Exhibit
10.1


 


form of Merger
partner SUPPORT AGREEMENT


 


This Support Agreement (this
 “Agreement”) is made and entered into as of March [●], 2021, by and among Tempest Therapeutics, Inc. a Delaware
corporation (“Merger Partner”), Millendo Therapeutics, Inc., a Delaware corporation (“Public Company”),
and the undersigned stockholder (the “Stockholder”) of Merger Partner.


 


RECITALS


 


WHEREAS, concurrently with the
execution and delivery hereof, Public Company, Merger Partner and Mars Merger Corp., a Delaware corporation and a wholly owned subsidiary
of Public Company (the “Merger Sub”), have entered into an agreement and plan of merger (as such agreement may be amended
or supplemented from time to time pursuant to the terms thereof, the “Merger Agreement”), pursuant to which Merger
Sub will merge with and into Merger Partner, with Merger Partner surviving the merger as the surviving corporation and a wholly owned
subsidiary of Public Company (the “Merger”).


 


WHEREAS, the Stockholder is the
beneficial owner (as defined in Rule 13d-1 under the Exchange Act) of such number of shares of Merger Partner Capital Stock as indicated
in Appendix A.


 


WHEREAS, as an inducement to
the willingness of Public Company to enter into the Merger Agreement, Public Company has required that the Stockholder enter into this
Agreement.


 


NOW, THEREFORE, intending to
be legally bound, the parties hereby agree as follows:


 


1.                  
Certain Definitions. Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed thereto in the Merger Agreement. For all purposes of this Agreement, the following terms shall have the following respective
meanings:


 


(a)               
“Constructive Sale” means, with respect to any security, a short sale with respect
to such security, entering into or acquiring a derivative contract with respect to such security, entering into or acquiring a futures
or forward contract to deliver such security or entering into any other hedging or other derivative transaction that has the effect of
either directly or indirectly materially changing the economic benefits or risks of ownership of such security.


 


(b)               
“Shares” means (i) all shares of Merger Partner Capital Stock owned, beneficially
or of record, by the Stockholder as of the date hereof, and (ii) all additional shares of Merger Partner Capital Stock acquired by the
Stockholder, beneficially or of record, during the period commencing with the execution and delivery of this Agreement and expiring on
the Closing Date.


 


(c)               
“Transfer” or “Transferred” means, with respect to any security,
the direct or indirect assignment, sale, transfer, tender, exchange, pledge or hypothecation, or the grant, creation or suffrage of a
lien, security interest or encumbrance in or upon, or the gift, grant or placement in trust, or the Constructive Sale or other disposition
of such security (including transfers by testamentary or intestate succession, by domestic relations order or other court order, or
otherwise by operation of law) or any right, title or interest therein (including any right or power to vote to which the holder thereof
may be entitled, whether such right or power is granted by proxy or otherwise), or the record or beneficial ownership thereof, the offer
to make such a sale, transfer, Constructive Sale or other disposition, and each agreement, arrangement or understanding, whether or not
in writing, to effect any of the foregoing.


 






    Page 1


     


    

 


2.                  
Transfer and Voting Restrictions. The Stockholder covenants to Public Company as follows:


 


(a)               
During the period commencing with the execution and delivery of this Agreement and expiring on the
Expiration Date (as defined below), the Stockholder shall not Transfer any of the Stockholder’s Shares, or publicly announce its
intention to Transfer any of its Shares.


 


(b)               
Except as otherwise permitted by this Agreement or by order of a court of competent jurisdiction,
the Stockholder will not commit any act that would restrict the Stockholder’s legal power, authority and right to vote all of the
Shares held by the Stockholder or otherwise prevent or disable the Stockholder from performing any of his, her or its obligations under
this Agreement. Without limiting the generality of the foregoing, except for this Agreement and as otherwise permitted by this Agreement,
the Stockholder shall not enter into any voting agreement with any person or entity with respect to any of the Stockholder’s Shares,
grant any person or entity any proxy (revocable or irrevocable) or power of attorney with respect to any of the Shares, deposit any Shares
in a voting trust or otherwise enter into any agreement or arrangement with any person or entity limiting or affecting the Stockholder’s
legal power, authority or right to vote the Stockholder’s Shares in favor of the Merger Partner Voting Proposal.


 


(c)               
Notwithstanding anything else herein to the contrary, the Stockholder may, at any time, Transfer
Shares (i) by will or other testamentary document or by intestacy, (ii) to any investment fund or other entity controlled or managed by
the Stockholder, (iii) to any member of the Stockholder’s immediate family or (iv) to any trust for the direct or indirect benefit
of the Stockholder or the immediate family of the Stockholder or otherwise for estate planning purposes; provided, that (x) such
Transferred Shares shall continue to be bound by this Agreement and (y) the applicable transferee shall have executed and delivered to
Public Company and Merger Partner a support agreement substantially identical to this Agreement upon consummation of such Transfer.


