Document:

Agreement for Stock Purchase, Otsuka Pharmaceutical Co., Ltd.

 Exhibit 10.11 
 Execution Copy 
 AGEEMENT FOR STOCK PURCHASE 

THIS AGREEMENT FOR STOCK PURCHASE (this
“Agreement”) is made and entered into as of September 15, 2010 (the “Effective Date”) by and between OTSUKA PHARMACEUTICAL CO., LTD., a
Japanese corporation having its principal place of business at Shinagawa Grand Central Tower, 2-16-4 Konan, Minato-Ku, Tokyo 108-8242, Japan
(“Otsuka”), and ACUCELA INC., a Washington corporation having its principal place of business at 1301 Second Ave., Suite 1900, Seattle, WA 98101-3805 USA (“Acucela”). Acucela and
Otsuka are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 
 RECITALS 
 A. The Parties have entered into that certain Development and
Collaboration Agreement dated September 15, 2010 (the “Collaboration Agreement”). 
 B. In connection with the
Collaboration Agreement, Otsuka desires to purchase certain shares of Acucela outstanding equity securities from Acucela shareholders, and the Parties desire to set forth certain terms and conditions of such securities purchases. 

NOW, THEREFORE, the Parties agree as follows: 
 1. Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meaning as set forth in the Collaboration Agreement. 

2. Purchases of Acucela Securities. Acucela acknowledges that the purchase by Otsuka or its Affiliates (the “Otsuka
Purchaser(s)”) from Acucela shareholders of outstanding Acucela Securities (as defined below) equaling up to 1,868,318 shares of Acucela Common Stock on an as converted to Common Stock basis is a material inducement to Otsuka to execute the
Collaboration Agreement; provided, however, the Parties acknowledge and agree that the Otsuka Purchaser(s)’ aggregate percentage ownership of Acucela Securities – excluding shares held by any Otsuka Affiliate as of the Effective
Date – shall not exceed eight and two-tenths percent (8.2%) on an outstanding and as converted to Common Stock basis. 

3. Anti-Dilution. Each time Acucela issues, in the aggregate, 100,000 shares of Acucela Common Stock and/or Common Stock
Equivalents (including issuances of Acucela Common Stock pursuant to the exercise of outstanding Options) (each a “Triggering Issuance”), then, promptly following the final closing of each Triggering Issuance, the Otsuka
Purchaser(s) will, subject to the Legal Obligations (as defined below), have the right (the “Anti-Dilution Right”) to purchase Acucela Securities from the Acucela shareholders such that the Otsuka Purchaser(s)’ aggregate
percentage ownership of Acucela Securities on an outstanding and as converted to Common Stock basis – excluding shares held by any Otsuka Affiliate as of the Effective Date – will, immediately following the applicable issuance, be equal to
eight and two-tenths percent (8.2%). In the event Otsuka chooses to exercise its Anti-Dilution Right, it shall provide written notice thereof (the “Notice”) three (3) days prior to the exercise of the Anti-Dilution Right.

  
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 4. Facilitation of Purchases. Subject to the limits of Sections 2 and 3 above,
Acucela will not, directly or indirectly, interfere or block, or attempt to interfere or block, any purchase by Otsuka Purchaser(s) of the Acucela Securities, and, in the event that any agreement, contract, obligation, provision or other obligation
requires Acucela’s consent, waiver, or amendment in connection with any purchase by Otsuka Purchaser(s) of Acucela Securities, Acucela shall provide such required consent, waiver, or amendment. Subject to the limits of Sections 2 and 3 above,
Acucela shall use Commercially Reasonable Efforts to facilitate purchases by Otsuka Purchaser(s) of Acucela Securities through the provision of all reasonably available business and financial information to existing Acucela shareholders who indicate
an interest to sell their Acucela Securities to the Otsuka Purchaser(s) consistent with Acucela’s determination of its disclosure obligations under applicable securities laws; provided, however, all purchases of Acucela Securities
by Otsuka Purchaser(s) will be arms-length transactions exclusively between the Otsuka Purchaser(s) and certain of the Acucela shareholders, Acucela shall not be a party to any purchase of Acucela Securities, and all such purchase transactions shall
be consummated in compliance with applicable securities laws, including Section 14(e) of the Securities Exchange Act and the regulations promulgated thereunder (collectively, the “Legal Obligations”). 

