Document:

Exhibit

Exhibit 10.4

	
		
	 
	 

	 
	

Amendment Deed
Asset Sale and Share Subscription Agreement and MRL Kemerton ASA
Wodgina Project

⎯
Wodgina Lithium Pty Ltd 
Albemarle Wodgina Pty Ltd
Mineral Resources Limited
Albemarle Corporation
Albemarle Lithium Pty Ltd
⎯

Details
	
		
	Date
	November 1, 2019

Parties
	
		
	Name
	Wodgina Lithium Pty Ltd

	ACN
	611 488 932

	Short form name
	Seller

	Notice details
	1 Sleat Road, Applecross WA  6153

	
		
	Name
	Albemarle Wodgina Pty Ltd

	ACN
	630 509 303

	Short form name
	Buyer

	Notice details
	Level 3, 25 National Circuit, Forrest, ACT 2603

	
		
	Name
	Mineral Resources Limited

	ACN
	118 549 910

	Short form name
	Seller Guarantor

	Notice details
	1 Sleat Road, Applecross WA  6153

	
		
	Name
	Albemarle Lithium Pty Ltd

	ACN
	618 095 471

	Short form name
	Albemarle Lithium

	Notice details
	Level 3, 25 National Circuit, Forrest, ACT 2603

	Name
	Albemarle Corporation

	Short form name
	Buyer Guarantor

	Notice details
	4250 Congress Street, Suite 900, Charlotte, NC 28209

Background
		
	A
	The Seller, Buyer, Seller Guarantor and Buyer Guarantor are party to the Agreement. 

		
	B
	The Seller, Buyer, Seller Guarantor, Buyer Guarantor and Albemarle lithium are party to the MRL Kemerton ASA.

		
	C
	The parties have agreed to amend the terms of the Agreement and the MRL Kemerton ASA on the terms of this deed.

	
		
	 
	Page 7

Agreed terms
		
	1.
	Defined terms

		
	1.1
	Defined terms

In this deed:
Agreement means the ‘Asset Sale and Share Subscription Agreement – Wodgina Project’ between the Seller, the Buyer, the Seller Guarantor and the Buyer Guarantor dated 14 December 2018, as amended. 
Execution Date means the date that the last party executes this deed. 
		
	1.2
	Terms used in Agreement

Except where defined in this deed, terms defined in the Agreement, where used in this deed, have the meaning given to them in the Agreement.
		
	1.3
	Interpretation

This deed must be interpreted in accordance with the interpretation clause contained in Schedule 1 of the Agreement.
		
	2.
	Variations

		
	2.1
	Variation to Agreement

With effect on and from the Execution Date, the Agreement is amended as follows:
		
	(a)
	a new clause 9.3(c) is inserted as follows: 

"Without limiting clause 9.3(b), the Buyer may register consent caveats under section 122(A)(2) of the Mining Act over the Tenements in respect of the Sale Interest pending registration of the Transfer Instruments, and the Seller consents to and will provide all assistance reasonably required to facilitate registration." 
		
	(b)
	paragraph (g) of the definition of “Transaction Documents” in ‘Schedule 1 – Dictionary’ is deleted; 

		
	(c)
	all references to “WLOPL” and “WLOPL Lithium Operations Pty Ltd” in the Agreement are replaced with “MARBL” and “MARBL Lithium Operations Pty Ltd” respectively.

		
	(d)
	clause 4(b) of ‘Schedule 15 – Kemerton Incomplete Infrastructure Commissioning’ is deleted; 

		
	(e)
	clauses 7.2(a)(i)(C), (D) and (J) are deleted;

		
	(f)
	clause 7.2(a)(i)(E) is deleted and replaced with the following:

“all forms required to transfer all Approvals which the Buyer or MARBL will be required to hold from Completion in connection with the Sale Interest, completed and executed by the Seller”
		
	(g)
	a new clause 9.7 is inserted as follows:

“Security interests
The Seller must give the Buyer: 
		
	(a)
	letters to the Department from, or on behalf of, the holders of each of the consent caveats in respect of the Tenements that are included as a Permitted Security Interest, stating that they have no objection to the transfer of the relevant Tenements to the Buyer and seeking the consent of the Warden pursuant to section 122D(1) of the Mining Act; and

	
		
	 
	Page 7

		
	(b)
	a duly executed deed of release in respect of the Sale Interest from any person holding a Security Interest over the Petroleum Pipeline Licences that is included as a Permitted Security Interest,

as soon as reasonably practicable after the Completion Date and in any event by 31 December 2019 (or such later date otherwise agreed by the parties, each acting reasonably).
The Seller indemnifies the Buyer from and against all Liabilities suffered or incurred by the Buyer in relation to a breach of the Seller's obligations under this clause 9.7.”
		
