Document:

THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE ISSUED AND SHALL BE HELD SUBJECT TO ALL THE PROVISIONS OF THE CERTIFICATE
OF INCORPORATION AND THE BYLAWS OF THE CORPORATION AND ANY AMENDMENTS THERETO, AND TO THE RIGHTS, PREFERENCES AND VOTING POWERS
OF THE PREFERRED STOCK OF THE CORPORATION NOW OR HEREAFTER OUTSTANDING.

 

THE CORPORATION IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OR SERIES OF STOCK. A STATEMENT OF THE RIGHTS, PREFERENCES, PRIVILEGES
AND RESTRICTIONS GRANTED TO OR IMPOSED UPON THE RESPECTIVE CLASSES OR SERIES OF SHARES OF STOCK OF THE CORPORATION AND UPON
THE HOLDERS THEREOF AS ESTABLISHED BY THE CERTIFICATE OF INCORPORATION MAY BE OBTAINED BY ANY STOCKHOLDER UPON REQUEST AND
WITHOUT CHARGE, AT THE PRINCIPAL OFFICE OF THE CORPORATION, AND THE CORPORATION WILL FURNISH ANY STOCKHOLDER, UPON REQUEST
AND WITHOUT CHARGE, A COPY OF SUCH STATEMENT.

  

 

 

 

 

 

 

For value received, _________________________________________
hereby sells, assigns, and transfers unto

 

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE
OF ASSIGNEE

 

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE

 

Shares of the capital stock represented
by the within Certificate, and does hereby irrevocably constitute and appoint ____________________________ Attorney to transfer
the said stock on the books of the within named Corporation with full power of substitution in the premises.

 

Date: _________________

 

 

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH
THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.Exhibit 10.1

 

FORM
OF SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of May 10, 2013, between Dyax Corp., a Delaware Corporation (the “Company”),
and the purchaser identified on the signature pages hereto (including its successors and assigns, the “Purchaser”).

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act
of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to the Purchaser, and the
Purchaser desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1           Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“Certificate of Designation”
means the certificate of designation to the Company’s Amended and Restated Certificate of Incorporation, as amended, to be
filed prior to the Closing by the Company with the Secretary of State of Delaware, in the form of Exhibit A attached hereto.

 

“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Shares, in each case, have been satisfied or waived, but in no event later than
the fourth Trading Day following the date hereof.

 

“Commission”
means the United States Securities and Exchange Commission.

 

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“Common
Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company which would entitle the holder thereof to acquire at any time
Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at
any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Common
Stock Per Share Purchase Price” equals $2.30, subject to adjustment for reverse and forward stock splits, stock dividends,
stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement and prior to
the Closing.

 

“Company
Counsel” means Edwards Wildman Palmer LLP, with offices located at 111 Huntington Avenue, Boston, MA 02199.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(g).

 

“Liens”
means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction, other than
restrictions imposed by securities laws.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(a).

 

“NASDAQ”
means The NASDAQ Global Market.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Preferred Stock”
means the Series 1 Convertible Preferred Stock, par value $0.01 per share, of the Company issued hereunder having the rights,
preferences and privileges set forth in the Certificate of Designation.

 

“Preferred
Stock Per Share Purchase Price” equals $230.00, subject to adjustment for reverse and forward stock splits, stock dividends,
stock combinations and other similar transactions of the Preferred Stock that occur after the date of this Agreement and prior
to the Closing.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

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“Prospectus”
means the base prospectus included in the Registration Statement, including the Prospectus Supplement and all other documents and
information deemed to be part of the Prospectus by incorporation by reference or otherwise, as amended from time to time.

 

“Prospectus
Supplement” means any supplement to the Prospectus complying with Rule 424(b) of the Securities Act, including the preliminary
prospectus supplement and the prospectus supplement that will be filed with the Commission and delivered by the Company to the
Purchaser at or prior to the Closing and the documents incorporated by reference therein.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.5.

 

“Registration
Statement” means the effective registration statement with Commission file No. 333-171405 which registers the sale of
the Shares to the Purchaser, including all exhibits, financial schedules and all documents and information deemed to be part of
the Registration Statement by incorporation by reference or otherwise, as amended from time to time, including the information
(if any) contained in the Prospectus Supplement and deemed to be part thereof under the rules of the Securities Act.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(d).

