Document:

Third Amendment to the Third Amended and Restated Credit Agreement

 Exhibit 10.32 
 THIRD AMENDMENT TO THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 
 This THIRD AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into and effective as of
March 13, 2009 among FIG LLC (f/k/a FORTRESS INVESTMENT GROUP LLC), a Delaware limited liability company (the “Borrower”), certain Subsidiaries and Affiliates of the Borrower (the “Guarantors”), the Lenders
party hereto and BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement (as defined below).

 RECITALS 
 WHEREAS, the
Borrower, the Guarantors, the Lenders and the Administrative Agent are party to that certain Third Amended and Restated Credit Agreement dated as of May 29, 2008 (as amended and modified from time to time, the “Credit
Agreement”); 
 WHEREAS, the Borrower has requested an amendment to the Credit Agreement as described below; and 
 WHEREAS, the Required Lenders are willing to agree to such amendment, subject to the terms set forth herein as more fully set forth below. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 AGREEMENT 
 1.
Amendments to Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 2 below, from and after the date hereof, the Credit Agreement is hereby amended as follows: 
 (a) Definitions. The following definitions set forth in the Credit Agreement are amended and restated in their entirety to read as
follows: 
 “Aggregate Revolving Commitments” means the Revolving Commitments of all the Revolving
Lenders. The amount of Aggregate Revolving Commitments in effect as of March 13, 2009 is SEVENTY-FIVE MILLION DOLLARS ($75,000,000). 
 “Applicable Rate” means the following percentages per annum: (a) with respect to Eurodollar Loans and Letters of Credit, 2.50%, (b) with respect to Base Rate Loans, 1.50% and
(c) with respect to the Commitment Fee, 0.50%. 
 “Free Cash Flow” means, as of December 31
of each year, with respect to the Loan Parties and their Subsidiaries, an amount equal to: (a) EBITDA for such calendar year minus (b) Interest Charges during such calendar year, minus (c) income taxes paid during such
calendar year (or accrued during such calendar year and required to be paid within 120 days subsequent to the end of such calendar year, minus (d) Capital Expenditures made during such calendar year (other than Capital Expenditures
financed in accordance with Section 8.03(j)) minus (e) Distributions made in accordance with 

 
Section 8.06(c) during such calendar year (or Distributions that will be made within 120 days subsequent to the end of such calendar year for taxes
accrued during such calendar year) minus (f) payments of Term Loans made pursuant to Sections 2.04(a) or (b) (other than payments made pursuant to Section 2.04(b)(ii)(E)) or Section 2.06(b) during the last three calendar
quarters of such calendar year and the first calendar quarter of the following year (provided that for the year ending December 31, 2009, all payments made to reduce Term Loans during 2009, the $50 million payment of Revolving Loans made on
March 13, 2009 and all payments made to reduce Term Loans during the first quarter of 2010 shall be counted in calculating the amount under this clause (f)) minus (g) extraordinary and non-recurring cash losses during the prior
calendar year to the extent added to EBITDA in the calculation thereof plus (h) extraordinary and non-recurring cash gains during the prior calendar year to the extent subtracted from EBITDA in the calculation thereof plus
(i) the amount of Distributions received by Loan Parties and their Subsidiaries from Investments during such calendar year plus (j) 100% of the Net Cash Proceeds of all Dispositions and Involuntary Dispositions (other than
Dispositions among Loan Parties and Permitted Transfers) during such calendar year minus (k) the amount of Investments made in Fortress Funds during such calendar year. 
 “Net Cash Proceeds” means the aggregate cash or Cash Equivalents proceeds received by a Loan Party in respect of any
Permitted Subordinated Indebtedness, Equity Issuance, Disposition or Involuntary Disposition, net of (a) direct costs incurred in connection therewith (including, without limitation, legal, accounting and investment banking fees, and sales
commissions), (b) taxes paid or payable as a result thereof or in connection therewith and (c) in the case of any Disposition or Involuntary Disposition, the amount necessary to retire any Indebtedness secured by a Permitted Lien (ranking
senior to any Lien of the Administrative Agent) on the related Property; it being understood that “Net Cash Proceeds” shall include, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any
non-cash consideration received by a Loan Party in any Disposition or Involuntary Disposition. 
 (b) Dispositions and
Involuntary Dispositions. Section 2.04(b)(ii)(A) of the Credit Agreement is amended and restated in its entirety to read as follows: 
 (ii)(A) [intentionally omitted] 
 (c) Excess Free Cash Flow.
Section 2.04(b)(ii)(C) of the Credit Agreement is amended and restated in its entirety to read as follows: 
 (ii)(C)
Excess Free Cash Flow. On or before April 15 of each year (beginning with April 15, 2010), the Borrower shall prepay Term Loans in an amount equal to 75% of Free Cash Flow from the prior calendar year. Any prepayment pursuant to
this clause (ii)(C) shall be applied as set forth in clause (iii) below. 
 (d) Audit Opinion.
Section 2.04(b)(ii)(D) of the Credit Agreement is amended and restated in its entirety to read as follows: 
 (ii)(D)
Audit Opinion. If on or before April 15, 2009 the Borrower has not either (A) delivered to the Administrative Agent an audit opinion with respect to Eurocastle for the fiscal year ended December 31, 2008 that is not subject to
any “going concern” or any like qualification or exception as required pursuant to Section 7.01(a)(ii) or (B) provided evidence reasonably satisfactory to the Required Lenders that the debt of Eurocastle maturing on
March 31,2009 has been extended to December 31, 2009 or beyond, then on or before April 20, 2009 the Borrower shall prepay Term Loans in an amount equal to $25,000,000 (it being understood and agreed that any prepayment made pursuant
to this Section 2.04(b)(ii)(D) shall be applied to the scheduled amortization payment of Term Loans due on July 15, 2009). 
  

