Document:

Unassociated Document

 

 

Exhibit 10.18

 NONQUALIFIED STOCK OPTION

	
NAME:

	  
	  	  
	
ADDRESS:

	  
	  	  
	
DATE:

	  
	  	  

 

You are hereby granted an option, effective as of the date hereof (the “Grant Date”), to purchase, _____ shares of Common Stock (par value $.01 per share) of Republic First Bancorp, Inc. (the “Company”) at a price of _____ per share pursuant to the 2014 Equity Incentive Plan of Republic First Bancorp, Inc. (the “Plan”) adopted by the Company’s Board of Directors effective April 29, 2014.  Capitalized terms used but not defined herein will have the meaning ascribed to them in the Plan.

 

Your option price is intended to be equal to the fair market value of the Company’s Common Stock on the Grant Date as determined pursuant to the Plan.

 

The option granted hereby shall vest in full on ________________. If a Change of Control shall occur, the option granted hereby shall vest in full upon the occurrence of such Change of Control.

 

You may exercise your option by giving written notice to the Secretary of the Company on forms supplied by the Company at its principal executive office, accompanied by payment of the option price for the total number of shares you specify that you wish to purchase.  The payment may be in any of the following forms: (1) cash; (2) certificates representing Common Stock of the Company having a fair market value (as defined in the Plan) on the date of exercise equal to the option price with the delivery of such certificates to the Company or as may otherwise made available, accompanied by an assignment of the stock to the Company, or (3) any combinations of cash and Common Stock of the Company valued as provided in clause (2).  Any assignment of stock shall be in a form and substance satisfactory to the Secretary of the Company, including guarantees of signature(s) and payment of all transfer taxes if he deems such guarantees necessary or desirable. You may also exercise your option through a cashless exercise transaction as permitted by the Company’s policies and procedures.

 

Your option will expire in all events on its “Expiration Date” (which is the day prior to the tenth (10th) anniversary of the Grant Date.  Furthermore, your option may expire prior to its Expiration Date in the event your employment or service as a Non-Employee Director with the Company or a Company subsidiary corporation terminates (including by death or disability) as follows:

 

	
  

	
·

	
In the event your employment or service as a Non-Employee Director is terminated by the Company (other than for Cause, death or disability), your option will, to the extent not previously exercised by you, terminate on the first to occur of its Expiration Date or three months after the date on which your employment by or service to the Company or a Company subsidiary corporation is terminated;

 

 

 

 

  

  

  

 

 

	
  

	
·

	
In the event your employment or service as a Non-Employee Director terminates by reason of disability (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the "Code") or death, your option will terminate on the first to occur of its Expiration Date or one year after such termination of employment or service; and

 

	
  

	
·

	
In the event your employment or service as a Non-Employee Director is terminated by the Company for Cause or you voluntarily terminate employment or service, your option will, to the extent not previously exercised by you, terminate on the date on which your employment by, or service to, the Company or a Company subsidiary corporation is terminated.

 

After the date your employment or service as a Non-Employee Director is terminated, you may exercise this option, if applicable, only for the number of shares which you had a right to purchase on the date your employment or service terminated.  If you are employed by a Company subsidiary corporation, your employment shall be deemed to have terminated on the date your employer ceases to be a Company subsidiary corporation, unless you are on that date transferred to the Company or another Company subsidiary corporation.  Your employment shall not be deemed to have terminated if you are transferred from the Company to a Company subsidiary corporation, or vice versa, or from one Company subsidiary corporation to another Company subsidiary corporation.

 

This option is not transferable by you otherwise than by will or the laws of decent and distribution and is exercisable, during your lifetime, only by you.  If you die while employed by, or serving as a Non-Employee Director of, the Company or a Company subsidiary, your legatee(s), distributee(s), executor or administrator, as the case may be, may, at any time within one year after the date of your death (but in no event later than ten years after the Grant Date) exercise the option as to any shares which you had a right to purchase and did not purchase during your lifetime.  If your employment by, or service as a Non-Employee Director of, the Company or a Company subsidiary corporation is terminated by reason of your becoming disabled (within the meaning of Section 22(e)(3) of the Code and the regulations thereunder), you or your legal guardian or custodian may at any time within one year after the date of such termination (but in no event later than ten years after the Grant Date), exercise the option as to any shares, which you have a right to purchase and did not purchase prior to such termination.  Your executor, administrator, guardian or custodian must present proof of this authority satisfactory to the Company prior to being allowed to exercise this option.

 

Until the option price has been paid in full pursuant to due exercise of this option and the purchases shares are delivered to you, you do not have any rights as a stockholder of the Company.  The Company reserves the right not to deliver to you the shares purchased by virtue of the exercise of this option during any period of time in which the Company deems, in its sole discretion, but such delivery would violate a federal, state, local or securities exchange rule, regulation or law.