5. Legal Fees. Otsuka will be responsible for all legal fees actually incurred by Acucela for its facilitation of purchases by the
Otsuka Purchaser(s) of Acucela Securities up to $175,000, provided, however, that within two (2) days of Acucela’s receipt of the Notice, Acucela shall provide to Otsuka a good faith estimate of Acucela’s legal fees
associated with the exercise of the Anti-Dilution Right and Otsuka will be responsible for all legal fees actually incurred by Acucela in connection with the exercise of the Anti-Dilution Right up to an amount to be determined in good faith through
mutual agreement of the Parties. 
 6. Shareholder Rights. If, at the time of purchase of Acucela Securities by an Otsuka
Purchaser, such Otsuka Purchaser is not already a party to that certain Amended and Restated Investors’ Rights Agreement, dated May 31, 2006, by and among Acucela and the Investors (as defined therein) (the “Rights
Agreement”) and/or that certain Amended and Restated Shareholders’ Agreement, dated May 31, 2006, by and among Ryo Kubota, M.D., Ph.D., Acucela, and the Investors (as defined therein) (the “Shareholders’
Agreement”), regardless of the number of Acucela Securities purchased, then such Otsuka Purchaser shall execute a counterpart signature page to the Rights Agreement and/or Shareholders’ Agreement, as applicable, as an Investor and
Acucela shall diligently use Commercially Reasonable Efforts to obtain the required consents or approvals to amend the Rights Agreement and/or Shareholders’ Agreement, as applicable, to admit such Otsuka Purchaser(s) as a party to such
agreement as an Investor. 
 7. Definitions. 
 (a) Acucela Securities. For purposes of this Agreement, “Acucela Securities” shall mean, collectively, Acucela Common Stock, Common Stock Equivalents and Options. 

  
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 (b) Common Stock Equivalents. For the purposes of this Agreement, “Common
Stock Equivalents” shall mean Acucela Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, any other class of preferred stock of Acucela, and Options. 

(c) Options. For the purposes of this Agreement, “Options” shall mean options, warrants, conversion rights or
other rights to purchase or acquire any shares of Acucela Common Stock or Common Stock Equivalents, to the extent they are or become transferable by the holder(s) thereof. 
 8. Confidentiality. 
 (a) Except to the extent expressly authorized by this
Agreement or otherwise agreed in writing, the receiving Party shall keep confidential and shall not publish or otherwise disclose or use for any purpose other than as provided for in this Agreement any information or other confidential or
proprietary materials furnished to it by the other Party pursuant to this Agreement (collectively, “Confidential Information”), except to the extent that it can be established by the receiving Party that such information or
material: 
 (i) was in the lawful knowledge and possession of the receiving Party prior to the time it was disclosed to, or
learned by, the receiving Party, or was otherwise developed independently by the receiving Party, as evidenced by written records kept in the ordinary course of business, or other documentary proof of actual use by the receiving Party; 

(ii) was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving Party;

 (iii) became generally available to the public or otherwise part of the public domain after its disclosure to the receiving
Party other than through any act or omission of the receiving Party in breach of this Agreement; or 
 (iv) was disclosed to the
receiving Party, other than under an obligation of confidentiality, by a Third Party who had no obligation to the disclosing Party not to disclose such information to others. 
 For the avoidance of doubt, the fact that Otsuka Purchaser(s) purchases or will purchase Acucela Securities from the Acucela shareholders pursuant to this Agreement shall be deemed the Confidential
Information of Otsuka. 
 (b) Each Party may use and disclose Confidential Information of the other Party as follows:
(i) under appropriate confidentiality provisions substantially equivalent to those in this Agreement, in connection with the performance of its obligations or exercise of rights granted or reserved in this Agreement; (ii) to the extent
such disclosure is reasonably necessary in prosecuting or defending litigation in connection with this Agreement or in complying with Applicable Laws, provided, however, that if a Party is required by Applicable Laws to make any such
disclosure of the other Party’s Confidential Information it will, except where impracticable 

  
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for necessary disclosures, give reasonable advance notice to the other Party of such disclosure requirement and, except to the extent inappropriate in the case of patent applications, use its
reasonable efforts to secure, or cooperate with the other Party in seeking to secure, confidential treatment of such Confidential Information required to be disclosed; (iii) in communication with investors, consultants, advisors or others on a
need to know basis, in each case under appropriate confidentiality provisions substantially equivalent to those of this Agreement; or (iv) to the extent mutually agreed to by the Parties in writing. 

