Document:

EX-10.6

 Exhibit 10.6 

EMPLOYMENT AGREEMENT 

This Employment Agreement (Agreement) is made and entered into between Techne Corporation, a Minnesota corporation, (hereinafter the
“Company”), and Brenda Furlow (hereinafter “Employee”) (each may be referred to individually as a “Party” and collectively as the “Parties”). 

RECITALS 
 WHEREAS, the Company
wishes to employ Employee under the terms and conditions set forth in this Agreement, and Employee wishes to accept such employment under the terms and conditions set forth in this Agreement; 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants contained herein, the Company and Employee agree as follows:

 ARTICLE 1. 
 TERM OF
EMPLOYMENT: DUTIES AND SUPERVISION 
 1.1) Parties. The parties to this Agreement are Employee and the Company. As used herein,
“Company” refers to Techne Corporation d/b/a Bio-Techne, and its subsidiaries including, but not limited to, Research and Diagnostic Systems, Inc. (“R&D”), unless specifically provided otherwise. All of the rights and
obligations created by this Agreement may be performed by or enforced by or against Techne or R&D or other appropriate subsidiary. 

1.2) Employment and Term of Employment. The Company hereby employs Employee and Employee hereby accepts employment as Senior Vice
President, General Counsel on the terms and conditions set forth in this Agreement. Employee’s employment hereunder will commence on August 4, 2014 and continue through August 3, 2017 (hereinafter the “Term”) unless earlier
terminated as provided in Article 4 hereof. 
 A. As a condition of employment, Employee agrees that she must relocate her personal
residence to the Twin Cities of Minneapolis and St. Paul, Minnesota no later than July 1, 2015. 
 B. As a condition of employment,
Employee agrees that she must obtain a license to practice law in the State of Minnesota no later than July 1, 2015 and maintain such licensure during her employment with the Company. 

1.3) Duties and Supervision. 

A. During the term of her employment, Employee agrees to devote her full business and professional time, energy, diligence and best efforts to
the business and affairs of the Company, and to perform such services and duties Employee may from time to time be assigned by the Company, and specifically its Chief Executive Officer. 

  
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 B. Employee agrees to be subject to the Company’s control, rules, regulations, policies and
programs. Employee further agrees that she will carry on all correspondence, publicity and advertising in the Company’s name and she shall not enter into any contract on behalf of the Company except as expressly authorized by the Company. 

ARTICLE 2. 
 COMPENSATION AND
BENEFITS 
 2.1) Base Salary. As compensation for her services to the Company and as compensation for her Employee Agreement With
Respect To Inventions, Proprietary Information, and Unfair Competition, Employee will be paid an annual base salary initially at the rate of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), to be paid in accordance with the usual payroll
practices of the Company. The base salary amount will be reviewed and adjusted by the Company from time to time in its sole discretion. The base salary will be inclusive of all applicable income, Social Security, and other taxes and charges that are
required by law to be withheld by the Company or that are requested to be withheld by Employee. 
 2.2) Management Incentive Plan.
During each fiscal year of the Term of Employee’s employment (starting with Techne’s 2015 fiscal year, which began July 1, 2014) and provided Employee remains employed by the Company on the last day of such fiscal year, Employee will
be eligible to participate in the Company’s Management Incentive Plan (“MIP”) in accordance with its terms and conditions as determined by the Board of Directors or its Executive Compensation Committee from time to time. At
Employee’s current service level, the Management Incentive Plan currently provides for the grant of an option to purchase 15,000 shares of the Company’s common stock and, if annual objectives are met, a target cash bonus of 25% of
Employee’s base salary, payable annually following receipt of the Company’s final audit report. The stock options will have a seven-year term and will vest one-fourth on each of the first, second, third and fourth anniversaries of the date
of grant. These options will have an exercise price equal to the closing price of Techne’s shares on the date of grant. The option will be an incentive stock option to the extent permitted by Section 422, or any successor provision, of the
Internal Revenue Code of 1986, as amended, and a non-qualified stock option to the extent the number of shares vesting in any single year exceeds the limit established by such provision. 

2.3) Restricted Stock Units. The Company will grant Employee 2,500 Techne Restricted Stock Units (“RSUs”) on Employee’s
first day of employment. Vesting of such RSUs will be conditioned upon Employee’s relocation of her personal residence to the Twin Cities of Minneapolis and St. Paul, Minnesota no later than July 1, 2015, and Employee’s obtaining
license to practice law in the State of Minnesota no later than July 1, 2015. If such conditions are satisfied, the RSUs will vest in equal increments on July 1, 2015, July 1, 2016 and July 1, 2017, subject to
Employee’s continued employment by the Company on each date. 
 2.4) Miscellaneous Benefits. The Company will provide Employee
the following additional benefits: 
 A. Reimbursement in accordance with the Company’s standard reimbursement policies in effect from
time to time for ordinary, necessary and reasonable out-of-

  
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pocket business expenses incurred by Employee in performing her duties for the Company so long as properly substantiated. 

