Document:

Exhibit 10.19

 

 

CONSULTING
AGREEMENT

 

This CONSULTING AGREEMENT (“Agreement”)
is entered into as of January 1, 2012 between Intercept Pharmaceuticals, Inc. (“Company”), with offices at 18
Desbrosses Street, New York, New York 10013, and Luciano Adorini (“Consultant”), inhabiting at via Bronzino
8, 20133, Milan, Italy.

 

ARTICLE
1. recitals

 

1.1.          The Company,
on behalf of itself and its subsidiaries and successors, whether now existing or hereafter acquired or established, desires to
obtain the services of Consultant, and Consultant is willing to render his services upon the terms and conditions set forth below,
acting in the capacity of Chief Scientific Officer of the Company as Liquidator of Intercept Italia and in providing his expertise
in the following field (the “Field of Interest”): FXR and TGR5 programs with a focus on supporting development
of the compounds OCA (INT-747), INT-767 and INT-777.

 

NOW, THEREFORE,
in consideration of the mutual promises contained herein, the Company and Consultant, intending to be legally bound, hereby agree
as follows:

 

ARTICLE
2. ENGAGEMENT AND SCOPE OF WORK

 

2.1.          Engagement.
Subject to the terms and conditions of this Agreement, the Company hereby retains Consultant to provide such services in the Field
of Interest as the Company and Consultant mutually agree from time to time in the form of defined services (“Services”)
and Consultant hereby accepts such engagement. Such Services shall include but not be limited to directing and managing the Company’s
preclinical research; authoring scientific papers and reviews; supporting strategic partnering and investor due diligence; coordinating
with the clinical development organization to target and prioritize novel indications; and preparation of Company presentations
and regulatory documents. Additionally, for as long as the Company requires, Consultant shall act and perform all required duties
as liquidator of Intercept Italia.

 

2.2.          Commitment.
Consultant agrees to make himself available to render the Services as agreed with Company for a defined scope of Services from
time to time at such times and locations as may be mutually agreed.

 

2.3.          Other Activities.
Consultant hereby represents that, except as he has disclosed to the Company in writing, Consultant is not party to any existing
written or oral agreement, arrangement, understanding or other relationship pursuant to which Consultant is obligated to render
advice and services to a commercial entity in the Field of Interest. Consultant agrees to furnish the Company with a copy of any
such agreement upon request. Consultant hereby agrees and acknowledges that, during the Term (as hereinafter defined), Consultant
will not enter into any other written or oral agreement, arrangement, understanding or other relationship pursuant to which Consultant
is obligated to render advice and services, in or relating specifically to the Field of Interest, to a commercial entity, unless
Consultant (i) provides the Company with at least fifteen (15) days written notice describing the nature and terms of such proposed
arrangement and (ii) receives the prior written approval of the Company, such approval to be granted in the Company’s sole
and absolute discretion.

 

    	 

    	 

    

 

2.4.          Publications.
Consultant agrees not to publish, in any Publication, any Proprietary Information (as defined below) without the prior written
approval of the Company in its sole and absolute discretion. For purposes of this Section 2.4, the term “Publication”
shall include, without limitation, the contents, whether written or oral, of any manuscript to be published, any scientific presentation,
or any lecture or speech.

 

ARTICLE
3. COMPENSATION FOR SERVICES

 

3.1.          Fee Payment.
In consideration for the performance of the Services, the Company will pay Consultant over the Term of the Agreement (as described
in Article 6 below) €14,000 per month, such fee to be paid by check or wire promptly in arrears by Intercept Italia S.R.L.
in liquidation.

 

3.2.          Consultant
Expenses. Travel and related expenses reasonably incurred by Consultant in connection with the performance of Services under
this Agreement and documented by Consultant will be reimbursed at actual costs by the Company in accordance with general policies
and procedures established by the Company from time to time. No reimbursement will be made for any expenses other than travel and
related expenses incurred by Consultant during the performance of the Services unless such expenses are approved in advance by
the Company. All approvals by the Company must be given or confirmed in writing; expense approvals can be requested from the Chief
Executive Officer or any Executive Vice President of the Company and must adhere to the Company’s travel policy.

 

3.3.          Benefits.
Consultant shall not be entitled to any benefits, coverages or privileges, including, without limitation, social security, unemployment,
medical or pension payments, made available to employees of the Company.

