Document:

albo-ex105_98.htm

 

 

 

Exhibit 10.5

ALBIREO PHARMA, INC.

 

RESTRICTED STOCK UNIT AGREEMENT

 

Grant Detail

 

The amounts shown below show the total vested and unvested potential income and are based on a share price of 

ALBO $0

 

Restricted Stock Unit Award Agreement

 

	
Participant Name

 
	
 
	
Name
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Grant Date
	
 
	
MM/DD/YYYY
	
 
	
Grant Price
	
 
	
$0
	
 
	
Potential Income
	
 
	
$0

	
Plan Name
	
 
	
2018 Equity Incentive Plan
	
 
	
Grant Acceptance Status
	
 
	
Pending
	
 
	
Vested
	
 
	
 

	
Plan ID
	
 
	
 
	
 
	
Expiration/Last Date to Exercise
	
 
	
N/A
	
 
	
Unvested
	
 
	
$0

 

	
Restricted Stock Units Granted
	
 
	
 
	
 
	
Vested
	
 
	
 Unvested
	
 
	
Cancelled
	
 
	
 
	
 
	
 Balance
	
 

	
0
	
 
	
 
	
 
	
0
	
 
	
0
	
 
	
0
	
 
	
0
	
 
	
0
	
 

 

Future Vesting

 

	
Vesting
Date
	
 
	
Vesting
Quantity
	
 
	
Potential
Income
	
 

	
MM/DD/YYYY
	
 
	
0
	
 
	
$
	
0
	
 

	
MM/DD/YYYY
	
 
	
0
	
 
	
$
	
0
	
 

	
MM/DD/YYYY
	
 
	
0
	
 
	
$
	
0
	
 

 

 

[Other Vesting Provisions, if any]

 

 

* Potential income is based on the closing price from the previous business day

All amounts shown are displayed in $US dollars.

 

 

 

 

 

 

 

 

 

ALBIREO PHARMA, INC.

 

 

RESTRICTED STOCK UNIT TERMS AND CONDITIONS

 

The following supplements the Grant Detail (the “Grant Detail”) to which these Restricted Stock Unit Terms and Conditions apply, and together with the Grant Detail, constitutes the “Restricted Stock Unit Agreement” referenced in the Grant Detail.

 

This Restricted Stock Unit Agreement (the “Agreement”) is entered into and made effective as of the grant date referenced in the Grant Detail (the “Grant Date”) and is between Albireo Pharma, Inc., a Delaware corporation (the “Company”), and the employee or consultant of the Company (the “Participant”) referenced in the Grant Detail.  Certain capitalized terms, to the extent not defined where they first appear in this Restricted Stock Unit Agreement, are defined in the Company’s 2018 Equity Incentive Plan (the “Plan”).

 

1.Grant of Award.  The Company has granted to the Participant an award for the number of restricted stock units (“RSUs”) referenced in the Grant Detail (the “Award”). Each RSU referenced in the Grant Detail, represents a contingent entitlement of the Participant to receive one share of the Company’s common stock, $.01 par value per share (the “Shares”), on the terms and conditions and subject to all the limitations set forth herein, under United States securities and tax laws, and in the Plan, which is incorporated herein by reference.  The Participant acknowledges receipt of a copy of the Plan.

 

2.Vesting of Award.

 

(a)Subject to the terms and conditions set forth in this Agreement and the Plan, the Award granted hereby shall vest as set forth in the Grant Detail and is subject to the other terms and conditions of this Agreement and the Plan.

 

(b)On each vesting date set forth in the Grant Detail, the Participant shall be entitled to receive such number of Shares equivalent to the number of RSUs as set forth in the Grant Detail provided that the Participant is employed by or providing service to the Company or an Affiliate on the applicable vesting date.  Such Shares shall thereafter be delivered by the Company to the Participant within five days of the applicable vesting date and in accordance with this Agreement and the Plan.    

