Document:

Exhibit 4.9

 

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR
HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED
AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED.

 

	Warrant No.	Number of Shares:
		(subject to adjustment)

 

Date of Issuance: January 20, 2010

 

Original Issue Date (as defined in subsection

2(a)(I)(B)):
January 20, 2010

 

INTERCEPT PHARMACEUTICALS, INC.

 

Form of Common Stock Purchase Warrant

 

(Void after January 20, 2015)

 

INTERCEPT
PHARMACEUTICALS, INC., a Delaware corporation (the "Company"), for value received, hereby certifies
that                            ,
or its registered assigns (the "Registered Holder"), is entitled, subject to the terms and conditions set forth
below, to purchase from the Company, at any time or from time to time on or after the date of issuance and on or before 5:00
p.m. (New York City time) on January 20, 2015,                    shares of Common Stock, par value $0.001 per share ("Common Stock"),
of the Company at a purchase price of $1.80 per share. The shares purchasable upon exercise of this Warrant, and the purchase
price per share, each as adjusted from time to time pursuant to the provisions of this Warrant, are hereinafter referred to
as the "Warrant Shares" and the "Purchase Price," respectively.

 

1.          Exercise.

 

(a)          Exercise
for Cash. The Registered Holder may, at its option, elect to exercise this Warrant, in whole or in part and at any time or from
time to time, by surrendering this Warrant, with the purchase form appended hereto as Exhibit I duly executed by or on behalf of
the Registered Holder, at the principal office of the Company, or at such other office or agency as the Company may designate,
accompanied by payment in full, in lawful money of the United States, of the Purchase Price payable in respect of the number of
Warrant Shares purchased upon such exercise.

 

    	 

    	 

    

 

(b)        Cashless
Exercise.

 

(i)          The
Registered Holder may, at its option, elect to exercise this Warrant, in whole or in part and at any time or from time to time,
on a cashless basis, by surrendering this Warrant, with the purchase form appended hereto as Exhibit I duly executed by or on behalf
of the Registered Holder, at the principal office of the Company, or at such other office or agency as the Company may designate,
by canceling a portion of this Warrant in payment of the Purchase Price payable in respect of the number of Warrant Shares purchased
upon such exercise. In the event of an exercise pursuant to this subsection 1(b), the number of Warrant Shares issued to the Registered
Holder shall be determined according to the following formula:

 

X = Y(A-B)

A

 

	Where: X =	 	the number of Warrant Shares that shall be issued to the Registered Holder;
	 	 	 
	Y =	 	the number of Warrant Shares for which this Warrant is being exercised (which shall include
    both the number of Warrant Shares issued to the Registered Holder and the number of Warrant Shares subject to the portion of
    the Warrant being cancelled in payment of the Purchase Price);
	 	 	 
	A =	 	the Fair Market Value (as defined below) of one share of Common Stock; and
	 	 	 
	B =	 	the Purchase Price then in effect.

  

(ii)          The
Fair Market Value per share of Common Stock shall be determined as follows:

 

(A)         If the Common
Stock is listed on a national securities exchange or another nationally recognized trading system as of the Exercise Date, the
Fair Market Value per share of Common Stock shall be deemed to be the average of the high and low reported sale prices per share
of Common Stock thereon on the trading day immediately preceding the Exercise Date (provided that if no such price is reported
on such day, the Fair Market Value per share of Common Stock shall be determined pursuant to clause (B)).

 

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(B)         If the Common
Stock is not listed on a national securities exchange or another nationally recognized trading system as of the Exercise Date,
the Fair Market Value per share of Common Stock shall be deemed to be the amount most recently determined by the Board of Directors
of the Company (the "Board") to represent the fair market value per share of the Common Stock (including without limitation
a determination for purposes of granting Common Stock options or issuing Common Stock under any plan, agreement or arrangement
with employees of the Company); and, upon request of the Registered Holder, the Board (or a representative thereof) shall, as promptly
as reasonably practicable but in any event not later than 10 days after such request, notify the Registered Holder of the Fair
Market Value per share of Common Stock and furnish the Registered Holder with reasonable documentation of the Board's determination
of such Fair Market Value. Notwithstanding the foregoing, if the Board has not made such a determination within the three-month
period prior to the Exercise Date, then (A) the Board shall make, and shall provide or cause to be provided to the Registered Holder
notice of, a determination of the Fair Market Value per share of the Common Stock within 15 days of a request by the Registered
Holder that it do so, and (B) the exercise of this Warrant pursuant to this subsection 1(b) shall be delayed until such determination
is made and notice thereof is provided to the Registered Holder.

