Document:

Exhibit 10.2

PROMISSORY NOTE

	
Principal

$6,031,982.15

	
Loan Date

09-18-2019

	
Maturity

09-18-2024

	
Loan No

369663

	
Call/Coll

001

	
Account

	
Officer

002

	
Initials

	
 

References in the boxes above are for Lender's Use only and do not limit the applicability of this document to any particular loan or item.  Any item above containing **** has been omitted due to text length limitations.

 

	
Borrower:

Tandy Leather Factory, Inc.

1900 SE Loop 820

Fort Worth, TX 76140

 

	
Lender:

BOKF, NA dba Bank of Texas

P.O. Box 29775

Dallas, TX 75229-9775

Principal Amount: $6,031,982.15                                              Date of Note:  September 18, 2019

PROMISE TO PAY.   Tandy Leather Factory, Inc. ("Borrower") promises to pay to BOKF, NA dba Bank of Texas ("Lender"), or order, in lawful money of the United States of America, the principal amount of Six Million Thirty-one Thousand Nine Hundred Eighty-two & 15/100 Dollars ($6,031,982.15), or so much as may be outstanding, together with interest on the unpaid principal balance from September 18, 2019, until maturity.

PAYMENT.   Subject to any payment changes resulting from changes in the Index, Borrower will pay this loan in accordance with the following payment schedule:

Prior to the Conversion Date:

Prior to the Conversion Date (defined below), Borrower will pay twelve (12) consecutive monthly payments of interest, with the first payment being due October 18, 2019, and all subsequent interest payments due on the same day of each month thereafter.

Following the Conversion Date:

Following the  Conversion Date,  Borrower will  pay forty-eight (48) consecutive monthly payments of  principal and  interest, commencing October 18, 2020, and on the same day of each month thereafter, with each  payment except  the  last  equal  to  the  Payment  Amount (defined  below), and the  last  payment, due four  (4)  years  from  the  Conversion Date,  and in any  event  no later  than  September 18, 2024, equal to the remaining unpaid  balance  of principal and accrued interest hereunder.

The term "Conversion Date" shall mean the earlier of (i) September 18, 2020, or (ii) the date on which the loan is fully funded.

The "Payment Amount" shall  be an amount determined on  the  Conversion Date  based  on the  principal amount outstanding hereunder  on the Conversion date and the  interest rate  in effect on the  Conversion Date,  amortized over  a term  of four  (4) years;  provided, however, the Payment  Amount will  be recalculated on an annual basis  based  on the  interest rate  in effect at  the  time  of  recalculation, and the  months remaining  in the original four  (4) year amortization.

Straight Line of Credit:

This Note evidences a straight line of credit for the initial twelve (12) months of the loan term ("Draw Period").  At Loan Date, no amounts of principal have been drawn and the outstanding line of credit balance is $0.  Borrower is not entitled to further loan advances once the total amount of principal has been advanced or the Draw Period has expired, whichever occurs first. Advances under this Note, as well as directions for payment from Borrower's accounts, may be requested orally or in writing by an authorized person.  Lender may, but need not, require that all oral requests be confirmed in writing.  Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower's accounts with Lender.  The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Lender's internal records, including daily computer print-outs.  Lender  will  have  no obligation to  advance funds  under  this  Note  if:  (A)  Borrower or any guarantor is in default under  the  terms  of  this  Note  or any  agreement that  Borrower or any  guarantor has with Lender,  including any agreement  made  in connection with the  signing  of  this  Note;  (B) Borrower or any  guarantor ceases  doing  business  or is insolvent; (C) any guarantor seeks,  claims  or otherwise attempts to  limit, modify or revoke  such  guarantor's guarantee of  this  Note  or any  other  loan  with Lender; or (D) Borrower has applied  funds provided pursuant to this  Note for purposes other  than  those  authorized by Lender.

Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any late charges; and then to any unpaid collection costs. Borrower will pay Lender at Lender's address shown above or at such other place as Lender may designate in writing.

PAYMENT INFORMATION. PAYMENTS SHOULD BE REMITTED TO:  BOKF, NA dba Bank of Texas, P.O. Box 248818, Oklahoma City, OK 73124-8818.  If a payment is made consistent with the written payment instructions provided by Lender and received on a business day by 5:00 p.m.  Central Time, the payment will be applied that day.    If a payment is received on a business day after 5:00 p.m., the payment may be applied the following business day.

VARIABLE INTEREST RATE.   The interest rate on this Note is subject to change from time to time based on changes in an independent index which is the 1 Month LIBOR Interest Rate which is the ICE Benchmark Administration (ICE) (or the successor thereto if the ICE Benchmark Administration is no longer making a London Interbank Offered Rate available) fixing of London Inter-Bank Offered Rate (LIBOR) based on offered inter-bank deposit rates contributed in accordance with instructions to ICE LIBOR Contributor Banks (rounded upward, if necessary, to the nearest 1/100 of 1%) for such interest period; provided, however, that if LIBOR determined as provided above shall be less than zero, LIBOR shall be deemed to be zero for the  purposes of this Agreement; provided further, however, that if the Borrower and Lender have entered into a Swap Agreement in relation to the interest rate in respect of the indebtedness covered by this Note then LIBOR (with respect to both the Swap Agreement and the determination of such interest rate) shall be as determined, irrespective if such determination is less than zero (the "Index").  The Index is not necessarily the lowest rate charged by Lender on its loans.  If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower.  Lender will tell Borrower the current Index rate upon Borrower's request.  The interest rate change will not occur more often than each month.  Borrower understands that Lender may make loans based on other rates as well.  The Index currently is 2.060% per annum.  Interest prior to maturity on the unpaid principal balance of this Note will be calculated as described in the "INTEREST CALCULATION METHOD" paragraph using a rate of 1.500 percentage points over the Index, resulting in an initial rate of 3.560% per annum based on a year of 360 days.  NOTICE:  Under no circumstances will the interest rate on this Note be more than (except for any higher default rate or Post Maturity Rate shown below) the lesser of 18.000% per annum or the maximum rate allowed by applicable law.  For purposes of this Note, the "maximum rate allowed by applicable law" means the greater of  (A)  the maximum rate of interest permitted under federal or other law applicable to the indebtedness evidenced by this Note, or  (B)  the "Quarterly Ceiling" as referred to in Section 303.006 of the Texas Finance Code.  Whenever increases occur in the interest rate, Lender, at its option, may do one or more of the following:  (A)  increase Borrower's payments to ensure Borrower's loan will pay off by its original final maturity date,  (B)  increase Borrower's payments to cover accruing interest,  (C)  increase the number of Borrower's payments, and  (D)  continue Borrower's payments at the same amount and increase Borrower's final payment.

