investor in this Agreement, the Shares will be issued in compliance with all applicable federal and state securities Laws.

4.7.    Company SEC Documents; Financial Statements.

(a)    During the one year preceding the date of this Agreement, the Company has filed all required reports, schedules, forms, statements and other documents (including exhibits and all other information incorporated therein), and any required amendments to any of the foregoing, with the SEC. As of their respective filing dates (or date of amendment, if amended), each of the Company SEC Documents (i) complied as to form in all material respects with the requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (as the case may be), and the rules and regulations of the SEC promulgated thereunder applicable to such Company SEC Documents, and (ii) contained no untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

(b)    When filed, the financial statements of the Company included in its most recently filed Annual Report on Form 10-K and in its most recently filed quarterly report on Form 10-Q, complied as to form in all material respects with the published rules and regulations of the SEC applicable with respect thereto, were prepared in accordance with United States generally accepted accounting principles (“GAAP”) applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited financial statements, as permitted by Form 10-Q, Form 8-K or any successor form under the Exchange Act, and except that the unaudited financial statements may not contain footnotes and are subject to normal and recurring year-end adjustments that will not, individually or in the aggregate, be material in amount) and fairly present in all material respects the financial position of the Company and its consolidated subsidiaries as of the dates thereof and the results of its operations and cash flows for the periods then ended.

(c)    From January 1, 2021 to the date hereof, (i) there have been no events, occurrences or developments that have had or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect and (ii) the Company has not incurred any liabilities other than (A) trade payables, accrued expenses and other liabilities incurred in the ordinary course of business consistent with past practice, (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (C) liabilities to the Investor or its Affiliates and (D) liabilities that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

4.8.    Litigation. There is no action, suit, proceeding or investigation pending, or to the knowledge of the Company, threatened which (i) would reasonably be expected to materially adversely affect or successfully challenge the legality, validity or enforceability of this Agreement or (ii) except as specifically disclosed in the Company SEC Documents, would, if there were an unfavorable decision, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. Except as disclosed in the Company SEC Documents, neither the Company nor, to the knowledge of the Company, any director or officer thereof is or has been since January 1, 2020 the subject of any action, suit, proceeding or investigation involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty relating to actions taken at the Company.

4.9.    Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

4.10.    No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Shares by any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act). The Company has offered the Shares for sale only to the Investor.

ARTICLE V
Representations and Warranties of the Investor.

The Investor hereby represents and warrants to the Company as of the date of this Agreement that:

5.1.    Organization; Good Standing. The Investor is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of formation. The Investor has and will have all requisite power and authority to enter into this Agreement and to perform its obligations under and to carry out the Transaction.

5.2.    Authorization. All requisite action required by applicable Law for the authorization, execution and delivery by the Investor of this Agreement, and the performance of all of its obligations hereunder, including the subscription for and purchase of the Shares, has been taken. This Agreement has been duly executed and delivered by the Investor and, upon the due execution and delivery thereof by the Company, will constitute a valid and legally binding obligation of the Investor, enforceable against the Investor in accordance with its terms (except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other Laws of general application relating to or affecting enforcement of creditors’ rights and (b) rules of Law governing specific performance, injunctive relief or other equitable remedies and limitations of public policy).

5.3.    No Conflicts. The execution, delivery and performance of this Agreement and compliance with the provisions thereof by the Investor do not and shall not: (a) violate any provision of applicable Law or any ruling, writ, injunction, order, permit, judgment or decree of any Governmental Authority, (b) constitute a breach of, or default under (or an event which, with notice or lapse of time or both, would become a default under) or conflict with, or give rise to any

right of termination, cancellation or acceleration of, any agreement, arrangement or instrument, whether written or oral, by which the Investor is bound, or (c) violate or conflict with any of the provisions of the Investor’s organizational documents (including any articles or memoranda of organization or association, charter, bylaws or similar documents), except as would not have a material adverse effect on the Investor’s ability to perform its obligations or consummate the Transaction in accordance with the terms of this Agreement.

5.4.    No Governmental Authority or Third Party Consents. No consent, approval, authorization or other order of any Governmental Authority or other Third Party is required to be obtained by the Investor in connection with the authorization, execution and delivery this Agreement or with the subscription for and purchase of the Shares.

5.5.    Purchase Entirely for Own Account. The Shares shall be acquired for investment for the Investor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and the Investor has no, and will have no, intention of selling, granting any participation or otherwise distributing the Shares. The Investor does not have and will not have as of the Closing any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participation to a Person any of the Shares.

5.6.    Disclosure of Information. The Investor has received all the information from the Company and its management that the Investor considers necessary or appropriate for deciding whether to purchase the Shares hereunder. The Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the Company, its financial condition, results of operations and prospects and the terms and conditions of the offering of the Shares sufficient to enable it to evaluate its investment.

5.7.    Investment Experience and Accredited Investor Status. The Investor is an “accredited investor” (as defined in Regulation D under the Securities Act). The Investor has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares to be purchased hereunder.

5.8.    Acquiring Person. The Investor and its Affiliates collectively Beneficially Own 3,571,429 shares of the Common Stock, which amount does not include any securities that may be owned by employee benefit plans of the Investor or any of its Affiliates.

