Document:

Exhibit 10.1

 

[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed.

 

EXECUTION
COPY

CONFIDENTIAL

 

 

 

 

LICENSE AGREEMENT

 

regarding

 

NEFECONTM

 

between

 

CALLIDITAS THERAPEUTICS AB (PUBL)

 

and

 

EVEREST MEDICINES II LIMITED

 

     

     

    

 

TABLE OF CONTENTS

 

		1	BACKGROUND INFORMATION	1

		2	DEFINITIONS	1

		3	GRANT OF RIGHTS; SUBLICENSING	4

		4	OPTION TO EXTEND THE FIELD	6

		5	EXTENSION OF THE TERRITORY	6

		6	COMPETING PRODUCTS	7

		7	DEVELOPMENT	7

		8	JOINT DEVELOPMENT COMMITTEE	9

		9	REMUNERATION	11

		10	REPORTS; RECORDS; AUDIT	13

		11	PAYMENT TERMS	14

		12	OWNERSHIP OF INTELLECTUAL PROPERTY	14

		13	NEW DATA AND TERRITORY DOSSI ER	15

		14	MAINTENANCE AND PROSECUTION OF PATENTS	15

		15	THIRD PARTY INFRINGEMENT	16

		16	INFRINGEMENT CLAIMS	16

		17	TRADEMARKS	17

		18	SUPPLY OF LICENSED PRODUCT BY CALLIDITAS	17

		19	COMMERCIALIZATION	17

		20	TRANSFER OF MANUFACTURING TECHNOLOGY	18

		21	LIMITED WARRANTIES; DISCLAIMER	18

		22	INDEMNIFICATION; LIABILITY	19

		23	INSURANCE	22

		24	CONFIDENTIALITY	22

		25	TERM AND TERMINATION	23

		26	FORCE MAJEURE	25

		27	MISCELLANEOUS	26

		28	GOVERNING LAW AND ARBITRATION	27

 

    	 	i	 

     

    

 

THIS LICENSE AGREEMENT (this “Agreement”)
is entered into on June 10, 2019 (the “Effective Date”) and made by and between:

 

		(1)	Calliditas Therapeutics AB (publ), corp. reg. no. 556659-9766, Wallingatan 26B, 111 24 Stockholm,
Sweden (“Calliditas”) and

 

		(2)	Everest Medicines II Limited., an exempted company organized and existing under the laws
of Cayman Islands, with a registered office at Vistra (Cayman) Limited, P.O. Box 31119, Grand Pavilion, Hibiscus Way, 802
West Bay Road, Grand Cayman, KY1 - 1205 (“Licensee”).

 

Calliditas and Licensee are hereinafter
collectively referred to as the “Parties” and individually a “Party”.

 

		1	BACKGROUND INFORMATION

 

		1.1	Calliditas has developed a pharmaceutical product known as NefeconTM, which consists of a
patented oral formulation of budesonide with targeted release in the small intestine.

 

		1.2	Licensee is a biotechnology company engaged in the research, development and commercialization
of pharmaceutical products.

 

		1.3	Calliditas Controls the Licensed Patents, which cover Nefecon and related Know-How (each capitalized
term as defined below).

 

		1.4	Licensee wishes to acquire license rights under the Licensed Technology for the development, manufacture,
and commercialization of Licensed Products in the Field in the Territory (each capitalized term as defined below), and Calliditas
is willing to grant such rights, all in accordance with the provisions of this Agreement.

 

		1.5	In view of the above, the Parties agree as follows.

 

		2	DEFINITIONS

 

In this Agreement:

 

		2.1	“Additional Indications” has the meaning given to it in Section 4.5.

 

		2.2	“Affiliate” means, in relation to a Party, (i) an organization, which directly
or indirectly controls a Party; (ii) an organization, which is directly or indirectly controlled by a Party; or (iii) an
organization, which is controlled, directly or indirectly, by the ultimate parent company of a Party. “Control"
as per (i) to (iii) above is defined as owning more than 50% of the voting stock of a company or having otherwise the
power to govern the financial and the operating policies or to appoint the management of an organization. Notwithstanding anything
the contrary, Licensee’s Affiliates shall exclude C-Bridge Capital and its portfolio companies that do not control or are
not controlled by Licensee without taking into consideration their respective relationships with C-Bridge Capital.

 

		2.3	“Approval” means, in respect of a Licensed Product, approval by a Competent
Authority permitting commercial use of the Licensed Product in the Field in the Territory or the applicable jurisdiction within
the Territory.

 

		2.4	“Arising Product IP” has the meaning given to it in Section 12.1.

 

		2.5	“Commercially Reasonable Efforts” means making such efforts and employing such
resources as would normally be made or employed by a similarly situated biotech company for a product of similar market potential
at a similar stage of its product life, when utilizing sound and reasonable scientific, medical and business practice and judgment
in order to develop such product in a timely manner and optimize the economic return to the Parties from its commercialization.

 

    	 	1	 

     

    

 

		2.6	“Competent Authority” means any governmental authority responsible for granting
Approval for a pharmaceutical product, including the Food and Drug Administration (FDA) in the US, European Medicine Agency (EMA)
and the National Medical Products Administration (NMPA) in China.

 

		2.7	“Competing Product” means any pharmaceutical product (other than Licensed
Product) which in the clinical development stage, or is approved for the treatment of IgA nephropathy, other than [**].

 

		2.8	“Confidential Information” has the moaning given to it in Section 24.2.

 

		2.9	“Control” means with respect to any intellectual property right or other intangible
property, that a Party or one of its Affiliates owns or has a licence or sub-licence to use such right or item and where such Party
is purporting to grant access, license or sub-license such right (as appropriate), that such Party is entitled to do so without
being in breach of the terms of any agreement or other arrangement with a third party.

 

		2.10	“Designated Manufacturer” has the meaning given to it in Section 20.1.

 

		2.11	“Development Plan” has the meaning given to it in Section 7.3.

 

		2.12	“Disclosing Party” has the meaning given to it in Section 24.1.

 

		2.13	“Dossier” means the documents filed by Calliditas with Competent Authorities
for the purpose of obtaining and maintaining an authorization to conduct clinical trials regarding a Licensed Product or for the
purpose of obtaining and maintaining an Approval for a Licensed Product.

 

		2.14	“Field” means (i) IgA Nephropathy and (ii) any Additional Indications
which are added to the Field in accordance with Section 4.

 

		2.15	“First Commercial Sale” means, on a country-by-country and Licensed Product-by-Licensed
Product basis, the first arm’s length commercial sale of such Licensed Product by Licensee or an Affiliate or permitted sublicensee
to a third party for end use in such country after grant of an Approval for such Licensed Product in the applicable country or
jurisdiction. For the avoidance of doubt, supply of Licensed Product as samples or to patients for compassionate use, named patient
use, clinical trials or other similar purposes shall not be considered a First Commercial Sale.

 

		2.16	“Fully Burdened Cost of Goods” means [***].

 

		2.17	“Generic Product” means a product allowing targeted release of the same active
pharmaceutical ingredient as the Licensed Product in the small intestine that (a) obtained Approval by referencing or relying
on (in whole or In part) such active pharmaceutical ingredient, any regulatory approval of the Licensed Product or data contained
In such approval, and (b) is sold by a third party, which is not an Affiliate or permitted sublicensee of Licensee.

 

		2.18	“Improvements” means any improvements, refinements, enhancements or modifications
of the Licensed Technology, including any inventions, know-how, results, data, materials, process and other information related
to the composition of matter or formulation of the Licensed Product.

 

		2.19	“Infringement Claim” has the meaning given to it in Section 16.1.

 

		2.20	“IMPs” means Licensed Products and/or placebos of Licensed Products to be used
in clinical trials as investigational medicinal products.

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	2	 

     

    

 

		2.21	“IND” means an investigational new drug application or similar application which
is required to commence clinical trials in humans of a pharmaceutical product submitted to a Competent Authority.

 

		2.22	“Indemnified Party” has the meaning given to it in Section 22.3.

 

		2.23	“Indemnitees” has the meaning given to it in Section 22.1.

 

		2.24	“JDC” has the meaning given to it in Section 8.1.

 

		2.25	“Know-How” means scientific, technical and other information that is not in
the public domain, including proprietary developments, ideas, designs, concepts, techniques, processes, inventions, research materials,
discoveries and research results (without regard to whether such information is patentable or copyrightable), which is Controlled
by Calliditas or its Affiliates as of the Effective Date or during the Term, and which is necessary or reasonably useful for Licensee’s
development, use, promotion, sale, offer for sale or importation or commercialization of Licensed Product in the Field in the Territory.

 

		2.26	“Licensed Patent(s)” means all patent applications and patents that are Controlled
by Calliditas or its Affiliates as of the Effective Date or during the Term, and which claims the composition of matter or formulation
of, or method of making or using, the Licensed Product. Licensed Patents existing as of the Effective Date are listed in Appendix
1, including the inventions claimed therein, and Licensed Patents shall include any and all patents and patent applications
issuing therefrom and all foreign counterparts, divisions, continuations, continuations-in-part, extensions, substitutions, renewals,
registrations, revalidations, reissues, provisional applications thereof.

 

		2.27	“Licensed Product(s)" means Nefecon, as described in more detail in Appendix
2, including any improvements or modifications thereof, all dosage forms, formulations, combinations, presentations and package
configurations.

 

		2.28	“Licensed Technology” means the Licensed Patents and the Know-How.

 

		2.29	“Losses” has the meaning given to it in Section 22.1.

 

		2.30	“Manufacturing IP” has the meaning given to it in Section 20.2.

 

		2.31	“Milestone Due Date” has the meaning given to it in Section 7.7.

 

		2.32	“Milestone Event" has the meaning given to it in Section 9.2.1.

 

		2.33	“Milestone Payment” has the meaning given to it in Section 9.2.1.

 

		2.34	“NDA” means new drug application, i.e. an application for approval by a Competent
Authority permitting commercial use of a pharmaceutical product in an indication in the Field in a country or jurisdiction in the
Territory.

 

		2.35	“Net Sales” means [***].

 

		2.36	“New Data” means, in respect of any Licensed Product, all data, information
or results generated in the performance of any clinical studies, preclinical studies (including pharmacological and toxicological
studies) or chemistry, manufacturing, control and analytical studies in respect of such Licensed Product conducted by or on behalf
of Licensee or its Affiliates in the course of carrying out the development and commercialization of such Licensed Product in accordance
with this Agreement.

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	3	 

     

    

 

		2.37	“Product Data” means in respect of any Licensed Product, all data, information
or results generated in the performance of any clinical studies, preclinical studies (including pharmacological and toxicological
studies) or chemistry, manufacturing, control and analytical studies in respect of such Licensed Products conducted by or on behalf
of Calliditas or its Affiliates before the Effective Date or during the Term.

 

		2.38	“Prosecution” has the meaning given to it in Section 14.1.

 

		2.39	“Recipient” has the meaning given to it in Section 24.1.

 

		2.40	“Regulatory Documentation” has the meaning given to it in Section 7.8.

 

		2.41	“Regulatory Exclusivity” means, with respect to a Licensed Product in a country
or jurisdiction in the Territory, any exclusive marketing right, data protection or other exclusive right, other than a patent
right, conferred by any Competent Authority or otherwise under applicable law with respect to such Licensed Product in such country
or jurisdiction in the Territory, including new drug exclusivity, new indication or use exclusivity, pediatric exclusivity or orphan
drug exclusivity.

 

		2.42	“Senior Executives” means the CEO of Calliditas and the CEO of Licensee.

 

		2.43	“Term” has the meaning given to it in Section 25.1.

 

		2.44	“Territory” means (i) Greater China, including Mainland China, Taiwan,
Hong Kong and Macau, (ii) Singapore, and (iii) any additional geographical territories agreed between the Parties in
accordance with Section 5.

 

		2.45	“Territory Development” has the meaning given to it in Section 7.1.

 

		2.46	“Territory Dossier” means the documents filed by or on behalf of Licensee, its
Affiliates or permitted sublicensees with Competent Authorities in the Territory for the purpose of obtaining and maintaining an
authorization to conduct clinical trials regarding a Licensed Product or for the purpose of obtaining and maintaining an Approval
for such Licensed Product in the Territory.

 

		2.47	“Third-Party License” has the meaning given to it in Section 9.4

 

		2.48	“Trademarks” has the meaning given to it in Section 17.

 

		2.49	“Trial” means Calliditas’ global pivotal Phase 3 clinical study of the
Licensed Product in IgA nephropathy.

 

		2.50	“Valid Claim” means any claim contained in a pending patent application (pending
no more than [***] from its earliest priority date) or an issued and unexpired patent (including extensions thereof and supplementary
protection certificates) which has not been held unenforceable, unpatentable or invalid by a decision of a court or other governmental
agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted
to be invalid or unenforceable through abandonment, reissue, disclaimer or otherwise.

 

		3	GRANT OF RIGHTS; SUBLICENSING

 

		3.1	Subject to the terms and conditions of this Agreement, Calliditas hereby grants to Licensee an
exclusive (also in relation to Calliditas and its Affiliates), royalty-bearing, non-transferrable (except as set forth in Section 27.1),
sub-licensable (subject to Section 3.4 below) right and license, under the Licensed Technology and Calliditas’ share
in Arising Product IP, to research, make, have made, use, have used, develop and have developed, improve, have improved, import
and have imported, export and have exported within the Territory, lease, distribute, have distributed, sell and have sold Licensed
Products in the Field in the Territory.

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	4	 

     

    

 

		3.2	Further, Calliditas hereby grants to Licensee an exclusive (also in relation to Calliditas and
its Affiliates) non-transferrable (except as set forth in Section 27.1), sublicensable (subject to Section 3.4 below)
right and license to use and reference the Dossier and the Product Data in the Field in the Territory solely for the purpose of
obtaining relevant Approvals for Licensed Products in the Field in the Territory.

 

		3.3	Notwithstanding the foregoing, Calliditas may always manufacture or have manufactured Licensed
Products in the Territory, for use outside the Territory, subject to prior written notification and coordination with Licensee
with respect to regulatory matters.