B. Paid vacation of four (4) weeks per calendar year, prorated for partial years of service, to be taken at such times as selected by
Employee and as approved by the Chief Executive Officer or his designee. Carryover, forfeiture or payout of unused vacation time from period to period or upon termination of employment shall be in accordance with the Company’s policies that may
be in effect from time to time. 
 C. Paid lodging at the Ramada Inn located in Roseville, Minnesota (or its equivalent) and meals
(excluding lunches) for up to Employee’s first eleven (11) months of employment, and a moving allowance of Fifteen Thousand and 00/100 Dollars ($15,000.00) for properly documented allowable expenses to relocate her personal residence from
Wisconsin to Minneapolis/St. Paul, Minnesota on or before July 1, 2015. Employee will be required to pay all moving expenses as they are incurred and to submit receipts to the Company for the non-taxable moving expenses (for moving household
goods and travel to Minnesota) to receive reimbursement. 
 2.5) Other Employee Compensation and Benefits. In addition to the
compensation and benefits provided to Employee in Sections 2.1 through 2.4 hereof, Employee will be entitled to participate in other employee compensation and benefit plans from time to time established by the Company and made available generally to
all employees to the extent that Employee’s age, tenure and title make her eligible to receive those benefits. Employee will participate in such compensation and benefit plans on an appropriate and comparable basis determined by the Board of
Directors by reference to all other employees eligible for participation. With regard to all insured benefits to be provided to Employee, benefits shall be subject to due application by Employee. The Company has no obligation to pay insured benefits
directly and such benefits are payable to Employee only by the insurers in accordance with their policies. Nothing in this Agreement is intended to or shall in any way restrict the Company’s right to amend, modify or terminate any of its
benefits or benefit plans during the term of Employee’s employment. Employee shall not be reimbursed for unused personal days or sick days upon her termination from employment regardless of the reason, whether voluntary or involuntary. 

ARTICLE 3. 
 INVENTIONS,
PROPRIETARY INFORMATION AND UNFAIR COMPETITION 
 3.1) Prior Agreement. Neither the execution of this Agreement nor any provision in
it shall be interpreted as rescinding or revoking the “Employee Agreement With Respect To Inventions, Proprietary Information, and Unfair Competition” previously entered into between the Company and Employee as of July 15, 2014 (the
“Prior Inventions, Proprietary Information, and Unfair Competition Agreement”). The Company and Employee hereby agree that the terms and conditions of such Prior Inventions, Proprietary Information, and Unfair Competition Agreement shall
continue in full force and effect and shall apply to all businesses of the Company, including not only business conducted by the Company but also to business conducted through the Company or any subsidiary or venture of the Company now existing or
hereafter created. The termination of this Agreement or Employee’s employment shall not terminate 

  
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Employee’s obligations under the Prior Inventions, Proprietary Information, and Unfair Competition Agreement, the terms and conditions of which shall survive termination of this Agreement
and termination of Employee’s employment for any reason, whether voluntary or involuntary. 
 3.2) Notification of Restrictive
Covenants. Employee authorizes the Company to notify third parties (including, but not limited to, the Company customers and competitors) of the terms of the Prior Inventions, Proprietary Information, and Unfair Competition Agreement between the
Parties and Section 4.2 of this Agreement, and Employee’s responsibilities thereunder. 
 ARTICLE 4. 

TERMINATION 
 4.1) Events of
Termination. Notwithstanding any other provision of this Agreement to the contrary or appearing to be to the contrary, Employee’s employment may be terminated as follows: 

A. By mutual written agreement of the parties; 

B. Upon Employee’s death; 

C. Upon Employee’s inability to perform the essential functions of her position due to physical or mental disability, with or without
reasonable accommodation, as determined in the good faith judgment of the Company Board of Directors, and such inability continues for a period of ninety (90) calendar days or as may otherwise be required by applicable law. Nothing in this
Section 4.1(C) shall limit the right of either Party to terminate Employee’s employment under one of the other sections of this Section 4.1; 

D. Upon written notice to the other Party; 

E. Upon the insolvency or bankruptcy of the Company; 

F. In the event of a Change in Control, as set forth in Section 5.1, provided that the severance provisions of Section 5.1 of this
Agreement are met; 
 4.2) Return of Property. At such time that Employee’s employment with the Company ends (the
“Termination Date”) or at such earlier time as the Company may notify Employee, Employee will immediately cease doing business upon the Company’s premises and will immediately deliver to the Company all of its property and all
property to be held by the Company in her possession or control, including, but not limited to, all work in progress, data, equipment, originals and copies of documents and software, customer and supplier information and lists, financial
information, and all other materials. In addition, if Employee has used any personal computer, server, or email system (including, but not limited to, computers, Blackberries, PDA’s, cell phones, Smart Phones, iPhones, iPads, etc.) to receive,
store, review, prepare or transmit any the Company information, including but not limited to Confidential Information (as 

  
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defined below), Employee agrees to provide the Company with a computer-useable copy of all such Confidential Information and then permanently delete and expunge such information from those
systems. Employee also agrees to certify, within ten (10) days after the Termination Date, in writing to the Company that she has complied with her obligation to return Company property. 

A. For purposes of this Agreement, “Confidential Information” means information which is not generally known and which the Company
holds in confidence, including, without limitation, the following: all information and data developed or acquired by Employee in the course of employment with the Company; data or conclusions or opinions formed by Employee in the course of
employment; policies and procedures; manuals; trade secrets; methods, procedures, or techniques pertaining to the business of the Company or any customer of the Company; specifications for products or services; systems; price lists; marketing plans;
sales or service analyses; financial information; customer names or other information; vendor names or other information; employee names or other information; research and development data; diagrams; drawings; media; notes, memoranda, notebooks, and
all other records or documents that are handled, seen, or used by Employee in the course of employment. 
 B. Notwithstanding anything to
the contrary, “Confidential Information” does not include any information that is (i) in the public domain or enters the public domain through no violation of obligations Employee owes to the Company; (ii) disclosed to Employee
other than as a result of Employee’s capacity as an employee of the Company by a third-party not subject to maintain the information in confidence; or (iii) already known by Employee other than as a result of Employee’s past
relationship with the Company (or its predecessors) and is evidenced by written documentation existing prior to such disclosure. Specific technical and business information shall not be deemed to be within the preceding exceptions merely because it
is embraced by more general technical or business information within such exceptions, nor shall a combination of features be deemed to be within such exceptions merely because the individual features are within such exceptions. 

