# EDGAR Filing Document

**Accession Number:** 0001597553
**File Stem:** 0001193125-25-170187
**Filing Date:** 2025-7
**Character Count:** 43272
**Document Hash:** 9a4e189d290d754f8f655dd63e76b480
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-170187.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001193125-25-170187

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sage Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001597553
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36544
- **FILM NUMBER:** 251169786

**BUSINESS ADDRESS:**
- **STREET 1:** 55 CAMBRIDGE PARKWAY
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142
- **BUSINESS PHONE:** 617-299-8380

**MAIL ADDRESS:**
- **STREET 1:** 55 CAMBRIDGE PARKWAY
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): July 30, 2025

## Sage Therapeutics, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36544** | **27-4486580** |
| **(State of**<br> **incorporation)** | **(Commission**<br> **File No.)** | **(IRS Employer**<br> **Identification No.)** |

---

#### 55 Cambridge Parkway

#### Cambridge, MA 02142

#### (Address of principal executive offices and zip code)

#### Registrant's telephone number, including area code: (617) 299-8380
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading**<br> **Symbol** | **Name of Each Exchange**<br> **on Which Registered** |
| Common Stock, par value $0.0001 per share | SAGE | The Nasdaq Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### Introductory Note
As previously reported in the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on June 16, 2025, Sage Therapeutics, Inc., a Delaware corporation (the "Company"), entered into an Agreement and Plan of Merger (the "Merger Agreement"), dated June 13, 2025, with Supernus Pharmaceuticals, Inc., a Delaware corporation ("Parent"), and Saphire, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Purchaser"). All capitalized terms used herein and not otherwise defined have the meanings given to such terms in the Merger Agreement.

Pursuant to the Merger Agreement, upon the terms and subject to the conditions thereof, Purchaser commenced a tender offer (the "Offer") on July 2, 2025, to acquire all of the outstanding shares of common stock of the Company, par value $0.0001 per share (the "Shares") for (i) $8.50 per Share, net to the seller in cash, without interest and subject to any withholding of Taxes, (the "Closing Amount"), plus (ii) one contingent value right per Share (a "CVR"), which represents the right to receive up to $3.50 per Share upon the satisfaction of specified milestones described further below, net to the seller in cash, without interest and subject to any withholding of Taxes, pursuant to the CVR Agreement (the Closing Amount plus one CVR collectively, the "Offer Price").

The Offer and related withdrawal rights expired as scheduled at one minute after 11:59 p.m., Eastern Time on July 30, 2025 (such date, the "Expiration Date"), and the Offer was not extended. Equiniti Trust Company, LLC, in its capacity as the depositary for the Offer (the "Depositary"), has advised that, as of the expiration of the Offer, 36,313,509 Shares were validly tendered and not validly withdrawn pursuant to the Offer, representing approximately 58% of the total number of Shares outstanding at the time of the expiration of the Offer. The number of Shares tendered satisfied the Minimum Condition. As the Minimum Condition and each of the other conditions of the Offer have been satisfied, Purchaser has accepted for payment all Shares that were validly tendered and not validly withdrawn pursuant to the Offer.

Following consummation of the Offer, the remaining conditions to the merger of Purchaser with and into the Company (the "Merger", and together with the Offer, the "Transaction") set forth in the Merger Agreement were satisfied, and on July 31, 2025, Parent completed its acquisition of the Company by consummating the Merger without a meeting of stockholders of the Company in accordance with Section 251(h) of the General Corporation Law of the State of Delaware, with the Company continuing as the surviving corporation (the "Surviving Corporation"). At the effective time of the Merger (the "Effective Time"), each Share not purchased pursuant to the Offer (other than certain excluded Shares as described in the Merger Agreement) was converted into the right to receive the Offer Price. As a result of the Merger, the Company became a wholly owned subsidiary of Parent.

Pursuant to the Merger Agreement, at the Effective Time:

• Each Company Option that was outstanding and unexercised, whether or not vested, and which had a per Share exercise price that was less than the Closing Amount (each, an "In the Money Option"), was deemed fully vested and cancelled and converted into the right to receive a cash payment (without interest) equal to the product of the excess of the Closing Amount over the per Share exercise price of the In the Money Option, multiplied by the total number of Shares subject to the In the Money Option immediately prior to the Effective Time, which is payable in accordance with the Merger Agreement and one CVR for each Share subject to the In the Money Option immediately prior to the Effective Time, which is calculated and payable in accordance with the CVR Agreement.