 

		3.4	Licensee shall be entitled to grant sub-licenses of its rights under this Agreement to (i) its
Affiliates (however, only for as long as they remain Affiliates of Licensee) upon written notice to Calliditas, and (ii) to
other third parties with the prior written consent of Calliditas, which shall not be unreasonably withheld, in each case provided
that:

 

		a)	the sublicensee may not grant any sub-sub-licenses without the prior written consent of Calliditas;

 

		b)	the sublicence shall include obligations on the sublicensee that are equivalent to the obligations
on Licensee under this Agreement and limitations of liability that are equivalent to those set out in this Agreement;

 

		c)	the sublicense shall terminate automatically on the termination of this Agreement for any reason,
unless the Parties otherwise agree in writing;

 

		d)	within [***] of the grant of any sublicense, Licensee shall provide to Calliditas a true copy of
it, and the Licensee may redact information not pertaining to the Licensee’s obligations under this Agreement, such as information
on products other than the Licensed Product, or sensitive business information of the sublicensee that do not pertain to Licensee’s
obligations under this Agreement; and

 

		e)	Licensee shall be responsible for any breach of the sublicense by the sub licensee, as if the breach
had been that of Licensee under this Agreement, and Licensee shall indemnify Calliditas against any loss, damages, costs, claims,
or expenses that are awarded against or suffered by Calliditas as a result of any such breach by the sublicensee, all pursuant
to Article 22.

 

		3.5	Notwithstanding anything to the contrary, Licensee shall have the right to engage subcontractors
in the course of its development, manufacture and/or commercialization of the Licensed Product in the Field and Territory, and
Licensee shall remain primarily responsible for the performance of such subcontractors under this Agreement.

 

		3.6	Within [***] after the Effective Date, Calliditas shall, upon Licensee’s request and against
no additional cost for Licensee, provide Licensee with access to the Dossier and all non-clinical (to the extent necessary or reasonably
useful for Regulatory Approval in the Territory), clinical and regulatory Know-How existing as at the Effective Date and in Calliditas’
possession. The same shall apply with respect to new Know-How which is generated during the Term, which shall be provided by Calliditas
to Licensee at no additional cost.

 

		3.7	Except for the license and option expressly granted under Section 3.1 and Section 4,
Calliditas reserves all its rights. Without prejudice to the generality of the foregoing, Calliditas grants no rights to any intellectual
property other than the Licensed Technology and reserves all rights under the Licensed Technology outside the Field (but subject
to Section 4) and the Territory (but subject to Section 5).

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	5	 

     

    

 

		4	OPTION TO EXTEND THE FIELD

 

		4.1	If and when Calliditas decides, in its sole discretion, to initiate a registration clinical study
to develop and pursue other indications for the Licensed Product (in addition to IgA Nephropathy), Calliditas shall promptly give
Licensee written notice thereof, together with a global development plan describing Calliditas’ plan for the development
of the Licensed Product.

 

		4.2	Licensee shall have an exclusive option to extend the Field to include also such additional indication(s) against
no additional compensation (other than the payment of Milestone Payments for additional indications as set out in Section 9.2
below).

 

		4.3	If Licensee wishes to exercise the option granted in Section 4.2 above, Licensee shall give
written notice thereof to Calliditas within [***] after Calliditas’ notice in accordance with Section 4.2 above. If
Licensee chooses not to exercise its option or if Licensee does not give such notice within the time stipulated, the exclusive
option in Section 4.2 shall lapse and Calliditas shall, unless Licensee pays [***] USD per indication, be free to pursue such
additional indications, either by itself or through a licensee. If Calliditas enters into negotiations in order to appoint a licensee
for such additional indication(s) it shall ensure that the appointed licensee undertakes not to market and sell the product
for indications licensed to Licensee. Calliditas also undertakes to inform the Licensee that it intends to enter into such agreement
with another party or launch the Licensed Product for such additional indication(s) in the Territory, at least [***] prior
to finalizing such agreement or the anticipated launch date (as applicable), and Licensee will have the right to exercise the option
under Section 4.2 (the “Catch Up Option”), provided that, if Calliditas has previously provided Licensed
notification with respect to such indication under Section 4.1 and Licensee has caused the exclusive option in Section 4.2
to lapse without exercising such option at such time, such Catch Up Option exercise shall only become effective if (i) Licensee
makes the [***] USD payment to Calliditas for such indication in the event Calliditas informs the Licensee that it intends to enter
into such agreement with another party and plans to finalize such third party agreement in approximately [***], or, as the case
may be (ii) Licensee makes the [***] USD payment to Calliditas and reimburses Calliditas for costs incurred by Calliditas
up to that point for the Development of the Licensed Product for such indication reasonably allocated to the Territory, in the
event Calliditas informs the Licensee that it intends to launch the Licensed Product by itself in the Territory.

 

		4.4	If Licensee, in other cases than set out in Section 4.1 above, wishes to extend the Field
to other indications in addition to IgA Nephropathy, Calliditas agrees to consider Licensee’s request in good faith, provided
that there in Calliditas reasonable opinion is a sound scientific and medical basis for such extension and that such extension
does not interfere with Calliditas contractual obligations and existing commercialization of Licensed Products. In addition, Licensee
shall provide to Calliditas a development plan describing Licensee’s plan for the development of the Licensed Product, as
well as market potential and pricing estimates for such additional indication.

 

		4.5	If the Parties extend the Field to additional indications in accordance with this Section 4
such additional indications shall thereafter be included in the definition of Field and referred to as “Additional Indications".

 

		5	EXTENSION OF THE TERRITORY

 

During the Term, the Parties
may extend the Territory by adding geographical territories as mutually agreed by the Parties in writing. Such additional geographical
territories shall thereafter be included in the Territory. Subject to any prior exclusive or non-exclusive rights granted by Calliditas
to a third-party in such additional geographical territories, Calliditas shall consider a request from Licensee to extend the Territory
in good faith, provided that Licensee can demonstrate, to Calliditas’ reasonable satisfaction, that it has the necessary
resources and capacity to carry out the development and commercialization of the Licensed Product in accordance with this Agreement
in such additional geographical territories. Such extension will require additional payments to be negotiated and paid.

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	6	 

     

    

 

		6	COMPETING PRODUCTS

 

		6.1	Licensee represents and warrants that, neither it nor any of its Affiliates is currently researching,
developing, marketing, selling, or otherwise commercializing any Competing Product in the Territory, nor has any of them entered
into an agreement with any other person with respect to any Competing Activities in the Territory. After the Effective date, Licensee
shall not, either by itself or with an Affiliate or a Third Party: (a) conduct any clinical development program directed at
evaluating the efficacy of a Competing Product in patients with IgAN in the Territory within [***] after the Effective Date; or
(b) market or sell any Competing Product in the Territory within [***] after the Effective Date (the “Competing Activities”),
provided that the activities described in subsection (b) shall not be deemed Competing Activities for so long as Licensee
in addition pays Calliditas royalties on the Net Sales (applied mutatis mutandis) of such Competing Product in the Territory
at royalty rates that are [***] of what would be the applicable royalty rate for the Licensed Product under Article 9 for
the same sales tier. Licensee shall notify Calliditas promptly if it commences any Competing Activities in the Territory, by itself
or with an Affiliate or Third Party. During the first [***]after the Effective Date, Licensee shall also inform Calliditas promptly
if Licensee becomes aware of any such plans or actions taken by C-Bridge Capital (subject to any confidentiality obligation of
Licensee to C-Bridge Capital or a Third Party), however this shall not create any termination rights.

 

		6.2	Notwithstanding 6.1, Licensee should however be free to in-license or develop products with an
indication of IgA nephropathy, which is [***].

 

		6.3	For the avoidance of doubt, Licensee’ breach of this Section 6 shall constitute a material
breach of this Agreement, giving rise to Calliditas’ right to terminate pursuant to Section 25.2.4.

 

		6.4	In the event that a third party becomes an Affiliate of Licensee after the Effective Date through
merger, acquisition, consolidation or other similar transaction, and such third party, as of the closing date of such transaction,
is engaged in the conduct of Competing Activities:

 

		a)	then Licensee and its new Affiliate shall have [***]from the closing date of such transaction to
wind down or Divest such Competing Program, and its new Affiliate’s conduct of such Competing Program during such [***] period
shall not deemed a breach of Licensee’s exclusivity obligations set forth above; provided that such new Affiliate conducts
such Competing Program during such [***] period independently of the activities of this Agreement and does not use any Licensed
Technology or Arising Product IP in the conduct of such Competing Program.

 

For the purpose of Section 6.4,
 “Divest” means the sale or transfer of rights to the Competing Activities to a Third Party without the right to conduct
additional development, manufacture and/or commercialization activities.

 

		7	DEVELOPMENT

 

		7.1	Licensee shall use Commercially Reasonable Efforts to develop the Licensed Product in the Field
in the Territory and to obtain, support and maintain Approval of the Licensed Product in the Field in the Territory (“Territory
Development”).

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	7	 

     

    

 

		7.2	Licensee shall be responsible for conducting all clinical trials with respect to the Licensed Product
in the Territory, including any clinical trials conducted at sites in the Territory as part of the Trial as the regulatory agent
of Calliditas in the Territory (collectively, the “Territory Activities”). Licensee shall be responsible for
all costs and expenses for the Territory Activities. For clarity, with respect to the ongoing global clinical Trial, Licensee shall
only be responsible for the incremental cost associated with all of the clinical development related program, including data capture,
safety and other relevant local cost components and regulatory approval process in the Territory. For any other future clinical
trials, the Licensee shall be exclusively responsible for all related Territory Activities at its sole expense as well as a reasonable
portion (not to exceed [***]) of [***]) incurred after the Effective Date, and shall, subject to the prior written approval not
unreasonably withhold, have the exclusive right to incorporate any non-material modifications or developments to the Licensed Products
that may be necessary due to Territory regulatory requirements. For clarity, this does not allow the Licensee to modify the manufacturing
process, or alter any of the product specific components which might affect the patent protection of the product, in each case
without the express written consent of Calliditas.

 

		7.3	Both Parties will work jointly, through the JDC, and agree upon a plan for the Territory Development,
which describes in reasonable detail the planned activities and timelines for the Territory Development (the “Development
Plan”). Any Territory Development conducted by Licensee under this Agreement on the Products shall be conducted pursuant
to the Development Plan. The Development Plan shall be focused on efficiently obtaining Approval for the Licensed Product in the
Field in the Territory, while taking into consideration potential development, regulatory approval or commercial impacts on the
Licensed Product outside of the Territory.

 

		7.4	Calliditas shall allow Licensee to participate in the Trial at clinical sites in the Territory
and enroll up to [***] in the Territory, as part of the Trial, provided that:

 

		a)	Licensee performs the Trial in the Territory in accordance with the applicable study protocol for
the Trial, all applicable laws and regulations governing clinical trials and the reasonable instructions provided by Calliditas
from time to time so long as such instructions are not inconsistent with the requirement of applicable laws or the regulatory authorities
in the Territory, but which do not impact the validity and potential approvability of the global protocol as presently accepted
by the FDA and EMA; and

 

		b)	With respect to any global clinical trial other than the Trial, Calliditas’ timelines for
the clinical trial and Calliditas’ regulatory path for Approval of the Licensed Product outside the Territory are not adversely
affected or impaired.

 

		7.5	If the Territory Activities portion of the Trial is not completed within Calliditas’ overall
timeline for the Trial, Calliditas may in its sole discretion perform data lock on the overall Trial without regard that such Territory
Activities are not yet completed and proceed with regulatory filings outside the Territory, provided that Calliditas shall continue
to provide Licensee with regulatory support and supply Licensee with quantities of Licensed Product as required for Licensee to
complete the Territory Activities as set forth in the Development Plan. Licensee shall have the right to continue to perform the
remaining portion of the Territory Activities set forth in the Development Plan in accordance with the study protocol for the Trial
through an amendment of the study protocol and enroll additional patients in the study to complete the Territory Activities as
set forth in the Development Plan even though the Trial outside the Territory has been completed. Licensee shall also have the
possibility to recruit [***] to the extent that this is required for Territory Approval. [***].

 

		7.6	Each Party shall keep the other Party reasonably informed regarding the progress of the development
and any interactions with Competent Authorities in the Territory and outside the Territory. For as long as the development of the
Licensed Products is ongoing, Licensee shall provide written reports to the JDC, describing in reasonable detail on all past, current,
and projected activities taken or planned to be taken by Licensee in accordance with the Development Plan.

 

		7.7	Without prejudice to the generality of Licensee’s obligations under Section 7.1, Licensee
shall achieve the following milestone events by the following dates (each a “Milestone Due Date”), provided
that the Milestone Due Dates shall be extended by delays outside Licensee’s reasonable control, including without limitation
for safety or efficacy issues, or regulatory delays, lack of supply for the Licensed Product, delay by Calliditas on its performance
under this Agreement, or any force majeure events:

 

	Milestone Event	Milestone Due Date
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	8	 

     

    

 

		7.8	If Licensee fails to meet the Milestone Due Date, Calliditas may terminate this Agreement in accordance
with Section 25.2.3. Licensee shall be responsible, at its own expense, for preparing all submissions, documents or other
correspondence submitted to Competent Authorities with respect to the Licensed Products in the Field in the Territory (collectively,
the “Regulatory Documentation”). Calliditas shall have the right to review and comment on all Regulatory Documentation
prepared by Licensee, and Licensee shall reasonably consider Calliditas’ comments in good faith with respect to such Regulatory
Documentation. Upon Licensee’s reasonable request, Calliditas will cooperate to assist Licensee in its efforts to timely
prepare and submit any Regulatory Documentation to obtain, support, or maintain Approvals for any Licensed Products, including
preclinical packages, IND and NDA filings. In addition, Calliditas shall make its regulatory personnel reasonably available
to Licensee for consultation between the regulatory teams of the Parties, and Licensee shall reimburse Calliditas for the documented
out-of-pocket expenses reasonably incurred in connection with travel and accommodation as requested by Licensee for Calliditas
to provide such consultation.