 

(c)         Exercise Date.
Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the day on which
this Warrant shall have been surrendered to the Company as provided in subsection 1(a) or 1(b) above (the "Exercise Date").
At such time, the person or persons in whose name or names any certificates for Warrant Shares shall be issuable upon such exercise
as provided in subsection 1(d) below shall be deemed to have become the holder or holders of record of the Warrant Shares represented
by such certificates.

 

(d)         Issuance of
Certificates. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within 10 days thereafter,
the Company, at its expense, will cause to be issued in the name of, and delivered to, the Registered Holder, or as the Registered
Holder (upon payment by the Registered Holder of any applicable transfer taxes) may direct:

 

(i)          a
certificate or certificates for the number of full Warrant Shares to which the Registered Holder shall be entitled upon such exercise
plus, in lieu of any fractional share to which the Registered Holder would otherwise be entitled, cash in an amount determined
pursuant to Section 3 hereof; and

 

(ii)         in
case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on
the face or faces thereof for the number of Warrant Shares equal (without giving effect to any adjustment therein) to the number
of such shares called for on the face of this Warrant minus the number of Warrant Shares for which this Warrant was so exercised
(which, in the case of an exercise pursuant to subsection 1(b), shall include both the number of Warrant Shares issued to the Registered
Holder pursuant to such partial exercise and the number of Warrant Shares subject to the portion of the Warrant being cancelled
in payment of the Purchase Price).

 

2.          Adjustments.

 

(a)          Adjustments
to Purchase Price for Diluting Issues.

 

(i)          Special
Definitions. For purposes of this Section 2, the following definitions shall apply:

 

(A)         "Option"
shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities.

 

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(B)         "Original
Issue Date" shall mean January 20, 2010, which is the date on which this Warrant was first issued (or, if this Warrant was
issued upon partial exercise of, or in replacement of, another warrant of like tenor, the date on which such original warrant was
first issued).

 

(C)         "Convertible
Securities" shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or
exchangeable for Common Stock, but excluding Options.

 

(D)         "Additional
Shares of Common Stock" shall mean all shares of Common Stock issued (or, pursuant to subsection 2(a)(iii) below, deemed to
be issued) by the Company after the Original Issue Date, other than:

 

		(I)	shares of Common Stock, Options or Convertible Securities issued or issuable as a dividend or distribution
on preferred stock of the Company;

 

		(II)	shares of Common Stock, Options or Convertible Securities issued or issuable by reason of a dividend,
stock split, split-up or other distribution on shares of Common Stock that is covered by subsection 2(b) or 2(c) below;

 

		(III)	up to 8,000,000 shares of Common Stock, including Options therefor (subject to appropriate adjustment
in the event of any stock dividend, stock split, combination or other similar recapitalization affecting such shares), issued or
issuable to employees or directors of, or consultants or advisors to, the Corporation or any of its subsidiaries pursuant to a
plan, agreement or arrangement approved by the Board, whether issued before or after the Original Issue Date (provided that any
Options for such shares that expire or terminate unexercised or any restricted stock repurchased by the Corporation at cost shall
not be counted toward such maximum number unless and until such shares are regranted as new stock grants (or as new Options) pursuant
to the terms of any such plan, agreement or arrangement); or

 

		(IV)	shares of Common Stock or Convertible Securities actually issued upon the exercise of Options or
shares of Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance
is pursuant to the terms of such Option or Convertible Security.

 

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(ii)         No
Adjustment of Purchase Price. No adjustment to the Purchase Price shall be made as the result of the issuance of Additional Shares
of Common Stock if the consideration per share (determined pursuant to subsection 2(a)(v)) for such Additional Share of Common
Stock issued or deemed to be issued by the Company is equal to or greater than the Purchase Price in effect immediately prior to
the issuance or deemed issuance of such Additional Shares of Common Stock.

 

(iii)        Issue
of Securities Deemed Issue of Additional Shares of Common Stock.

