Document:

Convertible Note Loan Agreement

 Exhibit 4.5 

CONVERTIBLE NOTE LOAN AGREEMENT 
  

					
	U.S. $10,000,000	 		 	Dated: September 9, 2011

 FOR VALUE RECEIVED, THE SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, the undersigned, CHEMOCENTRYX,
INC., a Delaware corporation (together with its permitted successors and assigns, the “Borrower”), hereby executes this Convertible Note Loan Agreement (the “Note”) and unconditionally promises to pay to the order
of TECHNE CORPORATION, a Minnesota corporation (together with its permitted successors and assigns, the “Holder”), the principal sum of TEN MILLION U.S. DOLLARS (U.S. $10,000,000), subject to adjustment as set forth herein, on the
Maturity Date (as defined below), unless earlier paid or converted in accordance with the terms hereof and Holder agrees to satisfy its obligations as set forth herein. Capitalized terms used herein and not otherwise defined shall have the meanings
they were assigned to have in Section 12 hereof. 
 1.        Interest; Default
Interest; Maturity; Events of Default. 
 (a)      Interest on the unpaid balance at a rate
of five percent (5%) per annum shall accrue from and after the date hereof and all accrued but unpaid interest shall be payable on each anniversary of the issuance of the Note, to the extent that the Note remains outstanding as of such dates.
All computations of interest shall be made on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable.

 (b)      Anything herein to the contrary notwithstanding, if during any period for which
interest is computed hereunder, the amount of interest computed on the basis provided for in this Note, together with all fees, charges and other payments that are treated as interest under applicable law, as provided for herein, would exceed the
amount of the highest lawful rate allowed in the State of California, Borrower shall not be obligated to pay, and the Holder shall not be entitled to charge, collect, receive, reserve or take, interest in excess of the highest lawful rate allowed in
the State of California, and during any such period the interest payable hereunder shall be computed on the basis of such highest lawful rate allowed in the State of California. 

(c)      Unless the outstanding principal amount and accrued but unpaid interest has already been
converted into shares of the capital stock of Borrower pursuant to Section 7, or paid in full, or earlier due and payable upon acceleration of this Note after an Event of Default, Borrower shall pay the outstanding principal amount of this Note
and any accrued but unpaid interest on September 9, 2021 (the “Maturity Date”). 

(d)      Upon the occurrence of an Event of Default, the principal amount then outstanding under this
Note, together with all accrued but unpaid interest thereon, if any, will be due and payable, as set forth herein. 

2.        Payment.  All payments hereunder shall be made, in lawful money of
the United States of America and in same day or immediately available funds and shall be delivered 

 
to Holder at the address specified in writing to Borrower, or at such other place or to such account as the Holder from time to time shall designate in a written notice to Borrower sent to
Borrower not fewer than thirty (30) days before the date any payment is due to Holder hereunder. 

3.        Prepayment.  Borrower may prepay the outstanding amount hereof in
whole or in part upon thirty (30) days’ prior written notice to Holder; provided, that if such prepayment occurs prior to a Non-IPO Equity Financing or IPO Equity Financing, in connection with any such prepayment, Borrower shall pay Holder
an additional amount equal to $500,000, subject to Section 1(b). 

4.        Expenses.  Borrower agrees to pay on demand all the losses, costs and
expenses (including, without limitation, reasonable attorneys’ fees and disbursements) which the Holder incurs in connection with enforcement or attempted enforcement of this Note, whether by judicial proceedings or otherwise. Such losses,
costs and expenses include, without limitation, those incurred in connection with any workout or refinancing, or any bankruptcy, insolvency, liquidation or similar proceedings. 

5.        Waiver of Presentment, etc. 

(a)      Borrower hereby waives diligence, demand, presentment, protest or further notice of any kind.
Borrower agrees to make all payments under this Note without setoff or deduction and regardless of any counterclaim or defense. 
 (b)      No single or partial exercise of any power under this Note shall preclude any other or further exercise of such power or exercise of any other power. No delay or
omission on the part of the Holder in exercising any right under this Note shall operate as a waiver of such right or any other right hereunder. 
 6.      Assignment. Borrower may assign or transfer this Note only with the express written consent of Holder. This Note shall be binding on Borrower and its permitted
successors and assigns, and shall be binding upon and inure to the benefit of the Holder and any future holder of this Note and their respective permitted successors and assigns. 

7.        Conversion. 

(a)      In the event Borrower, prior to the Maturity Date, completes a Non-IPO Equity Financing, the
principal amount then outstanding under this Note together with all accrued but unpaid interest thereon (the “Initial Conversion Amount”), shall be automatically converted into that number of fully paid and nonassessable New Equity
Shares as is equal to the Initial Conversion Amount divided by eighty percent (80%) of the per share purchase price of the New Equity Shares (the “Per Share Price”); provided, however, that only such dollar amount
of the Initial Conversion Amount may be converted into New Equity Shares such that Holder will not own a percentage ownership of Borrower in excess of the Ownership Limitation and the balance shall remain outstanding. The New Equity Shares issued to
Holder upon conversion of the Initial Conversion Amount in accordance with this paragraph shall have the same rights, preferences and privileges, including without limitation registration rights, as the New Equity Shares purchased by the investors
in the Non-IPO Equity Financing, and Holder shall execute a 

 
counterpart to the relevant transaction documents entered into among Borrower and the purchasers of the New Equity Shares, including any registration rights agreements, shareholders agreement and
voting agreements, as applicable (collectively, the “New Equity Shares Financing Documents”). 

(b)      In the event Borrower, prior to the Maturity Date, completes any additional Non-IPO Equity
Financings subsequent to an initial Non-IPO Equity Financing in which shares of a class or series of Borrower’s capital stock are issued (a “Subsequent Equity Financing” and together with the initial Non-IPO Equity Financing, a
“Private Equity Financing”), the principal amount then outstanding under this Note together with all accrued but unpaid interest thereon (the “Subsequent Conversion Amount” and together with the Initial Conversion
Amount, the “Conversion Amount”), shall be automatically converted into that number of fully paid and nonassessable shares of the class or series of Borrower’s capital stock sold in the Subsequent Equity Financing (the
“Subsequent Equity Shares”) as is equal to the Subsequent Conversion Amount divided by eighty percent (80%) of the per share purchase price of the Subsequent Equity Shares (the “Subsequent Per Share Price”);
provided, however, that only such dollar amount of the Subsequent Conversion Amount may be converted into Subsequent Equity Shares as will not result in a percentage ownership by Holder of Borrower in excess of the Ownership Limitation
and the balance shall remain outstanding. The Subsequent Equity Shares issued to Holder upon conversion of the Subsequent Conversion Amount in accordance with this paragraph shall have the same rights, preferences and privileges, including without
limitation registration rights, as the Subsequent Equity Shares purchased by the investors in the Subsequent Equity Financing, and Holder shall execute a counterpart to the relevant transaction documents entered into among Borrower and the
purchasers of the Subsequent Equity Shares, including any registration rights agreements, shareholders agreement and voting agreements, as applicable (collectively, the “Subsequent Equity Shares Financing Documents”). For the
avoidance of doubt, any private placement of Borrower’s Common Shares with Holder pursuant to Section 11 hereof shall not constitute a Private Equity Financing for purposes of this Section 7. 