5.9.    Restricted Securities. The Investor understands that the Shares, when issued, shall be “restricted securities” under the federal securities Laws inasmuch as they are being acquired from the Company in a transaction not involving a Public Offering and that under such Laws the Shares may be resold without registration under the Securities Act only in certain limited circumstances. The Investor represents that it is familiar with Rule 144 of the Securities Act (“Rule 144”), as presently in effect.

5.10.    Legends. The Investor understands that any certificates representing the Shares shall bear the following legends:

(a)    “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED

OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE REASONABLY SATISFACTORY TO THE COMPANY) THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF THE SECURITIES ACT.”; and

(b)    “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AND SHALL BE TRANSFERABLE ONLY UPON THE TERMS AND CONDITIONS OF AN INVESTMENT AGREEMENT DATED AS OF FEBRUARY 18, 2022, BY AND BETWEEN AKEBIA THERAPEUTICS, INC. AND VIFOR (INTERNATIONAL) LTD., A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF AKEBIA THERAPEUTICS, INC.”

ARTICLE VI
Additional Covenants and Agreements.

6.1.    Lock-Up.

(a)    During the Lock-Up Period, except in the case of a transfer to an Affiliate that agrees to bound by the same restrictions as the Investor described in this ARTICLE VI, the Investor shall not (i) transfer, offer, pledge, sell, contract to sell, or otherwise dispose of, directly or indirectly any option or contract to purchase, purchase any option or contract to sell, or otherwise dispose of, directly or indirectly any of the Shares, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Shares, whether any such transaction is to be settled by delivery of securities, cash or otherwise. For the avoidance of doubt, the restrictions described in clauses (i) and (ii) shall not apply to any shares of Common Stock or any securities convertible into, exercisable for, or exchangeable for shares of Common Stock Beneficially Owned by the Investor or its Affiliates immediately prior to the Closing.

(b)    Following the expiration of the Lock-Up Period, the Investor may transfer any Shares only as follows: (i) in a Public Offering, (ii) in accordance with Rule 144 (including the volume limitations contained in clause (e) thereof, regardless of whether such limitations would then be applicable to any such transfer), (iii) pursuant to a tender offer initiated by the Company,
(iv) in a privately negotiated transaction (other than [**]) so long as the transferee agrees to be bound by the same restrictions as the Investor described in this ARTICLE VI or (v) in any transaction between the Company and a Third Party (including a third party tender offer or other business combination transaction) which has been approved by the Company’s Board of Directors.

6.2.    Additional Agreements of Investor.

(a)    Standstill. Except in connection with the acquisition of Shares by the Investor pursuant to the terms of this Agreement, the Investor shall not, without the written consent of the Company, acquire directly or indirectly, in a public or private transaction, including by purchase in the open market, any Common Stock if the Investor’s Beneficial Ownership of the Common Stock would thereafter exceed [**] percent ([**]%). In addition, unless approved in advance in writing by the Company, the Investor agrees that it will not, directly or indirectly:

(i)    Make any statement or proposal to the Company (other than a non-public statement or proposal delivered directly to the Chief Executive Officer or Chairman of the Board of Directors) or to any of the Company’s stockholders regarding, or make any public announcement, proposal or offer (including an “solicitation” of “proxies” as such terms are defined or used in Regulation 14A of the Exchange Act) with respect to, or otherwise solicit, seek or offer to effect (including, for the avoidance of doubt, indirectly by means of communication with the press or media) (A) any business combination, merger, tender offer, exchange offer or similar transaction in the Company, (B) any restructuring, recapitalization, liquidation or similar transaction involving the Company, (C) any acquisition of any of the Company’s equity securities or assets or rights or options to acquire equity securities or assets, (D) any proposal to seek representation on the Board of Directors of the Company or otherwise seek to control or influence the management, Board of Directors or policies of the Company or (E) any proposal, arrangement or other statement that is inconsistent with this Section 6.2;

(ii)    Instigate, encourage or assist any Third Party (including forming a “group” with any such third party) to do, or enter into any discussions or agreements with any Third Party with respect to, any of the actions set forth in clause (i) above; or

(iii)    Take any action which would reasonably be expected to require the Company or any of is Affiliates to make a public announcement regarding any of the actions set forth in clause (i) above.

Notwithstanding the foregoing provisions, the restrictions set forth in this Section 6.2(a) shall terminate and be of no further force and effect (x) if [**], provided that the provisions of this Section 6.2(a) shall be revived if [**]; (y) upon [**]; or (z) so long as the Investor’s Beneficial Ownership remains less than [**] percent ([**]%) of the Company’s Common Stock, provided that the provisions of this Section 6.2(a) shall be revived at any time when the Investor’s Beneficial Ownership equals [**] percent ([**]%) or more of the Company’s Common Stock.

(b)    Voting Agreements.

(i)    Until the later of (x) [**], Investor shall either (A) vote (or cause to be voted) all of the shares of Common Stock it Beneficially Owns at meetings of the Company’s stockholders, (1) as recommended by the Company in its definitive proxy statement or (2) in the same proportion as votes cast by the stockholders of the Company with respect to the applicable matter (such proportion determined without inclusion of the votes cast by Investor) on any matter presented for approval by the Company’s stockholders or (B) [**]. Any such vote shall be cast by Investor in accordance with such procedures relating thereto so as to ensure that it is duly counted, including for purposes of determining that a quorum is present and for purposes of recording the results of such vote.