 

(A)        If the Company
at any time or from time to time after the Original Issue Date shall issue any Options or Convertible Securities (excluding Options
or Convertible Securities which, upon exercise, conversion or exchange thereof, would entitle the holder thereof to receive shares
of Common Stock which are specifically excepted from the definition of Additional Shares of Common Stock by subsection 2(a)(i)(D)
above) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options
or Convertible Securities, then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto without
regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options
or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall
be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have
been fixed, as of the close of business on such record date.

 

(B)        If the terms
of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Purchase Price pursuant to the terms
of subsection 2(a)(iv) below, are revised (either automatically pursuant the provisions contained therein or as a result of an
amendment to such terms) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon
the exercise, conversion or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration
payable to the Company upon such exercise, conversion or exchange, then, effective upon such increase or decrease becoming effective,
the Purchase Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record
date with respect thereto) shall be readjusted to such Purchase Price as would have obtained had such revised terms been in effect
upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no adjustment pursuant
to this clause (B) shall have the effect of increasing the Purchase Price to an amount which exceeds the lower of (i) the Purchase
Price on the original adjustment date, or (ii) the Purchase Price that would have resulted from any issuances of Additional Shares
of Common Stock between the original adjustment date and such readjustment date.

 

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(C)        If the terms
of any Option or Convertible Security (excluding Options or Convertible Securities which, upon exercise, conversion or exchange
thereof, would entitle the holder thereof to receive shares of Common Stock which are specifically excepted from the definition
of Additional Shares of Common Stock by subsection 2(a)(i)(D) above), the issuance of which did not result in an adjustment to
the Purchase Price pursuant to the terms of subsection 2(a)(iv) below (either because the consideration per share (determined pursuant
to subsection 2(a)(v) hereof) of the Additional Shares of Common Stock subject thereto was equal to or greater than the Purchase
Price then in effect, or because such Option or Convertible Security was issued before the Original Issue Date), are revised after
the Original Issue Date (either automatically pursuant the provisions contained therein or as a result of an amendment to such
terms) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion
or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Company
upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional
Shares of Common Stock subject thereto (determined in the manner provided in subsection 2(a)(iii)(A) above) shall be deemed to
have been issued effective upon such increase or decrease becoming effective.

 

(D)         Upon
the expiration or termination of any unexercised Option or unconverted or unexchanged (as applicable) Convertible Security (or
portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Purchase
Price pursuant to the terms of subsection 2(a)(iv) below, the Purchase Price shall be readjusted to such Purchase Price as would
have obtained had such Option or Convertible Security (or portion thereof) never been issued.

 

(E)         No
adjustment in the Purchase Price shall be made upon the issue of shares of Common Stock or Convertible Securities upon the
exercise of Options or the issue of shares of Common Stock upon the conversion or exchange of Convertible Securities.

 

(iv)        Adjustment
of Purchase Price Upon Issuance of Additional Shares of Common Stock. In the event the Company shall at any time after the Original
Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to
subsection 2(a)(iii)), without consideration or for a consideration per share less than the Purchase Price in effect immediately
prior to such issue, then the Purchase Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest
cent) determined by multiplying such Purchase Price by a fraction, (A) the numerator of which shall be (1) the number of shares
of Common Stock outstanding immediately prior to such issue plus (2) the number of shares of Common Stock which the aggregate consideration
received or to be received by the Company for the total number of Additional Shares of Common Stock so issued would purchase at
such Purchase Price; and (B) the denominator of which shall be the number of shares of Common Stock outstanding immediately prior
to such issue plus the number of such Additional Shares of Common Stock so issued; provided that, (i) for the purpose of this subsection
2(a)(iv), all shares of Common Stock issuable upon conversion or exchange of Convertible Securities outstanding immediately prior
to such issue shall be deemed to be outstanding, and (ii) the number of shares of Common Stock deemed issuable upon conversion
or exchange of such outstanding Convertible Securities shall be determined without giving effect to any adjustments to the conversion
or exchange price or conversion or exchange rate of such Convertible Securities resulting from the issuance of Additional Shares
of Common Stock that is the subject of this calculation.