 

		8	JOINT DEVELOPMENT COMMITTEE

 

		8.1	Calliditas and Licensee shall form a joint development committee (the “JDC”),
which will be comprised of an equal number of representatives from Calliditas and Licensee. Each Party shall identify one of its
representatives to act as co-chair, representing that Party. In addition, each Party shall designate a project leader or alliance
manager to act as the primary day-to-day contact for that Party in relation to the development, who shall not be a JDC representative
but may attend the JDC meetings and bring issues to the JDC’s attention. Each Party may from time to time change its representatives
on the JDC by notifying the other Party with the name of its new representative.

 

		8.2	The JDC shall be responsible for overseeing the development of the Licensed Product in the Field
in the Territory and shall serve as a forum for information exchange for the development of the Licensed Product outside the Territory.
The JDC’s responsibilities include the following:

 

		a)	prepare the initial Development Plan and decide whether or not to make modifications and variations
to the Development Plan, proposed or requested by either Party;

 

		b)	coordinating the activities of the Parties pursuant to the Development Plan and this Agreement;
and

 

		c)	monitoring the progress of the activities carried out in accordance with the Development Plan.

 

    	 	9	 

     

    

 

		8.3	The JDC shall meet (either in person or by telephone conference) on a regular basis and at least
once each calendar quarter. Each Party shall bear all travel and related costs for its representatives’ attendance at the
JDC’s meetings.

 

		8.4	The quorum for a meeting of the JDC shall be two individuals, one representing each Party. No valid
meeting of the JDC may be held unless a quorum is present and all Parties have received not less than 14 days’ notice of
the meeting.

 

		8.5	Minutes shall be kept at all meetings of the JDC and such minutes shall be circulated for approval
within ten business days after the meeting.

 

		8.6	The JDC shall endeavor to make decisions by consensus. If the JDC does not reach a consensus agreement
with respect to any material decision within 10 business days following a vote on such decision, the matter may, at the request
of either Party, be referred to the Senior Executives for resolution. The Senior Executives shall meet within 15 business days
and attempt to resolve the matter in good faith. If the Senior Executives do not reach agreement on such matter within 30 business
days after the date on which the matter is referred to them, then such matter shall be resolved in accordance with the following:

 

		a)	Changes to the Development Plan require mutual agreement; provided however that Licensee shall
have the right to make changes to the Development Plan required by Competent Authority in the Territory and/or necessary to comply
with applicable laws and regulations in the Territory, provided that (i) Calliditas shall have the ultimate right to reject
any proposed change for the ongoing clinical Trial if the proposed change in its sole opinion adversely affects the ongoing Trial,
and (ii) for other future global trials, Calliditas shall have the ultimate right to decide not to include (or not to fully
include) the Development of the Licensed Product in the Territory as part of any future global Trial if such inclusion in its reasonable
opinion would materially adversely affect the global Trial, and Licensee shall have the right to conduct separate development activities
in the Territory to satisfy the requirement of Competent Authority in the Territory to the extent such activities are not included
as part of the global Trial;

 

		b)	Calliditas shall have the final decision-making authority relating to matters outside the Territory;
and

 

		c)	Licensee shall have the final decision-making authority relating to matters in the Territory, subject
to Section 8.6(a).

 

		8.7	Neither Party may exercise its decision-making authority under Section 8.6 in a manner that
would require the other Party to perform an act that would violate any applicable laws. Further, Licensee may not exercise its
decision-making authority or withhold consent on matters requiring mutual agreement under Section 8.6 in a manner that can
be reasonably expected to have an adverse and material effect on (i) the development or regulatory approval process for the
Licensed Product outside the Territory, or (ii) the Trial and any other clinical trials conducted under the Development Plan
and/or the regulatory approval of such Trial and/or such other clinical trials.

 

		8.8	For the avoidance of doubt, the JDC shall not have the power to make any changes to the provisions
of this Agreement other than the Development Plan, which may be amended as stated above. Any amendments of the Agreement shall
be made in accordance with Section 27.7 below.

 

    	 	10	 

     

    

 

		9	REMUNERATION

 

		9.1	Upfront payment

 

Licensee shall pay to Calliditas
the non-refundable, non-deductible amount of 15 million USD within [***] from the Effective Date.

 

		9.2	Milestone payments

 

		9.2.1	Upon achievement of each of the milestone events set out in the following table (“Milestone
Event”) for the Licensed Product, Licensee shall pay to Calliditas the non-refundable, non-creditable amounts set out
next to such milestone event in the table (“Milestone Payment”):

 

	Milestone Event	Milestone Payment
	Clinical Development Milestones - IgA Nephropathy
	[***]	[***] USD
	[***]	[***] USD
	[***]	[***] USD
	[***]	[***] USD
	[***]	[***] USD
	[***]	[***] USD
	Subtotal	[***] USD
	 	 
	Clinical Development Milestones - Additional Indications (if any)
	[***]	[***] USD
	[***]	[***] USD
	Sub total	[***] USD
	 	 
	Commercial Milestones
	For the first year in which trailing 12 months Net Sales for all Licensed Products (i.e. all indications in the Field) exceeds [***] USD in the Territory	[***] USD
	For the first year in which trailing 12 months Net Sales for all Licensed Products (i.e. all indications in the Field) exceeds [***] USD in the Territory	[***] USD
	For the first year in which trailing 12 months Net Sales for all Licensed Products (i.e. all indications in the Field) exceeds [***] USD in the Territory	[***] USD
	For the first year in which trailing 12 months Net Sales for all Licensed Products (i.e. all indications in the Field) exceeds [***] USD In the Territory	[***] USD
	Sub total	[***] USD
	 	 
	Total	[***] USD

 

	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	11	 

     

    

 

		9.2.2	The above milestones are due irrespective if they are met by Licensee, its Affiliates and/or its
permitted sublicensees.

 

		9.2.3	The Milestone Payments are only payable on the initial achievement of the relevant Milestone Event
and no additional payment shall be due hereunder for subsequent or repeated achievements of such Milestone Event regardless of
how many time such Milestone Event has occurred for one or more Licensed Products, except as regards the Milestone Event for Additional
Indications which may result in two Milestone Payments totaling [***] USD (if the Milestone Event is achieved with two different
Additional Indications). If a Milestone Event for the Licensed Product is not achieved because development or commercialization
activities occurred such that achievement of such earlier Milestone Event was unnecessary or did not otherwise occur, then upon
achievement of the next Milestone Event, the Milestone Payment applicable to such earlier skipped milestone event will also become
due with respect to such Licensed Product, provided that, if Calliditas or its Affiliate or other licensee does not obtain conditional
NDA Approval for the Licensed Product for the first indication from either FDA or EMA before obtaining the full NDA Approval for
the Licensed Product therefrom for the same indication, then [***].

 

		9.2.4	The Milestone Payment shall be paid within [***] from the achievement of a Milestone Event.

 

		9.3	Royalties

 

		9.3.1	Licensee shall pay to Calliditas a royalty on Net Sales of Licensed Products in the Territory as
calculated by multiplying the applicable royalty rate set forth in the table below by the corresponding amount of incremental,
aggregated annual Net Sales. The royalty rate shall be determined individually for each Licensed Product (i.e. on an indication-by-indication
basis).

 

	For Portion of Annual Net Sales

 (per Licensed Product) in the 

Territory	Royalty rate
	Up to [***]USD	[***]%
	> [***] USD - [***] USD	[***]%
	> [***] USD	[***]%

 

		9.3.2	Royalties on Net Sales are payable on a Licensed Product-by-Licensed Product and country-by-country
or region-by-region basis (determined based on the jurisdiction of the applicable patent and/or regulatory authority). The royalty
term in each country shall be the later of (i) twelve (12) years from the First Commercial Sale of the Licensed Product in
such country, (ii) the expiration of the last-to-expire Valid Claim of the Licensed Patents and any patents covering Arising
Product IP in such country or region, and (iii) the expiration of all Regulatory Exclusivity for such Licensed Product in
such country or region.

 

		9.3.3	Royalties due under this Agreement shall be paid within [***] of the end of each quarter ending
on 31 March, 30 June, 30 September, and 31 December, in respect of Net Sales made during such quarter and within [***] of the termination
of this Agreement.

 

	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	12	 

     

    

 

		9.4	Royalty stacking

 

If the development, manufacture
or commercialization of the Licensed Product in the Field and the Territory requires (i.e. there is no commercially reasonable
alternative), a license from any third-party party (“Third-Party License”) in order to avoid infringing such
third party’s patent(s) in the course of the development, manufacture or commercialization of the Licensed Products,
the royalties payable under this Agreement shall be reduced by [***]% of the royalty amount paid under the Third-Party License
on a country-by-country basis, provided that the amount of royalty payable by Licensee to Calliditas totally or in any given
calendar year, on a country-by-country-basis, shall not be reduced by more than [***]% of the amount that would have been payable
in the absence of this Section 9.4. Licensee shall notify Calliditas of any obligation to obtain a Third-Party License and
provide sufficient documentation to show the existence of such obligations or commercial necessity and its relation to the Licensed
Patents. The deductions referred to in this Section 9.4 shall only be made where the infringement of the third-party patent
arises from the use of the inventions claimed in the Licensed Patents in accordance with the provisions of this Agreement, and
not from the use of any other intellectual property that Licensee chooses to use in the manufacture or sale of any Licensed Product.

 

		9.5	Generic Product

 

		9.5.1	If a Generic Product is being sold during a reporting period in the royalty term, the royalties
payable in relation to the Licensed Product shall be reduced by the percentage equal to the market share of the Generic Product
sold in that market during the relevant reporting period up to a maximum reduction of [***]%.

 

		9.5.2	Licensee shall promptly notify Calliditas on becoming aware that a Generic Product is sold and
shall including the market share of the Generic Product in its royalty reports.

 

For the purposes of this Section 9.5,
the Generic Product’s market share shall be assessed by reference to sales value using recognized reference data published
by IMS Health or equivalent industry accepted source on a moving annual basis.

 

		9.6	Limitation

 

If royalty reductions are available
under both Sections 9.4 and 9.5 above, the reduction in Section 9.4 shall be applied first. In no event shall royalty reductions
pursuant to Sections 9.4 and 9.5 above result in that the royalties payable by Licensee to Calliditas totally or in any calendar
year, on a country-by-country-basis, are reduced by more than [***]% of the amount that would have been payable in the absence
of such reductions.

 

		10	REPORTS; RECORDS; AUDIT

 

		10.1.1	In connection with payment of royalties on Net Sales, Licensee shall provide Calliditas with a
written report concerning the calculation of royalty payable by Licensee to Calliditas hereunder. Each such report shall contain
total number of units of Licensed Products sold or transferred by Licensee or its Affiliates or sub-licensees during the most recent
calendar quarter, together with any exchange rates used for conversion, and total royalties due.

 

		10.1.2	Receipt or acceptance by Calliditas of any of the reports furnished pursuant to Section 10.1.1
above or of any sums paid hereunder shall not preclude Calliditas from questioning the correctness thereof based on the audit conducted
in accordance with Section 10.1.3, and in the event any inconsistencies or mistakes are discovered in such reports or payments,
they shall be promptly rectified and appropriate payment, if necessary, shall be made by Licensee of any amounts.

 

	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	13	 

     

    

 

		10.1.3	Licensee shall maintain, and cause to be maintained, for a period of [***] following the end of
the calendar year to which they pertain, full and true books of accounts and other records in sufficient detail so that the royalties
and other payments payable to Calliditas hereunder can be properly ascertained. These records shall be ready for inspection and
examination during normal business hours upon no less than [***] business days’ written notice, by an independent auditor
bound by a confidentiality agreement or professional secrecy, for the purpose of verifying correct royalty payments. Licensee shall
co-operate at such audit and shall give any explanations that may reasonably be requested. The cost for such audit shall be borne
by Calliditas. However, and without prejudice to any other remedy or action available due to breach of this Agreement, if the audit
should determine a discrepancy between royalty reported and the royalty actually due resulting in underpayment of royalties of
more than [***]% or if the audit (of such books, accounts or records) should determine a material discrepancy between permitted
use under this Agreement and actual use of the Licensed Technology, then the cost and expense of the audit shall be borne by Licensee.
Licensee shall promptly pay to Calliditas all amounts determined by any inspection to be due to Calliditas, with interest in accordance
with Section 11.1.2 below from the date the same should have been paid.

 

		10.1.4	Licensee shall impose corresponding obligations on its sub-licensees and procure corresponding
audit rights for Calliditas in relation to Licensee’s sub-licensees for the same purpose.

 

		11	PAYMENT TERMS

 

		11.1.1	All payments under this Agreement shall be made in USD. For the purpose of computing payments made
in a currency other than USD, such currency shall be converted into USD at the conversion rates used by Licensee in the rest of
its business to consolidate foreign currencies, provided only that such rates are obtained from a credible source and are applied
in a manner consistent with generally accepted accounting principles.

 

		11.1.2	If Licensee at any time should fail to make payment in full on the due date under this Agreement,
Calliditas may claim interest on the sum overdue until payment is made, based on the current reference interest rate of the Swedish
Central Bank plus [***] percentage units, per annum, provided that for the first [***] of delay the interest rate shall be [***]
percentage units.

 

		11.1.3	All sums payable under this Agreement are exclusive of any value added tax or any other sales tax
or duties, which where applicable, shall be payable by the payer in addition to any sum in respect of which they are calculated.

 

		11.1.4	Each Party shall be solely responsible for the payment of all taxes imposed on its share of income
arising from the activities performed by such Party in accordance with this Agreement.

 

		11.1.5	If Licensee is required to deduct or withhold any withholding taxes, charges or other duties on
the royalties or other amount payable to Calliditas hereunder, it will (a) promptly notify Calliditas of such requirement,
(b) pay to the relevant authorities the full amount to be deducted or withheld promptly upon the earlier of determining that
such deduction or withholding is required or receiving notice that such amount has been assessed against Calliditas, and (c) promptly
forward to Calliditas an official receipt (or certified copy), or other documentation reasonably acceptable to Calliditas and obtainable
by Licensee, evidencing such payments to such authorities. The Parties agree to co-operate in all respects necessary to take advantage
of available double taxation agreements. If either Party changes its proposed set-up and payment flows in a manner that affect
the tax obligation under this Agreement, it shall be fully responsible for any consequences to the extent attributable to such
changes regarding withholding taxes, charges or other duties.