(c) Each Party agrees not to disclose to any Third Party the existence or terms of this Agreement without the prior written consent of the
other Party, except as permitted for disclosures of Confidential Information pursuant to subsection (b) above. 
 9.
Cross Default. Any material breach of this Agreement by Acucela shall be deemed to be a material breach of the Collaboration Agreement solely if such breach of this Agreement (a) occurs before the date on which the Otsuka Purchaser(s)’
aggregate ownership of Acucela Securities on an outstanding and as converted to Common Stock basis – excluding shares held by any Otsuka Affiliate as of the Effective Date – first reaches 8.2% (the “Holding Date”) and
(b) Acucela does not cure such alleged breach within ninety (90) days following Otsuka’s written notice to Acucela specifying such alleged breach of this Agreement in reasonable detail. Acucela shall not be deemed to have materially
breached the Collaboration Agreement due to material breach of this Agreement unless such breach remains uncured by Acucela at the end of the ninety (90) day cure period in accordance with this Section 9. The foregoing
notwithstanding, if Acucela disagrees that it is in material breach of this Agreement, the Parties shall initiate dispute resolution pursuant to Section 12, whereupon the ninety (90) day cure period for material breach under this Agreement
shall be tolled until the dispute regarding whether Acucela is, in fact, in breach of this Agreement is resolved in accordance with Section 12. For the avoidance of doubt, any breach of this Agreement by Acucela after the Holding Date,
regardless of the number of Acucela Securities then-held by the Otsuka Purchasers, shall not be deemed to be a breach of the Collaboration Agreement. 
 10. Term. The term of this Agreement shall be coterminous with the term of the Collaboration Agreement. 
 11. Governing Law. This Agreement shall be governed by and interpreted under the laws of the State of New York, excluding its conflicts of laws principles. 

12. Dispute Resolution. In the event of any controversy, claim or other dispute arising out of or relating to any provision of
this Agreement or the interpretation, enforceability, performance, breach, termination or validity hereof (a “Dispute”), such Dispute shall be first referred to the Parties’ Senior Executives prior to proceeding under the
following provisions of this Section 11. A Dispute shall be referred to such Senior Executives upon any Party providing the other Party with written notice that such Dispute exists, and such Senior Executives shall attempt to resolve such
Dispute through good faith discussions. In the event that such Dispute is not resolved within thirty (30) days of such other Party’s receipt of such written notice, such Dispute shall be finally and exclusively settled by binding
arbitration administered by the American Arbitration Association in accordance with its Commercial Rules. Arbitration proceedings shall be held in New York, New York, USA, unless the Parties mutually agree in

  
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writing upon a different location. Arbitration proceedings shall be conducted by a single, neutral arbitrator who shall be experienced in the field of the dispute and shall have no ongoing
business relationship with either Party. Such arbitrator shall be selected by mutual agreement of the Parties or, in the absence of such agreement, by the director of the New York office of the American Arbitration Association. The arbitrator shall
apply the governing law set forth in this Agreement. The arbitrator may grant legal, equitable and monetary relief consistent with the terms of this Agreement. The Parties shall share equally (50-50) the administrative charges, arbitrators’
fees and related expenses of arbitration, but each Party shall pay its own attorney’s fees incurred in connection with such arbitration; provided however, if the arbitrator specifically determines that one Party prevailed clearly and
substantially over the other Party, then the arbitrator may require that the non-prevailing Party shall also pay the prevailing Party’s reasonable attorney’s fees and expert witness costs and arbitration costs. The Parties shall instruct
the arbitrator to: (i) conclude the arbitration as soon as practicable (and in any event within nine (9) months after the arbitration is first requested), and (ii) deliver a written, reasoned opinion stating the arbitrator’s
decision within thirty (30) days after the arbitration is completed. Judgment upon the award rendered by the arbitrator shall be binding, final and non-appealable (absent manifest error) and may be entered and enforced in any court having
jurisdiction thereof. Notwithstanding the above, to the fullest extent provided by law, either Party may bring an action in any court of competent jurisdiction for injunctive relief (or any other provisional remedy) to protect a Party’s rights
or enforce a Party’s obligations under this Agreement pending final resolution of any claims related thereto in an arbitration proceeding as provided above. 
 13. Assignment. This Agreement shall not be assignable by either Party to any Third Party hereto without the written consent of the other Party hereto, except that either Party may assign this
Agreement to an Affiliate upon written notice to the non-assigning Party; provided that , (i) the assigning Party guarantees the performance of this Agreement by such Affiliate and (ii) if the non-assigning Party reasonably believes that
assignment to such Affiliate would result in adverse tax consequences to the non-assigning Party, such assignment shall not be made without the non-assigning Party’s prior written consent. Subject to the foregoing, this Agreement shall inure to
the benefit of each Party, its successors and permitted assigns. Any assignment of this Agreement in contravention of this Section 12 shall be null and void. 
 14. Waiver. No waiver by a Party in any one or more instances shall be deemed to be a continuing waiver, a further waiver, a waiver of any other provision of this Agreement or a waiver of this
Agreement as a whole. No waiver of any right under this Agreement shall be effective unless it is documented in a writing signed by the Party providing the waiver. 
 15. Severability. If any term of this Agreement is held invalid, illegal or unenforceable in any jurisdiction, then, to the fullest extent permitted by Applicable Laws: (a) all other terms
shall remain in full force and effect in such jurisdiction, (b) such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of such provision in any other jurisdiction and (c) the Parties shall
negotiate in good faith such terms as may be necessary in order to correct any imbalance of rights and obligations that results from such invalidity, illegality or unenforceability in the relevant jurisdiction. 

