Exercise Price. The exercise or strike price of each Option or SAR will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value of the Common Stock subject to the Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Transaction and in a manner consistent with the provisions of Section 409A of the Code. Each SAR will be denominated in shares of Common Stock equivalents.

The Price for the Product will be listed in [Appendix 1] of this Agreement and may be adjusted under this [Section 4].

Exercise Price. Except as otherwise set forth in an Award Agreement, a Share Option will have an exercise price # no less than the Fair Market Value of the Shares into which such Share Option is exercisable at the date of grant and # no less than the par value of the Shares into which such Share Option is exercisable. For the avoidance of doubt, if a Share Option has an exercise price that is less than the Fair Market Value of the Shares into which such Share Option is exercisable at the date of grant, and if the grant of such Share Option is subject to Section 409A, the grant will be structured in a manner intended to be compliant with Section 409A.

Purchase Price. Subject to adjustment and credits as otherwise specified in this Section 2.4 and elsewhere in this Agreement, the purchase price (the “Purchase Price”) to be paid by Purchaser to Seller for the Property shall be Three Million One Hundred Thousand and No/100 Dollars ($3,100,000.00 U.S.). The applicable Purchase Price shall be paid by Purchaser to Seller at the Closing as follows:

#First Year Pricing.

Price. The base price for the Material (the “Price”) shall be ​ per kilogram; provided, however, that the base price for the Material ordered pursuant to the Initial Purchase Order was ​ per kilogram. The Price does not include any taxes, freight or insurance charges. Note that prices are set in RMB, even if the Material is being exported into the United States. All prices are firm and not subject to change unless otherwise noted herein or agreed to by Verrica in

Price. The Initial Supply shall be supplied to Akebia or its designee at Cyclerion’s actual fully-burdened Manufacturing ​. The fully-burdened Manufacturing cost will include ​, solely to the extent incurred after the Effective Date. The approximate cost of the Initial Supply is ​, assuming an Initial Supply as set forth in [Schedule 5.3]. If Cyclerion becomes aware that the cost of the Initial Supply is anticipated to materially increase from this estimate, then Cyclerion shall promptly provide notice to Akebia of such anticipated cost change and the new estimated cost of the Initial Supply. Promptly thereafter, the Parties will meet and discuss in good faith any steps that either Party may take to mitigate such cost increase.

Price. Units issued on a bonus basis under this Article IX may be issued for no cash consideration. Units purchased pursuant to a purchase right awarded under this Article IX shall be priced, as determined by the Committee in its sole discretion.

Purchase Price. The per share exercise price of each option granted to a Non-Employee Director shall equal the Fair Market Value of a share of common stock on the date the option is granted.

#First Year Pricing.