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(g).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares”
means the shares of Common Stock, and any shares of Preferred Stock, issued or issuable to the Purchaser pursuant to this Agreement.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but
shall not be deemed to include the location and/or reservation of borrowable Common Stock). 

 

“Subscription
Amount” means the aggregate amount to be paid for Shares purchased hereunder as specified below the Purchaser’s
name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars
and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth on Exhibit 21.1 to the Company’s Annual Report on Form 10-K for the year
ended December 31, 2012, and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired
after the date hereof.

 

“Trading
Day” means a day on which the Common Stock is traded on NASDAQ.

 

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“Transaction
Documents” means this Agreement and any other documents or agreements executed in connection with the transactions contemplated
hereunder.

 

“Transfer
Agent” means American Stock Transfer & Trust Company,
the current transfer agent of the Company.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1           Closing.
The purchase and sale of the Shares hereunder is being made in connection with an offering by the Company of up to $30 million
in shares of the Company’s Common Stock and Preferred Stock pursuant to the Registration Statement (the “Offering”).
On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchaser
agrees to purchase, shares of Common Stock and Preferred Stock in the amounts set forth on the signature page hereto executed by
the Purchaser, at a per share purchase price equal to the Common Stock Per Share Purchase Price for the shares of Common Stock
purchased and the Preferred Stock Per Share Purchase Price for the shares of Preferred Stock purchased (if any). Promptly after
receipt of the Shares referenced in Section 2.2(a)(iii), the Purchaser shall deliver to the Company, via wire transfer or a certified
check, immediately available funds equal to the Purchaser’s Subscription Amount as set forth on the signature page hereto
executed by the Purchaser, and the Company and the Purchaser shall deliver the other items set forth in Section 2.2 deliverable
at or prior to the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall
occur at the offices of Company Counsel or such other location as the parties shall mutually agree. In the event the Closing Date
has not occurred on or prior to the fourth Trading Day following the date hereof due to a failure by the Company to satisfy any
of the applicable conditions precedent, the Purchaser’s obligations hereunder shall terminate. 

 

2.2           Deliveries.

 

(a)           On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser the following:

 

(i)           this
Agreement duly executed by the Company;

 

(ii)           a legal
opinion of Company Counsel, dated as of the Closing Date, in substantially the form of Exhibit B attached hereto with such
changes as RA Capital Healthcare Fund, LP, as one of the Purchasers may approve;

 

(iii)          after
delivery of the Purchaser’s Subscription Amount referenced in Section 2.2(b)(ii), a copy of the irrevocable instructions
to the Transfer Agent instructing the Transfer Agent to deliver (x) via the Depository Trust Company Deposit or Withdrawal at Custodian
system (“DWAC”) the number of shares of Common Stock set forth on the signature page hereto and (y) a certificate
representing the number of shares of Preferred Stock set forth on the signature page hereto, in each case, registered in the name
of the Purchaser;

 

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(iv)          a certified
copy of the Certificate of Designation, as filed with the Secretary of State for the State of Delaware; and

 

(v)           the
Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)           On
or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)           this
Agreement duly executed by the Purchaser; and

 

(ii)           the
Purchaser’s Subscription Amount by wire transfer to the account as specified in writing by the Company.

 

2.3           Closing
Conditions. 

 

(a)           The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)           the
accuracy in all material respects when made and on the Closing Date of the representations and warranties of the Purchaser contained
herein (unless as of a date specified therein);

 

(ii)          all
obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have been
performed in all material respects; and

 

(iii)         the
delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)The
obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)           the
accuracy in all material respects when made and on the Closing Date of the representations and warranties of the Company contained
herein (unless as of a date specified therein);

 

(ii)          all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed
in all material respects;

 

(iii)         the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)         there
shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)          from
the date hereof through the Closing Date, the Company shall not have received notice of any violation of any law, rule or regulation,
or stock exchange rule, from any governmental, regulatory or self-regulatory authority including, without limitation, the Commission
or NASDAQ and trading in the Common Stock shall not have
been suspended by the Commission or NASDAQ (except for any suspension of trading of limited duration agreed to by the Company
in connection with the Offering, which suspension shall be terminated prior to the Closing), and, at any time prior to the Closing
Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices
shall not have been established generally on securities whose trades are reported by such service, nor shall a banking moratorium
have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak
or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse
change in, any financial market which, in each case, in the reasonable judgment of the Purchaser, makes it impracticable or inadvisable
to purchase the Shares at the Closing.