 

		12	OWNERSHIP OF INTELLECTUAL PROPERTY

 

		12.1	Any intellectual property which is created, conceived, reduced to practice or invented by or on
behalf of Licensee during the Term that are specifically directed to the method of making or using, Licensed Product shall be deemed
 “Arising Product IP” which shall be jointly owned by the Parties in equal parts.

 

		12.2	For clarity, Calliditas shall be the sole owner of any Improvements and other intellectual property
which are created, conceived, reduced to practice or invented by or on behalf of Calliditas or its Affiliates.

 

	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	14	 

     

    

 

		12.3	Licensee agrees to grant, hereby grants, and shall cause to be granted to, Calliditas an exclusive
(also towards Licensee and its Affiliates), royalty-free, perpetual, irrevocable license (including the right to grant sub-licenses)
under Licensee’s share in the Arising Product IP to use the Arising Product IP for any purpose outside the Territory.

 

		12.4	Any Improvements which are generated by or on behalf of Calliditas during the Term related to the
Licensed Product shall be automatically included under the license granted to Licensee by Calliditas pursuant to Section 3.1
with no additional charge to Licensee, and become part of the Licensed Technology. The Parties shall update the Licensed Technology
accordingly.

 

		12.5	Any Arising Product IP will be subject to Licensee’s exclusive rights within the Field and
the Territory, and Calliditas’ exclusive rights outside the Territory, as set forth in Section 3.1 and this Section 12.

 

		12.6	The Parties agree that patent law on inventorship in a jurisdiction shall determine the inventorship
of any invention in such jurisdiction and the names of the inventors on any patent filings, whether sole or joint inventions, which
arise in connection with activities conducted pursuant to this Agreement; provided that if a jurisdiction’s laws are
silent as to inventorship or the naming of inventors, the laws governing this Agreement pursuant to Section 28.1 shall be
determinative.

 

		12.6.1	Licensee warrants that it will procure ownership of and perfect the rights in and to the Arising
Product IP from its employees and consultants by obligating such personnel in writing to assign such Arising Product IP to Licensee.

 

		13	NEW DATA AND TERRITORY DOSSIER

 

		13.1	New Data shall be jointly owned by the Parties in equal parts.

 

		13.2	Licensee shall as soon as practicable make available to Calliditas all New Data as well as any
other all information and documentation regarding Licensee’s development and regulatory activities that is necessary or useful
for the development and regulatory activities with respect to Licensed Products outside the Territory. Calliditas’ share
in the New Data is subject to the exclusive license granted to Licensee hereunder pursuant to Section 3.1 with no additional
charge to Licensee, and the Parties shall update the Licensed Technology accordingly.

 

		13.3	Licensee hereby grants Calliditas an exclusive (also in relation to Licensee and its Affiliates),
royalty-free, perpetual, irrevocable license (including the right to grant sublicences) under Licensee’s share in the New
Data to use New Data for any purpose outside the Territory. Without limiting the generality of the foregoing, Licensee hereby grants
to Calliditas an exclusive right to reference and use the Territory Dossier in development and regulatory activities with respect
to Licensed Products outside the Territory.

 

		13.4	Calliditas undertakes to treat New Data and the Territory Dossier in accordance with Section 24
(Confidentiality) and all applicable laws and regulations concerning data protection.

 

		14	MAINTENANCE AND PROSECUTION OF PATENTS

 

		14.1	Calliditas shall be responsible, at its discretion, for the preparation, filing, prosecution and
maintenance (“Prosecution”) of the Licensed Patents and any patent applications and patents covering Arising
Product IP. Calliditas shall provide Licensee with an opportunity to comment on decisions related to the Prosecution of the Licensed
Patents in the Territory and any patents covering Arising Product IP and shall take into reasonable consideration the commercial
strategy of Licensee in the Territory.

 

    	 	15	 

     

    

 

		14.2	Calliditas shall bear all costs and expenses for the Prosecution of the Licensed Patents but Licensee
shall provide such assistance, including signing such documents and taking such legally permitted actions, as requested by Calliditas
to evidence and perfect Calliditas rights in and ownership of the Licensed Patents.

 

		14.3	The Parties shall share equally all costs and expenses incurred in connection with the Prosecution
of Arising Product IP, provided, however, that either Party may decline to carry the responsibility for such costs
on a country-by-country basis by assigning any of its rights in such Arising Product IP to the other Party in that country. If
a Party assigns its rights in such Arising Product IP, the assigning Party shall have no rights to such Arising Product IP, and
the assignee Party shall have the right to exercise its sole discretion in the Prosecution of the Arising Product IP. [***]. The
Parties agree to execute or procure the execution of any documents and take all legally permitted actions, as needed or desired
to give effect to such assignment of ownership and/or to facilitate each other’s Prosecution of Arising Product IP, including
to cooperate in claiming priority and/or meeting first filing requirements as applicable, all without additional consideration.

 

		15	THIRD PARTY INFRINGEMENT

 

		15.1	Each Party shall inform the other Party promptly if it becomes aware of any infringement or potential
infringement of any of the Licensed Patents or any patents covering Arising Product IP, and the Parties shall consult with each
other to decide the best way to respond to such infringement.

 

		15.2	Licensee shall have the exclusive right, but not an obligation, under its own control to take action
with respect to any third-party infringements of any of the Licensed Patents and any patents covering Arising Product IP in the
Territory, in which case Licensee will retain any and all proceeds obtained from such proceedings, provided that any such proceeds,
after deducting the Parties’ out-of-pocket expenses, shall be subject to the royalty obligations to Calliditas. Licensee
agrees to keep Calliditas reasonably informed of claims relating to the Licensed Patents within the Field and the Territory or
any patents covering Arising Product IP and seek the assistance and input from Calliditas on matters that may be reasonably expected
to affect the validity or enforceability of the Licensed Patents outside the Territory. Calliditas agrees to reasonably assist
Licensee in any proceedings referred to in this Section 15.2, at Licensee’s request and cost and expense. Licensee shall
not, without the prior written consent of Calliditas, enter into any compromise or settlement relating to such proceedings that
(i) admits the invalidity or unenforceability of any Licensed Patent or any patents covering Arising Product IP or (ii) admits
any wrongdoing by, or result in injunctive or other relief being imposed against Calliditas.

 

		15.3	If Licensee decides not to act against a third-party infringement of the Licensed Patents or any
patents covering Arising Product IP, Licensee shall notify Calliditas in writing and Calliditas may take such actions at its own
cost as expense in which case any and all proceeds obtained from such proceedings, after deducting the Parties’ out-of-pocket
expenses, shall be shared by the Parties equally. Licensee agrees to reasonably assist Calliditas in any proceedings referred to
in this Section 15.3 at Calliditas’ request, cost and expense. Calliditas shall not, without the prior written consent
of Licensee, enter into any compromise or settlement relating to such proceedings that (i) admits the invalidity or unenforceability
of any Licensed Patent or any patents covering Arising Product IP or (ii) admits any wrongdoing by, or result in injunctive
or other relief being imposed against Licensee.

 

		16	INFRINGEMENT CLAIMS

 

		16.1	Calliditas and Licensee shall promptly inform the other in writing of any written notice to it
of alleged infringement or misappropriation, based upon its performance of its obligations hereunder, of a third party’s
intellectual property rights of which it shall become aware (“Infringement Claim"), and the Parties shall discuss
the best way to respond to the Infringement Claim; provided that this shall not preclude the recipient of the Infringement
Claim from taking necessary actions necessary actions to protect its interests under its own control and at its own expense. This
notwithstanding, neither Party shall acknowledge to a third party the validity of any such Infringement Claim without the prior
written consent of the other Party.

 

	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	16	 

     

    

 

		16.2	If Licensee is the recipient of the Infringement Claim, Licensee shall keep Calliditas reasonably
informed of all material developments in connection with such Infringement Claim. Licensee shall provide Calliditas with copies
of all pleadings filed in such action and to allow Calliditas reasonable opportunity to participate in the defense of the claims.
Calliditas shall assist Licensee in connection with such Infringement Claim as reasonably requested by Licensee, provided that
Licensee shall reimburse Calliditas for any out of pocket costs or expenses incurred by Calliditas in connection with the Infringement
Claim, and that Calliditas shall have the right to be separately represented by its own counsel at its own expense.

 

		16.3	If Calliditas is the recipient of the Infringement Claim and provided that the Infringement Claim
has relevance for Licensee’s development and commercialization of the Licensed Product in the Field in the Territory, Calliditas
shall keep Licensee reasonably informed of all material developments in connection with such Infringement Claim. Further, Calliditas
agrees to provide Licensee with copies of all pleadings filed in such action and to allow Licensee reasonable opportunity to participate
in the defense of the claims. Licensee shall assist Calliditas in connection with such Infringement Claim as reasonably requested
by Calliditas, provided that Calliditas shall reimburse Licensee for any out of pocket costs or expenses incurred by Licensee in
connection with the Infringement Claim, and that Licensee shall have the right to be separately represented by its own counsel
at its own expense.

 

		16.4	In no event may either Party settle any Infringement Claim in a manner that would limit the rights
of the other Party or impose any obligation on the other Party, without such other Party’s prior written consent, which consent
shall not be unreasonably withheld, delayed or conditioned.

 

		17	TRADEMARKS

 

		17.1	In addition to the trademarks licensed
                                         to Licensee under Section 17.2, Licensee shall commercialize the Licensed Product
                                         in the Field and the Territory in its own name and under its own trademark(s), including
                                         product name and distinctive artwork and logos (the “Trademark(s)”).
                                         Licensee shall own and be solely responsible for the Trademark(s) in the Territory
                                         and may, in its sole discretion, apply for registration or other protection of such Trademark(s) in
                                         the Territory, at its own cost and expense.

 

		17.2	Calliditas hereby grants to Licensee, its Affiliates or permitted sublicensees an [***] license,
with no additional charge, to use the trademark “NefeconTM” to promote, market, sale and otherwise
commercialize the Licensed Product in the Territory. Licensee shall use such trademark in compliance with applicable laws and any
written guidelines to be agreed by the Parties in writing prior to such use.

 

		18	SUPPLY OF LICENSED PRODUCT BY CALLIDITAS

 

Calliditas shall supply to Licensee
IMPs for use in the Trial and any other clinical trial regarding the Licensed Product in the Territory on the terms set forth in
Appendix 3. Calliditas shall also supply Licensee Licensed Product for commercial use in the Territory at Fully Burdened
Cost of Goods, subject to a separate commercial supply agreement to be agreed by the Parties.

 

		19	COMMERCIALIZATION

 

		19.1	Licensee shall use Commercially Reasonable Efforts to develop and commercially exploit the Licensed
Product in the Territory.

 

	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	17	 

     

    

 

		19.2	Subject to product warranty provided by Calliditas for Licensed Product supplied by Calliditas
to Licensee, Licensee shall ensure that all Licensed Products marketed and sold by it are of satisfactory quality and comply with
all applicable laws and regulations.

 

		19.3	Licensee shall mark, and cause any Affiliate or permitted sublicensee to mark, any Licensed Product
(or their containers or labels) with a notice that the Licensed Product is made under a license of patent rights, provided always
that it is reasonably practicable to do so, and provided always that the form and content of such notice complies with all applicable
laws or regulations.

 

		20	TRANSFER OF MANUFACTURING TECHNOLOGY

 

		20.1	Licensee shall be entitled to manufacture or have manufactured the Licensed Products itself or
by appointing a designated manufacturer which could be either an Affiliate or permitted sublicensee of Licensee or a third-party
manufacturer (each a “Designated Manufacturer”).

 

		20.2	Upon Licensee’s request and subject to at least [***] prior written notice, Calliditas shall
make a good faith effort to effect a technology transfer of the commercial scale manufacturing process of the Licensed Products
to Licensee or its Designated Manufacturer. For that purpose, Calliditas agrees to provide Licensee or its Designated Manufacturer
with:

 

		a)	any know-how and information, trade secrets, clinical development and other technical information
related to the Licensed Products (including the formulation of the Licensed Product), and any rights and licenses under corresponding
intellectual property rights, which are necessary or reasonably useful, to manufacture and have manufactured the Licensed Products
("Manufacturing IP”). Such Manufacturing IP shall automatically be included in the Licensed Technology and Licensee’s
rights and licenses under the Agreement as “Manufacturing” rights without additional compensation. The Manufacturing
IP is provided subject to that the recipient is bound by obligations of confidentiality which are at least as strict as the obligations
included in this Agreement; and

 

		b)	such technical assistance reasonably requested by Licensee to transition manufacturing of Licensed
Products to Licensee or the Designated Manufacturer as would objectively enable manufacture in sufficient quantities and of sufficient
quality to support Approval and commercialization of the Licensed Product.

 

		20.3	If Licensee requests a technology transfer in accordance with this Section 20, on or before
[***] it shall pay [***] USD and reimburse Calliditas the reasonable out-of-pocket cost incurred by Calliditas to perform such
technology transfer, if such request is made after [***] Licensee shall only reimburse Calliditas the reasonable out-of-pocket
cost incurred by Calliditas to perform such technology transfer and shall not be required to pay the additional [***] USD.

 

		21	LIMITED WARRANTIES; DISCLAIMER

 

		21.1	Calliditas represents and warrants to Licensee, as of the Effective Date, that:

 

		a)	It has the authority to (i) enter into this Agreement, and (ii) grant to Licensee the
rights specified in this Agreement;

 

		b)	it is the sole owner of or has necessary license rights to the Licensed Technology, free and clear
of all liens, and has not granted (and will not grant during the Term of this Agreement) any license or other rights under the
Licensed Technology that is inconsistent with the rights granted to Licensee hereunder;

 

		c)	it has no knowledge of third-party licenses required to develop or commercialize the Licensed Product
in the Field and the Territory as set out in this Agreement;

 

	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	18	 

     

    

 

		d)	it has no knowledge of any litigation, proceedings, investigations or claims of any nature, pending
or threatened, which relate to the Licensed Technology or Licensed Product, and there is no judgement or settlement against it
relating to the Licensed Technology or Licensed Product which affects the Licensee’s rights under this Agreement;

 

		e)	it has no knowledge of any infringement or misappropriation of any Licensed Technology by any Third
Party in the Field and the Territory;

 

		f)	it (and, to its knowledge, any Third Party acting under its authority) has complied with all applicable
laws (including without limitation GLP, GCP, GMP) In connection with its development and manufacture of the Licensed Product (including
information and data provided to Competent Authorities), and has not used any employee, consultant or contractor who has been debarred
by any Competent Authority, or to its knowledge, is the subject of a debarment proceeding by any Competent Authority; and

 

		g)	Appendix 1 is a complete and accurate list of all patent applications and patents owned or controlled
by Calliditas as of the Effective Date that claim the Licensed Product, including its composition of matter, or method of make
or use.