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 (e) Equity Issuance. A new Section 2.04(b)(ii)(E) is added to the Credit
Agreement to read as follows: 
 (ii)(E) Equity Issuance. Promptly upon the occurrence of any Equity Issuance by a
Loan Party (other than to another Loan Party or any of its Subsidiaries), the Borrower shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereafter provided in an aggregate amount equal to 50% of the Net Cash Proceeds of such
Equity Issuance. Any prepayment pursuant to this clause (ii)(A) shall be applied as set forth in clause (iii) below. 
 (f) Application of Mandatory Prepayments. Section 2.04(b)(iii)(C) of the Credit Agreement is amended and restated in its entirety to read as follows: 
 (C) with respect to all amounts prepaid pursuant to Sections 2.04(b)(ii)(C), 2.04(b)(ii)(D) and 2.04(b)(ii)(E), first to
payment of any outstanding Delayed Draw Term Loans until paid in full, second to any outstanding Term A Loans until paid in full, third to any outstanding Term B Loans until paid in full and fourth to any outstanding Revolving
Loans (without any reduction in the Aggregate Revolving Commitments); provided that (1) any payments made pursuant to Section 2.04(b)(ii)(C) shall not be applied to any scheduled payments set forth in Section 2.06(b) that are required
to be made prior to the Maturity Date unless the Term Loans have been prepaid in such a manner that no principal amount of Term Loans remains outstanding other than per such scheduled payments and then such application shall be to such scheduled
payments in inverse order of when due and (2) any payments made pursuant to Section 2.04(b)(ii)(E) shall be applied pro rata to the scheduled payments due on or before January 15, 2011 until such scheduled payments have been paid in
full and then to amounts due on the Maturity Date. 
  

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 (g) Amortization of Term Loans. Section 2.06(b) of the Credit Agreement is
amended and restated in its entirety to read as follows: 
 (b) Amortization of Term Loans. The Borrower shall repay
the outstanding principal amount of the Term Loans in installments on the dates and in the amounts set forth in the table below (as such installments may hereafter be adjusted as a result of prepayments made pursuant to Section 2.04),
unless accelerated sooner pursuant to Section 9.02: 
  

			
	 Payment Dates
	  	 Principal Amortization
Payment

	March 13, 2009	  	$75,000,000
	July 15, 2009	  	$50,000,000
	October 15, 2009	  	$25,000,000
	January 15, 2010	  	$25,000,000
	April 15, 2010	  	$25,000,000
	July 15, 2010	  	$25,000,000
	October 15, 2010	  	$25,000,000
	January 15, 2011	  	$75,000,000
	Maturity Date	  	Remaining Outstanding Balance of Term Loans

 All amounts paid under this Section 2.06(b) shall first be applied
to payment of any outstanding Delayed Draw Term Loans until paid in full, second, to any outstanding Term A Loans until paid in full and third to any outstanding Term B Loans until paid in full. 
 (h) Annual Free Cash Flow Calculation. Section 7.02(a) of the Credit Agreement is amended and restated in its entirety to read
as follows: 
 (a) Concurrently with the delivery of the financial statements referred to in
Section 7.01(a)(i), (i) a certificate of its independent certified public accountants certifying such financial statements, stating that in making the examination necessary therefor no knowledge was obtained of any non-compliance
with Section 8.10 and (ii) a certificate signed by a Responsible Officer of the Borrower with a calculation of Free Cash Flow from the prior year in such detail as reasonably required by the Administrative Agent. 
 (i) Dispositions. Section 8.05 of the Credit Agreement is amended and restated in its entirety to read as follows: 

Make any Disposition except: 
 (a) Permitted Transfers; and 
 (b) Subject to Section 2.04(b)(ii)(C),
other Dispositions so long as (i) the consideration paid in connection therewith shall be cash or Cash Equivalents paid contemporaneous with consummation of the transaction and shall be in an amount not less than the fair market value of the
Property disposed of, (ii) such transaction is not a Sale and Leaseback 

  

 4 

 
Transaction, (iii) such transaction does not involve the sale or other disposition of an Equity Interest in any Subsidiary other than transfers
relating to Promote Fees, (iv) such transaction does not involve a sale or other disposition of receivables other than receivables owned by or attributable to other Property concurrently being disposed of in a transaction and (v) no
Default exists or would be caused by such Disposition. 
 (j) Restricted Payments. Section 8.06(e) of the
Credit Agreement is amended and restated in its entirety to read as follows: 
 (e) so long as no Event of Default exists
immediately prior or after giving effect thereto, the Borrower and the Top Tier Guarantors may make Distributions to Persons who are not Loan Parties in an amount not to exceed in the aggregate (i) for the year ending December 31, 2009, $5
million and (ii) for each calendar year thereafter the greater of (A) $5 million and (B) 25% of the Free Cash Flow earned during the prior calendar year; and 
 (k) Affiliate Transactions. Section 8.08(g) of the Credit Agreement is amended and restated in its entirety to read as
follows: 
 (g) so long as no Event of Default exists immediately prior to the making thereof or after giving effect
thereto, loans to FIG Corp. and FIG Asset Co. LLC by one or more of the Borrower or a Top Tier Guarantor in an amount not to exceed $5 million, in the aggregate, at the time the applicable loan is incurred (and after giving effect to such loan).

 (l) Management Fee Earning Assets. Section 8.10(a) of the Credit Agreement is amended and restated in its
entirety to read as follows: 
 (a) Minimum Management Fee Earning Assets. At any time, permit the Management Fee
Earning Assets to be less than an amount equal to (i) from March 13, 2009 to and including December 31, 2009, $22,000,000,000 and (ii) from January 1, 2010 and thereafter, $20,000,000,000. 
 (l) Leverage Ratio. Section 8.10(b) of the Credit Agreement is amended and restated in its entirety to read as follows:

 (b) Consolidated Leverage Ratio. Permit, as of the end of any fiscal quarter of the Borrower for the four quarter
period ending on such date, the Consolidated Leverage Ratio to be greater 3.50 to 1.0. 
 (m) Required Investment
Assets. Section 8.10(c)(i) of the Credit Agreement is amended and restated in its entirety to read as follows: 
 (i) Permit the Consolidated Adjusted Asset Value to be less than the sum of the Outstanding Amount of Loans and L/C Obligations (the “Required Investment Assets”). 
 (n) Investments in Fortress Funds. A new Section 8.15 is added to the Credit Agreement to read as follows: 
 8.15 Investments in Fortress Funds. Permit any Investment by a general partner in a Fortress Fund in excess of (a) an
amount customary required by general partners in similar transactions in the industry or (b) an amount that is contractually required; provided that Investments by or on behalf of a general partner shall be allowed if the Borrower deems it
necessary in good faith to protect the value of an existing Investment. 
  

