Document:

EX-10.1

 EXHIBIT 10.1 
 FIRST AMENDMENT TO LICENSE AGREEMENT 
 This FIRST AMENDMENT TO LICENSE
AGREEMENT (the “First Amendment”) is made and effective as of August 9, 2012 (the “First Amendment Effective Date”), by and between Inspire Pharmaceuticals, Inc., a Delaware corporation having its principal
place of business at One Merck Drive, Whitehouse Station, NJ 08889 (“Inspire”), and InSite Vision Incorporated, a Delaware corporation having its principal office at 965 Atlantic Ave., Alameda, CA 94501 (“InSite”).

 BACKGROUND 
 A. WHEREAS, Inspire and InSite entered into that certain License Agreement, dated as of February 15, 2007 (the “Agreement”); and 

B. WHEREAS, Inspire and InSite now desire to amend the Agreement as set forth below in this First Amendment; 

NOW, THEREFORE, in consideration of the foregoing and the covenants and premises contained herein and in the Agreement, the
Parties therefore agree as follows: 
 ARTICLE 1 
 AMENDMENT OF AGREEMENT 
 The Parties hereby amend the terms of the
Agreement as provided below, effective as of the First Amendment Effective Date: 
 1.1 Amendment of Section 5.3
(a). Effective as of the First Amendment Effective Date, Section 5.3(a) of the Agreement is hereby deleted in its entirety and replaced with the following: 
 “(a) For each of five (5) one-year Minimum Royalty Periods, which Minimum Royalty Periods shall commence on the Minimum Royalty Date and run consecutively for five (5) years thereafter,
Inspire shall pay to InSite the annual minimum royalty payment for the applicable year as specified in Schedule 5.3(a) (each a “Minimum Royalty”), subject to any applicable reductions or offsets permitted under this Agreement;
provided that twenty-five percent (25%) of the Minimum Royalty due during the applicable Minimum Royalty Period shall accrue on a calendar quarter basis during such Minimum Royalty Period and shall be paid quarterly as set forth in this
Section 5.3(a), subject to any applicable reductions or offsets permitted under this Agreement. 
 (i) During each calendar
quarter during each Minimum Royalty Period, in connection with the reports, payments and calculation of Inspire Royalties due during any such calendar quarter pursuant to Section 5.4, Inspire shall also determine the cumulative amount of
Inspire Royalties accrued through the end of such quarter during the applicable Minimum Royalty Period. If the sum of (x) the cumulative amount of Inspire Royalties accrued through the end of such quarter during the applicable Minimum Royalty
Period and (y) any Quarterly True Up 

 
payments made pursuant to this Section 5.3(a) in connection with any prior calendar quarter during the same Minimum Royalty Period is less than (z) the cumulative Minimum Royalty amount
which has accrued as of the end of the applicable calendar quarter (any such shortfall, a “Quarterly True Up”), then, in addition to the payment of Inspire Royalties that Inspire is obligated to make pursuant to Section 5.4,
Inspire shall also pay InSite an amount equal to the Quarterly True Up. Any such Quarterly True Up payment shall be paid at the same time and in the same manner as the Inspire Royalties paid for such calendar quarter. 

(ii) For example, during the Fifth Minimum Royalty Period, which runs from October 1, 2012 through September 30, 2013:

 (A) US$4.75 Million of the total US$19 Million Minimum Royalty due during the Fifth Minimum Royalty Period shall accrue (and,
if applicable, be payable) during each calendar quarter during the Fifth Minimum Royalty Period. 
 (B) If the cumulative amount
of Inspire Royalties accrued during the first calendar quarter of the Fifth Minimum Royalty Period (i.e., October 1, 2012 through December 31, 2012) is US$3.0 Million, then Inspire shall pay InSite an additional Quarterly True Up payment
of US$1.75 Million (i.e., US$4.75 Million minus US$3.0 Million). 
 (C) Further, if as of March 31, 2013 (the end of the
second calendar quarter of the Fifth Minimum Royalty Period ) the cumulative Inspire Royalties due and payable pursuant to Section 5.4 between October 1, 2012 and March 31, 2013 is US$5.5 Million, then Inspire shall pay InSite an
additional Quarterly True Up payment of US$2.25 Million (i.e., the difference between US$9.5 Million (i.e., two times US$4.75 Million) and (US$5.5 Million plus US$1.75 Million) 

(D) Further, if as of June 30, 2013 (the end of the third calendar quarter of the Fifth Minimum Royalty Period ) the cumulative
Inspire Royalties due and payable pursuant to Section 5.4 between October 1, 2012 and June 30, 2013 is US$7.5 Million, then Inspire shall pay InSite an additional Quarterly True Up payment of US$2.75 Million (i.e. the difference
between US$14.25 Million (i.e., three times US$4.75 Million) and (US$7.5 Million plus US$1.75 Million plus US$2.25 Million). 