 

		21.2	Other than expressly set forth above, NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS
OR IMPLIED, ARE MADE OR GIVEN BY OR ON BEHALF OF ANY PARTY, AND ALL OTHER REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION
OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED.

 

		22	INDEMNIFICATION; LIABILITY

 

		22.1	By Licensee

 

Licensee shall be solely responsible
for its use of the Licensed Technology and its promotion, sale, lease or other disposition of the Licensed Products. Licensee agrees
to indemnify and hold harmless or, at Calliditas’ option, defend Calliditas and its Affiliates, officers, directors, employees,
customers, consultants, (sublicensees and agents and their respective successors, heirs and assigns (“Indemnitees”),
from and against any and all third party damages, liabilities, actions, causes of action, suit, claims, demands, losses, costs
and expenses (including reasonable attorney’s fees, expense of litigation and cost for enforcing this indemnity) (“Losses”),
incurred by or imposed upon Calliditas or the Indemnitees or any one of them in connection with (i) the breach or non-performance
of the Agreement by Licensee or its agents and/or sublicensees; (ii) the negligence of Licensee or its agents; and/or (iii) any
third party claims, suits, actions, demands or judgments to the extent arising from or attributable to the promotion, sale, lease
or other disposition of the Licensed Products or other use of the Licensed Technology by Licensee (including claims based on product
liability laws); except, in the case of sub-clauses (i) through (iii) above for those Losses for which Calliditas,
in whole or in part, is liable to indemnify Licensee pursuant to Section 22.2 below, as to which Losses each Party shall indemnify
the other to the extent of their respective liability for the Losses.

 

		22.2	By Calliditas

 

Calliditas agrees to indemnify
and hold harmless or, at Licensee’s option, defend Licensee and its Indemnities from and against any Losses incurred by or
imposed upon Licensee or the Indemnitees or any one of them due to (i) the breach or nonperformance of this Agreement by Calliditas
or its agents; (ii) the negligence of Calliditas or its agents and/or (iii) Calliditas’ development, manufacture
and/or commercialization of the Licensed Product; except, in the case of in the case of subclauses (i) through (iii) above
for those Losses for which Licensee, in whole or in part, is liable to indemnify Calliditas pursuant to Section 22.1 above,
as to which Losses each Party shall indemnify the other to the extent of their respective liability for the Losses.

 

    	 	19	 

     

    

 

		22.3	Notice of Claim

 

All indemnification claims in
respect of a Party and Indemnitees shall be made solely by such Party to this Agreement (the “Indemnified Party”).
The Indemnified Party shall give the indemnifying Party prompt written notice of any Losses or discovery of fact upon which such
Indemnified Party intends to base a request for indemnification under this Section 22 but in no event shall the indemnifying
Party be liable for any Losses that result from any delay in providing such notice.

 

		22.4	Control of Defense

 

		22.4.1	At its option, the indemnifying Party may assume the defense of any third-party claim by giving
written notice to the Indemnified Party within [***] after the indemnifying Party’s receipt of the above notice. The assumption
of the defense of a claim by the indemnifying Party shall not be construed as an acknowledgment that the indemnifying Party is
liable to indemnify the Indemnified Party in respect of such claim, nor shall it constitute a waiver by the indemnifying Party
of any defenses it may assert against the Indemnified Party’s claim for indemnification.

 

		22.4.2	Upon assuming the defense of a claim, the indemnifying Party may appoint as lead counsel in the
defense of the third-party claim any legal counsel selected by the indemnifying Party which shall be reasonably acceptable to the
Indemnified Party. Should the indemnifying Party assume the defense of a claim, except as provided in Section 22.5, the indemnifying
Party shall not be liable to the Indemnified Party for any legal expenses subsequently incurred by such Indemnified Party in connection
with the analysis, defense or settlement of the third-party claim unless specifically requested in writing by the indemnifying
Party. If it is ultimately determined that the indemnifying Party is not obligated to indemnify, defend or hold harmless the Indemnified
Party from and against the claim, the Indemnified Party shall reimburse the indemnifying Party for any and all Losses incurred
by the indemnifying Party in its defense of the claim.

 

		22.5	Right to Participate in Defense

 

Without limiting Section 22.4,
the Indemnified Party shall be entitled to participate in, but not control, the defense of such claim and to employ counsel of
its choice for such purpose; provided that such employment shall be al the Indemnified Party’s own expense unless (i) the
employment thereof, and the assumption by the indemnifying Party of such expense, has been specifically authorized by the indemnifying
Party in writing or (ii) the indemnifying Party has failed to assume the defense and employ counsel in accordance with Section 22.4
(in which case the Indemnified Party shall control the defense). If the interests of the Indemnified Party and the indemnifying
Party with respect to such claim are sufficiently adverse to prohibit the representation by the same counsel of both Parties under
applicable law, ethical rules or equitable principles, each Party shall retain its own counsel.

 

		22.6	Settlement

 

		22.6.1	With respect to any Losses relating solely to the payment of money damages in connection with a
claim and not resulting in the Indemnified Party’s becoming subject to injunctive or other relief, and as to which the indemnifying
Party shall have acknowledged in writing the obligation to indemnify the Indemnified Party hereunder, the indemnifying Party shall
have the sole right to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss, on such
terms as the indemnifying Party, in its sole discretion, shall deem appropriate.

 

		22.6.2	With respect to all other Losses, where the indemnifying Party has assumed the defense of the claim
in accordance with Section 22.4, the indemnifying Party shall have authority to consent to the entry of any judgment, enter
into any settlement or otherwise dispose of such Loss; provided that it obtains the prior written consent of the Indemnified
Party.

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	20	 

     

    

 

		22.6.3	If the indemnifying Party does not assume and conduct the defense of a claim as provided above,
the Indemnified Party may defend against such claim. Regardless of whether the indemnifying Party chooses to defend or prosecute
any claim, the Indemnified Party shall not admit any liability with respect to, or settle, compromise or dispose of, any claim
without the prior written consent of the indemnifying Party. The indemnifying Party shall not be liable for any settlement, compromise
or other disposition of a Loss by the Indemnified Party that is reached without the written consent of the indemnifying Party.

 

		22.7	Cooperation

 

Regardless of whether the indemnifying
Party chooses to defend or prosecute any claim, the Indemnified Party shall, and shall cause each Indemnitee to, cooperate in the
defense or prosecution thereof and shall furnish such records, information and testimony, provide such witnesses and attend such
conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith. Such cooperation
shall include access during normal business hours afforded to the indemnifying Party to, and reasonable retention by the Indemnified
Party of, records and information that are reasonably relevant to such claim, and making Indemnitees and other employees and agents
available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder,
and the indemnifying Party shall reimburse the Indemnified Party for all its reasonable out-of-pocket expenses in connection therewith.

 

		22.8	Expenses

 

Except as provided above, the
reasonable and verifiable costs and expenses, including fees and disbursements of counsel, incurred by the Indemnified Party in
connection with any claim shall be reimbursed on a calendar quarter basis in arrears by the indemnifying Party, without prejudice
to the indemnifying Party’s right to contest the Indemnified Party’s right to indemnification and subject to refund
if the indemnifying Party is ultimately held not to be obligated to indemnify the Indemnified Party.

 

		22.9	Deductions for Insurance coverage

 

		22.9.1	Payments by any indemnifying Party pursuant to Section 22.1 or Section 22.2 in respect
of any Losses shall be limited to the amount of any liability or damage that remains after deducting therefrom any insurance proceeds
and any indemnity, contribution or similar payment received or reasonably expected to be received by the Indemnified Party in respect
of any such claim.

 

		22.10	Limitation of liability

 

		22.10.1	Except for damages caused by gross negligence or intentional misconduct, and except and to the
extent any such damages are required to be paid to a third party as part of a claim for which a Party provides indemnification
under Section 22, neither Party nor any of its Affiliates shall be liable for any indirect, incidental, special or consequential
damages, including without limitation damages for loss of profit or revenue, loss of goodwill, loss of business opportunity, loss
of production, or loss of data or use, incurred by the other Party, whether an action in contract or tort, even if a Party has
been advised of the possibility of such damages.

 

		22.10.2	The aggregate and cumulative liability of Calliditas under this Agreement shall not exceed the
sum of (a) [***]; and (b) [***], provided that such liability cap shall not apply in the event of fraud, intentional
misconduct or intentional breach of representations or warranties, or breach of exclusivity obligations, or in the event damages
are required to be paid to a third party as part of a claim for which a Party provides indemnification under Section 22. The
Parties agree to include a liability cap for liability that may occur under the supply agreement.

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	21	 

     

    

 

		23	INSURANCE

 

Each Party agrees to maintain
at its own cost and expense, while this Agreement is in effect, including any surviving obligations, a general liability insurance
coverage that is reasonably adequate and customary in the insurance market in relevant locations and jurisdictions. Written proof
of the existence of such insurance shall be provided to the other Party upon the other Party’s request.

 

		24	CONFIDENTIALITY

 

		24.1	Unless explicitly provided for herein, the Parties each agree that the Confidential Information
(as hereinafter defined) of the Party disclosing such information (the “Disclosing Party") will be used by the
Party receiving such information (the “Recipient”) solely for the purpose of the fulfilment of this Agreement
and the Recipient hereby undertakes to keep Confidential Information in strict confidence and not disclose such information to
any third party unless having obtained written approval from the Disclosing Party.

 

		24.2	The term “Confidential Information” shall mean all information and data of a
confidential, non-public, or proprietary nature relating to the Disclosing Party’s technology and business that the Recipient
gets access to under this Agreement, including without limitation the Licensed Technology, trade secrets, research, technical,
development, marketing, sales, business, and process information. The term shall include all analyses, compilations and other documents
prepared by either of the Parties that contain or otherwise reflect or are generated from such information.

 

		24.3	Confidential Information shall not include information that:

 

		a)	is, or becomes through no breach of the Recipient’s obligations stated in this Agreement,
public knowledge, provided, however, that Confidential Information shall not be deemed to be in the public domain
merely because any part of said information is embodied in general disclosures or because individual features, components, or combinations
thereof are now, or become, known to the public;

 

		b)	which was in the possession of the Recipient at the time of disclosure, as evident by written records;

 

		c)	is independently developed by the Recipient without reference to or use of the materials comprising
Confidential Information under this Agreement (as evident by written records) after the Effective Date;

 

		d)	is acquired from a third party who has the lawful right to make such disclosure; or

 

		e)	is required to be disclosed by law or stock exchange regulations or in relation to the order or
request of a governmental body in accordance with applicable law; provided that the Recipient shall promptly notify the Disclosing
Party of such legally required disclosure and to the extent practical and permitted under law, seek a protective order or confidential
treatment for such information.

 

		24.4	The confidentiality obligations in this Section 24 shall not prevent either Party from disclosing
Confidential Information in connection with:

 

		a)	filing or prosecuting patent applications in accordance with this Agreement;

 

    	 	22	 

     

    

 

		b)	regulatory filings or as otherwise required by Competent Authorities; or

 

		c)	prosecuting or defending litigation; or

 

		d)	reasonably necessary disclosure to (i) such Party’s directors, attorneys, independent
accountants or financial advisors for the sole purpose of enabling such directors, attorneys, independent accountants or financial
advisors to provide advice to such Party; or (ii) to actual or potential investors, acquirors, licensees, sub-licenses and
other financial or commercial partners solely for the purpose of evaluating or carrying out an actual or potential investment,
acquisition or collaboration; provided that in each such case on the condition that such recipients are bound by confidentiality
and non-use obligations substantially consistent with those contained in this Agreement.

 

		24.5	The Receiving Party shall procure that all of its employees, contractors, and sublicensees pursuant
to this Agreement (if any) who have access to any of the Disclosing Party’s information to which Section 24.1 applies
shall be made aware of and subject to these obligations and shall have entered into written undertakings of confidentiality at
least as restrictive as this Section 24 which apply to the Disclosing Party’s Confidential Information.

 

		24.6	This Section 24 shall be valid during the Term and for a period of [***] thereafter, except
with respect to any information that constitutes a trade secret (as defined under applicable law), in which case the Receiving
Party will continue to be bound by its obligation of confidentiality and non-use under this Section 24 for so long as such
information continues to constitute a trade secret, but in no event for a period of less than the [***] period specified immediately
above.

 

		25	TERM AND TERMINATION

 

		25.1	Unless previously terminated in accordance with other provisions of this Agreement, this Agreement
shall be in effect throughout the Term. As used herein, “Term” means the term of this Agreement, which shall
commence on the Effective Date and continue until Licensee is no longer obliged to pay royalties to Calliditas in accordance with
Section 9.3.2 above, unless terminated earlier in accordance with this Section 25, and on such date this Agreement and
the license and rights granted to Licensee hereunder shall become fully-paid, royalty-free, perpetual and irrevocable.

 

		25.2	A Party shall have the right to immediately terminate this Agreement by written notice if the other
Party on occurrence of any of the following:

 

		25.2.1	commits or permits any material or persistent breach of any of the terms of this Agreement which
is: (a) incapable of remedy and does not provide Calliditas within [***] days after receiving the breach notice from Everest
with a remedial plan reasonably acceptable to Calliditas to prevent any such breach in the future or does not adhere to such remedial
plan, or (b) if capable of remedy, fails to remedy that breach within [***] after receiving written notice thereof, provided
that the Licensee shall have the right to an additional [***] stay if requested, during which both parties agree to in good faith
enter into discussions to review the basis of the termination; or

 

		25.2.2	suspends payments, is placed in bankruptcy, enters into liquidation or corporate reorganization,
commences composition negotiations with its creditors, or may otherwise be deemed to be insolvent; or

 

		25.2.3	Licensee’s non-compliance with Section 7.7, provided that, if Licensee in good faith
disputes the basis for such termination, then such termination shall, if challenged in arbitration by Licensee in expedited dispute
resolution not to exceed [***], not become effective unless and until such dispute is ruled in favor of Calliditas; or

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	23	 

     

    

 

		25.2.4	Licensee or its Affiliate acquires rights to or develops a Competing Product in violation of Article 6,
provided that the Licensee shall have the right to a [***] stay if requested, during which both parties agree to in good faith
enter into discussions to review the basis of the termination.

