Document:

Registration Rights Agreement

 Exhibit 10.25 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of March 14, 2008, by and among Corcept Therapeutics Incorporated, a Delaware corporation (the “Company”), and the investors signatory hereto (each a
“Purchaser” and collectively, the “Purchasers”). 
 This Agreement is made pursuant to the Securities
Purchase Agreement, dated as of March 14, 2008, among the Company and the Purchasers (the “Purchase Agreement”). 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and the Purchasers agree as follows:

 1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the
meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the respective meanings set forth in this Section 1: 
 “Common Stock” means the common stock, par value $0.001 per share, of the Company. 
 “Effective Date” means the date that the Registration Statement filed pursuant to Section 2(a) is first declared effective by the Commission. 
 “Effectiveness Date” means: (a) with respect to the Initial Registration,
the 90th day following the Closing (or the 105th day following the Closing in the event the initial Registration Statement is reviewed by the Commission), (b) with respect to any additional Registration Statements that may be required pursuant to Section 2 hereof, the
90th day following the date on which the Company first knows, or reasonably should have known, that such additional Registration Statement is
required under such Section (or the 105th day following the Closing in the event the initial Registration Statement is reviewed by the Commission).

 “Effectiveness Date” shall also have the meaning specified in Section 2(b). 
 “Effectiveness Period” shall have the meaning set forth in Section 2(a). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Filing Date” means: (a) with respect to the initial Registration Statement
required to be filed to cover the resale by the Holders of the Registrable Securities, the 30th day following the Closing, and (b) with respect
to any additional Registration Statements that may be required pursuant to Section 2 hereof, the 30th day following the date on which the
Company first knows, or reasonably should have known, that such additional Registration Statement is required under such Section. 

 “Holder” or “Holders” means the holder or holders, as the case may be,
from time to time of Registrable Securities. 
 “Indemnified Party” shall have the meaning set forth in Section 5(c).

 “Indemnifying Party” shall have the meaning set forth in Section 5(c). 
 “Initial Registration Statement” shall mean the initial Registration Statement required to be filed to cover the resale by the Holders
of the Registrable Securities pursuant to Section 2(a). 
 “Losses” shall have the meaning set forth in
Section 5(a). 
 “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened.

 “Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus that
includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A or Rule 430B promulgated under the Securities Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Reduction Securities” shall have
the meaning set forth in Section 2(d). 
 “Registrable Securities” means (i) the Shares issued pursuant to the
Purchase Agreement, (ii) the Underlying Shares issuable upon exercise of the Warrants issued pursuant to the Purchase Agreement and (iii) any other shares of Common Stock issued as (or issuable upon conversion or exercise of any warrant,
right or other security which is issued as) a dividend or other distribution with respect to, in exchange for or in replacement of the Shares or the Underlying Shares. 
 “Registration Statement” means each of the following: (i) an initial registration statement which is required to register the resale of the Registrable Securities, and (ii) each additional
registration statement, if any, contemplated by Section 2, and including, in each case, the Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits
thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act,
as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission having substantially the same effect as such Rule. 
 “Rule 424” means Rule 424 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Shares” shall have the meaning set forth in the Purchase Agreement. 
 “Trading Day” means any day on which the Common Stock is traded on the Principal Market (as defined in the Purchase Agreement), or, if
the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded. 
 “Underlying Shares” shall have the meaning set forth in the Purchase Agreement. 
 “Warrants” shall have the meaning set forth in the Purchase Agreement. 
 2. Registration. 
 (a) On or prior to
each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale of all Registrable Securities not already covered by an existing and effective Registration Statement (except as provided in
Section 2(b) and Section 2(d)) for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable
Securities on Form S-3, in which case such registration shall be on another appropriate form for such purpose) and shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such
Registration Statement) the “Plan of Distribution” in substantially the form attached hereto as Annex A. The Company shall use its best efforts to cause each Registration Statement to be declared effective under the Securities Act
as soon as possible but, in any event, no later than the Effectiveness Date for such Registration Statement, and shall use its best efforts to keep the Registration Statement continuously effective under the Securities Act until the date on which
all Registrable Securities under such Registration are available for sale under Rule 144(b) (or any successor provision thereto) without volume limitation (the “Effectiveness Period”), subject Section 6(d) hereof. It is agreed
and understood that the Company shall, from time to time, be obligated to file one or more additional Registration Statements to cover any Registrable Securities which are not registered for resale pursuant to a pre-existing Registration Statement.

 (b) Notwithstanding anything contained herein to
the contrary, including the fact that such Registrable Securities may be registered pursuant to the Registration Statement referred to in Section 2(d) below, in the event that the Commission limits the amount of Registrable Securities that may
be included and sold by Holders in any Registration Statement, including the Initial Registration Statement, pursuant to Rule 415 or any other basis, the Company may reduce the number of Registrable Securities included in such Registration Statement
on behalf of the Holders (in case of an exclusion as to a portion of such Registrable Securities, such portion shall be allocated pro rata among such Holders first in proportion to the respective numbers of Registrable Securities represented by
Underlying Shares requested to be registered by each such Holder over the total amount of Registrable Securities represented by Underlying Shares, and second in proportion to the respective numbers of Registrable Securities represented by Shares
requested to be registered by each such Holder over the total amount of Registrable Securities represented by Shares). In such event the Company shall give the Holders prompt notice of the number of the Registrable Securities excluded and the
Company will not be liable for any liquidated damages under Section 2(c), or otherwise under this Agreement, in connection with the excluded Registrable Securities. The Company shall use its best efforts at the first opportunity that is
permitted by the Commission to register for resale the Registrable Securities that were excluded from being registered on such Registration Statement. Such new Registration Statement shall be on Form S-3 (except if the Company is not then eligible
to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form for such purpose) and shall contain (except if otherwise required pursuant to written comments received from the
Commission upon a review of such Registration Statement) the “Plan of Distribution” in substantially the form attached hereto as Annex A. The Company shall use its best efforts to cause each such Registration Statement to be
declared effective under the Securities Act as soon as possible but, in any event, no later than the 90th day following the date on which the
Company is required to file such Registration Statement under this Agreement (or the 105th day following the date on which the Company is required to file such Registration Statement under this Agreement in the event such Registration Statement is
reviewed by the Commission) (such 90th or 105th
day, as the case may be, the “Effectiveness Date” for such Registration Statement), and shall use its best efforts to keep such Registration Statement continuously effective under the Securities Act during the entire Effectiveness Period,
subject to Section 6(d) hereof. 
 (c) If: (i) a Registration Statement is not filed on or prior to its Filing Date, (ii) a
Registration Statement is not declared effective by the Commission on or prior to its required Effectiveness Date, or (iii) after its Effective Date, such Registration Statement ceases for any reason to be effective and available to the Holders
as to all Registrable Securities to which it is required to cover at any time prior to the expiration of its Effectiveness Period for an aggregate of more than 40 consecutive Trading Days or an aggregate of 80 Trading Days (which need not be
consecutive) in any given 360-day period, (any such failure or breach being referred to as an “Event,” and for purposes of clauses (i) or (ii) the date on which such Event occurs, and for purposes of clause (iii) the
date on which such 40 consecutive or 80 Trading Day-period (as applicable) is exceeded, being referred to as the “Event Date”), then, in addition to any other rights available to the Holders: (x) on such Event Date the Company
shall pay to each Holder an amount in cash, as liquidated damages and not as a penalty, equal to 1% of the aggregate 

 
purchase price paid by such Holder pursuant to the Purchase Agreement for its Registrable Securities then held; and (y) on each monthly anniversary of
each such Event Date thereof (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to
1% of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for its Registrable Securities then held; provided, that all periods shall be tolled, with respect to a Holder, by the number of Trading Days during
which such Holder fails to provide the Company with information regarding such Holder which was reasonably requested by the Company in order to effect the registration of such Holder’s Registrable Securities pursuant to Section 6(e)
hereof. It shall be a condition precedent to the obligations of the Company to pay any liquidated damages pursuant to this Section 2 with respect to the Registrable Securities of any Holder that such Holder shall furnish to the Company such
information regarding itself and the Registrable Securities held by it. The partial liquidated damages pursuant to the terms hereof shall apply on a pro rata basis for any portion of a month prior to the cure of an Event. Notwithstanding the
foregoing, the maximum payment to an Holder associated with all Events in the aggregate shall not exceed (i) in any 30-day period following an Event Date, an aggregate of 1% of the aggregate purchase price paid by such Holder pursuant to the
Purchase Agreement for its Registrable Securities then held and (ii) 10% of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for its Registrable Securities then held. 
 (d) In the event that the number of Registrable Securities included in the Initial Registration Statement or any subsequent Registration Statement are
reduced as provided in Section 2(b) above (such Registrable Securities, the “Reduction Securities”), the Company shall prepare and file with the Commission a Registration Statement covering the resale of the Reduction Securities on
Form S-1 (or another appropriate form for such purpose) . The Registration Statement shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan
of Distribution” in substantially the form attached hereto as Annex A. The Company shall use its best efforts to cause such Registration Statement to be declared effective under the Securities Act as soon as possible but, in any event,
no later than the Effectiveness Date for such Registration Statement, and shall use its best efforts to keep the Registration Statement continuously effective under the Securities Act for the Effectiveness Period, subject Section 6(d) hereof.
In the event that any Reduction Securities become registered pursuant to a Registration Statement on Form S-3 pursuant to Section 2(b) or otherwise, such Reduction Securities may be removed from the Registration Statement on Form S-1
contemplated by this Section 2(d). 
 3. Registration Procedures 
 In connection with the Company’s registration obligations hereunder, the Company shall: 
 (a) Not less than three Trading Days prior to the filing of a Registration Statement or any related Prospectus or any amendment or supplement thereto, the
Company shall furnish to the Holders copies of all such documents proposed to be filed (other than those 

 
incorporated by reference). Notwithstanding the foregoing, the Company shall not be required to furnish to the Holders any prospectus supplement being
prepared and filed solely to name new or additional selling securityholders unless such Holders are named in such prospectus supplement. In addition, in the event that any Registration Statement is on Form S-1 (or other form which does not permit
incorporation by reference), the Company shall not be required to furnish to the Holders any prospectus supplement containing information included in a report or proxy statement filed under the Exchange Act that would be incorporated by reference in
such Registration Statement if such Registration Statement were on Form S-3 (or other form which permits incorporation by reference). The Company shall duly consider any comments made by Holders and received by the Company not later than two Trading
Days prior to the filing of the Registration Statement, but shall not be required to accept any such comments to which it reasonably objects. 
 (b) (i) Prepare and file with the Commission such amendments, including post-effective amendments, to each Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement
continuously effective as to the applicable Registrable Securities for its Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the
Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably
possible to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably possible provide the Holders true and complete copies of all correspondence from and to the
Commission relating to such Registration Statement that pertains to the Holders as Selling Stockholders but not any comments that would result in the disclosure to the Holders of material and non-public information concerning the Company; and
(iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement.

 (c) Notify the Holders as promptly as reasonably possible (and, in the case of (i)(A) below, not less than three Trading Days prior to
such filing) and (if requested by any such Person) confirm such notice in writing no later than one Trading Day following the day: (i)(A) when a Prospectus or any prospectus supplement (but only to the extent notice is required under
Section 3(a) above) or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the
Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders that pertain to the Holders as a Selling Stockholder or
to the Plan of Distribution, but not information which the Company believes would constitute material and non-public information); and (C) with respect to each Registration Statement or any post-effective amendment, when the same has been
declared effective; (ii) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information that pertains to the Holders as
Selling Stockholders or the Plan of Distribution; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of a 

 
Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by
the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such
purpose; (v) of the occurrence of any event or passage of time that makes the financial statements included or incorporated by reference in a Registration Statement ineligible for inclusion or incorporation by reference therein or any statement
made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other
documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading; and (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be material
and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement or Prospectus; provided, that any and all of such information shall remain
confidential to each Holder until such information otherwise becomes public, unless disclosure by a Holder is required by law; provided, further, that notwithstanding each Holder’s agreement to keep such information confidential,
each such Holder makes no acknowledgement that any such information is material, non-public information. 
 (d) Use its best efforts to avoid
the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, at the earliest practicable moment. 
 (e) Furnish to each Holder, without charge, at least one
conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent reasonably requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such
documents with the Commission; provided, that the Company shall have no obligation to provide any document pursuant to this clause that is available on the EDGAR system. 
 (f) Promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) and each
amendment or supplement thereto as such Persons may reasonably request. Subject to Section 6(d) hereof, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in
connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 
 (g) Prior to any public offering of Registrable Securities, use its best efforts to register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of those jurisdictions within the United States as any Holder reasonably requests in writing to keep each such registration or qualification

 
(or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things necessary or advisable to enable the
disposition in such jurisdictions of the Registrable Securities covered by the Registration Statements; provided, that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified
or subject the Company to any material tax in any such jurisdiction where it is not then so subject. 
 (h) Cooperate with the Holders to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to the Registration Statements, which certificates shall be free, to the extent permitted by the Purchase
Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may request. 
 (i) Upon the occurrence of any event contemplated by Section 3(c)(v), as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the affected Registration
Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus
will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (j) The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially
owned by such Holder and any Affiliate thereof, and, if required by the Commission, the natural persons thereof that have voting and dispositive control over the shares. 
 4. Registration Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under this Agreement (excluding any underwriting discounts and selling
commissions and all legal fees and expenses of legal counsel for any Holder) shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with the Trading Market on which the Common Stock is then
listed for trading, and (B) in compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses
if the printing of prospectuses is reasonably requested by the holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) reasonable fees and
disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) reasonable fees and expenses of all other Persons retained by the Company in connection with the
consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement
(including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable
Securities on 

 
any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to
the extent provided for in the Transaction Documents (as defined in the Purchase Agreement), any legal fees or other costs of the Holders. 
 5. Indemnification. 
 (a) Indemnification by the Company. The Company shall, notwithstanding any termination of this
Agreement, indemnify and hold harmless each Holder, the officers, directors, agents, partners, members, stockholders and employees of each Holder, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act) and the officers, directors, agents, partners, members, stockholders and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses,
claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to any untrue or
alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this
purpose), or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in
light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (1) such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information
regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A
hereto for this purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing
that the Prospectus is outdated or defective and prior to the receipt by such Holder of an Advice (as defined below) or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or
supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in
connection with the transactions contemplated by this Agreement. 
 (b) Indemnification by Holders. Each Holder shall, notwithstanding
any termination of this Agreement, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act), and the directors, officers, agents, partners, members, stockholders or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred,
arising solely out of or based solely upon: (x) for so long as the Company is not a 

 
“Seasoned Issuer” and the prospectus delivery requirements of the Securities Act apply to sales by such Holder, such Holder’s failure
to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement
thereto, or arising solely out of or based solely upon any omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in
light of the circumstances under which they were made) not misleading to the extent, but only to the extent that, (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the
Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by
such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (2) in the
case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective
and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise
to such Loss would have been corrected. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise
to such indemnification obligation. 
 (c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted
against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the
Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the
failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent
jurisdiction (which determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party. 
 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume
the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party
and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such
Indemnified Party notifies the Indemnifying 

 
Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to
assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided, that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys at any time for
all Indemnified Parties pursuant to this Section 5(c). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 
 All fees and expenses of the Indemnified
Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within
ten Trading Days of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying Party may require such
Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder). 
 (d) Contribution. If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public
policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect
the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying
Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been
taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission.
The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 5(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in
connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has
otherwise 

 
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties and are not in diminution or limitation of the indemnification provisions under the Purchase Agreement. 
 6.
Miscellaneous. 
 (a) Remedies. In the event of a breach by the Company or by a Holder, of any of their obligations under this
Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this
Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agree that, in the event of
any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 
 (b)
Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement.