INTEREST CALCULATION METHOD.  Interest on  this  Note  is computed on a 365/360 basis;  that  is, by  applying the  ratio  of  the  interest rate over  a year  of  360   days,  multiplied by  the  outstanding principal balance, multiplied by  the  actual  number   of  days  the  principal balance  is outstanding, unless  such  calculation would result in a usurious rate,  in which case  interest shall  be calculated on a per  diem  basis  of a year of 365 or 366 days, as the case may be.   All interest payable  under  this  Note  is computed using  this  method.

PREPAYMENT.   Borrower may  pay  without penalty all or a portion of the amount owed  earlier  than  it is due.   Prepayment in full  shall  consist of payment of  the  remaining unpaid  principal balance  together with all accrued and unpaid  interest and  all other  amounts, costs  and expenses  for which  Borrower is responsible under  this  Note  or any  other  agreement with Lender  pertaining to this  loan,  and in no event  will  Borrower ever be required  to pay  any unearned interest.  Early payments will  not,  unless  agreed  to by Lender  in writing, relieve  Borrower of Borrower's  obligation to  continue to  make  payments under  the  payment schedule.   Rather,  early  payments will  reduce the  principal balance  due  and  may  result  in Borrower's making fewer payments.   Borrower agrees  not  to  send  Lender  payments marked   "paid in  full",  "without  recourse", or  similar language.    If  Borrower sends  such  a payment, Lender  may  accept it without losing  any  of  Lender's rights under  this  Note,  and  Borrower will remain  obligated to pay  any further amount owed to Lender.    All written communications concerning disputed amounts, including any  check  or other  payment instrument that  indicates that  the  payment constitutes "payment in  full" of  the  amount owed or  that  is  tendered with  other conditions or limitations or  as full  satisfaction of  a disputed amount must  be mailed  or delivered to:   BOKF, NA  dba Bank  of  Texas, P.O. Box 248817 Oklahoma  City, OK   73124-8817.

LATE  CHARGE.    If  a payment is  15  days  or  more  late,  Borrower will  be  charged 5.000%  of  the  unpaid  portion of  the  regularly  scheduled payment.

POST MATURITY RATE.   The  Post  Maturity Rate  on  this  Note  is  the  lesser  of   (A)   the  maximum rate  allowed by  law  or   (B)   18.000%  per annum  based  on a year  of  360 days.   Borrower will  pay  interest on all sums  due after  final  maturity, whether by acceleration or otherwise, at that rate.

DEFAULT.  Each of the following shall constitute an event  of default  ("Event of Default") under  this  Note:

	
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Payment  Default.  Borrower fails  to make  any payment when  due under  this  Note.

	
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Other  Defaults.  Borrower fails  to comply with or to perform any  other  term, obligation, covenant or condition contained in this  Note  or in any of the related  documents or to comply with or to perform any term, obligation, covenant or condition contained in any other  agreement between Lender and Borrower.

	
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Default in Favor  of  Third  Parties.  Borrower or any  Grantor  defaults under  any  loan,  extension of  credit, security agreement, purchase  or sales agreement, or any  other  agreement, in favor  of  any other  creditor or person  that  may  materially affect any  of Borrower's property or Borrower's ability  to repay  this  Note  or perform Borrower's obligations under  this  Note  or any of the related  documents.

	
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False Statements.  Any  warranty, representation or statement made  or furnished to  Lender  by Borrower or on Borrower's behalf,  or made by Guarantor, or any  other  guarantor, endorser, surety, or accommodation party, under  this  Note  or the  related  documents in connection with  the obtaining  of the loan evidenced by this  Note  or any security document directly or indirectly securing repayment of this  Note is false or misleading in any material respect, either  now  or at the time  made or furnished or becomes  false  or misleading at any time  thereafter.

	
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Insolvency.  The dissolution or termination of  Borrower's existence as a going  business, the  insolvency of  Borrower, the  appointment of a receiver   for   any   part   of   Borrower's  property,  any   assignment  for   the   benefit   of   creditors,  any   type   of   creditor  workout,  or  the commencement of any proceeding under any bankruptcy or insolvency laws  by or against  Borrower.

	
·

	
Creditor  or  Forfeiture Proceedings.   Commencement of  foreclosure or  forfeiture  proceedings, whether by  judicial   proceeding,  self-help, repossession or  any  other  method, by  any  creditor of  Borrower or by  any  governmental agency  against  any  collateral securing the  loan. This includes  a garnishment of  any of  Borrower's accounts, including deposit accounts, with Lender.   However, this  Event  of  Default  shall not  apply  if there  is a good  faith  dispute  by Borrower as to  the validity or reasonableness of the  claim  which is the  basis  of  the  creditor or forfeiture proceeding and if Borrower gives  Lender  written notice  of the creditor or forfeiture proceeding and deposits with Lender monies  or a surety  bond  for  the  creditor or  forfeiture proceeding, in  an  amount determined by  Lender,  in  its  sole  discretion, as being  an adequate reserve  or bond  for the  dispute.

	
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Execution; Attachment.   Any  execution or attachment is levied  against  the  Collateral, and  such  execution or attachment is  not  set  aside, discharged or stayed  within thirty (30)  days after  the same is levied.

	
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Change in Zoning  or Public  Restriction. Any  change  in any zoning  ordinance or regulation or any other  public  restriction is enacted, adopted or implemented, that  limits  or defines  the  uses which may be made of the  Collateral such  that  the present or intended use of the Collateral, as specified in the related documents, would be in violation of such zoning  ordinance or regulation or public restriction, as changed.

	
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Default Under  Other  Lien Documents.  A default  occurs  under  any other  mortgage, deed  of trust  or security agreement covering all or any portion of the Collateral.

	
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Judgment.   Unless  adequately covered by  insurance in  the  opinion  of  Lender,  the  entry  of  a final  judgment for  the  payment of  money involving more  than  ten  thousand dollars  ($10,000.00) against  Borrower and the  failure  by  Borrower to discharge the  same,  or cause  it to be discharged, or bonded  off  to  Lender's satisfaction, within thirty (30)  days from  the  date  of the  order,  decree  or process under  which or pursuant to which such judgment was  entered.