 


3.                  
Agreement to Vote Shares. The Stockholder covenants to Public Company as follows:


 


(a)               
Until the Expiration Date (as defined below), at any meeting of the stockholders of Merger Partner,
however called, and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders
of Merger Partner,  the Stockholder shall be present (in person or by proxy) and vote, or exercise its right to consent with respect
to, all Shares held by the Stockholder (A) in favor of the Merger Partner Voting Proposal and (B) against any Acquisition Proposal. 


 






    Page 2


     


    

 


(b)               
 If the Stockholder is the beneficial owner, but not the record holder, of Shares, the Stockholder
shall cause the record holder and any nominees to be present (in person or by proxy) and vote all the Stockholder’s Shares in accordance
with this Section 3.


 


(c)               
In the event of a stock split, stock dividend or distribution, or any change in the capital stock
of Public Company by reason of any split-up, reverse stock split, recapitalization, combination, reclassification, reincorporation, exchange
of shares or the like, the term “Shares” shall be deemed to refer to and include such shares as well as all such stock dividends
and distributions and any securities into which or for which any or all of such shares may be changed or exchanged or which are received
in such transaction.


 


(d)               
The Stockholder hereby waives and agrees not to exercise any rights of appraisal or any dissenters’
rights (including under Section 262 of the DGCL) that the Stockholder may have (whether under applicable law or otherwise) or could potentially
have or acquire in connection with the Merger.


 


4.                  
Action in Stockholder Capacity Only. The Stockholder is entering into this Agreement solely
in the Stockholder’s capacity as a record holder and beneficial owner, as applicable, of its Shares and not in the Stockholder’s
capacity as a director or officer of Merger Partner. Nothing herein shall limit or affect the Stockholder’s ability to act as an
officer or director of Merger Partner.


 


5.                  
Documentation and Information. The Stockholder shall permit and hereby authorizes Public Company
and Merger Partner to publish and disclose in all documents and schedules filed with the SEC, and any press release or other disclosure
document that Public Company or Merger Partner reasonably determines to be necessary in connection with the transactions contemplated
by the Merger Agreement, such Stockholder’s identity and ownership of the Share and the nature of such Stockholder’s commitments
and obligations under this Agreement. Each of Public Company and Merger Partner is an intended third-party beneficiary of this Section
5.


 


6.                  
Irrevocable Proxy. The Stockholder hereby revokes (or agrees to cause to be revoked) any
proxies that the Stockholder has heretofore granted with respect to its Shares. In the event and to the extent that the Stockholder fails
to vote the Shares in accordance with Section 3 at any applicable meeting of the stockholders of Merger Partner or pursuant to
any applicable written consent of the stockholders of Merger Partner, the Stockholder shall be deemed to have irrevocably granted to,
and appointed, Public Company, and any individual designated in writing by Public Company, and each of them individually, as his, her
or its proxy and attorney-in-fact (with full power of substitution), for and in its name, place and stead, to vote his, her or its Shares
in any action by written consent of Merger Partner stockholders or at any meeting of the Merger Partner stockholders called with respect
to any of the matters specified in, and in accordance and consistent with, Section 3 of this Agreement. Public Company agrees
not to exercise the proxy granted herein for any purpose other than the purposes described in this Agreement. Except as otherwise provided
for herein, the Stockholder hereby affirms that the irrevocable proxy is coupled with an interest and may under no circumstances be revoked
and that such irrevocable proxy is executed and intended to be irrevocable. Notwithstanding any other provisions of this Agreement,
the irrevocable proxy granted hereunder shall automatically terminate upon the termination of this Agreement.


 






    Page 3


     


    

 


7.                  
No Solicitation. Subject to Section 4, the Stockholder agrees not to, directly or indirectly,
including through any of its officers, directors or agents, (a) solicit, seek or initiate or knowingly take any action to facilitate or
encourage, any offers, inquiries or the making of any proposal or offer that constitutes, or could reasonably be expected to lead to,
any Acquisition Proposal or (b) enter into, continue or otherwise participate or engage in any discussions or negotiations regarding any
Acquisition Proposal, or furnish to any person any non-public information or afford any person, other than Public Company or Merger
Partner, as applicable, access to such party’s property, books or records (except pursuant to a request by a Governmental Entity)
in connection with, any Acquisition Proposal; provided, however, that nothing in this Section 7 shall prevent the
Stockholder from referring a person to this Section 6 or to the Merger Agreement.