 

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ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1           Representations
and Warranties of the Company. Except as disclosed in the SEC Reports or the Registration
Statement and the Prospectus, the Company hereby makes the following representations and warranties to the Purchaser:

 

(a)           Organization
and Qualification. The Company is an entity duly incorporated or otherwise organized,
validly existing and in good standing (where such concept is recognized) under the laws of the jurisdiction of its incorporation
or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as
currently conducted and as described in the Prospectus. The Company is not in violation or default of any of the provisions of
its certificate of incorporation or bylaws. The Company is duly qualified to conduct business and is in good standing as a foreign
corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not have or
reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction
Document, (ii) a material adverse effect on the results of operations, assets, business or condition (financial or otherwise) of
the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform
in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material
Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

(b)           Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter
into and to consummate the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of each of the Transaction Documents by the Company and the consummation by
it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection therewith
other than in connection with the Required Approvals, which will be obtained by the Company on or prior to the Closing Date. Each
Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered
in accordance with the terms hereof and thereof, assuming due authorization, execution and delivery by the Purchaser thereof, will
constitute the valid and binding obligation of the Company enforceable against the Company in respect of the Purchaser in accordance
with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law or public policy.

 

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(c)           No
Conflicts. The execution, delivery and performance by the Company of the Transaction
Documents, the issuance and sale of the Shares and the consummation by it of the transactions contemplated hereby and thereby to
which it is a party do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien
upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other
instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary
is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required
Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case
of each of clauses (ii) and (iii), such as would not have or reasonably be expected to result in a Material Adverse Effect.

 

(d)           Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver,
authorization or order of, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents,
other than: (i) the filings required pursuant to Section 4.2 of this Agreement, (ii) the filing with the Commission of the Prospectus
Supplement, (iii) an application to NASDAQ for the listing of the shares of Common Stock issued hereunder and the shares of Common
Stock issuable upon conversion of the shares of Preferred Stock, if any, issued hereunder for trading thereon in the time and manner
required thereby, (iv) the filing of the Certificate of Designation with the Secretary of State of the State of Delaware, and (v)
such filings as are required to be made under applicable state securities laws or FINRA (collectively, the “Required
Approvals”). All Required Approvals necessary for the transactions contemplated
by the Transaction Documents, including the delivery of the Shares to the Purchaser, will have been obtained or made by the Company
on or prior to the Closing Date.

 

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(e)           Issuance
of the Shares; Registration. The Shares are duly authorized and, when issued, paid
for and delivered in accordance with this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear
of all Liens imposed by the Company and free and clear of any and all restrictions on transfer and shall not bear any restrictive
legend of any kind. The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock
and Preferred Stock issuable pursuant to this Agreement, including shares of Common Stock issuable upon conversion of the Preferred
Stock. The Registration Statement was declared effective on January 6, 2011. The Registration Statement is effective under
the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or
preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted
or are threatened by the Commission. Any required filing of each Prospectus Supplement will be made in the manner and within the
time period required by such Rule 424(b). At the time the Registration Statement and any amendments thereto became effective, at
the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform
in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading;
and the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any amendment or supplement thereto
was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act
and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading.