 (c) Subsequent Registration Rights. Until the initial Registration Statement required hereunder is declared effective by the
Commission, the Company shall not enter into any agreement granting any registration rights with respect to any of its securities to any Person without the written consent of Holders representing no less than two-thirds of the then outstanding
Registrable Securities; provided, that this Section 6(c) shall not prohibit the Company from fulfilling its obligations under any other registration rights agreements existing as of the date hereof; and provided, further,
that this Section 6(c) shall not prohibit the Company from fulfilling any of the terms described in the Term Sheet executed as of March 11, 2008 between Kingsbridge Capital and the Company, including the granting of registration rights to
Kingsbridge Capital pursuant to the terms thereof; provided, that the Initial Registration Statement is filed prior to the filing of any registration statement on behalf of Kingsbridge Capital or its affiliates. 
 (d) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the
supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any
additional or supplemental filings that 

 
are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to
enforce the provisions of this paragraph. 
 (e) Furnishing of Information. Each Holder shall furnish in writing to the Company such
information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably requested by the Company to effect the registration of such Registrable
Securities and shall execute such documents in connection with such registration as the Company may reasonably request. 
 (f) Piggy-Back
Registrations. If at any time during the Effectiveness Period, except as contemplated by Section 2(b) or Section 2(d) hereof, there is not an effective Registration Statement covering all of the Registrable Securities and the Company
shall determine to prepare and file with the Commission a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each
as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the stock option or
other employee benefit plans, then the Company shall send to each Holder a written notice of such determination and, if within 15 days after the date of such notice, any such Holder shall so request in writing, the Company shall include in such
registration statement all or any part of such Registrable Securities such Holder requests to be registered; provided, however, that the Company shall not be required to register any Registrable Securities pursuant to this
Section 6(f) that are eligible for resale pursuant to Rule 144(b) promulgated under the Securities Act without volume limitation or that are the subject of a then effective Registration Statement. 
 (g) Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and the
Holder or Holders (as applicable) of no less than eighty percent of the then outstanding Registrable Securities. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with respect to any
provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission
of either party to exercise any right hereunder in any manner impair the exercise of any such right. 
 (h) Notices. All notices,
requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed facsimile or electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage
prepaid, and shall be deemed given when so sent in the case of facsimile or electronic mail transmission, or when so received in the case of mail or courier, and addressed as follows: 
  

			
	If to the Company:	 	Corcept Therapeutics Incorporated
		 	149 Commonwealth Drive
		 	Menlo Park, California 94025
		 	Attention: Chief Executive Officer
		 	Facsimile: (650) 327-3218
		 	E-Mail: mar2008pipe@corcept.com

			
		
	With a copy to:	 	Latham & Watkins LLP
		 	140 Scott Drive
		 	Menlo Park, California 94025
		 	Attention: Alan C. Mendelson
		 	Facsimile: (650) 463-4693
		 	E-Mail: alan.mendelson@lw.com
		
	If to a Purchaser:	 	To the address set forth under such Purchaser’s name on the signature pages hereto
		
	If to any other Person who is then the registered Holder:	 	To the address of such Holder as it appears in the stock transfer books of the Company

 or such other address as may be designated in writing hereafter, in the same manner, by such Person. 

(i) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of
the parties and shall inure to the benefit of each Holder. Each Holder may assign its respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement. 
 (j) Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be
an original and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on
whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof. 
 (k) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York as applied to contracts entered into and performed entirely in New York by New York residents. 
 (l) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 
 (m) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the
parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

 (n) Use of Terms. The parties agree and acknowledge that when, in this Agreement, the Company is
required to use its best efforts to perform any covenant under this Agreement, such requirement shall not obligate the Company, in the reasonable judgment of the disinterested members of its Board of Directors, to perform any act that will have a
material adverse effect on the Company. 
 (o) Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof. 
 (p) Independent Nature of Purchasers’ Obligations and Rights. The
obligations of each Purchaser hereunder is several and not joint with the obligations of any other Purchaser hereunder, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser hereunder. The
decision of each Purchaser to purchase Securities pursuant to the Transaction Documents has been made independently of any other Purchaser. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken
by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert
with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with making its investment hereunder and that no Purchaser
will be acting as agent of such Purchaser in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction Documents. Each Purchaser shall be entitled to protect and enforce its rights, including without
limitation the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first
written above. 
  

			
	CORCEPT THERAPEUTICS INCORPORATED
		
	By:	 	 /s/ Joseph K. Belanoff

	Name:	 	Joseph K. Belanoff
	Title:	 	Chief Executive Officer

 PURCHASERS 
  

									
	Longitude Venture Partners, L.P., a Delaware limited partnership	 		 	The 2008 Cook Grantor Retained Annuity Trust
	By: Longitude Capital Partners, LLC	 		 		 	
	Its: General Partner	 		 		 	
					
	By:	 	 /s/ Patrick Enright
	 		 	By:	 	 /s/ Joseph C. Cook, III

	Name:	 	Patrick Enright	 		 	Name:	 	Joseph C. Cook, III
	Title:	 	Managing Member	 		 	Title:	 	Trustee
			
	David L Mahoney & Winnifred C. Ellis 1998 Family Trust	 		 	James N. & Pamela Wilson Trust
					
	By:	 	 /s/ David L. Mahoney
	 		 	By:	 	 /s/ James Wilson

	Name:	 	David L. Mahoney	 		 	Name:	 	James Wilson
	Title:	 	Trustee	 		 	Title:	 	Trustee
			
	Alta BioPharma Partners II, L.P.	 		 	Alta Embarcadero BioPharma Partners II, LLC
					
	By:	 	 /s/ Alix Marduel
	 		 	By:	 	 /s/ Alix Marduel

	Name:	 	Alix Marduel	 		 	Name:	 	Alix Marduel
	Title:	 	Managing Director	 		 	Title:	 	Manager
			
	Sutter Hill Ventures, a California Limited Partnership	 		 	G. Leonard Baker, Jr. and Mary Anne Baker, Co-Trustees of the Baker Revocable Trust U/A/D 2/3/03
					
	By:	 	 /s/ G. Leonard Baker, Jr.
	 		 	By:	 	 /s/ G. Leonard Baker, Jr.

	Name:	 	G. Leonard Baker, Jr.	 		 	Name:	 	G. Leonard Baker, Jr.
	Title:	 	Managing Director of the General Partner	 		 	Title:	 	Trustee
			
	Saunders Holdings, L.P.	 		 	Tench Coxe and Simone Otus Coxe, Co-Trustees of the Coxe Revocable Trust U/A/D 4/23/98
					
	By:	 	 /s/ G. Leonard Baker, Jr.
	 		 	By:	 	 /s/ Tench Coxe*

	Name:	 	G. Leonard Baker, Jr.	 		 	Name:	 	Tench Coxe
	Title:	 	General Partner	 		 	Title:	 	Trustee
			
	Gregory P. Sands and Sarah J.D. Sands as Trustees of Gregory P. and Sarah J.D. Sands Trust Agreement dated 2/24/99	 		 	Tallack Partners, L.P.
					
	By:	 	 /s/ Gregory P. Sands*
	 		 	By:	 	 /s/ James C. Gaither*

	Name:	 	Gregory P. Sands	 		 	Name:	 	James C. Gaither
	Title:	 	Trustee	 		 	Title:	 	General Partner
			
	James N. White and Patricia A. O’Brien as Trustees of the White Family Trust U/A/D 4/3/97	 		 	Jeffrey W. Bird and Christina R. Bird as Trustees of Jeffrey W. and Christina R. Bird Trust Agreement dated 10/31/00
					
	By:	 	 /s/ James N. White*
	 		 	By:	 	 /s/ Jeffrey W. Bird*

	Name:	 	James N. White	 		 	Name:	 	Jeffrey W. Bird
	Title:	 	Trustee	 		 	Title:	 	Trustee

									
	Ronald Daniel Bernal and Pamela Mayer Bernal as Trustees of Bernal Family Trust U/D/T 11/3/95	 		 	Michael I. Naar and Diane J. Naar as Trustees of Naar Family Trust U/A/D 12/22/94
					
	By:	 	 /s/ Ronald D. Bernal*
	 		 	By:	 	 /s/ Diane J. Naar*

	Name:	 	Ronald D. Bernal	 		 	Name:	 	Diane J. Naar
	Title:	 	Trustee	 		 	Title:	 	Trustee
			
	Robert Yin and Lily Yin as Trustees of Yin Family Trust dated March 1, 1997	 		 	Wells Fargo Bank, N.A. FBO SHV Profit Sharing Plan FBO Patricia Tom (Rollover)
					
	By:	 	 /s/ Robert Yin
	 		 	By:	 	 /s/ Vicki M. Bandel

	Name:	 	Robert Yin	 		 	Name:	 	Vicki M. Bandel
	Title:	 	Trustee	 		 	Title:	 	Assistant Vice President & Trust Officer
			
	Wells Fargo Bank, N.A. FBO SHV Profit Sharing Plan FBO Lynne B. Graw (Rollover)	 		 	Wells Fargo Bank, N.A. FBO SHV Profit Sharing Plan FBO David E. Sweet (Rollover)
					
	By:	 	 /s/ Vicki M. Bandel
	 		 	By:	 	 /s/ Vicki M. Bandel

	Name:	 	Vicki M. Bandel	 		 	Name:	 	Vicki M. Bandel
	Title:	 	Assistant Vice President & Trust Officer	 		 	Title:	 	Assistant Vice President & Trust Officer
			
	Wells Fargo Bank, N.A. FBO SHV Profit Sharing Plan FBO William H Younger, Jr.	 		 	Wells Fargo Bank, N.A. FBO SHV Profit Sharing Plan FBO Sherryl W. Casella
					
	By:	 	 /s/ Vicki M. Bandel
	 		 	By:	 	 /s/ Vicki M. Bandel

	Name:	 	Vicki M. Bandel	 		 	Name:	 	Vicki M. Bandel
	Title:	 	Assistant Vice President & Trust Officer	 		 	Title:	 	Assistant Vice President & Trust Officer
			
	Wells Fargo Bank, N.A. FBO SHV Profit Sharing Plan FBO David L. Anderson	 		 	Paperboy Ventures, LLC
					
	By:	 	 /s/ Vicki M. Bandel
	 		 	By:	 	 /s/ Anthony C. Garland

	Name:	 	Vicki M. Bandel	 		 	Name:	 	Anthony C. Garland
	Title:	 	Assistant Vice President & Trust Officer	 		 	Title:	 	CFO & Managing Director
			
	VP Company Investments 2008, LLC	 		 	Alan C. and Agnes B. Mendelson Family Trust
					
	By:	 	 /s/ Alan C. Mendelson
	 		 	By:	 	 /s/ Alan C. Mendelson

	Name:	 	Alan C. Mendelson	 		 	Name:	 	Alan C. Mendelson
	Title:	 	Member of Management Committee	 		 	Title:	 	Trustee
			
	Vaughn Bryson	 		 	Roy M. Barbee
					
	By:	 	 /s/ Vaughn D. Bryson
	 		 	By:	 	 /s/ Roy M. Barbee

	Name:	 	Vaughn D. Bryson	 		 	Name:	 	Roy M. Barbee
			
	Douglas G & Irene E. DeVivo Rev. Trust	 		 	Black Point Group LP
					
	By:	 	 /s/ Douglas G. DeVivo
	 		 	By:	 	 /s/ Benjamin Shaw

	Name:	 	Douglas G. DeVivo	 		 	Name:	 	Benjamin Shaw
	Title:	 	Trustee	 		 	Title:	 	Partner
				
	Bruce Hardy McLain	 		 		 	
					
	By:	 	 /s/ Bruce Hardy McLain
	 		 		 	
	Name:	 	Bruce Hardy McLain	 		 		 	
	Title:	 	Managing Partner	 		 		 	

  

	*	signed by Robert Yin Under Power of Attorney 

 ANNEX A 
 PLAN OF DISTRIBUTION 
 The selling stockholders and any of their pledgees, donees, transferees,
assignees or other successors-in-interest may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common stock on any stock exchange, market or trading facility on which the
shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at
negotiated prices. The selling stockholders may use one or more of the following methods when disposing of the shares or interests therein: 
  

	 	•	 	 ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	 block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the
transaction; 

  

	 	•	 	 through brokers, dealers or underwriters that may act solely as agents; 

  

	 	•	 	 purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	 an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	 privately negotiated transactions; 

  

	 	•	 	 short sales; 

  

	 	•	 	 through the writing or settlement of options or other hedging transactions entered into after the effective date of the registration statement of which this
prospectus is a part, whether through an options exchange or otherwise; 

  

	 	•	 	 broker-dealers may agree with the Selling Stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	 a combination of any such methods of disposition; and 

  

	 	•	 	 any other method permitted pursuant to applicable law. 

 The selling stockholders may also sell shares under Rule 144 under the Securities Act, if available, rather than under this prospectus. 