	
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Events  Affecting Guarantor.  Any  of  the  preceding events  occurs  with respect to  any Guarantor, or any  other  guarantor, endorser, surety, or accommodation party  of  any  of  the  indebtedness or any  Guarantor, or any  other  guarantor, endorser, surety, or accommodation party dies or becomes  incompetent, or revokes or disputes the  validity of,  or liability under,  any  guaranty  of  the  indebtedness evidenced by this Note.

	
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Change In Ownership.  Any  change  in ownership of twenty-five percent (25%) or more  of the common stock  of Borrower.

	
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Adverse  Change.    A  material adverse   change   occurs   in  Borrower's financial condition, or  Lender  believes  the  prospect of  payment or performance of this Note  is impaired.

	
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Insecurity.  Lender in good faith  believes  itself insecure.

LENDER'S RIGHTS.    Upon  default, Lender  may  declare   the  entire  indebtedness, including  the  unpaid  principal balance  under  this  Note,  all accrued  unpaid  interest, and  all other  amounts, costs  and expenses  for  which Borrower is responsible under  this  Note  or any other  agreement with  Lender pertaining to this  loan,  immediately due, without notice, and then Borrower will  pay that  amount.

ATTORNEYS' FEES; EXPENSES.   Lender  may hire  an attorney to help collect this  Note  if Borrower does not  pay,  and Borrower will  pay Lender's reasonable  attorneys' fees.     Borrower also  will   pay  Lender  all  other  amounts Lender  actually incurs   as  court   costs, lawful fees  for  filing, recording,  releasing  to  any  public  office any  instrument  securing this  Note;  the  reasonable cost  actually expended  for  repossessing, storing, preparing  for  sale,  and  selling  any  security; and  fees  for  noting   a lien  on  or  transferring a certificate of  title  to  any  motor  vehicle  offered  as security  for this Note,  or premiums or identifiable charges  received in connection with the sale of authorized insurance.

JURY WAIVER.  Lender  and Borrower hereby  waive the right to any jury trial in any action, proceeding, or counterclaim brought by either  Lender or Borrower  against  the other.

GOVERNING LAW.   This Note  will  be governed by federal  law  applicable to Lender  and, to the  extent  not  preempted by federal  law,  the  laws  of the State of Texas without regard  to its  conflicts of law  provisions.  This Note  has been accepted by Lender  in the State  of Texas.

CHOICE OF VENUE.    If  there  is  a  lawsuit, and  if the  transaction  evidenced by  this  Note  occurred in  Dallas  County, Borrower agrees  upon Lender's request  to submit to the jurisdiction of the  courts  of Dallas  County, State  of Texas.

RIGHT OF SETOFF.  To the extent  permitted by applicable law, Lender  reserves a right  of setoff in all Borrower's accounts with Lender  (whether checking,  savings,  or some  other  account).  This includes all accounts Borrower holds  jointly with someone  else and all accounts Borrower may open in the future.  However, this  does  not  include any  IRA or Keogh  accounts, or any trust  accounts for  which setoff would be prohibited by law.   Borrower  authorizes  Lender,  to the  extent  permitted by applicable law,  to charge  or setoff all sums  owing on the indebtedness against  any and all such accounts.

FINANCIAL STATEMENTS. Borrower agrees  to provide Lender  with such financial statements and other  related  information at such  frequencies and in such detail as Lender  may reasonably request.

EXPENSES. Borrower agrees  to  pay  to  Lender  on  demand  the  amount of  all  costs,  fees  and  expenses  paid,  incurred or  charged  by  Lender  in connection   with  Lender's administration of  the  Loan,  the  preparation of  documents and  instruments related   to  the  Loan,   and  the  filing   or recordation  of any financing statements, documents and instruments required  for perfection of any collateral.

RENEWAL STATEMENT. This  Promissory Note  is an extension, renewal and/or  modification of  the  Promissory Note  dated  August 20,  2018 in the principal  amount  of $15,000,000.00 from  the Borrower to Lender  and is not  a novation or substitution.

SUCCESSOR INTERESTS.    The  terms   of  this  Note  shall  be  binding   upon   Borrower, and  upon   Borrower's heirs,   personal representatives, successors  and assigns,  and shall inure  to the benefit of Lender  and its  successors and assigns.

GENERAL PROVISIONS.   If any part  of this  Note  cannot be enforced, this  fact  will  not  affect the  rest  of  the Note.   Borrower does not  agree or intend  to  pay,  and  Lender  does  not  agree  or intend  to  contract for,  charge,  collect, take,  reserve  or  receive  (collectively referred to  herein  as "charge  or  collect"), any  amount in  the  nature  of  interest or in  the  nature  of  a fee  for  this  loan,  which would in  any  way  or  event  (including demand, prepayment, or acceleration) cause  Lender  to  charge  or  collect more  for  this  loan  than  the  maximum Lender  would be permitted to charge or collect  by federal  law  or the  law  of the State  of Texas  (as applicable).  Any  such  excess  interest or unauthorized fee shall,  instead  of anything  stated  to  the  contrary, be applied  first  to  reduce  the  principal balance  of  this  loan,  and  when  the  principal has  been  paid  in full,  be refunded  to Borrower.  The right  to  accelerate maturity of  sums  due under  this  Note  does  not  include the  right  to accelerate any interest which has not  otherwise accrued on the  date  of  such  acceleration, and Lender  does not  intend  to charge  or collect any  unearned  interest in the event of acceleration.  All  sums  paid  or agreed  to be paid  to  Lender  for  the  use,  forbearance or detention of  sums  due hereunder shall,  to the extent permitted by  applicable law, be  amortized, prorated, allocated and  spread  throughout the  full  term   of  the  loan  evidenced by  this  Note  until payment  in full  so  that  the  rate  or  amount of  interest on  account of  the  loan  evidenced hereby  does  not  exceed  the  applicable usury  ceiling. Lender may  delay  or forgo enforcing any  of  its  rights  or remedies  under  this  Note  without losing  them.   Borrower and  any  other  person  who signs,  guarantees or endorses  this  Note,  to  the  extent allowed by  law, waive presentment, demand  for  payment, notice  of  dishonor, notice  of intent  to accelerate the maturity of this  Note, and notice  of acceleration of the maturity of this  Note.  Upon  any change  in the terms  of this Note, and  unless  otherwise  expressly stated   in  writing, no  party who   signs  this  Note,   whether as  maker, guarantor, accommodation maker  or endorser, shall  be released  from liability.  All  such  parties agree  that  Lender may  renew or extend  (repeatedly and  for  any  length  of  time)  this loan or release  any party or guarantor or collateral; or impair, fail to realize  upon or perfect Lender's security interest in the collateral without the consent  of  or notice to anyone.  All  such parties also agree  that  Lender  may  modify this  loan  without the  consent of or notice  to  anyone  other than the party  with whom the modification is made.  The obligations under  this Note  are joint and several.