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 (o) Material Fortress Funds. Section 9.01(m) is amended and restated in its
entirety to read as follows: 
 (m) Material Fortress Funds. Any event occurs which causes a Material Fortress Fund
(other than Drawbridge Global Macro Fund Ltd. or Drawbridge Special Opportunities Fund LP) to (i) terminate, dissolve, liquidate or wind up (or to begin the process of same) other than in connection with a Permitted Fund Termination or
(ii) not be managed and advised by a Loan Party or a Subsidiary other than as a result of (A) a scheduled orderly unwinding of a Private Equity Fund or (B) a Permitted Management Function Transfer; or 
 (p) Commitments and Applicable Percentages. Schedule 2.01 to the Credit Agreement is amended and restated in its entirety in
the form attached to this Amendment. 
 2. Effectiveness; Conditions Precedent. This Amendment shall be effective upon satisfaction of
the following conditions: 
 (a) Receipt by the Administrative Agent of copies of this Amendment duly executed by the
Borrower, the Guarantors, the Required Lenders and Revolving Lenders holding in the aggregate a majority of the Revolving Commitments; 
 (b) Payment by the Borrower of an upfront fee for the account of each Lender executing and delivering this Amendment on or before 5:00 p.m. Eastern time, March 13, 2009, in the amount of (A) .50%
multiplied by (B) the sum of (1) such Lender’s Commitment plus (2) the amount of outstanding Term Loans of such Lender, in each case after giving effect to this Amendment; 
 (c) Payment of $50 million from the Borrower as a voluntary prepayment of outstanding Revolving Loans; 
 (d) Payment of $75 million from the Borrower in accordance with Section 2.06(b) of the Credit Agreement (as amended by this
Amendment) as a payment of the Delayed Draw Term Loans; 
 (e) Payment by the Borrower of all other fees and expenses then due
and payable; and 
 (f) No Default or Event of Default shall exist or be continuing. 
  

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 3. Post Closing Items. 
 (a) Additional Fees. The Borrower shall pay an upfront fee for the account of each Lender (other than any Lender who received a fee pursuant to
Section 2(b) above) consenting in writing to this Amendment on or before 5:00 p.m. Eastern time, March 20, 2009, in the amount of (A) .50% multiplied by (B) the sum of (1) such Lender’s Commitment plus
(2) the amount of outstanding Term Loans of such Lender, in each case after giving effect to this Amendment. 
 (b) Legal
Opinions. The Borrower shall cause to be delivered to the Administrative Agent, on or before March 31, 2009, copies of opinions from legal counsel to the Loan Parties, addressed to the Administrative Agent, for the benefit of the Lenders,
as to the authority of the Loan Parties to enter into this Amendment and the enforceability of this Amendment, such opinions to be in form and substance reasonably satisfactory to the Administrative Agent. Failure to timely deliver such legal
opinions shall constitute an Event of Default under the Credit Agreement. 
 4. Ratification of Credit Agreement. The term
“Credit Agreement” as used in each of the Loan Documents shall hereafter mean the Credit Agreement as amended and modified by this Amendment. Except as herein specifically agreed, the Credit Agreement, as amended by this Amendment, is
hereby ratified and confirmed and shall remain in full force and effect according to its terms. Each of the Loan Parties acknowledge and consent to the modifications set forth herein and agree that this Amendment does not impair, reduce or limit any
of its obligations under the Loan Documents (including, without limitation, the indemnity obligations and guaranty obligations set forth therein) and that, after the date hereof, this Amendment shall constitute a Loan Document. It is also understood
and agreed that notwithstanding the amendment and restatement of Section 2.06(b) of the Credit Agreement, the required amortization of the Delayed Draw Term Loans have been accelerated as a result of such amendment and restatement and no
payments of the Delayed Draw Term Loans required thereunder (prior to the effectiveness of this Amendment) have been postponed. 
 5.
Authority/Enforceability. Each of the Loan Parties represents and warrants as follows: 
 (a) It has taken all
necessary action to authorize the execution, delivery and performance of this Amendment. 
 (b) This Amendment has been duly
executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization,
fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

 (c) No consent, approval, authorization or order of, or filing, registration or qualification with, any court or
governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment. 
 (d) The execution and delivery of this Amendment does not (i) violate, contravene or conflict with any provision of its, or its Subsidiaries’ organizational documents or (ii) materially violate,
contravene or conflict with any Requirement of Law or any other law, regulation, order, writ, judgment, injunction, decree or permit applicable to it or any of its Subsidiaries. 
  

 7 

 6. Representations and Warranties of the Loan Parties. The Loan Parties represent and warrant to
the Administrative Agent and the Lenders that (a) the representations and warranties of the Loan Parties set forth in Article VI of the Credit Agreement are true and correct in all material respects as of the date hereof (except to the extent a
representation and warranty specifically refers to an earlier date and then as of such earlier date), (b) after giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default and
(c) the Collateral Documents continue to create a valid perfected security interest in the Collateral prior to all Liens other than Permitted Liens. 
 7. Release. In consideration of the Administrative Agent and the Required Lenders entering into this Amendment on behalf of the Lenders, the Loan Parties hereby release the Administrative Agent, the L/C Issuer,
each of the Lenders, and the Administrative Agent’s, the L/C Issuer’s and each of the Lenders’ respective officers, employees, representatives, agents, counsel and directors from any and all actions, causes of action, claims, demands,
damages and liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected to the extent that any of the foregoing arises from any action or failure to act solely in connection with the Loan Documents on
or prior to the date hereof. 
 8. Counterparts/Telecopy. This Amendment may be executed in any number of counterparts, each of which
when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of executed counterparts of this Amendment by telecopy or electronic transmission of a “PDF” copy shall be
effective as an original and shall constitute a representation that an original shall be delivered promptly upon request. 
 9. GOVERNING
LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 [remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date
first above written. 
  