ARTICLE 5. 
 TERMINATION BENEFITS

 5.1) Termination Benefits. In the event Employee’s employment is terminated by the Company as a result of a “Change in
Control” of the Company and Employee has less than twelve (12) months before the expiration of the Term of this Agreement, Employee will be paid an amount equal to one (1) year of her then-current base salary (but not any incentive
bonus) (hereinafter the “CIC Severance Payment”); provided, however, that Employee will be entitled to the CIC Severance Payment set forth in this Section 5.1 only if she executes and does not rescind a release agreement in a form
supplied by the Company, which will include, but not be limited to, a comprehensive release of claims against the Company and all related parties, in their official and individual capacities. For purposes of this Section 5.1, “Change in
Control” shall mean the occurrence, in a single transaction or in a series of related transactions, of any one or more of the events in subsections A through C below. For purposes of this definition, a person, entity or group shall be deemed to
“Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person, entity or group directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise, has or shares voting power, 

  
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which includes the power to vote or to direct the voting, with respect to such securities. 

A. Any person, entity or group becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur
(A) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other person, entity or group from the Company in a transaction or series of related transactions the primary purpose of which is to
obtain financing for the Company through the issuance of equity securities or (B) solely because the level of Ownership held by any person, entity or group (the “Subject Person”) exceeds the designated percentage threshold of the
outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence)
as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred,
increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control shall be deemed to occur; 

B. There is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after
the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent
(50%) of the combined outstanding voting power of the surviving entity in such merger, consolidation or similar transaction or (B) more than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving
entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction; or 

C. There is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the total gross value of the
consolidated assets of the Company and its subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of total gross value of the consolidated assets of the Company and its subsidiaries to an entity, more than
fifty percent (50%) of the combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately
prior to such sale, lease, license or other disposition (for purposes of this Section 5.1(C), “gross value” means the value of the assets of the Company or the value of the assets being disposed of, as the case may be, determined
without regard to any liabilities associated with such assets). 
 For the avoidance of doubt, the term Change in Control shall not include
a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company. To the extent required, the determination of whether a Change in Control has occurred shall be made in accordance with Code
Section 409A and the regulations, notices and 

  
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other guidance of general applicability issued thereunder. 
 5.2) Timing of CIC
Severance Payment. Any CIC Severance Payment pursuant to Section 5.1 will be paid to Employee monthly over the course of a one-year period beginning after expiration of any applicable rescission periods set forth in the required release
agreement; provided, however, that notwithstanding anything in this Agreement to the contrary, if the CIC Severance Payment described in Section 5.1 is subject to the requirements of Code Section 409A and the Company determines that
Employee is a “specified employee” as defined in Code Section 409A as of the date of Employee’s termination of employment, such payments will not be paid or commence earlier than the first day of the seventh month following the
date of Employee’s termination of employment and on such date any amounts that would have been paid during the first six months following the termination but for operation of this proviso will be paid in one lump sum with the remaining payments
made monthly over the remainder of the specified one-year period. In addition, all payments made to Employee pursuant to Section 5.1 will be reduced by amounts (A) required to be withheld in accordance with federal, state and local laws
and regulations in effect at the time of payment, or (B) owed to the Company by Employee for any amounts advanced, loaned or misappropriated. Such offset will be made in the manner permitted by and will be subject to the limitations of all
applicable laws, including but not limited to Code Section 409A, and the regulations, notices and other guidance of general applicability issued thereunder. 

5.3) No Other Payments. Except as provided in Section 5.1, upon termination of employment with the Company, whether voluntary or
involuntary, Employee will not be entitled to any compensation or benefits other than that which was due to her as of the date of termination, regardless of any claim by Employee for compensation, salary, bonus, severance benefits or other payments.

 ARTICLE 6. 
 ARBITRATION 

6.1) Arbitration. Any dispute arising out of or relating to (i) this Agreement or the alleged breach of it, or the making of this
Agreement, including claims of fraud in the inducement, or (ii) Employee’s application or candidacy for employment, employment and/or termination of employment with the Company including, but not limited to, any and all disputes, claims or
controversies relating to discrimination, harassment, retaliation, wrongful discharge, and any and all other claims of any type under any federal or state constitution or any federal, state, or local statutory or common law shall be discussed
between the disputing Parties in a good faith effort to arrive at a mutual settlement of any such controversy. If, notwithstanding, such dispute cannot be resolved, such dispute shall be settled by binding arbitration. Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. The arbitrator shall be a retired state or federal judge or an attorney who has practiced securities or business litigation for at least 10 years. If the Parties
cannot agree on an arbitrator within 20 days, any Party may request that the chief judge of the District Court for Hennepin County, Minnesota, select an arbitrator. Arbitration will be conducted pursuant to the provisions of this Agreement, and the
commercial arbitration rules of the American Arbitration Association, unless such rules are inconsistent with the provisions of this Agreement, but without submission 

  
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of the dispute to such Association. Limited civil discovery shall be permitted for the production of documents and taking of depositions. Unresolved discovery disputes may be brought to the
attention of the arbitrator who may dispose of such dispute. The arbitrator shall have the authority to award any remedy or relief that a court of this state could order or grant; provided, however, that punitive or exemplary damages shall not be
awarded. The arbitrator may award to the prevailing Party, if any, as determined by the arbitrator, all of its costs and fees, including the arbitrator’s fees, administrative fees, travel expenses, out-of-pocket expenses and reasonable
attorneys’ fees. Unless otherwise agreed by the Parties, the place of any arbitration proceedings shall be Hennepin County, Minnesota. This agreement to arbitrate does not include worker’s compensation claims, claims for unemployment
compensation, or any injunctive or other relief to which the Company may be entitled in accordance with the Prior Inventions, Proprietary Information, and Unfair Competition Agreement referred to in Section 4.1 herein. 