  
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 16. Notices. All notices that are required or permitted
hereunder shall be in writing and shall be sufficient if personally delivered or sent by Federal Express or other international business delivery service. Any notices shall be deemed given upon the earlier of the date when received at, or the third
(3rd) day after the date when sent by Federal Express
or other international business delivery service to, the address set forth below, unless such address is changed by notice to the other Party: 

If to Otsuka: 
 Otsuka
Pharmaceutical Co., Ltd. 
 Shinagawa Grand Central Tower 

2-16-4 Konan, Monato-ku 
 Tokyo 108-8242, Japan 
 Attention: General Manager, Division of
Dermatologicals & Opthalmologicals, and 
 Director, Legal Affairs Department 

If to Acucela: 
 Acucela Inc.

 1301 Second Ave 
 Suite 1900 
 Seattle, WA 98101-3805 

Attention: Ryo Kubota, M.D., Ph.D. 
 17. Amendment. This Agreement may be amended or modified only by a writing signed by each of the Parties. 
 18. Entire Agreement. This Agreement constitutes the entire understanding between the Parties as of the Effective Date with respect to the subject matter hereof and supersedes all related prior or
contemporaneous oral communications, agreements or discussions with respect to the subject matter hereof. 
 19. Execution in
Counterparts; Facsimile Signatures. This Agreement may be executed in two counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original, and both of which counterparts, taken together, shall
constitute one and the same instrument even if both Parties have not executed the same counterpart. Signatures provided by facsimile or similar electronic transmission shall be deemed to be original signatures. 

Signature Page Follows 

  
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 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and
delivered by their respective duly authorized officers as of the Effective Date. 
  

							
	ACUCELA INC.	 	OTSUKA PHARMACEUTICAL CO., LTD.
				
	 By:
	 	 /s/ RYO KUBOTA
	 	 By:
	 	/s/ TARO IWAMOTO
	 Name:
	 	 Ryo Kubota, M.D., Ph.D.
	 	 Name:
	 	Taro Iwamoto
	 Title:
	 	 President and CEO
	 	 Title:
	 	Representative Director and President
				
		 		 	 By:
	 	/s/ MINORU OKADA
		 		 	 Name:
	 	Minoru Okada
		 		 	 Title:
	 	 General Manager and Operating Officer,
 Division of Dermatologics & Opthalmologicals

  
 7Consulting Agreement, Peter Kresel

 Exhibit 10.12 
  

 
 ACUCELA INC. 

CONSULTING AGREEMENT 

THIS CONSULTING AGREEMENT (this “Agreement”) is entered into as of January 1, 2012 (the “Effective Date”)
between ACUCELA INC., a Washington corporation, having an address at 1301 Second Avenue, Suite 1900, Seattle, WA 98101 (“Company”) and Peter Kresel, having an address at 336 Neutra Street, Palm Springs, CA 92264
(“Consultant”). Company desires to retain Consultant to perform certain consulting activities as described below, and Consultant desires to serve as a consultant to Company and perform such activities under the terms of this Agreement.

 NOW, THEREFORE, Consultant and Company agree as follows: 

1. SERVICES AND COMPENSATION 
 (a) Consultant
agrees to act as a consultant to Company as needed with respect to such matters and projects as are mutually agreed from time to time by and between Consultant and Company, and perform the services described on Exhibit A hereto
(collectively, “Services”). To the extent any terms set forth in an Exhibit conflict with the terms set forth in this Agreement, the terms of this Agreement shall control unless otherwise expressly agreed by the parties in such
Exhibit. 
 (b) Company agrees to pay Consultant the compensation set forth on Exhibit A hereto for the performance of the Services. 