							
	BORROWER:	 		 	FIG LLC,
		 		 	a Delaware limited liability company
		 		 	(formerly known as Fortress Investment Group LLC)
				
		 		 	By:	 	 /s/ Dan Bass

		 		 	Name:	 	 Daniel Bass

		 		 	Title:	 	 Chief Financial Officer

			
	GUARANTORS:	 		 	FORTRESS OPERATING ENTITY I LP,
		 		 	a Delaware limited partnership
		 		 	(formerly known as Fortress Investment Holdings LLC)
				
		 		 	By:	 	FIG Corp, its General Partner
				
		 		 	By:	 	 /s/ Dan Bass

		 		 	Name:	 	 Daniel Bass

		 		 	Title:	 	 Chief Financial Officer

			
		 		 	FORTRESS OPERATING ENTITY II LP,
		 		 	a Delaware limited partnership
		 		 	(formerly known as Fortress Principal Investment Holdings II LLC)
				
		 		 	By:	 	FIG Corp, its General Partner
				
		 		 	By:	 	 /s/ Dan Bass

		 		 	Name:	 	 Daniel Bass

		 		 	Title:	 	 Chief Financial Officer

			
		 		 	FORTRESS OPERATING ENTITY III LP,
		 		 	a Delaware limited partnership
		 		 	(formerly known as FIG Partners Pool (P) LLC)
				
		 		 	By:	 	FIG Corp, its General Partner
				
		 		 	By:	 	 /s/ Dan Bass

		 		 	Name:	 	 Daniel Bass

		 		 	Title:	 	 Chief Financial Officer

			
		 		 	PRINCIPAL HOLDINGS I LP,
		 		 	a Delaware limited partnership
		 		 	(formerly known as Fortress Principal Investment Holdings III LLC)
				
		 		 	By:	 	FIG Asset Co. LLC, its General Partner
				
		 		 	By:	 	 /s/ Dan Bass

		 		 	Name:	 	 Daniel Bass

		 		 	Title:	 	 Chief Financial Officer

  

 FIG LLC 
 THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 

							
		 		 	FORTRESS PRINCIPAL INVESTMENT HOLDINGS LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	 	 /s/ Dan Bass

		 		 	Name:	 	 Daniel Bass

		 		 	Title:	 	 Chief Financial Officer

			
		 		 	 FORTRESS PRINCIPAL INVESTMENT GROUP LLC,
 a
Delaware limited liability company

				
		 		 	By:	 	 /s/ Dan Bass

		 		 	Name:	 	 Daniel Bass

		 		 	Title:	 	 Chief Financial Officer

			
		 		 	 FORTRESS PRINCIPAL INVESTMENT HOLDINGS IV LLC,
 a Delaware limited liability company

				
		 		 	By:	 	 /s/ Dan Bass

		 		 	Name:	 	 Daniel Bass

		 		 	Title:	 	 Chief Financial Officer

			
		 		 	 FORTRESS INVESTMENT FUND GP (HOLDINGS) LLC,
 a Delaware limited liability company

				
		 		 	By:	 	 /s/ David N. Brooks

		 		 	Name:	 	 David N. Brooks

		 		 	Title:	 	 Secretary

			
		 		 	 FIG PARTNERS POOL (A) LLC,
 a Delaware
limited liability company

				
		 		 	By:	 	 /s/ David N. Brooks

		 		 	Name:	 	 David N. Brooks

		 		 	Title:	 	 Secretary

			
		 		 	 FIG PARTNERS POOL (P2) LLC,
 a Delaware
limited liability company

				
		 		 	By:	 	 /s/ David N. Brooks

		 		 	Name:	 	 David N. Brooks

		 		 	Title:	 	 Secretary

  

 FIG LLC 
 THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 

							
	ADMINISTRATIVE	 		 		 	
	AGENT:	 		 	BANK OF AMERICA, N.A.,
		 		 	as Administrative Agent
				
		 		 	By:	 	 /s/ Sheri Starbuck

		 		 	Name:	 	Sheri Starbuck
		 		 	Title:	 	Vice President

  

 FIG LLC 
 THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 

							
	LENDERS:	 		 	BANK OF AMERICA, N.A.,
		 		 	as a Lender and L/C Issuer
				
		 		 	By:	 	 /s/ Joshua A. Podietz

		 		 	Name:	 	Joshua A. Podietz
		 		 	Title:	 	Senior Vice President

  

 FIG LLC 
 THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 

							
		 		 	CITIBANK, N.A.
				
		 		 	By:	 	 /s/ Alexander F. Duka

		 		 	Name:	 	Alexander F. Duka
		 		 	Title:	 	Managing Director/Senior Credit Officer

  

 FIG LLC 
 THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 

							
		 		 	WELLS FARGO BANK, N.A.
				
		 		 	By:	 	 /s/ Alexander F. Duka

		 		 	Name:	 	Alexander F. Duka
		 		 	Title:	 	Managing Director/Senior Credit Officer

  

 FIG LLC 
 THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 

							
		 		 	JPMORGAN CHASE BANK, N.A.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

 FIG LLC 
 THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 

							
		 		 	DEUTSCHE BANK AG NEW YORK BRANCH
				
		 		 	By:	 	 /s/ Evelyn Thierry

		 		 	Name:	 	Evelyn Thierry
		 		 	Title:	 	Vice President
				
		 		 	By:	 	 /s/ Omayra Laucella

		 		 	Name:	 	Omayra Laucella
		 		 	Title:	 	Vice President

  

 FIG LLC 
 THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 

							
		 		 	LEHMAN COMMERCIAL PAPER, INC.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

 FIG LLC 
 THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 

							
		 		 	GOLDMAN SACHS CREDIT PARTNERS, L.P.
				