ARTICLE 7. 
 MISCELLANEOUS
PROVISIONS 
 7.1) Modifications. Except as provided in Section 4.1 above, this Agreement supersedes all prior agreements and
understandings between the Parties relating to the employment of Employee by the Company and it may not be changed or terminated orally. No modification, termination, or attempted waiver of any of the provisions of this Agreement will be valid
unless in writing signed by the Party against whom the same is sought to be enforced. 
 7.2) Binding Effect. The breach by the
Company of any other agreement or instrument between the Company and Employee will not excuse or waive Employee’s performance under, or compliance with, this Agreement. 

7.3) Governing Law and Forum. The validity, enforceability, construction and interpretation of this Agreement shall be governed by the
laws of the State of Minnesota. The Company and Employee hereby consent to the exclusive jurisdiction for any claims under this Agreement in Hennepin County District Court or the United States District Court for Minnesota. 

7.4) Successors and Assigns. This Agreement is personal to Employee and Employee may not assign or transfer any part of her rights or
duties hereunder, or any compensation due to her hereunder, to any other person. This Agreement may be assigned by the Company. This Agreement is binding on any successors or assigns of the Company. 

7.5) Captions. The captions set forth in this Agreement are for convenience only and shall not be considered as part of this Agreement
or as in any way limiting or amplifying the terms and conditions hereof. 
 7.6) No Conflicting Obligations. Employee represents and
warrants to the Company that she is not under, or bound to be under in the future, any obligation to any person, firm, or corporation that is or would be inconsistent or in conflict with this Agreement or would prevent, limit, or impair in any way
the performance by her of her obligations hereunder. If Employee possesses any information that she knows or should know is considered by any third party, such as a former employer of Employee’s to be confidential, trade secret, or otherwise
proprietary, Employee 

  
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shall not disclose such information to the Company or use such information to benefit the Company in any way. 

7.7) Waivers. The failure of any Party to require the performance or satisfaction of any term or obligation of this Agreement, or the
waiver by any Party of any breach of this Agreement, will not prevent subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

7.8) Severability. In the event that any provision hereof is held invalid or unenforceable by a court of competent jurisdiction, the
Company and Employee agree that that part should modified by the court to make it enforceable to the maximum extent possible. If the part cannot be modified, then that part may be severed and the other parts of this Agreement shall remain
enforceable. 
 7.9) Code Section 409A. Notwithstanding any other provision of this Agreement to the contrary, the Parties to
this Agreement intend that this Agreement will satisfy the applicable requirements, if any, of Code Section 409A in a manner that will preclude the imposition of additional taxes and interest imposed under Code Section 409A. The Parties
agree that this Agreement will be amended (as determined by the Company in its sole discretion) to the extent necessary to comply with Code Section 409A, as amended from time to time, and the notices and other guidance of general applicability
issued thereunder. Further, if any of the payments described in this Agreement are subject to the requirements of Code Section 409A and the Company determines that Employee is a “specified employee” as defined in Code
Section 409A as of the date of Employee’s termination of employment (which will have the same meaning as “separation from service” as defined in Code Section 409A), all or a portion of such payments will not be paid or
commence earlier than the first day of the seventh month following the date of Employee’s termination of employment, but only to the extent such delay is required for compliance with Code Section 409A. 

7.10) Notices. Any and all notices referred to herein shall be deemed properly given only if in writing and delivered personally or
sent postage prepaid, by certified mail, return receipt requested, as follows: 
  

	 	(a)	To the Company by notice to the CEO at the following address: 

 Charles Kummeth, CEO 

Techne Corporation 
 614
McKinley Place NE 
 Minneapolis, MN 55413 
  

	 	(b)	To Employee at her home address as it then appears on the records of the Company, it being the duty of Employee to keep the Company informed of her current home address at all times. 

The date on which notice to the Company or Employee shall be deemed to have been given if mailed as provided above shall be the date on the certified mail
return receipt. Personal delivery 

  
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to Employee shall be deemed to have occurred on the date notice was delivered to Employee personally, or deposited in a mail box or slot at Employee’s residence by a representative of the
Company or any messenger or delivery service. 
 7.11) Construction. The Parties agree that the terms and provisions of this
Agreement embody their mutual intent, each Party has had the opportunity to negotiate its provisions and contribute to its drafting, and therefore, it is not to be construed more liberally in favor of, or more strictly against, any Party hereto.

 7.12) Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original of
this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. Electronically transmitted (e.g., by facsimile or pdf) signed copies of this Agreement shall be deemed to be original signed versions of
this Agreement. 
 7.13) Section 280G. Notwithstanding anything to the contrary contained in this Agreement, to the extent that
any of the payments and benefits provided for under this Agreement or any other agreement or arrangement between the Employee and the Company (collectively, the “Payments”) constitute a “parachute payment” within the meaning of
Section 280G of the Code and, but for this Section 7.13, would be subject to the excise tax imposed by Section 4999 of the Code, then the Payments shall be payable either (i) in full or (ii) as to such lesser amount which
would result in no portion of such Payments being subject to excise tax under Section 4999 of the Code; whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by
Section 4999, results in the Employee’s receipt on an after-tax basis, of the greatest amount of economic benefits under this Agreement, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of
the Code. Unless the Employee and the Company otherwise agree in writing, any determination required under this Section 7.13 shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose
reasonable determination shall be conclusive and binding upon Employee and the Company for all purposes. For purposes of making the calculations required by this Section 7.13, the Accountants may make reasonable assumptions and approximations
concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of the Sections 280G and 4999 of the Code. Employee and the Company shall furnish to the Accountants such information and documents as the
Accountants may reasonably request in order to make a determination under this Section 7.13. 
 (Signatures follow on the next page(s).)