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• Each Company Option, whether or not vested, that had a per Share exercise price equal to or greater than $8.50 was cancelled without payment.

• Each then outstanding Company RSU was deemed fully vested and cancelled and converted into the right to receive a cash payment (without interest) equal to the product of the Closing Amount multiplied by the number of Shares subject to the Company RSU, which is payable in accordance with the Merger Agreement and one CVR for each Share subject to the Company RSU immediately prior to the Effective Time, which is calculated and payable in accordance with the CVR Agreement.

• Each Company PSU that was vested (or any portion thereof) in accordance with its terms and outstanding immediately prior to the Effective Time was cancelled and converted into the right to receive a cash payment (without interest) equal to the product of the Closing Amount multiplied by the number of Shares subject to the Company PSU, which is payable in accordance with the Merger Agreement and one CVR for each Share subject to the Company PSU, which is calculated and payable in accordance with the CVR Agreement.

• Each then outstanding Company PSU for which the applicable performance period has not been completed or milestone performance metric, in each case, as set forth in the applicable governing plan and/or award agreement, has not been achieved, in each case, as of the Effective Time (or any portion thereof) was deemed vested pursuant to the terms of the Merger Agreement and cancelled and converted into the right to receive a cash payment (without interest) equal to the product of the Closing Amount multiplied by the number of Shares subject to the Company PSU after giving effect to the agreed-upon vesting, which is payable in accordance with the Merger Agreement and one CVR for each Share subject to such Company PSU after giving effect to the agreed-upon vesting, which is calculated and payable in accordance with the CVR Agreement.

The foregoing description of the Merger Agreement is not complete and is qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which is attached as Exhibit 2.1 to the Company's Current Report on Form 8-K, filed with the SEC on June 16, 2025, and is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 2.01** | **Completion of Acquisition or Disposition of Assets.**  |

---

The disclosures under the Introductory Note, Item 3.01 and Item 5.01 are incorporated herein by reference.

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| | |
|:---|:---|
| **Item 3.01** | **Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.**  |

---

The disclosures under the Introductory Note are incorporated herein by reference.

On July 30, 2025, the Company notified the Nasdaq Stock Market LLC ("Nasdaq") of the anticipated consummation of the transactions and requested that Nasdaq halt trading of the Shares effective as of 8:00 p.m. Eastern Time, on July 30, 2025. On July 31, 2025, the Company (i) notified Nasdaq of the consummation of the Merger and its intent to remove all Shares from The Nasdaq Global Market and (ii) requested that Nasdaq (A) suspend trading of the Shares and (B) file with the SEC a Form 25 Notification of Removal from Listing and/or Registration to delist and deregister the Shares under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result, the Shares will no longer be listed on The Nasdaq Global Market. The Company intends to file with the SEC a Certification and Notice of Termination of Registration on Form 15 under the Exchange Act, requesting the termination of

------

registration of the Company's common stock under Section 12(g) of the Exchange Act and the suspension of the Company's reporting obligations under Sections 13 and 15(d) of the Exchange Act.

---

| | |
|:---|:---|
| **Item 3.03** | **Material Modification to Rights of Security Holders.**  |

---

The disclosures under the Introductory Note, Item 3.01, Item 5.01 and Item 5.03 are incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 5.01** | **Changes in Control of Registrant.**  |

---

The disclosures under the Introductory Note, Item 3.01, Item 5.02 and Item 5.03 are incorporated herein by reference.

As a result of the consummation of the Offer and the Merger, there was a change in control of the Company, and Parent, as the direct parent of Purchaser, acquired control of the Company. To the knowledge of the Company, there are no arrangements which may at a subsequent date result in a further change in control of the Company.

The merger consideration was funded through a combination of cash on the balance sheet of Parent and the Company, including cash proceeds from the sale of marketable securities.