 Broker-dealers engaged by the selling stockholders may arrange for other broker-dealers to participate in
sales. Broker-dealers may receive commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. The selling stockholders do not expect
these commissions and discounts to exceed what is customary in the types of transactions involved. 
 The selling stockholders may from time
to time pledge or grant a security interest in some or all of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell shares of common stock
from time to time under this prospectus, or under a supplement or amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933 amending the list of selling stockholders to include the pledgee,
transferee or other successors in interest as selling stockholders under this prospectus. 
 Upon being notified in writing by a selling
stockholder that any material arrangement has been entered into with a broker-dealer for the sale of common stock through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, we will
file a supplement to this prospectus, if required, pursuant to Rule 424(b) under the Securities Act, disclosing (i) the name of each such selling stockholder and of the participating broker-dealer(s), (ii) the number of shares involved,
(iii) the price at which such shares of common stock were sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation
to verify the information set out or incorporated by reference in this prospectus, and (vi) other facts material to the transaction. In addition, upon being notified in writing by a selling stockholder that a donee or pledge intends to sell
more than 500 shares of common stock, we will file a supplement to this prospectus if then required in accordance with applicable securities law. 
 The selling stockholders also may transfer the shares of common stock in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

 In connection with the sale of the shares of common stock or interests in shares of common stock, the selling stockholders may enter into
hedging transactions after the effective date of the registration statement of which this prospectus is a part with broker-dealers or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging
the positions they assume. The selling stockholders may also sell shares of common stock short after the effective date of the registration statement of which this prospectus is a part and deliver these securities to close out their short positions,
or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other transactions after the effective date of the registration statement of which this prospectus is
a part with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such
broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). 

 The selling stockholders and any broker-dealers or agents that are involved in selling the shares may be
deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may
be deemed to be underwriting commissions or discounts under the Securities Act. The maximum commission or discount to be received by any member of the Financial Industry Regulatory Authority (FINRA) or independent broker-dealer will not be greater
than 8% of the initial gross proceeds from the sale of any security being sold. 
 We have advised the selling stockholders that they are
required to comply with Regulation M promulgated under the Securities and Exchange Act during such time as they may be engaged in a distribution of the shares. The foregoing may affect the marketability of the common stock. 
 The aggregate proceeds to the selling securityholders from the sale of the common stock offered by them will be the purchase price of the common stock
less discounts or commissions, if any. Each of the selling securityholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or
through agents. We will not receive any of the proceeds from this offering. 
 We are required to pay all fees and expenses incident to the
registration of the shares. We have agreed to indemnify the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act or otherwise. 
 We have agreed with the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier
of (a) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration statement or (b) the date on which the shares of common stock covered by this prospectus may be sold
by non-affiliates without any volume limitations pursuant to Rule 144 of the Securities Act.Common Stock Purchase Agreement

 Exhibit 10.26 
  
 COMMON STOCK PURCHASE AGREEMENT 
 by
and between 
 KINGSBRIDGE CAPITAL LIMITED 
 and 
 CORCEPT THERAPEUTICS INCORPORATED 
 dated as of March 25, 2008 
  

 TABLE OF CONTENTS 
  

					
	 ARTICLE I
	  	 DEFINITIONS
	  	1
			
	 ARTICLE II
	  	 PURCHASE AND SALE OF COMMON STOCK
	  	5
	 Section 2.1
	  	 Purchase and Sale of Stock
	  	5
	 Section 2.2
	  	 Closing
	  	5
	 Section 2.3
	  	 Registration Statement and Prospectus
	  	6
	 Section 2.4
	  	 Warrant On the Closing Date, the Company shall issue and deliver the Warrant to the Investor.
	  	6
	 Section 2.5
	  	 Blackout Shares
	  	6
			
	 ARTICLE III
	  	 DRAW DOWN TERMS
	  	6
	 Section 3.1
	  	 Draw Down Notice
	  	6
	 Section 3.2
	  	 Number of Shares
	  	6
	 Section 3.3
	  	 Limitation on Draw Downs
	  	6
	 Section 3.4
	  	 Trading Cushion
	  	7
	 Section 3.5
	  	 Settlement
	  	7
	 Section 3.6
	  	 Delivery of Shares; Payment of Draw Down Amount.
	  	7
	 Section 3.7
	  	 Failure to Deliver Shares
	  	7
			
	 ARTICLE IV
	  	 REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	8
	 Section 4.1
	  	 Organization, Good Standing and Power
	  	8
	 Section 4.2
	  	 Authorization; Enforcement
	  	9
	 Section 4.3
	  	 Capitalization
	  	9
	 Section 4.4
	  	 Issuance of Shares
	  	10
	 Section 4.5
	  	 No Conflicts
	  	10
	 Section 4.6
	  	 Commission Documents, Financial Statements
	  	11
	 Section 4.7
	  	 No Material Adverse Change
	  	12
	 Section 4.8
	  	 No Undisclosed Liabilities
	  	12
	 Section 4.9
	  	 No Undisclosed Events or Circumstances
	  	12
	 Section 4.10
	  	 Actions Pending
	  	12
	 Section 4.11
	  	 Compliance with Law
	  	13
	 Section 4.12
	  	 Certain Fees
	  	13
	 Section 4.13
	  	 Disclosure
	  	13
	 Section 4.14
	  	 Material Non-Public Information
	  	13
	 Section 4.15
	  	 Exemption from Registration; Valid Issuances
	  	13
	 Section 4.16
	  	 No General Solicitation or Advertising in Regard to this Transaction
	  	13
	 Section 4.17
	  	 No Integrated Offering
	  	14
	 Section 4.18
	  	 Acknowledgment Regarding Investor’s Purchase of Shares
	  	14
			
	 ARTICLE V
	  	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR
	  	14

  

 -i- 

					
	 Section 5.1
	  	 Organization and Standing of the Investor
	  	14
	 Section 5.2
	  	 Authorization and Power
	  	14
	 Section 5.3
	  	 No Conflicts
	  	15
	 Section 5.4
	  	 Financial Capability
	  	15
	 Section 5.5
	  	 Information
	  	15
	 Section 5.6
	  	 Trading Restrictions
	  	15
	 Section 5.7
	  	 Statutory Underwriter Status
	  	16
	 Section 5.8
	  	 Not an Affiliate
	  	16
	 Section 5.9
	  	 Manner of Sale
	  	16
	 Section 5.10
	  	 Prospectus Delivery
	  	16
			
	 ARTICLE VI
	  	 COVENANTS OF THE COMPANY
	  	16
	 Section 6.1
	  	 Securities
	  	16
	 Section 6.2
	  	 Reservation of Common Stock
	  	17
	 Section 6.3
	  	 Registration and Listing
	  	17
	 Section 6.4
	  	 Registration Statement
	  	17
	 Section 6.5
	  	 Compliance with Laws.
	  	17
	 Section 6.6
	  	 Other Financing
	  	18
	 Section 6.7
	  	 Prohibited Transactions
	  	18
	 Section 6.8
	  	 Corporate Existence
	  	19
	 Section 6.9
	  	 Non-Disclosure of Non-Public Information
	  	19
	 Section 6.10
	  	 Notice of Certain Events Affecting Registration; Suspension of Right to Request a Draw Down
	  	19
	 Section 6.11
	  	 Amendments to the Registration Statement
	  	20
	 Section 6.12
	  	 Prospectus Delivery
	  	20
			
	 ARTICLE VII
	  	 CONDITIONS TO THE OBLIGATION OF THE INVESTOR TO ACCEPT A DRAW DOWN
	  	20
	 Section 7.1
	  	 Accuracy of the Company’s Representations and Warranties
	  	20
	 Section 7.2
	  	 Performance by the Company
	  	21
	 Section 7.3
	  	 Compliance with Law
	  	21
	 Section 7.4
	  	 Effective Registration Statement
	  	21
	 Section 7.5
	  	 No Knowledge
	  	21
	 Section 7.6
	  	 No Suspension
	  	21
	 Section 7.7
	  	 No Injunction
	  	21
	 Section 7.8
	  	 No Proceedings or Litigation
	  	21
	 Section 7.9
	  	 Sufficient Shares Registered for Resale
	  	22
	 Section 7.10
	  	 Warrant
	  	22
	 Section 7.11
	  	 Opinion of Counsel
	  	22
	 Section 7.12
	  	 Accuracy of Investor’s Representation and Warranties
	  	22
			
	 ARTICLE VIII
	  	 TERMINATION
	  	22
	 Section 8.1
	  	 Term
	  	22
	 Section 8.2
	  	 Other Termination.
	  	22
	 Section 8.3
	  	 Effect of Termination
	  	23

  

 -ii- 

					
	 ARTICLE IX
	  	 INDEMNIFICATION
	  	23
	 Section 9.1
	  	 Indemnification
	  	23
	 Section 9.2
	  	 Notification of Claims for Indemnification
	  	24
			
	 ARTICLE X
	  	 MISCELLANEOUS
	  	27
	 Section 10.1
	  	 Fees and Expenses
	  	27
	 Section 10.2
	  	 Reporting Entity for the Common Stock
	  	27
	 Section 10.3
	  	 Brokerage
	  	27
	 Section 10.4
	  	 Notices
	  	28
	 Section 10.5
	  	 Assignment
	  	29
	 Section 10.6
	  	 Amendment; No Waiver
	  	29
	 Section 10.7
	  	 Entire Agreement
	  	29
	 Section 10.8
	  	 Severability
	  	29
	 Section 10.9
	  	 Title and Subtitles
	  	30
	 Section 10.10
	  	 Counterparts
	  	30
	 Section 10.11
	  	 Choice of Law
	  	30
	 Section 10.12
	  	 Specific Enforcement, Consent to Jurisdiction
	  	30
	 Section 10.13
	  	 Survival
	  	30
	 Section 10.14
	  	 Publicity
	  	31
	 Section 10.15
	  	 Further Assurances
	  	31

  

 -iii- 

 This COMMON STOCK PURCHASE AGREEMENT (this “Agreement”) is entered into as of the 25th
day of March, 2008, by and between Kingsbridge Capital Limited, an entity organized and existing under the laws of the British Virgin Islands, whose registered address is Palm Grove House, 2nd Floor, Road Town, Tortola, British Virgin Islands (the
“Investor”) and Corcept Therapeutics Incorporated , a corporation organized and existing under the laws of the State of Delaware (the “Company”). 
 WHEREAS, the parties desire that, upon the terms and subject to the conditions and limitations set forth herein, the Company may issue and sell to the
Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to $60 million worth of shares of Common Stock (as defined below); and 
 WHEREAS, such investments will be made in reliance upon the provisions of Section 4(2) (“Section 4(2)”) and Regulation D
(“Regulation D”) of the United States Securities Act of 1933, as amended and the rules and regulations promulgated thereunder (the “Securities Act”), and/or upon such other exemption from the registration
requirements of the Securities Act as may be available with respect to any or all of the investments in Common Stock to be made hereunder; and 
 WHEREAS, the parties hereto are concurrently entering into a Registration Rights Agreement in the form of Exhibit A hereto (the “Registration Rights Agreement”) pursuant to which the Company shall register the
Common Stock issued and sold to the Investor under this Agreement and issuable under the Warrant (as defined below), upon the terms and subject to the conditions set forth therein; and 
 WHEREAS, in consideration for the Investor’s execution and delivery of, and its performance of its obligations under, this Agreement, the Company is
concurrently issuing to the Investor a Warrant in the form of Exhibit B hereto (the “Warrant”) pursuant to which the Investor may purchase from the Company up to 330,000 shares of Common Stock, upon the terms and subject
to the conditions set forth therein; 
 NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS

 As used in this Agreement, the following terms shall have the meanings set forth below: 
 “Alternative Draw Down Amount” means the product of (i) Average Trading Volume, (ii) the Closing Price on the Trading Day
preceding the issuance of the Draw Down Notice, (iii) the number of Trading Days during the Draw Down Pricing Period, and (iv) the Liquidity Ratio. 
 “Average Trading Volume” means the average trading volume of the twenty (20) Trading Days during the thirty (30) Trading Days prior to the issuance of the Draw Down Notice that results from
excluding the five (5) highest and five (5) lowest Trading Days during such period. 
 “Blackout Amount” shall
have the meaning assigned to such term in the Registration Rights Agreement. 

 “Blackout Shares” shall have the meaning assigned to such term in the Registration
Rights Agreement. 
 “Certificate” shall have the meaning assigned to such term in Section 4.3 hereof. 
 “Closing Date” shall have the meaning assigned to such term in Section 2.2 hereof. 
 “Closing Price” as of any particular day shall mean the closing price per share of the Company’s Common Stock as reported by
Bloomberg L.P. on such day. 
 “Commission” means the United States Securities and Exchange Commission. 
 “Commission Documents” shall have the meaning assigned to such term in Section 4.6 hereof. 
 “Commitment Period” means the period commencing on the Effective Date and expiring on the earliest to occur of (i) the date on
which the Investor shall have purchased Shares pursuant to this Agreement for an aggregate purchase price equal to the Maximum Commitment Amount, (ii) the date this Agreement is terminated pursuant to Article VIII hereof, and (iii) the
date occurring thirty-six (36) months from the Effective Date. 
 “Common Stock” means the common stock of the Company,
par value $0.001 per share. 
 “Condition Satisfaction Date” shall have the meaning assigned to such term in Article VII
hereof. 
 “Damages” means any loss, claim, damage, liability, costs and expenses (including, without limitation, reasonable
attorneys’ fees and expenses and costs and reasonable expenses of expert witnesses and investigation). 
 “Draw Down”
shall have the meaning assigned to such term in Section 3.1 hereof. 
 “Draw Down Amount” means the actual dollar
amount of a Draw Down paid to the Company. 
 “Draw Down Discount Price” means (i) 90% of the VWAP on any Trading Day
during a Draw Down Pricing Period when the VWAP equals or exceeds $1.50 but is less than or equal to $6.00, (ii) 92% of the VWAP on any Trading Day during the Draw Down Pricing Period when VWAP exceeds $6.00 but is less than or equal to $11.00,
or (iii) 94% of the VWAP on any Trading Day during the Draw Down Pricing Period when VWAP exceeds $11.00. 
 “Draw Down
Notice” shall have the meaning assigned to such term in Section 3.1 hereof. 
 “Draw Down Pricing Period”
shall mean, with respect to each Draw Down, a period of eight (8) consecutive Trading Days beginning on the first Trading Day specified in a Draw Down Notice. 
 “DTC” shall mean the Depository Trust Company, or any successor thereto. 
  

 -2- 

 “Effective Date” means the first Trading Day immediately following the date on which the
Registration Statement is declared effective by the Commission. 
 “Exchange Act” means the United States Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Excluded Merger or Sale” shall
have the meaning assigned to such term in the Warrant. 
 “FINRA” means the Financial Industry Regulatory Authority.

