Document:

Exhibit 10.25

 

Award letter #71 IIP-1345892 NSF Extended Delivery 121113

 

——Original Message——

From: jrobey@nsf.gov [mailto:jrobey@nsf.gov]

Sent: Wednesday, December 11, 2013 10:43 AM

To: pnarayan@angion.com

Cc: dgaawd@nsf.gov; mkonjevo@nsf.gov; jsoriano@nsf.gov

Subject: Award Id : 1345892, PI: Narayan

 

	Award Date:	December 11, 2013
	Award No.	IIP-1345892
	Proposal No.	IIP-1345892

 

Itzhak D. Goldberg

President

Angion Biomedica Corp

51 Charles Lindbergh Blvd

Uniondale, NY 11553—365

 

Dear Mr. Goldberg:

 

The National Science Foundation hereby awards a grant of $149,761
to Angion Biomedica Corp for support of the project described in the proposal referenced above as modified by revised budget dated
November 17, 2013.

 

This project, under the direction of Prakash Narayan, is entitled:

 

“SBIR Phase I: A Novel Extended Delivery Dual-action Platform
for Peptide-based Anti-fibrotics.”

 

This award is effective January 1 , 2014 and expires June 30,
2014.

 

This grant is awarded pursuant to the authority of the National
Science Foundation Act of 1950, as amended (42 U.S.C. 1861-75) and is subject to NSF Program Solicitation, “Small Business
Innovation Research Program Phase I Solicitation FY-2013, (NSF 13-546).

 

This award is subject to the Federal Funding Accountability
and Transparency Act (FFATA) award term entitled, Reporting Subawards and Executive Compensation, which has been incorporated into
the NSF Terms and Conditions referenced above.

 

If the awardee has any questions related to the pre-populated
data associated with this award in the FFATA Subaward Reporting System, such questions should be submitted to: FFATAReporting@nsf.gov
or by phone to: (800) 673-6188.

 

This is a fixed amount grant intended to support the proposed
level of effort for six (6) months.

The Phase I Final Report is due within fifteen (15) days following
the end of the six (6) month performance period.

 

	1	Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended.

 

    	 

    	 

    

 

The SBIR Phase I Grant General Conditions applicable to this
award are available at http://www.nsf.gov/pubs/policydocs/sbir/sbiri_113.pdf

 

Request for initial payment which is 2/3 of the total award
must be submitted to the NSF Division of Financial Management using the SBIR Award Request for Initial Payment Form available at
http://www.nsf.gov/eng/iip/sbir/forms.jsp. This form should be e:mailed to icaruso@nsf.gov or faxed to Ilene Caruso
at 703-292-9005. To receive payment, SBIR grant recipients must register with the System for Award Management (SAM) at http://www.sam.gov.
NSF will use the grantee address and electronic funds transfer information from SAM to register your official address and banking
information for payments.

 

Your Phase II proposal must be submitted by July 30, 2014 or
January 30, 2015. Extensions to your Phase I award will not affect these dates.

 

Please note, that for Phase I awards approved with an effective
date on or after July 1, 2012, the maximum Phase II award amount was increased from $500,000 to $750,000.

 

Reviews and if applicable, the Panel Summary may be found at:
https://www.fastlane.nsf.gov/jsp/homepage/proposals.jsp

 

You will need your FastLane password to access this website.
If you do not have or cannot remember your password, please go to https://www.fastlane.nsf.gov/jsp/homepage/proposals.jsp for
instructions on resetting or obtaining passwords.

 

The Foundation authorizes the awardee to enter into the proposed
contractual arrangements and to fund such arrangements with award funds up to the amount indicated in the approved budget. Such
contractual arrangements should contain appropriate provisions in accordance with the SBIR Phase I Grant Conditions and any special
conditions included in this award.

 

The attached budget indicates the amounts, by categories, on
which NSF has based its support.

 

The cognizant NSF program official for this grant is Jesus Soriano
Molla (703) 292-7795.

The cognizant NSF grants official contact is Shirley K. Byrd
(703) 292-5305.

 

Sincerely,

 

John C. Robey

 

Grants and Agreements Officer

 

CFDA No. 47.041

 

pnarayan@angion.com

 

	2	Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended.