 


8.                  
Representations and Warranties of the Stockholder. The Stockholder hereby represents and warrants
to Public Company as follows:


 


(a)               
(i) The Stockholder is the beneficial or record owner of the shares of Merger Partner Capital Stock
indicated in Appendix A (each of which shall be deemed to be “held” by the Stockholder for purposes of Section 3
unless otherwise expressly stated with respect to any shares in Appendix A), free and clear of any and all Liens; and (ii) the
Stockholder does not beneficially own any securities of Merger Partner other than the shares of Merger Partner Capital Stock and rights
to purchase shares of Merger Partner Capital Stock set forth in Appendix A.


 


(b)               
Except as otherwise provided in this Agreement, the Stockholder has full power and authority to (i)
make, enter into and carry out the terms of this Agreement and (ii) vote all of its Shares in the manner set forth in this Agreement without
the consent or approval of, or any other action on the part of, any other person or entity (including any Governmental Entity). Without
limiting the generality of the foregoing, the Stockholder has not entered into any voting agreement (other than this Agreement) with any
person with respect to any of the Stockholder’s Shares, granted any person any proxy (revocable or irrevocable) or power of attorney
with respect to any of the Stockholder’s Shares, deposited any of the Stockholder’s Shares in a voting trust or entered into
any arrangement or agreement with any person limiting or affecting the Stockholder’s legal power, authority or right to vote the
Stockholder’s Shares on any matter.


 


(c)               
This Agreement has been duly and validly executed and delivered by the Stockholder and (assuming
the due authorization, execution and delivery by the other parties hereto) constitutes a valid and binding agreement of the Stockholder
enforceable against the Stockholder in accordance with its terms, subject to the Bankruptcy and Equity Exception. The execution and delivery
of this Agreement by the Stockholder and the performance by the Stockholder of the agreements and obligations hereunder will not result
in any breach or violation of or be in conflict with or constitute a default under any term of any Contract or if applicable any provision
of an organizational document (including a certificate of incorporation) to or by which the Stockholder is a party or bound, or any applicable
law to which the Stockholder (or any of the Stockholder’s assets) is subject or bound, except for any such breach, violation,
conflict or default which, individually or in the aggregate, would not reasonably be expected to materially impair or adversely affect
the Stockholder’s ability to perform its obligations under this Agreement.


 






    Page 4


     


    

 


(d)               
The Stockholder has had the opportunity to review the Merger Agreement and this Agreement with the
Stockholder’s legal counsel. The Stockholder understands and acknowledges that Public Company is entering into the Merger Agreement
in reliance upon the Stockholder’s execution, delivery and performance of this Agreement.


 


(e)               
The execution, delivery and performance of this Agreement by the Stockholder do not and will not
require any consent, approval, authorization or permit of, action by, filing with or notification to, any Governmental Entity, except
for any such consent, approval, authorization, permit, action, filing or notification the failure of which to make or obtain, individually
or in the aggregate, has not and would not materially impair the Stockholder’s ability to perform its obligations under this Agreement.


 


(f)                
With respect to the Stockholder, as of the date hereof, there is no action, suit, investigation or
proceeding pending against, or, to the knowledge of the Stockholder, threatened against, the Stockholder or any of the Stockholder’s
properties or assets (including the Shares) that would reasonably be expected to prevent or materially delay or impair the ability of
the Stockholder to perform its obligations hereunder or to consummate the transactions contemplated hereby.


 


(g)               
Neither the Stockholder nor any of its Representatives or Affiliates has employed or made any agreement
with any broker, finder or similar agent or any Person which will result in the obligation of such Stockholder, Public Company, Merger
Partner, or any of their respective Affiliates to pay any finder’s fee, brokerage fees or commission or similar payment in connection
with the transactions contemplated hereby.


 


9.                  
Termination. This Agreement shall terminate and shall cease to be of any further force or
effect as of the earlier of (a) such date and time as the Merger Agreement shall have been terminated pursuant to the terms thereof or
(b) the date on which the Merger Partner Voting Proposal shall have been approved by the requisite holders of Merger Partner Capital Stock
(the “Expiration Date”); provided, however, that (i) Section 10 shall survive
the termination of this Agreement, and (ii) the termination of this Agreement shall not relieve any party hereto from any liability for
any material and willful breach of this Agreement prior to the Expiration Date.


 


10.              
Miscellaneous Provisions.


 


(a)               
Amendments. No amendment of this Agreement shall be effective against any party unless it
shall be in writing and signed by each of the parties hereto.


 


(b)               
Entire Agreement. This Agreement constitutes the entire agreement between the parties to this
Agreement and supersedes all other prior agreements, arrangements and understandings, both written and oral, among the parties with respect
to the subject matter hereof.


 






    Page 5


     


    

 


(c)               
 Governing Law. All matters arising out of or relating to this Agreement and the transactions
contemplated hereby (including its interpretation, construction, performance and enforcement) shall be governed by and construed in accordance
with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the
State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdictions other than those of the State
of Delaware.