---

| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

---

As of the Effective Time, Geno Germano, Barry E. Greene, Elizabeth Barrett, Michael F. Cola, Jessica J. Federer, James M. Frates, and George Golumbeski, Ph.D. each resigned and ceased to be directors of the Company and members of any committee of the Company's board of directors. These resignations were not a result of any disagreement between the Company and the directors on any matter relating to the Company's operations, policies or practices.

As of the Effective Time, the directors of Purchaser immediately prior to the Effective Time became the directors of the Surviving Corporation. The directors of Purchaser immediately prior to the Effective Time were Jack A. Khattar and Bryan Roecklein, Ph.D.

As of the Effective Time, each officer of the Company immediately prior to the Effective Time ceased to be an officer of the Company.

As of the Effective Time, each officer of Purchaser immediately prior to the Effective Time became an officer of the Company, effective as of the Effective Time. The officers of Purchaser immediately prior to the Effective Time were Mr. Khattar as President and Treasurer and Dr. Roecklein as Vice President and Secretary.

Information regarding the new directors and executive officers has been previously disclosed in Schedule I of the Offer to Purchase filed as Exhibit (a)(1)(A) to the Tender Offer Statement on Schedule TO filed by Parent and Purchaser with the SEC on July 2, 2025, as subsequently amended, which is incorporated herein by reference.

On July 30, 2025, the Company amended the severance and change in control agreements (the "Amendments to the Severance Agreements") with each of its named executive officers to (i) increase the cash severance amount to 18 months (in the case of Mr. Greene) and 12 months (in the case of Christopher Benecchi, Gregory Shiferman and Michael Quirk) of base salary plus the executive's full target annual bonus for the year in

------

which the termination occurs, (ii) increase the COBRA continuation benefit to cover the full amount of the employer portion and the executive's portion of the health insurance premiums and (iii) in the case of Mr. Greene, extend the COBRA continuation benefit to 18 months post-termination. In addition to providing enhanced severance benefits, Mr. Greene's Severance and Change in Control Agreement was amended to include a 24-month non-compete covenant.

The foregoing description of the Amendments to the Severance Agreements does not purport to be complete and is qualified in its entirety by reference to the complete text of the Amendment to the Severance Agreement executed between the Company and Mr. Greene which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference and the form of Amendment to the Severance Agreement executed between the Company and each of Mr. Benecchi, Mr. Shiferman and Mr. Quirk, which is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 5.03** | **Amendments to Articles of Incorporation or Bylaws; Change of Fiscal Year.**  |

---

Pursuant to the terms of the Merger Agreement, as of the Effective Time, the Company's certificate of incorporation, as in effect immediately prior to the Effective Time, was amended and restated in its entirety (the "Amended and Restated Certificate of Incorporation").

The Amended and Restated Certificate of Incorporation is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 2.1 | [Agreement and Plan of Merger, dated as of June 13, 2025, by and among Sage Therapeutics, Inc., Supernus Pharmaceuticals, Inc. and Saphire, Inc. (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the SEC on June 16, 2025).\*](http://www.sec.gov/Archives/edgar/data/1597553/000119312525141112/d19535dex21.htm) |
| 3.1 | [Amended and Restated Certificate of Incorporation of Sage Therapeutics, Inc., dated July 31, 2025.](d877271dex31.htm) |
| 10.1 | [Amendment to the Severance and Change in Control Agreement entered into between Sage Therapeutics, Inc. and Barry Greene, dated August 14, 2025.](d877271dex101.htm) |
| 10.2 | [Form of Amendment to the Severance and Change in Control Agreement entered into between Sage Therapeutics, Inc. and each of Christopher Benecchi, Gregory Shiferman and Michael Quirk.](d877271dex102.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\* Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby undertakes to furnish supplemental copies of any of the omitted schedules upon request by the U.S. Securities and Exchange Commission; provided, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any schedules so furnished. 