  
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 THE PARTIES HAVE executed this Agreement in the manner appropriate to each as of the dates set
forth below. 
  

									
	TECHNE CORPORATION	 		 		 	
					
	By:	 	 Charles Kummeth
	 		 		 	8/21,
2014                                         
           
	Its Chief Executive Officer	 		 		 	Date
				
	EMPLOYEE	 		 		 	
				
	 /s/ Brenda Furlow
	 		 		 	8/6,
2014                                         
           
	Brenda Furlow	 		 		 	Date

 Signature Page to Employment Agreement 

  
 11Exhibit 10.1 

 

	

	
www.akebia.com
	
Akebia Therapeutics, Inc.

245 First Street

Suite 1100

Cambridge, MA 02142

 

August 5, 2014                         

Robert Shalwitz, M.D. 

2549 Bryden Road 

Bexley, OH 43209 

Re: Separation Agreement 

Dear Bob: 

The purpose of this letter agreement (“Agreement”) is to confirm the terms of your separation from Akebia Therapeutics, Inc. (“Akebia” or the “Company”).1 Unless you rescind your assent as set forth in Section 5(iii) below, this Agreement shall be effective on the eighth (8th) day following your signing of it (the “Effective Date”), at which time it shall become final and binding on all parties. 

	
1.
	
Transitional Employment. 

	
(i)
	
Contingent upon your execution of this Agreement, effective August 5, 2014 you will remain a full-time employee of Akebia during the transition period described in the following sentence (a “Transitional Employee”). You shall continue as a Transitional Employee until the earlier of (a) December 31, 2014; (b) the date that you terminate your employment with the Company for any reason; or (c) the date that the Company terminates your employment for Cause (the “Separation Date”). The period from August 5, 2014 to the Separation Date shall be referred to as the “Transitional Employment Period”. 

	
(ii)
	
During the Transitional Employment Period you (a) will have the title of Executive Vice President, reporting to Akebia’s Chief Executive Officer; (b) agree to perform all of your assigned job duties in good faith and to the best of your ability; and (c) agree to otherwise assist Akebia in the transition of work in connection with any of the duties you have performed at Akebia. Such assigned duties shall include, but not be limited to, transitioning your duties and knowledge to Akebia’s Chief Medical Officer and/or Vice President of Regulatory and optimizing analysis and initial reporting of the Phase 2b study AKB-6548 (CI-0007). You understand and acknowledge that during the Transitional Employment Period your duties may require you to travel outside of Ohio, including to Cambridge, Massachusetts, Rockville, Maryland (to, as needed, meet with the Food and Drug Administration), and other locations as requested by the Company. 

	
(iii)
	
During the Transitional Employment Period you will receive an annual base salary of $410,000, less all applicable income and payroll taxes, deductions and withholdings, payable in accordance with Akebia’s standard payroll cycle. You also shall be eligible to participate in the Company’s 2014 discretionary bonus program in accordance with the terms and conditions of the Akebia Therapeutics, Inc. Cash Incentive Plan. Any bonus earned under that Plan shall be paid at the time that other Company executives eligible for bonuses are paid. 

	
(iv)
	
During the Transitional Employment Period you also shall continue to receive all employee benefits to which you currently are entitled and for which you remain eligible during the Transitional Employment Period. During the Transitional Employment Period, however, the Company in its sole discretion may change your title and/or job duties at any time, and nothing in this Agreement shall affect the Company’s ability to amend, modify or terminate its employee benefit plans and programs at any time in accordance with their terms. During the Transitional Employment Period, your rights to exercise vested stock options are governed by the terms of any applicable stock option agreement and equity plan, and your rights during the Transitional Employment Period with respect to any restricted shares are governed by the terms of any applicable restricted share agreement and equity plan. 

	
(v)
	
During the Transitional Employment Period you will not engage in any acts that are detrimental to the Company’s best interest, and you will continue to comply with all applicable Akebia policies, rules and regulations. 

	
	
 

1 Except for the obligations set forth in Section 2, which shall be solely the obligations of Akebia Therapeutics, Inc., whenever the terms “Akebia Therapeutics, Inc.,” “Akebia” or the “Company” are otherwise used in this Agreement (including, without limitation, Section 5), they shall be deemed to include Akebia Therapeutics, Inc. and any and all of its divisions, affiliates and subsidiaries and all related entities, and its and their directors, officers, employees, agents, successors and assigns. 

 

 

	
(vi)
	
You acknowledge that from and after the Separation Date you shall have no authority to represent yourself as an employee or agent of Akebia, and you agree not to represent yourself thereafter as an employee or agent of Akebia, except as set forth in the Consulting Agreement described in Section 2(iii) below. 

	
(vii)
	
On or about the Separation Date, the Company shall pay your accrued but unused vacation time and your final pay earned through the Separation Date in accordance with applicable law. In addition, not later than sixty (60) days following the Separation Date, you will receive reimbursement for all reasonable business expenses incurred by you before the Separation Date, provided you submit them for reimbursement in accordance with the Company’s usual procedures for business expense reimbursement within thirty (30) days following the Separation Date. 