2. CONFIDENTIALITY 
 (a) “Confidential
Information” means any proprietary information technical data, trade secrets or know-how, including, but not limited to, research and product plans, products, services, markets, developments, inventions, processes, formulas, technology,
marketing, finances or other business information disclosed to Consultant by Company either directly or indirectly in writing, orally or otherwise. Confidential Information also includes all Inventions (as defined below) and any other information or
materials generated in connection with the Services. 
 (b) Consultant shall not, during or subsequent to the term of this Agreement, use any Confidential
Information for any purpose whatsoever other than the performance of the Services on behalf of Company, or disclose Confidential Information to any third party. Consultant agrees that Confidential Information shall remain the sole property of
Company. Consultant further agrees to take all reasonable precautions to prevent any unauthorized disclosure or use of Confidential Information. Notwithstanding the above, Consultant’s obligation under this Section 2(b) relating to
Confidential Information shall not apply to information which (i) is known to Consultant at the time of disclosure to Consultant by Company as evidenced by written records of 

 
Consultant, (ii) has become publicly known and made generally available through no wrongful act of Consultant, or (iii) has been rightfully received by Consultant from a third party
authorized to make such disclosure. 
 (c) Consultant agrees that Consultant will not, during the term of this Agreement, improperly use or disclose to
Company any proprietary information or trade secrets of any former or current employer or other person or entity to which Consultant has a duty to keep in confidence such information and that Consultant will not bring onto the premises of Company
any unpublished document or proprietary information belonging to such employer, person or entity unless consented to in writing by the same. Consultant will indemnify Company and hold it harmless from and against all claims, liabilities, damages and
expenses, including reasonable attorneys’ fees and costs of suit, arising out of or in connection with any violation or claimed violation by Company of such third party’s rights resulting in whole or in part from Company’s use of the
work product of Consultant under this Agreement. 
 (d) Consultant recognizes that Company has received and in the future will receive from third parties
their confidential or proprietary information subject to a duty on Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. Consultant agrees that Consultant owes Company and such third
parties, during the term of this Agreement and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in
carrying out the Services for Company consistent with Company’s agreement with such third party. 
 (e) Upon the termination of this Agreement, or upon
Company’s earlier request, Consultant will deliver to Company all Confidential Information and Company’s property relating thereto and all tangible embodiments thereof, in Consultant’s possession or control. 

3. OWNERSHIP 
 (a) Consultant hereby irrevocably
assigns to Company all right, title and interest in and to any information (including, without limitation, business plans and/or business information), technology, know-how, materials, notes, records, designs, ideas, inventions, improvements,
devices, developments, discoveries, compositions, trade secrets, processes, methods and/or techniques, whether or not patentable or copyrightable, that are conceived, reduced to practice or made by Consultant alone or jointly with others in the
course of performing the Services or through the use of Confidential Information (collectively, “Inventions”). 
 (b) Consultant agrees to sign,
execute and acknowledge or cause to be signed, executed and acknowledged without cost, but at the expense of Company, any and all documents and to perform such acts as may be necessary, useful or convenient for the purposes of perfecting the
foregoing assignments and obtaining, enforcing and defending intellectual property rights in any and all countries with respect to Inventions. It is understood and agreed that Company or Company’s designee shall have the sole right, but not the
obligation, to prepare, file, prosecute and maintain patent applications and patents worldwide with respect to Inventions. 

  
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 (c) Upon the termination of this Agreement, or upon Company’s earlier requests, Consultant will deliver to
Company all property relating to, and all tangible embodiments of, Inventions in Consultant’s possession or control. 
 (d) Consultant agrees that if,
in the course of performing the Services, Consultant incorporates into any Invention developed hereunder any invention, improvement, development concept, discovery or other proprietary subject matter owned by Consultant or in which Consultant has an
interest (“Item, Consultant will inform Company in writing thereof, and Company is hereby granted and shall have a non-exclusive, royalty-free, perpetual, irrevocable, worldwide license to make, have made, modify, reproduce, display, use and
sell such Item as part of or in connection with the exploitation of such Invention. 
 (e) Consultant agrees that if Company is unable because of
Consultant’s unavailability, mental or physical incapacity, or for any other reason, to secure Consultant’s signature to apply for or to pursue any application or registration for any intellectual property rights covering any Invention,
then Consultant hereby irrevocably designates and appoints Company and its duly authorized officers and agents as Consultant’s agent and attorney-in-fact, to act for and in Consultant’s behalf to execute and file any such applications and
to do all other lawfully permitted acts to further the prosecution and issuance of such intellectual property rights thereon with the same legal force and effect as if executed by Consultant. 