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **SAGE THERAPEUTICS, INC.** | **SAGE THERAPEUTICS, INC.** |
| Dated: July 31, 2025 | By: | /s/ Jack A. Khattar |
|  | Name: | Jack A. Khattar |
|  | Title: | President and Treasurer |

---

## Exhibit 3.1

**Exhibit 3.1** 

**AMENDED AND RESTATED** 

**CERTIFICATE OF INCORPORATION** 

**OF** 

**SAGE THERAPEUTICS, INC.** 

**<u>FIRST</u>**: The name of the corporation is Sage Therapeutics, Inc. (the "*Corporation*").

**<u>SECOND</u>**: The address of its registered office in the State of Delaware is 1209 Orange Street, Corporation Trust Center, Wilmington, New Castle County, Delaware 19801. The name of its registered agent at such address is The Corporation Trust Company.

**<u>THIRD</u>**: The nature of the business or purposes to be conducted or promoted by the Corporation are to engage in any lawful act or activity which corporations may be organized under the General Corporation Law of Delaware.

**<u>FOURTH</u>**: The total number of shares of capital stock which the Corporation shall have authority to issue is One Thousand (1,000) shares of common stock with a par value of one cent ($0.01) per share.

**<u>FIFTH</u>**: The Corporation is to have perpetual existence.

**<u>SIXTH</u>**: In furtherance and not in limitation of the powers conferred by the laws of the State of Delaware, the Board of Directors is expressly authorized to make, alter or repeal the Bylaws of the Corporation.

**<u>SEVENTH</u>**: To the fullest extent that the DGCL or any other law of the State of Delaware (as they exist on the date hereof or as they may hereafter be amended) permits the limitation or elimination of the liability of directors, no director of the Corporation shall be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. No amendment to, or modification or repeal of, this Article Seventh shall adversely affect any right or protection of a director of the Corporation existing hereunder with respect to any act or omission occurring prior to such amendment, modification or repeal.

**<u>EIGHTH</u>**: The Corporation shall indemnify and advance expenses to, and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person (an "*Indemnitee*") who was or is made, or is threatened to be made, a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a "*Proceeding*"), by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or an officer of the Corporation or, while a director or an officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee, member, trustee or agent of another corporation or of a partnership, joint venture, trust, nonprofit entity or other enterprise (including, but not limited to, service with respect to employee benefit plans), against all liability and loss suffered (including, but not limited to, expenses (including, but not limited to, attorneys' fees and expenses), judgments, fines and amounts paid in settlement and reasonably incurred by such Indemnitee). Notwithstanding the preceding sentence, the Corporation shall be required to indemnify, or advance expenses to, an Indemnitee in connection with a Proceeding (or part thereof) commenced by such Indemnitee only if the commencement of such Proceeding (or part thereof) by the Indemnitee was authorized by the Board of Directors of the Corporation or the Proceeding (or part thereof) relates to the enforcement of the Corporation's obligations under this Article Eighth.

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**<u>NINTH</u>**: The indemnification provided by this Article Ninth is not exclusive of other indemnification rights arising under any bylaw, agreement, vote of directors or stockholders or otherwise, and shall inure to the benefit of the heirs and legal representatives of such Indemnitee.

**<u>TENTH</u>**: The business and affairs of the Corporation shall be managed by or under the direction of the board of directors, and the election of directors need not be by written ballot unless the Bylaws of the Corporation so provide.

**<u>ELEVENTH</u>**: The Corporation reserves the right to amend or repeal any provision contained in this Certificate of Incorporation in the manner prescribed by the laws of the State of Delaware. All rights herein conferred are granted subject to this reservation.

[*Remainder of Page Intentionally Left Blank*]

## Exhibit 10.1

**Exhibit 10.1** 

**AMENDMENT TO THE SEVERANCE AND CHANGE IN CONTROL AGREEMENT** 

This Amendment to the Severance and Change in Control Agreement (this "<u>Amendment</u>") is made as of August 14, 2025 (the "<u>Amendment Effective Date</u>") by and between Sage Therapeutics, Inc., a Delaware corporation (the "<u>Company</u>"), and Barry E. Greene (the "<u>Executive</u>").