 

		25.3	Licensee may terminate this Agreement for convenience by written notice to Calliditas with a notice
period of [***].

 

		25.4	If Licensee or any of its Affiliates or permitted sublicensees, directly or indirectly, challenges
in a legal or administrative proceeding the patentability, enforceability or validity of any Licensed Patents, then Calliditas
will have the right to terminate all of Licensee’s, its Affiliates’ and its permitted sublicensees’ licenses
to the challenged Licensed Patents by providing written notice of its intent to so terminate to Licensee, in which case, such termination
will be effective [***] after Licensee’s receipt of such written notice unless the challenging party withdraws or causes
to be withdrawn such challenge within such [***]period.

 

		25.5	A Party’s right of termination under this Agreement, and the exercise of any such right,
shall be without prejudice to any other right or remedy (including any right to claim damages) that such Party may have in the
event of a breach of contract or other default by the other Party.

 

		25.6	Upon termination of this Agreement for any reason otherwise than expiry in accordance with Section 25.1:

 

		25.6.1	Licensee shall be entitled to sell, use, or otherwise dispose of (subject to payment of royalties
under Section 9.3) any unsold or unused stocks of Licensed Products for a period of [***] following the date of termination,
provided that Licensee complies with all terms and conditions of this Agreement (and for that purpose the Agreement will remain
in effect on a non-exclusive basis). This paragraph shall, however, not apply if Calliditas has terminated this Agreement pursuant
to Sections [___], or 25.4;

 

		25.6.2	Subject to paragraph 25.6.1 above, Licensee shall no longer be licensed to use or otherwise exploit
in any way, either directly or indirectly, the Licensed Patents, in so far and for as long as any of the Licensed Patents remain
in force, or the Know-How;

 

		25.6.3	Subject to paragraph 25.6.1 above, Licensee shall consent to the cancellation of any formal license
granted to it, or of any registration of it in any register, in relation to any of the Licensed Patents;

 

		25.6.4	Any sublicences granted by Licensee shall terminate automatically unless otherwise agreed by the
Parties;

 

		25.6.5	Each Party shall return to the other or, at the other Party’s request, destroy any documents
or other materials that are in its possession or under its control and that contain the other Party’s Confidential Information.
Each Party may retain one copy to the extent required by applicable laws, provided that the obligations of confidentiality in Section 24
above shall continue to apply for such retained copies;

 

		25.6.6	At Calliditas’ option, Licensee shall transfer to Calliditas exclusively and free of charge
(but subject to Section 25.6.10) (i) the Approvals, (ii) the Territory Dossier and the Regulatory Documentation,
(iii) Licensee’s share in Arising Product IP and New Data, and (iv) to the extent specifically pertaining to the
Licensed Products, any agreements with third-parties (including, if applicable, agreements with any manufacturers, contract research
organizations, clinical sites and investigators) necessary to continue development and sales of the Licensed Products. To the extent
such transfer is not permitted under applicable law, Licensee shall grant and cause to be granted, and hereby grants, to Calliditas
an exclusive (even towards Licensee and its Affiliates) right and license to access, use, and cross-reference the same for any
purpose including unrestricted sublicensing rights. Calliditas shall reimburse Licensee for any documented out-of-pocket expenses
resulting from such transfers;

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	24	 

     

    

 

		25.6.7	At Calliditas’ option, Licensee will cooperate with Calliditas to transfer any ongoing clinical
trials or post-approval studies for which it has responsibility hereunder in which patient dosing has commenced or, if such transfer
is not reasonably practicable, Licensee shall use reasonable efforts to complete such trials (and then assign all related Regulatory
Documentation and investigator and other agreements relating to such trials) on behalf of Calliditas; provided that (i) Calliditas
shall reimburse Licensee for all reasonable and documented out-of-pocket costs incurred by Licensee in completing such trials following
the effective date of termination, (ii) Calliditas maintains clinical trial insurance with respect to such trials, which insurance
will name Licensee as an additional insured and (iii) Calliditas will indemnify Licensee for all Losses incurred by Licensee
following the effective date of termination on account of Licensee completing such trials on behalf of Calliditas, except to the
extent such Losses result from Licensee’s failure to conduct the trials in accordance with applicable protocols and laws
or the gross negligence or willful misconduct of Licensee;

 

		25.6.8	Subject as provided in this Section 25.6, and except in respect of any accrued rights, neither
Party shall be under any further obligation to the other Party;

 

		25.6.9	Upon expiration or termination of this Agreement for any reason, Calliditas shall have an option
to acquire the Trademark(s) (including any and all goodwill, acquired distinctiveness and/or use based rights that may arise
in connection with Licensee’s use) against reasonable compensation mutually agreed between the Parties;

 

		25.6.10	In the event of termination of this Agreement for other cause than by Calliditas pursuant to Sections
25.2 or 25.4, Calliditas shall pay to Licensee a royalty on annual Net Sates in the Territory of:

 

		25.6.10.1	[***]% as regards any Licensed Product that has successfully completed a pivotal efficacy and safety
clinical trial (Phase 3 trial) in the Territory, but is not yet Approved at the time of termination;

 

		25.6.10.2	[***]% as regards any Licensed Product that is Approved in the Territory.

 

For clarity, royalties will only
be payable if the commercialization or development of such Product uses Arising Product IP or New Data transferred to Calliditas
in accordance with Section 25.6.6 above.

 

		25.6.11	The termination of this Agreement shall not release either Party from any obligation or liability
incurred prior to the effective date of such termination. All provisions, which by their express terms or by implication are regulating
rights and obligations of the Parties to be performed after termination of this Agreement, or which are prospective in nature,
shall survive such termination.

 

		26	FORCE MAJEURE

 

Neither Party shall have any
liability or be deemed to be in breach of this Agreement for any delays or failures in performance of this Agreement that result
from circumstances beyond the reasonable control of that Party, including but not limited to strikes, lock outs or labor disputes
of any kind (whether relating to its own employees or others), fire, flood, explosion, natural catastrophe, military operations,
blockade, sabotage, revolution, riot, civil commotion, war or civil war, acts of terror, plant breakdown, computer or other equipment
failure and inability to obtain equipment, legislative measures or regulations promulgated by governmental authorities, delay in
transportation or defects or delays in deliveries by sub-suppliers or similar event affecting the performance of a Party or its
subcontractor. The Party affected by such circumstances shall promptly notify the other Party in writing when such circumstances
cause a delay or failure in performance and when they cease to do so. Nothing in this Section 26, however, shall excuse any
late payment by Licensee of any amount(s) due under this Agreement.

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	25	 

     

    

 

		27	MISCELLANEOUS

 

		27.1	Assignment. Calliditas may transfer this Agreement and any rights and obligations arising
hereunder to an Affiliate or any third party upon written notice to Licensee. This Agreement is personal to Licensee. Accordingly,
Licensee shall not assign, pledge, charge, or otherwise transfer any rights or obligations under this Agreement, other than to
an Affiliate or in connection with a sale of all or substantially all of its stock or assets to which this Agreement pertains,
without the prior written consent of Calliditas. Any assignee must undertake in writing towards Calliditas to be bound by and perform
the obligations of Licensee under this Agreement. The terms and conditions of this Agreement shall be binding upon, and shall inure
to the benefit of, the Parties and their respected successors and permitted assigns.

 

		27.2	No waiver. No failure or delay on the part of either Party to exercise any right or remedy
under this Agreement shall be construed or operate as a waiver thereof, nor shall any single or partial exercise of any right or
remedy preclude the further exercise of such right or remedy.

 

		27.3	Invalidity. If any provision or part of this Agreement is held to be invalid, amendments
to this Agreement may be made by the addition or deletion of wording as appropriate to remove the invalid part or provision but
otherwise retain the provision and the other provisions of this Agreement to the maximum extent permissible under applicable law.

 

		27.4	Independent Contractors. Each Party is an independent contractor and neither Party has,
nor shall have, any power, right or authorization to bind the other or to assume or create any obligations or responsibilities,
express or implied, on behalf of the other or in the other’s name. The Swedish Act on Partnerships and Non-registered Partnership
(Sw: lag om handelsbolag och enkla bolag (1980:1102)) shall not apply to this Agreement.

 

		27.5	Further Assurance. Each Party agrees to execute, acknowledge, and deliver such further instruments,
and do all further similar acts, as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

		27.6	Public Announcements. Subject to each Party’s obligations to disclose information
pursuant to applicable laws, regulations and stock exchange rules, neither Party shall make any press or other public announcement
concerning any aspect of this Agreement or make any use of the name of the other Party in connection with or in consequence of
this Agreement, without the prior written consent of the other Party.

 

		27.7	Entire Agreement. This Agreement represents the entire understanding between the Parties,
and supersedes all other agreements, express or implied, between the Parties concerning the subject matter hereof, and shall not
be subject to any change or modification except by the execution of a written instrument duly signed by the Parties thereto.

 

		27.8	Counterparts. This Agreement may be executed simultaneously via facsimile or electronically
via “PDF-file” and in multiple counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument. A Party may evidence execution of the Agreement by electronic means (e.g., facsimile,
pdf via e-mail, or comparable means).

 

		27.9	Notices. Any notice to be given under this Agreement shall be in writing and shall be sent
to the address of the relevant Party set out at the head of this Agreement or to such other address as that Party may from time
to time notify to the other Party in accordance with this Section 27.8.

 

    	 	26	 

     

    

 

		28	GOVERNING LAW AND ARBITRATION

 

		28.1	The validity, construction, and performance of this Agreement shall be governed by the laws of
England and Wales, without regard to its choice of law principles.

 

		28.2	All disputes arising out of or in connection with the present contract shall be finally settled
under the [***] by one or more arbitrators appointed in accordance with the said Rules.

 

		28.3	The place of arbitration shall be [***]The language to be used in the arbitral proceedings shall
be English.

 

		28.4	Any arbitral award shall be final and binding on the Parties and may be entered and enforced in
any court having jurisdiction. Any dispute resolved under this Section 28 shall be kept strictly confidential. This confidentiality
undertaking shall cover all information disclosed in the course of such arbitral proceedings, as well as any decision or award
that is made or declared during the proceedings except to the extent required for enforcement of such decision or award. Section 24
shall apply to all such information. The competent court or arbitration tribunal shall, any provision of applicable law notwithstanding,
in its discretion award to the prevailing Party the costs and expenses incurred by the prevailing party in connection with any
court proceedings, including the prevailing Party’s cost of its own reasonable attorneys’ and experts’ fees;
provided that if complete liability is not assessed against only one Party, the Parties will share the total costs in proportion
to their respective amounts of liability so determined.

 

		28.5	Nothing in this Section 28 precludes either Party’s right to seek interim relief or
similar provisional measures in national courts, such as a temporary restraining order, preliminary injunction or other interim
measure, if necessary to protect the interests of such Party.

 

 

 

Signature page follows.

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	27	 

     

    

 

This Agreement has been executed in two
(2) originals, of which the Parties have received one (1) each.

 

	CALLIDITAS THERAPEUTICS AB (PUBL)	 	 
	 	 	 
	 	 	 
	 	 	 
	Name:	 	Name:
	 	 	 
	EVEREST MEDICINES II LIMITED	 	 
	 	 	 
	 	 	 
	 	 	 
	Name:	 	Name:

 

    	 	28	 

     

    

 

APPENDIX 1

 

LICENSED PATENTS

 

[***]

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	29	 

     

    

 

APPENDIX 2

 

NEFECON

 

[***]

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	30	 

     

    

 

APPENDIX 3

 

SUPPLY TERMS FOR IMP

 

	Orders	[***]
	Price	[***]
	Terms of delivery	[***]
	Delay	[***]
	Warranty	[***]

 

	[***] Certain information in this document has been omitted from this exhibit
                                                                             because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	31Exhibit 10.2

 

 Page 1 ( 5 ) No.: 101940-2182-04 TENANCY AGREEMENT FOR NON-RESIDENTIAL PREMISES The undersigned parties have concluded the following Tenancy Agreement on this date. A cross in a box means that the accompanying text applies Terminalen 3 termination/ inadequacies and alterations agreed upon, is set out in the attached inspection and action record. of premises the rent or the Landlord to a greater rent, respectively. f or car(s) automatic operation by the Landlord. provided by the Landlord f or the operation. f ollowing a written direction to do so, the Landlord is entitled to f ulf il the obligation at the expense of the Tenant. communal telephony and points in the premises chosen by the Tenant in consultation with the Landlord. Swedish Prop erty Federation standard form no. 12B.3, drawn u p in 2018 in consu ltation with the Swedish Association of Pu blic Hou sing Comp anies (SABO), the Swedish Trade Federation and V isita. All rig hts reserved. S ign S ign 1. Landlord N ame: Vasaterminalen AB Personal/corporate identity (ID) no.: [***] 2. Tenant N ame: Calliditas Therapeutics AB Personal/corporate identity (ID) no.: 556659-9766 N otif ication address: Wallingatan 26 B, 1tr, 111 24 Stockholm 3. Address of premises, etc. Municipality: Stockholm Property designation: Street: Klarabergsviadukten 70 Stairs/building: Premises no.: 4. Use of premises The premises and appurtenant areas are let to be used as Office The purpose of the use has been specif ied in more detail in the attached specif ication. Appendix: 5. Term of tenancy F rom and including: 2019-05-15 Up to and including: 2022-05-31 6. Notice of Extension of term N otice of termination of this Agreement shall be given in writing at least9 months bef ore the contracted expiry of the term of the tenancy. Otherwise the Agreement is extended f or3 yearsmonths at a time 7. Condition of premises The premises are let as f ound. A description of the condition of the premises at the time of the signing of this Agreement together with details of who, on the date of taking possession, should where necessary have arranged and paid f or both rectif ication of Appendix: 8. Size and extent Type of area Office Level C8 approx m 2 426 Type of area Level approx m 2 If the area specif ied in the Agreement deviates f rom the actual area, the deviation does not entitle the Tenant to a repayment or reduction of X The extent of the premises let has been marked on the attached drawing(s). Appendix: 1 Entrance f or cars f or loading and unloading Place f or sign Place f or show-cases / machines Parking space(s) f orcar(s) Garage space(s) 9. Equipment The premises are let X without any equipment specially intended f orwith equipment specially intended f or the operation, the operationaccording to Appendix Appendix: 10. Maintenance P ublic and areas The Landlord shall conduct and pay f or the necessary maintenance of the premises and of the equipment specially provided f or the The Tenant shall conduct and pay f or necessary maintenance of f loor, wall and ceiling surf ace layers, together with equipment specially X Other demarcation of the maintenance responsibility; see Appendix Appendix: 4,6 If the Tenant neglects its maintenance obligation according to the above and does not implement rectif ication within a reasonable time The Landlord is responsible f or maintenance of the public and communal areas unless otherwise agreed between the Parties. Other agreement according to Appendix Appendix: 11. Cables for data communications The LandlordThe Tenant shall pay f or necessary laying of telephony and data communication cables f rom the connection point specif ied by the operator to the Other demarcation of responsibilities f or telephony and data communications; see Appendix. Appendix: X X 