 

Notwithstanding anything to the contrary contained herein, this option is not exercisable until all the following events occur and during the following periods of time:

 

(1)           Until the Plan pursuant to which this option is granted is approved by the stockholders of the Company is manner prescribed by the Code and the regulations thereunder;

 

(2)           Until this option and the optioned shares are approved and/or registered with such federal, state or local regulatory bodies or agencies and securities exchanges as the Company may deem necessary or desirable;

 

(3)           During any period of time in which the Company deems that the exercisability of this option, the offer to sell the shares optioned hereunder, or the sale hereof, may violate a federal, state, local or securities exchange rule, regulation or law, or may cause the Company to be legally obligated to issue or sell more shares than the Company is legally entitled to issue or sell.

 

 

 

 

  

  

  

 

 

It is the intention of the Company and you that this option shall be a Nonqualified Stock Option.

 

In the event you engage in a Harmful Activity (as defined in the Plan) while employed by, or serving as a Non-Employee Director of, the Company or a subsidiary or during the period of 12 months following termination of employment or service, you shall also be subject to the forfeiture and repayment provisions described in Section 18 of the Plan.

This option shall be subject to the terms of the Plan in effect on the date this option is granted, which terms are hereby incorporated herein by reference and made a part hereof.  In the event of any conflict between the terms of this option and terms of the Plan in effect on the date of this option, the terms of the Plan shall govern.  This option constitutes the entire understanding between the Company and you with respect to the subject matter hereof and no amendment, modification or waiver of this option, in whole or in part, shall be binding upon the Company unless in writing and signed by an appropriate officer of the Company.  This option and the performance of the parties hereunder shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania.

Please sign the copy of this option and return it to the Company’s Secretary, thereby indicating your understanding of and agreement with its terms and conditions.

 

	  	
REPUBLIC FIRST BANCORP, INC.

	  	  
	 	 
	 	 
	

I hereby acknowledge receipt of a copy of the Plan and the foregoing agreement and, having understood the terms and provisions thereof, hereby signify my understanding of, and my agreement with, its terms and conditions.

	 	 
	 	 
	                                                                            	                                                                           
	

Signature

	DateExhibit 1041

		

			Exhibit 10.41

		

		
			SECOND AMENDMENT
TO
		

		
			PHARMACEUTICAL MANUFACTURER SERVICES AGREEMENT
		

		
			 
		

		
			This Second Amendment to Pharmaceutical Manufacturer Services Agreement (this “Amendment”) is made and entered into as of October 6, 2014 by and between CORCEPT THERAPEUTICS INCORPORATED, a Delaware corporation (“Client” or “Corcept”), and DOHMEN LIFE SCIENCE SERVICES, LLC (AS SUCCESSOR-IN-INTEREST TO CENTRIC HEALTH RESOURCES, INC.), a Wisconsin limited liability company (“DLSS”).
		

		
			 
		

		
			WHEREAS, Client and DLSS entered into that certain Pharmaceutical Manufacturer Services Agreement dated effective as of May 21, 2013, as amended (the “Agreement”); and
		

		
			 
		

		
			WHEREAS, the parties hereto now desire to amend and supplement the Agreement as hereinafter provided.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, the parties agree as follows:
		

		
			 
		

			
	
			
				 1.
			Defined Terms.  All capitalized terms not specifically defined herein will have the meanings given to such terms in the Agreement.

		
			 
		

			
	
			
				 2.
			References to DLSS & CHR.  All references to DLSS and CHR in the Agreement or this Amendment shall mean Dohmen Life Science Services, LLC.

		
			 
		

			
	
			
				 3.
			Additional Services.  In accordance with Section 2.6 of the Agreement, the parties hereto agree that DLSS shall perform the additional services set forth in Schedule  A attached to this Amendment (the “Second Amendment Services”).  All references in the Agreement to the term “Services” shall include the Second Amendment Services.  DLSS shall invoice Client on a monthly basis for the Second Amendment Services according to the pricing set forth in Schedule B  attached to this Amendment, and subject to the terms set forth in Article IV of the Agreement.

		
			 
		

			
	
			
				 4.
			Amendment to Reporting Fee.  Description (4) Reporting contained in Exhibit B - Pricing Schedule of the Agreement is hereby amended and restated as set forth below.  All other fees contained in Exhibit B shall remain in full force and effect.