 

(f)           Capitalization.
As of the date hereof, without giving effect to the Closing, the authorized capital stock of the Company consists of 200,000,000
shares of Common Stock and 1,000,000 shares of Preferred Stock, 50,000 of which have been designated as Series A Junior Participating
Preferred Stock, none of which have been issued. As of the date hereof, there are: (i) 100,277,924 shares of Common Stock issued
and outstanding, (ii) no shares of Preferred Stock issued or outstanding, and (iii) 12,978,370 shares of Common Stock reserved
for issuance upon exercise of options, warrants and other convertible securities outstanding as of the date hereof. The Company’s
certificate of incorporation, as in effect on the date hereof, and the Company’s bylaws, as in effect on the date hereof,
are each filed as exhibits to the SEC Reports. No Person has any right of first refusal, preemptive right, right of participation,
or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as described in the SEC
Reports and pursuant to the Company’s stock plans and equity incentive plans, there are no outstanding options, warrants,
scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations
convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any Common Stock,
or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue
additional Common Stock or Common Stock Equivalents. The issuance and sale of the Shares will not obligate the Company to issue
Common Stock or other securities to any Person (other than in connection with this offering) and will not result in a right of
any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. All
of the outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable, have been issued in
compliance with all applicable federal and state securities laws, and none of such outstanding shares was issued in violation of
any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any stockholder,
the Board of Directors or others is required for the issuance and sale of the Shares. There are no stockholders agreements, voting
agreements, shareholders rights plans or other similar agreements with respect to the Company’s capital stock to which the
Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders. 

 

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(g)           SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms,
statements and other documents required to be filed by the Company under the Exchange Act, including pursuant to Section 13(a)
or 15(d) thereof, since January 1, 2012 (the foregoing materials, including the exhibits thereto and documents incorporated by
reference therein, being collectively referred to herein as the “SEC Reports”)
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Exchange Act, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The Company has never been an issuer subject to the disqualification provisions set
forth in Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all
material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto
as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted
accounting principles (“GAAP”) applied on a consistent basis
during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto and except
that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects
the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations
and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
adjustments.

 

(h)           Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt
of payment for the Shares, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment
company” subject to registration under the Investment Company Act of 1940, as amended.

 

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(i)           Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b)
of the Exchange Act, and the Company has taken no action designed to, or which is likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration. The Company has not in the 12 months preceding the date hereof received notice from NASDAQ to the
effect that the Company is not in compliance with the listing or maintenance requirements of NASDAQ, and the Company is in material
compliance with all such listing and maintenance requirements.

 

(j)           Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided the Purchaser or its agents or counsel with any
information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed
in the Registration Statement. The Company understands and confirms that the Purchaser will rely on the foregoing representation
in effecting transactions in securities of the Company. The Company acknowledges and agrees that Purchaser makes or has made no
representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section
3.2 hereof.

 

(k)           Acknowledgement
Regarding Purchaser’s Trading Activity. Anything in this Agreement or
elsewhere herein to the contrary notwithstanding (except for Sections 3.2(d) and 4.6 hereof), it is understood and acknowledged
by the Company that: (i) the Purchaser has not been asked by the Company to agree, nor has the Purchaser agreed, to desist from
purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities
issued by the Company or to hold the Shares for any specified term; (ii) past or future open market or other transactions by the
Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or after the
Closing, may negatively impact the market price of the Company’s publicly-traded securities; (iii) the Purchaser, and counter-parties
in “derivative” transactions to which the Purchaser is a party, directly or indirectly, presently may have a “short”
position in the Common Stock, and (iv) the Purchaser shall not be deemed to have any affiliation with or control over any arm’s
length counter-party in any “derivative” transaction. The Company further understands
and acknowledges that (y) the Purchaser may engage in hedging activities at various times during the period that the Shares are
outstanding, and (z) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in
the Company at and after the time that the hedging activities are being conducted.  The Company acknowledges that such aforementioned
hedging activities do not constitute a breach of any of the Transaction Documents.

 

(l)           Subsidiaries.
None of the Subsidiaries is currently conducting any business or individually or collectively with the other Subsidiaries owns
any material assets of the business of the Company and the Subsidiaries, taken as a whole.

 

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3.2           Representations
and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of
the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein):

 

(a)           Organization;
Authority. The Purchaser is either an individual or an entity duly organized, validly
existing and in good standing (where such concept is recognized) under the laws of the jurisdiction of its organization with full
right, corporate or partnership power and authority to enter into and to consummate the transactions contemplated by this Agreement
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and performance
by the Purchaser of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate, partnership,
limited liability company or similar action, as applicable, on the part of the Purchaser. Each Transaction Document to which it
is a party has been duly executed by or on behalf of the Purchaser, and when delivered by the Purchaser in accordance with the
terms hereof, assuming due authorization, execution and delivery by the Company thereof, will constitute the valid and legally
binding obligation of the Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement
of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable
law or public policy.