 

(v)         Determination
of Consideration. For purposes of this subsection 2(a), the consideration received by the Company for the issue of any
Additional Shares of Common Stock shall be computed as follows:

 

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(A)         Cash
and Property: Such consideration shall:

 

		(I)	insofar as it consists of cash, be computed at the aggregate of cash received by the Company, excluding
amounts paid or payable for accrued interest;

 

		(II)	insofar as it consists of property other than cash, be computed at the fair market value thereof
at the time of such issue, as determined in good faith by the Board; and

 

		(III)	in the event Additional Shares of Common Stock are issued together with other shares or securities
or other assets of the Company for consideration which covers both, be the proportion of such consideration so received, computed
as provided in clauses (I) and (II) above, as determined in good faith by the Board.

 

(B)         Options
and Convertible Securities. The consideration per share received by the Company for Additional Shares of Common Stock deemed
to have been issued pursuant to subsection 2(a)(iii), relating to Options and Convertible Securities, shall
be determined by dividing

 

		(I)	the total amount, if any, received or receivable by the Company as consideration for the issue
of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments
relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable
to the Company upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of
Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such
Convertible Securities, by

 

		(II)	the maximum number of shares of Common Stock (as set forth in the instruments relating
                                                                   thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the
                                                                   exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for
                                                                   Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such
                                                                   Convertible Securities.

 

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(vi)        Multiple
Closing Dates. In the event the Company shall issue on more than one date Additional Shares of Common Stock which are comprised
of shares of the same series or class of Common Stock, and such issuance dates occur within a period of no more than 120 days,
then, upon the final such issuance, the Purchase Price shall be readjusted to give effect to all such issuances as if they occurred
on the date of the final such issuance (and without giving effect to any adjustments as a result of such prior issuances within
such period).

 

(b)        Adjustment for
Stock Splits and Combinations. If the Company shall at any time or from time to time after the Original Issue Date effect a subdivision
of the outstanding Common Stock, the Purchase Price then in effect immediately before that subdivision shall be proportionately
decreased. If the Company shall at any time or from time to time after the Original Issue Date combine the outstanding shares of
Common Stock, the Purchase Price then in effect immediately before the combination shall be proportionately increased. Any adjustment
under this paragraph shall become effective at the close of business on the date the subdivision or combination becomes effective.

 

(c)        Adjustment for
Certain Dividends and Distributions. In the event the Company at any time, or from time to time after the Original Issue Date shall
make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution
payable in additional shares of Common Stock, then and in each such event the Purchase Price then in effect immediately before
such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of
the close of business on such record date, by multiplying the Purchase Price then in effect by a fraction:

 

(A)        the numerator
of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance
or the close of business on such record date, and

 

(B)        the denominator
of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance
or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or
distribution;

 

provided, however, that if such record
date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor,
the Purchase Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Purchase
Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions.

 

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(d)          Adjustment
in Number of Warrant Shares. When any adjustment is required to be made in the Purchase Price pursuant to subsections 2(b) or
2(c), the number of Warrant Shares purchasable upon the exercise of this Warrant shall be changed to the
number determined by dividing (i) an amount equal to the number of shares issuable upon the exercise of this Warrant
immediately prior to such adjustment, multiplied by the Purchase Price in effect immediately prior to such adjustment, by
(ii) the Purchase Price in effect immediately after such adjustment.

 

(e)          Adjustments
for Other Dividends and Distributions. In the event the Company at any time or from time to time after the Original Issue Date
shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other
distribution payable in securities of the Company (other than shares of Common Stock) or in cash or other property (other than
regular cash dividends paid out of earnings or earned surplus, determined in accordance with generally accepted accounting principles),
then and in each such event provision shall be made so that the Registered Holder shall receive upon exercise hereof, in addition
to the number of shares of Common Stock issuable hereunder, the kind and amount of securities of the Company, cash or other property
which the Registered Holder would have been entitled to receive had this Warrant been exercised on the date of such event and had
the Registered Holder thereafter, during the period from the date of such event to and including the Exercise Date, retained any
such securities receivable during such period, giving application to all adjustments called for during such period under this Section
2 with respect to the rights of the Registered Holder.