	
(viii)
	
For purposes of this Agreement, and in each case as determined by the Compensation Committee of the Company’s Board of Directors in its sole and reasonable discretion, the following will constitute “Cause”: (a) your indictment or conviction for either any felony offense or any other crime involving dishonesty; (b) your participation in any fraud, theft, embezzlement or other misconduct or act of dishonesty involving the Company or any of its subsidiaries; (c) your intentional damage to any property of the Company or any of its subsidiaries; (d) your breach of the duty of good faith and fair dealing that you owe to the Company or any of its subsidiaries; (e) your breach or violation of any agreement with the Company or any of its subsidiaries, including, without limitation, your Employee Agreement (Confidentiality, Non-Solicitation, Non- Competition and Inventions Agreement) dated February 10, 2014, as amended (the “Restrictive Covenants Agreement”); (f) any conduct by you that in the good faith and reasonable determination of the Board of Directors demonstrates gross unfitness to serve; (g) your failure to comply with the code of conduct of the Company or any of its subsidiaries or any other policies of the Company that have been approved by the Board of Directors or its authorized delegate; (h) your insubordination or failure to follow the directions of the Board of Directors or of the Chief Executive Officer of the Company; or (i) any other conduct by you that could be expected to be harmful to the business, interests or reputation of the Company or any of its subsidiaries. 

2.       Severance Pay and Benefits. If you do not rescind this Agreement as set forth in Section 5(iii) below, and provided you do not terminate your employment with the Company or the Company does not terminate your employment for Cause, in either case prior to December 31, 2014, then the Company will: 

	
(i)
	
provide you with a severance payment in the gross amount of $410,000, less all applicable income and payroll taxes, deductions and withholdings (“Severance Pay”). Severance payments shall be made over the twelve (12) month period (the “Severance Period”) following the Separation Date in accordance with Akebia’s standard payroll cycle, with the first payment to occur on the second (2nd) regularly scheduled pay date following the Separation Date, retroactive to the date of termination. Severance Pay shall not be reduced by any compensation you receive from any subsequent employment or source. Subject at all times to Section 4 of this Agreement, in the event of your death prior to the end of the Severance Period any Severance Pay not yet received by you shall continue to be paid to your spouse, Paula Krasnoff, in accordance with Akebia’s standard payroll cycle. If your wife pre-deceases you, or if she dies before any remaining Severance Pay has been received by her, then such remaining Severance Pay shall be divided equally and shall continue to be provided to your sons, Isaiah Shalwitz and Steven Shalwitz, in accordance with Akebia’s standard payroll cycle; 

	
 (ii)
	
provided that you appropriately and timely complete all required elections, reimburse (on a taxable basis) premiums paid by you for health and dental insurance premiums (for yourself and all eligible dependents) under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at the same amount and to the same extent it would if you still were employed by the Company (“COBRA Reimbursement”) until the earliest of (a) the last day of the month which falls twelve (12) months after the Separation Date; (b) the date that you and/or your eligible dependents are no longer eligible to receive continuation coverage under COBRA; or (c) the date on which you become eligible to receive health or dental care coverage pursuant to the health or dental care plan of a new employer. COBRA election forms and related documentation shall be provided to you on or after the Separation Date, and the “qualifying event” under COBRA shall be the Separation Date. Payment of the COBRA Reimbursement shall be made during the period described in the immediately preceding sentence in accordance with Akebia’s standard payroll cycle, with the first payment to occur on the second (2nd) regularly scheduled pay date following the Separation Date, retroactive to the date of termination. You hereby acknowledge that reimbursement of your COBRA premiums will be taxable income to you; and 

	
(iii)
	
enter into a Consulting Agreement (the “Consulting Agreement”), pursuant to which you will remain eligible (a) to hold and continue to vest in your existing equity awards during the term of such agreement, (b) under certain circumstances set forth in the Consulting Agreement, for acceleration of such equity awards upon the termination of such agreement, and (c) under certain circumstances set forth in the Consulting Agreement, for an extended exercise period with respect to vested stock options upon the termination of such agreement. If, however, you terminate the Consulting Agreement for convenience or the Company terminates the Consulting Agreement for “cause” (as that term is defined in the Consulting Agreement), the unvested portions of your equity awards shall immediately terminate without payment of consideration therefor and any and all other consideration under this Agreement, including any Severance Pay and Benefits not yet 

 

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provided to you, shall immediately cease. You hereby acknowledge and agree that, to the extent the Consulting Agreement does not take effect, your rights to exercise any vested stock options shall continue to be governed by the existing terms of any applicable stock option agreement and equity plan and your rights with respect to any restricted shares shall continue to be governed by the existing terms of any applicable restricted share agreement and equity plan. 

The Severance Pay, the COBRA Reimbursement and the Consulting Agreement are referred to in this Agreement as the “Severance Pay and Benefits.” 

