Document:

EX-10.1

 Exhibit 10.1 

 
  

EMPLOYMENT AGREEMENT 

BETWEEN 
 CHRISTINE A.
CARBERRY 
 AND 

KERYX BIOPHARMACEUTICALS, INC. 
  

 
  

 EMPLOYMENT AGREEMENT 

 

									
	1. Effective Date	  	 	1	  
		
	2. Employment	  	 	1	  
		
	3. Employment Period	  	 	1	  
		
	4. Extent of Service	  	 	2	  
		
	5. Compensation and Benefits	  	 	2	  
				
		  	(a)	    	Base Salary	  	 	2	  
				
		  	(b)	    	Incentive, Savings and Retirement Plans	  	 	2	  
				
		  	(c)	    	Welfare Benefit Plans	  	 	3	  
				
		  	(d)	    	Expenses	  	 	3	  
				
		  	(e)	    	Vacation	  	 	3	  
		
	6. Termination of Employment	  	 	4	  
				
		  	(a)	    	Death	  	 	4	  
				
		  	(b)	    	Disability	  	 	4	  
				
		  	(c)	    	Termination by the Company	  	 	4	  
				
		  	(d)	    	Termination by Executive	  	 	5	  
				
		  	(e)	    	Notice of Termination	  	 	6	  
				
		  	(f) 	    	Date of Termination	  	 	6	  
		
	7. Obligations of the Company upon Termination	  	 	6	  
				
		  	(a)	    	Termination by Executive for Good Reason; Termination by the Company without Cause	  	 	6	  
				
		  	(b)	    	Death or Disability	  	 	7	  
				
		  	(c)	    	Termination by the Company for Cause; Resignation by Executive Other than for Good Reason	  	 	8	  
				
		  	(d)	    	Termination of the Agreement by the Company prior to the Start Date without Cause	  	 	8	  
		
	8. Change in Control	  	 	9	  
				
		  	(a)	    	Definition	  	 	9	  
				
		  	(b)	    	Severance Benefits	  	 	10	  
		
	9. Non-exclusivity of Rights	  	 	11	  
		
	10. No Mitigation	  	 	11	  
		
	11. Mandatory Reduction of Payments in Certain Events	  	 	11	  

									
	12. Restrictions on Conduct of Executive	  	 	12	  
				
		  	(a)	    	General	  	 	12	  
				
		  	(b)	    	Definitions	  	 	13	  
				
		  	(c)	    	Restrictive Covenants	  	 	14	  
				
		  	(d)	    	Enforcement of Restrictive Covenants	  	 	15	  
		
	13. Invention Assignment	  	 	16	  
		
	14. Return of Materials	  	 	17	  
		
	15. Successors and Assigns	  	 	17	  
		
	16. Cooperation	  	 	17	  
		
	17. Code Section 409A	  	 	17	  
		  	(a)	    	General	  	 	17	  
		  	(b)	    	Definitional Restrictions	  	 	17	  
		  	(c)	    	Six-Month Delay in Certain Circumstances	  	 	18	  
		
	18. Miscellaneous	  	 	19	  
				
		  	(a)	    	Governing Law	  	 	19	  
				
		  	(b)	    	Captions	  	 	19	  
				
		  	(c)	    	Amendments	  	 	19	  
				
		  	(d)	    	Notices	  	 	19	  
				
		  	(e)	    	Severability	  	 	19	  
				
		  	(f) 	    	Withholding	  	 	19	  
				
		  	(g)	    	Waivers	  	 	19	  
				
		  	(h)	    	Entire Agreement	  	 	20	  
				
		  	(i) 	    	Arbitration	  	 	20	  
				
		  	(j) 	    	Timing of Release	  	 	20	  
				
		  	(k)	    	Counterparts; Scanned Signatures	  	 	21	  

 EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into this 6th day of January, 2017 by and between Keryx
Biopharmaceuticals, Inc., a Delaware corporation (the “Company”), and Christine A. Carberry (“Executive”), to be effective as of the Effective Date, as defined in Section 1. 

BACKGROUND 
 The Company
desires to engage Executive as Chief Operating Officer of the Company in accordance with the terms of this Agreement. Executive is willing to serve as such in accordance with the terms and conditions of this Agreement. 

NOW THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Effective
Date. The effective date of this Agreement (the “Effective Date”) shall be the date first written above. 
 2.
Employment. Executive shall be employed as Chief Operating Officer of the Company commencing by no later than January 16, 2017 (the date on which Executive actually commences employment with the Company shall be the “Start
Date”); provided, however, that if Executive does not commence employment by January 16, 2017 for any reason, then this Agreement shall become null and void and neither Executive nor the Company shall have any obligations hereunder other
than as expressly set forth in Section 7(e) hereof. In her capacity as Chief Operating Officer, Executive shall have the duties, responsibilities and authority commensurate with such position as shall be assigned to her by the Chief Executive
Officer (the “CEO”) and the Board of Directors of the Company (the “Board”), including but not limited to, managing the CMC/Tech Operations, Quality and Regulatory functions at the Company, and other corporate efforts, as
requested and agreed to with the CEO. In her capacity as Chief Operating Officer, Executive will report directly to the CEO. The principal location of the Executive’s employment shall be at the Company’s offices in Boston, Massachusetts.
The Executive understands and agrees that she may be required to travel from time to time for business reasons. 
 3. Employment
Period. The Company agrees to continue to employ Executive, and Executive agrees to continue to serve the Company, on an “at will” basis, which means that, subject to the payment obligations imposed on the Company pursuant to this
Agreement, either the Company or Executive may terminate Executive’s employment with the Company at any time, with or without Cause, as provided in Section 6 below. The period commencing with the Start Date and ending on the effective date
of any termination of employment in accordance with the provisions hereof shall constitute the term of this Agreement (the “Employment Period”). 

  
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 4. Extent of Service. During the Employment Period, Executive agrees to devote her full
business time, attention, energy and best efforts to the business and affairs of the Company and to use Executive’s reasonable best efforts to perform faithfully and efficiently the responsibilities assigned to Executive hereunder. During the
Employment Period it shall not be a violation of this Agreement for Executive to (A) manage personal investments, or (B) devote time to charitable and community activities or, with the approval of the CEO, industry or professional
activities including service on the board of directors of another corporation, so long as such activities do not interfere or conflict with the performance of Executive’s responsibilities as an employee of the Company in accordance with this
Agreement. 
 5. Compensation and Benefits. 

(a) Base Salary. During the Employment Period, the Company will pay to Executive a base salary at the rate of U.S. $385,000 per year
(“Base Salary”), less normal withholdings, payable in approximately equal bi-weekly or other installments as are or become customary under the Company’s payroll practices for its employees from
time to time. The Compensation Committee of the Board shall review Executive’s Base Salary annually and, in its sole discretion, may increase Executive’s Base Salary from year to year. Such adjusted salary then shall become
Executive’s Base Salary for purposes of this Agreement. The annual review of Executive’s Base Salary by the Board will consider, among other things, Executive’s own performance and the Company’s performance. 

(b) Incentive, Savings and Retirement Plans. During the Employment Period, Executive shall be entitled to participate in all incentive,
savings and retirement plans, practices, policies and programs available to other senior executive officers of the Company (“Peer Executives”), and on the same basis as such Peer Executives. Without limiting the foregoing, the following
shall apply: 
 (i) Discretionary Annual Bonus. For each year during the Employment Period, Executive shall be
eligible to receive a discretionary annual bonus, not to exceed 40% of her Base Salary (the “Annual Bonus”). The Compensation Committee, in its sole discretion, will establish performance goals and objectives from year to year on which the
Annual Bonus will be based, and the Compensation Committee likewise reserves the sole discretion to modify such goals and objectives, or the final amount of the Annual Bonus, based upon events occurring during the related year or its assessment of
the Company’s or the Executive’s performance in general. The Compensation Committee will provide the Executive with such goals and objectives and any modifications it may make thereto, which shall be presented to the Executive within a
reasonable time following the start of the fiscal year. Unless otherwise provided herein, no Annual Bonus shall be deemed to have been earned by Executive for any year in which Executive is not actively employed by the Company on the last day of the
fiscal year to which the bonus relates. The Company shall pay the Annual Bonus no later than two and a half months after the end of the fiscal year to which the applicable bonus relates. 

  
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 (ii) Equity Grants. On the Start Date, the Company shall grant to
Executive under the Company’s 2013 Incentive Plan (the “Plan”): 
  

	 	1.	85,000 restricted shares of Company common stock (the “Restricted Stock”). The Restricted Stock will vest over three years with the first one-third vesting on the first
anniversary of the Start Date and thereafter the remaining shares shall vest in equal quarterly installments through the third anniversary of the Start Date, conditioned upon Executive’s continuing employment, and subject to other terms and
conditions set forth in the award certificate memorializing the Restricted Stock and the Plan. The vesting of the Restricted Stock shall accelerate in full upon the occurrence of a
Change-in-Control, as such term is defined in this Agreement. 

  

	 	2.	170,000 stock options (the “Stock Options”). The Stock Options will vest over three years with the first one-third vesting on the first anniversary of the Start Date and
thereafter the remaining shares shall vest in equal quarterly installments through the third anniversary of the Start Date, conditioned upon Executive’s continuing employment, and subject to other terms and conditions set forth in the award
certificate memorializing the Stock Options and the Plan. The vesting of the Stock Options shall accelerate in full upon the occurrence of a Change-in-Control, as such
term is defined in this Agreement. 