 

(f)         Adjustment
for Reorganization. If there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving
the Company in which the Common Stock is converted into or exchanged for securities, cash or other property (other than a transaction
covered by subsections 2(b), 2(c) or 2(e)) (collectively, a "Reorganization"), then, following such Reorganization, the
Registered Holder shall receive upon exercise hereof the kind and amount of securities, cash or other property which the Registered
Holder would have been entitled to receive pursuant to such Reorganization if such exercise had taken place immediately prior to
such Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the application
of the provisions set forth herein with respect to the rights and interests thereafter of the Registered Holder, to the end that
the provisions set forth in this Section 2 (including provisions with respect to changes in and other adjustments of the Purchase
Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities, cash or other property thereafter
deliverable upon the exercise of this Warrant.

 

(g)         Certificate
as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Purchase Price pursuant to this Section 2, the
Company at its expense shall, as promptly as reasonably practicable but in any event not later than 15 days thereafter, compute
such adjustment or readjustment in accordance with the terms hereof and furnish to the Registered Holder a certificate setting
forth such adjustment or readjustment (including the kind and amount of securities, cash or other property for which this Warrant
shall be exercisable and the Purchase Price) and showing in detail the facts upon which such adjustment or readjustment is based.
The Company shall, as promptly as reasonably practicable after the written request at any time of the Registered Holder (but in
any event not later than 15 days thereafter), furnish or cause to be furnished to the Registered Holder a certificate setting forth
(i) the Purchase Price then in effect and (ii) the number of shares of Common Stock and the amount, if any, of other securities,
cash or property which then would be received upon the exercise of this Warrant.

 

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3.           Fractional
Shares. The Company shall not be required upon the exercise or cashless exercise of this Warrant to issue any fractional shares,
but shall pay the value thereof to the Registered Holder in cash on the basis of the Fair Market Value per share of Common Stock,
as determined pursuant to subsection l(b)(ii) above.

 

4.           Investment
Representations. The initial Registered Holder represents and warrants to the Company as follows:

 

(a)         Investment.
It is acquiring the Warrant, and (if and when it exercises this Warrant) it will acquire the Warrant Shares, for its own account
for investment and not with a view to, or for sale in connection with, any distribution thereof, nor with any present intention
of distributing or selling the same; and the Registered Holder has no present or contemplated agreement, undertaking, arrangement,
obligation, indebtedness or commitment providing for the disposition thereof.

 

(b)         Accredited
Investor. The Registered Holder is an "accredited investor" as defined in Rule 501(a) under the Act.

 

(c)         Experience.
The Registered Holder has made such inquiry concerning the Company and its business and personnel as it has deemed appropriate;
and the Registered Holder has sufficient knowledge and experience in finance and business that it is capable of evaluating the
risks and merits of its investment in the Company.

 

5.            Company
Representations. The Company represents and warrants to the Registered Holder as follows:

 

(a)         Issuance of
Warrant. The issuance of the Warrant has been duly authorized by all necessary corporate action on the part of the Company. The
Warrant Shares issuable upon exercise of the Warrant have been duly and validly reserved, and when issued in accordance with the
terms of this Warrant, will be validly issued, fully paid and non assessable and the Registered Holder will acquire the beneficial
and legal title to such Warrant Shares free and clear of any restrictions on transfer other than restrictions imposed or created
under this Warrant, the Stockholders Agreement (as defined below) or by applicable law.

 

(b)         No consent,
approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any court, arbitrational
tribunal, administrative agency or commission or other governmental or regulatory authority or agency is required on the part of
the Company in connection with the issuance and delivery of the Warrant, except such filings as shall have been made prior to and
shall be effective on and as of the Closing (as such term is defined in the Purchase Agreement (as defined below)) and such filings
required to be made after the Closing under applicable federal and state securities laws, all of which filings are specified in
the Disclosure Schedule to the Series B Convertible Preferred Stock Purchase Agreement by and between the Company and the Registered
Holder dated as of the date hereof (the "Purchase Agreement"). Based on the representations made by the Registered Holder
in Section 4 of this Warrant, the issuance of the Warrant to the Registered Holder will be in compliance with applicable federal
and state securities laws.

 

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6.          Transfers,
etc.

 

(a)          Each
certificate representing Warrant Shares shall bear a legend substantially in the following form:

 

"THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE,
AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE
STATE SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE
COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED."

 

The foregoing legend
shall be removed from the certificates representing any Warrant Shares, at the request of the holder thereof, at such time as they
become eligible for resale pursuant to Rule 144(b)(1) under the Act.