 

(c)Except as otherwise set forth in this Agreement, if the Participant ceases to be employed or providing services for any reason by the Company or by an Affiliate (the “Termination”) prior to a vesting date set forth in the Grant Detail, then as of the date on which the Participant’s employment or service terminates, all unvested RSUs shall immediately be forfeited to the Company and this Agreement shall terminate and be of no further force or effect. 

 

3.Prohibitions on Transfer and Sale.  This Award (including any additional RSUs received by the Participant as a result of stock dividends, stock splits or any other similar transaction affecting the Company's securities without receipt of consideration) shall not be transferable by the Participant otherwise than (i) by will or by the laws of descent and distribution, or (ii) pursuant to a qualified domestic relations order as defined by the Internal Revenue Code or Title I of the Employee Retirement Income Security Act or the rules thereunder.  Except as provided in the previous sentence, the shares of Common Stock to be issued pursuant to this Agreement shall be issued, during the Participant's lifetime, only to the Participant (or, in the event of legal incapacity or incompetence, to the Participant's guardian or representative). This Award shall not be assigned, pledged or hypothecated in any way (whether by 

 

 

 

operation of law or otherwise) and shall not be subject to execution, attachment or similar process.  Any attempted transfer, assignment, pledge, hypothecation or other disposition of this Award or of any rights granted hereunder contrary to the provisions of this Section 3, or the levy of any attachment or similar process upon this Award shall be null and void.

 

4.Adjustments.  The Plan contains provisions covering the treatment of RSUs and shares of Common Stock in a number of contingencies, such as stock splits and Corporate Transactions. Provisions in the Plan for adjustment with respect to this Award and the related provisions with respect to successors to the business of the Company are hereby made applicable hereunder and are incorporated herein by reference.  

 

5.Securities Law Compliance.  The Participant specifically acknowledges and agrees that any sales of shares of Common Stock shall be made in accordance with the requirements of the Securities Act of 1933, as amended.  The Company currently has an effective registration statement on file with the Securities and Exchange Commission with respect to the Common Stock to be granted hereunder.  The Company intends to maintain this registration statement but has no obligation to do so.  If the registration statement ceases to be effective for any reason, the Participant will not be able to transfer or sell any of the shares of Common Stock issued to the Participant pursuant to this Agreement unless exemptions from registration or filings under applicable securities laws are available.  Furthermore, despite registration, applicable securities laws may restrict the ability of the Participant to sell his or her Common Stock, including due to the Participant’s affiliation with the Company.  The Company shall not be obligated to either issue the Common Stock or permit the resale of any shares of Common Stock if such issuance or resale would violate any applicable securities law, rule or regulation.

 

6.Rights as a Stockholder.  The Participant shall have no right as a stockholder, including voting and dividend rights, with respect to the RSUs subject to this Agreement.

 

7.Incorporation of the Plan.  The Participant specifically understands and agrees that the RSUs and the shares of Common Stock to be issued under the Plan will be issued to the Participant pursuant to the Plan, a copy of which Plan the Participant acknowledges he or she has read and understands and by which Plan he or she agrees to be bound.  The provisions of the Plan are incorporated herein by reference.

 

8.Tax Liability of the Participant and Payment of Taxes.  The Participant acknowledges and agrees that any income or other taxes due from the Participant with respect to this Award or the shares of Common Stock to be issued pursuant to this Agreement or otherwise sold shall be the Participant’s responsibility.  Without limiting the foregoing, the Participant agrees that if under applicable law the Participant will owe taxes at each vesting date on the portion of the Award then vested the Company shall be entitled to immediate payment from the Participant of the amount of any tax or other amounts required to be withheld by the Company by applicable law or regulation. Any taxes or other amounts due shall be paid, at the option of the Administrator as follows:

 