	(h)
	a new clause 9.8 is inserted as follows:

“No Called Sum at Completion
Notwithstanding anything to the contrary in this agreement (including, to avoid doubt, clauses 6.4, 7.2(a)(ii) and 7.3(b)), the parties acknowledge and agree that: 
(a)    no Called Sum will be payable by the Buyer or the Seller at Completion; and
		
	(b)
	the Initial Mine Plan and Budget may be approved or agreed at the first meeting of the “Management Committee” (as defined in the JVA) after Completion, after which MARBL may call a Called Sum determined by the Management Committee at that first meeting to be paid by the Buyer and the Seller in accordance with the approved or agreed Initial Mine Plan and Budget (or on such date as is otherwise agreed by the parties.”

		
	(i)
	the following is inserted at the end of the table in ‘Schedule 7 – Third Party Agreements’:

	
		
	Other

	40.
	General Services Agreement for the provision of Bulk Logistics Services between Process Minerals International Pty Ltd and Qube Bulk Pty Ltd dated 20 February 2019

 
; 
		
	(j)
	a new clause 9.9 is inserted as follows:

“The Seller must procure that the Buyer is given reasonable access to the Records after the Completion Date at reasonable times and on reasonable notice.”
		
	(k)
	a new clause 8.5 is inserted as follows:

“On the same day that the Completion Adjustment is paid under clause 8.4, the Seller must pay the Buyer the amount of the Equipment Adjustment as a decrease to the Purchase Price in consideration of the changes that have been made to the mobile equipment listed in Schedule 8 after the Execution Date.”;
		
	(l)
	a new definition of “Equipment Adjustment” in ‘Schedule 1 – Dictionary’ is inserted as follows;

“Equipment Adjustment means the amount of AU$3,590,148.29.”;
		
	(m)
	Schedule 8 of the Agreement is deleted and replaced with a new Schedule 8 as set out in Annexure A of this deed; and

		
	(n)
	a new clause 7.4(c) is inserted as follows:

“notwithstanding anything in this agreement (including this clause 7.4) to the contrary, the Seller will give to the Buyer executed deeds releasing any PPS Security to the extent of the Sale Interest in relation to the Mobile Equipment as soon as practicable after Completion.”.
		
	2.2
	Variation to MRL Kemerton ASA

With effect on and from the Execution Date, the MRL Kemerton ASA is amended on the following basis:

	
		
	 
	Page 7

		
	(a)
	clause 4.5(a) is amended by adding the words at the end of the clause “except for the Plant Services Agreement, the execution of which must be by 6 December 2019 (as or otherwise agreed by the parties, each acting reasonably)”;

		
	(b)
	the definition of “Plant Services Agreement” in ‘Schedule 1 – Dictionary’ is amended by replacing the words “at Completion” with the words “by 6 December 2019 (or as otherwise agreed by the parties, each acting reasonably)”; 

		
	(c)
	a new clause 4.5(c)(i)(F) is inserted as follows:

“provide for the cost principles outlined in Schedule 1 of the Amendment Deed between (amongst others) the parties dated 1 November 2019, which principles will also apply to the extent of any inconsistency in the Kemerton Sublease or the Kemerton Access Licence”. 
		
	(d)
	a new clause 4.5(c)(i)(G) is inserted as follows:

“provide for Albemarle Lithium to be able (at its cost) to upgrade the Kemerton Shared Assets for the purposes of the Kemerton Expansion Capacity and for the provision of reciprocal services to Albemarle Lithium, being substantially equivalent to those Albemarle Lithium will provide to WLOPL, to be provided to Albemarle Lithium by WLOPL (and WLPL and AWPL) in circumstances where the Plant Services Agreement is terminated so as to enable Albemarle Lithium to construct, commission and operate the Kemerton Expansion Capacity and upgrade the Kemerton Shared Assets for that purpose.”; and 
		
	(e)
	clause 19.2(f)(iii) is deleted and replaced with the following:

		
	“(iii)  
	the Additional Amount payable in respect of the Supplies noted in clause 19.2(f)(ii):

		
	(A)
	must be paid by the Recipient to the Supplier no later than the 19th day of the month following the end of the Tax Period in which the Supplier issues a Tax Invoice to the Recipient for each of those Supplies; and

		
	(B)
	shall be paid in Australian dollars (AUD$), converted using the exchange rate specified on the Tax Invoice issued by Albemarle Lithium to the Seller in accordance with clause 19.2(f)(ii).”