		 		 	By:	 	 /s/ Andrew Caditz

		 		 	Name:	 	Andrew Caditz
		 		 	Title:	 	Authorized Signatory

  

 FIG LLC 
 THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 

							
		 		 	ING CAPITAL LLC
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

 FIG LLC 
 THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENTPharmacopeia, Inc. 2000 Stock Option Plan

 Exhibit 10.323 
 PHARMACOPEIA, INC. 
 2000 STOCK OPTION PLAN 
 1. PURPOSE OF THE PLAN 
 The purpose of the
Plan is to promote the long term financial success of Pharmacopeia, Inc., its Subsidiaries and Affiliates, and to materially increase shareholder value by: (i) providing performance related incentives that motivate superior performance on the
part of the Company’s Employees and Consultants, (ii) providing the Company’s Employees and Consultants with the opportunity to acquire an ownership interest in the Company, and to thereby acquire a greater stake in the Company and a
closer identity with it; and (iii) enabling the Company to attract and retain the services of Employees and Consultants of outstanding ability and upon whose judgment, interest and special effort the successful conduct of the Company’s
operations is largely dependent. 
 2. DEFINITIONS 
 2.1. “Act” means the Securities Exchange Act of 1934, as amended. 
 2.2. “Affiliate” means any entity other than the Subsidiaries in which the Company has a substantial direct or indirect equity
interest, as determined by the Board. 
 2.3. “Award” means an award of Options, SARs, or Restricted Stock or any
combination thereof. 
 2.4. “Award Share” means any share of Common Stock issued upon the exercise of an Option or
SAR, or issued pursuant to an Award of Restricted Stock. 
 2.5. “Board” means the Board of Directors of the
Company. 
 2.6. “Change of Control” shall mean, following the effective date of this Plan, the occurrence of any of
the following events: 
 2.6.1. the acquisition in one or more transactions by any “Person” (as such term is used
for purposes of Section 13(d) or Section 14(d) of the Act”) but excluding, for this purpose, the Company or its Subsidiaries or any employee benefit plan of the Company or its Subsidiaries, of “Beneficial Ownership” (within
the meaning of Rule 13d-3 under the Act) of fifty percent (50%) or more of the combined voting power of the Company’s then outstanding voting securities (the “Voting Securities”); 

 2.6.2. the individuals who, as of the effective date of the Plan, constitute the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that if the election, or nomination for election by the Company’s shareholders, of any new director was approved by a vote
of at least a majority of the Incumbent Board, such new director shall be considered as a member of the Incumbent Board, and provided further that any reductions in the size of the Board that are instituted voluntarily by the Incumbent Board shall
not constitute a Change of Control, and after any such reduction the “Incumbent Board” shall mean the Board as so reduced; 
 2.6.3. a merger or consolidation involving the Company if the shareholders of the Company, immediately before such merger or consolidation, do not own, directly or indirectly, immediately following such merger or consolidation, more than
fifty percent (50%) of the combined voting power of the outstanding Voting Securities of the corporation resulting from such merger or consolidation or a complete liquidation or dissolution of the Company or a sale or other disposition of all
or substantially all of the assets of the Company; or 
 2.6.4. acceptance by shareholders of the Company of shares in a share
exchange if the shareholders of the Company, immediately before such share exchange, do not own, directly or indirectly, immediately following such share exchange, more than fifty percent (50%) of the combined voting power of the outstanding
Voting Securities of the corporation resulting from such share exchange. 
 2.7. “Code” means the Internal Revenue
Code of 1986, as amended. 
 2.8. “Committee” means the committee designated by the Board to administer the Plan
under Section 4. 
 2.9. “Common Stock” means the common stock of the Company, or such other class or kind of
shares or other securities resulting from the application of Section 9. 
 2.10. “Company” means Pharmacopeia,
Inc., a Delaware corporation, or any successor corporation. 
 2.11. “Consultant” means a key consultant or advisor
to the Company or any of its Subsidiaries or Affiliates who is not an Employee. 
 2.12. “Disability” means a
medically-determinable condition of a permanent nature which, as determined by the Committee, renders a Participant incapable of fulfilling the duties and responsibilities that the Participant was performing for the Company, its Subsidiaries and
Affiliates immediately prior to the on-set of such condition. 
 2.13. “Employee” means an employee of the Company,
a Subsidiary or an Affiliate. 

 2.14. “Fair Market Value” means, on any given date: 
 2.14.1. if the Common Stock is listed on an established stock exchange or exchanges, the closing price of Common Stock on the principal
exchange on which it is traded on such date, or if no sale was made on such date on such principal exchange, on the last preceding day on which the Common Stock was traded; 
 2.14.2. if the Common Stock is not then listed on an exchange, but is quoted on NASDAQ or a similar quotation system, the closing price
per share for the Common Stock as quoted on NASDAQ or similar quotation system on such date; 
 2.14.3. if the Common Stock is
not then listed on an exchange or quoted on NASDAQ or a similar quotation system, the value, as determined in good faith by the Committee. 
 2.15. “Misconduct” means the commission of any act of fraud, embezzlement or dishonesty by the Participant, any unauthorized use or disclosure by such person of confidential information or trade secrets of
the Company (or any Subsidiary or Affiliate), or any other intentional misconduct by such person adversely affecting the business or affairs of the Company (or any Subsidiary or Affiliate) in a material manner. The foregoing definition shall not be
deemed to be inclusive of all the acts or omissions which the Company (or any Subsidiary or Affiliate) may consider as grounds for the dismissal or discharge of any Participant or other person in the service of the Company (or any Subsidiary).

 2.16. Option” means the right, granted from time to time under the Plan, to purchase Common Stock for a specified
period of time at a stated price. Options are not intended to be incentive stock options under Section 422 of the Code. 
 2.17. “Participant” means an Employee or Consultant who is designated by the Committee as eligible to participate in the Plan and who receives an Award under this Plan. 
 2.18. “Performance Goal” means a goal that has been established by the Committee and that must be met by the end of a
Performance Period. The Committee shall have sole discretion to determine the specific targets within each category of Performance Goals, and whether such Performance Goals have been achieved. 
 2.19. “Performance Period” means the time period during which Performance Goals must be met. 
 2.20. “Plan” means the Pharmacopeia, Inc. 2000 Stock Option Plan herein set forth, as amended from time to time. 
 2.21. “Restricted Stock” means Common Stock awarded by the Committee under Section 8 of the Plan. 
 2.22. “Restriction Period” means the period during which Restricted Stock awarded under the Plan is subject to forfeiture.