(a)through reducing the number of shares of Common Stock entitled to be issued to the Participant on the applicable vesting date in an amount equal to the statutory minimum of the Participant’s total tax and other withholding obligations due and payable by the Company.  Fractional shares will not be retained to satisfy any portion of the Company’s withholding obligation.  Accordingly, the Participant agrees that in the event that the amount of withholding required would result in a fraction of a share being owed, that amount will be satisfied by withholding the fractional amount from the Participant’s paycheck; 

 

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(b)requiring the Participant to deposit with the Company an amount of cash equal to the amount determined by the Company to be required to be withheld with respect to the statutory minimum amount of the Participant’s total tax and other withholding obligations due and payable by the Company or otherwise withholding from the Participant’s paycheck an amount equal to such amounts due and payable by the Company; or  

 

(c)if the Company believes that the sale of shares can be made in compliance with applicable securities laws, authorizing, at a time when the Participant is not in possession of material nonpublic information, the sale by the Participant on the applicable vesting date of such number of shares of Common Stock as the Company instructs a registered broker to sell to satisfy the Company’s withholding obligation, after deduction of the broker’s commission, and the broker shall be required to remit to the Company the cash necessary in order for the Company to satisfy its withholding obligation.  To the extent the proceeds of such sale exceed the Company’s withholding obligation the Company agrees to pay such excess cash to the Participant as soon as practicable.  In addition, if such sale is not sufficient to pay the Company’s withholding obligation the Participant agrees to pay to the Company as soon as practicable, including through additional payroll withholding, the amount of any withholding obligation that is not satisfied by the sale of shares of Common Stock. The Participant agrees to hold the Company and the broker harmless from all costs, damages or expenses relating to any such sale.  The Participant acknowledges that the Company and the broker are under no obligation to arrange for such sale at any particular price.  In connection with such sale of shares of Common Stock, the Participant shall execute any such documents requested by the broker in order to effectuate the sale of shares of Common Stock and payment of the withholding obligation to the Company.  Sales pursuant to this paragraph may be structured, to the extent practicable, with the intention to comply with Section 10b5-1(c)(1(i)(B) under the Exchange Act. 

 

The Company shall not deliver any shares of Common Stock to the Participant until it is satisfied that all required withholdings have been made. 

 

9.Participant Acknowledgements and Authorizations.  

 

The Participant acknowledges the following:

 

(a)The Company is not by the Plan or this Award obligated to continue the Participant as an employee, director or consultant of the Company or an Affiliate.  

 

(b)The Plan is discretionary in nature and may be suspended or terminated by the Company at any time.

 

(c)The grant of this Award is considered a one-time benefit and does not create a contractual or other right to receive any other award under the Plan, benefits in lieu of awards or any other benefits in the future.

 

(d) The Plan is a voluntary program of the Company and future awards, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the amount of any award, vesting provisions and the purchase price, if any.

 

(e)The value of this Award is an extraordinary item of compensation outside of the scope of the Participant’s employment or consulting contract, if any.  As such the Award is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.  The future value of the shares of Common Stock is unknown and cannot be predicted with certainty.

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10.Notices.  Any notices to the Company required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile, registered or certified mail, return receipt requested, addressed as follows:

 

Albireo Pharma, Inc.

10 Post Office Square, Suite 502 South

Boston, MA 02109 

Attention: General Counsel

 

or to such other address or addresses of which notice in the same manner has previously been given.  Any such notice shall be deemed to have been given upon the earlier of receipt, one business day following delivery to a recognized courier service or three business days following mailing by registered or certified mail.

 

11.Assignment and Successors.

 

(a)This Agreement is personal to the Participant and without the prior written consent of the Company shall not be assignable by the Participant otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by the Participant’s legal representatives. 

 

12.BENEFIT OF AGREEMENT.

 

Subject to the provisions of the Plan and the other provisions hereof, this Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators, successors and assigns of the parties hereto.

 

13.Governing Law.  This Agreement shall be construed and enforced in accordance with the law of the State of Delaware, without giving effect to the conflict of law principles thereof. 

