Document:

<![CDATA[Amendment No. 1 to Loan & Security Agreement]]>

 Exhibit 10.25 
 EXECUTION VERSION 
 AMENDMENT NO. 1 

TO 
 LOAN
AND SECURITY AGREEMENT 
 THIS AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is
entered into this 21st day of December, 2011 by and among AVEO PHARMACEUTICALS, INC., a Delaware corporation (“Parent”), and each of Parent’s Subsidiaries joined thereto (the “Joined
Subsidiaries”; the Joined Subsidiaries and Parent are hereinafter referred to collectively as the “Borrower”), and HERCULES TECHNOLOGY II, L.P., a Delaware limited partnership
(“Hercules II”), and HERCULES TECHNOLOGY III, L.P., a Delaware limited partnership (“Hercules III”, together with Hercules II collectively referred to as the “Lender”), as acknowledged and
agreed by AVEO Securities Corporation, a Massachusetts corporation. Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement (as defined below). 

RECITALS 
 A. The Borrower and the Lender have entered into that certain Loan and Security Agreement dated as of May 28, 2010 (as amended, restated, supplemented or otherwise modified from time to time,
the “Loan Agreement”), pursuant to which the Lender has agreed to extend and make available to the Borrower certain extensions of credit. 
 B. The Borrower and the Lender have agreed to amend the Loan Agreement upon the terms and conditions more fully set forth herein. 

AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the parties hereto agree as follows: 
 1. AMENDMENTS. 
 1.1 Section 1.1 (Definitions).
Section 1.1 of the Loan Agreement is hereby amended in the following respects: 
 (a) Section 1.1
of the Loan Agreement is hereby amended by inserting the following new definitions therein in alphabetical order: 
 ““MSC Subsidiary” means AVEO Securities Corporation, a Massachusetts corporation, which is a Subsidiary of Borrower that has applied or is in the process of applying to be classified
as a “security corporation” under Massachusetts General Laws Ch. 63, Section 38B(a), as amended, supplemented and/or modified.” 
 ““Liquidity” means, as of any date, Borrower’s Cash and/or Cash Equivalents maintained in Deposit Accounts and/or accounts holding Investment Property that are subject to an
Account Control Agreement.” 

 (b) Section 1.1 of the Loan Agreement is hereby amended by inserting the
following new clause (xviii) into the definition of “Permitted Investments”: 
 “and
(xviii) Investments in the MSC Subsidiary in accordance with Section 7.19.” 
 (c)
Section 1.1 of the Loan Agreement is hereby amended by amending and restating the definition of “Subsidiaries” in its entirety as follows: 
 ““Subsidiary” means an entity, whether corporate, partnership, limited liability company, joint venture or otherwise, in which Borrower owns or controls 50% or more of the
outstanding voting securities, including each entity listed on Schedule ID hereto; provided, however, that the definition of Subsidiary shall not include the MSC Subsidiary with respect to the representations and warranties provided for in
Section 5 and the covenants provided for in Section 7 (other than Section 7.19); provided, further, that, for the avoidance of doubt, (i) the financial statements, reports and other information to be delivered to Lender
pursuant to Section 7.1 shall include the MSC Subsidiary on a consolidated and consolidating basis and (ii) the MSC Subsidiary shall not be required under Section 7.14 to execute and deliver a Joinder Agreement.” 