		
	2.3
	Continued force and effect of Agreement and MRL Kemerton ASA        

		
	(a)
	The parties agree that the Agreement:

		
	(i)
	will be read and construed subject to this deed; and

		
	(ii)
	except as amended under clause 2.1, continues in full force and effect.

		
	(b)
	The parties agree that the MRL Kemerton ASA:

		
	(i)
	will be read and construed subject to this deed; and

		
	(ii)
	except as amended under clause 2.2, continues in full force and effect.

		
	(c)
	The parties acknowledge that:

		
	(i)
	the terms of this deed effect an amendment to: 

		
	(A)
	the Agreement in accordance with the requirements of clause 27.5 of the Agreement; and

		
	(B)
	the MRL Kemerton ASA in accordance with the requirements of clause 23.6 of the MRL Kemerton ASA; and

		
	(ii)
	the amendments to the Agreement and the MRL Kemerton ASA (as applicable) in accordance with this deed result in a variation of the Agreement and the MRL Kemerton ASA (as applicable) and not a cancellation, termination or replacement of the Agreement or the MRL Kemerton ASA (as applicable). 

	
		
	 
	Page 7

		
	3.
	General

		
	3.1
	Counterparts

This deed may be executed in counterparts.  All executed counterparts constitute one document.
		
	3.2
	Governing law and jurisdiction

		
	(a)
	This deed is governed by the law applicable in Western Australia.  

		
	(b)
	Each party irrevocably and unconditionally submits to the exclusive jurisdiction of the courts of Western Australia including, for the avoidance of doubt, the Federal Court of Australia sitting in Western Australia.

		
	3.3
	Costs 

Each party is responsible for its own legal costs and fees in connection with the preparation, execution and registration of this deed. 
		
	3.4
	Severability

Part or all of any provision of this deed that is illegal or unenforceable may be severed from this deed and the remaining provisions of this deed continue in force.
		
	3.5
	Amendment

This deed can only be amended, supplemented, replaced or novated by another deed signed by the parties.

	
		
	 
	Page 7

Schedule 1– additional variations to MRL Kemerton ASA
	
			
	No.
	Cost item
	Cost allocation

	Service costs – same as TSA

	•

	Site employees
	Payroll costs.

	2.    
	Corporate services
	Payroll costs plus 10%.

	3.    
	Other expenses/liabilities incurred relating to the services (eg out of pocket expenses, travel and accommodation and holding the Kemerton Approvals / performing Kemerton Contracts (until transferred to JV))
	At cost.
Albemarle will hold approvals and be party to contracts including as agent for the JV (being the Manager or the participants directly), so ALB should be indemnified for all costs of such arrangements etc (other than to the extent it relates to the ALB expansion capacity, consistent with the principles below) - this is different to the TSA where MRL are simply providing employees to carry out work.

	Cost sharing - prior to the Kemerton Expansion Capacity being constructed

	4.    
	Rent under Lease
	JV to pay 100% of the rent attributable to the area of Trains 1 and 2 and the Kemerton Shared Assets.
ALB and JV to each pay 50% of the rent attributable to the area of Trains 3 - 5 (ie the Kemerton Expansion Capacity Area).
ALB proposes that the rent for the Kemerton Expansion Capacity Area should be split 50/50, on the basis that the JV will be using the area of the Kemerton Expansion Capacity and has a licence (for no consideration) to use the area under the terms of the Sublease. Further, ALB may not in fact develop the Kemerton Expansion Capacity (so the JV would continue to be able to use the area). 

	5.    
	Costs payable under the Easement (eg maintenance costs etc)
	JV to pay 100% of costs.

	6.    
	Costs of use of the Kemerton Shared Assets and other shared costs (eg payroll costs etc)
	JV to pay 100% of costs.

	Costs sharing - during construction of the Kemerton Expansion Capacity

	
		
	 
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	No.
	Cost item
	Cost allocation

	7.    
	Rent under Lease
	JV to pay 100% of the rent attributable to the area of Trains 1 and 2.
ALB to pay 100% of the rent attributable to the area of Trains 3 - 5 (ie the Kemerton Expansion Capacity Area).
Rent attributable to the area of Kemerton Shared Assets will be apportioned between the JV and ALB based on the current installed or under construction processing capacity attributable to each of the JV and ALB (ie if ALB is constructing 2 trains, the costs would be split 50:50, if ALB is constructing 1 train, ALB would bear 1/3 of the costs, and the JV 2/3).  
It is not possible to allocate costs based on production during the construction period, so it will be necessary to apportion based on processing capacity.