 “Knowledge” means the actual knowledge of those officers of the Company required to file statements pursuant to
Section 16 of the Exchange Act. 
 “Liquidity Ratio” means fifty percent (50%). 
 “Make Whole Amount” shall have the meaning specified in Section 3.7. 
 “Market Capitalization” means, as of any Trading Day, the product of (i) the closing sale price of the Company’s Common Stock
as reported by Bloomberg L.P. using the AQR function and (ii) the number of outstanding shares of Common Stock of the Company as reported by Bloomberg L.P. using the DES function. 
 “Material Adverse Effect” means any effect that is not negated, corrected, cured or otherwise remedied within a reasonable period of
time on the business, operations, properties or financial condition of the Company and its consolidated subsidiaries that is material and adverse to the Company and such subsidiaries, taken as a whole, and/or any condition, circumstance, or
situation that would prohibit or otherwise interfere with the ability of the Company to perform any of its obligations under this Agreement, the Registration Rights Agreement or the Warrant in any material respect; provided, however, that none of
the following shall constitute a “Material Adverse Effect”: (i) the effects of conditions or events that are generally applicable to the capital, financial, banking or currency markets or the biotechnology or pharmaceutical
industries; (ii) the effects of conditions or events that are reasonably expected to occur in the Company’s ordinary course of business (such as, by way of example only, failed clinical trials, serious adverse events involving the
Company’s product candidates, delays in product development, unfavorable regulatory determinations, difficulties involving collaborators or intellectual property disputes), except for purposes of Section 4.9 herein; (iii) any changes
or effects resulting from the announcement or consummation of the transactions contemplated by this Agreement, including, without limitation, any changes or effects associated with any particular Draw Down, and (iv) changes in the market price
of the Common Stock. 
 “Maximum Commitment Amount” means the lesser of (i) $60 million in aggregate Draw Down Amounts
or (ii) 9,646,159 shares of Common Stock (as adjusted for stock splits, stock combinations, stock dividends and recapitalizations that occur on or after the date of this Agreement); provided, however, that in no event will the Maximum
Commitment Amount equal or exceed the number of shares of Common Stock which would require shareholder approval under the applicable rules and regulations of the Principal Market. 
  

 -3- 

 “Maximum Draw Down Amount” means 1.25% of the Company’s Market Capitalization at
the time of the Draw Down, or, at the Company’s option, the lesser of (A) 2.5% of the Company’s Market Capitalization at the time of the Draw Down, and (B) the Alternative Draw Down Amount; provided, however, that in no event may
the Maximum Draw Down Amount exceed $10 million. 
 “Permitted Transaction” shall have the meaning assigned to such term in
Section 6.6 hereof. 
 “Person” means any individual, corporation, partnership, limited liability company, association,
trust or other entity or organization, including any government or political subdivision or an agency or instrumentality thereof. 
 “Principal Market” means the NASDAQ Capital Market, the NASDAQ Global Select Market, the NASDAQ Global Market, the American Stock Exchange or the New York Stock Exchange, whichever is at the time the principal trading
exchange or market for the Common Stock. 
 “Prohibited Transaction” shall have the meaning assigned to such term in
Section 6.7 hereof. 
 “Prospectus” as used in this Agreement means the prospectus in the form included in the
Registration Statement, as supplemented from time to time pursuant to Rule 424(b) of the Securities Act. 
 “Registrable
Securities” means (i) the Shares, (ii) the Warrant Shares, and (iii) any securities issued or issuable with respect to any of the foregoing by way of exchange, stock dividend or stock split or in connection with a combination
of shares, recapitalization, merger, consolidation or other reorganization or otherwise. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable Securities when (w) the Registration Statement has
been declared effective by the Commission and such Registrable Securities have been disposed of pursuant to the Registration Statement, (x) such Registrable Securities have been sold under circumstances under which all of the applicable
conditions of Rule 144 (or any similar provision then in force) under the Securities Act (“Rule 144”) are met, (y) such time as such Registrable Securities have been otherwise transferred to holders who may trade such
shares without restriction under the Securities Act, and the Company has delivered a new certificate or other evidence of ownership for such securities not bearing a restrictive legend or (z) such Registrable Securities may be sold without
registration and without any time, volume or manner limitations pursuant to Rule 144(b) (or any similar provision then in effect) under the Securities Act. 
 “Registration Rights Agreement” shall have the meaning set forth in the recitals of this Agreement. 
 “Registration Statement” shall have the meaning assigned to such term in the Registration Rights Agreement. 
  

 -4- 

 “Regulation D” shall have the meaning set forth in the recitals of this Agreement.

 “Section 4(2)” shall have the meaning set forth in the recitals of this Agreement. 
 “Securities Act” shall have the meaning set forth in the recitals of this Agreement. 
 “Settlement Date” shall have the meaning assigned to such term in Section 3.5 hereof. 
 “Shares” means the shares of Common Stock of the Company that are and/or may be purchased hereunder. 
 “Trading Day” means any day other than a Saturday or a Sunday on which the Principal Market is open for trading in equity securities.

 “VWAP” means the volume weighted average price (the aggregate sales price of all trades of Common Stock during each
Trading Day divided by the total number of shares of Common Stock traded during such Trading Day) of the Common Stock during any Trading Day as reported by Bloomberg, L.P. using the AQR function. 
 “Warrant” shall have the meaning set forth in the recitals of this Agreement. 
 “Warrant Shares” means the shares of Common Stock issuable to the Investor upon exercise of the Warrant. 
 ARTICLE II 
 PURCHASE AND SALE OF
COMMON STOCK 
 Section 2.1 Purchase and Sale of Stock. Upon the terms and subject to the conditions set forth in this Agreement,
the Company shall to the extent it elects to make Draw Downs in accordance with Article III hereof, issue and sell to the Investor and the Investor shall purchase Common Stock from the Company for an aggregate (in Draw Down Amounts) of up to the
Maximum Commitment Amount, consisting of purchases based on Draw Downs in accordance with Article III hereof. 
 Section 2.2 Closing.
In consideration of and in express reliance upon the representations, warranties, covenants, terms and conditions of this Agreement, the Company agrees to issue and sell to the Investor, and the Investor agrees to purchase from the Company, that
number of the Shares to be issued in connection with each Draw Down. The execution and delivery of this Agreement (the “Closing”) shall take place at the offices of Stroock & Stroock & Lavan LLP, 180 Maiden Lane,
New York, NY 10038 at 5:00 p.m. local time on March __, 2008, or at such other time and place or on such date as the Investor and the Company may agree upon (the “Closing Date”). Each party shall deliver at or prior to the Closing
all documents, instruments and writings required to be delivered at the Closing by such party pursuant to this Agreement. Notwithstanding anything to the contrary set forth in this Agreement, the Closing shall not occur until the Investor has
received sufficient evidence that the Company has raised at least $15,000,000 in a financing or series of financings. Notwithstanding anything to the contrary set forth in this Agreement, the Investor shall have no commitment to purchase 

  

 -5- 

 
Common Stock unless and until the Investor has received evidence satisfactory to it, in its reasonable discretion, that the Company has received at least
$15,000,000 in one or more financing transactions previously disclosed to the Investor. 
 Section 2.3 Registration Statement and
Prospectus. The Company shall prepare and file with the Commission the Registration Statement (including the Prospectus) in accordance with the provisions of the Securities Act and the Registration Rights Agreement. 
 Section 2.4 Warrant. On the Closing Date, the Company shall issue and deliver the Warrant to the Investor. 
 Section 2.5 Blackout Shares. The Company shall deliver any Blackout Amount or issue and deliver any Blackout Shares to the Investor in accordance
with Section 1.1(e) of the Registration Rights Agreement. 
 ARTICLE III 
 DRAW DOWN TERMS 
 Subject to the satisfaction of the conditions hereinafter set
forth in this Agreement, the parties agree as follows: 
 Section 3.1 Draw Down Notice. During the Commitment Period, the Company may,
in its sole discretion, issue a Draw Down Notice (as hereinafter defined) which shall specify the dollar amount of Shares the Company elects to sell to the Investor (each such election, a “Draw Down”) up to a Draw Down Amount equal
to the Maximum Draw Down Amount, which Draw Down the Investor shall be obligated to accept. The Company shall inform the Investor in writing by sending a duly completed Draw Down Notice (as hereinafter defined) in the form of Exhibit C hereto
by e-mail to the addresses set forth in Section 10.4, with a copy to the Investor’s counsel, as to such Draw Down Amount before commencement of trading on the first Trading Day of the related Draw Down Pricing Period (the “Draw
Down Notice”). In addition to the Draw Down Amount, each Draw Down Notice shall designate the first Trading Day of the Draw Down Pricing Period. In no event shall any Draw Down Amount exceed the Maximum Draw Down Amount. Each Draw Down
Notice shall be accompanied by a certificate, signed by the Chief Executive Officer, Chief Financial Officer, President or Vice President and Controller, dated as of the date of such Draw Down Notice, in the form of Exhibit D
hereof. 
 Section 3.2 Number of Shares. Subject to Section 3.6(b), the number of Shares to be issued in connection with each
Draw Down shall be equal to the sum of the number of shares issuable on each Trading Day of the Draw Down Pricing Period. The number of shares issuable on a Trading Day during a Draw Down Pricing Period shall be equal to the quotient of one eighth
(1/8th) of the Draw Down Amount divided by the Draw Down Discount Price for such Trading Day. 
 Section 3.3 Limitation on Draw
Downs. Only one Draw Down shall be permitted for each Draw Down Pricing Period. 
  

 -6- 

 Section 3.4 Trading Cushion. Unless the parties agree in writing otherwise, there shall be a
minimum of seven (7) Trading Days between the expiration of any Draw Down Pricing Period and the beginning of the next succeeding Draw Down Pricing Period. 
 Section 3.5 Settlement. The number of Shares purchased by the Investor in any Draw Down shall be determined and settled on two separate dates. Shares purchased by the Investor during the first four Trading Days
of any Draw Down Pricing Period shall be determined and settled no later than the sixth Trading Day of such Draw Down Pricing Period. Shares purchased by the Investor during the second four Trading Days of any Draw Down Pricing Period shall be
determined and settled no later than the second Trading Day after the last Trading Day of such Draw Down Pricing Period. Each date on which settlement of the purchase and sale of Shares occurs hereunder being referred to as a “Settlement
Date.” The Investor shall provide the Company with delivery instructions for the Shares to be issued at each Settlement Date at least two Trading Days in advance of such Settlement Date. The number of Shares actually issued shall be rounded
to the nearest whole number of Shares. 
 Section 3.6 Delivery of Shares; Payment of Draw Down Amount. 
 (a) On each Settlement Date, the Company shall deliver the Shares purchased by the Investor to the Investor or its designees exclusively via book-entry
through the DTC to an account designated by the Investor, and upon receipt of the Shares, the Investor shall cause payment thereof to be made to the Company’s designated account by wire transfer of immediately available funds, if the Shares are
received by the Investor no later than 1:00 p.m. (Eastern Time), or next day available funds, if the Shares are received thereafter. Upon the written request of the Company, the Investor shall cause its banker to confirm to the Company that the
Investor has provided irrevocable instructions to cause payment for the Shares to be made as set forth above, upon confirmation by such banker that the Shares have been delivered through the DTC in unrestricted form. 
 (b) For each Trading Day during a Draw Down Pricing Period where the VWAP is less than the greater of (i) 90% of the Closing Price of the
Company’s Common Stock on the Trading Day immediately preceding the commencement of such Draw Down Pricing Period, or (ii) $1.50, such Trading Day shall not be used in calculating the number of Shares to be issued in connection with such
Draw Down, and the Draw Down Amount in respect of such Draw Down Pricing Period shall be reduced by one eighth (1/8th) of the initial Draw Down Amount specified in the Draw Down Notice. If trading in the Company’s Common Stock is suspended
for any reason for more than three (3) consecutive or non-consecutive hours during any Trading Day during a Draw Down Pricing Period, such Trading Day shall not be used in calculating the number of Shares to be issued in connection with such
Draw Down, and the Draw Down Amount in respect of such Draw Down Pricing Period shall be reduced by one eighth (1/8th) of the initial Draw Down Amount specified in the Draw Down Notice. 
 Section 3.7 Failure to Deliver Shares. If on any Settlement Date, the Company fails to cause the delivery of the Shares purchased by the Investor,
and such failure is not cured within two (2) Trading Days following such Settlement Date, the Company shall pay to the Investor on demand in cash by wire transfer of immediately available funds to an account designated by the Investor the
“Make Whole Amount;” provided, however, that in the event that the Company is 

  

 -7- 

 
prevented from delivering Shares in respect of any such Settlement Date in a timely manner by any fact or circumstance that is not reasonably within the
control of, or directly attributable to, the Company, or is otherwise reasonably within the control of, or directly attributable to, the Investor, then such two (2) Trading Day period shall be automatically extended until such time as such fact
or circumstance is cured. As used herein, the Make Whole Amount shall be an amount equal to the sum of (i) the Draw Down Amount actually paid by the Investor in respect of such Shares plus (ii) an amount equal to the actual loss suffered
by the Investor in respect of sales to subsequent purchasers, pursuant to transactions entered into before the Settlement Date, of the Shares that were required to be delivered by the Company, which shall be based upon documentation reasonably
satisfactory to the Company demonstrating the difference (if greater than zero) between (A) the price per share paid by the Investor to purchase such number of shares of Common Stock necessary for the Investor to meet its share delivery
obligations to such subsequent purchasers minus (B) the average Draw Down Discount Price during the applicable Draw Down Pricing Period. In the event that the Make Whole Amount is not paid within two (2) Trading Days following a demand
therefor from the Investor, the Make Whole Amount shall accrue interest per annum compounded daily at a rate equal to the greater of (i) the prime rate of interest then in effect as published by the Wall Street Journal plus three percent
(3%) and (ii) ten percent (10%) up to and including the date on which the Make Whole Amount is actually paid. For the purposes of this Section 3.7 facts or circumstances that are reasonably within the control of the Company
include such facts and circumstances attributable to acts or omissions of the Company, its officers, directors, employees, agents and representatives, including, without limitation, any transfer agent(s), accountant(s) and/or attorney(s) engaged by
the Company in connection with the Company’s performance of its obligations hereunder. Notwithstanding anything to the contrary set forth in this Agreement, in the event that the Company pays the Make Whole Amount (plus interest, if applicable)
in respect of any Settlement Date in accordance with this Section 3.7, such payment shall be the Investor’s sole remedy in respect of the Company’s failure to deliver Shares in respect of such Settlement Date, and the Company shall
not be obligated to deliver such Shares. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company hereby makes the following
representations and warranties to the Investor: 
 Section 4.1 Organization, Good Standing and Power. The Company is a corporation
duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite power and authority to own, lease and operate its properties and assets and to carry on its business as now being conducted. Except
as set forth in the Commission Documents (as defined below), the Company does not own more than fifty percent (50%) of the outstanding capital stock of or control any other business entity, other than any wholly-owned subsidiary that is not
“significant” within the meaning of Regulation S-X promulgated by the Commission. The Company is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction in which the nature of the
business conducted or property owned by it makes such qualification necessary, other than those in which the failure to be so qualified or be in good standing would not have a Material Adverse Effect. 
  

