Document:

tbra-ex1020_1088.htm

 

Exhibit 10.20

Tobira Therapeutics, Inc.

Compensation Program for Non-Employee Directors

Effective as of July 2015

	
A.
	
Cash Compensation:  Annual cash retainers each paid quarterly, in arrears.

 

	
1.
	
Retainer for Chair of Board of Directors (the “Board”)1:
	
 
	
$
	
100,000
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
2.
	
Retainer for each other non-employee member of the Board:
	
 
	
$
	
40,000
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
3.
	
Additional retainer for Chair of Audit Committee: 
	
 
	
$
	
20,000
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
4.
	
Additional retainer for Chair of Compensation Committee: 
	
 
	
$
	
15,000
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
5.
	
Additional retainer for Chair of Nominating and Corporate Governance Committee: 
	
 
	
$
	
10,000
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
6.
	
Additional retainer for non-Chair members of Audit Committee: 
	
 
	
$
	
10,000
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
7.
	
Addition retainer for non-Chair members of Compensation Committee:
	
 
	
$
	
7,500
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
8.
	
Additional retainer for non-Chair member of Nominating and Corporate Governance Committee:
	
 
	
$
	
5,000
	
 

	
B.
	
Equity Compensation

The number of shares of Company Common Stock subject to equity compensation awards granted to non-employee directors hereunder is determined by dividing an aggregate dollar value of an award (such value, as established by the Board or its Compensation Committee, as applicable, the “Award Value”) by the Applicable Stock Price.  The “Applicable Stock Price is the average closing price of the Company’s stock as reported for the principal stock exchange or national market system on which the stock is then trading for the 30-calendar day period ending on the date of grant of the award.  The exercise price of all stock options shall be equal to the closing price per share of the Company’s Common Stock on the grant date or, if such date is not a trading date, on the trading date immediately preceding the grant date.  Stock options granted hereunder will become fully vested and exercisable upon the effective date of a “Change in Control” of the Company (as defined in the equity incentive plan under which the option is granted).

The equity awards described shall be awarded to the Chair in the same manner and extent as to other non-employee directors.

	
	
 

	
1 
	
 Chair is not eligible to receive any other or additional cash retainers for committee service.

 

 

	
1.
	
Initial stock option grants.  Each non-employee director appointed or elected to the Board of Directors after July 2015 shall be granted an “initial stock option” to purchase a number of shares of Common Stock determined by dividing an Award Value of $200,000 by the Applicable Stock Price.  The grant of the initial stock option will be made on or as soon as reasonably practicable after the date of his or her appointment or election, as applicable.  Subject to the director’s continuous service on the Board, each initial stock option will vest and become exercisable in thirty-six (36) equal monthly installments following the date of appointment or election, as applicable, so that it will be fully vested and exercisable after 36 months of continuous service.

	
2.
	
Annual stock option grants.  In each year beginning in 2016, each non-employee director who continues serving on the Board on January 1st of each year shall be granted an “annual stock option” to purchase a number of shares of Common Stock determined by dividing an Award Value of $100,000 by the Applicable Stock Price.  The grant will be made on the first trading day after January 1st.  Subject to the director’s continuous service on the Board, the annual option will vest and become exercisable in equal monthly installments over the 12 months following the grant date, so that it will be fully vested and exercisable after 12 months of continuous service. The foregoing notwithstanding, a new director who has received the initial option grant under Paragraph 1 above will not in the same calendar year receive an annual option grant under this Paragraph 2.

	
3.
	
Stock Plan.  Except as otherwise set forth above, the initial and annual options will be granted under and subject to the general terms and conditions of a stockholder-approved equity incentive plan of the Company and a form of stock option agreement thereunder.

	
C.
	
Expenses

The reasonable and ordinary expenses incurred by directors in connection with attendance at Board or committee meetings will be reimbursed upon submission of appropriate substantiation.

2tbra-ex1021_1521.htm

Exhibit 10.21

SECOND AMENDMENT
TO
LOAN AND SECURITY AGREEMENT

THIS SECOND AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of August 10, 2015, by and among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314 (“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 of the Loan Agreement (as defined below) or otherwise party thereto from time to time (each a “Lender” and collectively, the “Lenders”) including Oxford in its capacity as a Lender, and TOBIRA THERAPEUTICS, INC., a Delaware corporation with offices located at 701 Gateway Boulevard, Suite 300, South San Francisco, CA 94080 (“Borrower”).

Recitals

A. Lenders and Borrower have entered into that certain Loan and Security Agreement dated as of June 30, 2014 (as amended from time to time, including but without limitation by that certain First Amendment to Loan and Security Agreement dated as of May 5, 2015, the “Loan Agreement”).

B. Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.

C. Borrower and Lenders desire to amend the Loan Agreement to (i) extend the interest only period, (ii) extend the maturity date, (iii) revise the final payment percentage and (iv) make other revisions as more fully set forth below.

D. Lenders have agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

Agreement

Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

2. Amendments to the Loan Agreement.

2.1 Section 13 (Definitions).  The following terms and their definitions hereby are amended and restated in their entirety to read in Section 13.1 of the Loan Agreement as follows:

“Amortization Date” is January 1, 2017.

“Final Payment Percentage” is five and three one hundredths of one percent (5.03%).

“Maturity Date” is June 1, 2019.

3. Limitation of Amendments.

3.1 The amendments and consent set forth in Section 3, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Lenders may now have or may have in the future under or in connection with any Loan Document.

3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

4. Representations and Warranties.  To induce Lenders to enter into this Amendment, each Borrower hereby represents and warrants to Lenders as follows:

4.1 Immediately after giving effect to this Amendment (a) except as specifically set forth on Schedule 1 hereto, the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

4.2 Borrower has the power and authority to execute and deliver this Amendment and to perform their obligations under the Loan Agreement, as amended by this Amendment;

4.3 The organizational documents of Borrower delivered to Lenders on the date hereof remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

4.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of their obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and

4.7 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

5. Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

6. Effectiveness.  This Amendment shall be deemed effective upon the due execution and delivery to Collateral Agent and Lenders of (i) this Amendment by each party hereto and (ii) Borrower’s payment of all Lenders’ Expenses incurred through the date of this Amendment.

[Balance of Page Intentionally Left Blank]

In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

 

	
BORROWER:
	
 

	
 
	
 
	
 
	
 

	
TOBIRA THERAPEUTICS, INC.
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
By
	
 
	
/s/ Christopher Peetz
	
 

	
Name: 
	
 
	
Christopher Peetz
	
 

	
Title:
	
 
	
CFO
	
 

	
 
	
 
	
 
	
 

	
COLLATERAL AGENT AND LENDER:
	
 

	
 
	
 
	
 
	
 

	
OXFORD FINANCE LLC

	
 
	
 
	
 
	
 

	
By
	
 
	
/s/ Mark Davis
	
 

	
Name:
	
 
	
Mark Davis
	
 

	
Title:
	
 
	
Vice President – Finance, Secretary & Treasurer
	
 

[Signature Page to Second Amendment to Loan and Security Agreement]

Schedule 1

Exception to Section 5.3 of the Loan Agreement

As previously disclosed to the Lenders, Borrower is party to stockholder litigation relating to the merger of Tobira Development, Inc. with Regado Biosciences, Inc. The litigation is described in greater detail in the “Legal Proceedings” section of Borrower’s Registration Statement on Form S-3, filed with the Securities and Exchange Commission on June 3, 2015.

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