 During the Employment Period, Executive may be eligible for additional stock-based
awards under the Company’s incentive plans, as determined by the Compensation Committee from time to time. Nothing herein requires the Board or the Compensation Committee to make additional grants of options or other awards in any year. 

(c) Welfare Benefit Plans. During the Employment Period, Executive and Executive’s eligible dependents shall be eligible for
participation in, and shall receive all benefits under, the welfare benefit plans, practices, policies and programs provided by the Company (including, without limitation, medical, prescription drug, dental, disability, and employee life insurance
plans and programs) (“Welfare Plans”) to the extent available to other Peer Executives. 
 (d) Expenses. During the
Employment Period, Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by Executive in the course of performing her duties and responsibilities under this Agreement, in accordance with the policies,
practices and procedures of the Company with respect to travel, entertainment and other business expenses, including but not limited to professional fees associated with maintaining your financial credentials. 

(e) Vacation. During the Employment Period, Executive will be entitled to four weeks of paid vacation per calendar year, subject to and
in accordance with the Company’s vacation policies. In accordance with Company policy, vacation days cannot be accrued and any vacation days not used in any calendar year will be forfeited. 

  
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 6. Termination of Employment. 

(a) Death. Executive’s employment shall terminate automatically upon Executive’s death during the Employment Period. 

(b) Disability. If the Company determines in good faith that Executive has become Disabled (as defined below) during the Employment
Period, it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by
Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, Executive shall be
Disabled if either of the following conditions is met, as determined by the Board in good faith: 
 (i) Executive is unable
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for one or more periods totaling one hundred and twenty
(120) days in any twelve (12) month period; or 
 (ii) Executive is, by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for one or more periods totaling one hundred and twenty (120) days in any twelve (12) month period, receiving income replacement benefits for
a period of not less than three months under an accident and health plan covering employees of the Company. 
 Nothing in this section is intended to
conflict with the rights and obligations contained in the Family and Medical Leave Act. 
 (c) Termination by the Company. The
Company may terminate Executive’s employment during the Employment Period with or without Cause. For purposes of this Agreement, a termination shall be considered to be for “Cause” if it occurs in conjunction with a determination by
the Board that any of the following has occurred: 
 (i) Executive’s conviction of, pleading guilty to, or confession to
a felony or any crime involving any act of dishonesty, fraud, misappropriation or embezzlement; 

  
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 (ii) Executive’s misconduct or gross negligence in connection with the
performance of her duties hereunder, including a violation of the Company’s written policies or Code of Conduct and Ethics; 

(iii) Executive’s engaging in any fraudulent, disloyal or unprofessional conduct which is, or is likely to be, materially
injurious to the Company, its financial condition, or its reputation; 
 (iv) Executive’s failure to perform her duties
with the Company (other than any such failure resulting from Executive’s Disability); 
 (v) Executive’s failure to
meet performance standards which may be agreed upon by Executive and the Company in writing from time to time (with the understanding that failure to meet the performance criteria established with respect to an Annual Bonus alone shall not
constitute Cause for purposes of this Agreement); or 
 (vi) Executive’s material breach of the covenants set forth in
Section 12 of this Agreement, or material breach of any other provisions of this Agreement. 
 If the Company determines that it has
grounds to terminate Executive’s employment for Cause pursuant to the provisions of clauses (iv), (v), or (vi) of this subsection (c), then it will first deliver to Executive a written notice setting forth with specificity the occurrence
deemed to give rise to a right to terminate her employment for Cause, and Executive will have 30 days after the receipt of such written notice to cease such actions or otherwise correct any such failure or breach. If Executive does not cease such
actions or otherwise correct such failure or breach within such 30-day period, or having once received such written notice and ceased such actions or corrected such failure or breach, Executive at any time
thereafter again so acts, fails, or breaches, the Company may terminate her employment for Cause immediately. The Company may terminate Executive’s employment without Cause, or for Cause pursuant to the provisions of clauses (i), (ii), or
(iii) of this subsection (c), immediately. 
 (d) Termination by Executive. Executive’s employment may be terminated by
Executive with or without Good Reason. Executive’s termination without Good Reason shall require 30 days’ prior written notice to the Company. Executive’s termination for Good Reason must occur within a period of 90 days after the
occurrence of an event of Good Reason. For purposes of this Agreement, “Good Reason” shall mean any of the following, without Executive’s consent: 

(i) a material diminution in Executive’s Base Salary, which for purposes of this Agreement shall mean a reduction of more
than 15%; 
 (ii) a material diminution in Executive’s title, position, authority, duties, or responsibilities; 

  
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 (iii) a material change in the geographic location of the Executive’s
principal place of business, which for purposes of this Agreement shall mean a location more than thirty-five (35) miles from the Company’s offices in Boston, Massachusetts at which the Executive was principally employed except for
required travel on the Company’s business; or 
 (iv) any other action or inaction that constitutes a material breach by
the Company of this Agreement. 
 A termination by Executive shall not constitute termination for Good Reason unless Executive shall first
have delivered to the Company a written notice setting forth with specificity the occurrence deemed to give rise to a right to terminate for Good Reason (which notice must be given no later than 60 days after the initial occurrence of such event),
and there shall have passed a reasonable time (not less than 30 days) within which the Company may take action to correct, rescind or otherwise substantially reverse the occurrence supporting termination for Good Reason as identified by Executive.
Good Reason shall not include Executive’s death or Disability. The parties intend, believe and take the position that a resignation by the Executive for Good Reason as defined above effectively constitutes an involuntary separation from service
within the meaning of Section 409A of the Code and Treas. Reg. §1.409A-1(n)(2). 
 (e)
Notice of Termination. Any termination by the Company or Executive shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 18(d) of this Agreement. For purposes of this Agreement, a
“Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the provision so indicated, and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination
date. The failure by the Company or Executive to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause or Good Reason shall not waive any right of the Company or Executive hereunder or preclude the
Company or Executive from asserting such fact or circumstance in enforcing its rights hereunder. 
 (f) Date of Termination.
“Date of Termination” means (i) if Executive’s employment is terminated other than by reason of death or Disability, the date of receipt of the Notice of Termination or any later date specified therein, or (ii) if
Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of Executive or the Disability Effective Date, as the case may be. 

7. Obligations of the Company upon Termination. 

(a) Termination by Executive for Good Reason; Termination by the Company without Cause. If, during the Employment Period, the Company
shall terminate Executive’s employment without Cause, or Executive shall terminate her 

  
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employment for Good Reason, then and, with respect to the payments and benefits described in clause (ii), (iv), and (v) below, only if Executive shall have executed and not revoked a release
of claims in a form satisfactory to the Company: 
 (i) the Company shall pay to Executive in a lump sum in cash within 60 days after the
Date of Termination, the exact payment date to be determined by the Company (or such later date as may be required pursuant to Section 17 hereof), the sum of (1) Executive’s Base Salary through the Date of Termination to the extent
not theretofore paid, (2) the Annual Bonus earned by the Executive for the fiscal year immediately prior to the year in which the Date of Termination occurs, if any, to the extent not theretofore paid, and (3) any accrued but unused
vacation pay to the extent not theretofore paid (the sum of the amounts described in clauses (1), (2) and (3) shall be hereinafter referred to as the “Accrued Obligations”); and 

(ii) the Company shall pay to Executive twelve (12) months of severance pay based on Executive’s Base Salary as of the Date of
Termination (the “Severance Pay”). The foregoing Severance Pay shall be paid in equal installments over the severance period in accordance with the Company’s usual payroll schedule, commencing on the date that the release referred to
above may no longer be revoked (or such later date as may be required pursuant to Section 17). In addition, the Executive shall receive a cash payment equal to the total monthly premium payment (both the Company’s portion and the
Executive’s portion of such premium) under the Company’s group healthcare plan as in effect on the Date of Termination multiplied by twelve (12), payable in a lump sum within sixty (60) days following the Date of Termination, and 

(iii) to the extent not theretofore paid or provided, the Company shall timely pay or provide to Executive any other amounts or benefits
required to be paid or provided or which Executive is entitled to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred
to as the “Other Benefits”), and 
 (iv) any vested portion of stock options granted to Executive by the Company shall remain
exercisable by the Executive for a period of six (6) months following the Date of Termination (or, if earlier, the normal expiration date of such stock options), and any unvested portions of stock options granted to Executive by the Company
shall lapse and be forfeited without consideration as of the Date of Termination. 
 (b) Death or Disability. If Executive’s
employment is terminated by reason of Executive’s death or Disability during the Employment Period, this Agreement shall terminate without further obligations to Executive or Executive’s legal representatives under this Agreement, other
than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to Executive or Executive’s estate or beneficiaries, as applicable, in a lump sum in cash within 60 days after the
Date of Termination. With respect to the provision of Other Benefits, the term “Other Benefits” as used in this Section 7(b) shall include 

  
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without limitation, and Executive or Executive’s estate and/or beneficiaries shall be entitled to receive, benefits under such plans, programs, practices and policies relating to death,
disability or retirement benefits, if any, as are applicable to Executive on the Date of Termination. In addition, in the event of such a termination, and provided that Executive or her estate or beneficiaries, if applicable, executes and does not
revoke a release of claims in a form acceptable to the Company: 
 (i) any vested portion of stock options granted to Executive by the
Company shall remain exercisable by the Executive and/or her estate or beneficiaries for a period of six (6) months following the Date of Termination (or, if earlier, the normal expiration date of such stock options), and any unvested portion
of stock options granted to Executive by the Company shall lapse and be forfeited without consideration as of the Date of Termination; and 

(ii) if Executive’s employment terminates due to death, the Compensation Committee of the Board shall determine in good faith the extent
to which any of the performance goals and objectives established pursuant to Section 5(b)(i) above were met as of the time Executive’s death. If, based on that determination, the Compensation Committee of the Board determines that a bonus
is due, the Company shall pay Executive’s estate an amount equal to such bonus, pro-rated for the portion of the fiscal year elapsed as of the time of Executive’s death. 