	8.    
	Costs payable under the Easement (maintenance costs etc)
	The costs will be apportioned between the JV and ALB based on the current installed or under construction processing capacity attributable to each of the JV and ALB.

	9.    
	Costs of use of the Kemerton Shared Assets and other shared costs (eg payroll costs)
	To the extent that any costs are directly attributable to the use by either the JV or ALB, the costs will be attributed based on that use. 
To the extent that any costs are unable to be directly attributed to the use by either the JV or ALB, the costs will be apportioned between the JV and ALB based on the current installed or under construction processing capacity attributable to each of the JV and ALB.

	Costs sharing - after the Kemerton Expansion Capacity being constructed

	10.    
	Rent under Lease
	JV to pay 100% of the rent attributable to the area of Trains 1 and 2.
ALB to pay 100% of the rent attributable to the area of Trains 3 - 5 (ie the Kemerton Expansion Capacity Area).
The rent attributable to the area of the Kemerton Shared Assets will be apportioned between the JV and ALB based on the production in a month attributable to each of the JV and ALB.

	11.    
	Costs payable under the Easement (maintenance costs etc)
	The costs will be apportioned between the JV and ALB based on the production in a month attributable to each of the JV and ALB.

	
		
	 
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	No.
	Cost item
	Cost allocation

	12.    
	Costs of use of the Kemerton Shared Assets and other share costs (eg payroll costs etc)
	There will be a minimum monthly payment payable by each of the JV and ALB. This is proposed to be a (to be determined) percentage (eg 10%) of the total monthly costs, calculated based on each party's share of the current installed processing capacity (ie ALB costs = Total Monthly Costs x 10% x (ALB Processing Capacity/Total Processing Capacity)). As there will still be costs incurred in relation to trains that are not producing in any month, the minimum payment is designed to ensure a party covers its fair share of the relevant costs (which would not be the case if costs were attributed purely based on production in a month). 
Other costs (after subtracting the minimum payments), will be calculated as follows: 
•
To the extent that any costs are directly attributable to the use by either the JV or ALB, the costs will be attributed based on that use. 
•    To the extent that any costs are unable to be directly attributed to the use by either the JV or ALB, the costs will be apportioned between the JV and ALB based on the production in a month attributable to each of the JV and ALB.

	
		
	 
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EXECUTED as a deed.

	
			
	Executed by Wodgina Lithium Pty Ltd ACN 611 488 932 in accordance with section 127 of the Corporations Act 2001 (Cth) by:
	 
	 

	/s/ Chris Ellison
	 
	/s/ Mark Wilson

	Signature of director
	 
	Signature of director/secretary

	Chris Ellison
	 
	Mark Wilson

	Name of director (print)
	 
	Name of director/secretary (print)

	
			
	Executed by Albemarle Wodgina Pty Ltd ACN 630 509 303 in accordance with section 127 of the Corporations Act 2001 (Cth) by:
	 
	 

	/s/ Karen G. Narwold
	 
	/s/ Mathew Shane Zauner

	Signature of director
	 
	Signature of director/secretary

	Karen G. Narwold
	 
	Mathew Shane Zauner

	Name of director (print)
	 
	Name of director/secretary (print)

	
			
	Executed by Mineral Resources Limited ACN 118 549 910 in accordance with section 127 of the Corporations Act 2001 (Cth) by:
	 
	 

	/s/ Chris Ellison
	 
	/s/ Mark Wilson

	Signature of director
	 
	Signature of director/secretary

	Chris Ellison
	 
	Mark Wilson

	Name of director (print)
	 
	Name of director/secretary (print)

	
			
	Executed by Albemarle Corporation in the presence of:
	 
	 

	/s/ Brenda Mareski
	 
	/s/ Karen G. Narwold

	Signature of witness
	 
	Signature of authorised signatory

	Brenda Mareski
	 
	Karen G. Narwold

	Name of witness (print)
	 
	Name of authorised signatory (print)

	
		
	 
	Page 7

	
			
	Executed by Albemarle Lithium Pty Ltd ACN 618 095 471 in accordance with section 127 of the Corporations Act 2001 (Cth) by:
	 
	 

	/s/ Karen G. Narwold
	 
	/s/ Mathew Shane Zauner

	Signature of director
	 
	Signature of director/secretary

	Karen G. Narwold
	 
	Mathew Shane Zauner

	Name of director (print)
	 
	Name of director/secretary (print)

	
		
	 
	Page 7

Annexure A – Revised Schedule 8 of the Agreement

	
		
	 
	Page 7akca-ex1010_101.htm

 

Exhibit 10.10

 

 

AKCEA THERAPEUTICS, INC.