 

(b)         The Company
will maintain a register containing the name and address of the Registered Holder of this Warrant. The Registered Holder may change
its address as shown on the warrant register by written notice to the Company requesting such change.

 

(c)         Subject to the
provisions of Section 6 hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of
this Warrant with a properly executed assignment (in the form of Exhibit II hereto) at the principal office of the Company (or,
if another office or agency has been designated by the Company for such purpose, then at such other office or agency).

 

7.           Stockholders
Agreement. The Registered Holder agrees that it shall be a condition precedent to the exercise of this Warrant that such Registered
Holder shall become a party to that certain Second Amended and Restated Stockholders Agreement by and among the parties thereto
dated as of January 20, 2010, as may be amended or amended and restated from time to time (the "Stockholders Agreement")
by executing and delivering to the Secretary of the Company a duplicate counterpart of the Stockholders Agreement or such other
agreements or instruments requested by the Company necessary to bind the Registered Holder to the Stockholders Agreement, and the
Warrant Shares issued upon exercise of this Warrant shall be subject to the terms, conditions, rights and obligations set forth
in the Stockholders Agreement.

 

8.           No
Impairment. The Company will not, by amendment of its charter or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect the rights of the Registered Holder against impairment.

 

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9.           Notices
of Record Date, etc. In the event:

 

(a)         the Company
shall take a record of the holders of its Common Stock (or other stock or securities at the time deliverable upon the exercise
of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any
right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right; or

 

(b)         of any capital
reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or merger of the Company
with or into another corporation (other than a consolidation or merger in which the Company is the surviving entity and its Common
Stock is not converted into or exchanged for any other securities or property), or any transfer of all or substantially all of
the assets of the Company; or

 

(c)          of
the voluntary or involuntary dissolution, liquidation or winding-up of the Company,

 

then, and in each such case, the Company
will send or cause to be sent to the Registered Holder a notice specifying, as the case may be, (i) the record date for such dividend,
distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which
such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is to take place,
and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other stock or securities at the
time deliverable upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock
or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger,
transfer, dissolution, liquidation or winding-up. Such notice shall be sent at least 10 days prior to the record date or effective
date for the event specified in such notice.

 

10.         Reservation
of Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon the exercise of
this Warrant, such number of Warrant Shares and other securities, cash and/or property, as from time to time shall be
issuable upon the exercise of this Warrant.

 

11.         Exchange
or Replacement of Warrants.

 

(a)        Upon the surrender
by the Registered Holder, properly endorsed, to the Company at the principal office of the Company, the Company will, subject to
the provisions of Section 6 hereof, issue and deliver to or upon the order of the Registered Holder, at the Company's expense,
a new Warrant or Warrants of like tenor, in the name of the Registered Holder or as the Registered Holder (upon payment by the
Registered Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number
of shares of Common Stock (or other securities, cash and/or property) then issuable upon exercise of this Warrant.

 

    	- 12 -

    	 

    

 

(b)        Upon receipt
of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in the case
of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will issue,
in lieu thereof, a new Warrant of like tenor.

 

12.         Agreement
in Connection with Public Offering. The Registered Holder agrees, in connection with the initial underwritten public offering of
the Company's securities pursuant to a registration statement under the Act, (i) not to sell, make short sale of, loan, grant any
options for the purchase of, or otherwise dispose of any shares of Common Stock or any other securities of the Company held by
the Registered Holder (other than any shares included in the offering) without the prior written consent of the Company or the
underwriters managing such initial underwritten public offering of the Company's securities for a period of 180 days from the effective
date of such registration statement, and (ii) to execute any agreement reflecting clause (i) above as may be requested by the Company
or the managing underwriters at the time of such offering.

 

13.         Notices.
All notices and other communications from the Company to the Registered Holder in connection herewith shall be mailed by certified
or registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service guaranteeing next business day
delivery, to the address last furnished to the Company in writing by the Registered Holder. All notices and other communications
from the Registered Holder to the Company in connection herewith shall be mailed by certified or registered mail, postage prepaid,
or sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, to the Company at its principal
office set forth below. If the Company should at any time change the location of its principal office to a place other than as
set forth below, it shall give prompt written notice to the Registered Holder and thereafter all references in this Warrant to
the location of its principal office at the particular time shall be as so specified in such notice. All such notices and communications
shall be deemed delivered (i) two business days after being sent by certified or registered mail, return receipt requested, postage
prepaid, or (ii) one business day after being sent via a reputable nationwide overnight courier service guaranteeing next business
day delivery.