1.2 Section 3.1 (Security Interest). Section 3.1 of the Loan Agreement is hereby amended by inserting the
following new clause (ii)(F) into the proviso in the initial sentence: 
 “and (F) 100% of the issued and outstanding
capital stock of the MSC Subsidiary.” 
 1.3 Section 7.19 (MSC Subsidiary). The following new
Section 7.19 shall be inserted into Section 7 of the Loan Agreement: 
 “7.19 MSC Subsidiary.
Borrower shall be permitted to make Investments in the MSC Subsidiary so long as Borrower (i) maintains Liquidity of at least $40,000,000 minus the aggregate amount of principal payments paid by Borrower to Lender through such date of
determination (such resulting amount being referred to as the “Threshold Amount”) or (ii) if Borrower’s Liquidity is less than the Threshold Amount on any date (a “Deficiency Date”), Borrower shall
(a) immediately, upon knowledge thereof, notify Lender of such deficiency in writing and (b) procure Cash and/or Cash Equivalents maintained in Deposit Accounts and/or accounts holding Investment Property that are subject to an Account
Control Agreement in an amount such that after procuring such amounts the Borrower shall have Liquidity of at least the lesser of (1) Threshold Amount or (2) the amount of Cash and/or Cash Equivalents and accounts holding Investment
Property of the Borrower and its Subsidiaries as determined on a consolidated basis; provided that such procurement(s) shall occur as soon as commercially practicable but in any event within five (5) business days of Borrower’s knowledge
of such Deficiency Date; provided, further, that Borrower shall not make any Investments in the MSC Subsidiary following a Deficiency Date without the prior written consent of Lender unless clause (b)(1) above has been satisfied
or the condition set forth in the next sentence has been satisfied. If at any time, the application for classification of the MSC Subsidiary as a “security corporation” under Massachusetts General Laws Ch. 63, Section 38B(a), as
amended, supplemented and/or 

  
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modified, is denied or such classification is revoked (and such determination is not subject to appeal and all appeal periods have run), Borrower shall take such actions, as soon as commercially
practicable, to dissolve the MSC Subsidiary or merge the MSC Subsidiary with or into Borrower.” 
 1.4 Schedule
1D. Schedule 1D of the Loan Agreement is hereby amended to add the MSC Subsidiary. 
 2.
BORROWER’S REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants that: 
 (a) immediately upon giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the
date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (ii) no Event of Default has occurred and is continuing; 

(b) The Borrower has the corporate power and authority to execute and deliver this Amendment and to perform its obligations under
the Loan Agreement, as amended by this Amendment; 
 (c) the certificate or articles of incorporation, bylaws and other
organizational documents of the Borrower delivered to the Lender on the Closing Date remain true, accurate and complete and have not been amended, restated, supplemented or otherwise modified and continue to be in full force and effect; 

(d) the execution and delivery by the Borrower of this Amendment and the performance by the Borrower of its obligations under the
Loan Agreement, as amended by this Amendment, have been duly authorized by all necessary corporate action on the part of the Borrower; 
 (e) this Amendment has been duly executed and delivered by the Borrower and is the binding obligation of the Borrower, enforceable against it in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights generally; and 

(f) as of the date hereof, the Borrower has no defenses against the obligations to pay any amounts under the Obligations. The
Borrower acknowledges that the Lender has acted in good faith and has conducted in a commercially reasonable manner its relationships with the Borrower in connection with this Amendment and in connection with the Loan Documents. 

The Borrower understands and acknowledges that the Lender is entering into this Amendment in reliance upon, and in partial consideration
for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate. 
 3.
LIMITATION. The amendments set forth in this Amendment shall be limited precisely as written and shall not be deemed (a) to be a waiver or modification of any other term

  
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or condition of the Loan Agreement or of any other instrument or agreement referred to therein or to prejudice any right or remedy which the Lender may now have or may have in the future under or
in connection with the Loan Agreement or any instrument or agreement referred to therein; or (b) to be a consent to any future amendment or modification or waiver to any instrument or agreement the execution and delivery of which is consented
to hereby, or to any waiver of any of the provisions thereof. Except as expressly amended hereby, the Loan Agreement shall continue in full force and effect. 
 4. EFFECTIVENESS. This Amendment shall become effective upon the satisfaction of all of the following conditions precedent in form and substance satisfactory to the Lender (the
“Effective Date”): 
 4.1 Amendment. The Lender shall have received duly executed counterparts of
this Amendment signed by the parties hereto. 
 4.2 Amendment Fee. The Lender shall have received a $25,000 amendment
fee. 
 5. POST-AMENDMENT COVENANT. The Borrower shall provide the Lender
(i) promptly following submission of such letter which shall occur on or before January 6, 2012, a copy of the letter sent to the Massachusetts Department of Revenue applying for classification of the MSC Subsidiary as a “security
corporation” under Massachusetts General Laws Ch. 63, Section 38B(a), as amended, supplemented and/or modified, and (ii) promptly following receipt by the MSC Subsidiary of such letter, a copy of the letter received from the
Massachusetts Department of Revenue approving the initial request of the MSC Subsidiary to be classified as a “security corporation” under Massachusetts General Laws Ch. 63, Section 38B(a), as amended, supplemented and/or modified.