(c) Termination by the Company for Cause; Resignation by Executive Other than for Good Reason. If Executive’s employment shall be
terminated for Cause during the Employment Period, or Executive shall resign other than for Good Reason during the Employment Period, this Agreement shall terminate without further obligations to Executive, other than for payment of Accrued
Obligations minus the Annual Bonus earned by the Executive for the fiscal year immediately prior to the year in which the Date of Termination occurs, if any, to the extent not theretofore paid, and the timely payment or provision of Other Benefits.
Accrued Obligations shall be paid to Executive in a lump sum in cash within 60 days after the Date of Termination. In addition, in the event of such a termination, any unvested equity awards shall lapse and be forfeited without consideration on the
Date of Termination. 
 (d) Termination of the Agreement by the Company prior to the Start Date without Cause. If, during the time
period between the Effective Date and the Start Date, the Company shall terminate this Agreement without Cause, and only if Executive shall have executed and not revoked a release of claims in a form satisfactory to the Company, then the Company
shall pay to Executive twelve (12) months of severance pay based on Executive’s anticipated Base Salary as of the Start Date. The foregoing shall be paid in equal installments over a twelve (12) month period in accordance with the
Company’s usual payroll schedule, commencing on the date that the release referred to above may no longer be revoked (or such later date as may be required pursuant to Section 17). 

  
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 8. Change in Control. 

(a) Definition. For the purposes of this Agreement, a “Change in Control” shall mean: 

(i) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the “Act”)) of beneficial ownership of any capital stock of the Company if, after such acquisition, such individual, entity or group beneficially owns (within the meaning of Rule 13d-3 promulgated under the Act) 30% or more of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of
the then-outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the
following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company (excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or
exchangeable for common stock or voting securities of the Company, unless the individual, entity or group exercising, converting or exchanging such security acquired such security directly from the Company or an underwriter or agent of the Company),
(B) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, (C) any acquisition by any corporation pursuant to a Business Combination (as defined
below) which complies with clauses (x) and (y) of subsection (iii) of this definition, or (D) any acquisition by Baupost Group Securities, L.L.C. or any of its affiliates (“Baupost”), unless after giving effect to such
acquisition Baupost owns more than 49% of either the Outstanding Company Common Stock or the Outstanding Company Voting Securities (in each case, measured on a fully-diluted basis taking into account the full conversion of any securities convertible
into common stock and, for the avoidance of doubt, not in accordance with Rule 13d-3 promulgated under the Act), or unless such acquisition is in conjunction with an acquisition by a third party not deemed to
be an affiliate of Baupost which when considered with Baupost, would constitute a group under Section 13 under the Act; or 

(ii) such time as the Continuing Directors (as defined below) do not constitute a majority of the Board (or, if applicable, the
Board of Directors of a successor corporation to the Company), where the term “Continuing Director’ means at any date a member of the Board (x) who was a member of the Board on the Start Date of this Agreement or (y) who was
nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the
directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (y) any individual whose initial assumption of office occurred as a result of an
actual or threatened election 

  
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contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; or 

(iii) the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the Company or
a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business Combination, each of the following two conditions is satisfied: (x) all or
substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring
corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or through one or more
subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership of the Outstanding Company Common Stock and Outstanding Company Voting
Securities, respectively, immediately prior to such Business Combination and (y) no Person (excluding the Acquiring Corporation or any employee benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring
Corporation) beneficially owns, directly or indirectly, 30% or more of the then-outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation entitled to vote
generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination). 
 (b)
Severance Benefits. Upon the occurrence of a Change in Control, if, within one year after the effective date of the Change in Control, Executive’s employment is terminated by the Company or the successor corporation to the Company
without Cause, or Executive resigns for Good Reason, then in addition to payment of the Accrued Obligations and Other Benefits, and provided that Executive shall have executed and not revoked a general release of claims in a form satisfactory to the
Company: (i) the Executive shall receive a cash payment equal to the sum of (A) 100% of the Executive’s annual Base Salary as of the Date of Termination or, if higher, at the rate in effect immediately prior to a Change in Control, and
(B) the Annual Bonus earned by the Executive for the fiscal year immediately prior to the year in which the Date of Termination occurs, if any, payable in a lump sum within sixty (60) days following the Date of Termination; and
(ii) the Executive shall receive a cash payment equal to the total monthly premium payment (both the Company’s portion and the Executive’s portion of such premium) under the Company’s group healthcare plan as in effect on the
Date of Termination multiplied by twelve (12), payable in a lump sum within sixty (60) days following the Date of Termination. The foregoing shall be in lieu of and not in addition to any amounts that Executive would otherwise be entitled to
receive under Section 7 hereof in the event of a termination without Cause or resignation for Good Reason. 

  
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 9. Non-exclusivity of Rights. Nothing in this
Agreement shall prevent or limit Executive’s continuing or future participation in any employee benefit plan, program, policy or practice provided by the Company or its affiliated companies and for which Executive may qualify, except as
specifically provided herein. Amounts that are vested benefits or which Executive is otherwise entitled to receive under any plan, policy, practice or program of the Company or any of its affiliated companies at or subsequent to the Date of
Termination shall be payable in accordance with such plan, policy, practice or program except as explicitly modified by this Agreement. 

10. No Mitigation. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of
the severance amounts payable to Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not Executive obtains other employment. 

11. Mandatory Reduction of Payments in Certain Events. 

(a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by the
Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the
Code (the “Excise Tax”), then, prior to the making of any Payment to Executive, a calculation shall be made comparing (i) the net benefit to Executive of the Payment after payment of the Excise Tax, to (ii) the net benefit to
Executive if the Payment had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payment shall be limited to
the extent necessary to avoid being subject to the Excise Tax (the “Reduced Amount”). The reduction of the Payments due hereunder, if applicable, shall be made in such a manner as to maximize the economic present value of all Payments
actually made to Executive, determined by the Determination Firm (as defined in Section 11(b) below) as of the date of the Change in Control using the discount rate required by Section 280G(d)(4) of the Code. 

(b) The determination of whether an Excise Tax would be imposed, the amount of such Excise Tax, and the calculation of the amounts referred to
Section 11(a)(i) and (ii) above shall be made by an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and Executive (the “Determination Firm”) which shall provide
detailed supporting calculations. Any determination by the Determination Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial
determination by the Determination Firm hereunder, it is possible that Payments which Executive was entitled to, but did not receive pursuant to Section 11(a), could have been made without the imposition of the Excise Tax (“Underpayment”).
In such event, the Determination Firm shall determine the amount of 

  
 11 

 
the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive, but no later than December 31 of the year after the
year in which the Underpayment is determined to exist. 
 (c) In the event that the provisions of Code Section 280G and 4999 or any
successor provisions are repealed without succession, this Section 11 shall be of no further force or effect. 
 12. Restrictions on
Conduct of Executive. 
 (a) General. Executive and the Company understand and agree that the purpose of the provisions of this
Section 12 is to protect the legitimate business interests of the Company, as more fully described below, and is not intended to impair or infringe upon Executive’s right to work, earn a living, or acquire and possess property from the
fruits of her labor. Executive hereby acknowledges that Executive has received good and valuable consideration for the post-employment restrictions set forth in this Section 12 in the form of the compensation and benefits provided for herein.
Executive hereby further acknowledges that the post-employment restrictions set forth in this Section 12 are reasonable and that they do not, and will not, unduly impair her ability to earn a living after the termination of this Agreement. 

In addition, the parties acknowledge: (A) that Executive’s services under this Agreement require special expertise and talent in the
provision of Competitive Services and that Executive will have substantial contacts with customers, suppliers, advertisers and vendors of the Company; (B) that pursuant to this Agreement, Executive will be placed in a position of trust and
responsibility and she will have access to a substantial amount of Confidential Information and Trade Secrets and that the Company is placing her in such position and giving her access to such information in reliance upon her agreement to comply
with the obligations set forth in this Section 12; (C) that due to her management duties, Executive will be the repository of a substantial portion of the goodwill of the Company and would have an unfair advantage in competing with the Company;
(D) that due to Executive’s special experience and talent, the loss of Executive’s services to the Company under this Agreement cannot reasonably or adequately be compensated solely by damages in an action at law; (E) that
Executive is capable of competing with the Company; and (F) that Executive is capable of obtaining gainful, lucrative and desirable employment that does not violate the restrictions contained in this Agreement. 