 

(b)           No
Conflicts. The execution, delivery and performance by the Purchaser of the Transaction
Documents and the consummation by it of the transactions contemplated hereby and thereby to which it is a party do not and will
not (i) conflict with or violate any provision of the Purchaser’s certificate or articles of incorporation, bylaws or other
organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time
or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Purchaser,
or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
both) of, any agreement, credit facility, debt or other instrument (evidencing a Purchaser debt or otherwise) or other understanding
to which the Purchaser is a party or by which any property or asset of the Purchaser is bound or affected, or (iii) conflict with
or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or
governmental authority to which the Purchaser is subject (including federal and state securities laws and regulations), or by which
any property or asset of the Purchaser is bound or affected except in the case of each of clauses (ii) and (iii), such as would
not reasonably be expected to have a material adverse effect on the Purchaser’s ability to perform in any material respect
its obligations under any Transaction Documents. 

 

(c)           Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated
hereunder, the Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with the Purchaser, directly
or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing
as of the time that the Purchaser first became aware of the transactions contemplated hereunder and ending immediately following
the issuance of the initial press release described in Section 4.2 below. Notwithstanding the foregoing, in the case of a Purchaser
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of the Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing
other portions of the Purchaser’s assets, the representation set forth above shall only apply with respect to the portion
of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Agreement.
Other than to other Persons party to this Agreement and to representatives of the Purchaser, the Purchaser has maintained the confidentiality
of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding
the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any
actions, with respect to the identification of the availability of, or securing of, available shares to borrow in order to effect
Short Sales or similar transactions in the future.

 

    	11

    	 

    

 

(d)           Prospectus.
The Purchaser represents that it has received or can obtain on the Commission’s EDGAR filing system at www.sec.gov
the Prospectus, which is part of the Registration Statement.

 

The Company acknowledges
and agrees that the representations contained in Section 3.2 shall not modify, amend or affect the Purchaser’s right to rely
on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained
in any other Transaction Document.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1           Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares for purposes of the rules and
regulations of NASDAQ such that it would require shareholder approval prior to the closing of such other transaction unless shareholder
approval is obtained before the closing of such subsequent transaction. 

 

4.2           Securities
Laws Disclosure; Publicity. The Company shall, by 9:30 a.m. (New York City time) on
the Trading Day immediately following the date hereof, issue a press release disclosing the material terms of the transactions
contemplated hereby. From and after the issuance of such press release, the Company shall have publicly disclosed all material,
non-public information delivered to the Purchaser by the Company or any of its subsidiaries, or any of its respective officers,
directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. The Company shall
as soon as practicable, but in any event within four Business Days following the date hereof, file a Report on Form 8-K disclosing
the material terms of the transactions contemplated hereby, which Form 8-K shall include this Agreement, the Certificate of Designation
and any other material Transaction Documents as exhibits thereto. The Company shall not publicly disclose the name of the Purchaser,
or include the name of the Purchaser in any filing with the Commission or any regulatory agency or NASDAQ, without the prior written
consent of the Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents
(including signature pages thereto) with the Commission and (b) to the extent such disclosure is required by law or NASDAQ regulations,
in each case the Company shall provide the Purchaser with prior notice of such disclosure.

 

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4.3           Non-Public
Information. Except with respect to the material terms and conditions of the transactions
contemplated by the Transaction Documents, the Company covenants and agrees that neither it, nor any other Person acting on its
behalf will provide the Purchaser or its agents or counsel with any information that the Company believes constitutes material
non-public information, unless prior thereto the Purchaser shall have executed a written agreement with the Company regarding the
confidentiality and use of such information. The Company understands and confirms that the Purchaser shall be relying on the foregoing
covenant in effecting transactions in securities of the Company.

 

4.4           Use
of Proceeds. The Company shall use the net proceeds from the sale of the Shares hereunder
substantially as set forth in the Prospectus Supplement.