		
			 
		

			
					
						DESCRIPTION

					
					
						FEE

					
					
						TIMING

				
	
					
						(4)   Reporting

					
					
						[***]

					
					
						[***]

				

		
			 
		

			
	
			
				 5.
			Amendment to Exhibit B.  The following is hereby added at the end of Exhibit B - Pricing Schedule of the Agreement: 

		
			 
		

		
			The Fee set forth in Description #2 and #4 above will each be automatically adjusted by DLSS, effective as of January 1 of each calendar year, commencing with January 1, 2015, by the annual average percentage increase in the Consumer Price Index (“CPI-U”), 
		

		 

		

			Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

		

 

		U.S. City Average, All Items, published monthly by the Bureau of Labor Statistics of the U.S. Department of Labor (or if the Index is no longer published or issued, any successor index or other reliable governmental or nonpartisan publication evaluating the information previously used in the determination of the index that is mutually selected by the parties) for the most recently completed 12 month period for which the CPI-U percentage is available at the time the adjustment calculation is performed by DLSS.
		

		
			 
		

			
	
			
				 6.
			Miscellaneous.  

		
			 
		

			
	
			
				 (a)
			Except as otherwise expressly amended herein, all terms and provisions of the Agreement shall remain in full force and effect.

		
			 
		

			
	
			
				 (b)
			In the event of any conflict or inconsistency between the provisions of this Amendment and the provisions of the Agreement, the provisions of this Amendment shall control.

		
			 
		

			
	
			
				 (c)
			This Amendment shall be governed by and construed in accordance with the laws of the State of Missouri.

		
			 
		

			
	
			
				 (d)
			This Amendment may be executed simultaneously in two or more counterparts, and by PDF or other electronic transmission, each of which counterparts shall be deemed an original, but all of which together shall constitute one and the same instrument, provided that all such counterparts, in the aggregate, shall contain the signatures of all parties hereto.

		
			 
		

		
			[Signature Page(s) to Follow]
		

		
			 
		

		

		

		 

		

			2

		

		

			 

		

 

		
		

		
			IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by duly authorized representatives as of the date first set forth above.
		

		
			 
		

		
			DOHMEN LIFE SCIENCE SERVICES, LLC
		

		
			By: /s/ Cynthia Laconte _____________________________________
		

		
			Name: Cynthia Laconte ___________________________________
		

		
			Title: CEO ____________________________________
		

		
			 
		

		
			 
		

		
			CORCEPT THERAPEUTICS INCORPORATED
		

		
			By: /s/ Steven Lo _____________________________________
		

		
			Name: Steven Lo ___________________________________
		

		
			Title: SVP, Chief Commercial Officer ____________________________________
		

		
			 
		

		

		

		 

		

			3

		

		

			 

		

 

		

			 

		

		SCHEDULE  A
		

		
			DLSS and Corcept will create a customized operational blue print outlining the specifications to guide the implementation for the Korlym 3PL service program including order to cash management, order fulfillment, logistics and distribution support, invoicing and cash collections, inventory management, and reporting services (the “3PL Program”).
		

		
			For all purposes of the Agreement, the term “Program” shall include the 3PL Program.
		

		
			     The services to be included in the 3PL Program shall be as follows:
		

			
	
			
				 A.
			

			
	
			
			Third Party Logistics:

			
	
			
				 ·
			

			
	
			
			Corcept’s current 3PL services will be transferred from current vendor to DLSS effective October, 2014 

			
	
			
				 ·
			

			
	
			
			DLSS will receive and fulfill orders from [***] or any successor or additional Corcept specialty distribution customers participating in Program services (collectively referred to as “Customer”)

			
	
			
				 ·
			

			
	
			
			DLSS will be the exclusive provider for distributing Korlym to Customer for orphan product indications

			
	
			
				 ·
			

			
	
			
			DLSS will receive inventory, including the initial stocking order, from Corcept’s 3PL, ICS, located in Louisville, KY and Product manufacturer, AAIPharma, located in Wilmington, NC

			
	
			
				 ·
			

			
	
			
			Korlym will be stored and shipped at ambient (20-25oC) conditions

			
	
			
				 ·
			

			
	
			
			Corcept will supply Korlym in 28 or 280 count bottles packaged 12 bottles per case

			
	
			
				 ·
			

			
	
			
			DLSS will store Product at two sites, one located in Memphis, TN and the other located in Chesterfield, MO

			
	
			
				 ·
			

			
	
			
			DLSS will manage the transfer of Product from Memphis to Chesterfield (upon approval from Corcept) in support of a “Just-in-Time” inventory supply 

			
	
			
				 ·
			

			
	
			
			DLSS is expected to store [***] months of Product inventory at the Chesterfield location and [***] months of inventory at the Memphis location on a monthly basis Monthly orders received will be in the range of [***] per month

			
	
			
				 ·
			

			
	
			
			The average order size will be approximately [***] of Product per order

			
	
			
				 ·
			

			
	
			
			DLSS will receive Product directly from Corcept’s manufacturing partner on a go forward basis

			
	
			
				 ·
			

			
	
			
			DLSS will inventory on average [***] pallets of Product on a monthly basis

			
	
			
				 ·
			

			
	
			
			DLSS will manage DLSS-located inventory

			
	