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS.   BORROWER AGREES TO THE TERMS OF THE NOTE.  BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

BORROWER:

/s/ Tina L. Castillo,

Chief Financial Officer, TANDY LEATHER FACTORY, INC.EX-10.1

 Exhibit 10.1 

Trevi Therapeutics, Inc. 

Executive Separation Benefits and Retention Plan 

1. Establishment of Plan. Trevi Therapeutics, Inc., a Delaware corporation (the “Company”), hereby establishes an
unfunded separation benefits and retention plan (the “Plan”) that is intended to be a welfare benefit plan within the meaning of Section 3(1) of ERISA. The Plan is in effect for Covered Executives who experience a Covered
Termination occurring after the Effective Date and before the termination of this Plan. This Plan supersedes any and all (i) severance plans and separation policies applying to Covered Executives that may have been in effect before the
Effective Date with respect to any termination of employment and (ii) the provisions of any agreements between any Covered Executive and the Company that provide for severance benefits, except as provided in Section 21. 

2. Purpose. The purpose of the Plan is to establish the conditions under which Covered Executives will receive the separation benefits
described herein if employment with the Company (or its successor following a Change in Control (as defined below)) terminates under the circumstances specified herein. The separation benefits paid under the Plan are intended to assist employees in
making a transition to new employment and are not intended to be a reward for prior service with the Company. 
 3. Definitions. For
purposes of this Plan, 
 (a) “Accelerated Portion” shall have the meaning set forth in Section 5(a)
hereof. 
 (b) “Accrued Obligations” shall have the meaning set forth in Section 6(a) hereof. 

(c) “Affiliated Entity” means any corporation, partnership, trust or other entity of which the Company and/or
any of its Affiliated Entities directly or indirectly owns a majority of the outstanding shares of any class of equity security thereof and any corporation, partnership, trust or other entity which directly or indirectly owns a majority of the
outstanding shares of any class of any equity security of the Company or any of its Affiliated Entities. 
 (d) “Base
Salary” shall mean, for any Covered Executive, such Covered Executive’s base rate of pay exclusive of any bonuses, overtime pay, shift differentials, “adders,” any other form of premium pay, or other forms of compensation.

 (e) “Board” shall mean the Board of Directors of the Company or the Compensation Committee of the Board
of Directors of the Company. 
 (f) “Cause” shall mean a finding by the Company that the Covered Executive:
(i) materially breached any applicable employment agreement, offer letter or any employee non-competition, non-solicitation, confidentiality and assignment or
similar agreement to which such Covered Executive is a party with the Company, (ii) engaged in fraud or embezzlement; (iii) engaged in willful misconduct or gross negligence with 

 
regard to the Company that the Board determines in good faith is, or is reasonably likely to be, materially injurious to the Company and its reputation; (iv) materially violated the
Company’s published policies, including those prohibiting unlawful harassment and discrimination or concerning drugs and alcohol, as in effect from time to time; or (v) was convicted of, or pleaded guilty or nolo contendere to any felony
(other than traffic-related offenses). 
 (g) “Change in Control” shall mean the occurrence of any of the
following events, provided that such event or occurrence constitutes a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, as defined in Treasury Regulation
§§1.409A-3(i)(5)(v), (vi) and (vii): 
  

	 	(i)	 the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the
meaning of Rule 13d-3 under the Exchange Act) 50% or more of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the
combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this
Subsection 3(g)(i), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company or (B) any acquisition by any entity pursuant to a Business Combination (as defined below) which
complies with clauses (x) and (y) of Subsection 3(g)(iii) of this definition; 

  

	 	(ii)	 a change in the composition of the Board that results in the Continuing Directors (as defined below) no longer
constituting a majority of the Board (or, if applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (x) who was a member of
the Board on the date of the initial adoption of the Plan by the Board or (y) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election
or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause
(y) any individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or
on behalf of a person other than the Board; 

  
 2 

	 	(iii)	 the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the
Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business Combination, each of the following two conditions is satisfied:
(x) the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination represent more than 50% of the then-outstanding shares of common stock or other common equity and the combined
voting power of the then-outstanding securities entitled to vote generally in the election of directors or other governing body, respectively, of the resulting or acquiring entity in such Business Combination (which shall include, without
limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or through one or more subsidiaries) (such resulting or acquiring entity is referred to herein as the
“Acquiring Entity”) and (y) no Person (excluding any employee benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring Entity) beneficially owns, directly or indirectly, 50% or more of the
then-outstanding shares of common stock of the Acquiring Entity, or of the combined voting power of the then-outstanding securities of such entity entitled to vote generally in the election of directors or other governing body (except to the extent
that such ownership existed prior to the Business Combination); or 

  

	 	(iv)	 the liquidation or dissolution of the Company; 

provided that such Change in Control also satisfies Treasury Regulation Section 1.409A-3(i)(5)
where required for compliance with Section 409A of the Internal Revenue Code and the guidance issued thereunder (“Section 409A”). 

(h) “CIC Period” shall have the meaning set forth in Section 6(b) hereof. 

(i) “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act. 

(j) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(k) “Company” shall mean Trevi Therapeutics, Inc. or, following a Change in Control, any successor thereto.

 (l) “Covered Executives” shall mean all Executives who experience a Covered Termination. For the
avoidance of doubt, Temporary Employees and Part-Time Employees are not eligible for separation benefits under the Plan. An employee’s full-time, part-time or temporary status for the purpose of this Plan is determined by the Plan Administrator
upon review of the employee’s status immediately before termination. Any person who is classified by the Company as an independent contractor or third party employee is not eligible for separation benefits even if such classification is
modified retroactively. 

  
 3 

 (m) “Covered Termination” shall mean a termination by the
Company of the employee other than for Cause or by reason of the employee’s death or Disability, or a resignation by the employee for Good Reason. 

(n) “Date of Termination” means: (i) if Executive’s employment ends other than for death,
Executive’s last day of employment with the Company and (ii) if Executive’s employment is terminated by reason of death, the date of Executive’s death. 