 2.23. “SAR” means the right to receive, in cash or in Common Stock, as
determined by the Committee, the increase in the Fair Market Value of the Common Stock underlying the SAR from the date of grant to the date of exercise. 
 2.24. “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company (or any subsequent parent of the Company) if each of the corporations other
than the last corporation in the unbroken chain owns stock possessing 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 3. ELIGIBILITY 
 Any Employee who is not a
“covered employee” within the meaning of Section 162(m) of the Code, who is not subject to Section 16 of the Act and who is designated by the Committee as eligible to participate in the Plan, or any Consultant who is designated
by the Committee as eligible to participate in the Plan, shall be eligible to receive an Award under the Plan. 
 4. ADMINISTRATION

 4.1. The Committee shall be made up of one or more Board members. Members of the Committee shall be appointed by and hold
office at the pleasure of the Board. Committee members may resign at any time by delivering written notice to the Board. Vacancies in the Committee may be filled by the Board. 
 4.2. The Plan shall be administered by the Committee, which shall have full power to interpret and administer the Plan, and full authority
to act in selecting the eligible Employees and Consultants to whom Awards may be granted, in determining the times at which such Awards may be granted, in determining the time and the manner in which Options may be exercised, in determining the
amount of Awards that may be granted, in determining the terms and conditions of Awards that may be granted under the Plan and the terms of agreements which will be entered into with Participants (which terms shall not be inconsistent with the terms
of the Plan). The Committee also shall have the power to establish different terms and conditions with respect to the granting of the same type of Award to different Participants (regardless of whether the Awards are granted at the same time or at
different times). 
 4.3. The Committee shall have the power to accelerate the exercisability or vesting of any Award, and to
determine under Section 10 the effect, if any, of a Change of Control of the Company upon outstanding Awards. 
 4.4. The
Committee shall have the power to adopt regulations for carrying out the Plan and to make changes in such regulations as it shall, from time to time, deem advisable. The Committee shall have the full and final authority in its sole discretion to
interpret the provisions of the Plan and to decide all questions of fact arising in the application of the Plan’s provisions, and to make all determinations necessary or advisable for the administration of the Plan. Any interpretation by the
Committee of the terms and provisions of the Plan and the administration thereof, and all action taken by the Committee, shall be final, binding, and conclusive for all purposes and upon all Participants. 

 4.5. Members of the Committee shall receive such compensation for their services as may
be determined by the Board. All expenses and liabilities which members of the Committee incur in connection with the administration of the Plan shall be paid by the Company. The Committee may, with the approval of the Board, employ attorneys,
consultants, accountants and other service providers. The Committee, the Board, the Company and the Company’s officers shall be entitled to rely upon the advice and opinions of any such person. No member of the Committee or the Board shall be
personally liable for any action, determination or interpretation made with respect to the Plan and all members of the Committee and the Board shall be fully protected by the Company in respect of any such action, determination or interpretation in
the manner provided in the Company’s bylaws. 
 5. SHARES OF STOCK SUBJECT TO THE PLAN 
 5.1. Subject to adjustment as provided in Section 9, the total number of shares of Common Stock available for Awards under the Plan
shall be 750,000 shares. 
 5.2. Any shares issued hereunder may consist, in whole or in part, of authorized and unissued
shares or treasury shares. Any shares issued by the Company through the assumption or substitution of outstanding grants from an acquired company shall not reduce the number of shares of Common Stock available for Awards under the Plan. If any
shares subject to any Award granted hereunder are forfeited or such Award otherwise terminates without the issuance of such shares or the payment of other consideration in lieu of such shares, the shares subject to such Award, to the extent of any
such forfeiture or termination, shall again be available for Awards under the Plan. 
 6. OPTIONS 
 The grant of Options shall be subject to the following terms and conditions: 
 6.1. OPTION GRANTS: Any Option granted under the Plan shall be evidenced by a written agreement executed by the Company and the
Participant, which agreement shall conform to the requirements of the Plan and may contain such other provisions not inconsistent with the terms of the Plan as the Committee shall deem advisable. 
 6.2. NUMBER OF SHARES: The Committee shall specify the number of shares of Common Stock subject to each Option. 
 6.3. OPTION PRICE: The price per share at which Common Stock may be purchased upon exercise of an Option shall be as determined by the
Committee. 
 6.4. TERM OF OPTION AND VESTING: The Committee shall specify when an Option may be exercisable and the terms and
conditions applicable thereto. The term of an Option shall in no event be greater than 10 years. The right to exercise an Option or the underlying shares of Common Stock obtained upon the exercise of an Option may be subject to a vesting schedule or
the attainment of Performance Goals as determined by the Committee and set forth in the applicable stock option agreement. 

 6.5. EXERCISE OF OPTION AND PAYMENT OF OPTION PRICE: An Option may be exercised only for
a whole number of shares of Common Stock. The Committee shall establish the time and the manner in which an Option may be exercised. The option price of the shares of Common Stock received upon the exercise of an Option shall be paid in full in cash
at the time of the exercise or, with the consent of the Committee, in whole or in part in Common Stock held by the Participant for at least 6 months and valued at their Fair Market Value on the date of exercise. With the consent of the Committee,
the option price may also be paid in full by the delivery of a properly executed exercise notice, together with irrevocable instructions to a Company-designated broker to promptly deliver to the Company the amount of sale or loan proceeds required
to pay the exercise price. 
 6.6. TERMINATION BY DEATH OR DISABILITY: If a Participant’s employment with or service to
the Company, a Subsidiary or Affiliate terminates by reason of death or as a result of the Participant’s Disability, any unexercised Option granted to the Participant may thereafter be exercised (to the extent such Option was exercisable at the
time of the Participant’s death or Disability or to a greater extent permitted by the Committee) by the Participant (or where appropriate, the Participant’s transferee, personal representative, heir or legatee), for, in the case of a
Participant’s death, a period of one year (or such other period as specified by the Committee), or in the case of a Participant’s Disability, a period of six months (or such other period as specified by the Committee), from the date of
death or termination due to Disability, as applicable, or until the expiration of the stated term of the Option, whichever period is shorter. 
 6.7. TERMINATION FOR MISCONDUCT: If a Participant’s employment with or service to the Company, a Subsidiary or Affiliate terminates for Misconduct, unless otherwise determined by the Committee, any Options
granted to the Participant which are unexercised shall terminate on the date of such termination, or notice of such termination, if earlier. 
 6.8. RETIREMENT: The Committee shall have the discretion at the time an Option is granted to an Employee to provide that if the Participant’s employment is terminated for reasons other than Misconduct after the
Participant has attained age 55 and completed five years of service with the Company, a Subsidiary or Affiliate: 
 6.8.1. The
Option shall continue to vest for up to three years following such termination of employment according to the same vesting schedule as then in effect under the Option, provided that such continued vesting will not extend beyond the original date of
expiration of the Option, and/or 
 6.8.2. The Participant will have a period of up to three years after such termination of
employment to exercise the Option, provided such exercise period will not extend beyond the original date of expiration of the Option. 