(ii)    Until the expiration of the period described in the foregoing clause (i), Investor appoints [**] of the Company, or their respective designees, and each of them individually, its proxy and attorneys-in-fact, with full power of substitution and resubstitution (the “Irrevocable Proxy”) to vote the shares of Common Stock as recommended by the Company in its definitive proxy statement. Investor shall take such further action or execute such other instruments as may be necessary to effectuate the intent of this proxy. This proxy and power of

attorney shall be irrevocable during the term of this Agreement, and shall revoke any and all prior proxies granted by Investor with respect to the Shares. The proxy and power of attorney granted hereunder shall terminate upon the termination of the voting agreements in Section 6.2(b)(i).

Notwithstanding the foregoing, the Irrevocable Proxy shall be effective if, at any annual or special meeting of stockholders of the Company and at any adjournments or postponements of any such meeting, the Investor (A) fails to appear or otherwise fails to cause the Shares to be counted as present for purposes for calculating a quorum, or (B) fails to vote such Shares in accordance with this Section 6.2, in each case, at least [**] prior to the date of such stockholders’ meeting.

(c)    Information Black Outs. From time to time, material non-public information (including information the Company has designated as material and non-public) regarding the Company may be available to Investor but not publicly disclosed. While in possession of such material non-public information and until, (i) the second trading day following the date on which the material non-public information has been publicly disclosed or (ii) the Company notifies the Investor that the information is no longer material (which it shall do promptly after it has made such determination), Investor shall not effect any sales of Common Stock on Nasdaq, regardless of whether the standstill provisions of Section 6.2(a) are then currently in effect or the Lock-Up Period has then expired.

6.3.    Form D; Blue Sky Filings. If an offering hereunder qualifies under Regulation D, the Company agrees to timely file a Form D with respect to the Shares as required under Regulation D and to provide a copy thereof, promptly upon request of the Investor. If an offering hereunder does not qualify under Regulation D, the Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Shares for, sale to the Investor at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of the Investor.

6.4.    Public Disclosure. The parties hereto agree that the provisions of Section 14.3 of the License Agreement shall be applicable to the parties to this Agreement with respect to any public disclosures regarding the Transaction or regarding the parties hereto or their Affiliates (it being understood that the provisions of Section 14.3 of the License Agreement shall be read to apply to disclosures of information relating to this Agreement and the Transaction).

6.5.    Rule 144. The Company shall use its reasonable best efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act (and, if at any time the Company is not required to file such reports, the Company will, upon the request of the Investor, make available such information necessary to permit sales pursuant to Rule 144).

ARTICLE VII
Miscellaneous.

7.1.    Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware, without regard to the conflict of laws principles thereof that would require the application of the Law of any other jurisdiction.

Any action brought, arising out of, or relating to this Agreement shall be brought in the Court of Chancery of the State of Delaware. Each party hereby irrevocably submits to the exclusive jurisdiction of said Court in respect of any claim relating to the validity, interpretation and enforcement of this Agreement, and hereby waives, and agrees not to assert, as a defense in any action, suit or proceeding in which any such claim is made that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts, or that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by such courts. The parties hereby consent to and grant the Court of Chancery of the State of Delaware jurisdiction over such parties and over the subject matter of any such claim and agree that mailing of process or other papers in connection with any such action, suit or proceeding in the manner provided in Section 7.3 or in such other manner as may be permitted by Law, shall be valid and sufficient thereof.

7.2.    Waiver. Waiver by a party of a breach hereunder by the other party shall not be construed as a waiver of any subsequent breach of the same or any other provision. No delay or omission by a party in exercising or availing itself of any right, power or privilege hereunder shall preclude the later exercise of any such right, power or privilege by such party. No waiver shall be effective unless made in writing with specific reference to the relevant provision(s) of this Agreement and signed by a duly authorized representative of the party granting the waiver.

7.3.    Notices. All notices, instructions and other communications hereunder or in connection herewith shall be in writing, shall be sent to the address of the relevant party set forth below and shall be (a) delivered personally, (b) sent by registered or certified mail, return receipt requested, postage prepaid, (c) sent via a reputable nationwide overnight courier service or (d) sent by facsimile transmission or electronic mail, with a confirmation copy to be sent by registered or certified mail, return receipt requested, postage prepaid. Any such notice, instruction or communication shall be deemed to have been delivered upon receipt if delivered by hand, three (3) Business Days after it is sent by registered or certified mail, return receipt requested, postage prepaid, one (1) Business Day after it is sent via a reputable nationwide overnight courier service or when transmitted with electronic confirmation of receipt, if transmitted by facsimile or electronic mail (if such transmission is made during regular business hours of the recipient on a Business Day; or otherwise, on the next Business Day following such transmission). Either party may change its address by giving notice to the other party in the manner provided above.

If to the Investor:

Vifor Pharma
Flughofstrasse 61, 8152 Glattbrugg, Switzerland Facsimile: [**]
Attention: [**]

With a copy to: [**] E-Mail: [**]

If to the Company:

Akebia Therapeutics, Inc.

245 First Street
Cambridge, MA 02142 Facsimile: [**] Attention: [**]

with a copy to:

Ropes & Gray LLP Prudential Tower 800 Boylston Street
Boston, MA 02199 Attention: [**]
E-Mail:    [**]

7.4.    Specific Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the specific terms hereof or were otherwise breached. It is accordingly agreed that the parties shall be entitled, without posting a bond or similar indemnity, to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition to any other remedy to which it is entitled at law or in equity. Each of the Company and the Investor agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief when expressly available pursuant to the terms of this Agreement on the basis that the other party has an adequate remedy at law or an award of specific performance is not an appropriate remedy for any reason at law or equity.