(iii) Notwithstanding the foregoing, Inspire shall, within three business days of the First Amendment Effective Date, pay InSite
US$7,293,251, which represents the Quarterly True Up payments due for the first, second and third calendar quarters of the Fourth Minimum Royalty Period. Any Quarterly True Up payment due pursuant to this Section 5.3(a) for the fourth calendar
quarter of the Fourth Minimum Royalty Period and all calendar quarters of the Fifth Minimum Royalty Period shall be determined as set forth above.” 

 ARTICLE 2 
 MISCELLANEOUS 
 2.1 Defined Terms. Capitalized terms used in
this First Amendment that are not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 

2.2 Full Force and Effect. This First Amendment amends the terms of the Agreement and is deemed incorporated into, and
governed by all other terms of, the Agreement. To the extent that the Agreement is explicitly amended by this First Amendment, the terms of this First Amendment will control where the terms of the Agreement are contrary to or conflict with the terms
of this First Amendment. All other terms and conditions of the Agreement not explicitly amended by this First Amendment shall remain in full force and effect. The Agreement shall, together with this First Amendment, be read and construed as a single
instrument. 
 2.3 Further Actions. Each Party shall execute, acknowledge and deliver such further instruments,
and do all other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this First Amendment. 
 2.4 Counterparts. This First Amendment may be executed in one or more counterparts (facsimile and electronic transmission included), and by the respective Parties in separate counterparts,
each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same Agreement. After facsimile or electronic transmission, the parties agree to execute and exchange documents with original
signatures. 

 IN WITNESS WHEREOF, duly authorized representatives of the Parties have duly executed this First
Amendment as of the First Amendment Effective Date. 
  

			
	INSITE VISION INCORPORATED
		
	By:	 	 /s/ Timothy Ruane

	Name:	 	Timothy Ruane
	Title:	 	Chief Executive Officer
	
	INSPIRE PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Stephen C. Propper

	Name:	 	Stephen C. Propper
	Title:	 	Assistant TreasurerLetter Agreement and Release of Claims

 Exhibit 10.1 
 August 3, 2012 
 Sam Trujillo 

 

	 	Re:	Letter Agreement and Release of Claims 

Dear Mr. Trujillo: 
 This
Letter Agreement and Release of Claims (“Agreement”) summarizes the understanding and agreement we have reached concerning your separation and transition from your employment at Conceptus, Inc. (“the Company”). Specifically, we
have agreed as follows: 
 1. Departure from the Company. Your employment with the Company terminated as of July, 2, 2012
(“The Separation Date”). You agree you have received your final paycheck, reflecting all earned wages, including accrued but unpaid PTO, less customary employee withholdings. 

2. Separation Payment. Assuming you sign and do not revoke this Agreement, which includes a full release of claims, and assuming
you otherwise comply with the terms of this Agreement, the Company agrees to provide you with a check in the gross amount of $10,416, representing 2 weeks of your base pay, less customary employee withholdings. Absent revocation, such amount will be
paid on the fifteenth business day after this Agreement is signed. 
 3. Company Benefits. Assuming you sign and do not
revoke this Agreement, which includes a full release of claims, and assuming you otherwise comply with the terms of this Agreement, the Company agrees to reimburse your current medical, dental and vision COBRA coverage through January 2013.
Beginning February 1, 2013, you may continue receiving such benefits pursuant to the terms of COBRA, should you so elect, but at your own expense. The Company agrees to reimburse up to $5,000 in total for the costs you incur in transporting
your personal goods and flying your family (via non first class air passage) back to New Jersey. 
 4. Stock. Details on
amounts of vested shares and shares exercisable underlying your equity awards as of the Separation Date are set forth on the Personnel Option Status chart attached hereto as Exhibit 1. All stock grants and stock purchases through the Company
ESPP can be accessed through your online eTrade account. Your unvested stock options, restricted stock units, and stock appreciation rights terminated on July 2, 2012. 