 

ARTICLE
4. CONFIDENTIALITY, INVENTIONS AND MATERIALS

 

4.1.          Inventions.
Consultant shall promptly disclose to Company all inventions, developments, discoveries, data, technology, designs, innovations,
improvements and any other intellectual property (whether or not patentable and whether or not copyrightable) that are made, conceived,
reduced to practice, created, written, designed or developed by Consultant, solely or jointly with others, in the course of performing
the Services hereunder, whether during normal business hours or otherwise (collectively, the “Inventions”).

 

4.2.          Proprietary
Information. (a) Consultant acknowledges that his relationship with the Company is one of high trust and confidence and that
in the course of his service to the Company he will have access to and contact with Proprietary Information (as defined below).

 

(b)          For purposes
of this Agreement, “Proprietary Information” shall mean all information, whether or not in writing, of a private,
secret or confidential nature concerning the Company’s business, business relationships or financial affairs that is communicated
to, learned of, developed or otherwise acquired by Consultant in the course of his service as a consultant to the Company, including,
but not limited to, all Inventions, products, processes, methods, techniques, formulas, compositions, compounds, research data,
clinical data, financial data, personnel data, computer programs, customer and supplier lists, and contacts at or knowledge of
customers or prospective customers of the Company.

 

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(c)          Consultant’s
obligations under this Section 4.2 shall not apply to any Proprietary Information that (i) is or becomes known to the general public
under circumstances involving no breach by Consultant or others of the terms of this Section 4.2, (ii) is generally disclosed to
third parties by the Company without restriction on such third parties, or (iii) is approved for release by written authorization
of an officer of the Company.

 

(d)          Upon termination
of this Agreement or at any other time upon request by the Company, Consultant shall promptly deliver to the Company all records,
files, memoranda, notes, designs, data, reports, contracts, customer lists, and other documents (and all copies or reproductions
of such materials) (collectively, the “Documentation”) relating to the business of the Company.

 

4.3.          Non-competition
and Non-solicitation. During the Term, and for a period of one (1) year thereafter, Consultant shall not, without the Company’s
prior written consent, directly or indirectly, as a principal, employee, consultant, partner or stockholder of, or in any other
capacity with, any business enterprise (other than in Consultant’s capacity as a holder of not more than 1% of the combined
voting power of the outstanding stock of a publicly held company) develop, design, produce, market, sell or render (or assist any
other person or entity in developing, designing, producing, marketing, selling or rendering) products or services competitive with
those developed, designed, produced, marketed, sold or rendered by the Company during the Term in the Field of Interest.

 

4.4.          United States
Government Obligations. Consultant acknowledges that the Company from time to time may have agreements with the United States
Government, or agencies thereof, that impose obligations or restrictions on the Company regarding inventions made during the course
of work under such agreements or regarding the confidential nature of such work. Consultant agrees to be bound by all such obligations
and restrictions that are known to him and to take all action necessary to discharge the obligations of the Company under such
agreements.

 

4.5.          Remedies.
Consultant acknowledges and agrees that the restrictions contained in this Article 4 are necessary for the protection of the business
and goodwill of the Company and are considered by Consultant to be reasonable for such purpose. Consultant agrees that any breach
of this Agreement is likely to cause the Company substantial and irrevocable damage which is difficult to measure and for which
the Company cannot be adequately compensated by monetary damages alone. Therefore, in the event of any such breach or threatened
breach, Consultant agrees that the Company, in addition to such other remedies which may be available, shall have the right to
specific performance of the provisions of this Article 4 and shall have the right to obtain an injunction from a court restraining
such a breach or threatened breach. Consultant hereby waives the adequacy of a remedy at law as a defense to such relief.

 

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ARTICLE
5. REPRESENTATIONS , WARRANTIES aND COVENANTS OF CONSULTANT

 

5.1.          Absence
of Restrictions. Consultant represents and warrants to the Company that (i) he is currently under no contractual or other restriction
or obligation which is inconsistent with Consultant’s execution of this Agreement or the performance of the Services or any
other obligation hereunder or thereunder, and (ii) during the Term, Consultant agrees not to enter into any agreement, whether
written, oral or otherwise, that conflicts with or otherwise restricts or impedes his ability to fully perform the Services or
any other obligations of Consultant under this Agreement. Consultant further covenants that, consistent with the restrictions and
obligations imposed upon him hereunder, he shall not take any action or fail to take any action with respect to any existing agreement
(whether written, oral or otherwise) or any agreement (whether written, oral or otherwise) entered into during the Term that would
create a conflict or otherwise impede his ability to fully perform the Services or any other obligations of Consultant under this
Agreement.