7.5.    Entire Agreement. This Agreement contains the entire agreement among the parties with respect to the subject matter hereof and thereof and supersedes all prior and contemporaneous arrangements or understandings, whether written or oral, with respect hereto and thereto.

7.6.    Amendments. No provision in this Agreement shall be supplemented, deleted or amended except in a writing executed by an authorized representative of each of the Investor and the Company.

7.7.    Headings; Nouns and Pronouns; Section References. Headings in this Agreement are for convenience of reference only and shall not be considered in construing this Agreement. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of names and pronouns shall include the plural and vice-versa. References in this Agreement to a section or subsection shall be deemed to refer to a section or subsection of this Agreement unless otherwise expressly stated.

7.8.    Severability. If, under applicable Laws, any provision hereof is invalid or unenforceable, or otherwise directly or indirectly affects the validity of any other material provision(s) of this Agreement in any jurisdiction (“Modified Clause”), then this Agreement shall endure and that the Modified Clause shall be enforced in such jurisdiction to the maximum extent permitted under applicable Laws in such jurisdiction; provided that the parties shall consult and use all reasonable efforts to agree upon, and hereby consent to, any valid and enforceable

modification of this Agreement as may be necessary to avoid any unjust enrichment of either party and to match the intent of this Agreement as closely as possible, including the economic benefits and rights contemplated herein.

7.9.    Assignment. Except for an assignment of this Agreement or any rights hereunder by the Investor to an Affiliate or by the Company to a successor or direct or indirect parent company in connection with a transaction that does not give rise to a termination of this Agreement, neither this Agreement nor any of the rights or obligations hereunder may be assigned by either the Investor or the Company without (a) the prior written consent of Company in the case of any assignment by the Investor or (b) the prior written consent of the Investor in the case of an assignment by the Company.

7.10.    Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

7.11.    Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument.

7.12.    Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable by any Third Party, including any creditor of any party hereto. No Third Party shall obtain any right under any provision of this Agreement or shall by reason of any such provision make any claim in respect of any debt, liability or obligation (or otherwise) against any party hereto.

7.13.    No Strict Construction. This Agreement has been prepared jointly and will not be construed against either party.

7.14.    Survival of Warranties. The representations and warranties of the Company and the Investor contained in this Agreement shall survive the Closing and expire on the [**] of the effective date of this Agreement.

7.15.    Remedies. The rights, powers and remedies of the parties under this Agreement are cumulative and not exclusive of any other right, power or remedy which such parties may have under any other agreement or Law. No single or partial assertion or exercise of any right, power or remedy of a party hereunder shall preclude any other or further assertion or exercise thereof.

7.16.    Expenses. Each party shall pay its own fees and expenses in connection with the preparation, negotiation, execution and delivery of this Agreement and the Transaction.

7.17.    Term. If not earlier terminated by mutual written consent of the Company and the Investor, the obligations set forth in this Agreement shall expire at such times as set forth herein.

(Signature Page Follows)

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

VIFOR (INTERNATIONAL) LTD.

By: /s/ Abbas Hussain     Name: Abbas Hussain
Title: Chief Executive Officer

By:/s/ Christoph Springer     Name: Dr. Christoph Springer

Title: Chief Strategy Officer

AKEBIA THERAPEUTICS, INC.

By:/s/ John P. Butler     Name: John P. Butler
Title: President and Chief Executive Officer

/s/ Dr. Oliver P. Kronenberg
Approved by Legal: Dr. Oliver P. Kronenberg 18-Feb-22

[Signature Page to Investment Agreement]Document

Exhibit 10.10
FIRST AMENDMENT TO LEASE
THIS FIRST AMENDMENT TO LEASE (this “First Amendment”) is made as of February 24, 2022 (the “Effective Date”), by and between CLPF ONE MARINA PARK DRIVE LLC (successor-in-interest to Fallon Cornerstone One MPD LLC), a Delaware limited liability company (“Landlord”), and AKEBIA THERAPEUTICS, INC. (successor-in-interest to Keryx Biopharmaceuticals, Inc.), a Delaware corporation (“Tenant”) for certain premises located in the building at One Marina Park Drive, Boston, Massachusetts (the “Building”).
        RECITALS
A.    Landlord and Tenant are parties to that certain One Marina Park Drive Office Lease dated as of April 29, 2015, as affected by that certain Assignment and Assumption Agreement of even date herewith (the “Lease”), for certain premises consisting of approximately 27,323 rentable square feet (the “Premises”) on the entire twelfth (12th) floor of the Building.
B.    Landlord and Tenant wish to enter into this First Amendment to (i) extend the term of the Lease, and (ii) amend certain other terms and conditions of the Lease as hereinafter set forth.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:
1.Capitalized Terms. All of the foregoing recitals are true and correct.  Unless otherwise defined herein, all capitalized terms used in this First Amendment shall have the meanings ascribed to them in the Lease, and all references herein or in the Lease to the “Lease” or “this Lease” or “herein” or “hereunder” or similar terms or to any section thereof shall mean the Lease, or such section thereof, as amended by this First Amendment.
2.Extension of Term. The Term of the Lease, which but for this First Amendment is scheduled to expire on February 28, 2023, is hereby extended for an additional period (the “Extension Term”) of eight (8) years and five (5) months, commencing on March 1, 2023 (the “Extension Term Commencement Date”) and expiring on July 31, 2031 (the “Extension Term Expiration Date”).  The Extension Term shall be upon all of the terms and conditions of the Lease, except as otherwise expressly modified or amended by this First Amendment and except that (i) the Allowance shall not be applicable to (or payable by Landlord) with respect to the Extension Term, and (ii) during the Extension Term, the new rentable square footage of the Premises is amended to be 27,924 rentable square feet.  As of the Effective Date, “Term” or “Term of this Lease”, as used in the Lease, shall be deemed to refer to the Term of the Lease, as herein extended for the Extension Term.
3.Monthly Base Rent. Commencing on August 1, 2023 (the “Extension Term Rent Commencement Date”) and thereafter during the Extension Term, Tenant shall pay Monthly Base Rent in accordance with the following schedule:
 