Therefore, subject to the limitations of reasonableness imposed by law, Executive shall be subject to the restrictions set forth in this
Section 12. 

  
 12 

 (b) Definitions. The following capitalized terms used in this Section 12 shall have
the meanings assigned to them below, which definitions shall apply to both the singular and the plural forms of such terms: 

“Competitive Services” means services involving the acquisition, development or commercialization of oral iron pharmaceutical
products that are the same as or substantially similar to the oral iron pharmaceutical products offered or provided by the Company or are in competition with the Company’s products. 

“Confidential Information” means all data and information relating to the business of the Company that is disclosed to
Executive or of which Executive becomes aware as a consequence of her employment and that has value to the Company and is not generally disclosed to those not employed or otherwise engaged by the Company. “Confidential Information” shall
include, but is not limited to, financial plans and data concerning the Company; management planning information; business plans; operational methods; market studies; marketing plans or strategies; product development techniques or plans; customer
lists; details of customer contracts; current and anticipated customer requirements; past, current and planned research and development; business acquisition plans; and new personnel acquisition plans. “Confidential Information” shall not
include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right or privilege of the Company. This definition shall not limit any definition of
“confidential information” or any equivalent term under state or federal law. 
 “End Date” means the last day of
Executive’s employment with the Company for any reason whatsoever. 
 “Person” means any individual or any
corporation, partnership, joint venture, limited liability company, association or other entity or enterprise. 
 “Principal or
Representative” means a principal, owner, partner, shareholder, joint venturer, investor, member, trustee, director, officer, manager, employee, agent, representative or consultant. 

“Protected Customers” means any Person to whom the Company sold its products or services or solicited to sell its products or
services during the Employment Period and (a) with whom Executive dealt on behalf of the Company; (b) whose dealings with the Company were coordinated or supervised by Executive; or (c) about whom Executive obtained Trade Secrets or
Confidential Information in the ordinary course of business as a result of her employment. 
 “Protected Employees and
Contractors” means employees and independent contractors of the Company who were employed or engaged by the Company at any time within six (6) months prior to the End Date. 

“Protected Providers” means any service provider, vendor or supplier with whom the Company conducted business or solicited to
conduct business during the twelve (12) months prior to the End Date. 

  
 13 

 “Restricted Period” means the Employment Period and the one (1) year period
following the End Date. 
 “Restricted Territory” means countries where Keryx has the right to market Auryxia, including,
but not limited to, North America, European Union, Eastern Europe, Central and Latin America. 
 “Restrictive Covenants”
means the restrictive covenants contained in Section 12(c) hereof. 
 “Trade Secret” means all information, without regard
to form, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, distribution lists or a
list of actual or potential customers, advertisers or suppliers which is not commonly known by or available to the public and which information: (A) derives economic value, actual or potential, from not being generally known to, and not being
readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (B) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. This definition shall not
limit any definition of “trade secret” or any equivalent term under state or federal law. 
 (c) Restrictive Covenants.

 (i) Restriction on Disclosure and Use of Confidential Information and Trade Secrets. Executive understands and
agrees that the Confidential Information and Trade Secrets constitute valuable assets of the Company, and may not be converted to Executive’s own use. Accordingly, Executive hereby agrees that throughout the Employment Period and at all times
after the End Date, for so long as the information at issue remains either Confidential Information or a Trade Secret, Executive will not, directly or indirectly, reveal, divulge, or disclose to any Person not expressly authorized by the Company any
Confidential Information or Trade Secrets and will not, directly or indirectly, use or make use of any Confidential Information or Trade Secrets in connection with any business activity other than that of the Company. 

Anything herein to the contrary notwithstanding, Executive shall not be restricted from disclosing or using Confidential
Information or Trade Secrets that are required to be disclosed by law, court order or other valid legal process; provided, however, that in the event disclosure is required by law, Executive shall provide the Company with prompt,
written notice of such requirement so that the Company may seek an appropriate protective order prior to any such required disclosure by Executive. 

(ii) Non-Solicitation of Protected Employees and Contractors. Executive
understands and agrees that the relationship between the Company and each of its Protected Employees and Contractors constitutes a valuable asset of 

  
 14 

 
the Company and may not be converted to Executive’s own use. Accordingly, Executive hereby agrees that, during the Restricted Period, Executive shall not, directly or indirectly, on
Executive’s own behalf or as a Principal or Representative of any Person or otherwise, solicit or induce any Protected Employee or Contractor to terminate his or her relationship with the Company or to enter into an employment, consulting or
similar relationship with any other Person. 
 (iii) Non-Solicitation of Protected
Customers. Executive understands and agrees that the relationship between the Company and each of its Protected Customers constitutes a valuable asset of the Company and may not be converted to Executive’s own use. Accordingly, Executive
hereby agrees that, during the Restricted Period, Executive shall not, directly or indirectly, on Executive’s own behalf or as a Principal or Representative of any Person, solicit, divert, take away or attempt to solicit, divert or take away a
Protected Customer for the purpose of providing or selling Competitive Services. 
 (iv)
Non-Interference with Protected Providers. Executive understands and agrees that the relationship between the Company and each of its Protected Providers constitutes a valuable asset of the Company and
may not be converted to Executive’s own use. Executive hereby agrees that, during the Restricted Period, Executive shall not, directly or indirectly, solicit or induce or attempt to solicit or induce any Protected Provider to cease, reduce or
alter its relationship with the Company. 
 (v) Non-Competition with the
Company. In consideration of the compensation and benefits being paid and to be paid by the Company to Executive hereunder and the equity awards granted by the Company, Executive hereby agrees that, during the Restricted Period, Executive will
not, directly or indirectly, engage in or provide Competitive Services within the Restricted Territory, whether on her own behalf or as a Principal or Representative of any other Person, in a capacity that involves the exercise of any job duties or
responsibilities the same as or similar to the job duties and responsibilities executed by Executive on behalf of the Company; provided, however, that the foregoing shall not be deemed to prohibit the ownership by Executive of not more
than five percent (5%) of any class of securities of any corporation having a class of securities registered pursuant to the Exchange Act, which investment does not exceed 3% of Executive’s net worth. 

(d) Enforcement of Restrictive Covenants. 

(i) Rights and Remedies Upon Breach. In the event Executive breaches, or threatens to commit a breach of, any of the
provisions of the Restrictive Covenants, the Company shall have the right and remedy to enjoin, preliminarily and permanently, without the necessity of posting bond, Executive from violating or threatening to violate the Restrictive Covenants and to
have the 

  
 15 

 
Restrictive Covenants specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of the Restrictive Covenants could cause irreparable
injury to the Company and that money damages may not provide an adequate remedy to the Company. The foregoing rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company at law or in
equity. 
 (ii) Severability of Covenants. The parties hereunder agree that the Restrictive Covenants shall be
considered and construed as separate and independent covenants. Should any part or provision of any Restrictive Covenant be held invalid, void or unenforceable in any court of competent jurisdiction, such invalidity, voidness or unenforceability
shall not render invalid, void or unenforceable any other part or provision of this Agreement. 
 (iii) Reformation.
The parties hereunder agree that it is their intention that the Restrictive Covenants be enforced in accordance with their terms to the maximum extent possible under applicable law. The parties further agree that, in the event any court of competent
jurisdiction shall find that any provision hereof is not enforceable in accordance with its terms, the court shall reform the Restrictive Covenants such that they shall be enforceable to the maximum extent permissible at law. 

13. Invention Assignment. Executive agrees that she will promptly and fully disclose in writing to the Company all inventions, designs,
concepts, discoveries, developments, improvements, and innovations, whether or not they merit patent, trademark or copyright protection, conceived of, designed or reduced to practice by Executive, either solely or in concert with others, at any time
during her employment, which (i) relate in any manner, whether at the time of conception, design or reduction to practice, to the Company’s business or its actual or demonstrably anticipated research or development; (ii) result from
any work performed by Executive on behalf of the Company; or (iii) result from the use of the Company’s equipment, supplies, facilities, Confidential Information or Trade Secrets (collectively referred to as “Inventions”). 

Executive acknowledges and agrees that he will keep and maintain adequate written records of all such Inventions at all stages thereof in the
form of notes, sketches, drawings, photographs, printouts, and/or reports relating thereto. These records are and shall remain the property of, and be available to, the Company or its designee(s) at all times. Executive further acknowledges that all
such Inventions shall be the exclusive property of the Company. As such, Executive hereby assigns her entire right, title, and interest in and to all such Inventions to the Company or its designee(s). Executive will, at the Company’s request
and expense, execute specific transfers, assignments, documents or other instruments and take such further action as may be considered necessary by the Company at any time during or subsequent to Executive’s employment to obtain and defend any
intellectual property rights and vest complete title and ownership to such Inventions to the Company or its designee(s). 

  
 16 

 14. Return of Materials. Executive agrees that she will not retain or destroy, and will
immediately return to the Company on or prior to her last day of employment, or at any other time the Company requests such return, any and all property of the Company that is in her possession or subject to her control, including, but not limited
to, keys, credit and identification cards, equipment, client files and information, and all Confidential Information and Trade Secrets. Executive will not make, distribute or retain copies of any such information or property. Executive agrees that
she will reimburse the Company for all of its costs, including reasonable attorneys’ fees, of recovering the above materials and otherwise enforcing compliance with this provision if she does not return the materials in compliance with this
provision. 
 15. Successors and Assigns. 