**WHEREAS,** the Company and the Executive previously entered into a certain Severance and Change in Control Agreement dated as of December 15, 2020 (the "<u>Agreement</u>"); and

**WHEREAS,** the parties desire to amend the terms of the Agreement as set forth in this Amendment.

**NOW THEREFORE,** for good and valuable mutual consideration, including, but not limited to, the Executive's continued employment and access to Company confidential information, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:

1. The lead-in paragraph to Section 4 of the Agreement is hereby
deleted in its entirety and replaced with the following:

"In the event a Terminating Event occurs on or within the 12 months immediately after a Change in Control (such 12-month period, the "Change in Control Period"), subject to the Executive signing a separation and release of claims agreement (the form of which will be provided by the Company on or promptly following the Date of Termination (as defined in Section 10 below), and which shall contain, among other provisions, a general release of claims in favor of the Company and related persons and entities, and confidentiality, return of property and non-disparagement provisions (the "Separation Agreement")) and such Separation Agreement becoming irrevocable, all within 60 days (or such shorter period as the Company may specify) after the Date of Termination, the following shall occur:"

2. Section 4(a) of the Agreement is hereby deleted in its entirety and replaced with the following:

"the Company shall pay to the Executive an amount equal to the sum of (i) 18 months of the Executive's annual base salary in effect immediately prior to the Terminating Event (or the Executive's annual base salary in effect immediately prior to the Change in Control, if higher), and (ii) the Executive's full target bonus for the fiscal year in which the termination of employment occurs;"

3. Section 4(b) of the Agreement is hereby deleted in its entirety and replaced with the following:

"if the Executive timely completes the required election forms and the Executive (as well as the Executive's covered dependents) remains eligible for group health, medical, dental and/or vision insurance pursuant to COBRA, the Company shall pay on a tax free basis the full employer portion and the full Executive's portion of the monthly costs towards the health, dental and vision premiums to the same extent as if the Executive had remained employed (the "COBRA Benefit") until the earlier of (x) the date that is 18 months following the Date of Termination, or (y) the date that the Executive becomes

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eligible to receive group health insurance coverage from another employer; provided, that all premium costs after the end of such point, shall be paid by the Executive on a monthly basis for as long as, and to the extent that, the Executive remains eligible for COBRA continuation, and further, that if the Executive becomes eligible to receive group health insurance from another employer prior to the date that is 18 months following the Date of Termination, the Executive will provide written notice to the Company at least five (5) business days prior to such eligibility date;"

4. Section 5(b) of the Agreement is hereby deleted in its entirety and replaced with the following:

"if the Executive timely completes the required election forms and the Executive (as well as the Executive's covered dependents) remains eligible for group health, medical, dental and/or vision insurance pursuant to COBRA, the Company shall pay the COBRA Benefit until the earlier of (x) the date that is 12 months following the Date of Termination, or (y) the date that the Executive becomes eligible to receive group health insurance coverage from another employer; provided, that all premium costs after the end of such point, shall be paid by the Executive on a monthly basis for as long as, and to the extent that, the Executive remains eligible for COBRA continuation, and further, that if the Executive becomes eligible to receive group health insurance from another employer prior to the date that is 12 months following the Date of Termination, the Executive will provide written notice to the Company at least five (5) business days prior to such eligibility date;"

5. Section 22 of the Agreement is hereby deleted in its entirety and replaced with the following:

"This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth; provided that, any disputes arising under Section 25 of this Agreement shall be brought in the Superior Court or the Business Litigation session of the Superior Court of Suffolk County, Massachusetts. With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit."

6. Section 25 is hereby added to the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. **<u>Restrictive Covenants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>No Conflicting Business Activities</u>**. In consideration of the mutually-agreed-upon consideration set forth in this Agreement, including the severance entitlements set forth in Sections 4 and 5, the continued access to the Company's Confidential Business Information and the other benefits provided to the Executive under this Agreement, each of which the Executive acknowledges and agrees constitutes sufficient, fair and reasonable consideration that is independent of the Executive's continued employment with the Company, and in order to protect the Company's Confidential Business Information and goodwill, the Executive agrees that during the Executive's employment and for a period of twelve (12) months following the termination of the Executive's employment with the Company for any reason (the "Restricted Period"), the Executive will not, directly or indirectly, provide services to or engage in any activities on behalf of a Competitor in any role or position (as an employee, consultant, owner, partner, shareholder, director, manager, consultant, agent, co-venturer or otherwise) that would involve Conflicting Business Activities. During the subsequent twelve (12) months