(c)      In the event Borrower, prior to the Maturity Date, completes an IPO Equity Financing, the
principal amount then outstanding under this Note together with all accrued but unpaid interest thereon (the “IPO Conversion Amount”) shall be automatically converted into that number of fully paid and nonassessable Common Shares of
Borrower as is equal to the IPO Conversion Amount divided by the initial public offering price per share of the Company’s Common Stock in such IPO Equity Financing (the “Per Share Price”). The Common Shares issued to Holder
upon conversion of the IPO Conversion Amount in accordance with this paragraph shall have the same rights, preferences and privileges, including without limitation registration rights, as the Common Shares purchased by the public in the IPO Equity
Financing. 
 (d)      Written notice of a Private Equity Financing or IPO Equity Financing shall
be delivered to the Holder at least five (5) business days in advance of the anticipated closing date of such equity financing (the “Conversion Date”), at the address for notice set forth in the manner below, notifying the
Holder of the conversion to be effected, including specifying (i) the anticipated Conversion Amount or IPO Conversion Amount (as of the anticipated Conversion Date), (ii) the Per Share Price, Subsequent Per Share Price or initial public
offering price, as the case may be, to the extent available and, if no such price per share is available, the 

 
anticipated range for such price per share, (iii) a definitive term sheet setting forth the anticipated rights, preferences, privileges and terms and conditions of issuance and sale of the
New Equity Shares, Subsequent Equity Shares or Common Stock, as the case may be, and (iv) the anticipated Conversion Date. As soon as feasible but in no event less than two (2) business days in advance of the Conversion Date, Borrower
shall deliver to Holder, at the address for notice set forth below, definitive (or, if definitive documents do not then exist, substantially final drafts of the) New Equity Shares Financing Documents or Subsequent Equity Shares Financing Documents,
as the case may be, to the extent applicable. This Note shall automatically convert on the Conversion Date into that number of New Equity Shares, Subsequent Equity Shares or Common Shares, as the case may be, permitted under Sections 7(a), 7(b) or
7(c) above without any further action by the Holder hereof. No fraction of a share will be issued and only whole shares of the New Equity Shares, Subsequent Equity Shares or Common Shares shall be issued upon conversion. In lieu of any fractional
share to which Holder would otherwise be entitled, the amount of the unconverted principal and interest balance of this Note that would otherwise be converted into such fractional shares shall be paid in cash by Borrower. As promptly as practicable
after any conversion of this Note, Borrower, at its sole expense, shall issue and deliver to the Holder a certificate or certificates evidencing the number of full New Equity Shares, Subsequent Equity Shares or Common Shares, as the case may be,
issuable to Holder upon any such conversion and shall issue any necessary payment to Holder in the amount of any fractional shares. 
 (e)      Any conversion of this Note shall be deemed effective on the Conversion Date. Upon partial conversion of this Note, Borrower shall promptly provide a certificate,
executed by its chief financial officer, certifying as to the principal balance of the Note that remains outstanding, which shall be an amount equal to the total Conversion Amount less the Conversion Amount fully converted. If the Holder shall
disagree with the principal balance of the Note set forth in the certificate, it shall notify Borrower of such disagreement in writing, setting forth in reasonable detail the particulars of such disagreement, within fifteen (15) calendar days
after its receipt of the certificate. In the event that the Holder does not provide such a notice of disagreement to Borrower within such fifteen (15)-day period, the Holder shall be deemed to have accepted the calculation of the principal balance
of the Note, which shall be final, binding and conclusive for all purposes hereunder. In the event of any such disagreement, the Borrower and Holder shall negotiate, in good faith, a resolution of such disagreement. If, after thirty (30) days
following Borrower’s receipt of the notice of disagreement, the Borrower and the Holder have not reached a mutually acceptable resolution, the Borrower and the Holder may pursue any available legal remedies to resolve the disagreement.

 8.        Sale of the Company. 

(a)      In the event of a Sale of the Company, at the Holder’s election, (i) this Note,
including all interest accrued and unpaid hereunder (plus the prepayment penalty pursuant to Section 3 hereof, if the Sale of the Company occurs prior to a Non-IPO Equity Financing or IPO Equity Financing) shall become due and payable
immediately prior to the consummation of the Sale of the Company or (ii) immediately prior to the consummation of the Sale of the Company, the principal amount then outstanding under this Note together with all accrued but unpaid interest
thereon (the “Sale Conversion Amount”) shall be automatically converted into that number of fully paid and nonassessable shares of the Borrower’s Common Stock as is equal

 
to the Sale Conversion Amount, divided by the per share price to be received by the holders of the Borrower’s Common Stock in the Sale of the Company (the “Sale
Consideration”). 
 (b)      Written notice of a Sale of the Company shall be delivered
to the Holder at least fifteen (15) days in advance of the anticipated closing date of such Sale of the Company (the “Sale Date”), at the address for notice set forth in the manner below, notifying the Holder of the Sale of the
Company, including specifying (i) the Sale Consideration to the extent available and, if the final Sale Consideration is not available, the anticipated range for such Sale Consideration, (ii) a definitive term sheet setting forth the
anticipated terms of the Sale of the Company, and (iii) the anticipated Sale Date. As soon as feasible but in no event less than five (5) business days in advance of the anticipated Sale Date, Borrower shall deliver to Holder, at the
address for notice set forth below, definitive (or, if definitive documents do not then exist, substantially final drafts of the) definitive documents for the Sale of the Company. At least two (2) business days prior to the anticipated Sale
Date, the Holder shall provide the Borrower with notice of its election under Section 8(a). 

(c)      If the Holder elects (i) in Section 8(a), then the aggregate amount payable under
(i) above shall be paid to the Holder upon the consummation of the Sale of the Company. If the Holder elects (ii) in Section 8(a), then this Note shall automatically convert on the Sale Date without any further action by the Holder
hereof and the Holder shall receive the Sale Consideration for the shares into which the Note has converted. 

(d)      As used herein, “Sale of the Company” means (i) any sale, transfer or other
disposition to another company of all or substantially all of the Borrower’s assets, (ii) the sale of shares of the Borrower resulting in more than 50% of the voting power of the Borrower or of the surviving entity being vested in persons
other than the persons who own 50% or more of the voting power of the Borrower immediately prior to the effectiveness of such transaction, or (iii) a merger or consolidation of the Borrower resulting in more than 50% of the voting power of the
Borrower or of the surviving entity being vested in persons other than the persons who own 50% or more of the voting power of the Borrower immediately prior to the effectiveness of such transaction. 