 


(d)               
Jurisdiction. Each of the parties to this Agreement (i) consents to submit itself to the exclusive
personal jurisdiction of the Court of Chancery of the State of Delaware, New Castle County, or, if that court does not have jurisdiction,
a federal court sitting in Wilmington, Delaware in any action or proceeding arising out of or relating to this Agreement or any of the
transactions contemplated by this Agreement, (ii) agrees that all claims in respect of such action or proceeding shall be heard and determined
in any such court, (iii) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for
leave from any such court and (iv) agrees not to bring any action or proceeding arising out of or relating to this Agreement or any of
the transactions contemplated by this Agreement in any other court. Each of the parties hereto waives any defense of inconvenient forum
to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required of any
other party with respect thereto. Any party may make service on another party by sending or delivering a copy of the process to the party
to be served at the address and in the manner provided for the giving of notices in Section 10(j). Nothing in this Section 10(d),
however, shall affect the right of any party to serve legal process in any other manner permitted by law.


 


(e)               
WAIVER OF JURY TRIAL. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF ANY PARTY TO THIS AGREEMENT IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT.


 


(f)                
Assignment. Except as otherwise provided in Section 2(c) hereof, no party may assign
any of its rights or delegate any of its performance obligations under this Agreement, in whole or in part, by operation of law or otherwise,
without the prior written consent of the other parties hereto, and any such assignment without such prior written consent shall be null
and void. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the
parties hereto and their respective successors and permitted assigns. Any purported assignment of rights or delegation of performance
obligations in violation of this Section 10(f) is void.


 


(g)               
No Third Party Rights. This Agreement is not intended to, and shall not, confer upon any other
person any rights or remedies hereunder other than the parties hereto to the extent expressly set forth herein.


 






    Page 6


     


    

 


(h)               
Severability. Any term or provision of this Agreement that is invalid or unenforceable in
any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof
or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If the final
judgment of a court of competent jurisdiction declares that any term or provision hereof is invalid or unenforceable, the parties hereto
agree that the court making such determination shall have the power to limit the term or provision, to delete specific words or phrases,
or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest
to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified.
In the event such court does not exercise the power granted to it in the prior sentence, the parties hereto agree to replace such invalid
or unenforceable term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic,
business and other purposes of such invalid or unenforceable term.


 


(i)                
Specific Performance. The parties hereto agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.
It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and
to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which they are entitled
at law or in equity.


 


(j)                
Notices. All notices and other communications hereunder shall be in writing and shall be deemed
duly delivered (i) three Business Days after being sent by registered or certified mail, return receipt requested, postage prepaid, or
(ii) one Business Day after being sent for next Business Day delivery, fees prepaid, via a reputable overnight courier service, in each
case to the intended recipient as follows: (A) if to Merger Partner or Public Company, to the address, electronic mail address or facsimile
provided in the Merger Agreement, including to the persons designated therein to receive copies; and/or (B) if to the Stockholder, to
the Stockholder’s address, electronic mail address or facsimile shown below Stockholder’s signature to this Agreement.


 


(k)               
Counterparts. This Agreement may be executed in two or more counterparts (including by facsimile,
by an electronic scan delivered by electronic mail or any electronic signature), each of which shall be deemed an original but all of
which together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of
the parties hereto and delivered to the other parties, it being understood that all parties need not sign the same counterpart. This Agreement
may be executed and delivered by facsimile, by an electronic scan delivered by electronic mail or by delivery of any electronic signature.


 


(l)                
Interpretation. When reference is made in this Agreement to a Section or Appendix, such reference
shall be to a Section of or Appendix to this Agreement, unless otherwise indicated. The headings contained in this Agreement are for
convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The language used in this
Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction
shall be applied against any party. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. Any reference
to any federal, state, local or foreign statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder,
unless the context requires otherwise. Whenever the words “include,” “includes” or “including” are
used in this Agreement, they shall be deemed to be followed by the words “without limitation.”


 


[Remainder of Page Left Intentionally
Blank]


 






    Page 7


     


    

 


IN WITNESS WHEREOF, the undersigned
have caused this Agreement to be duly executed as of the date first above written.


 


	MERGER PARTNER:	 
	 	 
	TEMPEST THERAPEUTICS, INC.	 
	 	 
	 	 
	By:	 
	Title:	 




 






    Page 8


     


    

  


	PUBLIC COMPANY:	 
	 	 
	MILLENDO THERAPEUTICS, INC.	 
	 	 
	 	 
	By:	 
	Title:	 




 



    Page 1 


     


    




 





	[STOCKHOLDER],	 
	in his/her capacity as the Stockholder:	 
	 	 
	Signature:	 	 
	 	 
	Address:	 
	 	 
	 	 
	 	 



 






    Page 1


     


    

 


Appendix A