Document:

Exhibit 10.12

 

1(5)

 

CONSULTING AGREEMENT

 

Agreement, dated as of March 18, 2019 by and between

 

Calliditas
Therapeutics AB, a corporation duly organized and existing under the laws of Sweden and having its principal place of
business at Wallingatan 26b, SE-111 24 Stockholm, Sweden (“CALLIDITAS”), and

 

ARDEN
REGULATORY, CLINICAL & MEDICAL CONSULTING LIMITED, Arden, One Pin Lane, Farnham Common, Buckinghamshire SL2
3RD, United Kingdom (“CONSULTANT”)

 

RECITALS

 

CALLIDITAS owns and controls the pharmaceutical product
Nefecon® currently being developed for the treatment of inter alia kidney disease and similar conditions (the “Field”).
CALLIDITAS wishes CONSULTANT to perform consultancy services within the Field.

 

NOW THEREFORE, the parties hereto agree as follows:

 

SERVICES

 

CONSULTANT hereby agrees to perform consultancy services
for CALLIDITAS within the Field, as Professional pertaining to CALLIDITAS’s pharmaceutical products including by way of example;

 

a) Medical affair services

 

a) EU market access strategy and execution services

 

b) Other services as per CALLIDITAS instructions,

 

(all collectively hereinafter referred to as “Services).

 

	1.2	CONSULTANT shall carry out the Services in accordance with applicable laws and the instructions of CALLIDITAS as issued from
time to time.

 

	1.3	The Services shall be performed by CONSULTANT, unless otherwise agreed in writing. If applicable, CONSULTANT undertakes to
see to it that all members of its staff involved in Services will observe and adhere to CONSULTANTS obligations in this Agreement.

 

     

     

    

 

2(5)

 

	1.4	In rendering Services to CALLIDITAS, CONSULTANT shall act as an independent contractor and not as an employee or agent of CALLIDITAS.
The CONSULTANT shall at all times be approved for corporate tax status.

 

	1.5	CONSULTANT covenants, warrants and represents to CALLIDITAS that no other assignment performed by CONSULTANT during the term
of this Agreement and one year thereafter shall be in direct conflict or competition with the interests of CALLIDITAS.

 

	1.6	CONSULTANT shall carry out the Services for 2 days per week during the term of this Agreement.

 

REMUNERATION

 

As entire consideration of all Services rendered,
and rights granted under this Agreement, CALLIDITAS shall pay to CONSULTANT (exclusive VAT) a consultancy fee (the “Fee”)
at a daily rate, of GBP 1,375 for each full (minimum 8 hours) working day, (the “Fee”).

 

	2.2	The Fee shall be paid within 30 days after receipt of invoice and time reports from CONSULTANT.

 

	2.3	Subject to its prior approval CALLIDITAS shall compensate CONSULTANT for reasonable and necessary costs of travels, lodging
and meals incurred by CONSULTANT in connection with the Services.

 

	2.4	CONSULTANT shall be responsible for the payment of any and all governmental charges such as taxes, duties and social costs
in connection with the Fee. In the event CALLIDITAS is required to pay or withhold any such charges in connection with the Fee,
then CALLIDITAS shall have the right to deduct such charges from the Fee or be reimbursed by CONSULTANT to the extent such charges
have already been paid by CALLIDITAS.

 

RESULTS

 

	3.1	Any inventions (patentable or not), formulae, products, processes,techniques, discoveries, improvements, information,
                                  data and knowledge and any other results conceived, developed, generated or reduced to practice under or in connection with
                                  the Services (collectively “Results”) and all intellectual property- and other rights related thereto shall be
                                  the sole and exclusive property of CALLIDITAS without any further compensation than the Fee. If any further document or
                                  action is necessary or advisable for the purpose of confirming or effecting CALLIDITAS ‘s rights to Results, or useful
                                  in connection with CALLIDITAS applications for patents or applications for any other intellectual property right CONSULTANT
                                  agrees to execute any and all such further documents and actions.

 

     

     

    

 

3(5)

 

	3.2	CONSULTANT agrees to inform CALLIDITAS in writing of all inventions, ideas, discoveries, developments or improvements wholly
or partially made by CONSULTANT during the term of this Agreement. Such information shall be given continuously, and without delay
after creation.

 

	3.3	If any further document or action is necessary or advisable for the purpose of confirming or effecting CONSULTANT rights to
Results, or useful in connection with CALLIDITAS applications for patents or applications for any other intellectual property right,
CONSULTANT agrees to execute any and all such further documents and actions, without any additional compensation.