 

14.Severability.  If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, then such provision or provisions shall be modified to the extent necessary to make such provision valid and enforceable, and to the extent that this is impossible, then such provision shall be deemed to be excised from this Agreement, and the validity, legality and enforceability of the rest of this Agreement shall not be affected thereby.

 

15.Entire Agreement.  This Agreement, together with the Plan, constitutes the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.  No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret, change or restrict the express terms and provisions of this Agreement provided, however, in any event, this Agreement shall be subject to and governed by the Plan. 

 

16.Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended as provided in the Plan.

 

17.Waivers and Consents.  Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of 

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this Agreement, whether or not similar.  Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

 

18.Data Privacy.  By entering into this Agreement, the Participant acknowledges that the processing of certain personal data by the Company and any Affiliate (and any agent of the Company or any Affiliate administering the Plan or providing Plan record keeping services) is necessary for the performance of contractual duties to the Participant under this Agreement in order to facilitate the issuance of the Award and the administration of the Plan.   Any storage, transfer or processing of personal data shall be in accordance with applicable law and in accordance with any Company Privacy Notice made available to the Participant.  

 

19.Section 409A.  The Award evidenced by this Agreement is intended to be exempt from the nonqualified deferred compensation rules of Section 409A of the Code as a “short term deferral” (as that term is used in the final regulations and other guidance issued under Section 409A of the Code, including Treasury Regulation Section 1.409A-1(b)(4)(i)), and shall be construed accordingly.

 

78638653v.3

 
 
5EX-10.4

 Exhibit 10.4 

EIGHTH AMENDMENT TO LEASE 

THIS EIGHTH AMENDMENT TO LEASE (this “Amendment”) is entered into as of this 30th day of May, 2018, by and between BMR-34790
ARDENTECH COURT LP, a Delaware limited partnership (“Landlord,” formerly known as BMR-34790 Ardentech Court LLC), and ZOSANO PHARMA CORPORATION, a Delaware corporation (“Tenant,” as successor-in-interest to ZP Opco,
Inc., formerly known as Zosano Pharma, Inc. and, previously, The Macroflux Corporation). 
 RECITALS 

A. Landlord and Tenant are parties to that certain Lease dated as of May 1, 2007, as amended by that certain First Amendment to Lease
dated as of June 20, 2008, that certain Second Amendment to Lease dated as of October 16, 2008, that certain Third Amendment to Lease dated as of April 29, 2011, that certain Fourth Amendment to Lease dated as of July 31, 2011,
that certain Fifth Amendment to Lease dated as of April 1, 2012, that certain Sixth Amendment to Lease dated as of June 24, 2015 and that certain Seventh Amendment to Lease dated as of May 30, 2017 (the “Seventh
Amendment”) (collectively, and as the same may have been further amended, amended and restated, supplemented or modified from time to time, the “Existing Lease”), whereby Tenant leases certain premises (the
“Premises”) from Landlord at 34790 Ardentech Court in Fremont, California (the “Building”); 
 B. WHEREAS,
Landlord and Tenant desire to make certain modifications to the Existing Lease in connection with the TI Deadline (as defined in the Seventh Amendment); and 

C. WHEREAS, Landlord and Tenant desire to modify and amend the Existing Lease only in the respects and on the conditions hereinafter stated.

 AGREEMENT 

NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows: 
 1. Definitions.
For purposes of this Amendment, capitalized terms shall have the meanings ascribed to them in the Existing Lease unless otherwise defined herein. The Existing Lease, as amended by this Amendment, is referred to collectively herein as the
“Lease.” From and after the date hereof, the term “Lease,” as used in the Existing Lease, shall mean the Existing Lease, as amended by this Amendment. 