  
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 5. Unemployment Benefits. The Company will not take any steps to contest any claim
for unemployment insurance benefits should you elect to pursue such benefits. 
 6. Return of Company Property and payment of
American Express balance. You agree that on or before the date you sign this Agreement, you will return to the Company all Company documents (and all copies thereof) which you used or had access to during your employment with the Company,
including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information, specifications, and computer-recorded information. In addition, this confirms that on or before the date you sign this
Agreement, you will return to the Company all other tangible property or equipment, including such things as company car, cell phone, gas card, credit cards, entry cards, identification badges, laptop computer, iPad and any other items that are the
property of the Company. You further acknowledge that, in light of the termination, your American Express card has been canceled, and you are responsible for the balance due on the account of approximately $550. You acknowledge that the balance must
be paid in full prior to the receipt of the separation payment set forth in paragraph two. 
 7. Continuing Obligations
Regarding Company Proprietary Information. You understand and agree that despite your departure from the Company effective on the Separation Date, certain obligations set forth in the Conceptus Proprietary Information and Inventions Agreement
that you signed on December 21, 2010 are continuing and survive the termination of your employment with the Company. (A copy is attached hereto as Exhibit 2.) Included among such obligations is your agreement to protect and preserve, and not
use or disclose to any third parties, trade secrets or other sensitive, proprietary information of the Company. You understand and agree that you are additionally obligated under the Conceptus Proprietary Information and Inventions Agreement to
refrain from encouraging or soliciting any employee or consultant of the Company to leave the Company for any reason. You understand that this non-solicitation provision remains in effect during your employment and for one year following your
employment. 
 8. No Legal Actions. You agree that you have not filed, nor will you file in the future, any claim, charge
or lawsuit against any of the Releasees, as defined in paragraph 9 below, relating to your employment with the Company, the termination thereof, or any other matter or event occurring up to the date of this Agreement. 

9. Release of Claims. In exchange for the special accommodations and considerations set forth in this Release -- in
particular, the severance payment and benefits continuation described in paragraphs 2 and 3 above, to which you would not otherwise be entitled -- you agree, on behalf of your spouse, heirs and assigns, to release the Company, and all of
the Company’s current and former officers, directors, shareholders, employees, investors, affiliates, agents, attorneys and representatives (“Releasees”), from any and all claims, demands, actions or liabilities, including claims for
wrongful termination, breach of contract, violation of state and/or federal discrimination statutes, including the Age Discrimination in Employment Act, the Americans With Disabilities Act, the Workers’ Adjustment and Retraining Notification
Act, Title VII of the Civil Rights Act of 1964, as amended, the Older Workers’ Benefit Protection Act, the Family Medical Leave Act, as well as any analogous or similar state statutes, and any other claims whatsoever based on contract, implied
contract, tort, or under any other federal, state or local statute, regulation or ordinance, which might exist with respect to your employment with the Company, the termination thereof, or any other matter or event occurring up to the date of this
Release. This release extends to any and all claims for alleged unpaid wages, benefits, salary, vacation pay, sick pay, paid time-off, bonuses, commissions or compensation of any kind. This release also extends to any and all claims for
attorneys’ fees, interest, costs, and/or penalties of any kind. What this means is that you agree and acknowledge that you have not filed a claim, action or lawsuit against any of the Releasees, nor will you file a claim, action or lawsuit
against any of the Releasees at any time in the future, which relates in any way to your employment with the Company, the termination thereof, or any other matter or event occurring up to the date of this Release; provided, however, that this
release does not extend to (a) claims which cannot be waived or released as a matter of law, (b) claims for indemnification you may have pursuant to statute; or (c) any claims for coverage pursuant to any insurance policy maintained
by the Company. 