(f) Consultant hereby represents and warrants that, if Consultant has employees, Consultant has executed written agreements with all of its employees and
other personnel, including without limitation, those of Consultant’s employees and personnel performing Services under this Agreement, requiring such employees and personnel to be bound by the terms and conditions of this Agreement, including
without limitation, obligations relating to Section 2 (Confidentiality) and Section 3 (Ownership). 
 4. REPORTS. Consultant agrees,
from time to time during the term of this Agreement, to keep Company advised as to Consultant’s progress in performing the Services and, as reasonably requested by Company, prepare written reports with respect thereto. It is understood that the
time required in the preparation of such written reports shall be considered time devoted to the performance of the Services by Consultant. All such reports prepared by Consultant shall be the sole property of Company. 

5. TERM AND TERMINATION 
 (a) This Agreement will
commence on the Effective Date and will continue for a period of one (1) year ending on December 31, 2012, or until earlier terminated by either party as provided below. 

(b) Either Consultant or Company may terminate this Agreement upon ten (10) days prior written notice thereof to the other party. 

  
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 (c) Upon termination of this Agreement, all rights and duties of the parties hereunder shall cease except: 

(i) Company shall be obliged to pay, within thirty (30) days after receipt of Consultant’s final statement, all amounts owing to
Consultant for unpaid Services completed by Consultant and related expenses, if any, in accordance with the provisions of Section 1 hereof, and 

(ii) Sections 2, 3, 5(c), 6, 7, 8, 10 and 11 shall survive expiration or termination of this Agreement. 

6. INDEPENDENT CONTRACTOR. Nothing in this Agreement shall in any way be construed to constitute Consultant as an agent, employee or
representative of Company, but Consultant shall perform the Services as an independent contractor. Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to this
Agreement. 
 7. NO DEBARMENT. Consultant represents and warrants that Consultant has not been debarred under Section (a) or (b) of
21 U.S.C. Section 335a and does not appear on the United States Food and Drug debarment list. Consultant represents and warrants that Consultant has not committed any crime or conduct that could result in such debarment or Consultant’s
exclusion from any governmental healthcare program. Consultant represents and warrants that, to Consultant’s knowledge, no investigations, claims or proceedings with respect to any such crimes or conduct are pending or threatened against
Consultant. Consultant agrees and undertakes to promptly notify the Company if Consultant becomes debarred or proceedings have been initiated against Consultant with respect to debarment, whether such debarment or initiation of proceedings occurs
during or after the term of this Agreement. 
 8. ARBITRATION AND EQUITABLE RELIEF. Company and Consultant hereby agree that any
dispute arising under this Agreement, or in connection with any breach thereof, shall be finally resolved through binding arbitration conducted in accordance with the rules and procedures of the Judicial Arbitration and Mediation Service (JAMS) by
one (1) arbitrator appointed in accordance with said rules. Any such arbitration shall be held in Seattle, Washington. The arbitrator shall determine what discovery will be permitted, consistent with the goal of limiting the cost and time which
the parties must expend for discovery; provided the arbitrator shall permit such discovery as the arbitrator deems necessary to permit an equitable resolution of the dispute. Any written evidence originally in a language other than English shall be
submitted as a certified English translation accompanied by the original or a true copy thereof. The costs of the arbitration, including administrative and arbitrators’ fees, shall be shared equally by the parties, and each party shall bear its
own costs and attorneys’ and witness’ fees incurred in connection with the arbitration. Any award may be entered in a court of competent jurisdiction for a judicial recognition of the decision and applicable orders of enforcement. The
parties agree that, any provision of applicable law notwithstanding, they will not request and the arbitrator shall have no authority to award, punitive or exemplary damages against either party. 