9.        Warrants.  Upon the occurrence of the conversion of any portion of
the Conversion Amount or IPO Conversion Amount pursuant to Section 7 hereof, the Holder will receive warrants with a ten-year term to purchase shares of the Borrower’s Common Stock (the “Warrants”) as set forth herein. In
the event that such conversion occurs in connection with a Non-IPO Equity Financing, then the Warrants issuable in connection with such conversion will entitle Holder to purchase up to a number of shares of the Borrower’s Common Stock equal to
the product of (i) two hundred thousand (200,000) (provided that such amount shall be equitably adjusted for stock splits, combinations, dividends and the like applicable to the Borrower’s capital stock occurring after the date
hereof) and (ii) a fraction equal to (A) the principal amount of this note which is being converted at such time divided by (B) the sum of the outstanding principal amount of the Note at such time and all principal amounts of the Note
previously converted pursuant to Section 7 hereof, at an exercise price per share equal to two hundred percent (200%) of the per share purchase price of the New Equity Shares sold in such Non-IPO Equity Financing. In the event that such
conversion occurs in connection with an IPO Equity Financing, then such Warrants will entitle Holder to purchase up to a number of shares of the 

 
Borrower’s Common Stock equal to the product of (i) three hundred thousand (300,000) (provided that such amount shall be equitably adjusted for stock splits, combinations,
dividends and the like applicable to the Borrower’s capital stock occurring after the date hereof) and (ii) a fraction equal to (A) the principal amount of this note which is being converted at such time divided by (B) the sum of
the outstanding principal amount of the Note at such time and all principal amounts of the Note previously converted pursuant to Section 7 hereof, at an exercise price per share equal to two hundred percent (200%) of the initial public
offering price per share of the Company’s Common Stock in such IPO Equity Financing. The Warrants issued pursuant to this Section shall be in the form attached hereto as Exhibit A. 

10.      Investment Representations. 

(a)      This Note and the Warrants and any equity securities issuable upon conversion of this Note,
exercise of the Warrant, or in the Common Closing (defined below), or issuable upon conversion of the equity securities issuable upon conversion of this Note or exercise of the Warrant (collectively, the “Securities”) will be
acquired for investment for the Holder’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and the Holder has no present intention of selling, granting any participation in, or
otherwise distributing the same. By executing this Note, the Holder further represents that the Holder does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations, to such person or to
any third person, with respect to any of such Securities). 
 (b)      Holder believes it has
received all the information necessary or appropriate for deciding whether to acquire such Securities. Holder further represents that it has had an opportunity to ask questions and receive answers from the Borrower regarding the terms and conditions
of the offering of such Securities. 
 (c)      Holder is an investor in securities of companies
in the development stage and acknowledges that Holder is able to fend for itself, can bear the economic risk of its investment and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and
risks of the investment in such Securities. 
 (d)      Holder is an “accredited
investor” within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), as now in effect. 
 (e)      Holder understands that the Securities are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired
from the Company in a transaction not involving a public offering and that under such laws and applicable regulations the Securities may be resold without registration under the Securities Act only in certain limited circumstances. In connection
therewith, Holder represents that it is familiar with Rule 144 under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. 

(f)      Each certificate or other document evidencing any of the Securities may be endorsed with one or
all of the legends set forth below, and Holder covenants that it will not 

 
transfer the Securities represented by any such certificate without complying with the restrictions on transfer described in the legends endorsed on such certificate: 

 

	 	(i)	“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED ABSENT AN EFFECTIVE REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION, OR AN OPINION OF COUNSEL SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.” 

  

	 	(ii)	Any legend required by the laws of any State. 

 (g)      THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE
ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE
CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 
 11.        Private Placement Concurrent with IPO.  Holder agrees to purchase an aggregate amount of FIVE MILLION U.S. DOLLARS (U.S. $5,000,000) of
the Borrower’s Common Shares at a per share price equal to the per share initial public offering price in a private placement closing (the “Common Closing”) to be held concurrently with the closing of the IPO Equity Financing.
At the Common Closing the Borrower shall deliver to Holder one or more Common Stock certificates, in accordance with Holder’s reasonable request. Each such certificate shall be registered in the name of Holder or one of its affiliates as Holder
shall instruct. The Borrower’s obligation to issue and deliver such shares at the Common Closing shall be subject to the following conditions, any of which may be waived by the Borrower: (i) receipt by the Borrower of a certified or
official bank check or checks or wire transfer of funds in the full amount of the purchase price for the Common Shares; (ii) the accuracy in all material respects of the representations of Holder made herein as of the Common Closing;
(iii) execution by Holder of a private placement purchase agreement containing customary purchaser representations and standstill provisions; (iv) no judgment, decree, injunction, order or ruling of any court or governmental or regulatory
body would be violated by the consummation of the transaction; and (v) all authorizations, approvals, or permits, if any, of any governmental authority or regulatory body which are legally required shall have been obtained and be effective.
Holder’s obligations to purchase the Common Shares at the Common Closing shall be subject to the following conditions, any of which may be waived by Holder: (i) the receipt by 

 
Holder of one or more certificates representing the Common Shares; and (ii) execution by the Borrower of a private placement purchase agreement containing customary issuer representations.
Holder acknowledges that the Common Shares will not be registered and will be appropriately legended as restricted stock. It is the intent of the Borrower and Holder that the Common Shares purchased hereunder be treated as “Registrable
Securities” pursuant to the Investors Rights Agreement. Unless previously satisfied in accordance with the terms of this Section, Holder’s obligation to purchase Common Shares at the Common Closing shall expire on the earlier of
(i) September 9, 2021 or (ii) a Sale of the Company. 
 12.      Defined
Terms. 
 “Event of Default” shall mean any of the following events after receipt of written notice and
five (5) business days for Borrower to cure any such Event of Default (other than with respect to subparagraphs (c) and (d) below, for which such cure period shall not be applicable): 

(a)      Borrower’s failure to pay when due any payment of principal or interest due
under this Note; 
 (b)      Borrower’s failure to perform or observe any of
the material terms or conditions of this Note or any of the material terms or conditions of any other agreement between Borrower and Holder; 
 (c)      The making by Borrower of any assignment for the benefit of creditors or the voluntary appointment (at the request or with the consent of Borrower) of a receiver,
custodian, liquidator or trustee in bankruptcy of any of Borrower’s property, or the filing by Borrower of a petition in bankruptcy or other similar proceeding under any law for relief of debtors; 

(d)      The filing against Borrower of a petition in bankruptcy or other similar
proceeding under any law for relief of debtors, or the involuntary appointment of a receiver, custodian, liquidator or trustee in bankruptcy of the property of Borrower, if such petition or appointment is not vacated or discharged within sixty
(60) calendar days after the filing or making thereof; or 
 (e)      The
entry of any decree or order by a court of competent jurisdiction adjudging the Borrower insolvent. 
 “IPO Equity
Financing” means an underwritten public offering by the Borrower of its Common Shares registered under the Securities Exchange Act of 1933, as amended, pursuant to which the Borrower receives aggregate gross proceeds of at least
$20,000,000. 
 “New Equity Shares” means the shares of Common Stock or Preferred Stock of Borrower issued
pursuant to the Non-IPO Equity Financing. 
 “Non-IPO Equity Financing” means an equity financing of Borrower
occurring following the date hereof other than an underwritten public offering registered under the Securities Exchange Act of 1933, as amended, pursuant to which the Borrower receives 

 
aggregate gross proceeds of at least $5,000,000, not including any deemed proceeds as a result of the conversion of this Note or any other convertible notes or securities. 