 

ARTICLE
6. TERM AND TERMINATION

 

6.1.          Term.
This agreement shall commence on the date hereof and shall continue until December 31, 2012 (the “Term”).

 

6.2.          Termination.
This Agreement may be terminated by either the Company or Consultant upon not less than thirty (30) days prior written notice to
the other party. In the event of any such termination, Consultant shall be entitled to payment earned hereunder and for expenses
incurred up to the effective date of termination. Such payments shall constitute full settlement of any and all claims of Consultant
of every description against the Company. Notwithstanding the foregoing, (i) the Company may terminate this Agreement effective
immediately upon delivery of written notice to Consultant, if Consultant breaches or threatens to breach any provision of Article
4 of this Agreement; and (ii) the provisions of Sections 2.4, 7.1 and 7.7 and Article 4 of this Agreement shall survive any termination
of this Agreement.

 

ARTICLE
7. MISCELLANEOUS

 

7.1.          Independent
Contractor and Indemnification. Consultant hereby acknowledges and agrees that he shall perform all services under this Agreement
as an independent contractor and not as an employee or agent of the Company. As a result, Consultant is not authorized to assume
or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company
in any manner. Consultant shall have sole responsibility for payment of all federal, state and local taxes or contributions imposed
or required under unemployment insurance, social security and income tax laws and for filing all required tax forms with respect
to any amounts paid by the Company to Consultant hereunder. Consultant shall indemnify and hold the Company harmless against any
claim or liability of any kind (including penalties, fees or charges of any kind whatsoever) resulting from failure by Consultant
to pay such taxes or contributions or file any such tax forms.

 

7.2.          Notices.
All notices, requests, demands and other communications to be given pursuant to this Agreement shall be in writing and shall be
deemed to have been duly given to a party if delivered by hand or mailed by registered or certified mail, return receipt requested,
postage prepaid, to such party at its address set forth in the first paragraph or at such other address as such party shall have
designated by notice in writing to the other party.

 

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7.3.          Severability.
If any one or more of the provisions of this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any
respect, it shall not affect any other term or provision of this Agreement. If any provision in this Agreement shall be held to
be excessively broad, it shall be construed by limiting it so as to be enforceable to the extent compatible with applicable law.

 

7.4.          Captions.
Captions of sections have been added only for convenience and shall not be deemed to be a part of this Agreement.

 

7.5.          Successors
and Assigns. This Agreement shall be binding upon, and inure to the benefit of, both parties and their respective successors
and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to its assets
or business; provided, however, that the obligations of Consultant are personal and shall not be assigned by him.

 

7.6.          Complete
Agreement; Amendments. This Agreement between the parties constitutes the entire agreement between the parties with respect
to the subject matter hereof and thereof, and supersede all prior agreements between the Company and Consultant with respect to
consulting services, thereby terminating any such prior agreements and any obligations for payments to Consultant that may have
accrued thereunder. This Agreement may not be modified or amended except in a writing signed by both parties.

 

7.7.          Rights of
Publicity. Consultant hereby acknowledges and agrees that the Company shall have the right to use Consultant’s name and
likeness in any publicity materials prepared by it and in presentations to current or prospective clients, investors and others.

 

7.8.          Governing
Law. This Agreement shall be considered to have been made in the United States, and shall be interpreted in accordance with
the laws of the State of New York, United States of America, without regard to the conflict of law provisions thereof, and the
parties hereby submit to the jurisdiction of the courts of that state.

 

7.9.          Nonwaiver
Provision. The waiver by either party hereto of any right hereunder or of the failure to perform or of a breach by the other
party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by said other party whether of
a similar nature or otherwise. This Agreement does not create any rights in any other person other than the parties to this Agreement
and their respective successors and assigns.

 

7.10.          Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together
shall be deemed to be one and the same instrument.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

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IN WITNESS WHEREOF,
the Company and Consultant have duly executed and delivered this Agreement as of the date first written above.