(a) This Agreement is personal to Executive and shall not be assignable by Executive. This Agreement shall inure to the benefit of and be
enforceable by Executive’s legal representatives. 
 (b) The Company may assign this Agreement without the consent of Executive. This
Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 
 16. Cooperation. Both
during and after her employment, Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s
employment hereunder. The Company shall reimburse Executive for any reasonable out-of-pocket expenses incurred in connection with Executive’s performance of
obligations under this Section 16 at the request of the Company. If Executive is entitled to be paid or reimbursed for any expenses under this Section 16, the amount reimbursable in any one calendar year shall not affect the
amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred. 

17. Code Section 409A. 

(a) General. This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be
paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Code and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder (and any applicable transition relief
under Section 409A of the Code). Nevertheless, the tax treatment of the benefits provided under the Agreement is not warranted or guaranteed. Neither the Company nor its directors, officers, employees or advisers shall be held liable for any taxes,
interest, penalties or other monetary amounts owed by Executive as a result of the application of Section 409A of the Code. 
 (b)
Definitional Restrictions. Notwithstanding anything in this Agreement to the contrary, to the extent that any amount or benefit that would constitute 

  
 17 

 
non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable hereunder, or a different
form of payment would be effected, by reason of a Change in Control or the Executive’s Disability or termination of employment, such amount or benefit will not be payable or distributable to the Executive, and/or such different form of payment
will not be effected, by reason of such circumstance unless (i) the circumstances giving rise to such Change in Control, Disability or termination of employment, as the case may be, meet any description or definition of “change in control
event,” “disability” or “separation from service,” as the case may be, in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition), or
(ii) the payment or distribution of such amount or benefit would be exempt from the application of Section 409A of the Code by reason of the short-term deferral exemption or otherwise. This provision does not prohibit the vesting of any
amount upon a Change in Control, Disability or termination of employment, however defined. If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the date, if any, on which an
event occurs that constitutes a Section 409A-compliant “change in control event,” “disability” or “separation from service,” as the case may be, or such later date as may be required by subsection (c) below. If
this provision prevents the application of a different form of payment of any amount or benefit, such payment shall be made in the same form as would have applied absent such designated event or circumstance. 

(c) Six-Month Delay in Certain Circumstances. Notwithstanding anything in this Agreement to the
contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable under this Agreement
by reason of Executive’s separation from service during a period in which she is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 

(i) the amount of such non-exempt deferred compensation that would otherwise be payable
during the six-month period immediately following Executive’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following Executive’s
separation from service (or, if Executive dies during such period, within 30 days after Executive’s death) (in either case, the “Required Delay Period”); and 

(ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the
Required Delay Period. 
 For purposes of this Agreement, the term “Specified Employee” has the meaning given such term in Code
Section 409A and the final regulations thereunder: provided, however, that the Company’s Specified Employees and its application of the six-month delay rule of Code Section 409A(a)(2)(B)(i) shall
be determined in accordance 

  
 18 

 
with rules adopted by the Board or a committee thereof, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this
Agreement. 
 18. Miscellaneous. 

(a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts,
without reference to principles of conflict of laws. 
 (b) Captions. The captions of this Agreement are not part of the provisions
hereof and shall have no force or effect. 
 (c) Amendments. This Agreement may not be amended or modified otherwise than by a
written agreement executed by the parties hereto or their respective successors and legal representatives. 
 (d) Notices. All
notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

 

			
	If to Executive:	 	Christine A. Carberry
		 	235 Parsons Road
		 	Rye, NH 03870
		
	If to the Company:	 	Keryx Biopharmaceuticals, Inc.
		 	One Marina Park Drive
		 	Boston, MA 02110
		 	Attention: General Counsel

 or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and
communications shall be effective when actually received by the addressee. 
 (e) Severability. The invalidity or unenforceability of
any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
 (f)
Withholding. The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

(g) Waivers. Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or
the failure to assert any right Executive or the Company may have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

  
 19 

 (h) Entire Agreement. This Agreement contains the entire agreement between the Company and
Executive with respect to the subject matter hereof and, from and after the Effective Date, this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof. 

(i) Arbitration. In the event that a dispute arises between the parties regarding the formation, interpretation and/or the terms and
conditions of this Agreement and/or if there arises any other claim or legal dispute between the parties with respect to Executive’s employment or the termination thereof (the “Dispute”), the complaining party shall submit the Dispute
in writing to the other party for resolution. If the Dispute is not resolved between the parties within thirty (30) days of the date the Dispute is submitted in writing to the other party, the complaining party must make a demand for final and
binding arbitration in Boston, MA before an arbitrator pursuant to the Employment Arbitration Rules of the American Arbitration Association in effect at the time of the Dispute (the “AAA Rules”) if the complaining party wishes to pursue
the Dispute (“Demand for Arbitration”). Provided, however, that the foregoing shall not preclude the Company from immediately seeking injunctive or other equitable relief in a court of competent jurisdiction in connection with
Executive’s breach or threatened breach of the Restrictive Covenants or the provisions set forth in Sections 13 or 14 of this Agreement. The parties expressly understand that by agreeing to this arbitration provision, they are agreeing to waive
any rights to a civil action and/or jury trial regarding any Disputes between them. The parties shall share all costs, filing fees, and administrative fees for the arbitration equally as they come due; the parties shall be responsible for their own
attorneys’ fees, witness fees, and travel costs. The arbitrator shall have the authority to rule on any and all issues properly presented in the Demand for Arbitration and/or pursuant to the AAA Rules and may award any and all relief provided
under applicable law. The arbitrator’s award may be enforced, vacated, modified or corrected as set forth in the Federal Arbitration Act, 9 U.S.C § 1 et seq. This Agreement shall be governed by the Federal Arbitration Act, 9 U.S.C § 1
et seq., as amended, and the applicable rules of the American Arbitration Association set forth in this Agreement. This Agreement shall be binding upon, and shall inure to the benefit of Executive, the Company and their respective permitted
successors and assigns. 
 (j) Timing of Release. Whenever in this Agreement a payment or benefit is conditioned on the
Executive’s execution of a release of claims, the Company shall provide such release to the Executive promptly following the Date of Termination, and such release must be executed and all revocation periods shall have expired in accordance with
terms set forth in the release, but in no case later than sixty (60) days after the Date of Termination; failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes
non-exempt “deferred compensation,” then, subject to Section 17(c) above, such payment or benefit (including any installment payments) that would have otherwise been payable during such 60-day period shall be accumulated and paid on the 60th day after the Date of Termination provided such release shall have been executed and such revocation periods shall have expired. If such payment or benefit is
exempt from Section 409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period. 

  
 20 

 (k) Counterparts; Scanned Signatures. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, and shall become a binding agreement when one or more counterparts have been signed by each party and delivered to the other party. A counterpart executed and delivered by
PDF or facsimile shall be sufficient for the Agreement to become effective. 
 IN WITNESS WHEREOF, Executive has hereunto set
Executive’s hand and, pursuant to the authorization from the Board, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 

 

			
	 /s/ Christine A. Carberry

	Christine A. Carberry
	
	KERYX BIOPHARMACEUTICALS, INC.
		
	By:	 	 /s/ Gregory P. Madison

	
	Gregory P. Madison
	President & CEO

  
 21artec_ex101.htm

EXHIBIT 10.1
 
AMENDMENT NO. 1
 
TO
 
SENIOR SECURED REVOLVING CREDIT FACILITY AGREEMENT IN THE AMOUNT OF US$10,000,000
 
BY AND AMONG
 
ARTEC GLOBAL MEDIA, INC.,
as Borrower,
 
AND
 
TCA GLOBAL CREDIT MASTER FUND, LP,
as Lender
 
November 18, 2016
 
	 
	1

	

	 

 
AMENDMENT NO. 1 TO 
SENIOR SECURED REVOLVING CREDIT FACILITY AGREEMENT
 
THIS AMENDMENT NO. 1 TO SENIOR SECURED REVOLVING CREDIT FACILITY AGREEMENT (this “Amendment”) is dated and effective as of November 18, 2016 (the “Effective Date”), by and among (i) ARTEC GLOBAL MEDIA, INC., a corporation incorporated under the laws of the State of Nevada (the “Borrower”), (ii) any Person to hereafter become a Subsidiary of the Borrower pursuant to Section 10.18 of the Credit Agreement, and any Person that from time to time may hereafter become liable for the Obligations, or any part thereof, as joint and several guarantors (together, jointly and severally, the “Guarantors” and together with the Borrower, the “Credit Parties”) and (iii) TCA GLOBAL CREDIT MASTER FUND, LP, a limited partnership organized and existing under the laws of the Cayman Islands, as lender (the “Lender”).
 