 

4.5           Indemnification
of Purchaser. Subject to the provisions of this Section 4.5, the Company will indemnify
and hold the Purchaser and its directors, trustees, officers, shareholders, members, partners, employees and agents (and any other
Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title),
each Person who controls the Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act),
and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each,
a “Purchaser Party”) harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs
and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur due to a claim
by a third party as a result of or relating to any action instituted against the Purchaser in any capacity, or its Affiliates,
by any stockholder of the Company who is not an Affiliate of the Purchaser, with respect to any of the transactions contemplated
by the Transaction Documents (unless such action is based upon a material breach of the Purchaser’s representations, warranties
or covenants under the Transaction Documents or any agreements or understandings the Purchaser may have with any such stockholder
or any material violations by the Purchaser of state or federal securities laws or any conduct by the Purchaser which constitutes
fraud, gross negligence, or willful misconduct). If any action shall be brought against any Purchaser Party in respect of which
indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the
Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser
Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof,
but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment
thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time
to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material
conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the
Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel for all Purchaser Parties
entitled to indemnification hereunder. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement
by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed;
or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s
material breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement
or in the other Transaction Documents. The Company will have the exclusive right to settle any claim or proceeding, provided that
the Company will not settle any such claim, action or proceeding without the prior written consent of the Purchaser Party, which
will not be unreasonably withheld or delayed; provided, however, that such consent shall not be required if the settlement includes
a full and unconditional release satisfactory to the Purchaser Party from all liability arising or that may arise out of such claim
or proceeding and does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf
of any Purchaser Party and is only comprised of a cash settlement.

 

    	13

    	 

    

 

4.6           Certain
Transactions and Confidentiality. The Purchaser covenants that it will not execute
any purchases or sales, including Short Sales of any of the Company’s securities during the period commencing with the execution
of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced (or
should have been announced as so provided) pursuant to the initial press release as described in Section 4.2 in violation of securities
laws.  The Purchaser covenants that until such time as the transactions contemplated
by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.2, the
Purchaser will maintain the confidentiality of the existence and terms of this transaction.  Notwithstanding
the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and
agrees that (i) the Purchaser makes no representation, warranty or covenant hereby that it will not engage in effecting transactions
in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced
pursuant to the initial press release as described in Section 4.2 (or should have been announced as so provided),
(ii) the Purchaser shall not be restricted or prohibited from effecting any transactions in any securities of the Company in accordance
with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly
announced pursuant to the initial press release as described in Section 4.2 and (iii) the Purchaser shall not have any duty of
confidentiality to the Company or its Subsidiaries after the earlier of (x) issuance of the initial press release as described
in Section 4.2 and (y) 9:30 a.m. (New York City time) on the Trading Day immediately following the date hereof. 
Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of the Purchaser’s assets and the portfolio managers have no direct knowledge of the investment
decisions made by the portfolio managers managing other portions of the Purchaser’s assets, the covenant set forth above
shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Shares covered by this Agreement.

 

4.7           Underlying
Shares; Conversion Procedures. The Company shall reserve and keep available at all
times during which the shares of Preferred Stock issued hereunder remain outstanding, free of preemptive rights, a sufficient number
of shares of Common Stock for the purpose of enabling the Company to issue the shares of Common Stock issuable upon conversion
of the shares of Preferred Stock pursuant to the Certificate of Designation. The form of Notice of Conversion included in the Certificate
of Designation sets forth the totality of the procedures required of the Purchaser in order to convert the shares of Preferred
Stock. No additional legal opinion, other information or instructions shall be required of the Purchaser to convert its shares
of Preferred Stock. The Company shall honor conversions of the shares of Preferred Stock and shall deliver shares of Common Stock
issuable upon conversion of the Preferred Stock in accordance with the terms, conditions and time periods set forth in the Transaction
Documents.

 

    	14

    	 

    

 

ARTICLE V.

MISCELLANEOUS

 

5.1           Fees
and Expenses. Each party shall pay the fees and expenses of its advisers, counsel,
accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement; provided, however, that the Company shall pay the reasonable legal fees
and expenses of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (“Mintz Levin”),
counsel to one of the purchasers in connection with the transactions contemplated by this Agreement, not to exceed $35,000, which
amount shall be paid directly by the Company to Mintz Levin at the Closing or paid by the Company to Mintz Levin upon termination
of this Agreement. The Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties levied in connection with
the delivery of any Shares to the Purchaser.