(o) “Delay Period” shall have the meaning set forth in Section 14(b)(i) hereof. 

(p) “Disability” shall mean any long-term disability or incapacity due to physical or mental illness that
renders the Covered Executive unable to substantially perform his duties for at least ninety (90) consecutive days or one hundred twenty (120) total days during any twelve (12) month period, provided that it may occur in a shorter
period if, after its commencement, it is determined to be total and permanent by a physician selected by the Company and its insurers and such determination is acceptable to the Covered Executive or to the Covered Executive’s legal
representative (with such agreement on acceptability not to be unreasonably withheld). 
 (q) “Effective
Date” shall mean September 18, 2019. 
 (r) “Eligibility Date” shall have the meaning set forth in
Section 6(b)(ii) hereof. 
 (s) “Equity Award” shall have the meaning set forth in Section 7(b)
hereof. 
 (t) “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

(u) “Executive” shall mean all Regular Full-Time Employees (both
exempt and non-exempt) who are designated as officers of the Company by the Board. 

(v) “Good Reason” shall mean: (i) a material diminution in the nature or scope of the employee’s
duties, responsibilities or authority; (ii) a material reduction in the employee’s Base Salary then in effect; (iii) the Company’s requiring the employee’s ongoing and regular services to be performed at a location more than
fifty (50) miles from the geographic location at which the employee was providing services before such requirement; or (iv) a material breach by the Company of any agreement under which the employee provides services to the Company. In
order to terminate the employee’s employment for Good Reason, the employee must (w) give notice to the Company of the employee’s intention to resign for Good Reason within sixty (60) days after the occurrence of the event (or
series of events) that the employee asserts entitles the employee to resign for Good Reason, (x) state in that notice the event that the employee considers to provide the employee with Good Reason to resign, (y) provide the Company with at
least thirty (30) days after the employee’s notice to cure the event, and (z) if the event is not cured within such thirty (30)-day cure period, resign for Good Reason within thirty
(30) days after the end of the thirty (30)-day cure period 

  
 4 

 (w) “Part-Time Employees” shall mean employees who are not
Regular Full-Time Employees and are treated as such by the Company. 
 (x) “Participants” shall mean Covered
Executives. 
 (y) “Payment Date” shall have the meaning set forth in Section 5(a) hereof. 

(z) “Plan Administrator” shall have the meaning set forth in Section 16 hereof. 

(aa) “Release Agreement” shall have the meaning set forth in Section 5 hereof. 

(bb) “Release Effective Date” shall have the meaning set forth in Subsection 14(c)(1) hereof. 

(cc) “Regular Full-Time Employees” shall mean employees, other than Temporary Employees, normally scheduled to
work at least thirty (30) hours a week unless the Company’s local practices, as from time to time in force, whether or not in writing, establish a different hours threshold for regular full-time employees. 

(dd) “Section 409A” shall have the meaning set forth in Section 3(g) hereof. 

(ee) “Severance Conditions” shall have the meaning set forth in Section 6(b) hereof. 

(ff) “Severance Period” shall have the meaning set forth in Section 6(b)(i) hereof. 

(gg) “Temporary Employees” are employees treated as such by the Company, whether or not in writing. 

4. Coverage. A Covered Executive may be entitled to receive separation benefits under the Plan if such employee experiences a Covered
Termination. In order to receive separation benefits under the Plan, Covered Executives must meet the requirements provided below in Section 5 of the Plan. 

5. Conditions to Separation Benefits. 

(a) As a condition to the separation benefits in Sections 6 and 7, the Covered Executive must execute and return to the Company
a severance and release of claims agreement provided by and satisfactory to the Company (the “Release Agreement”), and such Release Agreement must become binding, enforceable and irrevocable within sixty (60) calendar days
following termination of employment. The Release Agreement shall contain, among other things, a general release of claims by the Covered Executive, the agreement of the Covered Executive not to disparage the Company and reaffirmation of

  
 5 

 
the Covered Executive’s obligations under his or her Invention and Non-Disclosure Agreement and
Non-Competition and Non-Solicitation Agreement. Payments will begin in the first pay period beginning after the conditions in this Section 5 have been satisfied or
as promptly as practicable thereafter, provided that if the foregoing sixty (60) day period would end in a calendar year subsequent to the year in which the Covered Executive’s employment ends, payments will not be made before the first
payroll period of the subsequent year (the “Payment Date”). Notwithstanding the foregoing, the acceleration of vesting of the Equity Awards as contemplated by Section 7(b) below shall take immediate effect upon the date of
termination; provided, however, that the Covered Executive agrees that the portion of such Equity Awards that shall have been accelerated pursuant to 7(b) (the “Accelerated Portion”) shall not be exercised or transferred prior to
the date on which the severance conditions in this Section 5 have been satisfied, that any shares to be issued or retained under the Equity Awards will not be issued or retained prior to the date on which the conditions in this Section 5
have been satisfied and that if the conditions in this Section 5 have not been satisfied within the prescribed time period, than, as of such date, the Accelerated Portion shall be cancelled and shall cease to be exercisable, shall be forfeited,
or shall not be issued, as applicable on the basis of the type of Equity Award. 
 (b) In addition, as a condition of Covered
Executive’s receipt of the separation benefits in Sections 6 and 7, the Covered Executive agrees to (i) reasonably cooperate with the Company at its request in all matters relating to the winding up of the Covered Executive’s pending
work on behalf of the Company and the orderly transfer of such work to other employees of the Company following any termination of employment, (ii) during the Severance Period (as defined below), upon reasonable notice by the Company, make
himself/herself reasonably available to the Company on an as-needed basis in connection with the orderly transition of the Covered Executive’s duties without receiving any additional compensation other
than the separation benefits, and (iii) reasonably cooperate in the resolution of any dispute (including, without limitation, litigation of any action) involving the Company that relates in any way to Covered Executive’s activities while
employed by the Company. The Company shall reimburse the Covered Executive for all reasonable out-of-pocket expenses incurred by the Covered Executive in order to
provide such cooperation. 
 6. Obligations of the Company upon Termination. 