 6.9. OTHER TERMINATION: If a Participant’s employment with or service to the
Company, a Subsidiary or Affiliate terminates for any reason other than death, Disability, Retirement under Section 6.8 or Misconduct, any unexercised Option granted to the Participant may thereafter be exercised (to the extent such Option was
exercisable at the time of the Participant’s termination or to a greater extent permitted by the Committee) by the Participant (or, where appropriate, the Participant’s transferee, personal representative, heir or legatee) for a period of
ninety days (or such other period as specified by the Committee), from the date of termination, or until the expiration of the stated term of the Option, whichever period is shorter. 
 7. STOCK APPRECIATION RIGHTS 
 The grant of
SARs shall be subject to the following terms and conditions: 
 7.1. GRANT OF SARS: Any SAR granted under the Plan shall be
evidenced by a written agreement executed by the Company and the Participant, which agreement shall conform to the requirements of the Plan and may contain such other provisions not inconsistent with the terms of the Plan as the Committee shall deem
advisable. The base price of an SAR shall be the Fair Market Value of the Common Stock on the date of grant. 
 7.2. TANDEM
SARS: An SAR granted under the Plan may be granted in tandem with all or a portion of a related Option. An SAR granted in tandem with an Option may be granted either at the time of the grant of the Option or at a time thereafter during the term of
the Option and shall be exercisable only to the extent that the related Option is exercisable. The base price of an SAR granted in tandem with an Option shall be the option price under the related Option. 
 7.3. EXERCISE OF AN SAR: An SAR shall entitle the Participant to surrender unexercised the SAR (or any portion of such SAR) and to receive
a payment equal to the excess of the Fair Market Value of the shares of Common Stock covered by the SAR on the date of exercise over the base price of the SAR. Such payment may be in cash, in shares of Common Stock, in shares of Restricted Stock, or
any combination thereof, as the Committee shall determine. Upon exercise of an SAR issued in tandem with an Option or lapse thereof, the related Option shall be canceled automatically to the extent of the number of shares of Common Stock covered by
such exercise, and such shares shall no longer be available for purchase under the Option. Conversely, if the related Option is exercised, or lapses, as to some or all of the shares of Common Stock covered by the grant, the related SAR, if any,
shall be canceled automatically to the extent of the number of shares of Common Stock covered by the Option exercise. 
 7.4.
OTHER APPLICABLE PROVISIONS: SARs shall be subject to the same terms and conditions applicable to Options as stated in sections 6.4, 6.6, 6.7, 6.8 and 6.9. 

 8. RESTRICTED STOCK 
 An Award of Restricted Stock is a grant by the Company of a specified number of shares of Common Stock to the Participant, which shares are subject to forfeiture upon the happening of specified events or upon the
Participant’s and/or Company’s failure to achieve Performance Goals established by the Committee. A grant of Restricted Stock shall be subject to the following terms and conditions: 
 8.1. GRANT OF RESTRICTED STOCK AWARD. Any Restricted Stock granted under the Plan shall be evidenced by a written agreement executed by
the Company and the Participant, which agreement shall conform to the requirements of the Plan, and shall specify (i) the number of shares of Common Stock subject to the Award, (ii) the Restriction Period applicable to each Award,
(iii) the events that will give rise to a forfeiture of the Award, (iv) the Performance Goals, if any, that must be achieved in order for the restriction to be removed from the Award, (v) the extent to which the Participant’s
right to receive Common Stock under the Award will lapse if the Performance Goals, if any, are not met, and (vi) whether the Restricted Stock is subject to a vesting schedule. The agreement may contain such other provisions not inconsistent
with the terms of the Plan as the Committee shall deem advisable. 
 8.2. DELIVERY OF RESTRICTED STOCK. Upon determination of
the number of shares of Restricted Stock to be granted to the Participant, the Committee shall direct that a certificate or certificates representing the number of shares of Common Stock be issued to the Participant with the Participant designated
as the registered owner. The certificate(s) representing such shares shall be legended as to restrictions on the sale, transfer, assignment, or pledge of the Restricted Stock during the Restriction Period and deposited by the Participant, together
with a stock power endorsed in blank, with the Company. 
 8.3. DIVIDEND AND VOTING RIGHTS. Unless otherwise determined by the
Committee, during the Restriction Period, the Participant shall have all of the rights of a shareholder, including the right to vote the shares of Restricted Stock and receive dividends and other distributions, provided that distributions in the
form of Common Stock shall be subject to the same restrictions as the underlying Restricted Stock. 
 8.4. RECEIPT OF COMMON
STOCK. At the end of the Restriction Period, the Committee shall determine, in light of the terms and conditions set forth in the Restricted Stock agreement, the number of shares of Restricted Stock with respect to which the restrictions imposed
hereunder shall lapse. The Restricted Stock with respect to which the restrictions shall lapse shall be converted to unrestricted Common Stock by the removal of the restrictive legends from the Restricted Stock. Thereafter, Common Stock equal to the
number of shares of the Restricted Stock with respect to which the restrictions hereunder shall lapse shall be delivered to the Participant (or, where appropriate, the Participant’s legal representative). The Committee may, in its sole
discretion, modify or accelerate the vesting and delivery of shares of Restricted Stock. 
 8.5. TERMINATION OF SERVICE.
Unless otherwise determined by the Committee, if a Participant’s employment or service with the Company, a Subsidiary or an Affiliate terminates for any reason, any unvested Restricted Stock shall be forfeited. 