CONSULTING AGREEMENT

(“SUMMARY PAGE”)

 

	
Date of Consulting Agreement: (“Agreement”)
	
September 18, 2019 (“Effective Date”).

	
Name of Consultant:
	
Jeffrey M. Goldberg (hereinafter “Consultant”).

	
Scope of Consulting Services:
	
Assistance with the transition of his duties and responsibilities as former Chief Operating Officer, pursuant to a scope of work agreed to by Consultant and Akcea in a separate writing (and such other transition activities agreed by Consultant and Akcea)

	
Field in which Consulting Services to be provided (the “Field”):
	
Corporate consulting

	
Duration of Consulting Services (the “Consulting Period”):
	
Effective Date through October 31, 2019

	
Consideration for Consulting Services: 
	
$100,000 paid by Akcea to Consultant in installments during the Consulting Period as follows: (i) $50,000 on the Effective Date; (ii) $25,000 on October 9, 2019, and (iii) $25,000 on October 31, 2019; provided, that if this Agreement is terminated by Consultant prior to any given payment date, then such payment will not be due and payable to Consultant but if this Agreement is terminated by the Company prior to any given payment date, then such payment will be payable to Consultant on a pro rata basis for the number of days when this Agreement was effective over the total number of days from the immediately prior payment to the next payment. 

 

	
Time Provided by Consultant:
	
Up to 20 hours per week

 

	
	
In addition to such compensation, Akcea Therapeutics, Inc. (“Akcea”) will reimburse Consultant for Akcea approved travel and other out-of-pocket costs reasonably incurred in the course of performing services under this Agreement in accordance with Akcea’s standard expense reimbursement policy.  Consultant will provide Akcea with receipts for all such costs.

 

[Signatures on Following Page]

 

 

 

 

Consultant agrees to provide Akcea with Consulting Services on the terms described above and according to the additional terms attached hereto as Exhibit A.

 

	
 
	
 
	
Consultant
	
 
	
Akcea Therapeutics, Inc.

	
 
	
 
	
 
	
 
	
 

	
By (Signature):
	
 
	
/s/ Jeffrey M. Goldberg
	
 
	
/s/ Sandford D. Smith

	
Date:
	
 
	
 
	
 
	
 

	
Printed Name:
	
 
	
Jeffrey M. Goldberg
	
 
	
Sandford D. Smith

	
Title:
	
 
	
 
	
 
	
Compensation Committee Chairman

	
Address:
	
 
	
 
	
 
	
22 Boston Wharf Road, 9th Floor

	
 
	
 
	
 
	
 
	
Boston, MA 02210

	
Telephone:
	
 
	
 
	
 
	
617-207-0202 

	
e-mail:
	
 
	
 
	
 
	
 

 

Social Security or Employer Tax ID Number to be provided separately via W-9 form or foreign equivalent.

 

 

 

 

EXHIBIT A

 

TERMS OF CONSULTING AGREEMENT

 

	
1.
	
Engagement of Services

 

Consultant is retained to perform certain services, as needed and requested by Akcea, which services are specifically described on the Summary Page (“Consulting Services”).  Consultant will perform such Consulting Services to the best of Consultant’s talent and ability.  

 

	
2.
	
Compensation

 

As full and complete compensation for Consulting Services and for the discharge of all of Consultant's obligations hereunder, Akcea will pay Consultant at the rate set forth on the Summary Page. Consultant will invoice Akcea on a monthly basis for any reimbursable expenses, and Akcea, upon its approval, will pay all undisputed expenses within 30 days after Akcea’s receipt of the invoice. In addition, as long as Consultant continues to provide Consulting Services under this Agreement, Consultant’s Akcea Common Stock Options will continue to vest through the end of the Consulting Period in accordance with the terms of such Stock Option Agreements.  Thereafter, such Stock Options will stop vesting and will expire in accordance with the terms of such Stock Options.

 

	
3.
	
Independent Contractor

 

Consultant is an independent contractor and not an employee of Akcea. Consultant has no authority to obligate Akcea by contract or otherwise. Consultant will not be eligible for any employee benefits.  Taxes will be the sole responsibility of Consultant. 