1

												
	Time Period	Annual Base Rent Per Square Foot	Annual Base Rent	Monthly Base Rent
	August 1, 2023 – July 31, 2024	$86.00	$2,401,464.00	$200,122.00
	August 1, 2024 – July 31, 2025	$87.72	$2,449,493.28	$204,124.44
	August 1, 2025 – July 31, 2026	$89.47	$2,498,483.15	$208,206.93
	August 1, 2026 – July 31, 2027	$91.26	$2,548,452.81	$212,371.07
	August 1, 2027 – July 31, 2028	$93.09	$2,599,421.86	$216,618.49
	August 1, 2028 – July 31, 2029	$94.95	$2,651,410.30	$220,950.86
	August 1, 2029 – July 31, 2030	$96.85	$2,704,438.51	$225,369.88
	August 1, 2030 – July 31, 2031	$98.79	$2,758,527.28	$229,877.27

4.Additional Rent; Utilities.  
(a)    During the Extension Term, Tenant shall continue to pay Additional Rent and other charges, including the Escalation Increase except that effective as of the Extension Term Commencement Date, (i) the “Base Year” for the Extension Term shall be amended to the calendar year 2023 for Operating Expenses and fiscal year 2024 for Taxes, and (ii) the Tenant’s Pro Rata Share is hereby amended to 5.929% (27,924/470,949).
    (b)    Tenant shall continue to pay for all utilities serving the Premises which are separately metered and not otherwise provided by Landlord under the Lease, pursuant to Sections 7(D) and 7(E) of the Lease.
5.Condition of Premises; Extension Term Improvements.  Tenant is in possession of the Premises and has accepted the Premises in their as-is condition without any obligation on Landlord’s part to perform any additions, alterations, improvements, demolition or other work therein or pertaining thereto, or to provide any construction or other allowances as set forth in the Lease.  Notwithstanding the foregoing, Landlord hereby agrees to provide Tenant an allowance not to exceed One Million Nine Hundred Fifty-Four Thousand Six Hundred Eighty and 00/100 Dollars ($1,954,680.00) (which is equal to $70.00 per rentable square foot of the Premises) (the 
2

“Extension Term Allowance”) in connection with the Extension Term Improvements (as hereinafter defined) as more specifically described in the work letter and specifications attached hereto as Exhibit A (the “Work Letter”).  Tenant acknowledges and agrees that Landlord shall have no obligation to pay or fund any unfunded portion of the Extension Term Allowance in the event that the Extension Term Allowance has not been requisitioned by Tenant within eighteen (18) months following the Extension Term Commencement Date (the “Reimbursement Deadline”), subject to a day for day extension of such Reimbursement Deadline if Tenant’s performance of the Extension Term Improvements is actually delayed due to a construction moratorium imposed after the Extension Term Commencement Date by any governmental authority having jurisdiction over the Building.  If Tenant fails to properly requisition the full Extension Term Allowance on or before the Reimbursement Deadline, Tenant shall be deemed to have waived any right to the balance thereof.
6.Option to Extend.  Landlord and Tenant hereby agree that Tenant shall continue to have its option to extend the Term for one (1) period of five (5) years as set forth in Exhibit F of the Lease, except that subsection (a)(i) of Exhibit F of the Lease is hereby amended to require that Tenant shall give Tenant’s Notice to Extend to exercise the Extension Option no later than twelve (12) months prior to the Extension Term Expiration Date.
7.Security Deposit.  
(a)    Landlord is currently holding a Security Deposit in the amount of Three Hundred Ninety-Four Thousand Four Hundred Seventy-Five and 82/100 Dollars ($394,475.82) (the “Existing Letter of Credit”).  Not later than thirty (30) days after Tenant’s execution of this First Amendment, Tenant shall deliver to Landlord either (i) an amendment to the Existing Letter of Credit, or (ii) a substitute Letter of Credit, in either case, to increase the face amount of the Letter of Credit required under the Lease to One Million and 00/100 Dollars ($1,000,000.00) (the “Increased Letter of Credit Amount”), and which shall comply with and be held subject to and in compliance with all of the requirements of Article 23 of the Lease.  Provided and on the condition that no event of default has occurred at any time on or before the applicable review dates set forth below (each an “Applicable Review Date”), the amount of the Security Deposit shall be reduced to the amount set forth below corresponding to the Applicable Review Date:  
						