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to twenty-four (24) months following the termination of the Executive's employment with the Company for any reason (the "Extended Restricted Period"), the Executive will not, directly or indirectly, provide services to or engage in any activities on behalf of a Competitor in any role or position (as an employee, consultant, owner, partner, shareholder, director, manager, consultant, agent, co-venturer or otherwise), without the prior consent of the Company. During the Extended Restricted Period, the Executive may notify the Company if the Executive wishes to seek employment with a Competitor, and request the Company's consent. If the Executive is otherwise in compliance with all obligations to the Company, the Company's consent will not be unreasonably withheld so long as the Competitor's existing or future Conflicting Business Activities do not involve Competitive Products, and there are no other special circumstances why the Company would not want the Executive working for a particular Competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For a period of twelve (12) months following the termination of employment, the Executive may notify the Company if the Executive wishes to seek employment with a Competitor, and request the Company's consent. If the Executive is otherwise in compliance with all obligations to the Company, the Company's consent will not be unreasonably withheld so long as the Competitor's existing or future Conflicting Business Activities do not involve Competitive Products, and there are no other special circumstance why the Company would not want the Executive working for a particular Competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Definitions</u>**. As used herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Competing Line of Business</u>" means a business that involves a product or service offered or under development by any person or entity other than the Company that would compete with any product or service offered, to be offered, or under development by the Company with which the Executive had work-related involvement including the performance of services during the Executive's last two (2) years of employment with the Company (unless the Company is no longer engaged in or planning to engage in that line of business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Competitor</u>" means an individual, corporation, other business entity or separately operated business unit of an entity that engages in a Competing Line of Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Confidential Business Information</u>" means all information, whether or not in writing, concerning the Company's business, technology, business relationships or financial affairs that the Company has not released to the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "<u>Conflicting Business Activities</u>" means job-related or other business-related activities in any state in which the Company does business, any state in the United States, or any other country where the Company does business, in each case, in which the Executive, during any time within the last two (2) years of the Executive's employment with the Company provided services or had a material presence or influence, if such job-related or other business-related activities (x) are the same as or similar to any material job duties or business-related activities in which the Executive participated during the last two (2) years of the Executive's employment with the Company; (y) are reasonably related to current or future technologies, products or services in development, that Executive

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is working on or with, or about which the Executive acquired Confidential Business Information through the performance of the Executive's services to the Company within two (2) years prior to the termination of the Executive's employment with the Company; or (z) involve the sale or marketing of products or services that are in a Competing Line of Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Competitive Products</u>" means any products that are (1) in the Postpartum Depression Therapeutics area; or (2) development in any therapeutic area using any of the following Mechanisms of Action: (a) NMDAR and GABAR Negative allosteric modulators (NAM) & Positive allosteric modulators (PAMs); (b) Glycine receptor PAMs; (c) BK Channels; (d) CH25H Inhibition; (e) SREBP trans Inhibition; or (f) EBI1 Inhibition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Review Period</u>**. The Executive acknowledges that the Executive has been advised to consult with an attorney of the Executive's choosing prior to signing this Agreement, including with regard to the non-competition covenant set forth in this Section 25. Executive further acknowledges that this Agreement is being entered into in connection with the Executive's continued employment with the Company and the Executive received notice of this Agreement at least ten (10) business days prior to the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the avoidance of doubt, the parties acknowledge and agree that the Executive's service as a director of Karyopharm Therapeutics, Inc. and City Therapeutics, Inc. is not prohibited by this Section 25.

7. All other terms and conditions of the Agreement, as amended and modified, are hereby ratified confirmed and
approved. Except as set forth in this Amendment, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms. If there is a conflict between the Agreement, and this Amendment, the terms of this Amendment will
prevail.

8. Section 22 (*Governing Law*) of the Agreement shall apply *mutatis mutandis* in respect of
the interpretation and constitution of this Amendment and all matters relating hereto.

9. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered
shall be taken to be an original, but such counterparts shall together constitute one and the same document.

\* \* \* \* \*

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**IN WITNESS WHEREOF,** the parties have executed this Amendment as of the Amendment Effective Date.