  
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 10. Waiver of Section 1542. You further understand that as part of the
consideration for the release described in this Agreement, you waive the provisions of Section 1542 of the California Civil Code, or any analogous statute from another state. Section 1542 reads as follows: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 It is understood
that all rights and benefits afforded by Section 1542 are specifically waived. 
 11. Confidentiality. Subject to
any disclosure requirements under federal law, the provisions of this Agreement will be held in strictest confidence by you and the Company and will not be publicized or disclosed in any manner whatsoever; provided, however, that:
(a) you may disclose this Agreement to your immediate family; (b) the parties may disclose this Agreement in confidence to their respective attorneys, accountants, auditors, tax preparers, and financial advisors; (c) the Company may
disclose this Agreement as necessary to fulfill standard or legally required corporate reporting or disclosure requirements; and (d) the parties may disclose this Agreement insofar as such disclosure may be necessary to enforce its terms or as
otherwise required by law. In particular, and without limitation, you agree not to disclose the terms of this Agreement to any current or former Company employee. 
 12. Non-disparagement. You agree that you will refrain from making any derogatory, disparaging and/or detrimental statements, either orally or in writing, to any other person or third party about
the Company or any of the Releasees, including statements about the Company’s products, business, services or current or former directors, officers or employees. The Company will direct its officers and directors to refrain from making any
derogatory or disparaging statements, either orally or in writing, to any other person or third party about you. 
 13.
Employment References. In the event the Company receives reference inquiries from prospective employers, the Company agrees to follow its customary procedure by confirming only dates of employment and last position held. 

14. Cooperation on Personnel matters. You understand
that            has complained that you mischaracterized the circumstances             of departure from the Company. In
connection with the Company’s good faith attempts to respond to this complaint, you agree to sign and return a statement under penalty of perjury to the effect that you did not
terminate            from the Company. You further agree to cooperate in providing truthful information relevant to this complaint. 

  
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 15. Miscellaneous. 

a. Entire Agreement. This Agreement, including Exhibits 1 and 2, which are hereby incorporated by reference herein, constitutes
the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to the subject matter described herein. This Agreement is entered into without reliance on any promise or representation, written or oral,
other than those expressly contained herein, and it supersedes any other such promises, warranties or representations. Any changes or modifications must be made in writing and signed by both you and an authorized representative of the Company.

 b. Binding Effect. This Agreement shall be binding upon you, your spouse, heirs, administrators, successors and
assigns, and shall inure to the benefit of the Company, and its successors and assigns. 
 c. No Admission Of Liability.
The Company enters into this Agreement for the sole purpose of avoiding any potential disputes or misunderstandings. This Agreement shall in no way be construed as an admission by the Company, or any of the Releasees, of any wrongful conduct, or
that you have any rights against the Company or the Releasees. 
 d. Construction And Invalidity. In the event that any
provision of this Agreement is determined to be legally invalid or unenforceable by any court of competent jurisdiction, the affected provision shall be stricken from the Agreement, and the remaining terms of the Agreement and its enforceability
shall remain unaffected. 
 e. Governing Law. This Agreement shall be construed and enforced in accordance with the laws
of the State of California. 
 f. Release Voluntary. You acknowledge that you understand the words, terms and effects of
this Agreement and that you have entered into this Agreement voluntarily. 
 16. Rescission And Revocation. You
understand that you have been advised to review this Agreement with an attorney of your choosing, and that you have a period of twenty-one (21) days within which to consider this Agreement before signing it (although you are not required to
wait the full twenty-one (21) days before signing). In addition, you understand that you have the right to revoke this Agreement within seven (7) days of its execution, and that this Agreement is not effective or enforceable until that
revocation period has expired. You understand that if you elect to rescind this Agreement, you must send written notification to me at Conceptus, Inc., 331 E. Evelyn Avenue, Mountain View, California 94041. 

17. This offer will expire if not executed within the 21-day period referenced above in paragraph 16. 

Sam, if this Agreement is acceptable to you, please sign below and return the original to me. 

We wish you good luck in your future endeavors. 

 

	
	Sincerely,
	
	 /s/ Lori
Ciano            

	Lori Ciano

	 Executive Vice President, Human Resources
 Conceptus Inc.

 Exhibit 1 — Personnel Option Status Chart 
 Exhibit 2 — Conceptus Proprietary Information and Inventions Agreement 
 I AGREE TO THE
TERMS SET FORTH ABOVE: 
  

					
	 /s/ Sam Trujillo
	 		 	Date: August 9, 2012
	Name	 		 	

  
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