	APPLICABLE REVIEW DATE	NEW REDUCED AMOUNT
	August 1, 2026	$800,488.00
	August 1, 2027	$600,366.00

Within ten (10) business days after Landlord receives a written request from Tenant for reduction of the Letter of Credit pursuant to this Section 7, Landlord shall confirm to Tenant in writing whether the conditions for such reduction have been satisfied as of the Applicable Review Date and, if such conditions have been satisfied and there is no default of Tenant then in existence, Tenant thereafter shall provide Landlord with an amendment to the Existing Letter of Credit or a substitute Letter of Credit, as applicable, meeting all of the requirements of Article 23 of the Lease, to accomplish such authorized reduction of the Letter of Credit, and, in the case of a substitute Letter of Credit, Landlord shall surrender the prior Letter of Credit within five (5) business days of Landlord’s receipt of the substitute Letter of Credit in compliance with such requirements.  In no event shall any Letter of Credit have automatic reduction provisions.
    (b)    The third (3rd) paragraph of Section 23(f) of the Lease is hereby deleted in its entirety.
3

8.Broker Indemnity.  Each party represents and warrants to the other party that it has not dealt with any broker in connection with this First Amendment other than CBRE and Jones Lang LaSalle Incorporated (the “Broker”), and insofar as such party knows, no other broker(s) negotiated this First Amendment or is entitled to any commission in connection herewith.  Each party covenants and agrees to defend, with counsel approved by the other party, indemnify and save the other party harmless from and against any and all cost, expense or liability for any compensation, commission or charges claimed by any broker other than the Broker, or agent or finder who dealt with such party.  Landlord shall be responsible for paying any commission due to the Broker in connection with this First Amendment, pursuant to a separate agreement.  
9.Ratification.  Except as expressly modified by this First Amendment, the Lease shall remain in full force and effect, and as further modified by this First Amendment, is expressly ratified and confirmed by the parties hereto.  This First Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, subject to the provisions of the Lease regarding assignment and subletting.
10.Governing Law; Interpretation and Partial Invalidity.  This First Amendment shall be governed and construed in accordance with the laws of the Commonwealth of Massachusetts.  If any term of this First Amendment, or the application thereof to any person or circumstances, shall to any extent be invalid or unenforceable, the remainder of this First Amendment, or the application of such term to persons or circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby, and each term of this First Amendment shall be valid and enforceable to the fullest extent permitted by law.  The titles for the paragraphs are for convenience only and are not to be considered in construing this First Amendment.  This First Amendment contains all of the agreements of the parties with respect to the subject matter hereof, and supersedes all prior dealings between them with respect to such subject matter.  No delay or omission on the part of either party to this First Amendment in requiring performance by the other party or exercising any right hereunder shall operate as a waiver of any provision hereof or any rights hereunder, and no waiver, omission or delay in requiring performance or exercising any right hereunder on any one occasion shall be construed as a bar to or waiver of such performance or right on any future occasion.
11.Counterparts and Authority.  This First Amendment may be executed in multiple counterparts (including by .pdf file exchanged via email or other electronic transmission), each of which shall be deemed an original and all of which together shall constitute one and the same document.  Landlord and Tenant each warrant to the other that the person or persons executing this First Amendment on its behalf has or have authority to do so and that such execution has fully obligated and bound such party to all terms and provisions of this First Amendment.

[The remainder of this page is intentionally left blank.]
4

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals, or caused this First Amendment to be signed by their proper officers the day and year first above written.
LANDLORD:

CLPF ONE MARINA PARK DRIVE LLC,
a Delaware limited liability company

By:    CLPF-MA REIT, LLC,
    a Delaware limited liability company,
    its Sole Member

    By:    CLPF-Holdings, LLC,
        a Delaware limited liability company,
        its General Partner

        By:    Clarion Lion Properties Fund Holdings REIT, LLC,
            a Delaware limited liability company,
            its Sole Member

            By:    Clarion Lion Properties Fund, LP,
                a Delaware limited partnership,
                its Managing Member

                By:    Clarion Partners LPF GP, LLC,
                    a Delaware limited liability company,
                    its General Partner

                    By:    Clarion Partners, LLC,
                        a New York limited liability company,
                        its Sole Member

                    By:    /s/ Brian Collins        
                    Name:    Brian Collins
                    Title:    Authorized Signatory

TENANT:
AKEBIA THERAPEUTICS, INC., a Delaware corporation 

By: /s/ David A. Spellman        
Name:     David A. Spellman
Title:     Senior Vice President, Chief Financial Officer and Treasurer                    