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| | | |
|:---|:---|:---|
| **BARRY E. GREENE** | **SAGE THERAPEUTICS, INC** | **SAGE THERAPEUTICS, INC** |
| /s/ Barry E. Greene | By: | /s/ Gregory Shiferman |
|  | Name: | Gregory Shiferman |
|  | Title: | Senior Vice President, General Counsel |

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[*Signature Page to the Amendment to the Severance and Change in Control Agreement*]

## Exhibit 10.2

**Exhibit 10.2** 

**AMENDMENT TO THE SEVERANCE AND CHANGE IN CONTROL AGREEMENT** 

This Amendment to the Severance and Change in Control Agreement (this "<u>Amendment</u>") is made as of [DATE] (the "<u>Amendment Effective Date</u>") by and between Sage Therapeutics, Inc., a Delaware corporation (the "<u>Company</u>"), and [NAME] (the "<u>Executive</u>").

**WHEREAS,** the Company and the Executive previously entered into a certain Severance and Change in Control Agreement dated as of [DATE] (the "<u>Agreement</u>"); and

**WHEREAS,** the parties desire to amend the terms of the Agreement as set forth in this Amendment.

**NOW THEREFORE,** for good and valuable mutual consideration, including, but not limited to, the Executive's continued employment and access to Company confidential information, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:

1. Section 4(a) of the Agreement is hereby deleted in its entirety and replaced with the following:

"the Company shall pay to the Executive an amount equal to the sum of (i) 12 months of the Executive's annual base salary in effect immediately prior to the Terminating Event (or the Executive's annual base salary in effect immediately prior to the Change in Control, if higher), and (ii) the Executive's full target bonus for the fiscal year in which the termination of employment occurs;"

2. Section 4(b) of the Agreement is hereby deleted in its entirety and replaced with the following:

"if the Executive timely completes the required election forms and the Executive (as well as the Executive's covered dependents) remains eligible for group health, medical, dental and/or vision insurance pursuant to COBRA, the Company shall pay on a tax free basis the full employer portion and the full Executive's portion of the monthly costs towards the health, dental and vision premiums to the same extent as if the Executive had remained employed (the "COBRA Benefit") until the earlier of (x) the date that is 12 months following the Date of Termination, or (y) the date that the Executive becomes eligible to receive group health insurance coverage from another employer; provided, that all premium costs after the end of such point, shall be paid by the Executive on a monthly basis for as long as, and to the extent that, the Executive remains eligible for COBRA continuation, and further, that if the Executive becomes eligible to receive group health insurance from another employer prior to the date that is 12 months following the Date of Termination, the Executive will provide written notice to the Company at least five (5) business days prior to such eligibility date;"

3. Section 4(d) of the Agreement is hereby deleted in its entirety and replaced with the following:

"the amounts payable under Section 4(a) shall be paid out in a lump sum commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the amounts shall be paid in the second calendar year by the last day of such 60-day period. All other wages earned, including, but not limited to, accrued vacation, to the Date of Termination shall be paid on the Date of Termination."

------

4. Section 5(b) of the Agreement is hereby deleted in its entirety and replaced with the following:

"the COBRA Benefit will be paid in accordance with Section 4(b);"

5. Section 5(c) of the Agreement is hereby deleted in its entirety and replaced with the following:

"the amounts payable under Section 5(a) shall be paid out in substantially equal installments in accordance with the Company's payroll practice over 12 months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the amounts shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)."

6. All other terms and conditions of the Agreement, as amended and modified, are hereby ratified confirmed and
approved. Except as set forth in this Amendment, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms. If there is a conflict between the Agreement, and this Amendment, the terms of this Amendment will
prevail.

7. Section 20 (*Governing Law*) of the Agreement shall apply *mutatis mutandis* in respect of
the interpretation and constitution of this Amendment and all matters relating hereto.

8. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered
shall be taken to be an original, but such counterparts shall together constitute one and the same document.

\* \* \* \* \*

------

**IN WITNESS WHEREOF,** the parties have executed this Amendment as of the Amendment Effective Date.

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| | |
|:---|:---|
| **[NAME]** | **SAGE THERAPEUTICS, INC** |
|  | By: |
|  | Name: |
|  | Title: |

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[*Signature Page to the Amendment to the Severance and Change in Control Agreement*]