 9. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION 
 In the event of a reorganization, recapitalization, stock split, spin-off, split-off, split-up, stock dividend, issuance of stock rights, combination of
shares, merger, consolidation or any other change in the corporate structure of the Company affecting Common Stock, or any distribution to shareholders other than a cash dividend, the Committee shall make appropriate adjustment in the number and
kind of shares authorized for use under the Plan and any adjustments to outstanding Awards as it determines appropriate. The adjustments to outstanding Awards shall include, but not be limited to, the number of shares covered, the respective prices,
limitations, and/or Performance Goals applicable to the outstanding Awards. No fractional shares of Common Stock shall be issued pursuant to such an adjustment. The Fair Market Value of any fractional shares resulting from adjustments pursuant to
this Section shall, where appropriate, be paid in cash to the Participant. The determinations and adjustments made by the Committee pursuant to this Section 9 shall be conclusive. 
 10. CHANGE OF CONTROL OF THE COMPANY 
 Upon a
Change of Control, all outstanding Awards shall be immediately fully vested and exercisable unless such Awards are assumed by the successor corporation, and substituted with Awards involving the common stock of the successor corporation, with the
terms and conditions of the substituted Awards being no less favorable than the Awards granted by the Company. 
 11. EFFECTIVE DATE,
TERMINATION AND AMENDMENT 
 The Plan shall become effective on the date of its adoption by the Board. The Plan shall remain in full force and
effect until the earlier of 10 years from the date of its adoption by the Board, or the date it is terminated by the Board. The Board shall have the power to amend, suspend or terminate the Plan at any time, provided that no such amendment shall be
made without shareholder approval to the extent such approval is required by any applicable law or the rules of a stock exchange or NASDAQ. Termination of the Plan pursuant to this Section 11 shall not affect Awards outstanding under the Plan
at the time of termination. 
 12. TRANSFERABILITY 
 Awards may not be pledged, assigned or transferred for any reason during the Participant’s lifetime, and any attempt to do so shall be void and the relevant Award shall be forfeited. 
 13. GENERAL PROVISIONS 
 13.1. NO EMPLOYMENT RIGHTS. Nothing contained in the Plan, or any Award granted pursuant to the Plan, shall confer upon any Employee any right with respect to continuance of employment by the Company, a Subsidiary or Affiliate or upon any
Consultant any right with respect to continued service for the Company, a Subsidiary or Affiliate nor interfere in any way with the right of the Company, a Subsidiary or Affiliate to terminate the employment or service of any Employee or Consultant
at any time. 
 13.2. TRANSFER OF EMPLOYMENT. For purposes of this Plan, a transfer of employment between the Company and its
Subsidiaries and Affiliates shall not be deemed a termination of employment. 

 13.3. PAYMENT OF TAXES. The Company shall have the power to withhold, or require a
Participant to remit to the Company, all taxes required to be paid in connection with any Award, the exercise thereof and the transfer of shares of Common Stock pursuant to this Plan. The Company’s power to withhold a portion of the cash or
Common Stock received pursuant to an Award, or require that the Participant remit the applicable taxes shall extend to all applicable Federal, state, local or foreign withholding taxes. In the case of the exercise of Options, the Company shall have
the right to retain the shares of Common Stock to be paid pursuant to the exercise of the Option, until the Company determines that the applicable withholding taxes have been satisfied. 
 13.4. RESTRICTIONS ON SHARES. The Award Shares shall be subject to restrictions on transfer pursuant to applicable securities laws and
such other agreements as the Committee shall deem appropriate and shall bear a legend subjecting the Award Shares to those restrictions on transfer in accordance with the applicable Award. The certificates shall also bear a legend referring to any
restrictions on transfer arising hereunder or under any other applicable law, regulation, rule or agreement. 
 13.5.
REQUIREMENTS OF LAW. The Plan and each Award under the Plan shall be subject to the requirement that if at any time the Committee shall determine that (a) the listing, registration or qualification of the Award Shares upon any securities
exchange or under any state or federal law, (b) the consent or approval of any government regulatory body or (c) an agreement by the recipient of an Award with respect to the disposition of the Award Shares is necessary or desirable as a
condition of, or in connection with, the Plan or the granting of such Award or the issue or purchase of the Award Shares thereunder, the Award may not be consummated in whole or in part until such listing, registration, qualification, consent,
approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Committee. 
 13.6.
AMENDING OF AWARDS. The Committee may amend any outstanding Awards to the extent it deems appropriate. Such amendment may be made by the Committee without the consent of the Participant, except in the case of amendments adverse to the Participant,
in which case the Participant’s consent is required to any such amendment. 
 13.7. NO SHAREHOLDER RIGHTS. A Participant
shall have no rights as a shareholder with respect to shares of Common Stock subject to an Award unless and until certificates for the Award Shares are issued to the Participant. 
 13.8. CHANGES IN CURRENT LAW. A citation to any law, regulation or rule herein shall be construed to be a citation to the most recent
version of, or successor to, any such law, regulation or rule. 
 13.9. HEADINGS. Section headings are included only for ease
of reference. Headings are not intended to constitute substantive provisions of the Plan and shall not be used to interpret the scope of this Plan or the rights or obligations of the Company in any way. 

 13.9.1. GOVERNING LAW. To the extent that Federal laws do not otherwise control, the Plan
and all determinations made and actions taken pursuant hereto shall be governed by the law of the State of Delaware and construed accordingly. 
 To record the adoption of the Plan, Pharmacopeia, Inc. has caused its authorized officers to affix its corporate name and seal this 11th day of October, 2000. 
  

							
		 		 	PHARMACOPEIA, INC.
				
	Attest:	 		 		 	
				
	 /s/    Salma Cuadrado
	 		 	By:	 	 /s/    Bruce C. Myers

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