5

EXHIBIT A
WORK LETTER

1.
a.Tenant shall, at Tenant’s expense, submit to Landlord conceptual or schematic plans (“Tenant’s Preliminary Plans”) depicting Tenant’s proposed improvements to the Premises (the “Extension Term Improvements”). Landlord shall not unreasonably withhold, delay or condition its approval of Tenant’s Preliminary Plans.  Within five (5) business days of receipt of Tenant’s Preliminary Plans, Landlord shall approve Tenant’s Preliminary Plans or designate by written notice to Tenant the specific changes required to be made to Tenant’s Preliminary Plans, which Tenant shall make within five (5 business days of receipt. This process shall be repeated until Tenant’s Preliminary Plans are finally approved by Landlord.
b.Upon Landlord’s approval of Tenant’s Preliminary Plans, Tenant shall, at Tenant's expense, submit to Landlord final and complete dimensioned and detailed plans and drawings of partition layouts (including openings), ceiling and lighting layouts, colors, mechanical and electrical circuitry plans and any and all other information as may be reasonably necessary to complete the Extension Term Improvements in accordance with this Exhibit A and that are a logical evolution of the Tenant’s Preliminary Plans approved by Landlord (such plans are collectively referred to herein as “Tenant’s Extension Term Plans”).  The partition layout, and ceiling and lighting layout plans shall be l‘0” = 1/8” scale. Tenant shall submit Tenant’s Extension Term Plans and any other plans required by this Exhibit A to Landlord in form, quality and quantity acceptable for the purposes of filing for a building permit with the Inspectional Services Department of the City of Boston (“ISD”), and such plans shall be signed and sealed by an architect licensed in the Commonwealth of Massachusetts.
c.Landlord shall not unreasonably withhold, delay or condition its approval of Tenant’s Extension Term Plans.  Within ten (10) business days of receipt of Tenant’s Extension Term Plans, Landlord shall approve Tenant’s Extension Term Plans or designate by written notice to Tenant the specific changes required to be made to Tenant’s Extension Term Plans, which Tenant shall make within ten (10) business days of receipt.  This procedure shall be repeated until Tenant’s Extension Term Plans are finally approved by Landlord, except that the review and revision period for each of Landlord and Tenant, respectively, shall be five (5) business days after the foregoing initial 10-business day period for Landlord’s initial review of and  Tenant’s initial revisions to Tenant’s Extension Term Plans. 
d.[Intentionally omitted].
e.All plans, drawings and specifications with respect to the Premises required to be submitted by Tenant to Landlord shall comply with and conform to the Building plans filed with the ISD and the Office of Interior Standards 2009 (the receipt of which Tenant hereby acknowledges) and with all the rules, regulations and/or other requirements of any governmental department having jurisdiction over the construction of the Building and/or Premises.  Tenant shall prepare drawings in accordance with preexisting conditions and field measurements.
f.Landlord’s review of Tenant’s Extension Term Plans is solely to protect the interests of Landlord in the Building and the Premises, and Landlord shall be neither the guarantor of, nor responsible for, the correctness or accuracy of Tenant’s Extension Term Plans, or the compliance of Tenant’s Extension Term Plans with applicable requirements of any 
A-1

governmental authority.  Landlord’s review and approval of any submissions shall not be deemed to be an approval of the adequacy for any particular purpose or system capacity or the cost of the Extension Term Improvements.
g.In the event Landlord engages a third party engineer or consultant to review Tenant’s Extension Term Plans, Tenant shall reimburse Landlord for all actual, out-of-pocket costs incurred by Landlord in connection with such review pursuant to this Exhibit A, subject to the Extension Term Allowance; provided that no costs reimbursed hereunder shall be duplicative of costs reimbursed under the Lease.
2. 
a.Tenant shall, at its expense (except for the Extension Term Allowance), in accordance with the terms and conditions of this Exhibit A, be responsible for the construction of Extension Term Improvements.  The term “Substantial Completion” shall mean when Tenant has obtained a temporary or final certificate of occupancy from ISD with respect to the Premises as improved in accordance with the terms and conditions of this Exhibit A.  After completion of Tenant’s Extension Term Plans, Tenant shall submit Tenant’s Extension Term Plans to the appropriate governmental body for a building permit.  Landlord shall reasonably cooperate with Tenant, at no cost to Landlord, in obtaining such permit, including, without limitation, executing any permit applications required by governmental authorities.  Tenant shall deliver a copy of the building permit to Landlord prior to the commencement of construction of the Extension Term Improvements.  Tenant shall not make any material changes to Tenant’s Extension Term Plans once finally approved by Landlord without Landlord’s consent.
b.Tenant shall select a contractor (the “Contractor”), subject to the approval of Landlord, which approval will not be unreasonably withheld, conditioned or delayed and shall be granted or denied within ten (10) days of request for such approval.  With its request for approval of the Contractor, Tenant shall furnish to Landlord such information concerning the proposed Contractor’s background and experience as Landlord may reasonably require.  A price for a construction contract based on Tenant’s Extension Term Plans shall be mutually agreed upon by Tenant and the Contractor. Tenant shall enter into an agreement with the Contractor to build the Extension Term Improvements, at Tenant’s sole cost, except for the Extension Term Allowance.  The construction contract will provide for progress payments, no more frequently than once per calendar month, and each progress payment will be funded as follows: Landlord will fund the percentage of each progress payment equal to a fraction expressed as a percentage, the numerator of which is the Extension Term Allowance and the denominator of which is the total cost of the Extension Term Improvements; and Tenant will fund the remainder.  Ten percent (10%) of each progress payment shall be retained by Landlord until Tenant delivers, or causes to be delivered, to Landlord a certificate of occupancy or certificate of completion, in form and substance reasonably satisfactory to Landlord, with respect to the Premises together with final and unconditional waivers of mechanic’s liens concerning the work for all labor and services performed and all material furnished in connection with the work, signed by the Contractor and all subcontractors, suppliers, and laborers involved in the work. Notwithstanding anything contained herein or in the Lease to the contrary, Landlord shall have no obligation to disburse any portion of the Extension Term Allowance during any period of time that Tenant is in default of its obligations under the Lease (continuing uncured following receipt of notice thereof from Landlord) and the expiration of any applicable cure period.  If Landlord declines to fund any progress payment on the basis of a default and Tenant cures such default in accordance with the terms and provisions of the Lease, then, subject to the provisions set forth herein, Landlord shall fund such progress payment that was declined as provided herein.
c.If the cost of the design and construction of the Extension Term Improvements is less than the Extension Term Allowance, the difference shall be retained by 
A-2