 

    	 

    	 

    

 

 

	IIP-1345892	000

 

SUMMARY PROPOSAL BUDGET

 

	 	 	Funds	 
	Person MOS	 	granted	 
	 	 	cal	 	 	acad	 	 	sumr	 	 	By NSF	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	A. (1.00) Total Senior personnel	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 	 	$	[***]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B. Other Personnel	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1. (0.00) Post Doctoral associates	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 	 	$	[***]	 
	2. (1.00) Other professionals	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 	 	$	[***]	 
	3. (0.00) Graduate students	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[***]	 
	4. (0.00) Secretarial-clerical	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	5. (0.00) Undergraduate students	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	6. (0.00) Other	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total salaries and wages (A+B)	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	C. Fringe benefits (if charged as direct cost)	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	Total salaries wages and fringes (A+B+C)	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	D. Total permanent equipment	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E. Travel	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1. Domestic	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	2. Foreign	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F. Total participant support costs	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	G. Other direct costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1. Materials and supplies	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	2. Publication costs/page charges	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	3. Consultant services	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	4. Computer (ADPE) services	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	5. Subcontracts	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	6. Other	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	Total other direct costs	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	H. Total direct costs (A through G)	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[***]	 

 

	3	Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended.

 

    	 

    	 

    

 

	I. Total indirect costs	 	$	[***]	 
	 	 	 	 	 
	J. Total direct and indirect costs (H+I)	 	$	[***]	 
	 	 	 	 	 
	K. Residual funds / Small business fee	 	 	 	 
	1. Residual funds (if for further support of current projects 

AAG I.D.2 and I.D.3)	 	$	[***]	 
	2. Small business fee	 	$	[***]	 
	 	 	 	 	 
	L. Amount of this request (J) or (J-K1+K2)	 	$	149,761	 
	 	 	 	 	 
	M. Cost sharing	 	$	[***]	 

 

	4	Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended.Exhibit 10.26

 

AGREEMENT, dated as of April 14, 2014, among
ITZHAK D. GOLDBERG (“Dr. Goldberg”); ANGION BIOMEDICA CORP., a Delaware corporation (“Angion”);
and NOVAPARK, LLC, a Delaware limited liability company (“Novapark”).

 

BACKGROUND

 

A. Dr. Goldberg, as the principal of Angion,
caused the formation of Novapark for the purpose of Novapark purchasing the building at 51 Charles Lindbergh Boulevard, Uniondale,
New York (the “Building”) where Angion has its corporate headquarters.

 

B. In connection with Novapark’s purchase
of the Building, Dr. Goldberg borrowed funds from Angion for his investment in Novapark, which borrowing was evidenced by an Amended,
Restated and Consolidated Unsecured Promissory Note, dated January 1, 2012 (the “2012 Note”), in the initial
principal amount of $1,595,707 payable to Angion issued by Dr. Goldberg.

 

C. To obtain a portion of the purchase price
for the Building, Novapark borrowed $5,600,000 from Bethpage Federal Credit Union (the “Bank”), pursuant to
a note, and Novapark’s obligations thereunder were guaranteed jointly and severally by each of Dr. Goldberg (the “Goldberg
Guaranty “) and Angion (the “Angion Guaranty”), each dated June 20, 2011.

 

D. The current Sharing Ratios of the Membership
Interests of the Members (as such terms are defined in the Novapark Limited Liability Company Operating Agreement, dated May 17,
2011 (the “Novapark Operating Agreement”)), of Novapark are: Dr. Goldberg-45%, Angion-10% and Rina Kurz-45%.

 

E. The parties hereto desire to make certain
arrangements among themselves with respect to the 2012 Note, the Angion Guaranty and the Novapark Sharing Ratios, upon the terms
and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the premises
and the mutual agreements, covenants, representations and warranties hereafter set forth and for other good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

AGREEMENT

  

1.                     Prepayment
of the 2012 Note. Dr. Goldberg and Angion hereby agree that (a) the 2012 Note will be prepaid in full as of the date hereof
by the transfer by Dr.Goldberg of an undivided 10% Sharing Interest in the Membership Interests (the “Transferred Interest”)
in Novapark to Angion, as provided for in Section 2 below, and (b) Angion’s obligations under the Angion Guaranty shall
be limited to the extent of its Sharing Ratio of the Membership Interests of Novapark, as provided for in Section 3 below. Upon
the execution of this Agreement, Angion shall deliver the 2012 Note to Dr. Goldberg, and marked “Paid” thereon.

 

 

    	1

    	 

    

 

  

2.                    
Transfer of Sharing Interest. Dr. Goldberg represents that he beneficially owns the Transferred Interest free and
clear of all liens, encumbrances and restrictions of any kind, other than transfer restrictions under Article X of the Novapark
Operating Agreement, and has the legal power to transfer the Transferred Interest as provided for in this Agreement. Novapark represents
that the transfer of the Transferred Interest is exempt from the transfer restrictions in the Novapark Operating Agreement by reason
of Section 10.5 thereunder, and as of the date hereof, Schedule A to the Novapark Operating Agreement shall be amended to show
Dr. Goldberg having a 35% Sharing Interest, Angion having a 20% Sharing Interest and Rina Kurz having a 45% Sharing Interest, subject
to future adjustments as provided for in such Agreement. Dr. Goldberg hereby agrees that he will not transfer any of his Membership
Interests without the written consent of Angion. Dr. Goldberg acknowledges that any transfers by him of any or all of his membership
interests in Novapark shall not affect his obligations to Angion under this Section 3.