“Ownership Limitation” means that percentage ownership, which shall be set at Holder’s current ownership
percentage of 16.5% (or such higher ownership percentage not to exceed 19.9% following compliance with the procedures set forth in Section 2.3 of Borrower’s existing Amended and Restated Investors Rights Agreement), above which the equity
ownership of Techne Corporation in Borrower (based on the total number of voting shares of Borrower then issued and outstanding) may not exceed upon conversion (in connection with an equity financing) or repayment of any principal amount of this
Note. 
 13.      Termination of Obligations.  Except as set forth in Sections 9
and 11 hereof, upon payment and/or conversion in full of the principal amount then outstanding, the Holder shall have no further rights under this Note, whether or not this Note is surrendered. 

14.      Titles and Subtitles.  The titles and subtitles used in this Note are used for
convenience only and are not to be considered in construing or interpreting this Note. 

15.      Notices.      All payments, notices, requests, demands and
other communications to a party hereunder shall be in writing (including facsimile or similar electronic transmissions), shall refer specifically to this Note and shall be personally delivered or sent by facsimile or other electronic transmission,
overnight delivery with a nationally recognized overnight delivery service, in each case, if to the Borrower, to 850 Maude Avenue, Mountain View, CA 94043, and if to the Holder, to 614 McKinley Place, N.E., Minneapolis, MN 55413, Attention: Chief
Financial Officer (or such other address as may be specified in writing to the other party hereto). Any notice or communication given in conformity with this Section shall be deemed to be effective when received by the addressee, if delivered by
hand, facsimile or similar form of electronic transmission and one (1) day after deposit with a nationally recognized overnight delivery service. 
 16.      Entire Agreement.  This Note and the Warrants constitute the entire agreement among the parties and no party shall be liable or bound to any other
party in any manner by any warranties, representations, or covenants except as specifically set forth herein or therein. 

17.      Amendment and Waiver.  No amendment or waiver of any provision of this Note, nor
any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 
 18.      Severability.  If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded from this
Note and the balance of the Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 
 19.      Counterparts.  This Note may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same Note. Facsimile or other electronically scanned and transmitted signatures shall be deemed originals for all purposes of this Note. 

 20.      Governing Law.  This Note shall be
construed in accordance with, and governed in all respects by, the laws of the State of California (without giving effect to principles of conflicts of laws that would require the application of any other law). 

 Executed as of the date first written above. 

 

							
		 		 	 CHEMOCENTRYX, INC.,

a Delaware corporation

			
		 		 	By:     /s/ Susan
Kanaya                                
		 		 	Name: Susan Kanaya
		 		 	Title: Chief Financial Officer
			
		 		 	 TECHNE CORPORATION,

a Minnesota corporation

			
		 		 	By:     /s/ Gregory J. Melsen                
          
		 		 	Name: Gregory J. Melsen
		 		 	 Title: Vice President – Finance, Treasurer and Chief
 Financial Officer

 Exhibit A 
 Form of WarrantAmended and Restated 1997 Stock Option /Stock issuance Plan

 Exhibit 10.1 
 CHEMOCENTRYX, INC. 
 AMENDED AND RESTATED 1997 STOCK OPTION/STOCK
ISSUANCE PLAN 
 ARTICLE ONE  
 GENERAL PROVISIONS 
  

	 	I.	PURPOSE OF THE PLAN 

 This
1997 Stock Option/Stock Issuance Plan is intended to promote the interests of ChemoCentryx, Inc., a Delaware corporation, by providing eligible persons in the Corporation’s employ or service with the opportunity to acquire a proprietary
interest, or otherwise increase their proprietary interest, in the Corporation as an incentive for them to continue in such employ or service. 
 Capitalized terms herein shall have the meanings assigned to such terms in the attached Appendix. 
  

	 	II.	STRUCTURE OF THE PLAN 

 A.
The Plan shall be divided into two (2) separate equity programs: 
 (i) the Option Grant Program under
which eligible persons may, at the discretion of the Plan Administrator, be granted options to purchase shares of Common Stock, and 
 (ii) the Stock Issuance Program under which eligible persons may, at the discretion of the Plan Administrator, be issued shares of Common Stock directly, either through the immediate purchase of such
shares or as a bonus for services rendered the Corporation (or any Parent or Subsidiary). 
 B. The provisions of Articles One
and Four shall apply to both equity programs under the Plan and shall accordingly govern the interests of all persons under the Plan. 
  

	 	III.	ADMINISTRATION OF THE PLAN 

A. The Plan shall be administered by the Board. However, any or all administrative functions otherwise exercisable by the Board may be
delegated to the Committee. Members of the Committee shall serve for such period of time as the Board may determine and shall be subject to removal by the Board at any time. The Board may also at any time terminate the functions of the Committee and
reassume all powers and authority previously delegated to the Committee. 
 B. The Plan Administrator shall have full power and
authority (subject to the provisions of the Plan) to establish such rules and regulations as it may deem appropriate for 

 
proper administration of the Plan and to make such determinations under, and issue such interpretations of, the Plan and any outstanding options thereunder as it may deem necessary or advisable.
Decisions of the Plan Administrator shall be final and binding on all parties who have an interest in the Plan or any option thereunder. 
  

	 	IV.	ELIGIBILITY 

 A. The
persons eligible to participate in the Plan are as follows: 
 (i) Employees, 

(ii) non-employee members of the Board or the non-employee members of the board of directors of any Parent or Subsidiary,
and 
 (iii) consultants and other independent advisors who provide services to the Corporation (or any Parent
or Subsidiary). 
 B. The Plan Administrator shall have full authority to determine, (i) with respect to the grants under
the Option Grant Program, which eligible persons are to receive the option grants, the time or times when those grants are to be made, the number of shares to be covered by each such grant, the status of the granted option as either an Incentive
Option or a Non-Statutory Option, the time or times when each option is to become exercisable, the vesting schedule (if any) applicable to the option shares and the maximum term for which the option is to remain outstanding, and (ii) with
respect to stock issuances under the Stock Issuance Program, which eligible persons are to receive such stock issuances, the time or times when such issuances are to be made, the number of shares to be issued to each Participant, the vesting
schedule (if any) applicable to the issued shares and the consideration to be paid by the Participant for such shares. 
 C. The
Plan Administrator shall have the absolute discretion either to grant options in accordance with the Option Grant Program or to effect stock issuances in accordance with the Stock Issuance Program. 

 

	 	V.	STOCK SUBJECT TO THE PLAN 

A. The stock issuable under the Plan shall be shares of authorized but unissued or reacquired Common Stock. The maximum number of shares
of Common Stock which may be issued over the term of the Plan shall not exceed 2,700,0001 shares. 
 B. Shares of Common Stock subject to outstanding options shall be
available for subsequent issuance under the Plan to the extent (i) the options expire or terminate for any reason prior to exercise in full or (ii) the options are cancelled in accordance with the cancellation-regrant provisions of Article
Two. Unvested shares issued under the Plan and subsequently repurchased by the Corporation, at the option exercise price or direct issue price paid per share, pursuant to the Corporation’s repurchase rights under the Plan shall be added

  

	1 	 Includes the 1,800,000 share increase authorized by the Board of Directors on June 10, 1999 and the 400,000 share increase authorized by the Board
on May 17, 2002. Both of these increases were approved by the Company’s stockholders. 