 

	
4.
	
Confidential Information

 

	
(a)
	
Akcea possesses confidential information that has been created, discovered, developed by, or otherwise become known to Akcea (including, without limitation, information created, discovered, developed or made known by Consultant arising from the Consulting Services).

 

	
 
	
(i)
	
All such information is hereinafter referred to as “Confidential Information.”  By way of illustration, but not limitation, Confidential Information includes:  (A) inventions, developments, designs, improvements, trade secrets, ideas, formulas, source and object codes, programs, other works of authorship, organisms, plasmids, expression vectors, know-how, processes, cell lines, discoveries, techniques, data and documentation systems (hereinafter collectively referred to as “Inventions”); and (B) information regarding plans for research, development, new products, clinical data, pre-clinical product data, clinical trial patient data, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, as well as information regarding the skills and compensation of employees of Akcea.  

 

Page 1

 

	
 
	
(ii)
	
All Confidential Information will be the sole property of Akcea and its assigns, and Akcea and its assigns will be the sole owner of all patents, copyrights and other rights in connection with such Confidential Information.  At all times, both during the term of this Agreement and for five years after its termination, Consultant will keep in confidence and trust all Confidential Information and will not use, disclose, lecture upon or publish any Confidential Information or anything related to such information without Akcea’s prior written consent.  Any permitted disclosures will be made in strict compliance with the Akcea publication and presentation clearance policy.

 

	
(b)
	
Consultant also understands that Akcea has received and in the future will receive valuable information from third parties that is confidential or proprietary (“Third-Party Information”) subject to a duty on the part of Akcea to maintain the confidentiality of such information and to use it only for certain limited purposes.  During the term of this Agreement and for five years thereafter, Consultant will hold Third-Party Information in the strictest confidence and will not disclose or use Third-Party Information except as permitted by the agreement between Akcea and such third party, unless expressly authorized to act otherwise by an officer of Akcea in writing.  Any permitted disclosures will be made in strict compliance with Akcea publication and presentation clearance policy.

 

	
(c)
	
The obligations of Section 4 will not apply to information that Consultant can establish by written records: (i) was known by Consultant prior to the receipt of Confidential Information; (ii) was disclosed to Consultant by a third party having the right to do so; (iii) was, or subsequently became, in the public domain through no fault of Consultant, its officers, directors, affiliates employees or agents; (iv) was independently developed by Consultant without use of Confidential Information; or (v) was disclosed by Consultant pursuant to any judicial, governmental or stock exchange request, requirement or order, so long as Consultant provided Akcea with sufficient prior notice in order to allow Akcea to contest such request, requirement or order.

 

	
(d)
	
Notwithstanding the foregoing, Consultant may recuse himself from any Consulting Services reasonably likely to result in Consultant’s receipt of material, non-public information regarding Akcea, and Akcea will endeavor to prevent the disclosure to Consultant of any material, non-public information regarding Akcea.   

 

	
5.
	
Inventions

 

In the course of performing Consulting Services for Akcea, Consultant may develop new ideas or Inventions or make other contributions of value to Akcea.

 

	
(a)
	
Consultant hereby assigns to Akcea Consultant's entire right, title and interest in and to any and all Inventions (and all patent rights, copyrights, and all other rights in connection therewith, hereinafter referred to as “Proprietary Rights”) whether or not patentable or registrable under patent, copyright or similar statutes, made or conceived of or reduced to practice or learned by Consultant, either alone or jointly with others, as a result of performing Consulting Services hereunder.  All Inventions assigned to Akcea pursuant to this section will be known as “Company Inventions”. Consultant agrees that all Proprietary Rights and Company Inventions are Akcea’s sole property. Consultant agrees, upon request, to execute, 

Page 2

 

		
verify and deliver assignments of such Proprietary Rights to Akcea or its designee.  Consultant understands that, to the extent this Agreement will be construed in accordance with the laws of any state which precludes a requirement in an agreement to assign certain classes of inventions made by an individual acting as a Consultant, this section will be interpreted not to apply to any inventions that a court rules and/or Akcea agrees falls within such classes.