3.       Acknowledgments. You acknowledge and agree that: 

	
(i)
	
your employment during the Transitional Employment Period shall remain at-will, and either you or the Company may terminate the employment relationship at any time, with or without reason or notice, subject to the rights and obligations of the parties set forth herein; provided, however, that if the Company terminates the employment relationship other than for Cause (as defined herein) prior to December 31, 2014, the Company will provide you with the Severance Pay and Benefits set forth in Sections 2(i) and (ii) above and, unless otherwise agreed by you and the Company at the time of such termination of employment, the Severance Pay and Benefits set forth in Section 2(iii) above, in each case, pursuant to the terms of this Agreement and, if applicable, the Consulting Agreement; 

	
(ii)
	
this Agreement and the Severance Pay and Benefits are neither intended to nor shall constitute a severance plan and shall confer no benefit on anyone other than Akebia and you; 

	
(iii)
	
the Severance Pay and Benefits provided for herein are not otherwise due or owing to you under any employment agreement (oral or written), including, without limitation, the Executive Severance Agreement between you and the Company dated March 3, 2014 (the “Executive Severance Agreement”)· 

	
(iv)
	
except for (a) any unpaid regular wages (including accrued but unused earned time) earned through (and including) the Separation Date, which shall be paid by the Company on the Separation Date and (b) any vested monies due to you pursuant to any retirement programs in which you participate, you have been paid and provided all wages, vacation pay, holiday pay, commissions and any other form of compensation or benefit that may be due to you now or which would have become due in the future in connection with your employment with or separation of employment from Akebia. 

4.       Return of Company Property; Affirmation of Restrictive Covenants; Confidentiality; and Non-Disparagement. You hereby agree to: 

	
(i)
	
promptly return to Akebia all property and documents (whether in hard copy or electronic form) of Akebia in your custody and possession on or before the Separation Date; 

	
(ii)
	
abide by the terms of your Restrictive Covenants Agreement (as amended by the Consulting Agreement), the terms of which shall survive your separation from the Company and which are hereby incorporated into this Agreement by reference; 

	
(iii)
	
abide by any and all common law and/or statutory obligations relating to the protection and non-disclosure of Akebia’s trade secrets and/or confidential or proprietary documents and information, and you specifically agree that you will not disclose any confidential or proprietary information that you acquired as an employee of Akebia to any other person or entity, or use such information in any manner that is detrimental to the interests of Akebia; 

	
(iv)
	
keep confidential and not publicize or disclose the existence and terms of this Agreement, other than to (a) an immediate family member, legal counsel, accountant or financial advisor, provided that any such individual to whom disclosure is made shall be bound by these confidentiality obligations; (b) a state or federal tax authority or government agency to which disclosure is mandated by applicable state or federal law; or (c) in response to a subpoena, court order or discovery request during pending litigation. Nothing in this Agreement shall be construed to prohibit truthful testimony concerning this Agreement; 

	
 (v)
	
not make any statements that are disparaging about or adverse to the business interests of the Company or which are intended to harm the reputation of the Company including, but not limited to, any statements that disparage any product, service, finances, employees, officers, directors, capabilities or any other aspect of the Company’s business or products. In addition, the Company agrees that its Chief Executive Officer and members of the Board of Directors shall not make any statements that are disparaging about you or which are intended to harm your reputation. 

Your breach of this Section 4 will constitute a material breach of this Agreement and, in addition to any other legal or equitable remedy available to Akebia, will relieve Akebia of the obligation to provide any Severance Pay and Benefits not already provided and will entitle Akebia to recover any Severance Pay and Benefits already paid or provided. 

 

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5.       Release of Claims. 

	
(i)
	
You hereby acknowledge and agree that by signing this Agreement and accepting the Severance Pay and Benefits provided for in this Agreement, you are waiving your right to assert any form of legal claim against Akebia (as defined in footnote number 1 to this Agreement) of any kind whatsoever from the beginning of time through and including the Separation Date, except for claims related to the Company’s failure to perform its obligations under this Agreement. Your waiver and release is intended to bar any form of legal claim, charge, complaint or any other form of action (collectively referred to as “Claims”) against Akebia seeking any form of relief including, without limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages, attorneys’ fees and any other costs) against Akebia up through and including the Separation Date. You understand that there could be unknown or unanticipated Claims resulting from your employment with Akebia and the separation therefrom and agree that such Claims are intended to be, and are, included in this waiver and release. 

	
(ii)
	
Without limiting the foregoing general waiver and release, you specifically waive and release the Company from any Claims arising from or related to your employment relationship with the Company or the separation thereof, including without limitation: 

(a)Claims under any local, state or federal discrimination, harassment, fair employment practices or other employment-related statute, regulation or executive order, including, without limitation, the Massachusetts Fair Employment Practices Act (also known as Chapter 151B), the Age Discrimination in Employment Act and Title VII of the Civil Rights Act of 1964; 

(b)Claims under any other local, state or federal employment related statute, regulation or executive order relating to the payment or receipt of salary, wages, commissions, vacation pay or overtime, hours or any other terms and conditions of employment (including, without limitation, the Massachusetts Payment of Wages Act, M.G.L.c. 149, §§ 148 & 150, and the Massachusetts Overtime Law, M.G.L.c. 151, §§ 1A and 1B); 

(c)Claims under any local, state or federal common law theory; and 

(d)any other Claim arising under other local, state or federal law. 

	
(iii)
	
Because you are over 40 years of age, you are granted specific rights under the Older Workers Benefit Protection Act (“OWBPA”), which prohibits discrimination on the basis of age. The release set forth in this Section 5 is intended to release any rights you may have against Akebia alleging discrimination on the basis of age. Consistent with the provisions of OWBPA, you have twenty- one (21) days to consider and accept the provisions of this Agreement. In addition, you may rescind your assent to this Agreement if, within seven (7) days after the date you sign this Agreement, you deliver a written notice of rescission. To be effective, such notice of rescission must be postmarked, and sent by certified mail, return receipt requested, or delivered within the seven-day period to Nicole R. Hadas, Vice President and General Counsel, Akebia Therapeutics, Inc., 245 First Street, Suite 1100, Cambridge, MA 02142. 