WITNESSETH
 
WHEREAS, the Borrower and Lender have entered into that certain Senior Secured Revolving Credit Facility Agreement, dated as of May 31, 2015 and made effective as of December 24, 2015 (the “Credit Agreement”), pursuant to which the Lender agreed to make available to the Borrower a secured revolving loan in the amount of up to Ten Million United States Dollars (US$10,000,000), subject to the terms and conditions therein contained, and of this amount, the Lender made an initial principal advance of Nine Hundred Thousand and No/100 United States Dollars (US$900,000) to the Borrower (the “Initial Advance”);
 
WHEREAS, as of the date hereof, a total aggregate principal amount of Seven Hundred Fifty Thousand and No/100 United States Dollars (US$750,000) of the Initial Advance (the “Escrowed Amount”) is being held in reserve by Lender until such time as Lender shall release, in Lender’s sole and absolute discretion; 
 
WHEREAS, in connection with this Amendment, the Borrower has requested and the Lender has agreed to release Four Hundred Fifty Thousand and No/100 United States Dollars (US$450,000) of the Escrowed Amount (the “Escrow Release Amount”) to the Borrower for working capital financing for Borrower and a potential acquisition; 
 
WHEREAS, the parties to this Amendment desire to amend the Credit Agreement (as amended hereby, the “Amended Credit Agreement”), as set forth herein.
 
NOW, THEREFORE, in consideration of the premises set forth above, the covenants and agreements hereinafter set forth, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
 
1. Defined Terms. Unless otherwise defined herein, the capitalized terms used herein shall have the meanings assigned to such terms in the Credit Agreement.
 
2. Release of Escrowed Amount. In consideration of the promises, terms, conditions, waivers, and additional fees herein contained, the Lender hereby agrees to release the Escrow Release Amount to the Borrower on the Effective Date.
 
	 
	2

	

	 

 
3. Amendment of the Credit Agreement. Subject to the terms and conditions of this Amendment, the Credit Agreement is hereby amended and supplemented as follows:
 
(a) all references to the “Senior Secured Revolving Credit Facility Agreement” or the “Agreement” contained in the Credit Agreement shall be deemed to refer to the Credit Agreement as further amended hereby;
 
4.Renewal of Revolving Loan. By its execution hereof, the Borrower hereby provides written notice to Lender of Borrower’s election to renew the Revolving Loan Commitment and extend the Revolving Loan Maturity Date until October 18, 2017 (subject to the terms and conditions of the Amended Credit Agreement) and, by its execution hereof, the Lender hereby consents and agrees to such renewal and extension.
 
5. Representations and Warranties of the Credit Parties. The Credit Parties represent and warrant to the Lender that immediately after giving effect to this Amendment, the representations and warranties of the Credit Parties as set forth in the Credit Agreement, as amended hereby, are true and correct in all material respects and no default or Event of Default (other than the Excluded Events of Default (as defined below)) shall have occurred and be continuing. To the extent pertaining to the representations and warranties made as of the Effective Date of this Amendment, Schedules 7.1, 7.4(a), 7.4(b), 7.28 and 7.29 to the Credit Agreement are hereby amended and replaced with the versions attached hereto, which are updated as of the Effective Date. Regarding the representations and warranties set forth in Section 7.11 of the Credit Agreement, the parties acknowledge the exception that the Borrower has not timely filed its quarterly report on Form 10-Q for the quarterly period ended July 31, 2016 (the “Form 10-Q”). The Borrower agrees that it will file the Form 10-Q within forty five (45) days after the Effective Date of this Amendment. As used herein, “Excluded Event of Default” means any default or Event of Default that occurred prior to the Effective Date of this Amendment. Lender hereby acknowledges and agrees that it has waived the Excluded Events of Default and that none of the Excluded Events of Default shall be the basis, in whole or in part, for any future default or Event of Default. 
 
6. Security Interest Confirmation. The Credit Parties each hereby represent, warrant and covenant that (i) the Lender’s security interests in all of the “Collateral” (as such term is defined in each Security Agreement executed by each of the Credit Parties in connection with the Credit Agreement) are and remain valid, perfected, security interests in such Collateral, (ii) the additional principal amount advanced by the Lender in connection with this Amendment and any and all additional obligations incurred by the Credit Parties in connection therewith constitute Obligations (as defined in the Credit Agreement) and such additional principal amount and additional obligations are each secured by Lender’s security interests in all of the Collateral, and (iii) the Credit Parties have not granted any other encumbrances or security interests of any nature or kind in favor of any other Person affecting any of such Collateral, other than Permitted Liens.
 
	 
	3

	

	 

 
7. Ratification. The Credit Parties hereby acknowledge, represent, warrant and confirm to Lender that: (i) each of the Loan Documents executed by the Credit Parties are valid and binding obligations of the Credit Parties, enforceable thereagainst in accordance with their respective terms; (ii) all obligations of the Credit Parties under all the Loan Documents are, shall be and continue to be secured by and under the Security Agreements, the Guaranty Agreements, the UCC Financing Statements,and all other Loan Documents; (iii) there are no defenses, setoffs, counterclaims, cross-actions or equities in favor of the Credit Parties to or against the enforcement of any of the Loan Documents, and to the extent the Credit Parties have any defenses, setoffs, counterclaims, cross-actions or equities against the Lender and/or against the enforceability of any of the Loan Documents, the Credit Parties acknowledge and agree that same are hereby fully and unconditionally waived by the Credit Parties; and (iv) no oral representations, statements, or inducements have been made by Lender or any agents or representatives of the Lender with respect to any of the Loan Documents.
 
8. No Defaults. Each Credit Party hereby represents and warrants that as of the date hereof there exists no Event of Default (other than any Excluded Events of Default) or any condition which, with the giving of notice or passage of time, or both, would constitute an Event of Default. The Lender hereby acknowledges and agrees that, to its knowledge, as of the date hereof there exists no Event of Default.
 
9. Covenants. Each Credit Party hereby reaffirms that it has duly performed and observed the covenants and undertakings set forth in the Credit Agreement and each Loan Document, and covenants and undertakes to continue to duly perform and observe such covenants and undertakings, as amended hereby, so long as the Credit Agreement, as amended hereby, shall remain in effect.
 
10. No Other Amendment. All other terms and conditions of the Credit Agreement shall remain in full force and effect and the Credit Agreement shall be read and construed as if the terms of this Amendment were included therein by way of addition or substitution, as the case may be.
 
11.Second Tranche Advisory Fee. In consideration of the promises, terms, conditions, waivers and advisory services provided by the Lender herein contained, which such promises, terms, conditions, waivers and advisory services the Borrower hereby acknowledges and agrees that the Lender has fully rendered to its satisfaction, the Borrower shall pay to Lender an additional fee for advisory services in the amount of Two Hundred Thousand and No/100 United States Dollars (US$200,000.00) (the “Second Tranche Advisory Fee”) by issuing to Lender three (3) Fee Notes, the form of which is attached hereto as Exhibit “A”, each in the amount of Sixty-Six Thousand Six Hundred Sixty-Six and 66/100 United States Dollars (US$66,666.66). The Fee Notes shall be issued on the Effective Date and shall bear maturity dates of six (6), nine (9) and twelve (12) months respectively. The principal amount of the Fee Notes outstanding from time to time shall bear zero (0) interest, provided that no default or Event of Default has occurred or is continuing. Any amount of principal on the Fee Notes which is not paid when due, whether at stated maturity, by acceleration or otherwise, shall at Lender’s option bear interest payable on demand at the Default Rate. 
 
12. Fees and Expenses. The Borrower agrees to pay to the Lender, upon the execution hereof, (i) a legal fee equal to Seven Thousand Five Hundred United States Dollars (US$7,500), (ii) a due diligence fee equal to Two Thousand Five Hundred United States Dollars (US2,500), and all costs and expenses of the Lender and Lender's counsel in connection with the preparation and execution of this Amendment and the Fee Notes and the review of all other documentation in connection herewith and therewith, which such amount shall be offset against the Escrow Release Amount and paid on the Effective Date.
 
	 
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13. Conditions Precedent. The effectiveness of this Amendment and the obligation that the Lender to advance the additional principal amounts provided herein shall be expressly subject to the following conditions precedent:
 
(a) Amendment. Each Credit Party shall have executed and delivered to the Lender two original copies of this Amendment; 
 
(b) Fee Notes. An original of each of the three (3) Fee Notes duly executed by Borrower, in the form attached hereto as Exhibit A; 
 
(c) Corporate Documents. The Lender shall have received such evidence as it may require as to the authority of the officers or attorneys-in-fact executing this Amendment and any and all other related documents and such other corporate documents it may request, including, but not limited to, approval of the board of directors, as applicable, of each of the Credit Parties, resolutions of the shareholders or members, as applicable, of each Credit Party, an officer’s certificate of each Credit Party, each in form and substance satisfactory to the Lender in its sole discretion;
 
(d) Search Results. The Lender shall have received copies of UCC search reports, issued by the Secretary of State of the state of organization of each Credit Party, dated such a date as is reasonably acceptable to Lender, listing all effective financing statements which name the Credit Parties, under their present name and any previous names, as debtors, together with copies of such financing statements;
 
(e) Certificate of Good Standing. The Lender shall have received copies of certificates of good standing with respect to each Credit Party, issued by the Secretary of State of the state of organization of each Credit, dated such a date as is reasonably acceptable to Lender, evidencing the good standing thereof;
 
(f) Fees Paid. The Lender or its counsel shall have received payment in full of all fees and expenses due under this Amendment; and
 
(g) No Event of Default; Representations and Warranties. The Lender shall be satisfied, and shall have received a certificate signed by a duly authorized officer of each Credit Party, dated such a date as is reasonably acceptable to Lender, that (i) no Event of Default or event which, with the passage of time, giving of notice or both would become an Event of Default (other than the Excluded Events of Default) have occurred and be continuing; and (ii) the representations and warranties of the Borrower contained in the Credit Agreement, as amended and supplemented hereby, shall be true on and as of the Effective Date (except to the extent such representation or warranty expressly relates to an earlier date).
    	 