  
 2 

 
back to the number of shares of Common Stock reserved for issuance under the Plan and shall accordingly be available for reissuance through one or more subsequent option grants or direct stock
issuances under the Plan. 
 C. Should any change be made to the Common Stock by reason of any stock split, stock dividend,
recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration, appropriate adjustments shall be made to (i) the maximum
number and/or class of securities issuable under the Plan and (ii) the number and/or class of securities and the exercise price per share in effect under each outstanding option in order to prevent the dilution or enlargement of benefits
thereunder. The adjustments determined by the Plan Administrator shall be final, binding and conclusive. In no event shall any such adjustments be made in connection with the conversion of one or more outstanding shares of the Corporation’s
preferred stock into shares of Common Stock. 

  
 3 

 ARTICLE TWO 
 OPTION GRANT PROGRAM 
  

	 	I.	OPTION TERMS 

 Each option
shall be evidenced by one or more documents in the form approved by the Plan Administrator; provided, however, that each such document shall comply with the terms specified below. Each document evidencing an Incentive Option shall, in
addition, be subject to the provisions of the Plan applicable to such options. 
 A. Exercise Price. 

1. The exercise price per share shall be fixed by the Plan Administrator in accordance with the following provisions: 

(i) The exercise price per share shall not be less than eighty-five percent (85%) of the Fair Market Value per share
of Common Stock on the option grant date. 
 (ii) If the person to whom the option is granted is a 10%
Stockholder, then the exercise price per share shall not be less than one hundred ten percent (110%) of the Fair Market Value per share of Common Stock on the option grant date. 

2. The exercise price shall become immediately due upon exercise of the option and shall, subject to the provisions of Section I of
Article Four and the documents evidencing the option, be payable in cash or check made payable to the Corporation. Should the Common Stock be registered under Section 12 of the 1934 Act at the time the option is exercised, then the exercise
price may also be paid as follows: 
 (i) in shares of Common Stock held for the requisite period necessary to
avoid a charge to the Corporation’s earnings for financial reporting purposes and valued at Fair Market Value on the Exercise Date, or 
 (ii) to the extent the option is exercised for vested shares, through a special sale and remittance procedure pursuant to which the Optionee shall concurrently provide irrevocable instructions (A) to
a Corporation—designated brokerage firm to effect the immediate sale of the purchased shares and remit to the Corporation, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate exercise price payable
for the purchased shares plus all applicable Federal, state and local income and employment taxes required to be withheld by the Corporation by reason of such exercise and (B) to the Corporation to deliver the certificates for the purchased
shares directly to such brokerage firm in order to complete the sale. 
 Except to the extent such sale and remittance procedure
is utilized, payment of the exercise price for the purchased shares must be made on the Exercise Date. 

  
 4 

 B. Exercise and Term of Options. Each option shall be exercisable at such time or
times, during such period and for such number of shares as shall be determined by the Plan Administrator and set forth in the documents evidencing the option grant. However, no option shall have a term in excess of ten (10) years measured from
the option grant date. 
 C. Effect of Termination of Service. 

1. The following provisions shall govern the exercise of any options held by the Optionee at the time of cessation of Service or death:

 (i) Should the Optionee cease to remain in Service for any reason other than death, Disability or Misconduct,
then the Optionee shall have a period of three (3) months following the date of such cessation of Service during which to exercise each outstanding option held by such Optionee. 

(ii) Should Optionee’s Service terminate by reason of Disability, then the Optionee shall have a period of twelve
(12) months following the date of such cessation of Service during which to exercise each outstanding option held by such Optionee. 
 (iii) If the Optionee dies while holding an outstanding option, then the personal representative of his or her estate or the person or persons to whom the option is transferred pursuant to the
Optionee’s will or the laws of inheritance shall have a twelve (12)-month period following the date of the Optionee’s death to exercise such option. 
 (iv) Under no circumstances, however, shall any such option be exercisable after the specified expiration of the option term. 

(v) During the applicable post-Service exercise period, the option may not be exercised in the aggregate for more than the
number of vested shares for which the option is exercisable on the date of the Optionee’s cessation of Service. Upon the expiration of the applicable exercise period or (if earlier) upon the expiration of the option term, the option shall
terminate and cease to be outstanding for any vested shares for which the option has not been exercised. However, the option shall, immediately upon the Optionee’s cessation of Service, terminate and cease to be outstanding with respect to any
and all option shares for which the option is not otherwise at the time exercisable or in which the Optionee is not otherwise at that time vested. 
 (vi) Should Optionee’s Service be terminated for Misconduct, then all outstanding options held by the Optionee shall terminate immediately and cease to remain outstanding. 

  
 5 

 2. The Plan Administrator shall have the discretion, exercisable either at the time an
option is granted or at any time while the option remains outstanding, to: 
 (i) extend the period of time for
which the option is to remain exercisable following Optionee’s cessation of Service or death from the limited period otherwise in effect for that option to such greater period of time as the Plan Administrator shall deem appropriate, but in no
event beyond the expiration of the option term, and/or 
 (ii) permit the option to be exercised, during the
applicable post-Service exercise period, not only with respect to the number of vested shares of Common Stock for which such option is exercisable at the time of the Optionee’s cessation of Service but also with respect to one or more
additional installments in which the Optionee would have vested under the option had the Optionee continued in Service. 
 D.
Stockholder Rights. The holder of an option shall have no stockholder rights with respect to the shares subject to the option until such person shall have exercised the option, paid the exercise price and become the recordholder of the
purchased shares. 
 E. Unvested Shares. The Plan Administrator shall have the discretion to grant options which are
exercisable for unvested shares of Common Stock. Should the Optionee cease Service while holding such unvested shares, the Corporation shall have the right to repurchase, at the exercise price paid per share, any or all of those unvested shares. The
terms upon which such repurchase right shall be exercisable (including the period and procedure for exercise and the appropriate vesting schedule for the purchased shares) shall be established by the Plan Administrator and set forth in the document
evidencing such repurchase right. The Plan Administrator may not impose a vesting schedule upon any option grant or the shares of Common Stock subject to that option which is more restrictive than twenty percent (20%) per year vesting, with the
initial vesting to occur not later than one (1) year after the option grant date. However, such limitation shall not be applicable to any option grants made to individuals who are officers of the Corporation, non-employee Board members or
independent consultants. 
 F. First Refusal Rights. Until such time as the Common Stock is first registered under
Section 12 of the 1934 Act, the Corporation shall have the right of first refusal with respect to any proposed disposition by the Optionee (or any successor in interest) of any shares of Common Stock issued under the Plan. Such right of first
refusal shall be exercisable in accordance with the terms established by the Plan Administrator and set forth in the document evidencing such right. 
 G. Limited Transferability of Options. During the lifetime of the Optionee, the option shall be exercisable only by the Optionee and shall not be assignable or transferable other than by will or by
the laws of descent and distribution following the Optionee’s death. 
 H. Withholding. The Corporation’s
obligation to deliver shares of Common Stock upon the exercise of any options granted under the Plan shall be subject to the satisfaction of all applicable Federal, state and local income and employment tax withholding requirements. 