  
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 9. CONFLICTING OBLIGATIONS. Consultant hereby certifies that Consultant has no
outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement, or that would preclude Consultant from complying with the provisions hereof, and further certifies that Consultant will not enter into any such
conflicting agreement during the term of this Agreement. Subject to written waivers that may be provided by the Company upon request, which shall not be unreasonably withheld, Consultant agrees that, during the term of this Agreement, Consultant
will not directly or indirectly (i) provide any services in the Field of Interest (as defined on Exhibit A hereto) to any other business or commercial entity, (ii) provide any services for any company that is competitive with
the Company and shall list on Exhibit B hereto any other companies for whom Consultant is providing services (“Outside Companies”), or (iii) participate in the formation of any business or commercial entity in the Field of
Interest or otherwise competitive with the Company. Without limiting the foregoing, Consultant agrees to use his or her best efforts (A) to segregate Consultant’s Services performed under this Agreement from Consultant’s work done for
the Outside so as to minimize any questions of disclosure of, or rights under, any Inventions, (B) to notify the Company if at any time the Consultant believes that such questions may result from his or her performance under this Agreement and
(C) to assist the Company in fairly resolving any questions in this regard which may arise. The Services performed hereunder will not be conducted on time that is required to be devoted to any other third party. The Consultant shall not use the
funding, resources and facilities of any other third party, without the prior written consent of the Company, to perform Services hereunder and shall not perform the Services hereunder in any manner that would give any third party rights or access
to the product of such Services. 
 10. NON-SOLICITATION. For a period of twelve (12) months from the Effective Date, Consultant
shall not either directly or indirectly, either for self or for any other person, third party or entity, (i) solicit, induce, recruit, or encourage any of the Company’s employees, advisors or consultants to terminate their relationship
with the Company, (ii) take away, hire, or give Company employee information to a third party, (iii) otherwise engage the services of such employees, advisors or consultants, or (iv) attempt to engage in any of the activities
prohibited by clauses (i) - (iii). 
 11. GENERAL. This Agreement (together with the Exhibits hereto) is the sole agreement and
understanding between Company and Consultant concerning the subject matter hereof, and it supersedes all prior agreements and understandings with respect to such matter. Any required notice shall be given in writing by customary means with receipt
confirmed at the address of each party set forth below, or to such other address as either party may substitute by written notice to the other. During the term of this Agreement and thereafter, Company shall have the right to use Consultant’s
name title and any other description for any commercially reasonable purpose, including without limitation, on its promotional materials, business plans, websites, press releases and any other materials. Consultant shall not subcontract any portion
of Consultant’s duties under this Agreement without the prior written consent of Company. Neither this Agreement nor any right hereunder nor interest herein may be assigned or transferred by Consultant without the express written consent of
Company. Any assignment or transfer of this Agreement in violation of the foregoing shall be null and void. Company 

  
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may assign this Agreement to any entity, including without limitation, any entity that succeeds to substantially all of the business or assets of Company. This Agreement shall be governed by the
laws of the State of Washington, without reference to its conflicts of law principles. This Agreement may only be amended or modified by a writing signed by both parties. Waiver of any term or provision of this Agreement or forbearance to enforce
any term or provision by either party shall not constitute a waiver as to any subsequent breach or failure of the same term or provision or a waiver of any other term or provision of this Agreement. In the event that any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision, provided that no such severability shall be effective if it materially
changes the economic benefit of this Agreement to either Company or Consultant. The parties may execute this Agreement in counterparts, each of which is deemed an original, but all of which together constitute one and the same agreement. This
Agreement may be delivered by facsimile transmission or email (PDF), and facsimile or email (PDF) copies of executed signature pages shall be binding as originals. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date. 

 

							
	ACUCELA INC.	 		 	PETER KRESEL
				
	By:	 	 /s/ David L. Lowrance
	 		 	 /s/ Peter A. Kresel

		 	(Signature)	 		 	(Signature)
	Name:	 	David L. Lowrance	 		 	Name: Peter A. Kresel
	Title:	 	Chief Financial Officer	 		 	Title: Principal

  
 -6- 

 EXHIBIT A 

SERVICES AND COMPENSATION 
  

	1.	Services. Consultant will render to Company the following Services: 

  

	 	•	 	Provide global regulatory and product development support for Company’s ophthalmology products; 

  

	 	•	 	Develop strategy support for Company’s Joint Development Committee and key alliance meetings; 

  

	 	•	 	Provide input to Company’s corporate strategy; 

  

	 	•	 	Participate in Company’s project management/organization development process; 

  

	 	•	 	Support Company’s alliance with Company’s corporate partner, Otsuka Pharmaceutical Co. Ltd; and 

  

	 	•	 	Review Company’s business plan and provide business development support as needed; 

(collectively the “Field of Interest”) 
  

	2.	Deliverables. In addition to the obligations set forth in Section 4 of this Agreement, Consultant will also provide the following: 

 

	 	•	 	Attend quarterly in-person strategic R & D meetings (to take place prior to Company’s Board Meetings); and 

  

	 	•	 	Participate in monthly R & D telephone discussions. 

 Compensation. 

 

	 	•	 	For Services rendered by Consultant under this Agreement, Company shall pay Consultant at the rate of eighteen thousand US dollars ($18,000) per month as a fixed retainer during the term of this Agreement.

  

	 	•	 	If travel is required, Company shall reimburse Consultant for all reasonable travel and out-of-pocket expenses incurred by Consultant in performing Services pursuant to this Agreement that are pre-approved by Company in
writing. 