 -8- 

 Section 4.2 Authorization; Enforcement. (i) The Company has the requisite corporate power and
authority to enter into and perform its obligations under this Agreement, the Registration Rights Agreement and the Warrant and to issue the Shares, the Warrant, the Warrant Shares and any Blackout Shares (except to the extent that the number of
Blackout Shares required to be issued exceeds the number of authorized shares of Common Stock under the Certificate); (ii) the execution and delivery of this Agreement and the Registration Rights Agreement, and the execution, issuance and
delivery of the Warrant, by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary corporate action and no further consent or authorization of the Company or
its Board of Directors or stockholders is required (other than as contemplated by Section 6.5); and (iii) each of this Agreement and the Registration Rights Agreement has been duly executed and delivered, and the Warrant has been duly
executed, issued and delivered, by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
securities, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies, or indemnification or by other equitable principles of general application. 
 Section 4.3 Capitalization. The authorized capital stock of the Company and the shares thereof issued and outstanding as of December 31, 2007
are set forth on a schedule (the “Disclosure Schedule”) previously delivered to the Investor. All of the outstanding shares of the Common Stock have been duly and validly authorized and issued, and are fully paid and non-assessable.
Except as set forth in this Agreement or as previously disclosed on the Disclosure Schedule, as of December 31, 2007, no shares of Common Stock were entitled to preemptive rights or registration rights and there were no outstanding options,
warrants, scrip, rights to subscribe to, call or commitments of any character whatsoever relating to, or securities or rights convertible into or exchangeable for or giving any right to subscribe for, any shares of capital stock of the Company,
except for stock options issued by the Company to its employees, directors and consultants. Except as set forth in this Agreement, the Commission Documents, or as previously disclosed to the Investor in the Disclosure Schedule, as of
December 31, 2007, there were no contracts, commitments, understandings, or arrangements by which the Company is or may become bound to issue additional shares of the capital stock of the Company or options, securities or rights convertible
into or exchangeable for or giving any right to subscribe for any shares of capital stock of the Company. Except as described in the Commission Documents or as previously disclosed to the Investor in the Disclosure Schedule, as of the date hereof
the Company is not a party to any agreement granting registration rights to any Person with respect to any of its equity or debt securities. Except as set forth in the Commission Documents or as previously disclosed to the Investor in writing, as of
the date hereof the Company is not a party to, and it has no Knowledge of, any agreement restricting the voting or transfer of any shares of the capital stock of the Company. The offer and sale of all capital stock, convertible securities, rights,
warrants, or options of the Company issued during the twenty-four month period immediately prior to the Closing complied in all material respects with all applicable federal and state securities laws, and no stockholder has a right of rescission or
damages with respect thereto that could reasonably be expected to have a Material Adverse Effect. The Company has furnished or made available to the Investor true and correct copies of the Company’s Amended and Restated Certificate of
Incorporation, as amended and in effect on 

  

 -9- 

 
the date hereof (the “Certificate”), and the Company’s Amended and Restated Bylaws, as amended and in effect on the date hereof (the
“Bylaws”). 
 Section 4.4 Issuance of Shares. Subject to Section 6.5, the Shares, the Warrant and the Warrant
Shares have been, and any Blackout Shares will be, duly authorized by all necessary corporate action (except to the extent that the number of Blackout Shares required to be issued exceeds the number of authorized shares of Common Stock under the
Certificate) and, when issued and paid for in accordance with the terms of this Agreement, the Registration Rights Agreement and the Warrant, and subject to, and in reliance on, the representations, warranties and covenants made herein by the
Investor, the Shares and the Warrant Shares shall be validly issued and outstanding, fully paid and non-assessable, and the Investor shall be entitled to all rights accorded to a holder of shares of Common Stock. 
 Section 4.5 No Conflicts. The execution, delivery and performance of this Agreement, the Registration Rights Agreement, the Warrant and any other
document or instrument contemplated hereby or thereby, by the Company and the consummation by the Company of the transactions contemplated hereby and thereby do not and shall not, in any material respect: (i) result in the violation of any
provision of the Certificate or Bylaws, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give rise to any rights of termination, amendment, acceleration or
cancellation of, any material agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company is a party that has not been waived, where such default or conflict would constitute a
Material Adverse Effect, (iii) create or impose a lien, charge or encumbrance on any property of the Company under any agreement or any commitment to which the Company is a party or by which the Company is bound or by which any of its
respective properties or assets are bound which would constitute a Material Adverse Effect, (iv) result in a violation of any federal, state, local or foreign statute, rule, regulation, order, writ, judgment or decree (including federal and
state securities laws and regulations) applicable to the Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries are bound or affected where such violation would constitute a Material Adverse
Effect, or (v) require any consent of any third-party that has not been obtained pursuant to any material contract to which the Company is subject or to which any of its assets, operations or management may be subject where the failure to
obtain any such consent would constitute a Material Adverse Effect. The Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any
court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement, the Registration Rights Agreement or the Warrant, or issue and sell the Shares, the Warrant Shares or the Blackout Shares
(except to the extent that the number of Blackout Shares required to be issued exceeds the number of authorized shares of Common Stock under the Certificate) in accordance with the terms hereof and thereof (other than any filings that may be
required to be made by the Company with the Commission, the FINRA/NASDAQ or state securities commissions subsequent to the Closing, and, any registration statement (including any amendment or supplement thereto) or any other filing or consent which
may be filed pursuant to this Agreement, the Registration Rights Agreement or the Warrant); provided that, for purposes of the representation made in this 

  

 -10- 

 
sentence, the Company is assuming and relying upon the accuracy of the relevant representations and agreements of the Investor herein. 
 Section 4.6 Commission Documents, Financial Statements. 
 (a) The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and since January 1, 2005 the Company has timely filed all reports, schedules, forms, statements and other documents
required to be filed by it with the Commission pursuant to the reporting requirements of the Exchange Act, including material filed pursuant to Section 13(a) or 15(d) of the Exchange Act (all of the foregoing, including filings incorporated by
reference therein, being referred to herein as the “Commission Documents”). Except as previously disclosed to the Investor in writing, since January 1, 2005 the Company has maintained all requirements for the continued listing
or quotation of its Common Stock, and such Common Stock is currently listed or quoted on the NASDAQ Capital Market. To the extent not available on the Commission’s EDGAR filing system, the Company has made available to the Investor true and
complete copies of the Commission Documents filed with the Commission since January 1, 2005 and prior to the Closing Date. The Company has not provided to the Investor any information which, according to applicable law, rule or regulation,
should have been disclosed publicly by the Company but which has not been so disclosed, other than with respect to the transactions contemplated by this Agreement and other than with respect to information related to the fiscal year and quarter
ended December 31, 2007, which will be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, which need not be filed with the Commission prior to March 31, 2008. As of its date, the
Company’s Annual Report on Form 10-K for the year ended December 31, 2006 complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder applicable to such
document, and, as of its date, after giving effect to the information disclosed and incorporated by reference therein, to the Company’s Knowledge such Annual Report on Form 10-K did not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. As of their respective dates, to the Company’s Knowledge the
financial statements, together with the related notes and schedules thereto, of the Company included in the Commission Documents filed with the Commission since January 1, 2005 complied as to form in all material respects with all applicable
accounting requirements and the published rules and regulations of the Commission or other applicable rules and regulations with respect thereto. Such financial statements, together with the related notes and schedules thereto, have been prepared in
accordance with generally accepted accounting principles (“GAAP”) applied on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto or
(ii) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or summary statements), and fairly present in all material respects the financial condition of the Company and its subsidiaries
as of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). 
 (b) The Company has timely filed with the Commission and made available to the Investor via EDGAR or otherwise all certifications and statements required
by (x) Rule 13a- 

  

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14 or Rule 15d-14 under the Exchange Act or (y) 18 U.S.C. Section 1350 (Section 906 of the Sarbanes-Oxley Act of 2002 (“SOXA”))
with respect to all relevant Commission Documents. The Company is in compliance in all material respects with the provisions of SOXA applicable to it as of the date hereof. The Company maintains disclosure controls and procedures required by Rule
13a-15 or Rule 15d-15 under the Exchange Act. 
 Section 4.7 No Material Adverse Change. Except as disclosed in the Commission
Documents or a press release of the Company, since December 31, 2007 no event or series of events has or have occurred that would, individually or in the aggregate, have a Material Adverse Effect on the Company. 
 Section 4.8 No Undisclosed Liabilities. To the Company’s Knowledge, neither the Company nor any of its subsidiaries has any liabilities,
obligations, claims or losses (whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) that would be required to be disclosed on a balance sheet of the Company or any subsidiary (including the notes
thereto) in conformity with GAAP and are not disclosed in the Commission Documents, other than those incurred in the ordinary course of the Company’s or its subsidiaries respective businesses since December 31, 2007 or which, individually
or in the aggregate, do not or would not be reasonably expected to have a Material Adverse Effect on the Company. 
 Section 4.9 No
Undisclosed Events or Circumstances. To the Company’s Knowledge, no event or circumstance has occurred or exists with respect to the Company or its subsidiaries or their respective businesses, properties, operations or financial condition,
which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed and which, individually or in the aggregate, would be reasonably expected to have a
Material Adverse Effect on the Company. For the avoidance of doubt, information related to the fiscal year and quarter ended December 31, 2007 will be included in the Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2007, which need not be filed with the Commission prior to March 31, 2008. 
 Section 4.10 Actions Pending.
There is no action, suit, claim, investigation or proceeding pending or, to the Knowledge of the Company, threatened against the Company or any subsidiary which questions the validity of this Agreement or the transactions contemplated hereby or any
action taken or to be taken pursuant hereto or thereto. Except as set forth in the Commission Documents or in the Disclosure Schedule, there is no action, suit, claim, investigation or proceeding pending or, to the Knowledge of the Company,
threatened, against or involving the Company, any subsidiary or any of their respective properties or assets, or to the Knowledge of the Company involving any officers or directors, in their capacity as officers or directors, of the Company or any
of its subsidiaries, including, without limitation, any securities class action lawsuit or stockholder derivative lawsuit, that could be reasonably expected to have a Material Adverse Effect on the Company. Except as set forth in the Commission
Documents or as previously disclosed to the Investor in writing, no judgment, order, writ, injunction or decree or award has been issued by or, to the Knowledge of the Company, requested of any court, arbitrator or governmental agency which could be
reasonably expected to result in a Material Adverse Effect. 
  

 -12- 

 Section 4.11 Compliance with Law. The business of the Company and its subsidiaries have been and
are presently being conducted in accordance with all applicable federal, state, local and foreign governmental laws, rules, regulations and ordinances, except as set forth in the Commission Documents or such that would not reasonably be expected to
cause a Material Adverse Effect. Except as set forth in the Commission Documents, the Company and each of its subsidiaries have all franchises, permits, licenses, consents and other governmental or regulatory authorizations and approvals necessary
for the conduct of its business as now being conducted by it, except for such franchises, permits, licenses, consents and other governmental or regulatory authorizations and approvals, the failure to possess which, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect. 
 Section 4.12 Certain Fees. Except as expressly set forth in
this Agreement, no brokers, finders or financial advisory fees or commissions will be payable by the Company or any of its subsidiaries in respect of the transactions contemplated by this Agreement. 
 Section 4.13 Disclosure. To the Company’s Knowledge, neither this Agreement nor any other documents, certificates or instruments furnished to
the Investor by or on behalf of the Company or any subsidiary in connection with the transactions contemplated by this Agreement contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements made herein or therein, in the light of the circumstances under which they were made herein or therein, not misleading. 
 Section
4.14 Material Non-Public Information. Except for this Agreement and the transactions contemplated hereby, neither the Company nor its employees have disclosed to the Investor, any material non-public information that, according to applicable
law, rule or regulation, should have been disclosed publicly by the Company prior to the date hereof but which has not been so disclosed. For the avoidance of doubt, information related to the fiscal year and quarter ended December 31, 2007
will be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, which need not be filed with the Commission prior to March 31, 2008. 
 Section 4.15 Exemption from Registration; Valid Issuances. Subject to, and in reliance on, the representations, warranties and covenants made
herein by the Investor, the issuance and sale of the Shares, the Warrant, the Warrant Shares and any Blackout Shares in accordance with the terms and on the bases of the representations and warranties set forth in this Agreement, may and shall be
properly issued pursuant to Section 4(2), Regulation D and/or any other applicable federal and state securities laws. Neither the sales of the Shares, the Warrant, the Warrant Shares or any Blackout Shares pursuant to, nor the
Company’s performance of its obligations under, this Agreement, the Registration Rights Agreement, or the Warrant shall (i) result in the creation or imposition of any liens, charges, claims or other encumbrances upon the Shares, the
Warrant Shares, any Blackout Shares or any of the assets of the Company, or (ii) except as previously disclosed to the Investor in writing, entitle the holders of any outstanding shares of capital stock of the Company to preemptive or other
rights to subscribe to or acquire the shares of Common Stock or other securities of the Company. 
 Section 4.16 No General Solicitation
or Advertising in Regard to this Transaction. Neither the Company nor any of its affiliates or any Person acting on its or their 

  

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behalf (i) has conducted any general solicitation (as that term is used in Rule 502(c) of Regulation D) or general advertising with respect to
any of the Shares, the Warrant, the Warrant Shares or any Blackout Shares or (ii) has made any offers or sales of any security or solicited any offers to buy any security under any circumstances that would require registration of the Shares
under the Securities Act. 
 Section 4.17 No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person
acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, other than pursuant to this Agreement and employee benefit plans, under circumstances that would require
registration under the Securities Act of shares of the Common Stock issuable hereunder with any other offers or sales of securities of the Company. 
 Section 4.18 Acknowledgment Regarding Investor’s Purchase of Shares. The Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length investor with respect to this Agreement and the
transactions contemplated hereunder. The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated
hereunder and any advice given by the Investor or any of its representatives or agents in connection with this Agreement and the transactions contemplated hereunder is merely incidental to the Investor’s purchase of the Shares. 
 ARTICLE V 
 REPRESENTATIONS,
WARRANTIES AND COVENANTS OF THE INVESTOR 
 The Investor hereby makes the following representations, warranties and covenants to the
Company: 
 Section 5.1 Organization and Standing of the Investor. The Investor is a company duly organized, validly existing and in
good standing under the laws of the British Virgin Islands. 
 Section 5.2 Authorization and Power. The Investor has the requisite
power and authority to enter into and perform its obligations under this Agreement, the Warrant and the Registration Rights Agreement and to purchase the Shares, the Warrant and the Warrant Shares in accordance with the terms hereof and thereof. The
execution, delivery and performance of this Agreement, the Warrant and the Registration Rights Agreement by Investor and the consummation by it of the transactions contemplated hereby or thereby have been duly authorized by all necessary corporate
action, and no further consent or authorization of the Investor, its Board of Directors or stockholders is required. Each of this Agreement and the Registration Rights Agreement has been duly executed and delivered by the Investor and constitutes a
valid and binding obligation of the Investor enforceable against the Investor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship,
receivership, or similar laws relating to, or affecting generally the enforcement of creditor’s rights and remedies or by other equitable principles of general application. 
  