  
 6 

	 	II.	INCENTIVE OPTIONS 

 The
terms specified below shall be applicable to all Incentive Options. Except as modified by the provisions of this Section II, all the provisions of the Plan shall be applicable to Incentive Options. Options which are specifically designated as
Non-Statutory Options shall not be subject to the terms of this Section II. 
 A. Eligibility. Incentive Options may only
be granted to Employees. 
 B. Exercise Price. The exercise price per share shall not be less than one hundred percent
(100%) of the Fair Market Value per share of Common Stock on the option grant date. 
 C. Dollar Limitation. The
aggregate Fair Market Value of the shares of Common Stock (determined as of the respective date or dates of grant) for which one or more options granted to any Employee under the Plan (or any other option plan of the Corporation or any Parent or
Subsidiary) may for the first time become exercisable as Incentive Options during any one (1) calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000). To the extent the Employee holds two (2) or more such options
which become exercisable for the first time in the same calendar year, the foregoing limitation on the exercisability of such options as Incentive Options shall be applied on the basis of the order in which such options are granted. 

D. 10% Stockholder. If any Employee to whom an Incentive Option is granted is a 10% Stockholder, then the option term shall not
exceed five (5) years measured from the option grant date. 
  

	 	III.	CORPORATE TRANSACTION 

 A.
The shares subject to each option outstanding under the Plan at the time of a Corporate Transaction shall automatically vest in full so that each such option shall, immediately prior to the effective date of the Corporate Transaction, become fully
exercisable for all of the shares of Common Stock at the time subject to that option and may be exercised for any or all of those shares as fully-vested shares of Common Stock. However, the shares subject to an outstanding option shall not vest on
such an accelerated basis if and to the extent: (i) such option is assumed by the successor corporation (or parent thereof) in the Corporate Transaction and the Corporation’s repurchase rights with respect to the unvested option shares are
concurrently assigned to such successor corporation (or parent thereof) or (ii) such option is to be replaced with a cash incentive program of the successor corporation which preserves the spread existing on the unvested option shares at the
time of the Corporate Transaction and provides for subsequent payout in accordance with the same vesting schedule applicable to those unvested option shares or (iii) the acceleration of such option is subject to other limitations imposed by the
Plan Administrator at the time of the option grant. 
 B. All outstanding repurchase rights shall also terminate automatically,
and the shares of Common Stock subject to those terminated rights shall immediately vest in full, in the event of any Corporate Transaction, except to the extent: (i) those repurchase rights are assigned to the successor corporation (or parent
thereof) in connection with such Corporate Transaction or (ii) such accelerated vesting is precluded by other limitations imposed by the Plan Administrator at the time the repurchase right is issued. 

  
 7 

 C. Immediately following the consummation of the Corporate Transaction, all outstanding
options shall terminate and cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof). 
 D. Each option which is assumed in connection with a Corporate Transaction shall be appropriately adjusted, immediately after such Corporate Transaction, to apply to the number and class of securities
which would have been issuable to the Optionee in consummation of such Corporate Transaction, had the option been exercised immediately prior to such Corporate Transaction. Appropriate adjustments shall also be made to (i) the number and class
of securities available for issuance under the Plan following the consummation of such Corporate Transaction and (ii) the exercise price payable per share under each outstanding option, provided the aggregate exercise price payable for such
securities shall remain the same. 
 E. The Plan Administrator shall have the discretion, exercisable either at the time the
option is granted or at any time while the option remains outstanding, to provide for the automatic acceleration (in whole or in part) of one or more outstanding options (and the immediate termination of the Corporation’s repurchase rights with
respect to the shares subject to those options) upon the occurrence of a Corporate Transaction, whether or not those options are to be assumed in the Corporate Transaction. 
 F. The Plan Administrator shall also have full power and authority, exercisable either at the time the option is granted or at any time while the option remains outstanding, to structure such option so
that the shares subject to that option will automatically vest on an accelerated basis should the Optionee’s Service terminate by reason of an Involuntary Termination within a designated period (not to exceed eighteen (18) months)
following the effective date of any Corporate Transaction in which the option is assumed and the repurchase rights applicable to those shares do not otherwise terminate. Any option so accelerated shall remain exercisable for the fully-vested option
shares until the earlier of (i) the expiration of the option term or (ii) the expiration of the one (1)-year period measured from the effective date of the Involuntary Termination. In addition, the Plan Administrator may provide that one
or more of the outstanding repurchase rights with respect to shares held by the Optionee at the time of such Involuntary Termination shall immediately terminate on an accelerated basis, and the shares subject to those terminated rights shall
accordingly vest at that time. 
 G. The portion of any Incentive Option accelerated in connection with a Corporate Transaction
shall remain exercisable as an Incentive Option only to the extent the applicable One Hundred Thousand Dollar limitation is not exceeded. To the extent such dollar limitation is exceeded, the accelerated portion of such option shall be exercisable
as a Non-Statutory Option under the Federal tax laws. 
 H. The grant of options under the Plan shall in no way affect the right
of the Corporation to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 

  
 8 

	 	IV.	CANCELLATION AND REGRANT OF OPTIONS 

 The Plan Administrator shall have the authority to effect, at any time and from time to time, with the consent of the affected option holders, the cancellation of any or all outstanding options under the
Plan and to grant in substitution therefor new options covering the same or different number of shares of Common Stock but with an exercise price per share based on the Fair Market Value per share of Common Stock on the new option grant date.

  

	 	V.	ACCELERATION UPON DEATH OR DISABILITY 

 With respect to Optionees who are Employees, in the event of an Optionee’s termination of Service on account of death or Disability, that number of the Optionee’s unvested options that would
have become fully vested and exercisable over the twelve (12) months following the Optionee’s termination of Service under the vesting schedules applicable to such options had the Optionee remained continuously employed by or providing
Services to the Corporation during such period shall immediately become so vested and exercisable on the date of termination. 

  
 9 

 ARTICLE THREE 
 STOCK ISSUANCE PROGRAM 
  

	 	I.	STOCK ISSUANCE TERMS 

Shares of Common Stock may be issued under the Stock Issuance Program through direct and immediate issuances without any intervening
option grants. Each such stock issuance shall be evidenced by a Stock Issuance Agreement which complies with the terms specified below. 
 A. Purchase Price. 
 1. The purchase price per share shall be fixed by the
Plan Administrator but shall not be less than eighty-five percent (85%) of the Fair Market Value per share of Common Stock on the issue date. However, the purchase price per share of Common Stock issued to a 10% Stockholder shall not be less
than one hundred and ten percent (110%) of such Fair Market Value. 
 2. Subject to the provisions of Section I of Article
Four, shares of Common Stock may be issued under the Stock Issuance Program for any of the following items of consideration which the Plan Administrator may deem appropriate in each individual instance: 

(i) cash or check made payable to the Corporation, or 

(ii) past services rendered to the Corporation (or any Parent or Subsidiary). 

B. Vesting Provisions. 
 1. Shares of Common Stock issued under the Stock Issuance Program may, in the discretion of the Plan Administrator, be fully and immediately vested upon issuance or may vest in one or more installments
over the Participant’s period of Service or upon attainment of specified performance objectives. However, the Plan Administrator may not impose a vesting schedule upon any stock issuance effected under the Stock Issuance Program which is more
restrictive than twenty percent (20%) per year vesting, with initial vesting to occur not later than one (1) year after the issuance date. Such limitation shall not apply to any Common Stock issuances made to the officers of the
Corporation, non-employee Board members or independent consultants. 
 2. Any new, substituted or additional securities or
other property (including money paid other than as a regular cash dividend) which the Participant may have the right to receive with respect to the Participant’s unvested shares of Common Stock by reason of any stock dividend, stock split,
recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration shall be issued subject to (i) the same vesting requirements
applicable to the Participant’s unvested shares of Common Stock and (ii) such escrow arrangements as the Plan Administrator shall deem appropriate. 