 

14.         No
Rights as Stockholder. Except as expressly provided in this Warrant, no Registered Holder, as such, shall be entitled to vote
or receive dividends or be deemed the holder of Common Stock or any other securities of the Company which may at any time be issuable
on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Registered Holder,
as such, any of the rights of a stockholder of the Company or any right to vote for the election of the directors or upon any
matter submitted to stockholders at any meeting thereof, or to receive notice of meetings, or to receive dividends or subscription
rights or otherwise, until this Warrant shall have been exercised and the Warrant Shares purchasable upon the exercise hereof
shall have become deliverable, as provided herein. Notwithstanding the foregoing, in the event (i) the Company effects a split
of the Common Stock by means of a stock dividend and the Purchase Price of and the number of Warrant Shares are adjusted as of
the date of the distribution of the dividend (rather than as of the record date for such dividend), and (ii) the
Registered Holder exercises this Warrant between the record date and the distribution date for such stock dividend, the Registered
Holder shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired
upon such exercise, notwithstanding the fact that such shares were not outstanding as of the close of business on the record date
for such stock dividend.

 

    	- 13 -

    	 

    

 

15.         Amendment
or Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing
signed by the Company and the then current Registered Holder, and such change, waiver, discharge or termination shall be binding
on all future Registered Holders.

 

16.         Section
Headings. The section headings in this Warrant are for the convenience of the parties and in no way alter, modify, amend, limit
or restrict the contractual obligations of the parties.

 

17.         Governing
Law. This Warrant will be governed by and construed in accordance with the internal laws of the State of Delaware (without reference
to the conflicts of law provisions thereof).

 

18.         Facsimile
Signatures. This Warrant may be executed by facsimile signature.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

    	- 14 -

    	 

    

 

EXECUTED as of the Date of Issuance indicated
above.

  

	 	INTERCEPT PHARMACEUTICALS,
INC.
	 	 
	 	By:	
	 	Name:	Mark E. Pruzanski, M.D.
	 	Title:	President and CEO

 

    	- 15 -

    	 

    

 

EXHIBIT I

 

PURCHASE FORM

 

	To:_______________	Dated:______________

 

The undersigned, pursuant to the provisions set
forth in the attached Warrant (No.________), hereby elects to purchase (check applicable box):

 

£           _____shares
of the Common Stock of Intercept Pharmaceuticals, Inc. covered by such Warrant; or

 

£       
  the maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth in subsection
1(b).

 

The undersigned herewith
makes payment of the full purchase price for such shares at the price per share provided for in such Warrant. Such payment takes
the form of (check applicable box or boxes):

 

		£	$_________in lawful money of the United States; and/or

 

		£	the cancellation of such portion of the attached Warrant as is exercisable for a total of____Warrant Shares (using a Fair Market
Value of $_____per share for purposesof this calculation); and/or

 

		£	the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 1(b),
to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 1(b).

 

	 	Signature:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

    	- 16 -

    	 

    

 

EXHIBIT II

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED,
________________________________________hereby sells, assigns and transfers all of the rights of the undersigned under the
attached Warrant (No.___________) with respect to the number of shares of Common Stock of Intercept Pharmaceuticals,
Inc. covered thereby set forth below, unto:

 

	Name of Assignee	Address	No. of Shares
	 	 	 
	 	 	 
	 	 	 

 

	Dated:	 	 	Signature:	 

  

    	- 17 -Exhibit 10.1.1

 

INTERCEPT PHARMACEUTICALS, INC.