 

     

     

    

 

 Page 2 ( 5 ) No.: 101940-2182-04 TENANCY AGREEMENT FOR NON-RESIDENTIAL PREMISES The undersigned parties have concluded the following Tenancy Agreement on this date. A cross in a box means that the accompanying text applies the Landlord does not have good grounds f or ref using and that the Tenant has obtained the necessary permits f rom the relevant authorities. f açade of the building to an acceptable condition upon vacation of the premises. the building in the event of more extensive property maintenance, such as renovation of the f açade. of the Tenant and also grants to the Tenant the option right to mount vending machines and show-cases on the walls in question. X Clause. Appendix: Appendix: out and paid f or by it is an obligation of the Tenant to place the waste in the designated container at the designated place and also, without compensation, to premises conclude and keep in f orce a contract with a waste collection contractor f or this of f -site transf er. supplement to the rent, pay compensation to the Landlord f or the Tenant’s share of the cost of this of f -site transf er. The premises’ share of The cost f or the of f -site transf er of waste originating f rom the operation the Tenant conducts in the premises is included in the rent. and gritting Swedish Prop erty Federation standard form no. 12B.3, drawn u p in 2018 in consu ltation with the Swedish Association of Pu blic Hou sing Comp anies (SABO), the Swedish Trade Federation and V isita. All rig hts reserved. S ign S ign 12. Signs, awnings, etc. The Tenant is entitled to erect customary signs f or the operation f ollowing consultation with the Landlord, subject to the precondition that Other equipment, such as awnings and aerials, may not be erected without the permission of the Landlord. The Tenant shall reinstate the The Tenant shall, at its own expense and without compensation, remove and ref it signs and other equipment that the Tenant has erected on The Landlord undertakes not to mount vending machines and show-cases on outer walls of the premises let to the Tenant without the consent The Tenant undertakes to comply with the attached Sign Programme. Appendix: 13. Rent SEK2 769 000 per year excluding the supplements marked below. 14. Index X The above-mentioned rent is adjusted in accordance with the attached Index Clause. Appendix:2 15. P roperty tax Property tax shall be paid in accordance with attached Property Tax Property tax is included in the rent. Appendix:3 16. Operating costs The Landlord provides/arranges electricitywater and sewerageheatinghot watercoolingventilation Payment: ElectricityThe Tenant has ownThe Tenant pays in accordance with attachedIncluded in the subscription.Operating Costs Clause.rent. W ater andThe Tennant has ownThe Tenant pays in accordance with attachedIncluded in the seweragesubscription.Operating Costs Clause.rent. HeatingThe Tenant has ownThe Tenant pays in accordance with attachedIncluded in the subscription.Operating Costs Clause.rent. Hot waterThe Tenant has ownThe Tenant pays in accordance with attachedIncluded in the subscription.Operating Costs Clause.rent. CoolingThe Tenant has ownThe Tenant pays in accordance with attachedIncluded in the subscription.Operating Costs Clause.rent. VentilationThe Tenant pays in accordance with attachedIncluded in the Operating Costs Clause.rent. Appendix:4 Appendix:4 Appendix:5 5 5 Appendix:5 17. Meter If the Tenant is to have its own subscription according to the above and there is no meter, the installation of necessary meters shall be carried the Landlordthe Tenant 18. Waste collection To the extent that it is the obligation of the Landlord to f irst provide space f or storage of waste and second arrange of f -site transf er of waste, participate in such additional sorting-at-source as the Landlord may decide. F urthermore, the f ollowing applies:: The Tenant shall be responsible f or and pay f or of f -site transf er of waste originating f rom the operation the Tenant conducts in the (however, it is the obligation of the Landlord to provide waste containers and necessary space f or waste) . The Tenant undertakes to The Landlord shall coordinate the of f -site transf er of waste f or the operations of several tenants at the property. The Tenant shall, as a this cost shall be deemed to beper cent. The rent supplement at the time this Agreement is signed amounts to SEK per year. X Other regulation according to Appendix Appendix:4 19. Snow clearance Included in the rent arranged and paid f or by the Tenant other regulation according to Appendix Appendix: X X X X X X X X X X X X 

 

     

     

    

 

 Page 3 ( 5 ) No.: 101940-2182-04 TENANCY AGREEMENT FOR NON-RESIDENTIAL PREMISES The undersigned parties have concluded the following Tenancy Agreement on this date. A cross in a box means that the accompanying text applies a) the introduction of or increase in taxes, charges or levies payable that are particular to the property about which the R iksdag (Swedish b) general rebuilding measures or the like at the property that do not only relate to the premises and which the Landlord is obligated to the Tenant, with ef f ect f rom the date at which the increase in costs arose, shall pay compensation to the Landlord f or the share attributable to and residential apartments at the property (excl. any VAT) at the time of the increase in the costs. In the event that there are business premises means such costs that, at the time the Agreement is entered into, have not been decided by the bodies ref erred to under a) and b). tax (VAT) The Tenant shall not conduct operations at the premises f or which there is a VAT liability. applicable f rom time to time. the rent, pay the VAT applicable f rom time to time. the rental amount stated together with any supplements and other compensation payable under the Tenancy Agreement. own company), or assignment – becomes liable f or adjusted VAT in accordance with the provisions of the Value-Added Tax Act, the Tenant through the Landlord losing the tax deduction rights f or input VAT on operating costs owing to the Tenant’s action. bef ore the commencement of charges f or written payment reminders in accordance with the legislation on debt collection charges, etc. reminders rent agreed condition or other work that is specif ically stated in this Agreement and associated appendices. maintenance of the premises or the property in general is allowed according to the rules contained in the Tenancy Act. customary maintenance of the premises or the property in general. However, it is an obligation of the Landlord to notif y the Tenant in appendix. carried out in such a way that meets the environmental legislation and other regulations f or the environment in f orce at any given time. The the provisions contained in Chapter 12, Section 61 of the Swedish Land Code. and inadequacies in an installation belonging to the Tenant, the Tenant shall implement measures requested at its own expense and within the Tenant if the Tenant does not remedy f aults and inadequacies within the said period. power company, water and sewerage company, telecom company or corresponding must have access f or care and operation of the property consequence thereof obliged to pay a building sanction penalty or def ault f ine under the rules of the Planning and B uilding Act, the Tenant Swedish Prop erty Federation standard form no. 12B.3, drawn u p in 2018 in consu ltation with the Swedish Association of Pu blic Hou sing Comp anies (SABO), the Swedish Trade Federation and V isita. All rig hts reserved. S ign S ign 20. Unforeseen costs If unf oreseen increases in costs arise f or the property f ollowing the signing of the Agreement as a result of : Parliament), Swedish Government, municipal authority or other relevant authority may decide, or perf orm as a consequence of a decision by the R iksdag, Swedish Government, municipal authority or other relevant authority, the premises of the total annual increase in costs f or the property. The share of the premises shall during the term of the tenancy be deemed to be0,92 per cent. If the share has not been specif ied, this shall comprise the Tenant’s rent (excl. any VAT) in relation to the rent payable f or the business premises and residential apartments at the property that are not let, an estimated market rent and utility value rent respectively are to be used. Tax as ref erred to in a) above does not mean VAT and property tax to the extent that compensation f or this is to be paid. ‘Unf oreseen costs’ Compensation is paid in accordance with the rules stipulated below concerning payment of the rent. 21. Value added The Tenant’s VAT liability The Landlord’s VAT liability X The Tenant shall conduct operations at the premises f or which there is a VAT liability. X The Property Owner/Landlord is liable f or to pay the VAT f or the letting of the premises. In addition to rent, the Tenant shall pay the VAT If the Property Owner/Landlord chooses to become liable to pay the VAT f or the letting of the premises, the Tenant shall, in addition to VAT, which shall be paid at the same time as the rent, will be computed, in accordance with the rules applicable at any given time f or VAT, on If the Landlord, as a consequence of the Tenant’s independent action – such as subletting of all or part of the premises (including subletting to shall f ully compensate the Landlord f or its lost tax deduction rights. The Tenant shall also pay compensation f or the increase in cost that arises 22. P ayment of the rent R ent is to be paid without demand in advance no later than the last weekday each calendar montheach calendar quarter by deposit into PlusGiro no: B ankGiro no: 23. Interest, payment In the event that the payment of the rent is delayed, the Tenant shall pay both interest in accordance with the Swedish Interest Act and also 24. Reduction of Agreed condition, etc. Customary maintenance The Tenant is not entitled to rent reduction f or a period when the Landlord allows work to be perf ormed in order to put the premises in the A rent reduction f or impediments or detriment to the right of use resulting f rom the Landlord allowing the perf ormance of customary The Tenant is not entitled to a rent reduction f or impediments or detriment to the right of use resulting f rom the Landlord allowing good time of the nature and scope of the work and also when and the period during which the work will be perf ormed. The parties are agreed that the right to a rent reduction, when the Landlord allows the perf ormance of customary maintenance of the premises or the property in general, shall be regulated in accordance with a separate Appendix: 25. Impact on environment Prior to taking possession, the Tenant shall obtain the requisite permits f or the operation f or which the premises are let. The business shall be Tenant’s liability f or environmental impact applies even af ter the expiration of the agreement and is not subject to any time bars according to F or f urther provisions concerning environmentally hazardous businesses, see the attached Environment Clause. The parties have concluded an agreement to reduce the environmental impact of the property and premises; see Green Appendix. Appendix: Appendix: 26. Re-inspections If it is f ound upon a re-inspection required by a public authority of installations such as electrical and sprinkler equipment that there are f aults time prescribed by the authority. The Landlord is entitled to implement such measures as prescribed by the authority at the expense of the 27. Access to certain areas The Tenant is responsible f or access to such areas to which the Landlord or someone who represents the Landlord or to which staf f f rom a not being impeded by conditions attributable to the Tenant’s operation. 28. P lanning and Building Act penalties If the Tenant makes changes to the premises without the necessary building permit, other permit or permission, and the Landlord is as a shall pay the corresponding amount to the Landlord. 

 

     

     

    

 

 Page 4 ( 5 ) No.: 101940-2182-04 TENANCY AGREEMENT FOR NON-RESIDENTIAL PREMISES The undersigned parties have concluded the following Tenancy Agreement on this date. A cross in a box means that the accompanying text applies insurance company, pursuant to currently applicable or f uture legislation or agreement, f rom and including the date Landlord bef ore measures are implemented. of the Landlord. operation or incorporates into the premises, even if such property is to be regarded as property or building f ixtures or f ittings. Landlord, af f ord the Landlord access to the premises during the rebuilding period. The Tenant is responsible f or the Tenant’s works on the compensate the Landlord to a reasonable extent if a claim is made against the Landlord to reduce the rent as a result of impediments to or these drawings shall be borne by the party who called f or the alteration. work, building products declarations – to the extent that such have been prepared – f or the products and material that will be incorporated the taking of possession. The Tenant is liable to take out and keep in f orce f or its own operation business insurance, including cover f or property damage, business is liable f or damage owing to malicious damage to windows, display windows, signs, entrance and other doors or gates belonging to the shall equip the premises with such locks and anti-thef t equipment as is required f or the Tenant’s business insurance. condition no later than upon the cessation of the tenancy relationship. the premises they contain material attributable to the action of the Tenant – whether taken with or without the consent of the Landlord – f or Landlord f or its costs f or removal, such as any waste disposal tax, transport and charges f or disposal or the like. cannot be perf ormed at all, or can only be perf ormed at an abnormally high cost, as a result of war or civil commotion, or as a result of such personal data Swedish Prop erty Federation standard form no. 12B.3, drawn u p in 2018 in consu ltation with the Swedish Association of Pu blic Hou sing Comp anies (SABO), the Swedish Trade Federation and V isita. All rig hts reserved. S ign S ign 29. Fire protection X The parties’ obligations in relation to each other in respect of f ire protection are regulated by the attached F ire Protection Clause. Appendix:7 30. Official requirements, etc. The Landlordshall, at its own risk and its own expense, assume responsibility f or the measures that a public authority, court or X The Tenantof taking possession, may require f or the use of the premises f or the intended purpose. The Tenant shall consult the 31. Rebuilding and alteration work Building products declarations The Tenant may not carry out rebuilding or alteration work within the premises or in the property otherwise without the written permission Unless otherwise indicated by the Landlord’s written permission, the Tenant shall assume responsibility f or everything that it acquires f or its The Tenant shall af f ord the Landlord insight into the rebuilding project, invite the Landlord to site meetings and, upon a request by the premises not damaging the building or disturbing the operations being conducted by other tenants in the building and is obliged to inf ringements of another party’s rights of use. N ew plans shall be drawn up if the parties agree on and implement the rebuilding or redeployment of the premises. The cost of preparing Other agreement according to appendix. Appendix: If the Tenant perf orms works in respect of the premises, the Tenant shall present to the Landlord, in good time prior to the execution of such into the premises. 32. Security The Tenant shall no later thanprovide security to the Landlord f or its obligations under this Agreement through a guarantee issued bya bank guarantee up to an amount ofother security in the f orm of Appendix:4 This Agreement lapses if the agreed security is not provided by no later than the time stipulated, provided the Landlord so demands prior to 33. Insurance The Landlord is obliged to take out and keep in f orce customary property insurance f or the property within which the premises let are located. interruption and public liability. Other agreement f or insurance; see Appendix Appendix: 34. External malicious damage The LandlordThe Tenant premises that lead to or f rom the premises. This responsibility also applies to f rames, casements and architraves in all cases. 35. Locking equipment The LandlordThe Tenant 36. Reinstatement upon vacation of the premises Unless otherwise agreed, the Tenant shall have removed the property belonging to it and have reinstated the premises to an acceptable Other agreement concerning removal and reinstatement in accordance with Appendix Appendix: The parties agree to jointly conduct an inspection of the premises no later than the last day of the tenancy relationship. If upon the vacation of which it has not been specially agreed that the Landlord should be responsible, the Tenant shall remove such material or compensate the 37. Force majeure The Landlord exempts itself f rom liability to f ulf il its part of the Agreement and f rom liability to pay damages if the Landlord’s obligations strike, blockade, f ire, explosion or intervention by a public authority that the Landlord could neither control nor f oresee. 38. P rocessing of X Inf ormation f or the Tenant about the processing of personal data; see Appendix Appendix:10 X X 