  
 10 

 3. The Participant shall have full stockholder rights with respect to any shares of Common
Stock issued to the Participant under the Stock Issuance Program, whether or not the Participant’s interest in those shares is vested. Accordingly, the Participant shall have the right to vote such shares and to receive any regular cash
dividends paid on such shares. 
 4. Should the Participant cease to remain in Service while holding one or more unvested
shares of Common Stock issued under the Stock Issuance Program or should the performance objectives not be attained with respect to one or more such unvested shares of Common Stock, then those shares shall be immediately surrendered to the
Corporation for cancellation, and the Participant shall have no further stockholder rights with respect to those shares. To the extent the surrendered shares were previously issued to the Participant for consideration paid in cash or cash equivalent
(including the Participant’s purchase-money indebtedness), the Corporation shall repay to the Participant the cash consideration paid for the surrendered shares and shall cancel the unpaid principal balance of any outstanding purchase-money
note of the Participant attributable to such surrendered shares. 
 5. The Plan Administrator may in its discretion waive the
surrender and cancellation of one or more unvested shares of Common Stock (or other assets attributable thereto) which would otherwise occur upon the non-completion of the vesting schedule applicable to such shares. Such waiver shall result in the
immediate vesting of the Participant’s interest in the shares of Common Stock as to which the waiver applies. Such waiver may be effected at any time, whether before or after the Participant’s cessation of Service or the attainment or
non-attainment of the applicable performance objectives. 
 C. First Refusal Rights. Until such time as the Common Stock
is first registered under Section 12 of the 1934 Act, the Corporation shall have the right of first refusal with respect to any proposed disposition by the Participant (or any successor in interest) of any shares of Common Stock issued under
the Stock Issuance Program. Such right of first refusal shall be exercisable in accordance with the terms established by the Plan Administrator and set forth in the document evidencing such right. 

 

	 	II.	CORPORATE TRANSACTION 

 A.
Upon the occurrence of a Corporate Transaction, all outstanding repurchase rights under the Stock Issuance Program shall terminate automatically, and the shares of Common Stock subject to those terminated rights shall immediately vest in full,
except to the extent: (i) those repurchase rights are assigned to the successor corporation (or parent thereof) in connection with such Corporate Transaction or (ii) such accelerated vesting is precluded by other limitations imposed by the
Plan Administrator at the time the repurchase right is issued. 
 B. The Plan Administrator shall have the discretionary
authority, exercisable either at the time the unvested shares are issued or any time while the Corporation’s repurchase rights with respect to those shares remain outstanding, to provide that those rights shall automatically terminate on an
accelerated basis, and the shares of Common Stock subject to those terminated rights shall immediately vest, in the event the Participant’s Service should subsequently terminate by reason of an Involuntary Termination within a designated period
(not to exceed eighteen (18) months) following the effective date of any Corporate Transaction in which those repurchase rights are assigned to the successor corporation (or parent thereof). 

  
 11 

	 	III.	SHARE ESCROW/LEGENDS 

Unvested shares may, in the Plan Administrator’s discretion, be held in escrow by the Corporation until the Participant’s
interest in such shares vests or may be issued directly to the Participant with restrictive legends on the certificates evidencing those unvested shares. 
  

	 	IV.	ACCELERATION UPON DEATH OR DISABILITY 

 With respect to Participants who are Employees, in the event of a Participant’s termination of Service on account of death or Disability, that number of the Participant’s unvested shares of
Common Stock issued under the Stock Issuance Program that would have become fully vested over the twelve (12) months following the Participant’s termination of Service under the vesting schedules applicable to such shares had the
Participant remained continuously employed by or providing Services to the Corporation during such period shall immediately become so vested on the date of termination. 

  
 12 

 ARTICLE FOUR 
 MISCELLANEOUS 
  

	 	I.	FINANCING 

 The Plan
Administrator may permit any Optionee or Participant to pay the option exercise price under the Discretionary Option Grant Program or the purchase price of shares issued under the Stock Issuance Program by delivering a full-recourse, interest
bearing promissory note payable in one or more installments. The terms of any such promissory note (including the interest rate and the terms of repayment) shall be established by the Plan Administrator in its sole discretion. In no event may the
maximum credit available to the Optionee or Participant exceed the sum of (i) the aggregate option exercise price or purchase price payable for the purchased shares (less the par value of those shares) plus (ii) any Federal, state and
local income and employment tax liability incurred by the Optionee or the Participant in connection with the option exercise or share purchase. 
  

	 	II.	EFFECTIVE DATE AND TERM OF PLAN 

 A. The Plan became effective when adopted by the Corporation’s Board of Directors on October 3, 1997 and was approved by the Corporation’s stockholders on November 14, 1997. The Plan
was amended by the Board on June 10, 1999 to increase the number of shares issuable thereunder by an additional 1,800,000 shares of Common Stock (the “1999 Amendment”). The 1999 Amendment was approved by the Corporation’s
stockholders on August 1, 1999. The Plan was further amended by the Board on May 17, 2002 to increase the number of shares issuable hereunder by an additional 400,000 shares of Common Stock (the “2002 Amendment”). The 2002
Amendment was approved by the Corporation’s stockholders on September 20, 2002. Subject to such limitation, the Plan Administrator may grant options and issue shares under the Plan at any time after the effective date of the Plan and
before the date fixed herein for termination of the Plan. 
 B. The Plan shall terminate upon the earliest of
(i) the expiration of the ten (10)-year period measured from the date the Plan is adopted by the Board, (ii) the date on which all shares available for issuance under the Plan shall have been issued as vested shares or (iii) the
termination of all outstanding options in connection with a Corporate Transaction. All options and unvested stock issuances outstanding at the time of a clause (i) termination event shall continue to have full force and effect in accordance
with the provisions of the documents evidencing such options or issuances. 
  

	 	III.	AMENDMENT OF THE PLAN 

 A.
The Board shall have complete and exclusive power and authority to amend or modify the Plan in any or all respects. However, no such amendment or modification shall adversely affect the rights and obligations with respect to options or unvested
stock issuances at the time outstanding under the Plan unless the Optionee or the Participant consents to such amendment or modification. In addition, certain amendments may require stockholder approval pursuant to applicable laws and regulations.

  
 13 

 B. Options may be granted under the Option Grant Program and shares may be issued under the
Stock Issuance Program which are in each instance in excess of the number of shares of Common Stock then available for issuance under the Plan, provided any excess shares actually issued under those programs shall be held in escrow until there is
obtained stockholder approval of an amendment sufficiently increasing the number of shares of Common Stock available for issuance under the Plan. If such stockholder approval is not obtained within twelve (12) months after the date the first
such excess issuances are made, then (i) any unexercised options granted on the basis of such excess shares shall terminate and cease to be outstanding and (ii) the Corporation shall promptly refund to the Optionees and the Participants
the exercise or purchase price paid for any excess shares issued under the Plan and held in escrow, together with interest (at the applicable Short Term Federal Rate) for the period the shares were held in escrow, and such shares shall thereupon be
automatically cancelled and cease to be outstanding. 
  