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14. Initial Advance. The Borrower and Lender entered into that certain Securities Purchase Agreement, dated as of May 31, 2015 and effective as of December 24, 2015 (the “Purchase Agreement”), pursuant to which the Borrower issued to the Lender and the Lender purchased from the Borrower a senior secured, convertible, redeemable debenture in the principal amount of One Hundred Thousand and No/100 United States Dollars ($100,000) (the “Debenture”). Upon the execution of this Agreement, the parties agree and acknowledge that any and all obligations and indebtedness under the Purchase Agreement and the Debenture shall be consolidated with the Obligations under the Amended Credit Agreement and evidenced by that certain Senior Secured Revolving Convertible Note, dated May 31, 2015 but effective as of December 24, 2015, issued by the Buyer in favor of the Lender in the amount of Nine Hundred Thousand and No/100 United States Dollars ($900,000) (the “Note”) and that the Note shall be a substitute of one evidence of debt without any intent to extinguish the indebtedness or obligations evidenced by the Purchase Agreement or Debenture. The Borrower acknowledges and agrees that immediately following the execution of this Amendment, the total amount outstanding and owing under the Note by the Borrower, including the amounts which have been consolidated from the Purchase Agreement and Debenture, is Seven Hundred Thousand and No/100 United States Dollars ($700,000) plus interest and fees. In addition, following the execution of this Amendment, the terms and conditions of the Purchase Agreement and Debenture shall no longer be in effect. Furthermore, that certain Committed Equity Facility Agreement, dated as of May 31, 2015 and effective as of December 24, 2015, by and between the Borrower and Lender, and that certain Registration Rights Agreement, dated as of May 31, 2015 and effective as of December 24, 2015, executed by the Borrower and Lender in connection therewith, shall no longer be in effect.
 
15. Execution in Counterparts. This Amendment may be executed in one or more counterparts, all of which taken together shall be deemed and considered one and the same Amendment, and same shall become effective when counterparts have been signed by each party and each party has delivered its signed counterpart to the other party. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format file or other similar format file, such signature shall be deemed an original for all purposes and shall create a valid and binding obligation of the party executing same with the same force and effect as if such facsimile or “.pdf” signature page was an original thereof.
 
16. Authority and Approval of Agreement; Binding Effect. The execution and delivery by the Credit Parties of this Amendment, and the documents executed and delivered in connection herewith, and the performance by Credit Parties of all of its obligations hereunder and thereunder, have been duly and validly authorized and approved by the Credit Parties and their boards of directors, as applicable, pursuant to all applicable laws, and other than the corporate action or resolutions delivered by the Credit Parties in connection with this Amendment, no other corporate action or consent on the part of the Credit Parties, its board of directors, stockholders or any other Person is necessary or required by the Credit Parties to execute this Amendment, and the documents executed and delivered in connection herewith and therewith, to consummate the transactions contemplated herein and therein, or perform all of the Credit Parties’ obligations hereunder and thereunder. This Amendment, and each of the documents executed and delivered in connection herewith and therewith, have been duly and validly executed by the Credit Parties (and the officer executing this Amendment and all such other documents is duly authorized to act and execute same on behalf of the Credit Parties) and constitute the valid and legally binding agreements of the Credit Parties, enforceable against the Credit Parties in accordance with their respective terms.
 
17. Indemnification. The Credit Parties hereby agree to indemnify and hold the Lender harmless from and against any and all claims payable by the Lender to any Person, including reasonable attorneys' and paralegals' fees and expenses, court costs, settlement amounts, costs of investigation and interest thereon from the time such amounts are due at the highest non-usurious rate of interest permitted by applicable law, through all negotiations, mediations, arbitrations, trial and appellate levels, as a result of, or arising out of, or relating to any matters relating to this Amendment, or any of the Loan Documents except to the extent arising from or related to the gross negligence or willful misconduct of the Lender. The foregoing indemnification obligations shall survive the termination of any of the Loan Documents and repayment of the Revolving Note.
 
	 
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18. Release. As a material inducement for Lender to enter into this Amendment, the Credit Parties do hereby release, waive, discharge, covenants not to sue, acquits, satisfies and forever discharges the Lender and its respective successors and assigns, from any and all claims whatsoever in law or in equity which the Credit Parties ever had, now has, or which any successor or assign of the Credit Parties hereafter can, shall or may have against the Lender, for, upon or by reason of any matter, cause or thing whatsoever related to the this Amendment or any other Loan Documents, through the date hereof. The Credit Parties further expressly agree that the foregoing release and waiver is intended to be as broad and inclusive as permitted by the laws of the jurisdiction governing the Loan Documents. In addition to, and without limiting the generality of foregoing, the Credit Parties further covenant with and warrant unto the Lender, that there exist no claims, counterclaims, defenses, objections, offsets or other claims against the Lender, or the obligation of the Credit Parties to comply with the terms and provisions of the Loan Documents. The foregoing release shall survive the termination of any of the Loan Documents and repayment of the Revolving Note.
 
19. Lender’s Conduct. As of the date of this Amendment, the Credit Parties hereby acknowledge and admit that: (i) the Lender has acted in good faith and has fulfilled and fully performed all of its obligations under or in connection with any of the Loan Documents; and (ii) that there are no other promises, obligations, understandings or agreements with respect to the Loan Documents, except as expressly set forth herein and the other Loan Documents.
 
20. GOVERNING LAW. EXCEPT IN THE CASE OF THE MANDATORY FORUM SELECTION CLAUSE SET FORTH HEREIN, THIS AMENDMENT, THE CREDIT AGREEMENT, AS AMENDED HEREBY, THE LOAN DOCUMENTS AND THE REVOLVING NOTE SHALL BE SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEVADA WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS.
 
21. MANDATORY FORUM SELECTION. ANY DISPUTE ARISING UNDER, RELATING TO, OR IN CONNECTION WITH THE AMENDMENT OR RELATED TO ANY MATTER WHICH IS THE SUBJECT OF OR INCIDENTAL TO THE AMENDMENT (WHETHER OR NOT SUCH CLAIM IS BASED UPON BREACH OF CONTRACT OR TORT) SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION AND VENUE OF THE STATE AND/OR FEDERAL COURTS LOCATED IN BROWARD COUNTY, FLORIDA OR THE STATE AND/OR FEDERAL COURTS LOCATED IN CLARK COUNTY, NEVADA (AS DETERMINED BY LENDER). THIS PROVISION IS INTENDED TO BE A “MANDATORY” FORUM SELECTION CLAUSE AND GOVERNED BY AND INTERPRETED CONSISTENT WITH FLORIDA LAW OR NEVADA LAW, AS APPLICABLE.
 
22. Amendment Effective Date. All references in any Loan Document to the Credit Agreement on and after the date hereof shall be deemed to refer to the Credit Agreement as amended hereby, and the parties hereto agree that on and after the Effective Date, the Credit Agreement, as amended hereby, is in full force and effect.
 
[signatures pages follow]
 
	 
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers as of the date first above written.
 
BORROWER: 
 
	ARTEC GLOBAL MEDIA, INC.	
	 	 	 
	By	/s/ Caleb W. Wickman	
	Name:
	Caleb W. Wickman	 
	Title:	President	 

 
STATE OF ________________         )
                                                                 ) SS.
COUNTY OF ______________          )
 
The undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Caleb W. Wickman, President of Artec Global Media, Inc., a Nevada corporation, who is personally known to me to be the same person whose name is subscribed to the foregoing, appeared before me this day in person and acknowledged that he/she signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said corporation, for the uses and purposes therein set forth.
 
GIVEN under my hand and notarial seal this _____ day of ________________, 20____.
 