(a) Termination for Any Reason or No Reason. In the event of the termination of Covered Executive’s employment for
any reason or for no reason, the Company will pay to Covered Executive (or to Covered Executive’s estate) (i) the portion of Covered Executive’s annualized Base Salary that has accrued prior to such termination and has not yet been
paid and, to the extent consistent with general Company policy, accrued but unused paid time off through and including the Date of Termination, (ii) any bonus amount not yet paid that was earned by and approved for payment to Covered Executive
by the Board during or with respect to the calendar year preceding the Date of Termination; (iii) reimbursement for expenses properly incurred by Covered Executive on behalf of the Company prior to such termination and properly documented in
accordance with Company policy, and (iv) to the extent not theretofore paid or 

  
 6 

 
provided, any other amounts or benefits required to be paid or provided or which Covered Executive is eligible to receive under any plan or agreement of or with the Company through the Date of
Termination (all such amounts, collectively, the “Accrued Obligations”). The Accrued Obligations will be paid as required by law but in any event promptly after termination or as provided by any applicable policy, plan or agreement.

 (b) Termination by the Company Other Than for Cause or by Reason of Covered
Executive’s Death or Disability; By Covered Executive for Good Reason; and Other than Upon or within Twelve Months following a Change in Control. Subject to the satisfaction of the conditions set
forth in Section 5 (the “Severance Conditions”), if Covered Executive’s employment is terminated (i) by the Company other than (x) for Cause or (y) by reason of Executive’s death or Disability, or
(ii) by Covered Executive for Good Reason, and, in each case, other than upon or within twelve (12) months following a Change in Control (the “CIC Period”), then in addition to the Accrued Obligations, the Company shall:

  

	 	(i)	 Continue to pay Covered Executive’s Base Salary for the period set forth in the table below (the
“Severance Period”) at Covered Executive’s most recent Base Salary, such payment to be made in accordance with the Company’s then-current payroll practices over the Severance Period; provided, however, the amounts to be
paid under this clause (i) to a Covered Executive shall be reduced by any other post-termination payments made by the Company to the Covered Executive, which are made to enforce the Covered Executive’s
non-competition obligation or are otherwise required by law. 

  

			
	 Title/Role of Participant
	  	 Severance Period

	Chief Executive Officer	  	Twelve (12) months
	Other Covered Executives	  	Six (6) months

  

	 	(ii)	 Provided that Covered Executive is eligible for and elects to continue receiving medical insurance pursuant to
COBRA, continue to pay on Covered Executive’s behalf the share of the monthly premiums for such coverage that it pays for active and similarly situated employees receiving the same type of coverage during the Severance Period. The remaining
balance of the premium costs and all premium costs after the Severance Period shall be paid by Covered Executive on a monthly basis for as long as, and to the extent that, Covered Executive remains eligible for and elects to continue receiving
continued coverage under COBRA; provided, however, that notwithstanding the foregoing, in the event Covered Executive becomes eligible during the Severance Period for the same or substantially similar group health insurance coverage through another
employer, Covered Executive shall immediately notify the Company in writing of the date of eligibility for such coverage (the “Eligibility Date”), and the Company’s obligation to make monthly premium payments pursuant to this
Subsection 6(b)(ii) shall end on the Eligibility Date. 

  
 7 

	 	(c)	 Termination By the Company for Cause; By Reason of Covered
Executive’s Death or Disability; Or By Covered Executive Other than for Good Reason. If Covered Executive’s employment is terminated by the Company for Cause, or by reason of Covered Executive’s death or
Disability, or by Covered Executive for any reason other than for Good Reason, the Company shall have no obligations to Covered Executive or Covered Executive’s legal representatives under the Plan, other than for payment of the Accrued
Obligations. 

 7. Change in Control Separation Benefits. Subject to the satisfaction of the Severance Conditions,
if, during the CIC Period, a Covered Executive’s employment is terminated by the Company without Cause and not for death or Disability, or if a Covered Executive resigns his or her employment for Good Reason, then, in addition to the Accrued
Obligations and in lieu of any payments under Section 6, the Company shall: 
 (a) Pay to such Covered Executive, on the
Payment Date, a lump sum equal to the number of months of Base Salary set forth in the table below at such Covered Executive’s most recent Base Salary, or, if greater, at such Covered Executive’s highest Base Salary immediately prior to
the Change in Control or during the CIC Period: provided, however, the amounts to be paid under this clause (a) to a Covered Executive shall be reduced by any other post-termination payments to be made by the Company to the Covered Executive,
to enforce the Covered Executive’s non-competition obligation or as otherwise required by law. 
  

			
	 Title/Role of Participant
	  	 Months of Benefits

	Chief Executive Officer	  	Eighteen (18) months
	Other Covered Executives	  	Twelve (12) months

 (b) Provided that the Covered Executive is eligible for and elects to continue receiving
medical insurance under COBRA, continue to pay on such Covered Executive’s behalf the share of the monthly premiums for such coverage that it pays for active and similarly situated employees receiving the same type of coverage for a period
following the Date of Termination of up to the number of months set forth in the table above. The remaining balance of the premium costs and all premium costs after such period shall be paid by such Covered Executive on a monthly basis for as long
as, and to the extent that, such Covered Executive remains eligible for and elects to continue receiving continued coverage under COBRA; provided, however, that notwithstanding the foregoing, in the event such Covered Executive becomes eligible
during such period for the same or substantially similar group health insurance coverage through another employer, such Covered Executive shall immediately notify the Company in writing of the Eligibility Date, and the Company’s obligation to
make monthly premium payments pursuant to this Subsection 7(b) shall end on the Eligibility Date. 

  
 8 

 (c) Pay to the Covered Executive, on the Payment Date, a lump sum equal to
the number set forth in the table below times such Covered Executive’s target bonus award for the year in which the Date of Termination occurs without regard to whether the performance goals applicable to such target bonus had been established
or satisfied at the Date of Termination. 
  

			
	 Title/Role of Participant
	  	 Bonus Multiplier

	Chief Executive Officer	  	1.5x
	Other Covered Executives	  	1.0x

 (d) Notwithstanding the terms of any stock option agreement, restricted stock agreement
or other stock award (“Equity Award”), other than terms more favorable to the Covered Executive, effective as of the Termination Date, accelerate the vesting of all Equity Awards held by such Covered Executive at the Date of
Termination (other than Equity Awards that vest on the basis of performance and do not provide solely for time-based vesting), such that such Equity Awards shall become 100% vested. 