 

     

     

    

 

 Page 5 ( 5 ) No.: 101940-2182-04 TENANCY AGREEMENT FOR NON-RESIDENTIAL PREMISES The undersigned parties have concluded the following Tenancy Agreement on this date. A cross in a box means that the accompanying text applies parties has received its part. Previous agreements between the parties relating to these premises cease to apply immediately as of the entry signatory according to Swedish Prop erty Federation standard form no. 12B.3, drawn u p in 2018 in consu ltation with the Swedish Association of Pu blic Hou sing Comp anies (SABO), the Swedish Trade Federation and V isita. All rig hts reserved. 39. Special provisions Appendix 1: Drawing Appendix 8: fire protection clause appendix Appendix: Appendix 2: Index clause Appendix 9: Technical description Appendix: Appendix 3: Property tax clause Appendix 10: Personal data clause Appendix: Appendix 4: Special provisions Appendix 11: Safety Appendix: Appendix 5: Operating cost clause Appendix 12: Room descrition (attached at Appendix: Appendix 6: Demarcation list a later stage) Appendix: Appendix 7: Fire protection clause Appendix: 40. Signatures This Agreement, which may not be registered without special consent, has been prepared as two identical counterparts, of which each the into f orce of this Agreement. Place/date: Stockholm 20/3 2019 Place/date: Stockholm 1/3 2019 N ame of the Landlord: Vasaterminalen AB N ame of the Tenant: Signature (authorised signatory/representative): Authorised signatory X R epresentative according to power of attorney Signature (authorised signatory/representative): Authorised R epresentative power of attorney N ame in block letters: Danor Ghersinich N ame in block letters: Bengt Julander Lennart Hansson 

 

     

     

    

 

 INDEX CLAUSE FO R NO N-RES IDENTIA L PREM IS ES Pag e 1 (2) 2 Appendix no: f ixed rental supplement is payable during the term of the lease at a certain percentage of the base rent in accordance with the grounds set out level f or October in the preceding year. index level f or October in the same period. above, constitues the base f igure unless otherwise agreed by designating a year as per the f ollowing. Alternative agreed base rate with which the index has changed in relation to the base f igure. Thencef orth, the supplement shall be payable in relation to the f igure and the index level f or the October, in question. signatory Landlord’s notes on base f igure: 330,72 The Swedish P roperty Federation form no. 6F prepared 2008 in consultation with The Swedish Association of P ublic Housing Companies, The Swedish Trade Federation and The Swedish Hotel and Restaurant Association. Copying prohibited. Concerning Lease agreement no.: 101940-2182-04 Property designation: Terminalen 3 Landlord N ame: Vasaterminalen AB Personal ID/Comp. R eg. N o.: [***] Tenant N ame: Calliditas Therapeutics AB Personal ID/Comp. R eg. N o.: 556659-9766 Clause The base rent under this clause is made up of 100% % of the rental amount stated in the agreement, i.e. SEK 2 769 000 . 100% % of the f ixed rental supplements which has been stated in a running costs clause attached to the agreement (see appendix 5 ), i.e. SEK 63 900 . Total base rent SEK2 832 900 per year. Taking into consideration changes in the consumer price index (total index with 1980 as base year), a supplement to the rental amount and the in the f ollowing: – F or lease agreements which start some time during the period 1/1-30/6, the base rent is deemed to be adjusted to the index – F or lease agreements which start some time during the period 1/7-31/12 the base rent is instead deemed to be adjusted to the – The index level f or the month of October to which the base rent is deemed to be adjusted in accordance with the f igure: the index level f or October 2018 . If the index level in any subsequent October has risen in relation to the base f igure, the supplement shall be payable at the percentage changes in the index, whereupon the changes in the rent shall be calculated on the basis of the percentage change between the base The rent payable shall, however, never be set lower than the rent stated in the agreement and f ixed rental supplement as stated above. Changes to the rent are always ef f ected f rom and including 1 January af ter the October index which gave rise to the recalculation. The instructions set f orth on page 2 shall apply to the index clause. Signatures Place/date: Stockholm 20/3 2019 Place/date: Stockholm 1/3 2019 N ame of the landlord: Vasaterminalen AB N ame of the tenant: Calliditas Therapeutics AB Signature (company signatory/by proxy): Company signatory Signature (company signatory/by proxy): Company X B y proxy B y proxy Printed name: Danor Ghersinich Printed name: Bengt Julander Lennart Hansson X X 

 

     

     

    

 

 INDEX CLAUSE FO R NO N-RES IDENTIA L PREM IS ES Pag e 2 (2) 2 Appendix no: Instructions for indexing of rent for non-residential premises Base rent W hether or not all, or a certain part, of the rent stated in the agreement and the f ixed rental supplements are to constitute the basic rent is a matter of negotiation and can depend on the terms of the lease otherwise (such as the amount of rent payable and what other obligations are incumbent upon the tenant). Base figure The index level f or the month of October to which the base rent is deemed to be adjusted constitutes the base f igure provided nothing else is stated by way of a statement of a year (see the provisions on page 1). Comparison between the index levels shall take place a soon as the index f or October becomes known. During recent years, the October index has become known in the middle of N ovember. Calculation of index supplement 1) Calculate the dif f erence between the relevant October index and the base f igure. 2) If the dif f erence is positive, divide the calculated dif f erence by the base f igure. 3) The size of the supplement is calculated by multiplying this quotient by the base rent. Example Calculation of index supplement f or 2008 The base rent is assumed to be SEK 100 000/year and is adjusted to the consumer price index (CPI) f or October 2005, which is 282.4 (base f igure). The October index f or 2007 is 293.85. 1. Calculate the dif f erence between the index 293.85 and 282.4 The dif f erence is positive and amounts to 11.45. 2. Divide 11.45 by 282.4 and multiply the quotient (without rounding of f ) by the base rent of SEK 100 000. The result is SEK 4 054.53 and constitutes the index supplement f or 2008 in accordance with the clause. Alternative: If the CPI f or October 2007 had instead been lower than the base f igure 282.4 e.g. 282.0, the dif f erence between 282.0 and the base level 282.4 would have been negative. N o index supplement would then be payable. The rent stated in the lease agreement and the f ixed rental supplements would apply. 

 

     

     

    

 

 PROPERTY TAX CLAUSE FO R NO N-RES IDENTIA L PREM IS ES Pag e 1 (2) 3 Appendix no.: An X in a box means the text following thereafter ap p lies. shall with the rent reimburse the landlord according to the conditions as indicated below. property tax due in respect of the non-residential premises. The tenant ́s share is deemed to be per cent. 0,93 the rental period is SEK a year. 187 656 that take ef f ect af ter the inception of the Lease Agreement (irrespective of the cause) to the extent that the tax exceeds that amount that is in the rent specif ied in the Lease Agreement, the rent shall nevertheless be payable at not less than the original amount. Thus due that shown in the Lease Agreement. signatory Swedish P roperty Federation. Form no. 7B, prepared in 1995. Item 2 in the Instructions was revised in 1997. Copying prohibited. Notice: This is a translation into English of form no. 7B Concerning Lease agreement no: 101940-2182-04 Property designation: Terminalen 3 Landlord N ame: Vasaterminalen AB Personal ID/Comp. R eg. no.: [***] Tenant N ame: Calliditas Therapeutics AB Personal ID/Comp. R eg. no.: 556659-9766 Clause The ap p licable alternative is indicated by p u tting an X in the relevant box and comp leting the req u isite details. To the extent that the parts of the property that are comprised of non-residential premises are or become subject to property tax, the tenant The tenant shall in addition to the rent specif ied in the Lease Agreement annually reimburse the landlord f or his share of According to the conditions that apply at the inception of the Lease Agreement the reimbursement at the inception of R eimbursement in respect of the current share of property tax f or the non-residential premises is included in the rent specif ied in the Lease Agreement and at it’s inception it is SEK. The non-residential premises share of the property tax applying to non-residential premises is deemed to beprocent. The tenant shall provide reimbursement f or his share of any changes in the applicable property tax in respect of non-residential premises included in the rent as reimbursement f or property tax. Should the property tax reduce/cease so that tenant’s share of the reimbursement is less than that as per above, which is included to other clauses (e.g. index) contained in the agreement this means that the total rent payable by the tenant is/can be greater than The tenant’s above specif ied share, which shall be unchanged during the term of the Lease Agreement, has been calculated as f ollows: Office area / total lease designated area less storage and garage area The instructions in page 2 are applicable to the agreement. Signature Place/Date: Stockholm 20/3 2019 Place/Date: Stockholm 1/3 2019 N ame of the landlord: Vasaterminalen AB N ame of the tenant: Calliditas Therapeutics AB Signature ( company signatory/by proxy): Company signatory B y proxy Signature ( company signatory/by proxy): Company B y proxy Printed N ame: Danor Ghersinich Printed N ame: Bengt Julander Lennart Hansson X X 

 

     

     

    

 

 PROPERTY TAX CLAUSE FO R NO N-RES IDENTIA L PREM IS ES Sid 2 (2) 3 Appendix no.: Instructions - Property tax clause for non-residential premises 1. The clause was f ormulated in June 1995, i.e. bef ore the time (normally the 1st of January 1996) f rom which property tax f or premises applies. Theref ore the clause has a wording which means that it can be incorporated in agreements that have been made bef ore the tax is payable, as well as in agreements where the tax is actually payable. 2. The reimbursement shall compensate f or the increased costs of administration irrespective of who is liable f or the tax. A property owner/landlord is liable f or tax. According to previous regulations if the property owner/landlord was a trading partnership the owners/shareholders were liable f or tax. The supplement was nevertheless to be paid to the Landlord as a matter of course. Af ter the 1st of January 1997 trading partnerships as such (and not the individual owners/shareholders) are liable f or property tax. 3. According to section 19 of the R ent Act the rent must – with some exceptions – be determined in the Lease Agreement. If the rental period is f ixed, and is f or at least three years, certain additional exceptions apply in that the rent shall be payable with such sums which are determined according to "dif f erent method of calculation" e.g. indexation. This also means that the rental period has to be f ixed and be at least three years to enable the Landlord to obtain reimbursement f or property tax in sums that can vary as the tax changes. F urthermore the method of calculation must be shown in the Lease Agreement. The clause theref ore presumes that the parties state what share of the tax the tenant shall provide reimbursement f or. According to the regulations that apply when this clause is f ormulated the tax is comprised of a certain percentage of the assessed value of the premises (both grounds and buildings). This inf ormation is to be f ound in the tax statement. The tenant’s share of the tax f or the premises can be determined by the relationship which the extent of that area leased by the tenant bears to the total lettable premises in the property or as a relationship between the tenant’s rent and the total of the rents f or premises in the property. It is a matter f or negotiation which method of calculation the parties choose. Other methods of calculation can be used. F or the sake of simplicity, however, the tenant’s share should be unchanged during the rental period, and thereby independent of among other things, how the tax in the f uture might be calculated and possible changes in the rental market. It is theref ore appropriate to show in the designated space how the premises share has been calculated. Should details in respect of this not be completed this does not mean that the agreement becomes invalid. A property can comprise of a variety of dif f erent buildings with dif f erent value years and dif f erent taxation categories (small dwelling houses, apartment blocks, industrial units and special units). The tax – that the tenant is due to pay reimbursement f or – shall only relate to the building in which the premises are located. A building is normally def ined as a f ree standing self -contained building. R elevant inf ormation can be ascertained f rom inf ormation regarding decisions ref erring to general property taxation that the tax authorities have advised the property owner. Any property owner who has a problem in ascertaining the tenant’s share should contact their property owners association f or assistance. Com p lete the tena nt ́s sha r e! 4. The clause contains two alternatives. In the f irst the reimbursement f or the tax is payable as a supplement "alongside" the rent agreed in the Lease Agreement. If the tax disappears so does the supplement. The other alternative presumes that the parties agree a specif ic rent which includes, among other things, reimbursement f or the then applicable tax. Should the tax be increased irrespective of the cause (f or example increase in tax rates, increased assessed value etc) the tenant shall nevertheless tender reimbursement f or the increased cost. Should the tax disappear the rent reverts to the original sum, i.e. the agreed rent (which includes reimbursement f or the tax applicable at inception which has been discontinued). N aturally the tenant shall continue to pay other supplements such as those caused by changes in indexes and in respect of increased f uel costs and so f orth. 5. To the extent that the tenant pays a supplement in respect of property tax the supplement should be accounted f or separately on the rent invoice. 6. Indicate the chosen alternative with an X. In the chosen alternative the tenant’s share and the sum should be f illed in. Specif y how the tenant’s share has been calculated.

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