Landlord.  In the event that Tenant requests any changes to Tenant’s Extension Term Plans, Landlord shall not unreasonably withhold, delay or condition its consent to any such changes, provided the changes do not adversely affect the Building’s structure, systems, equipment or appearance.
d.The Extension Term Allowance will be applied to the construction of the Extension Term Improvements, and up to thirty percent (30%) of the Extension Term Allowance may be used (i) for “soft” costs associated with the design of the Extension Term Improvements, including without limitation, any project manager retained by Tenant or, at Tenant’s written election, (ii) as a credit against Tenant’s Base Rent obligations payable under the Lease following the Extension Term Rent Commencement Date, and for no other purpose.  All costs attributable to the Extension Term Improvements in excess of the Extension Term Allowance shall be paid for by Tenant.  Tenant may requisition the Extension Term Allowance solely for soft costs reimbursement at any time following the Effective Date of this First Amendment and may requisition the Extension Term Allowance for the hard costs to perform the Extension Term Improvements from and after the Extension Term Commencement Date.
3.
a.Before beginning the Extension Term Improvements, Tenant shall pay for and deliver to Landlord satisfactory evidence of the insurance coverage(s) required to be maintained by Tenant under Article 8 of the Lease.  Landlord and the Contractor shall be named as additional insureds in such liability policies or certificates of insurance and the same shall remain in effect during the period of the performance of the Extension Term Improvements.
b.All the Extension Term Improvements shall be in accordance with the Project Documents and applicable rules and regulations of any governmental department or bureau having jurisdiction thereover, and all the Extension Term Improvements shall be completed free of all liens and encumbrances.  All permits which may be required by Tenant for the Extension Term Improvements shall be procured and paid for by Tenant and Landlord shall reasonably cooperate with Tenant, at no cost to Landlord, to obtain any such permits.  No plans and/or specifications required to be filed by Tenant pursuant to any work contemplated to be performed by it within the Premises shall be filed or submitted to any governmental authority having jurisdiction thereover without first having obtained Landlord’s approval of same, which approval shall not be unreasonably withheld, conditioned or delayed.
c.Upon completion of the Extension Term Improvements, Tenant will remove all debris and excess materials in connection with such Extension Term Improvements from the Building and the Premises.
d.Without limiting the applicability of Article 5.E. of the Lease, the labor employed by Tenant or the Contractor shall always be harmonious and compatible with the labor employed by Landlord or any contractors or sub-contractors of Landlord.  Should such labor be incompatible with such Landlord’s labor as shall be determined by the sole judgment of Landlord, to be exercised in good faith, Landlord may require Tenant to withdraw from the Premises until the completion of the Building and/or Premises by Landlord.
e.In the event Tenant or the Contractor shall enter upon the Premises or any other part of the Building, as may be permitted by Landlord, Tenant shall indemnify and save Landlord free and harmless from and against any and all claims for personal injury or property damage arising from or out of any entry thereon or the performance of the Extension Term Improvements or for any other reason whatsoever arising out of said entry or such work.
A-3

f.Extension Term Improvements which Landlord reasonably determines are specialized to Tenant’s use and occupancy of the Premises, including, without limitation, wiring and cabling, shall, at the election of Landlord (which election shall be made in writing at the time of Landlord’s approval of Tenant’s Extension Term Plans hereunder), either (1) be removed by Tenant at its expense before the expiration or earlier termination of the term of the Lease or (2) remain upon the Premises and be surrendered therewith without disturbance, molestation or injury upon the expiration or earlier termination of the Lease.  If Landlord requires the removal of all or part of the specialized Extension Term Improvements, Tenant, at its expense, shall repair any damage to the Premises or the Building caused by such removal.  If Tenant fails to remove any specialized Extension Term Improvements upon Landlord’s request, then Landlord may (but shall not be obligated to) remove the same and the out-of-pocket cost of such removal and repair of any damage caused by the same incurred by Landlord shall be charged to Tenant and paid within thirty (30) days after written demand therefor.
4.Tenant shall be responsible for the maintenance, repair and replacement of all Extension Term Improvements unless the same is necessitated by the negligent acts of Landlord.
5.Tenant shall, as soon as reasonably practicable, notify Landlord of the name of the individual that Tenant authorizes as Tenant's representative to act on its behalf and represent its interests with respect to all matters which pertain to the construction of Extension Term Improvements, and to make decisions binding upon Tenant with respect to such matters.  Landlord hereby authorizes Shawn Carroll to be Landlord’s representative in connection with construction of the Extension Term Improvements. Tenant hereby expressly recognizes and agrees that no other person claiming to act on behalf of the Landlord is authorized to do so, and any costs, expenses liabilities or obligations incurred or paid by Tenant in reliance on the discretion of any such other person shall be Tenant’s sole responsibility.
6.    In the event of a conflict between the terms and provisions of the Lease and the terms and provisions of this Exhibit A, the terms and provisions of this Exhibit A shall control.
A-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}]]