8. Recoupment. If a Covered Executive fails to comply with the terms of the Plan, including the provisions of Section 5 above, the
Company may require repayment to the Company of any benefits described in Sections 6 and 7 above that the Covered Executive has already received to the extent permitted by applicable law and with the “value” determined in the sole
discretion of the Plan Administrator. Payment is due in cash or by check within 10 days after the Company provides notice to a Covered Executive that it is enforcing this provision. Any benefits described in Sections 6 and 7 above not yet
received by such Covered Executive will be immediately forfeited. 
 9. Effect of Termination on Other Positions. If, on the Date of
Termination, the Covered Executive is a member of the Board or the board of directors of any Affiliated Entity, or holds any other office or position with the Company or any Affiliated Entity, the Covered Executive shall, unless otherwise requested
by the Company, resign or be deemed to have resigned from all such offices and positions as of the Date of Termination. The Covered Executive agrees to execute such documents and take such other actions as the Company may request to reflect such
resignation. 
 10. No Mitigation. In no event, except as set forth expressly in this or another agreement signed by a Covered
Executive, shall such Covered Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to such Covered Executive under any of the provisions of this Agreement and, subject to the aforesaid
exception, such amounts shall not be reduced whether or not such Covered Executive obtains other employment. 

  
 9 

 11. Restrictive Covenants. As a condition of the effectiveness of this Agreement, the
Covered Executive shall have previously, or contemporaneously with the execution of this Agreement, executed and delivered to the Company an Invention and Non-Disclosure Agreement and a Non-Competition and Non-Solicitation Agreement with the Company provided by and satisfactory to the Company. 

12. Death. If a Participant dies after the date of his or her Covered Termination but before all payments or benefits to which such
Participant is entitled pursuant to the Plan have been paid or provided, payments will be made to any beneficiary designated by the Participant prior to or in connection with such Participant’s Covered Termination or, if no such beneficiary has
been designated, to the Participant’s estate. For the avoidance of doubt, if a Participant dies during such Participant’s applicable Severance Period, Benefits Continuation will continue for the Participant’s applicable dependents for
the remainder of the Participant’s Severance Period. 
 13. Withholding. The Company may withhold from any payment or benefit
under the Plan: (a) any federal, state, or local income or payroll taxes required by law to be withheld with respect to such payment; (b) such sum as the Company may reasonably estimate is necessary to cover any taxes for which the Company
may be liable and which may be assessed with regard to such payment; and (c) such other amounts as appropriately may be withheld under the Company’s payroll policies and procedures from time to time in effect. 

14. Section 409A. It is expected that the payments and benefits provided under this Plan will be exempt from the
application of Section 409A. The Plan shall be interpreted consistent with this intent to the maximum extent permitted and generally, with the provisions of Section 409A. A termination of employment shall not be deemed to have occurred for
purposes of any provision of this Plan providing for the payment of any amounts or benefits upon or following a termination of employment (which amounts or benefits constitute nonqualified deferred compensation within the meaning of
Section 409A) unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Plan, references to a “termination,” “termination of
employment” or like terms shall mean “separation from service”. Neither the Participant nor the Company shall have the right to accelerate or defer the delivery of any payment or benefit except to the extent specifically permitted or
required by Section 409A. 
 Notwithstanding the foregoing, to the extent the severance payments or benefits under this Plan are
subject to Section 409A, the following rules shall apply with respect to distribution of the payments and benefits, if any, to be provided to Participants under this Plan: 

(a) Each installment of the payments and benefits provided under this Plan will be treated as a separate “payment”
for purposes of Section 409A. Whenever a payment under this Plan specifies a payment period with reference to a number of days (e.g., “payment shall be made within 10 days following the date of termination”), the actual date of
payment within the specified period shall be in the Company’s sole discretion. Notwithstanding any other provision of this Plan to the contrary, in no event shall any payment under this Plan that constitutes
“non-qualified deferred compensation” for purposes of Section 409A be subject to transfer, offset, counterclaim or recoupment by any other amount unless otherwise permitted by Section 409A.

  
 10 

 (b) Notwithstanding any other payment provision herein to the contrary, if
the Company or appropriately-related affiliates become publicly-traded and a Covered Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B) with
respect to such entity, then each of the following shall apply: 
  

	 	(i)	 With regard to any payment that is considered “non-qualified
deferred compensation” under Section 409A payable on account of a “separation from service,” such payment shall be made on the date which is the earlier of (A) the day following the expiration of the six month period
measured from the date of such “separation from service” of the Covered Executive, and (B) the date of the Covered Executive’s death (the “Delay Period”) to the extent required under Section 409A. Upon the
expiration of the Delay Period, all payments delayed pursuant to this provision (whether otherwise payable in a single sum or in installments in the absence of such delay) shall be paid to or for the Covered Executive in a lump sum, and all
remaining payments due under this Plan shall be paid or provided for in accordance with the normal payment dates specified herein; and 

  

	 	(ii)	 To the extent that any benefits to be provided during the Delay Period are considered “non-qualified deferred compensation” under Section 409A payable on account of a “separation from service,” and such benefits are not otherwise exempt from Section 409A, the Covered
Executive shall pay the cost of such benefits during the Delay Period, and the Company shall reimburse the Covered Executive, to the extent that such costs would otherwise have been paid by the Company or to the extent that such benefits would
otherwise have been provided by the Company at no cost to the Covered Executive, the Company’s share of the cost of such benefits upon expiration of the Delay Period. Any remaining benefits shall be reimbursed or provided by the Company in
accordance with the procedures specified in this Plan. 

 (c) To the extent that severance benefits
pursuant to this Plan are conditioned upon a Release, the Covered Executive shall forfeit all rights to such payments and benefits unless such release is signed and delivered (and no longer subject to revocation, if applicable) within 60 days
following the date of the termination of the Covered Executive’s employment with the Company. If the Release is no longer subject to revocation as provided in the preceding sentence, then the following shall apply: 

 

	 	(i)	 To the extent any severance benefits to be provided are not
“non-qualified deferred compensation” for purposes of Section 409A, then such benefits shall commence upon the first scheduled payment date immediately after the date the Release is executed and
no longer subject to revocation (the “Release Effective Date”). The first such cash payment shall include all amounts that otherwise would have been due prior thereto under the terms of this Plan applied as though such payments
commenced immediately upon the termination of Covered Executive’s employment with the 

  
 11 

	 	
Company, and any payments made after the Release Effective Date shall continue as provided herein. The delayed benefits shall in any event expire at the time such benefits would have expired had
such benefits commenced immediately following the termination of Covered Executive’s employment with the Company. 