	 
	 
	 

	 
	Notary Public
	 

	 
	 
	 

	 
	My Commission Expires:
	 

	 
	 
	 

	 
	 
	 

 
	 
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	LENDER:
	 

	 
	 

	TCA GLOBAL CREDIT MASTER FUND, LP	
	 	 	 
	By:	TCA Global Credit Fund GP, Ltd.	
	Its:
	General Partner	 
	 		 
	By:	/s/ Robert Press	 
	Name:
	Robert Press
	 

	Title:
	Director
	 

 
	 
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EXHIBIT A
 
FORM OF FEE NOTE

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
	 
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Schedule 7.1
 
Subsidiaries
 
None

 
 
 
 
 
 
 
	 
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Schedule 7.4
 
Capitalization
 
(a)
 
Number of Common Stock authorized: 10,000,000,000
 
Number of Common Stock outstanding: 768,341,984 (as of November 4, 2016)
 
Number of Series A Convertible Preferred Stock authorized: 100,000
 
Number of Series A Convertible Preferred Stock outstanding: 900 
 
Number of remaining “Blank Check” Preferred Stock authorized: 9,900,000
 
Number of remaining “Blank Check” Preferred Stock outstanding: 0
 
(b)
 
(i)
 
Secured Convertible Promissory Note (in the original principal amount of $225,000), dated January 7, 2015, issued by Artec Global Media, Inc. (“Artec”) to Typenex Co-Investment, LLC (“Typenex”), provides Typenex with certain rights to convert the outstanding balance of this Secured Convertible Promissory Note into Common Stock of Artec
 
Warrant #1 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015, provides Typenex with certain rights to purchase Common Stock of Artec
 
Warrant #2 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015, provides Typenex with certain rights to purchase Common Stock of Artec
 
Warrant #3 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015, provides Typenex with certain rights to purchase Common Stock of Artec
 
Warrant #4 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015, provides Typenex with certain rights to purchase Common Stock of Artec
 
Warrant #5 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015, provides Typenex with certain rights to purchase Common Stock of Artec
 
Warrant #6 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015, provides Typenex with certain rights to purchase Common Stock of Artec
 
Convertible Note (in the original principal amount of $250,000), dated December 4, 2014, issued by Artec to Vista Capital Investments, LLC (“Vista”), provides Vista with certain rights to convert the outstanding balance of this Convertible Note into Common Stock of Artec
 
	 
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Convertible Redeemable Note (in the original principal amount of $55,125), dated October 30, 2014, issued by Artec to LG Capital Funding, LLC (“LG”), provides LG with certain rights to convert the outstanding balance of this Convertible Redeemable Note into Common Stock of Artec
 
Convertible Redeemable Note (in the original principal amount of $55,125), dated January 30, 2015, issued by Artec to LG, provides LG with certain rights to convert the outstanding balance of this Convertible Redeemable Note into Common Stock of Artec
 
Convertible Redeemable Note (in the original principal amount of $78,750), dated April 3, 2016, issued by Artec to LG, provides LG with certain rights to convert the outstanding balance of this Convertible Redeemable Note into Common Stock of Artec
 
Convertible Redeemable Note (in the original principal amount of $78,750), dated July 7, 2016, issued by Artec to LG, provides LG with certain rights to convert the outstanding balance of this Convertible Redeemable Note into Common Stock of Artec
 
Convertible Note (which has an outstanding principal amount of $10,274 as of October 31, 2016), dated April 28, 2015, issued by Artec to JMJ Financial (“JMJ”), provides JMJ with certain rights to convert the outstanding balance of this Convertible Note into Common Stock of Artec
 
Convertible Promissory Note (in the original principal amount of $69,000), dated June 8, 2015, issued by Artec to Vis Vires Group, Inc. (“Vis Vires”), provides Vis Vires with certain rights to convert the outstanding balance of this Convertible Promissory Note into Common Stock of Artec
 
Convertible Promissory Note (in the original principal amount of $100,000), dated February 5, 2016, issued by Artec to Search4.com, Inc., provides Search4.com, Inc. with certain rights to convert the outstanding balance of this Convertible Promissory Note into Common Stock of Artec
 
Convertible Redeemable Note (in the original principal amount of $37,500), dated March 4, 2016, issued by Artec to T McNeil Advisors, LLC (“TMA”), provides TMA with certain rights to convert the outstanding balance of this Convertible Redeemable Note into Common Stock of Artec
 
Convertible Redeemable Note (in the original principal amount of $52,500), dated September 14, 2016, issued by Artec to TMA, provides TMA with certain rights to convert the outstanding balance of this Convertible Redeemable Note into Common Stock of Artec
 
	 
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Convertible Promissory Note (in the original principal amount of $25,000), dated April 29, 2016, issued by Artec to Timothy Honeycutt, provides Timothy Honeycutt with certain rights to convert the outstanding balance of this Convertible Promissory Note into Common Stock of Artec
 
Convertible Note (in the original principal amount of $35,000), dated May 3, 2016, issued by Artec to Cerberus Finance Group Ltd. (“Cerberus”), provides Cerberus with certain rights to convert the outstanding balance of this Convertible Note into Common Stock of Artec
 
Convertible Promissory Note (in the original principal amount of $5,000), dated June 20, 2016, issued by Artec to James Welsh, provides James Welsh with certain rights to convert the outstanding balance of this Convertible Promissory Note into Common Stock of Artec
 
Convertible Note (in the original principal amount of $75,000), dated July 1, 2016, issued by Artec to Silo Marketing and Funding, LLC (“Silo”), provides Silo with certain rights to convert the outstanding balance of this Convertible Note into Common Stock of Artec
 
(ii)
 
Secured Convertible Promissory Note (in the original principal amount of $225,000), dated January 7, 2015, issued by Artec to Typenex
 
Convertible Note (in the original principal amount of $250,000), dated December 4, 2014, issued by Artec to Vista 
 
Convertible Redeemable Note (in the original principal amount of $55,125), dated October 30, 2014, issued by Artec to LG
 
Convertible Redeemable Note (in the original principal amount of $55,125), dated January 30, 2015, issued by Artec to LG
 
Convertible Redeemable Note (in the original principal amount of $78,750), dated April 3, 2016, issued by Artec to LG
 
Convertible Redeemable Note (in the original principal amount of $78,750), dated July 7, 2016, issued by Artec to LG
 
Convertible Note (which has an outstanding principal amount of $10,274 as of October 31, 2016), dated April 28, 2015, issued by Artec to JMJ
 
Convertible Promissory Note (in the original principal amount of $69,000), dated June 8, 2015, issued by Artec to Vis Vires
 
Convertible Promissory Note (in the original principal amount of $100,000), dated February 5, 2016, issued by Artec to Search4.com, Inc.
 
	 
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Convertible Redeemable Note (in the original principal amount of $37,500), dated March 4, 2016, issued by Artec to TMA
 
Convertible Redeemable Note (in the original principal amount of $52,500), dated September 14, 2016, issued by Artec to TMA
 
Convertible Promissory Note (in the original principal amount of $25,000), dated April 29, 2016, issued by Artec to Timothy Honeycutt
 
Convertible Note (in the original principal amount of $35,000), dated May 3, 2016, issued by Artec to Cerberus
 
Convertible Promissory Note (in the original principal amount of $5,000), dated June 20, 2016, issued by Artec to James Welsh
 
Convertible Note (in the original principal amount of $75,000), dated July 1, 2016, issued by Artec to Silo
 
(iv)
 
Each of the following notes contains a piggyback registration rights provision that applies with respect to the shares issuable upon conversion of such note:
 
Convertible Note (in the original principal amount of $250,000), dated December 4, 2014, issued by Artec to Vista
 
Convertible Note (which has an outstanding principal amount of $10,274 as of October 31, 2016), dated April 28, 2015, issued by Artec to JMJ
 
Each of the following agreements contain a provision requiring Artec to promptly secure the listing of the shares issuable upon conversion of the related note(s) upon each national securities exchange or automated quotation system, if any, upon which shares of common stock of Artec are then listed:
 
Securities Purchase Agreement, dated as of October 30, 2014, between Artec and LG 
 
Securities Purchase Agreement, dated as of June 8, 2015, between Artec and Vis Vires
 
(vi)
 
The following instruments contain anti-dilution or similar provisions that may be triggered by the consummation of transactions contemplated by this Agreement or related agreements:
 
Secured Convertible Promissory Note (in the original principal amount of $225,000), dated January 7, 2015, issued by Artec to Typenex
 
Warrant #1 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015
 
	 
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Warrant #2 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015
 
Warrant #3 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015
 
Warrant #4 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015
 
Warrant #5 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015
 
Warrant #6 to Purchase Shares of Common Stock, issued by Artec to Typenex on January 7, 2015
 
Convertible Note (in the original principal amount of $250,000), dated December 4, 2014, issued by Artec to Vista
 
Convertible Promissory Note (in the original principal amount of $69,000), dated June 8, 2015, issued by Artec to Vis Vires
 
(vii)
 
The following instruments contain redemption provisions:
 
Convertible Redeemable Note (in the original principal amount of $55,125), dated October 30, 2014, issued by Artec to LG
 
Convertible Redeemable Note (in the original principal amount of $55,125), dated January 30, 2015, issued by Artec to LG
 
Convertible Redeemable Note (in the original principal amount of $78,750), dated April 3, 2016, issued by Artec to LG
 
Convertible Redeemable Note (in the original principal amount of $78,750), dated July 7, 2016, issued by Artec to LG
 
Convertible Redeemable Note (in the original principal amount of $37,500), dated March 4, 2016, issued by Artec to TMA
 
Convertible Redeemable Note (in the original principal amount of $52,500), dated September 14, 2016, issued by Artec to TMA
 
In addition, each note referenced in this schedule contains provisions that provide for acceleration upon an event of default. 
 
	 
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Schedule 7.28
 
Bank Accounts and Deposit Accounts
 
Artec Global Media, Inc.
 
Name of Bank: Bank of America
 
Name of Account: Artec Global Media, Inc.
 
Routing Number: 026009593
 
Account Number: 3250 3552 3596
 
Authorized Signatories: A. Stone Douglass and Caleb W. Wickman
 
	 
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Schedule 7.29
 
Places of Business
 
Artec Global Media, Inc.
 
249 South Highway 101, #324
Solana Beach, CA 92075
 
 
 
 
 
 

 
 
	18

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