 

	
(b)
	
Consultant further agrees to assist Akcea in every proper way to obtain, from time to time, and to enforce United States and foreign Proprietary Rights relating to Company Inventions in any and all countries. To that end Consultant will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as Akcea may reasonably request for use in applying for, obtaining, sustaining and enforcing such Proprietary Rights relating to Company Inventions.  Consultant's obligation to assist Akcea in obtaining and enforcing Proprietary Rights relating to Company Inventions in any and all countries will continue beyond the termination of this Agreement, but Akcea will compensate Consultant at a reasonable rate after such termination for the time actually spent by Consultant at Akcea's request in connection with such assistance.  If Akcea is unable, after reasonable effort, to secure Consultant's signature on any document needed to apply for or prosecute any Proprietary Rights relating to a Company Invention, Consultant hereby irrevocably designates and appoints Akcea and its duly authorized officers and agents as his/her agent and attorney in fact, to act for and on Consultant’s behalf to execute, verify and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of any such Proprietary Rights with the same legal force and effect as if executed by Consultant. 

 

	
(c)
	
During the term of this Agreement, Consultant will promptly disclose to Akcea, or any persons designated by it, fully and in writing and will hold in trust for the sole right and benefit of Akcea any and all Company Inventions, whether or not patentable or protectable by copyright.  At the time of each such disclosure, Consultant will advise Akcea in writing of any Inventions that Consultant believes are not subject to the assignment provisions of Section 5(a) above, and Consultant will at that time provide to Akcea in writing all evidence necessary to substantiate that belief. Consultant will not be obligated to disclose information received by Consultant from others under a contract of confidentiality.  In addition, after termination of this Agreement, Consultant will disclose to Akcea all patent applications filed by Consultant relating to any Company Inventions or relating to any work performed by Consultant on behalf of Akcea.

 

Page 3

 

	
6.
	
Previous Consulting Relationships

 

Consultant represents that Consultant's performance of Consulting Services, as well as Consultant’s  performance of the rest of Consultant’s obligations under the terms of this Agreement, will not breach any agreement to keep in confidence any proprietary information acquired by Consultant in confidence or in trust from another entity prior to the date of this Agreement.  Consultant agrees not to bring to Akcea or to use in the performance of Consulting Services for Akcea any materials or documents of a present or former employer or client of Consultant, or any materials or documents obtained by Consultant under a confidentiality agreement imposed by reason of another of Consultant's consulting relationships, unless such materials or documents are generally available to the public or Consultant has authorization from such present or former employer or client for the possession and unrestricted use of such materials.

 

	
7.
	
Termination

 

The term of this Agreement will coincide with the duration of the Consulting Period.  The duration of the Consulting Period (and thus the term of this Agreement) may be extended only if both parties agree to an extension in writing, signed by both Consultant and an authorized officer of Akcea.  Each party understands and agrees that the other party has the absolute right to terminate this Agreement, at any time and for whatever reason, prior to the expiration of the Consulting Period, so long as such party provides the other party with written notice of such termination as set forth in Section 9(f).  If this Agreement terminates prior to the end of the Consulting Period, Akcea will pay Consultant for any Consulting Services appropriately rendered and for any out of pocket expenses reasonably incurred on behalf of Akcea, up to and including the termination notification date, pursuant to the criteria set forth in Section 2 of this Agreement.

 

	
8.
	
Arbitration

 

	
(a)
	
Akcea and Consultant agree to resolve by arbitration all disputes, claims or controversies (“Claims”), past, present or future, whether or not arising out of this Agreement or its termination, that Akcea may have against Consultant or that Consultant may have against any of the following (i) Akcea; (ii) Akcea officers, directors; employees or agents; (iii) Akcea’s parent; subsidiary or affiliated entities, joint ventures, or joint employers; (iv) Akcea’s benefit plans or the plans’ sponsors, fiduciaries, administrators, affiliates and agents; and/or (v) all successors and assigns of any of the foregoing.  The Claims covered by this Agreement include all disputes that Akcea or Consultant could otherwise pursue in state or federal court including, but not limited to, Claims based on any state, federal, or local statute, regulation or ordinance (including Claims for discrimination, retaliation, harassment, unpaid wages or violation of state or federal wage and hour laws), as well as common law Claims (including Claims for breach of contract, breach of the implied covenant of good faith and fair dealing, wrongful discharge, defamation, misrepresentation, fraud, or infliction of emotional distress). Akcea and Consultant anticipates that this Section 8 provides the benefits of a speedy, less formal, impartial, final and binding dispute resolution procedure.

 

	
(b)
	
To the maximum extent permitted by law, Consultant hereby waives any right to bring on behalf of persons other than Consultant, or to otherwise participate with other persons in, any class, collective or representative action (i.e. a type of lawsuit in which one or several persons sue on behalf of a larger group of persons).