 

	3.4	CONSULTANT confirms that the compensation agreed in this Agreement for the performed Services is reasonable and constitutes
satisfactory compensation for the assignment in Section 3 and hereby waives any claims for royalty or other compensation for
the assignment, exploitation or use of the assigned rights, to the extent permitted by law. CONSULTANT furthermore undertakes not
to make any claims against CALLIDITAS, its subsidiaries’ or successors’ ownership or other rights to the assigned rights
in Section 3.

 

CONFIDENTIALITY

 

CONSULTANT will in connection with this Agreement
learn about information, data and know-how which is of confidential and/or of proprietary interest to CALLIDITAS. Any and all information,
data and know-how, whether oral or in writing, disclosed by or on behalf of CALLIDITAS, or which CONSULTANT may otherwise learn
in connection with this Agreement are below referred to as “Information”. The term Information shall also comprise
information, data and know-how related to the Results.

 

CONSULTANT hereby agrees and undertakes against CALLIDITAS
to hold and maintain in strict confidence and not disclose to any third party for any reason any Information and not use Information
for any purpose, except only pursuing to and in order to carry out the services being the subject matter of this Agreement. CONSULTANT
agrees to exercise every reasonable precaution to prevent and restrain the unauthorised disclosure and use of Information.

 

The restrictions of confidentiality and use set out
in Article 4.2 shall not apply to Information;

 

		a)	which at the time of disclosure is in the public domain;

 

		a)	which after disclosure becomes part of the public domain by publication or otherwise, except by breach of the undertakings
hereunder by CONSULTANT or members of his/hers team;

 

     

     

    

 

4(5)

 

		a)	which CONSULTANT can establish by competent proof was in their possession at the time of disclosure and was not acquired, directly
or indirectly, from the CALLIDITAS Group; or

 

		a)	which CONSULTANT can establish by competent proof was lawfully received from a third party without restrictions of confidentiality.

 

TERM

 

This Agreement shall become effective as of the date
first above written and shall remain in force until the earlier of either;

(i) March 18th
2020, when it shall be automatically terminated, or

(ii) when terminated by either party giving
the other party no less than 30 days prior written notice.

 

It is understood that the undertakings set forth in
Articles 3 (Results), 4 (Confidentiality) and 7 (CONSULTANTs Acknowledgements) shall survive any termination or expiry of this
Agreement.

 

GOVERNING LAW AND ARBITRATION

 

This Agreement shall be governed and interpreted
in accordance with the laws of Sweden without application of its conflict of law rules.

 

All disputes arising in connection with this Agreement
shall be finally settled under the Rules of Conciliation and Arbitration of the Stockholm Chamber of Commerce by three arbitrators
appointed in accordance with said Rules.

 

CONSULTANTS’s
ACKNOWLEDGEMENTS

 

CONSULTANT acknowledges that all Information shall
remain the legal absolute property of CALLIDITAS, including all intellectual property and other rights related thereto. At the
termination of this Agreement, or at the request of CALLIDITAS, CONSULTANT agrees to return all tangible Information, including
any reproduction, delivered by or on behalf of the CALLIDITAS Group.

 

 

IN WITNESS WHEREOF, the Parties hereto have executed
this Agreement in two (2) copies on the date first above written.

 

     

     

    

 

	CALLIDITAS THERAPEUTICS AB	 	ARDEN REGULATORY, CLINICAL &
	 	 	MEDICAL CONSULTING LIMITED

 

	/s/ Renee Aguiar Lucander	 	/s/ Krassimir Mitchev
	Renee Aguiar Lucander	 	Krassimir Mitchev

 

CONSULTANT hereby undertakes against CALLIDITAS to be personally
bound by, and personally adhere to Articles; 1 (Services), 3 (Results), 4 (Confidentiality), 6 (Governing Law and Arbitration),
7 (CONSULTANTS Acknowledgements) and Section 5.2 in the Agreement.

 

	/s/Krassimir Mittchev	 
	Krassimir Mittchevvero-ex41_74.htm

 

 
 
Exhibit 4.1

 

                                                                        DESCRIPTION OF SECURITIES

 

General

Our authorized capital stock consists of 300,000,000 shares of Common Stock, $0.0001 par value per share, and 10,000,000 shares of preferred stock, $0.0001 par value per share. As of December 31, 2019, there were outstanding:

	
 
	
•
	
29,894,285 shares of our Common Stock held by approximately 163 stockholders of record;

	
 
	
•
	
3,278,439 shares of our Common Stock issuable upon exercise of outstanding stock options; and

	
 
	
•
	
3,990,061 shares of our Common Stock issuable upon exercise of outstanding warrants.

 

The actual number of stockholders is greater than the number of record holders and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees. This number of holders of record also does not include stockholders whose shares may be held in trust by other entities.