 6. EXPENSES. The Borrower agrees to pay the Lender’s reasonable costs and expenses (including the
fees and expenses of the Lender’s counsel, advisors and consultants) accrued and incurred in connection with the transactions contemplated by this Amendment, and all other Lender expenses (including the fees and expenses of Lender’s
counsel, advisors and consultants) payable in accordance with Section 11.11 of the Loan Agreement. 
 7.
COUNTERPARTS. This Amendment may be signed originally or by facsimile or other means of electronic transmission in any number of counterparts, and by different parties hereto in separate counterparts, with the same effect as if
the signatures to each such counterpart were upon a single instrument. All counterparts shall be deemed an original of this Amendment. 
 8. INTEGRATION. This Amendment and any documents executed in connection herewith or pursuant hereto contain the entire agreement between the parties with respect to the subject
matter hereof and supersede all prior agreements, understandings, offers and negotiations, oral or written, with respect thereto and no extrinsic evidence whatsoever may be introduced in any judicial or arbitration proceeding, if any, involving this
Amendment; except that any financing statements or other agreements or instruments filed by the Lender with respect to the Borrower shall remain in full force and effect. 

  
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 9. GOVERNING LAW; VENUE. THIS AMENDMENT
SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. The Borrower and the Lender each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California.

 [Remainder of page intentionally left blank; signature page follows] 

  
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 IN WITNESS
WHEREOF, the parties have duly authorized and caused this Amendment to be executed as of the date first written above. 

 

			
	BORROWER:
	
	AVEO PHARMACEUTICALS, INC.
		
	Signature:	 	 /s/ David Johnston

	Print Name:	 	David Johnston
	Title:	 	Chief Financial Officer
	
	Acknowledged and agreed by:
	
	MSC SUBSIDIARY:
	
	AVEO SECURITIES CORPORATION
		
	Signature:	 	 /s/ David Johnston

	Print Name:	 	David Johnston
	Title:	 	Treasurer

  
 [Signature
Page to Amendment No. 1 to Loan and Security Agreement] 

			
	LENDER:
	
	 HERCULES TECHNOLOGY II, L.P.,
 a Delaware limited partnership

		
	 By:
	 	 Hercules Technology SBIC

Management, LLC, its General Partner

		
	 By:
	 	 Hercules Technology Growth

Capital, Inc., its Manager

		
	 By:
	 	 /s/ K. Nicholas Martitsch

	 Name:
	 	K. Nicholas Martitsch
	 Its:
	 	Associate General Counsel
	
	 HERCULES TECHNOLOGY III, L.P.,
 a Delaware limited partnership

		
	 By:
	 	 Hercules Technology SBIC

Management, LLC, its General Partner

		
	 By:
	 	 Hercules Technology Growth

Capital, Inc., its Manager

		
	 By:
	 	 /s/ K. Nicholas Martitsch

	 Name:
	 	K. Nicholas Martitsch
	 Its:
	 	Associate General Counsel

  
 [Signature
Page to Amendment No. 1 to Loan and Security Agreement]First Amendment to Sublease