 -14- 

 Section 5.3 No Conflicts. The execution, delivery and performance of this Agreement, the
Registration Rights Agreement, the Warrant and any other document or instrument contemplated hereby, by the Investor and the consummation of the transactions contemplated thereby do not (i) violate any provision of the Investor’s charter
documents or bylaws, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any
material agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Investor is a party, (iii) create or impose a lien, charge or encumbrance on any property of the Investor under
any agreement or any commitment to which the Investor is a party or by which the Investor is bound or by which any of its respective properties or assets are bound, (iv) result in a violation of any federal, state, local or foreign statute,
rule, regulation, order, writ, judgment or decree (including federal and state securities laws and regulations) applicable to the Investor or by which any property or asset of the Investor are bound or affected, or (v) require the consent of
any third-party that has not been obtained pursuant to any material contract to which Investor is subject or to which any of its assets, operations or management may be subject. The Investor is not required under federal, state, foreign or local
law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement or to
purchase the Shares or the Warrant in accordance with the terms hereof, provided that, for purposes of the representation made in this sentence, the Investor is assuming and relying upon the accuracy of the relevant representations and agreements of
the Company herein. 
 Section 5.4 Financial Capability. The Investor has the financial capability to perform all of its obligations
under this Agreement, including the capability to purchase the Shares, the Warrant and the Warrant Shares in accordance with the terms hereof. The Investor has such knowledge and experience in business and financial matters that it is capable of
evaluating the merits and risks of an investment in Common Stock and the Warrant. The Investor is an “accredited investor” as defined in Regulation D. The Investor is a “sophisticated investor” as described in
Rule 506(b)(2)(ii) of Regulation D. The Investor acknowledges that an investment in the Common Stock and the Warrant is speculative and involves a high degree of risk. 
 Section 5.5 Information. The Investor and its advisors, if any, have been furnished with all materials relating to the business, finances and
operations of the Company and materials relating to the offer and sale of the Shares, the Warrant and the Warrant Shares which have been requested by the Investor. The Investor has reviewed or received copies of the Commission Documents. The
Investor and its advisors, if any, have been afforded the opportunity to ask questions of the Company. The Investor has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect
to its acquisition of the Shares, the Warrant and the Warrant Shares. The Investor understands that it (and not the Company) shall be responsible for its own tax liabilities that may arise as a result of this investment or the transactions
contemplated by this Agreement. 
 Section 5.6 Trading Restrictions. The Investor covenants that neither the Investor nor any of its
affiliates nor any entity managed or controlled by the Investor will, or cause or assist any Person to, enter into or execute any “short sale” (as such term is defined in Rule 200 of 

  

 -15- 

 
Regulation SHO, or any successor regulation, promulgated by the Commission under the Exchange Act) of any securities of the Company, and that the Investor
and its affiliates shall comply with all other applicable law. 
 Section 5.7 Statutory Underwriter Status. The Investor acknowledges
that, pursuant to the Commission’s current interpretations of the Securities Act, the Investor will be disclosed as an “underwriter” within the meaning of the Securities Act in the Registration Statement (and amendments
thereto) and in any Prospectus contained therein to the extent required by applicable law. 
 Section 5.8 Not an Affiliate. The
Investor is not an officer, director or “affiliate” (as defined in Rule 405 of the Securities Act) of the Company. 
 Section 5.9 Manner of Sale. At no time was Investor presented with or solicited by or through any leaflet, public promotional meeting, television advertisement or any other form of general solicitation or advertising. 
 Section 5.10 Prospectus Delivery. The Investor agrees that unless the Shares and Warrant Shares are eligible for resale pursuant to all the
conditions of Rule 144 without volume or manner of sale limitations, it will resell the Shares and Warrant Shares only pursuant to the Registration Statement, in a manner described under the caption “Plan of Distribution” in the
Registration Statement, and in a manner in compliance with all applicable securities laws, including, without limitation, any applicable prospectus delivery requirements of the Securities Act and the insider trading restrictions of the Exchange Act.

 ARTICLE VI 
 COVENANTS
OF THE COMPANY 
 The Company covenants with the Investor as follows, which covenants are for the benefit of the Investor and its
permitted assignees (as defined herein): 
 Section 6.1 Securities Compliance. The Company shall notify the Commission and the
Principal Market, if and as applicable, in accordance with their respective rules and regulations, of the transactions contemplated by this Agreement, and shall use commercially reasonable efforts to take all other necessary action and proceedings
as may be required and permitted by applicable law, rule and regulation, for the legal and valid issuance of the Shares, the Warrant Shares and the Blackout Shares, if any, to the Investor. Each Commission Document to be filed with the Commission
after the Closing Date and incorporated by reference in the Registration Statement and Prospectus, when such document becomes effective or is filed with the Commission, as the case may be, shall comply in all material respects with the requirements
of the Securities Act or the Exchange Act, as applicable, and other federal, state and local laws, rules and regulations applicable to it, and shall not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  

 -16- 

 Section 6.2 Reservation of Common Stock. As of the date hereof, the Company has available and the
Company shall reserve and keep available at all times, free of preemptive rights and other similar contractual rights of stockholders, shares of Common Stock for the purpose of enabling the Company to satisfy any obligation to issue the Shares in
connection with all Draw Downs contemplated hereunder and the Warrant Shares. The number of shares so reserved from time to time, as theretofore increased or reduced as hereinafter provided, may be reduced by the number of shares actually delivered
hereunder. 
 Section 6.3 Registration and Listing. During the Commitment Period, the Company shall use commercially reasonable
efforts to: (i) take all action necessary to cause its Common Stock to continue to be registered under Section 12(b) or 12(g) of the Exchange Act, (ii) comply in all respects with its reporting and filing obligations under the
Exchange Act, (iii) prevent the termination or suspension of such registration, or the termination or suspension of its reporting and filing obligations under the Exchange Act or Securities Act (except as expressly permitted herein). The
Company shall use commercially reasonable efforts to maintain the listing and trading of its Common Stock and the listing of the Shares purchased by Investor hereunder on the Principal Market (including, without limitation, maintaining sufficient
net tangible assets) and will comply in all material respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the FINRA and the Principal Market. The Company will not be required to carry out any action
pursuant to this Agreement, the Registration Rights Agreement or the Warrant that would adversely impact the listing of the Company’s securities on the Principal Market as now in effect, and as may be changed by the Company in the future in the
Company’s discretion. 
 Section 6.4 Registration Statement. Without the prior written consent of the Investor, the Registration
Statement shall be used solely in connection with the transactions between the Company and the Investor contemplated hereby. 
 Section 6.5
Compliance with Laws. 
 (a) The Company shall comply, and cause each subsidiary to comply, with all applicable laws, rules,
regulations and orders, noncompliance with which could reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing, neither the Company nor any of its officers, directors or affiliates will take,
directly or indirectly, any action designed or intended to stabilize or manipulate the price of any security of the Company, or which would in the future reasonably be expected to cause or result in, stabilization or manipulation of the price of any
security of the Company, in each case in contravention of applicable laws, rules, regulations or orders. 
 (b) Without the consent of its
stockholders in accordance with FINRA and The NASDAQ Stock Market LLC rules, the Company will not be obligated to issue, and the Investor will not be obligated to purchase, any Shares or Blackout Shares which would result in the issuance under this
Agreement, the Warrant and the Registration Rights Agreement of Shares and Blackout Shares (collectively) representing more than the applicable percentage under the rules of the FINRA and The NASDAQ Stock Market LLC , including, without limitation,
NASDAQ Marketplace Rule 4350(i), that would require stockholder approval of the issuance thereof. 
  

 -17- 

 Section 6.6 Other Financing. Nothing in this Agreement shall be construed to restrict the right of
the Company to offer, sell and/or issue securities of any kind whatsoever, provided such transaction is not a Prohibited Transaction (as defined below) (any such transaction that is not a Prohibited Transaction is referred to in this Agreement as a
“Permitted Transaction”). Without limiting the generality of the preceding sentence, the Company may, without the prior written consent of the Investor, (i) establish stock option or other equity incentive or award plans or
agreements (for directors, employees, consultants and/or advisors), and issue securities thereunder, and amend such plans or agreements, including increasing the number of shares available thereunder, (ii) issue equity securities to finance, or
otherwise in connection with, the acquisition, license or sale of one or more other companies, equipment, technologies or lines of business, (iii) issue shares of Common Stock and/or Preferred Stock in connection with the Company’s option,
equity incentive or award plans, stock purchase plans, rights plans, warrants or options, (iv) issue shares of Common Stock and/or Preferred Stock in connection with the acquisition, license or sale of products, licenses, equipment or other
assets and strategic partnerships or joint ventures; (v) issue shares of Common and/or Preferred Stock to consultants and/or advisors as consideration for services rendered or to be rendered, (vi) issue and sell equity or debt securities
in a public offering, (vii) issue and sell any equity or debt securities in a private placement (other than in connection with any Prohibited Transaction), (viii) issue equity securities to equipment lessors, equipment vendors, banks or
similar lending institutions in connection with leases or loans, or in connection with strategic commercial or licensing transactions, (ix) issue securities in connection with any stock split, stock dividend, recapitalization, reclassification
or similar event by the Company, and (x) issue shares of Common Stock to the Investor under any other agreement entered into between the Investor and the Company. 
 Section 6.7 Prohibited Transactions. Except as set forth on Schedule 6.7 of the Disclosure Schedule, during the term of this Agreement, the Company shall not enter into any Prohibited Transaction without the
prior written consent of the Investor, which consent may be withheld at the sole discretion of the Investor. For the purposes of this Agreement, the term “Prohibited Transaction” shall refer to the issuance by the Company of any
“future priced securities,” which shall mean the issuance of shares of Common Stock or securities of any type whatsoever that are, or may become, convertible or exchangeable into shares of Common Stock where the purchase, conversion or
exchange price for such Common Stock is determined using any floating discount or other post-issuance adjustable discount to the market price of Common Stock, including, without limitation, pursuant to any equity line or other financing that is
substantially similar to the financing provided for under this Agreement; provided that any future issuance by the Company of a convertible security (including warrants, “Convertible Security”) that (i) contains provisions that adjust
the conversion or exercise price of such Convertible Security (“Conversion Price”) solely in the event of stock splits, dividends, distributions, reclassifications of the Company’s Common Stock, whether by merger, consolidation, sale
of assets or reorganization, or similar events shall not be a Prohibited Transaction for purposes of this Section 6.7 so long as such Convertible Security does not contain a provision that adjusts the Conversion Price as a result of any
issuances of new securities after the issue date of the Convertible Security at a price below the then effective Conversion Price of the Convertible Security, or as a result of any decline in the market price of the Common Stock after the issue date
of the Convertible Security, other than a decline resulting directly from stock splits, 

  

 -18- 

 
dividends, distributions or similar events including, without limitation, the type of conversion price adjustments customarily found in a firm commitment
Rule 144A offering to qualified institutional buyers, or (ii) is issued in connection with the Company obtaining debt financing for research and development purposes where the issuance of Convertible Securities is conditioned upon the Company
meeting certain defined clinical milestones shall not be a Prohibited Transaction for purposes of this Section 6.7. 
 Section 6.8
Corporate Existence. The Company shall take all steps necessary to preserve and continue the corporate existence of the Company; provided, however, that nothing in this Agreement shall be deemed to prohibit the Company from engaging in any
Excluded Merger or Sale with another Person provided that in the event of an Excluded Merger or Sale, if the surviving, successor or purchasing Person does not agree to assume the obligations under the Warrant, then the Company shall deliver a
notice to the Investor at least ten (10) days before the consummation of such Excluded Merger or Sale (provided that, to the extent that such transaction has not been publicly disclosed, then the Investor agrees to maintain the confidentiality
of such information and to use such information only in connection with a decision to exercise the Warrant), the Investor may exercise the Warrant at any time before the consummation of such Excluded Merger or Sale (and such exercise may be made
contingent upon the consummation of such Excluded Merger or Sale), and any portion of the Warrant that has not been exercised before consummation of such Excluded Merger or Sale shall terminate and expire, and shall no longer be outstanding.

 Section 6.9 Non-Disclosure of Non-Public Information. Subject to Section 6.10 below, except as otherwise expressly provided in
this Agreement, the Registration Rights Agreement or the Warrant, none of the Company, its officers, directors, employees nor agents shall disclose material non-public information to the Investor, its advisors or representatives. 
 Section 6.10 Notice of Certain Events Affecting Registration; Suspension of Right to Request a Draw Down. The Company shall promptly notify the
Investor upon the occurrence of any of the following events in respect of the Registration Statement or the Prospectus related to the offer, issuance and sale of the Shares and the Warrant Shares hereunder: (i) receipt of any request for
additional information by the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration Statement or the Prospectus;
(ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; and (iii) receipt
of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. If at any
time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, the Company shall use commercially reasonable efforts to obtain the withdrawal of such order at the earliest possible time. The Company shall
not be required to disclose to the Investor the substance or specific reasons of any of the events set forth in clauses (i) through (ii) of the previous sentence, only that the event has occurred. The Company shall not request a Draw Down
during the continuation of any of the foregoing events. 
  