  
 -7- 

	 	•	 	Consultant shall submit to Company all statements for expenses incurred and Services performed on a monthly basis, by the fifth (5th) day of each month, in a
form acceptable by Company. Invoices from Consultant will be due and payable within thirty (30) days of receipt. In no event will Company pay any invoices that are submitted by Consultant in excess of ninety (90) days following the
completion of any services or in excess of ninety (90) days from the date on the receipt of any incurred travel costs as set forth in this Agreement. 

  
 -8- 

 EXHIBIT B 

OUTSIDE COMPANIES 

[List; if none, so indicate] 

 

 
 AMENDMENT NO. 1 TO CONSULTING AGREEMENT 

This Amendment No. 1 to Consulting Agreement (“Amendment No. 1”) is made as of January 2, 2013 (“Effective Date) by and between
PETER KRESEL (“Consultant”) and ACUCELA INC. (“Company”). 
 RECITALS 

1. Company and Consultant are parties to that certain Consulting Agreement dated as of January 1, 2012, pursuant to which Consultant agrees to
perform certain services for Company and Company agrees to compensate Consultant for such services; and 
 2. Company and Consultant
desire to amend certain terms of the Agreement. 
 NOW, THEREFORE, the parties agree to amend the Agreement as follows: 

AGREEMENT 
  

	 	(a)	Unless defined otherwise in this Amendment No. 1, capitalized terms used in this Amendment No. 1 shall have the meanings given them in the Agreement. 

 

	 	(b)	Section 5 (Term and Termination) of the Agreement shall be amended in order to extend the term of the Agreement by an additional twelve (12) month period to expire at midnight on January 2, 2014.

  

	 	(c)	Except as expressly modified by this Amendment No. 1, the Agreement shall remain unchanged and continue in full force and effect 

 

	 	(d)	This Amendment No. 1 shall be effective as of the Effective Date. 

 Signature page
follows 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 as of the day and year
first above written. The parties may execute this Amendment No. 1 in counterparts, each of which is deemed an original, but all of which together constitute one and the same agreement. This Amendment No. 6 may be delivered by facsimile
transmission or email (PDF), and facsimile or email (PDF) copies of executed signature pages shall be binding as originals. 
  

					
	ACUCELA INC.	 		  	CONSULTANT
			
	 /s/ David L. Lowrance
	 		  	 /s/ Peter Kresel

	Name: David L. Lowrance	 		  	Peter Kresel
	Title: Chief Financial Officer	 		  	Nov 28, 2012

 

 
 AMENDMENT NO. 2 TO CONSULTING AGREEMENT 

This Amendment No. 2 to Consulting Agreement (“Amendment No. 2”) is made as of June 1, 2013 (“Effective Date) by and between
PETER KRESEL (“Consultant”) and ACUCELA INC. (“Company”). 
 RECITALS 

 

	 	A.	Company and Consultant are parties to that certain Consulting Agreement dated as of January 1, 2012 and amended on January 2, 2013 (collectively, the “Agreement”), pursuant to which Consultant agrees
to perform certain services for Company and Company agrees to compensate Consultant for such services; and 

  

	 	B.	Company and Consultant desire to amend certain terms of the Agreement. 

 NOW, THEREFORE, the parties agree to
amend the Agreement as follows: 
 AGREEMENT 
  

	 	1.	Unless defined otherwise in this Amendment No. 2, capitalized terms used in this Amendment No. 2 shall have the meanings given them in the Agreement. 

 

	 	2.	The Compensation Section under Exhibit A shall be amended in order to increase the Consultant’s monthly fee from $18,000/per month to $30,000/per month due to the increased level of engagement which has been
requested by Company as of the Effective Date of this Amendment. The increased monthly fee will remain in effect until both Company and Consultant mutually agree to revert back to the original $18,000/per month once the level of engagement subsides
and returns to the level as originally contemplated in the Agreement. 

  

	 	3.	Except as expressly modified by this Amendment No. 2, the Agreement shall remain unchanged and continue in full force and effect 

Signature page follows 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 as of the day and year
first above written. The parties may execute this Amendment No. 2 in counterparts, each of which is deemed an original, but all of which together constitute one and the same agreement. This Amendment No. 2 may be delivered by facsimile
transmission or email (PDF), and facsimile or email (PDF) copies of executed signature pages shall be binding as originals. 
  

							
	ACUCELA INC.	 		 	CONSULTANT
			
	 /s/ David L. Lowrance
	 		 	 /s/ Peter Kresel

	Name:	 	David L. Lowrance	 		 	Peter Kresel
	Title:	 	Chief Financial Officer	 		 	6-24-2013

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