 Exhibit 10.29 
 FIRST AMENDMENT TO CONSENT TO SUBLEASE 
 THIS FIRST AMENDMENT TO
CONSENT TO SUBLEASE (this “First Amendment”), dated as of September 1, 2011, is made with reference to that certain Sublease Agreement (the “Sublease”) dated as of February 28, 2011, by and
between ACCELERON PHARMA, INC. a Delaware corporation with an address of 128 Sidney Street, Cambridge, Massachusetts 02139 (“Sublandlord”), and AVEO PHARMACEUTICALS, INC., a Delaware corporation with an address of 75 Sidney
Street, Cambridge, MA 02139 (“Subtenant”), and is entered into by and among Sublandlord, Subtenant and MASSACHUSETTS INSTITUTE OF TECHNOLOGY, a Massachusetts charitable corporation with an address c/o MIT Investment
Management Company, 238 Main Street, Suite 200, Cambridge, MA 02142 (“Prime Landlord”), with reference to the following facts: 
  

	A.	Prime Landlord and Sublandlord are the current parties to that certain Lease dated as of April 3, 2009 (the “Lease”) with respect to the
certain premises within the building located at 12 Emily Street, Cambridge, Massachusetts (the “Building”), consisting of 19,711 rentable square feet of space (the “Premises”);

  

	B.	Sublandlord and Subtenant entered into that certain Sublease Agreement dated as of February 28, 2011 (the “Sublease”) with respect to a
certain portion of the Premises consisting of 14,214 rentable square feet of space on the first and second floors of the Building, which was approved by Prime Landlord subject to and in accordance with that certain Consent to Sublease dated
March 15, 2011, between Prime Landlord, Sublandlord and Subtenant (the “Consent”); 

  

	C.	WHEREAS, Sublandlord and Subtenant desire to enter into a First Amendment to Sublease to amend Section 2(g) of the Sublease to increase the number of parking
spaces located in the 128 Sidney Street parking lot that Subtenant leases from Sublandlord, a true, complete and correct copy of which First Amendment to Sublease is attached hereto as Exhibit A (“First
Amendment to Sublease”); 

  

	D.	WHEREAS, pursuant to the terms of the Lease, Sublandlord must obtain Prime Landlord’s prior written consent to the First Amendment to Sublease; and

  

	E.	WHEREAS, Prime Landlord is willing to consent to the First Amendment to Sublease, on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the covenants herein reserved and contained, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged and agreed, Prime Landlord, Sublandlord and Subtenant hereby agree as follows: 
  

	 	1.	Recitals; Capitalized Terms. The foregoing recitals are hereby incorporated by reference. All capitalized terms not otherwise defined herein shall have the
meanings ascribed to them as set forth in the Consent. 

	 	2.	Consent. Subject to the terms of this First Amendment, Prime Landlord hereby consents to the First Amendment to Sublease. All references in this Consent to the
“Sublease” shall be deemed to refer to the Sublease, as amended by the First Amendment to Sublease. 

  

	 	3.	Broker. The parties hereby acknowledge that they have dealt with no broker in connection with this transaction. 

 

	 	4.	Prime Landlord’s Costs. Pursuant to Section 25.7 of the Lease and on or before the date hereof, Sublandlord has delivered to Prime Landlord the sum of
$600.00, representing Prime Landlord’s reasonable attorneys’ fees incurred in connection with drafting this First Amendment. 

  

	 	5.	No Claims. Each of Sublandlord and Subtenant confirms and ratifies that, as of the date hereof and to its actual knowledge, it has no claims, counterclaims,
set-offs or defenses against Prime Landlord arising out of the Lease, the Sublease, the Consent or the Premises or in any way relating thereto. 

  

	 	6.	Liability of Subtenant. Subtenant shall remain liable to Sublandlord and Prime Landlord for all obligations under the Sublease and the Consent.

  

	 	7.	Ratification of Consent. Except as expressly modified by this First Amendment, all other terms and conditions of the Consent remain in full force and effect and
are hereby ratified, confirmed and approved in all respects. From and after the date hereof, all references to the Consent shall mean the Consent as amended hereby. 

 

	 	8.	Counterparts. This First Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same agreement. 

 [remainder of page intentionally blank; 

signatures on following page] 

  
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 EXECUTED as an instrument under seal as of the date first written above. 