 

3.                 
Limitation on Angion Guaranty. Dr. Goldberg agrees that should Angion make or be required to make any payment to
the Bank or any assignee or successor thereof under the Angion Guaranty, upon notice from Angion, Dr. Goldberg shall pay to Angion
an amount equal to the difference between (Y) the amount paid or to be paid by Angion to the Bank and (Z) the amount which is the
product of (i) the aggregate amount sought by the Bank under the Angion Guaranty and the Goldberg Guaranty multiplied by (ii) Angion’s
then percentage Sharing Interest in Novapark (the “Proportionate Amount”). The notice from Angion shall state
the amount the Bank sought under the two Guaranties, the amount paid or to be paid by Angion, calculation of the Proportionate
Amount and Angion’s then Sharing Interest in Novapark. In the event that within sixty (60) days after his receipt of the
Angion notice Dr. Goldberg fails to pay the Proportionate Amount or to otherwise make an arrangement satisfactory to Angion with
regard to the Proportionate Amount, Dr. Goldberg shall promptly (a) transfer his entire membership interest in Novapark to Angion,
free and clear of all liens or other encumbrances and (b) cause Novapark to transfer its entire ownership interest in the Building
to Angion, free and clear of all liens or other encumbrances.

 

4.                 
Notices. All notices to be given under this Agreement shall be in writing, and shall be delivered in person or sent
by first-class mail or by recognized commercial courier service to the address of the party set forth on the signature page, or
to such other address as any party may hereafter duly given to the other parties to this Agreement. Any notice so addressed shall
be deemed given when so delivered or sent or, if mailed on the third business day after being so mailed.

 

5.                 
Further Assurances. Each party shall, from time to time at the request of any other party hereto and without further
consideration (other than reimbursement of any filing or transfer fees), execute and deliver such instruments of conveyance, assignment,
transfer and assumption, and take such actions, as such other party may reasonably request, to more effectively consummate the
transactions contemplated by this Agreement.

 

    	2

    	 

    

 

 

6.                 
Specific Performance. In the event of a breach by a party of any its obligations under this Agreement which would
cause a non-breaching party to be irreparably harmed or for which the non-breaching party could not be made whole by monetary damages,
then the non-breaching party, in addition to any other remedy it may be entitled at law or in equity, shall be entitled to specific
performance of this Agreement, and without having to post any bond or other security.

 

7.                 
Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject
matter herein. This Agreement may not be modified, amended or terminated nor may provision herein be waived except by agreement
in writing signed by all of the parties hereto. Nothing in this Agreement shall prevent any of the parties hereto from amending,
modifying or terminating the Angion Guaranty, the Novapark Operating Agreement or any other agreement between or among them or
to which any of them is a party thereto.

 

8.                 
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York, without giving effect to any choice or conflict of law principle.

 

9.                 
Binding. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, administrators, successors and assigns.

 

10.             
Termination. It is expressly agreed by the parties hereto that, in the event that Angion’s initial public offering
of its securities under the Securities Act of 1933, as amended, is not consummated by December 31, 2014, then this Agreement shall
be null and void ab initio.

 

11.             
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original,
and all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed on the day first above written.

 

 

/s/ Itzhak D. Goldberg________

Dr. Itzhak D.Goldberg

41 Brayton Street

Englewood, New Jersey 07631

 

ANGION BIOMEDICA CORP.

 

By: /s/ Itzhak D. Goldberg_______

       Itzhak D. Goldberg, President

400 Kelby Street

Fort Lee, New Jersey 07024

   

NOVAPARK, LLC

 

By: /s/ Itzhak D. Goldberg_______

       Itzhak D. Goldberg, Manager

51 Charles Lindbergh Boulevard

Uniondale, New York

 

    	3

    	 

    

 

ACKNOWLEDGEMENT

 

The undersigned, being the beneficial owner
of 45% of the Sharing Ratios of Membership Interests in Novapark, LLC, a Delaware limited liability company (“Novapark”),
hereby acknowledges her and Novapark’s obligation of Novapark under Section 3 of the foregoing Agreement, and irrevocably
consents to any actions that may be taken by Novapark in fulfillment of such obligation.

 

/s/ Rina Kurz_____________________

Rina Kurz

 

 

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