 

5.2           Entire
Agreement. The Transaction Documents contain the entire understanding of the parties
with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect
to such matters.

 

5.3           Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile or email at the facsimile number or email address set forth on the signature pages attached hereto prior to 5:30
p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile or email at the facsimile number or email address set forth on the signature pages attached hereto on
a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd)
Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt
by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth
on the signature pages attached hereto.

 

5.4           Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

 

5.5           Successors
and Assigns. This Agreement has been and is made for the benefit of the Purchaser,
the Company and their respective successors and assigns. The term “successors and assigns” shall not include any purchaser
of Shares from the Purchaser merely because of such purchase.

 

    	15

    	 

    

 

5.6           No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties
hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced
by, any other Person, except as otherwise set forth in Section 4.5.

 

5.7           Governing
Law. All questions concerning the construction, validity, enforcement and interpretation
of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State
of Delaware, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning
the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents
(whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall
be commenced exclusively in the state and federal courts sitting in the State of Delaware. Each party hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to
the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. 

 

5.8           Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

5.9           Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

5.10           Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser
and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages
may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents
and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy
at law would be adequate.

 

    	16

    	 

    

 

5.11           Independent
Nature of Purchaser’s Obligations and Rights. The Purchaser acknowledges that
the Company is also entering into securities purchase agreements in form and substance identical to this Agreement in connection
with the Offering with other purchasers contemporaneously herewith. The obligations of the Purchaser under any Transaction Document
are several and not joint with the obligations of any other such purchaser of the Company’s securities, and the Purchaser
shall not be responsible in any way for the performance or non-performance of the obligations of any other such purchaser of the
Company’s securities under any other document. Nothing contained herein or in any Transaction Document, and no action taken
by the Purchaser pursuant thereto, shall be deemed to constitute a partnership, an association, a joint venture or any other kind
of entity with any other such purchaser, or create a presumption that the Purchaser and any other such purchaser are in any way
acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents
and any other documents. The Purchaser shall be entitled to independently protect and enforce its rights including, without limitation,
the rights arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary for any other
purchaser to be joined as an additional party in any proceeding for such purpose. The Purchaser has been represented by its own
separate legal counsel in its review and negotiation of the Transaction Documents. 

 

5.12           Saturdays,
Sundays, Holidays, etc.If the last or appointed day for the taking of any action
or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right
may be exercised on the next succeeding Business Day.

 

5.13           Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments hereto. 

 

5.14           WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT
BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE
LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

    	17

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

 

	
        DYAX CORP.

         

         
	Address for Notice:
	
        By:_____________________________________

        Name:

        Title:

         

         

         

         

        With a copy to (which shall not constitute notice):
	
        Dyax Corp.

        55 Network Drive

        Burlington, MA 01803

        Attn: Andrew Ashe

        Fax: 1-617-225-7708

        Email: aashe@dyax.com

         

	
         

         

         

         

         

         

         
	
        Edwards Wildman Palmer LLP

        111 Huntington Avenue

        Boston, MA 02199

        Attn:Nathaniel S. Gardiner

        Fax:1-617-227-4420

        Email:ngardiner@edwardswildman.com

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    	18

    	 

    

 

[PURCHASER SIGNATURE PAGE TO DYAX
SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned has caused this Securities Purchase Agreement to be duly executed by its authorized signatory as of the date first
indicated above.

 

Name of Purchaser: ________________________________________________________

 

Signature of Authorized Signatory of
Purchaser: _________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:_________________________________________

 

Facsimile Number of Authorized Signatory: ______________________________________

 

Address of Purchaser:

 

 

 

 

DWAC Instructions for Delivery of Shares of Common Stock for
Purchaser:

 

 

 

Address for Delivery of Shares of Preferred Stock for Purchaser:

 

 

 

 

Subscription Amount: $_________________

 

Shares of Common Stock: _________________

 

Shares of Preferred Stock: _________________

 

    	19

    	 

    

 

EXHIBIT A

 

Form of Certificate of Designation

 

[Included as Exhibit 3.1 to this Current
Report on Form 8-K]

 

    	20

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