PRIME LANDLORD: MASSACHUSETTS INSTITUTE OF TECHNOLOGY 
 By:     MIT Investment Management Company, its authorized agent 
  

					
		 	By:	 	 /s/ Seth D. Alexander

		 	Name:	 	Seth D. Alexander
		 	Title:	 	President

 SUBLANDLORD: ACCELERON PHARMA, INC. 
  

			
	By:	 	 /s/ Kevin F. McLaughlin

	Name:	 	Kevin F. McLaughlin
	Title:	 	Senior Vice President and Chief Financial Officer

 SUBTENANT: AVEO PHARMACEUTICALS, INC. 
  

			
	By:	 	 /s/ David B. Johnston

	Name:	 	David B. Johnston
	Title:	 	Executive Vice President and Chief Financial Officer

  
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 EXHIBIT A 
 First Amendment to Sublease 
 [Attach fully-executed copy of First
Amendment to Sublease] 

  
 4 

 FIRST AMENDMENT TO SUBLEASE 

This First Amendment to Sublease (this “First Amendment to Sublease”) is made as of the 1st day of September,
2011 (“Execution Date”), by and between ACCELERON PHARMA, INC., a Delaware corporation with an address of 128 Sidney Street, Cambridge MA 02139 (“Sublandlord”) and AVEO PHARMACEUTICALS, INC., a
Delaware corporation with an address of 75 Sidney Street, Cambridge, MA 02139 (“Subtenant”). 
 W I T N E
S S E T H 
 WHEREAS, Sublandlord and Subtenant are the current parties to that certain Sublease Agreement dated as of
February 28, 2011 (the “Sublease”), pursuant to which Sublandlord is leasing to Subtenant the Sublease Premises (as defined in the Sublease) in the building known as 12 Emily Street, Cambridge (the
“Building”). 
 WHEREAS, pursuant to Section 2(g) of the Sublease, Subtenant leases twenty-one
(21) parking spaces from Sublandlord, eleven (11) of which parking spaces are located on the south side of the Building and ten (10) of which parking spaces are located in the 128 Sidney Street parking lot; and 

WHEREAS, the parties desire to amend Section 2(g) of the Sublease; 

NOW, THEREFORE, in consideration of the covenants herein reserved and contained, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Sublandlord and Subtenant hereby agree as follows: 
  

	 	1.	Recitals; Capitalized Terms. The foregoing recitals are hereby incorporated by reference. All capitalized terms not otherwise defined herein shall have the
meanings ascribed to them as set forth in the Sublease. 

  

	 	2.	Revised Section 2(g) of the Sublease. 

 Effective as of the Execution Date, Section 2(g) of the Sublease is deleted and the following is substituted in its place: 

“Subtenant shall lease thirty-one (31) parking spaces from the Sublandlord at the then current market rates
(currently, as of the date hereof, $190 per space per month but subject to adjustment in accordance with Section 1.4(b) of the Master Lease) and such parking fees shall be payable by Subtenant to Sublandlord on a monthly basis. Eleven
(11) of the parking spaces shall be initially located on the south side of the Building and twenty (20) parking spaces shall be located in the 128 Sidney Street parking lot.” 

 

	 	3.	All other terms and conditions of the Sublease will remain in full force and effect, except as expressly amended herein. 

  
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 IN WITNESS WHEREOF, duly authorized representatives of the parties have duly executed this First Amendment
to Sublease effective as of the Execution Date. 
 SUBLANDLORD: 
 ACCELERON PHARMA, INC., 
 a Delaware corporation 

 

			
	By:	 	 /s/ Kevin F. McLaughlin

	Name:	 	Kevin F. McLaughlin
	Title:	 	Senior Vice President and Chief Financial Officer

 Date Signed: September 16, 2011 
 SUBTENANT: 
 AVEO PHARMACEUTICALS, INC., 
 a Delaware corporation 
  

			
	By:	 	 /s/ David B. Johnston

	Name:	 	David B. Johnston
	Title:	 	Executive Vice President and Chief Financial Officer

 Date Signed:
                     

  
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