 

The following description of our capital stock and provisions of our amended and restated certificate of incorporation and amended and restated bylaws are summaries of material terms and provisions and are qualified by reference to our amended and restated certificate of incorporation and amended and restated bylaws, copies of which have been filed with the SEC and are incorporated by reference as exhibits to the Annual Report on Form 10-K for year ended 2019. 

 

Common Stock

Voting Rights

Each holder of our Common Stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Our stockholders do not have cumulative voting rights in the election of directors.

 

Dividends

Subject to preferences that may be applicable to any then outstanding preferred stock, holders of our Common Stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds. However, our current debt instruments restrict our ability to pay dividends.

 

Liquidation

In the event of our liquidation, dissolution or winding up, holders of our Common Stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of preferred stock.

 

Rights and Preferences

Holders of our Common Stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to our Common Stock. The rights, preferences and privileges of the holders of our Common Stock are subject to and may be adversely affected by the rights of the holders of shares of any series of our preferred stock that we may designate in the future.

 

Anti-Takeover Effects of Provisions of our Amended and Restated Certificate of Incorporation, our Amended and Restated Bylaws and Delaware Law

Some provisions of Delaware law and our amended and restated certificate of incorporation and our amended and restated bylaws contain provisions that could make the following transactions more difficult: acquisition of us by means of a tender offer; acquisition of us by means of a proxy contest or otherwise; or removal of our incumbent 

 

 

 

 
 

 

 
 
officers and directors. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in our best interests, including transactions that might result in a premium over the market price for our shares.

 

These provisions, summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result in an improvement of their terms.

 

Delaware Anti-Takeover Statute

We are subject to Section 203 of the DGCL, which prohibits persons deemed “interested stockholders” from engaging in a “business combination” with a publicly-held Delaware corporation for three years following the date these persons become interested stockholders unless the business combination is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an “interested stockholder” is a person who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation’s voting stock. Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision may have an anti-takeover effect with respect to transactions not approved in advance by the board of directors, such as discouraging takeover attempts that might result in a premium over the market price of our Common Stock.

 

Undesignated Preferred Stock

The ability to authorize undesignated preferred stock makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control or management of our company.

 

Special Stockholder Meetings

Our amended and restated bylaws provide that a special meeting of stockholders may be called at any time by the board of directors, chief executive officer or president (in the absence of a chief executive officer), but such special meeting may not be called by the stockholders or any other person or persons.

 

Requirements for Advance Notification of Stockholder Nominations and Proposals

Our amended and restated bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors.

 

Elimination of Stockholder Action by Written Consent

Our amended and restated certificate of incorporation and our amended and restated bylaws eliminate the right of stockholders to act by written consent without a meeting.

 

Classified Board; Election and Removal of Directors; Filling Vacancies

Our board of directors is divided into three classes. The directors in each class will serve for a three-year term, one class being elected each year by our stockholders, with staggered three-year terms. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. Because our stockholders do not have cumulative voting rights, our stockholders holding a majority of the shares of Common Stock outstanding will be able to elect all of our directors. Our amended and restated certificate of incorporation provides for the removal of any of our directors only for cause and requires a stockholder vote by the holders of at least a 66 2/3% of the voting power of the then outstanding voting stock. 

 

 

 

 
 

 

 
 
Furthermore, any vacancy on our board of directors, however occurring, including a vacancy resulting from an increase in the size of the board, may only be filled by a resolution of the board of directors unless the board of directors determines that such vacancies shall be filled by the stockholders. This system of electing and removing directors and filling vacancies may tend to discourage a third party from making a tender offer or otherwise attempting to obtain control of us, because it generally makes it more difficult for stockholders to replace a majority of the directors.

 

Choice of Forum

Our amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the exclusive forum for: any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty; any action asserting a claim against us arising pursuant to the DGCL, our amended and restated certificate of incorporation or our amended and restated bylaws; or any action asserting a claim against us that is governed by the internal affairs doctrine; provided that, the exclusive forum provision will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Our certificate of incorporation also provides that the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. However, the enforceability of similar federal court choice of forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find this type of provision to be inapplicable or unenforceable. The choice of forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with the combined company or its directors, officers or other employees, which may discourage such lawsuits against the combined company and its directors, officers and other employees.

 

 Amendment of Charter Provisions

The amendment of any of the above provisions, except for the provision making it possible for our board of directors to issue undesignated preferred stock, would require approval by a stockholder vote by the holders of at least a 662/3% of the voting power of the then outstanding voting stock, voting together as a single class.

The provisions of the DGCL, our amended and restated certificate of incorporation and our amended and restated bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our Common Stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

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