 

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(c)
	
The arbitration will be conducted by a single neutral arbitrator in accordance with the then-current Commercial Arbitration and Mediation Procedures of the American Arbitration Association (“AAA”).  The arbitration will take place in Boston, Massachusetts.  Akcea will pay the arbitrator’s fee and will bear all administrative charges by AAA.  All parties will be entitled to engage in reasonable pre-hearing discovery to obtain information to prosecute or defend the asserted claims.  Any disputes between the parties regarding the nature or scope of discovery will be decided by the arbitrator.  The arbitrator will hear and issue a written ruling upon any dispositive motions brought by either party, including but not limited to, motions for summary judgment or summary adjudication of issues.  After the hearing, the arbitrator will issue a written decision setting forth the award, if any, and explaining the basis therefore.  The arbitrator will have the power to award any type of relief that would be available in court. The arbitrator’s award will be final and binding upon the parties and may be entered as a judgment in any court of competent jurisdiction.  If there is conflict in the arbitration procedures set forth in this Agreement and the AAA rules specified above, the AAA rules will control.  Notwithstanding the foregoing, and regardless of what is provided by the AAA rules, the arbitrator will not have authority or jurisdiction to consolidate claims of different individuals or entities into one proceeding, nor will the arbitrator have authority or jurisdiction to hear the arbitration as a class action.  As noted above, Consultant has agreed to waive any right to bring any class, collective or representative action.  To the extent that the class, collective or representative action waiver described above is not enforceable, the issue of whether to certify any alleged or putative class for a class action proceeding must be decided by a court of competent jurisdiction.  The arbitrator will not have authority or jurisdiction to decide class certification, collective or representative action issues.  Until any class certification, collective, or representative action issues are decided by the court, all arbitration proceedings will be stayed, and the arbitrator will take no action with respect to the matter.  However, once any issues regarding class certification, collective, or representative action have been decided by the court, the arbitrator will have authority to decide the substantive claims.

 

	
9.
	
Miscellaneous

 

	
(a)
	
Upon expiration or termination of this Agreement, each party will be released from all obligations and liabilities to the other occurring or arising after the date of such expiration or termination, except that any termination or expiration of this Agreement will not relieve Consultant of Consultant’s obligations under Sections 4, 5, 6, 7 and 8 hereof, nor will any such expiration or termination relieve Consultant or Akcea from any liability arising from any breach of this Agreement.  Upon expiration or termination of this Agreement for any reason whatsoever, Consultant will promptly surrender and deliver to Akcea any and all laboratory notebooks, conception notebooks, drawings, notes, memoranda, specifications, devices, formulas, molecules, cells, storage media, including calculations, sequences, data and other materials of any nature pertaining to Consulting Services for Akcea, as well as any documents or data of any description (or any reproduction of any documents or data) containing or pertaining to any Trade Secret Information, Akcea’s Confidential Information or Third Party Information. 

 

	
(b)
	
The rights and liabilities of the parties hereto will bind and inure to the benefit of their respective successors, heirs, executors and administrators, as the case may be; provided that, 

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as Akcea has specifically contracted for Consultant's services, Consultant may not assign or delegate Consultant's obligations under this Agreement either in whole or in part without Akcea’s prior written consent. 

 

	
(c)
	
Because Consultant's services are personal and unique and because Consultant may have access to and become acquainted with Akcea’s Confidential Information, Akcea has the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief without prejudice to any other rights and remedies that Akcea may have for a breach of this Agreement. 

 

	
(d)
	
This Agreement will be governed by and construed according to the laws of the State of Delaware as such laws are applied to contracts entered into and performed entirely within such State.  If any provision of this Agreement is held to be or becomes invalid, illegal or unenforceable, such provision will be validly reformed to approximate as nearly as possible the intent of the parties and the remainder of this Agreement will not be affected thereby and will remain valid and enforceable to the greatest extent permitted by law.

 

	
(e)
	
This Agreement, and all other documents mentioned herein, constitute the final, exclusive and complete understanding and agreement of the parties hereto and supersedes all prior understandings and agreements.  Any waiver, modification or amendment of any provision of this Agreement will be effective only if in writing and signed by the parties hereto. 

 

	
(f)
	
Any notices required or permitted hereunder will be given to the appropriate party at the address specified on the Summary Page or at such other address as the party will specify in writing.  Such notice will be deemed given upon personal delivery to the appropriate address, or by facsimile transmission (receipt verified and with confirmation copy followed by another permitted method), sent by express courier service, or, if sent by certified or registered mail, three (3) days after the date of mailing.

 

	
	
[END OF EXHIBIT A]

 

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