	 	IV.	USE OF PROCEEDS 

 Any cash
proceeds received by the Corporation from the sale of shares of Common Stock under the Plan shall be used for general corporate purposes. 
  

	 	V.	WITHHOLDING 

 The
Corporation’s obligation to deliver shares of Common Stock upon the exercise of any options or upon the vesting of any shares issued under the Plan shall be subject to the satisfaction of all applicable Federal, state and local income and
employment tax withholding requirements. 
  

	 	VI.	REGULATORY APPROVALS 

 The
implementation of the Plan, the granting of any options under the Plan and the issuance of any shares of Common Stock (i) upon the exercise of any option or (ii) under the Stock Issuance Program shall be subject to the Corporation’s
procurement of all approvals and permits required by regulatory authorities having jurisdiction over the Plan, the options granted under it and the shares of Common Stock issued pursuant to it. 

 

	 	VII.	NO EMPLOYMENT OR SERVICE RIGHTS 

 Nothing in the Plan shall confer upon the Optionee or the Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of
the Corporation (or any Parent or Subsidiary employing or retaining such person) or of the Optionee or the Participant, which rights are hereby expressly reserved by each, to terminate such person’s Service at any time for any reason, with or
without cause. 
  

	 	VIII.	FINANCIAL REPORTS 

 The
Corporation shall deliver a balance sheet and an income statement at least annually to each individual holding an outstanding option under the Plan, unless such individual is a key Employee whose duties in connection with the Corporation (or any
Parent or Subsidiary) assure such individual access to equivalent information. 

  
 14 

 APPENDIX 

The following definitions shall be in effect under the Plan: 
 A. Board shall mean the Corporation’s Board of Directors. 
 B.
Code shall mean the Internal Revenue Code of 1986, as amended. 
 C. Committee shall mean a
committee of two (2) or more Board members appointed by the Board to exercise one or more administrative functions under the Plan. 
 D. Common Stock shall mean the Corporation’s common stock. 
 E.
Corporate Transaction shall mean either of the following stockholder-approved transactions to which the Corporation is a party: 
 (i) a merger or consolidation in which securities possessing more than fifty percent (50%) of the total combined voting power of the Corporation’s outstanding securities are transferred to a
person or persons different from the persons holding those securities immediately prior to such transaction, or 

(ii) the sale, transfer or other disposition of all or substantially all of the Corporation’s assets in complete
liquidation or dissolution of the Corporation. 
 F. Corporation shall mean ChemoCentryx, Inc., a Delaware
corporation. 
 G. Disability shall mean the inability of the Optionee or the Participant to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment and shall be determined by the Plan Administrator on the basis of such medical evidence as the Plan Administrator deems warranted under the
circumstances. 
 H. Employee shall mean an individual who is in the employ of the Corporation (or any Parent or
Subsidiary), subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance. 
 I. Exercise Date shall mean the date on which the Corporation shall have received written notice of the option exercise. 

J. Fair Market Value per share of Common Stock on any relevant date shall be determined in accordance with the following
provisions: 
 (i) If the Common Stock is at the time traded on the Nasdaq National Market, then the Fair Market
Value shall be the closing selling price per share of Common Stock on the date in question, as such price is reported by the National Association of Securities Dealers on the Nasdaq National Market. 

  
 1 

 If there is no closing selling price for the Common Stock on the date in question, then the
Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 
 (ii) If the Common Stock is at the time listed on any Stock Exchange, then the Fair Market Value shall be the closing selling price per share of Common Stock on the date in question on the Stock Exchange
determined by the Plan Administrator to be the primary market for the Common Stock, as such price is officially quoted in the composite tape of transactions on such exchange. If there is no closing selling price for the Common Stock on the date in
question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 
 (iii) If the Common Stock is at the time neither listed on any Stock Exchange nor traded on the Nasdaq National Market, then the Fair Market Value shall be determined by the Plan Administrator after
taking into account such factors as the Plan Administrator shall deem appropriate. 
 K. Incentive Option shall
mean an option which satisfies the requirements of Code Section 422. 
 L. Involuntary Termination shall mean
the termination of the Service of any individual which occurs by reason of: 
 (i) such individual’s
involuntary dismissal or discharge by the Corporation for reasons other than Misconduct, or 
 (ii) such
individual’s voluntary resignation following (A) a change in his or her position with the Corporation which materially reduces his or her duties and responsibilities or the level of management to which he or she reports, (B) a
reduction in his or her level of compensation (including base salary, fringe benefits and target bonuses under any corporate performance-based bonus or incentive programs) by more than fifteen percent (15%) or (C) a relocation of such
individual’s place of employment by more than fifty (50) miles, provided and only if such change, reduction or relocation is effected without the individual’s consent. 

M. Misconduct shall mean the commission of any act of fraud, embezzlement or dishonesty by the Optionee or Participant, any
unauthorized use or disclosure by such person of confidential information or trade secrets of the Corporation (or any Parent or Subsidiary), or any other intentional misconduct by such person adversely affecting the business or affairs of the
Corporation (or any Parent or Subsidiary) in a material manner. The foregoing definition shall not be deemed to be inclusive of all the acts or omissions which the Corporation (or any Parent or Subsidiary) may consider as grounds for the dismissal
or discharge of any Optionee, Participant or other person in the Service of the Corporation (or any Parent or Subsidiary). 
 N.
1934 Act shall mean the Securities Exchange Act of 1934, as amended. 

  
 2 

 O. Non-Statutory Option shall mean an option not intended to satisfy the
requirements of Code Section 422. 
 P. Option Grant Program shall mean the option grant program in effect
under the Plan. 
 Q. Optionee shall mean any person to whom an option is granted under the Plan. 

R. Parent shall mean any corporation (other than the Corporation) in an unbroken chain of corporations ending with the
Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of
the other corporations in such chain. 
 S. Participant shall mean any person who is issued shares of Common Stock
under the Stock Issuance Program. 
 T. Plan shall mean the Corporation’s 1997 Stock Option/Stock Issuance
Plan, as set forth in this document. 
 U. Plan Administrator shall mean either the Board or the Committee acting
in its capacity as administrator of the Plan. 
 V. Service shall mean the provision of services to the
Corporation (or any Parent or Subsidiary) by a person in the capacity of an Employee, a non-employee member of the board of directors or a consultant or independent advisor, except to the extent otherwise specifically provided in the documents
evidencing the option grant. 
 W. Stock Exchange shall mean either the American Stock Exchange or the New York
Stock Exchange. 
 X. Stock Issuance Agreement shall mean the agreement entered into by the Corporation and the
Participant at the time of issuance of shares of Common Stock under the Stock Issuance Program. 
 Y. Stock Issuance
Program shall mean the stock issuance program in effect under the Plan. 
 Z. Subsidiary shall mean any
corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing
fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

  
 3 

 AA. 10% Stockholder shall mean the owner of stock (as determined under Code
Section 424(d)) possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Corporation (or any Parent or Subsidiary). 

  
 4

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