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 Section 6.11 Amendments to the Registration Statement. When the Registration Statement is declared
effective by the Commission, the Company shall not (a) file any amendment to the Registration Statement or make any amendment or supplement to the Prospectus of which the Investor shall not previously have been advised; provided,
however, that the Company shall, to the extent it deems advisable, and without the prior consent of or notice to Investor, supplement the Prospectus within two Trading Days following the Settlement Date for each Draw Down solely to reflect
the issuance of Shares with respect to such Draw Down; and provided, further, that the Company need not advise the Investor regarding any supplement the purpose of which is to update the Registration Statement and the Prospectus to
include information the Company had previously filed with the Commission pursuant to Section 13 or 15(d) under the Exchange Act; and (b) so long as, in the reasonable opinion of counsel for the Investor, a Prospectus is required to be
delivered in connection with sales of the Shares by the Investor, if the Company files any information, documents or reports that are incorporated by reference in the Registration Statement pursuant to the Exchange Act, the Company shall, if
requested in writing by the Investor, deliver a copy of such information, documents or reports to the Investor promptly following such filing to the extent such information, documents or reports are not available on the Commission’s EDGAR
filing system. 
 Section 6.12 Prospectus Delivery. From time to time for such period as in the reasonable opinion of counsel for the
Investor a prospectus is required by the Securities Act to be delivered in connection with sales by the Investor, the Company will expeditiously deliver to the Investor, without charge, as many copies of the Prospectus (and of any amendment or
supplement thereto) as the Investor may reasonably request. The Company consents to the use of the Prospectus (and of any amendment or supplement thereto) in accordance with the provisions of the Securities Act and state securities laws in
connection with the offering and sale of the Shares and the Warrant Shares and for such period of time thereafter as the Prospectus is required by the Securities Act to be delivered in connection with sales of the Shares and the Warrant Shares.

 ARTICLE VII 
 CONDITIONS TO THE OBLIGATION OF THE INVESTOR 
 TO ACCEPT A DRAW DOWN 
 The obligation of the Investor hereunder to accept a Draw Down Notice and to acquire and pay for the Shares in accordance therewith is subject to the
satisfaction or waiver, at each Condition Satisfaction Date, of each of the conditions set forth below. Other than those conditions set forth in Section 7.12 which are for the Company’s sole benefit and may be waived by the Company at any
time in its sole discretion, the conditions are for the Investor’s sole benefit and may be waived by the Investor at any time in its sole discretion. As used in this Agreement, the term “Condition Satisfaction Date” shall mean,
with respect to each Draw Down, the date on which the applicable Draw Down Notice is delivered to the Investor and each Settlement Date in respect of the applicable Draw Down Pricing Period. 
 Section 7.1 Accuracy of the Company’s Representations and Warranties. Each of the representations and warranties of the Company shall be true
and correct in all material respects 

  

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as of the date when made as though made at that time except for representations and warranties that are expressly made as of a particular date. 

Section 7.2 Performance by the Company. The Company shall have, in all material respects, performed, satisfied and complied with all covenants,
agreements and conditions required by this Agreement, the Registration Rights Agreement and the Warrant to be performed, satisfied or complied with by the Company. 
 Section 7.3 Compliance with Law. The Company shall have complied in all respects with all applicable federal, state and local governmental laws, rules, regulations and ordinances in connection with the
execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby except for any failures to so comply which could not reasonably be expected to have a Material Adverse Effect. 
 Section 7.4 Effective Registration Statement. Upon the terms and subject to the conditions set forth in the Registration Rights Agreement, the
Registration Statement shall have previously become effective and shall remain effective and (i) neither the Company nor the Investor shall have received notice that the Commission has issued or intends to issue a stop order with respect to the
Registration Statement or that the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, or intends or has threatened to do so (unless the Commission’s concerns have
been addressed and the Investor is reasonably satisfied that the Commission no longer is considering or intends to take such action), and (ii) no other suspension of the use or withdrawal of the effectiveness of the Registration Statement or
the Prospectus shall exist. 
 Section 7.5 No Knowledge. The Company shall have no Knowledge of any event that could reasonably be
expected to have the effect of causing the Registration Statement with respect to the resale of the Registrable Securities by the Investor to be suspended or otherwise ineffective (which event is reasonably likely to occur within eight Trading Days
following the Trading Day on which a Draw Down Notice is delivered) as of the Settlement Date. 
 Section 7.6 No Suspension. Trading
in the Company’s Common Stock shall not have been suspended by the Commission, the Principal Market or the FINRA and trading in securities generally as reported on the Principal Market shall not have been suspended or limited. 
 Section 7.7 No Injunction. No statute, rule, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated,
endorsed or, to the Knowledge of the Company, threatened by any court or governmental authority of competent jurisdiction which prohibits the consummation of or which would materially modify or delay any of the transactions contemplated by this
Agreement. 
 Section 7.8 No Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any court or
governmental authority shall have been commenced or, to the Knowledge of the Company, threatened, and, to the Knowledge of the Company no inquiry or investigation by any governmental authority shall have been threatened, against the Company or any
subsidiary, or any of the officers, directors or affiliates of the Company or any subsidiary 

  

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seeking to enjoin, prevent or change the transactions contemplated by this Agreement, or seeking damages in connection with such transactions. 
 Section 7.9 Sufficient Shares Registered for Resale. The Company shall have sufficient Shares, calculated using the closing trade price of the
Common Stock as of the Trading Day immediately preceding such Draw Down Notice, registered under the Registration Statement to issue and sell such Shares in accordance with such Draw Down Notice. 
 Section 7.10 Warrant. The Warrant shall have been duly executed, delivered and issued to the Investor, and the Company shall not be in default in
any material respect under any of the provisions thereof, provided that any refusal by or failure of the Company to issue and deliver Warrant Shares in respect of any exercise (in whole or in part) thereof shall be deemed to be material for the
purposes of this Section 7.10. 
 Section 7.11 Opinion of Counsel. The Investor shall have received the form of opinion mutually
agreed to between the parties on the date of this Agreement. 
 Section 7.12 Accuracy of Investor’s Representation and
Warranties. The representations and warranties of the Investor shall be true and correct in all material respects as of the date when made as though made at that time except for representations and warranties that are made as of a particular
date. 
 ARTICLE VIII 
 TERMINATION 
 Section 8.1 Term. Unless otherwise terminated in accordance with Section 8.2 below, this Agreement
shall terminate upon the earlier to occur of (i) the expiration of the Commitment Period or (ii) the issuance of Shares pursuant to this Agreement in an amount equal to the Maximum Commitment Amount. 
 Section 8.2 Other Termination. 
 (a)
The Investor may terminate this Agreement upon (x) one (1) business day’s notice if the Company enters into any Prohibited Transaction as set forth in Section 6.7 without the Investor’s prior written consent, or (y) one
(1) business day’s notice if the Investor provides written notice of a Material Adverse Effect to the Company, and such Material Adverse Effect continues for a period of ten (10) Trading Days after the receipt by the Company of such
notice. 
 (b) The Investor may terminate this Agreement upon one (1) business day’s notice to the Company at any time in the event
that the Registration Statement is not initially declared effective in accordance with the Registration Rights Agreement, provided, however, that in the event the Registration Statement is declared effective prior to the delivery of such notice, the
Investor shall thereafter have no right to terminate this Agreement pursuant to this Section 8.2(b). 
  

 -22- 

 (c) The Company may terminate this Agreement upon one (1) business day’s notice; provided,
however, that the Company shall not terminate this Agreement pursuant to this Section 8.2(c) during any Draw Down Pricing Period; provided further, that, in the event of any termination of this Agreement by the Company hereunder, so long as the
Investor owns Shares purchased hereunder and/or Warrant Shares, unless all of such shares of Common Stock may be resold by the Investor without registration and without any time, volume or manner limitations pursuant to Rule 144(k) (or any similar
provision then in effect) under the Securities Act, the Company shall not suspend or withdraw the Registration Statement or otherwise cause the Registration Statement to become ineffective, or voluntarily delist the Common Stock from, the Principal
Market without listing the Common Stock on another Principal Market. 
 (d) Each of the parties hereto may terminate this Agreement upon one
(1) day’s notice if the other party has breached a material representation, warranty or covenant to this Agreement and such breach is not remedied within ten (10) Trading Days after notice of such breach is delivered to the breaching
party. 
 Section 8.3 Effect of Termination. In the event of termination by the Company or the Investor, written notice thereof shall
forthwith be given to the other party and the transactions contemplated by this Agreement shall be terminated without further action by either party. If this Agreement is terminated as provided in Section 8.1 or 8.2 herein, this Agreement shall
become void and of no further force and effect, except as provided in Section 10.13. Nothing in this Section 8.3 shall be deemed to release the Company or the Investor from any liability for any breach under this Agreement occurring prior
to such termination, or to impair the rights of the Company and the Investor to compel specific performance by the other party of its obligations under this Agreement arising prior to such termination. 
 ARTICLE IX 
 INDEMNIFICATION 

 Section 9.1 Indemnification. 
 (a) Except as otherwise provided in this Article IX, unless disputed as set forth in Section 9.2, the Company agrees to indemnify, defend and hold harmless the Investor and its affiliates and their respective officers, directors,
agents, employees, subsidiaries, partners, members and controlling persons (each, an “Investor Indemnified Party”), to the fullest extent permitted by law from and against any and all Damages directly resulting from or directly
arising out of any breach of any representation or warranty, covenant or agreement (except as otherwise specifically provided) by the Company in this Agreement, the Registration Rights Agreement or the Warrant; provided, however, that the Company
shall not be liable under this Article IX to an Investor Indemnified Party to the extent that such Damages resulted or arose from the breach by an Investor Indemnified Party of any representation, warranty, covenant or agreement of an Investor
Indemnified Party contained in this Agreement, the Registration Rights Agreement or the Warrant or the negligence, recklessness, willful misconduct or bad faith of an Investor Indemnified Party. The parties intend that any Damages subject to
indemnification pursuant to this Article IX will be net of insurance proceeds (which the Investor Indemnified Party agrees to use commercially reasonable efforts to recover). Accordingly, the amount which the Company is required to pay to any
Investor Indemnified Party hereunder (a “Company Indemnity  

  

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Payment”) will be reduced by any insurance proceeds actually recovered by or on behalf of any Investor Indemnified Party in reduction of the
related Damages. In addition, if an Investor Indemnified Party receives a Company Indemnity Payment required by this Article IX in respect of any Damages and subsequently receives any such insurance proceeds, then the Investor Indemnified Party will
pay to the Company an amount equal to the Company Indemnity Payment received less the amount of the Company Indemnity Payment that would have been due if the insurance proceeds had been received, realized or recovered before the Company Indemnity
Payment was made. 
 (b) Except as otherwise provided in this Article IX, unless disputed as set forth in Section 9.2, the Investor
agrees to indemnify, defend and hold harmless the Company and its affiliates and their respective officers, directors, agents, employees, subsidiaries, partners, members and controlling persons (each, a “Company Indemnified Party”),
to the fullest extent permitted by law from and against any and all Damages directly resulting from or directly arising out of any breach of any representation or warranty, covenant or agreement by the Investor in this Agreement, the Registration
Rights Agreement or the Warrant; provided, however, that the Investor shall not be liable under this Article IX to a Company Indemnified Party to the extent that such Damages resulted or arose from the breach by a Company Indemnified Party of any
representation, warranty, covenant or agreement of a Company Indemnified Party contained in this Agreement, the Registration Rights Agreement or the Warrant or the negligence, recklessness, willful misconduct or bad faith of a Company Indemnified
Party. The parties intend that any Damages subject to indemnification pursuant to this Article IX will be net of insurance proceeds (which the Company agrees to use commercially reasonable efforts to recover). Accordingly, the amount which the
Investor is required to pay to any Company Indemnified Party hereunder (an “Investor Indemnity Payment”) will be reduced by any insurance proceeds theretofore actually recovered by or on behalf of any Company Indemnified Party in
reduction of the related Damages. In addition, if a Company Indemnified Party receives an Investor Indemnity Payment required by this Article IX in respect of any Damages and subsequently receives any such insurance proceeds, then the Company
Indemnified Party will pay to the Investor an amount equal to the Investor Indemnity Payment received less the amount of the Investor Indemnity Payment that would have been due if the insurance proceeds had been received, realized or recovered
before the Investor Indemnity Payment was made. 
 Section 9.2 Notification of Claims for Indemnification. Each party entitled to
indemnification under this Article IX (an “Indemnified Party”) shall, promptly after the receipt of notice of the commencement of any claim against such Indemnified Party in respect of which indemnity may be sought from the party
obligated to indemnify such Indemnified Party under this Article IX (the “Indemnifying Party”), notify the Indemnifying Party in writing of the commencement thereof. Any such notice shall describe the claim in reasonable detail. The
failure of any Indemnified Party to so notify the Indemnifying Party of any such action shall not relieve the Indemnifying Party from any liability which it may have to such Indemnified Party (a) other than pursuant to this Article IX or
(b) under this Article IX unless, and only to the extent that, such failure results in the Indemnifying Party’s forfeiture of substantive rights or defenses or the Indemnifying Party is prejudiced by such delay. The procedures listed below
shall govern the procedures for the handling of indemnification claims. 
  