  

	 	(ii)	 To the extent any such severance benefits to be provided are
“non-qualified deferred compensation” for purposes of Section 409A, then the Release must become irrevocable within 60 days of the date of termination and benefits shall be made or commence upon
the date provided in Section 6, provided that if the 60th day following the termination of the Covered Executive’s employment with the Company falls in the calendar year following the calendar year containing the date of termination, the
benefits will be made no earlier than the first business day of that following calendar year. The first such cash payment shall include all amounts that otherwise would have been due prior thereto under the terms of this Agreement had such payments
commenced immediately upon the termination of the Covered Executive’s employment with the Company, and any payments made after the first such payment shall continue as provided herein. The delayed benefits shall in any event expire at the time
such benefits would have expired had such benefits commenced immediately following the termination of the Covered Executive’s employment with the Company. 

(d) The Company makes no representations or warranties and shall have no liability to any Participant or any other person,
other than with respect to payments made by the Company in violation of the provisions of this Plan, if any provisions of or payments under this Plan are determined to constitute deferred compensation subject to Section 409A of the Code but not
to satisfy the conditions of that section. 
 15. Return of Company Property. Upon termination of employment for any reason, the
Covered Executive shall promptly return to the Company any keys, credit cards, passes, confidential documents or material, computer equipment, or other property belonging to the Company, and the Covered Executive shall also return all writings,
files, records, correspondence, notebooks, notes and other documents and things (including any copies thereof) containing confidential information or relating to the business or proposed business of the Company or the Affiliated Entities or
containing any trade secrets relating to the Company or the Affiliated Entities. For purposes of the preceding sentence, the term “trade secrets” shall have the meaning ascribed to it under the Uniform Trade Secrets Act. The Covered
Executive agrees to represent in writing to the Company upon termination of employment that he has complied with the foregoing provisions of this Section. 

  
 12 

 16. Plan Administration. 

(a) Plan Administrator. The Plan Administrator shall be the Board; provided, however, that the Board may in its sole
discretion appoint a new Plan Administrator to administer the Plan following a Change in Control. The Plan Administrator shall also serve as the Named Fiduciary of the Plan under ERISA. The Plan Administrator shall be the “administrator”
within the meaning of Section 3(16) of ERISA and shall have all the responsibilities and duties contained therein. 
 The Plan
Administrator can be contacted at the following address: 
 Trevi Therapeutics, Inc. 

195 Church Street, 14th Floor 

New Haven, CT 06510 
 Attn:
Chair of the Compensation Committee of the Board 
 (b) Decisions, Powers and Duties. The general administration of
the Plan and the responsibility for carrying out its provisions shall be vested in the Plan Administrator. The Plan Administrator shall have such powers and authority as are necessary to discharge such duties and responsibilities which also include,
but are not limited to, interpretation and construction of the Plan, the determination of all questions of fact, including, without limit, eligibility, participation and benefits, the resolution of any ambiguities and all other related or incidental
matters, and such duties and powers of the plan administration which are not assumed from time to time by any other appropriate entity, individual or institution. The Plan Administrator may adopt rules and regulations of uniform applicability in its
interpretation and implementation of the Plan. 
 The Plan Administrator shall discharge its duties and responsibilities and exercise its
powers and authority in its sole discretion and in accordance with the terms of the controlling legal documents and applicable law, and its actions and decisions that are not arbitrary and capricious shall be binding on any employee, and
employee’s spouse or other dependent or beneficiary and any other interested parties whether or not in being or under a disability. 

17. Indemnification. To the extent permitted by law, all employees, officers, directors, agents and representatives of the Company
shall be indemnified by the Company and held harmless against any claims and the expenses of defending against such claims, resulting from any action or conduct relating to the administration of the Plan, whether as a member of the Committee or
otherwise, except to the extent that such claims arise from gross negligence, willful neglect, or willful misconduct. 
 18. Plan Not an
Employment Contract. The Plan is not a contract between the Company and any employee, nor is it a condition of employment of any employee. Nothing contained in the Plan gives, or is intended to give, any employee the right to be retained in the
service of the Company, or to interfere with the right of the Company to discharge or terminate the employment of any employee at any time and for any reason. No employee shall have the right or claim to benefits beyond those expressly provided in
this Plan, if any. All rights and claims are limited as set forth in the Plan. 
 19. Severability. In case any one or more of the
provisions of this Plan (or part thereof) shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions hereof, and this Plan shall be construed as if such
invalid, illegal or unenforceable provisions (or part thereof) never had been contained herein. 

  
 13 

 20. Non-Assignability. No right or
interest of any Covered Executive in the Plan shall be assignable or transferable in whole or in part either directly or by operation of law or otherwise, including, but not limited to, execution, levy, garnishment, attachment, pledge or bankruptcy.

 21. Integration With Other Pay or Benefits Requirements. The severance payments and benefits provided for in the Plan are the
maximum benefits that the Company will pay to Covered Executives on a Covered Termination, except to the extent otherwise specifically provided in a separate agreement. To the extent that the Company owes any amounts in the nature of severance
benefits under any other program, policy or plan of the Company that is not otherwise superseded by this Plan, or to the extent that any federal, state or local law, including, without limitation, so-called
“plant closing” laws, requires the Company to give advance notice or make a payment of any kind to an employee because of that employee’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of
business, or similar event, the benefits provided under this Plan or the other arrangement shall either be reduced or eliminated to avoid any duplication of payment. The Company intends for the benefits provided under this Plan to partially or fully
satisfy any and all statutory obligations that may arise out of an employee’s involuntary termination for the foregoing reasons and the Company shall so construe and implement the terms of the Plan. 

22. Amendment or Termination. The Board may amend, modify, or terminate the Plan at any time in its sole discretion; provided, however,
that (a) any such amendment, modification or termination made prior to a Change in Control that adversely affects the rights of any Covered Executive shall be unanimously approved by the Company’s Board of Directors, including the Chief
Executive Officer, (b) no such amendment, modification or termination may affect the rights of a Covered Executive then receiving payments or benefits under the Plan without the consent of such person, and (c) no such amendment,
modification or termination made after a Change in Control shall be effective for one year. The Board intends to review the Plan at least annually. 

23. Governing Law. The Plan and the rights of all persons under the Plan shall be construed in accordance with and under applicable
provisions of ERISA, and the regulations thereunder, and the laws of State of New York (without regard to conflict of laws provisions) to the extent not preempted by federal law. 

  
 14

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