			
				 ·
			

			
	
			
			DLSS shall ship all Product on a First Expired First Out (“FEFO”) basis unless otherwise directed and/or agreed upon by Corcept

			
	
			
				 ·
			

			
	
			
			Product shall be shipped according to Corcept’s recommendations and specification, with packing materials to be agreed between Corcept and DLSS

			
	
			
				 ·
			

			
	
			
			DLSS will oversee and manage all Product returned from  customers  

			
	
			
				 ·
			

			
	
			
			DLSS will manage the disposition of returned Product based upon Corcept’s instructions

			
	
			
				 ·
			

			
	
			
			DLSS will develop and manage Corcept program specific SOPs  in accordance with Corcept’s specifications and approval

		
			 
		

		 

		

			[***] Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

		

		

			 

		

 

			
	
			
				 B.
			

			
	
			
			Invoicing and Accounts Receivable:

			
	
			
				 ·
			

			
	
			
			Corcept will be responsible for managing Customer purchase price and communicated such pricing to DLSS 

			
	
			
				 ·
			

			
	
			
			Corcept will managing Customer chargebacks, as applicable, relating to processed orders

			
	
			
				 ·
			

			
	
			
			DLSS will managing the invoicing and billing to Customer for orders placed on a monthly basis 

			
	
			
				 ·
			

			
	
			
			DLSS will contact the appropriate parties in accordance with Corcept program specific SOPs 

			
	
			
				 ·
			

			
	
			
			DLSS will manage collections efforts in accordance with Customer pricing schedule as directed by Corcept

			
	
			
				 ·
			

			
	
			
			DLSS will maintain the ability to process credit card payments 

			
	
			
				 ·
			

			
	
			
			DLSS will develop and manage Corcept program specific SOPs  in accordance with Corcept’s specifications and approval

		
			 
		

			
	
			
				 C.
			

			
	
			
			Data & Reporting:

			
	
			
				 ·
			

			
	
			
			DLSS will provide reporting to Corcept including billing and collections, inventory, and distribution reports

			
	
			
				 ·
			

			
	
			
			Inventory reporting will include DLSS receipts, shipments, on-hand, on hold, returns

			
	
			
				 ·
			

			
	
			
			DLSS will maintain an operations system for the purposes of order processing, distribution, billing of Customer and management of accounts receivables

			
	
			
				 ·
			

			
	
			
			DLSS will maintain and track shipments

			
	
			
				 ·
			

			
	
			
			DLSS will track distributed Korlym, by appropriate lot number

			
	
			
				 ·
			

			
	
			
			DLSS will provide other data as requested and agreed to by both parties

		
			 
		

		
			 
		

		

		

		 

		

			2

		

		

			 

		

 

		

			 

		

		SCHEDULE  B
		

		
			PRICING SCHEDULE

		

			
					
						Description

					
					
						Fee

					
					
						Timing

				
	
					
						1) Design and Development Implementation Services - Administration and initial Client and Product set up and implementation including: logistical and distribution planning, set-up and training, order to cash setup, and fulfillment.

					
					
						[***]

					
					
						One Time

				
	
					
						2)  Distribution, Fulfillment, Storage, Order to Cash, Customer Service, Invoicing and A/R Management, Inventory and Returns management, and Chargeback support for Product

					
					
						[***]

					
					
						[***]

				
	
					
						3) Reporting – Real-time reporting via online portal

					
					
						[***]

					
					
						[***]

				
	
					
						4) Supplies

					
					
						Pass through actual costs

					
					
						Per Shipment

				
	
					
						5) Shipping Fees 

					
					
						Pass through actual costs

					
					
						Per Shipment

				
	
					
						6) Special Project Services

					
						(Ad-hoc)

					
						Estimate of time and cost to be provided by DLSS and approved by Corcept prior to start of work.

					
					
						 [***]

					
					
						Per Hour

				

		
			
The Fee set forth in Description #2 and #3 above will each be automatically adjusted by DLSS, effective as of January 1 of each calendar year, commencing with January 1, 2015, by the annual average percentage increase in the Consumer Price Index (“CPI-U”), U.S. City Average, All Items, published monthly by the Bureau of Labor Statistics of the U.S. Department of Labor (or if the Index is no longer published or issued, any successor index or other reliable governmental or nonpartisan publication evaluating the information previously used in the determination of the index that is mutually selected by 
		

		 

		

			[***] Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

		

		

			 

		

 

		the parties) for the most recently completed 12 month period for which the CPI-U percentage is available at the time the adjustment calculation is performed by DLSS.
		

		
			 
		

		
			Payment Terms
		

		
			Invoice for services issued on the first of each month for the prior month, due net 30 from receipt date of invoice.  Service charges will apply for each day past the due date at a rate of 1.5% per month.
		

		
			 
		

		
			 
		

		 

		

			2

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