 -24- 

 (a) Any claim for indemnification for Damages that do not result from a Third Party Claim as defined in
the following paragraph, shall be asserted by written notice given by the Indemnified Party to the Indemnifying Party. Such Indemnifying Party shall have a period of thirty (30) days after the receipt of such notice within which to respond
thereto. If such Indemnifying Party does not respond within such thirty (30) day period, such Indemnifying Party shall be deemed to have refused to accept responsibility to make payment as set forth in Section 9.1. If such Indemnifying
Party does not respond within such thirty (30) day period or rejects such claim in whole or in part, the Indemnified Party shall be free to pursue such remedies as specified in this Agreement. 
 (b) If an Indemnified Party shall receive notice or otherwise learn of the assertion by a person or entity not a party to this Agreement of any
threatened legal action or claim (collectively a “Third Party Claim”), with respect to which an Indemnifying Party may be obligated to provide indemnification, the Indemnified Party shall give such Indemnifying Party written notice
thereof within twenty (20) days after becoming aware of such Third Party Claim. 
 (c) An Indemnifying Party may elect to defend (and,
unless the Indemnifying Party has specified any reservations or exceptions, to seek to settle or compromise) at such Indemnifying Party’s own expense and by such Indemnifying Party’s own counsel, any Third Party Claim. Within thirty
(30) days after the receipt of notice from an Indemnified Party (or sooner if the nature of such Third Party Claim so requires), the Indemnifying Party shall notify the Indemnified Party whether the Indemnifying Party will assume responsibility
for defending such Third Party Claim, which election shall specify any reservations or exceptions. If such Indemnifying Party does not respond within such thirty (30) day period or rejects such claim in whole or in part, the Indemnified Party
shall be free to pursue such remedies as specified in this Agreement. In case any such Third Party Claim shall be brought against any Indemnified Party, and it shall notify the Indemnifying Party of the commencement thereof, the Indemnifying Party
shall be entitled to assume the defense thereof at its own expense, with counsel satisfactory to such Indemnified Party in its reasonable judgment; provided, however, that any Indemnified Party may, at its own expense, retain separate counsel to
participate in such defense at its own expense. Notwithstanding the foregoing, in any Third Party Claim in which both the Indemnifying Party, on the one hand, and an Indemnified Party, on the other hand, are, or are reasonably likely to become, a
party, such Indemnified Party shall have the right to employ separate counsel and to control its own defense of such claim if, in the reasonable opinion of counsel to such Indemnified Party, either (x) one or more significant defenses are
available to the Indemnified Party that are not available to the Indemnifying Party or (y) a conflict or potential conflict exists between the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, that would make
such separate representation advisable; provided, however, that in such circumstances the Indemnifying Party (i) shall not be liable for the fees and expenses of more than one counsel to all Indemnified Parties and (ii) shall reimburse the
Indemnified Parties for such reasonable fees and expenses of such counsel incurred in any such Third Party Claim, as such expenses are incurred, provided that the Indemnified Parties agree to repay such amounts if it is ultimately determined that
the Indemnifying Party was not obligated to provide indemnification under this Article IX. The Indemnifying Party agrees that it shall not, without the prior written consent of the Indemnified Party, settle, compromise or consent to the entry of any
judgment in any pending or threatened claim relating to the matters contemplated hereby (if 

  

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any Indemnified Party is a party thereto or has been actually threatened to be made a party thereto) unless such settlement, compromise or consent includes
an unconditional release of such Indemnified Party from all liability arising or that may arise out of such claim. The Indemnifying Party shall not be liable for any settlement of any claim effected against an Indemnified Party without the
Indemnifying Party’s written consent, which consent shall not be unreasonably withheld, conditioned or delayed. The rights accorded to an Indemnified Party hereunder shall be in addition to any rights that any Indemnified Party may have at
common law, by separate agreement or otherwise; provided, however, that notwithstanding the foregoing or anything to the contrary contained in this Agreement, nothing in this Article IX shall restrict or limit any rights that any Indemnified Party
may have to seek equitable relief. 
  

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 ARTICLE X 
 MISCELLANEOUS 
 Section 10.1 Fees and Expenses. 
 (a) Each of the Company and the Investor agrees to pay its own expenses incident to the performance of its obligations hereunder, except that the Company
shall be solely responsible for (i) all reasonable attorneys fees and legal expenses incurred by the Investor in connection with the preparation, negotiation, execution and delivery of this Agreement, the Registration Rights Agreement and the
Warrant, and review of the Registration Statement, and in connection with any amendments, modifications or waivers of this Agreement, (ii) subject in all cases to Section 10.1(b) hereof, all reasonable fees and expenses incurred in
connection with the Investor’s enforcement of this Agreement, including, without limitation, all reasonable attorneys fees and legal expenses, (iii) due diligence expenses incurred by the Investor during the term of this Agreement equal to
$12,500 per calendar quarter, and (iv) all stamp or other similar taxes and duties, if any, levied in connection with issuance of the Shares pursuant hereto; provided, however, that in each of the above instances the Investor shall provide
customary supporting invoices or similar documentation in reasonable detail describing such expenses (however, the Investor shall not be obligated to provide detailed time sheets); and provided further, that the maximum aggregate amount payable by
the Company pursuant to clauses (i) above shall be $75,000 and the Investor shall bear all fees and expenses in excess of $75,000 in connection with the events described in clause (i) above. 
 (b) If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the Registration Rights Agreement or the Warrant,
the prevailing party shall be entitled to reasonable fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 
 Section 10.2 Reporting Entity for the Common Stock. The reporting entity relied upon for the determination of the trading price or trading volume of the Common Stock on any given Trading Day for the purposes of
this Agreement shall be Bloomberg, L.P. or any successor thereto. The written mutual consent of the Investor and the Company shall be required to employ any other reporting entity. 
 Section 10.3 Brokerage. Each of the parties hereto represents that it has had no dealings in connection with this transaction with any finder or
broker who will demand payment of any fee or commission from the other party. The Company on the one hand, and the Investor, on the other hand, agree to indemnify the other against and hold the other harmless from any and all liabilities to any
Persons claiming brokerage commissions or finder’s fees on account of services purported to have been rendered on behalf of the indemnifying party in connection with this Agreement or the transactions contemplated hereby. 
  

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 Section 10.4 Notices. All notices, demands, requests, consents, approvals, and other
communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid,
(iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by
written notice given in accordance herewith, in each case with a copy to the e-mail address set forth beside the facsimile number for the addressee below. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date
of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be: 
 If to the Company: 
 Corcept Therapeutics Incorporated 
 149 Commonwealth Drive 
 Menlo Park, CA 94025 
 Facsimile: (650) 327-3218 
 Attention: Chief Executive Officer

 with a copy (which shall not constitute notice) to: 
 Latham & Watkins LLP 
 140 Scott Drive 
 Menlo
Park, CA 94025 
 Facsimile: (650) 463-4693 
 Attention: Alan
C. Mendelson, Esq. 
 if to the Investor: 
 Kingsbridge Capital
Limited 
 Attention: Mr. Tony Hillman 
 P.O. Box 1075

 Elizabeth House 
 9 Castle Street 
 St. Helier 
 Jersey 
 JE42QP 
 Channel Islands 
 Telephone: 011-44-1534-636-041 
 Facsimile: 011-44-1534-636-042 
 Email: admin@kingsbridgecap.com; and adamgurney@kingsbridgecap.com 
 with a
copy (which shall not constitute notice) to: 
  

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 Kingsbridge Corporate Services Limited 
 Kingsbridge House 
 New Abbey 
 Kilcullen, County Kildare 
 Republic of Ireland 
 Telephone: 011-353-45-481-811 
 Facsimile: 011-353-45-482-003 
 Email: adamgurney@kingsbridge.ie; emmagalway@kingsbridge.ie; and pwhelan@kingsbridge.ie 
 and another copy (which shall not constitute notice) to:

 Stroock & Stroock & Lavan LLP 
 180 Maiden
Lane 
 New York, NY 10038 
 Facsimile: (212) 806-5400

 Attention: Keith M. Andruschak, Esq. – kandruschak@stroock.com 
 Either party hereto may from time to time change its address for notices under this Section by giving at least ten (10) days’ prior written notice of such changed address to the other party hereto.

 Section 10.5 Assignment. Neither this Agreement nor any rights of the Investor or the Company hereunder may be assigned by either
party to any other Person. 
 Section 10.6 Amendment; No Waiver. No party shall be liable or bound to any other party in any manner by
any warranties, representations or covenants except as specifically set forth in this Agreement, the Warrant and the Registration Rights Agreement. Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be
amended, waived, discharged or terminated other than by a written instrument signed by both parties hereto. The failure of either party to insist on strict compliance with this Agreement, or to exercise any right or remedy under this Agreement,
shall not constitute a waiver of any rights provided under this Agreement, nor estop the parties from thereafter demanding full and complete compliance nor prevent the parties from exercising such a right or remedy in the future. 
 Section 10.7 Entire Agreement. This Agreement, the Registration Rights Agreement and the Warrant set forth the entire agreement and understanding
of the parties relating to the subject matter hereof and supersedes all prior and contemporaneous agreements, negotiations and understandings between the parties, both oral and written, relating to the subject matter hereof. 
 Section 10.8 Severability. If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that, if the severance of such provision materially changes the economic benefits of this Agreement to either party as such benefits are
anticipated as of the date hereof, then such party may terminate this Agreement on five (5) business days prior written notice to the other party. In such event, the Registration 

  

 -29- 

 
Rights Agreement will terminate simultaneously with the termination of this Agreement; provided that in the event that this Agreement is terminated by the
Company in accordance with this Section 10.8 and the Warrant Shares either have not been registered for resale by the Investor in accordance with the Registration Rights Agreement or are otherwise not freely tradable (if and when issued) in
accordance with applicable law, then the Registration Rights Agreement in respect of the registration of the Warrant Shares shall remain in full force and effect. 
 Section 10.9 Title and Subtitles. The titles and subtitles used in this Agreement are used for the convenience of reference and are not to be considered in construing or interpreting this Agreement. 

Section 10.10 Counterparts. This Agreement may be executed in multiple counterparts, each of which may be executed by less than all of the
parties and shall be deemed to be an original instrument which shall be enforceable against the parties actually executing such counterparts and all of which together shall constitute one and the same instrument. 
 Section 10.11 Choice of Law. This Agreement shall be construed under the laws of the State of New York. 
 Section 10.12 Specific Enforcement, Consent to Jurisdiction. 
 (a) The Company and the Investor acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were
otherwise breached. It is accordingly agreed that either party shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement by the other party and to enforce specifically the terms and provisions
hereof or thereof, this being in addition to any other remedy to which either party may be entitled by law or equity. 
 (b) Each of the
Company and the Investor (i) hereby irrevocably submits to the jurisdiction of the United States District Court and other courts of the United States sitting in the State of New York for the purposes of any suit, action or proceeding arising
out of or relating to this Agreement and (ii) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is
brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper. Each of the Company and the Investor consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at
the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section 10.12 shall affect or limit any right to serve process
in any other manner permitted by law. 
 Section 10.13 Survival. The representations and warranties of the Company and the Investor
contained in Articles IV and V and the covenants contained in Article V and Article VI shall survive the execution and delivery hereof and the Closing until the termination of this Agreement, and the agreements and covenants set forth in Article
VIII and Article IX of this Agreement shall survive the execution and delivery hereof and the Closing hereunder. 
  

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 Section 10.14 Publicity. Except as otherwise required by applicable law or regulation, or NASDAQ
rule or judicial process, prior to the Closing, neither the Company nor the Investor shall issue any press release or otherwise make any public statement or announcement with respect to this Agreement or the transactions contemplated hereby or the
existence of this Agreement. In the event the Company is required by law, regulation, NASDAQ rule or judicial process, based upon reasonable advice of the Company’s counsel, to issue a press release or otherwise make a public statement or
announcement with respect to this Agreement prior to the Closing, the Company shall consult with the Investor on the form and substance of such press release, statement or announcement. Promptly after the Closing, each party may issue a press
release or otherwise make a public statement or announcement with respect to this Agreement or the transactions contemplated hereby or the existence of this Agreement; provided that, prior to issuing any such press release, making any such public
statement or announcement, the party wishing to make such release, statement or announcement consults and cooperates in good faith with the other party in order to formulate such press release, public statement or announcement in form and substance
reasonably acceptable to both parties. 
 Section 10.15 Further Assurances. From and after the date of this Agreement, upon the
request of the Investor or the Company, each of the Company and the Investor shall execute and deliver such instruments, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the
intent and purposes of this Agreement. 
 [Remainder of this page intentionally left blank] 
  

 -31- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officer as of the date first written. 
  

			
	KINGSBRIDGE CAPITAL LIMITED
		
	By:	 	/s/ Adam Gurney
		 	 Adam Gurney
 Managing Director

	
	 CORCEPT THERAPEUTICS INCORPORATED

		
	By:	 	/s/ Joseph K. Belanoff, M.D.
		 	 Name: Joseph K. Belanoff, M.D.
 Title: Chief Executive Officer

  

 -32- 

 Exhibit A 
 Form of Registration Rights Agreement 
  

 Exhibit B 
 Form of Warrant 
  

 Exhibit C 
 Form of Draw Down Notice 
 Kingsbridge Capital Limited 
 Attention: Mr. Tony Hillman 
 P.O. Box 1075 
 Elizabeth House 
 9 Castle Street 
 St. Helier 
 Jersey 
 JE42QP 
 Channel Islands 
 Facsimile: 011-44-1534-636-042 
 Email: admin@kingsbridgecap.com; and adamgurney@kingsbridgecap.com 
 Kingsbridge Corporate Services Limited 
 Kingsbridge House 
 New Abbey 
 Kilcullen, County Kildare 
 Republic of
Ireland 
 Facsimile: 011-353-45-482-003 
 Email:
adamgurney@kingsbridge.ie; and pwhelan@kingsbridge.ie 
 Stroock & Stroock & Lavan LLP 
 180 Maiden Lane 
 New York, NY 10038 
 Facsimile: (212) 806-5400 
 Attention: Keith M. Andruschak, Esq. –
kandruschak@stroock.com 
 Reference is hereby made to that certain Common Stock Purchase Agreement dated as of March __, 2008 (the “Agreement”) by
and between Corcept Therapeutics Incorporated, a corporation organized and existing under the laws of the State of Delaware (the “Company”), and Kingsbridge Capital Limited, an entity organized and existing under the laws of the British
Virgin Islands (the “Investor”). Capitalized terms used and not otherwise defined herein shall have the meanings given such terms in the Agreement. 
 In accordance with and pursuant to Section 3.1 of the Agreement, the Company hereby issues this Draw Down Notice to the Investor pursuant to the terms set forth below. 
 Draw Down Amount: $___________; and 
 First Trading Day of Draw Down Pricing Period: __________, 200[_]. 
  

 Enclosed with this Draw Down Notice is an executed copy of the Officer’s Certificate described in Section 3.1
of the Agreement, the base form of which is attached to such Agreement as Exhibit D. 
 Exhibit D 
 Officer’s Certificate 
 I, [NAME
OF OFFICER], do hereby certify to Kingsbridge Capital Limited (the “Investor”), with respect to the common stock of Corcept Therapeutics Incorporated (the “Company”) issuable in connection with the Draw Down Notice,
dated _______________ (the “Notice”) attached hereto and delivered pursuant to Article III of the Common Stock Purchase Agreement, dated March __, 2008 (the “Agreement”), by and between the Company and the Investor,
as follows (capitalized terms used but undefined herein have the meanings given to such terms in the Agreement): 
 1. I am the duly elected
[OFFICER] of the Company. 
 2. The representations and warranties of the Company set forth in Article IV of the Agreement are true and
correct in all material respects as though made on and as of the date hereof (except for such representations and warranties that are made as of a particular date). 
 3. The Company has performed in all material respects all covenants and agreements to be performed by the Company on or prior to the date hereof related to the Notice and has satisfied each of the conditions to the
obligation of the Investor set forth in Article VII of the Agreement. 
 4. Assuming confirmation by the Investor of the representations and
agreements contained in Section 5.10 of the Agreement, the Shares issuable in respect of the Notice will be delivered without restrictive legend via book entry through the Depositary Trust Company to an account designated by the Investor.

 The undersigned has executed this Certificate this _____ day of, 200[_]. 
  

			
		
	Name:	 	 
		
	Title:

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