 

	INTERCEPT PHARMACEUTICALS, INC.:	CONSULTANT:
	 	 
	By:	/s/ Mark E. Pruzanski	 	/s/ Luciano Adorini
	 	Mark E. Pruzanski, M.D.	 	Luciano Adorini, PhD
	 	 	 	 
	Title: President and CEO	 

 

    	6Exhibit 10.1

 

 

Kendall D. Gill / OFFER OF EMPLOYMENT

 

OFFER
OF EMPLOYMENT OF KENDALL D. GILL

 

This offer is made September 24, 2012, at the City of Columbus,
County of Franklin, State of Ohio, by Globalwise Investments, Inc. (hereinafter, “Employer” or the “Company”)
at 2190 Dividend Drive in the City of Columbus, County of Franklin, State of Ohio 43228 to Kendall D. Gill, 880 Rosehill Road Reynoldsburg,
Ohio 43068.

 

We are pleased to offer you employment as Chief Financial Officer
with a start day of September 24, 2012. We know that your experience, competence, values and enthusiasm will be a positive
factor in the future growth and success of the Company.

 

I. Position Overview and Primary Responsibilities:

 

As Chief Financial Officer (“CFO”) with
responsibilities that are generally customary for a CFO.

 

2. Remuneration will consist of:
Salary, Equity and Benefits. Additional remuneration may include bonuses which will be entertained, when appropriate, at the sole
discretion of the Company.

 

2.1 Salary: The position will start at the rate of
One Hundred and Forty-five Thousand Dollars ($145,000.00) per year payable biweekly during each month that this agreement
shall be in force.

 

2.2
Equity: Employ shall be awarded 250,000 restricted common shares of the Company, (the “Shares”) effective upon the
execution of the Employment Agreement. The Shares are being awarded in
reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended, (subject to the
applicable holding period restrictions under Rule 144).

 

2.3 Employee shall also be eligible
for prospective executive bonuses as determined by the compensation committee.

 

2.4 Benefits:

 

		2.4.1	Opportunity to participate in a 401(k) profit sharing
plan subject to plan eligibility requirements.

 

		2.4.2	Discretionary Employer contribution to selected Company
health care plan. Amount of Employer contribution reviewed and announced annually by Employer.

 

		2.4.3	Fifteen (15) business days paid vacation per annum with
eligibility to commence after 90 day probationary period. Vacation days to be scheduled at mutually agreed upon times. Vacation
is earned and accrued on a monthly basis with a maximum annual carryover of five (5) unused vacation days.

 

		2.4.4	Cell phone expense reimbursed monthly based on current
company policy. Employee will be responsible to carry cell phone plan with enough coverage and minutes to meet Employer’s
needs.

 

		2.4.5	Reimbursement of all reasonable and documented business
expenses. Mileage for business travel will be reimbursed at the published rate.

 

		2.4.6	Five (5) personal days per annum. Personal days accrue
monthly calculated on an annual proportional basis; accrued unused personal days shall not be carried over into the succeeding
year.

 

    	Page 1 of 2

    	 

    

Exhibit 10.1

 

 

Kendall D. Gill / OFFER OF EMPLOYMENT

 

		2.4.7	Your use of on-premise Exercise Facility upon execution
of Liability and Waiver Form.

 

		2.4.8	Paid Company Holidays; schedule announced by Employer
annually.

 

		2.4.9	Discretionary Employer contribution for Employee professional
development and/or continuing education.

 

3. Discretionary Profit sharing
contribution at the sole discretion of Employer.

 

You or the Company may terminate this employment
relationship for cause or without cause by giving written notice. The parties stipulate and agree that Employee is an “At
Will” employee under Ohio Law.

 

This Offer of Employment and the accompanying Employment
Agreement, each dated September 24, 2012 constitutes all of our agreements and understandings regarding your employment. There
are no other oral or written agreements regarding your employment and no one else is authorized to make any other agreements. Ohio
law shall govern this agreement and any employment relationship that may be formed between the undersigned parties at any time.

 

This Offer will remain open for acceptance until
September 28, 2012 after which it shall be rescinded.

 

 

 

	Globalwise Investments, Inc.:	Employee: Kendall D. Gill, CPA
	 	 
	/s/ William J. Santiago                             	/s/ Kendall D. Gill
	William J. Santiago, President & CEO	 

 

    	Page 2 of 2

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