	
(iv)
	
Consistent with federal discrimination laws, nothing in this release shall be deemed to prohibit you from challenging the validity of this release under federal discrimination laws or from filing a charge or complaint of age or other employment related discrimination with the Equal Employment Opportunity Commission (“EEOC”), or from participating in any investigation or proceeding conducted by the EEOC. Further, nothing in this release or Agreement shall be deemed to limit Akebia’s right to seek immediate dismissal of such charge or complaint on the basis that your signing of this Agreement constitutes a full release of any individual rights under federal discrimination laws, or Akebia’s right to seek restitution or other legal remedies to the extent permitted by law of the economic benefits provided to you under this Agreement in the event that you successfully challenge the validity of this release and prevail in any claim under federal discrimination laws. 

6.       Affirmation of Release of Claims. On or promptly after the Separation Date, you agree to execute the affirmation attached as Exhibit A. You also acknowledge and agree that the release of claims in Section 5 shall be fully effective in the event that you fail or refuse to execute the affirmation, but that Akebia shall have no obligation to provide you with the Severance Pay and Benefits (that otherwise would be provided under Section 2 of this Agreement) not already provided as of the Separation Date until you execute the affirmation. 

7.       Miscellaneous. 

	
(i)
	
This Agreement supersedes any and all prior oral and/or written agreements, and sets forth the entire agreement between Akebia and you in respect of your separation from Akebia, except for (a) your Restrictive Covenants Agreement and (b) the Consulting Agreement. For the avoidance of doubt, your Executive Severance Agreement shall be superseded in its entirety by this Agreement and shall no longer be of any force or affect. 

 

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(ii)
	
No variations or modifications hereof shall be deemed valid unless reduced to writing and signed by Akebia and you. 

	
(iii)
	
The provisions of this Agreement are severable, and if for any reason any part hereof shall be found to be unenforceable, the remaining provisions shall be enforced in full. 

	
(iv)
	
The validity, interpretation and performance of this Agreement, and any and all other matters relating to your employment and separation of employment from Akebia, shall be governed by and construed in accordance with the internal laws of the State of Ohio, without giving effect to conflict of law principles. 

	
(v)
	
The payments and entitlements provided for under this Agreement are intended to qualify for the short-term deferral exception to Section 409A of the Internal Revenue Code of 1986 (the “Code”) as described in Treasury regulation Section 1.409A-l(b)(4) to the maximum extent possible, and to the extent they do not so qualify, they are intended to qualify for the separation pay plan exception to Section 409A of the Code as described in Treasury regulation Section 1.409A- l(b)(9)(iii) to the maximum extent possible. Notwithstanding any provision of this Agreement to the contrary, if at the time of your separation from service (as defined below) you are a specified employee (as defined below), as determined by the Company, any and all amounts payable in connection with such separation from service that constitute deferred compensation subject to Code Section 409A, as determined by the Company, and that would otherwise be payable within six (6) months following such separation from service, shall instead be paid on the date that follows the date of such separation from service by six (6) months (or, if earlier, upon your death). For purposes of this Agreement, all references to “termination of employment” and correlative phrases shall be construed to require a “separation from service” (as defined in Section 1.409A-l(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term “specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-l(i). Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments. Any reimbursement for expenses that would constitute nonqualified deferred compensation subject to Section 409A of the Code shall be subject to the following additional rules: (a) no reimbursement of any such expense shall affect your right to reimbursement of any such expense in any other taxable year; (b) reimbursement of the expense shall be made, if at all, promptly, but not later than the end of the calendar year following the calendar year in which the expense was incurred; and (c) the right to reimbursement shall not be subject to liquidation or exchange for any other benefit. 

It is Akebia’s desire and intent to make certain that you fully understand the provisions and effects of this Agreement. To that end, you have been encouraged and given an opportunity to consult with legal counsel. By executing this Agreement, you are acknowledging that (a) you have been afforded sufficient time to understand the provisions and effects of this Agreement and to consult with legal counsel; (b) your agreements and obligations under this Agreement are made voluntarily, knowingly and without duress; and (c) neither Akebia nor its agents or representatives have made any representations inconsistent with the provisions of this Agreement. 

If the foregoing correctly sets forth our arrangement, please sign, date and return the enclosed copy of this Agreement to me at 245 First Street, Suite 1100, Cambridge, MA 02142 within the time frame set forth above. 

 

	
Very truly yours,

	
 

/s/ John P. Butler 

	
John P. Butler

	
President & Chief Executive Officer

 

	
Accepted and Agreed To:

	
 

/s/ Robert Shalwitz, M.D. 

	
Robert Shalwitz, M.D.

	
 

Dated: August 5, 2014

 

 

 

 

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EXHIBIT A 

AFFIRMATION OF RELEASE OF CLAIMS 

IN ORDER TO RECEIVE YOUR SEVERANCE PAY AND BENEFITS YOU MUST SIGN, DATE AND RETURN THIS AFFIRMATION TO NICOLE R. HADAS AT AKEBIA THERAPEUTICS, INC., 245 FIRST STREET, SUITE 1100, CAMBRIDGE, MA 02142, BUT ONLY AFTER YOUR SEPARATION DATE, AS THAT TERM IS DEFINED IN YOUR SEPARATION AGREEMENT DATED AUGUST 5, 2014. 

I hereby reaffirm in its entirety the provisions of the Separation Agreement with Akebia Therapeutics, Inc. dated August 5, 2014 signed by me including, without limitation, the release of claims contained in Section 5 of that Separation Agreement. 

 

	
Robert Shalwitz, M.D.

	
 

DATE:                        , 201    

 

 

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