2. TI Deadline. The TI Deadline (as defined in Section 7.2 of the Seventh Amendment) is hereby amended to mean
September 30, 2018. 
 3. Additional Insureds. Notwithstanding anything to the contrary in the Lease, the insurance required to
be maintained by Tenant under the Lease shall name Landlord, BioMed Realty LLC, BioMed Realty, L.P., BRE Edison L.P., BRE Edison LLC, BRE Edison Holdings L.P., BRE Edison Holdings LLC, BRE Edison Parent L.P. and their respective officers, employees,
agents, general partners, members, subsidiaries, affiliates and lenders, as additional insureds. 

  
 BioMed Realty form
dated 9/28/17 

 4. Broker. Tenant represents and warrants that it has not dealt with any broker or agent
in the negotiation for or the obtaining of this Amendment, other than Kidder Mathews (“Broker”), and agrees to reimburse, indemnify, save, defend (at Landlord’s option and with counsel reasonably acceptable to Landlord, at
Tenant’s sole cost and expense) and hold harmless Landlord and its affiliates, and their respective employees, agents, contractors and lenders, for, from and against any and all cost or liability for compensation claimed by any such broker or
agent employed or engaged by it or claiming to have been employed or engaged by it, other than Broker. 
 5. No Default. Tenant
represents, warrants and covenants that, to the best of Tenant’s knowledge, Landlord and Tenant are not in default of any of their respective obligations under the Existing Lease and no event has occurred that, with the passage of time or the
giving of notice (or both) would constitute a default by either Landlord or Tenant thereunder. 
 6. Notices. Tenant confirms that,
notwithstanding anything in the Lease to the contrary, notices delivered to Tenant pursuant to the Lease should be sent to: 

Zosano Pharma Corporation 

34790 Ardentech Court 

Fremont, CA 94555-3657 

with a copy to: 

Foley Hoag LLP 

155 Seaport Boulevard 

Boston, Massachusetts 02210 

Attn: Jeffrey Quillen, Esq. 

7. Effect of Amendment. Except as modified by this Amendment, the Existing Lease and all the covenants, agreements, terms, provisions
and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. In the event of any conflict between the terms contained in this Amendment and the Existing Lease, the terms herein contained shall supersede and
control the obligations and liabilities of the parties. 
 8. Successors and Assigns. Each of the covenants, conditions and
agreements contained in this Amendment shall inure to the benefit of and shall apply to and be binding upon the parties hereto and their respective heirs, legatees, devisees, executors, administrators and permitted successors and assigns and
sublessees. Nothing in this section shall in any way alter the provisions of the Lease restricting assignment or subletting. 
 9.
Miscellaneous. This Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The captions of the paragraphs and subparagraphs in this Amendment are inserted and included solely for convenience and shall not
be considered or given any effect in construing the provisions hereof. All exhibits hereto are incorporated herein by reference. Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or option for
a lease, and shall not be effective as a lease, lease amendment or otherwise until execution by and delivery to both Landlord and Tenant. 

  
 2 

 10. Authority. Tenant guarantees, warrants and represents that the individual or
individuals signing this Amendment have the power, authority and legal capacity to sign this Amendment on behalf of and to bind all entities, corporations, partnerships, limited liability companies, joint venturers or other organizations and
entities on whose behalf such individual or individuals have signed. 
 11. Counterparts; Facsimile and PDF Signatures. This
Amendment may be executed in one or more counterparts, each of which, when taken together, shall constitute one and the same document. A facsimile or portable document format (PDF) signature on this Amendment shall be equivalent to, and have the
same force and effect as, an original signature. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 3 

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the date and year
first above written. 
 LANDLORD: 
 BMR-34790
ARDENTECH COURT LP, 
 a Delaware limited partnership 
  

			
	By:	 	/s/ Kevin M. Simonsen
	Name:	 	Kevin M. Simonsen
	Title:	 	Sr. Vice President, Sr. Counsel

 TENANT: 
 ZOSANO
PHARMA CORPORATION, 
 a Delaware corporation 
  

			
	By:	 	/s/ John Walker
	Name:	 	John Walker
	Title:	 	Chairman & Chief Executive Officer

  
 4

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