 

AMENDED AND RESTATED

2003 STOCK INCENTIVE PLAN

 

(amended and restated as of June 11, 2008,
and further amended on January 19, 2010)

 

		1.	Purpose

 

The purpose of this Amended and Restated
2003 Stock Incentive Plan (the “Plan”) of INTERCEPT PHARMACEUTICALS, INC., a Delaware corporation (the “Company”),
is to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and
motivate persons who make (or are expected to make) important contributions to the Company by providing such persons with equity
ownership opportunities and performance-based incentives and thereby better aligning the interests of such persons with those of
the Company’s stockholders. Except where the context otherwise requires, the term “Company” shall include any
of the Company’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Internal
Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”) and any other business venture
(including, without limitation, joint venture or limited liability company) in which the Company has a controlling interest, as
determined by the Board of Directors of the Company (the “Board”).

 

		2.	Eligibility

 

All of the Company’s employees, officers,
directors, consultants and advisors are eligible to be granted options, restricted stock awards, or other stock-based awards (each,
an “Award”) under the Plan. Each person who has been granted an Award under the Plan shall be deemed a “Participant”.

 

		3.	Administration and Delegation

 

(a)          Administration
by Board of Directors. The Plan will be administered by the Board. The Board shall have authority to grant Awards and to adopt,
amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board
may construe and interpret the terms of the Plan and any Award agreements entered into under the Plan. The Board may correct any
defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem
expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. All decisions by the Board
shall be made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any interest
in the Plan or in any Award. No director or person acting pursuant to the authority delegated by the Board shall be liable for
any action or determination relating to or under the Plan made in good faith.

 

(b)          Appointment
of Committees. To the extent permitted by applicable law, the Board may delegate any or all of its powers under the Plan to
one or more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board”
shall mean the Board or a Committee of the Board or the executive officers referred to in Section 3(c) to the extent that the Board’s
powers or authority under the Plan have been delegated to such Committee or executive officers.

 

    	 

    	 

    

 

(c)          Delegation
to Executive Officers. To the extent permitted by applicable law, the Board may delegate to one or more executive officers
of the Company the power to grant Awards to employees or officers of the Company or any of its present or future subsidiary corporations
and to exercise such other powers under the Plan as the Board may determine, provided that the Board shall fix the terms of the
Awards to be granted by such executive officers (including the exercise price of such Awards, which may include a formula by which
the exercise price will be determined) and the maximum number of shares subject to Awards that the executive officers may grant;
provided further, however, that no executive officer shall be authorized to grant Awards to any “executive
officer” of the Company (as defined by Rule 3b-7 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) or to any “officer” of the Company (as defined by Rule 16a-1 under the Exchange Act).

 

4.            Stock
Available for Awards. Subject to adjustment under Section 8, Awards may be made under the Plan for up to eight million (8,000,000)
shares of the common stock, par value $0.001 per share, of the Company (the “Common Stock”). If any Award expires or
is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in part (including as the
result of shares of Common Stock subject to such Award being repurchased by the Company at the original issuance price pursuant
to a contractual repurchase right) or results in any Common Stock not being issued, the unused Common Stock covered by such Award
shall again be available for the grant of Awards under the Plan, subject, however, in the case of Incentive Stock Options (as hereinafter
defined), to any limitations under the Code. Shares issued under the Plan may consist in whole or in part of authorized but unissued
shares or treasury shares.

 

		5.	Stock Options

 

(a)          General.
The Board may grant options to purchase Common Stock (each, an “Option”) and determine the number of shares of Common
Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise
of each Option, including conditions relating to applicable federal or state securities laws, as it considers necessary or advisable.
An Option that is not intended to be an Incentive Stock Option (as hereinafter defined) shall be designated a “Nonstatutory
Stock Option”.

 

(b)          Incentive
Stock Options. An Option that the Board intends to be an “incentive stock option” as defined in Section 422 of
the Code (an “Incentive Stock Option”) shall only be granted to employees of the Company, any of the present or future
parent or subsidiary corporations of the Company as defined in Sections 424(e) or (f) of the Code, and any other entities the employees
of which are eligible to receive Incentive Stock Options under the Code, and shall be subject to and shall be construed consistently
with the requirements of Section 422 of the Code. The Company shall have no liability to a Participant, or any other party, if
an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive Stock Option.

 

    	- 2 -

    	 

    

 

(c)          Exercise
Price. The Board shall establish the exercise price at the time each Option is granted and specify it in the applicable option
agreement.

 

(d)          Duration
of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as the Board may specify
in the applicable option agreement.

 

(e)          Exercise
of Option. Options may be exercised by delivery to the Company of a written notice of exercise signed by the proper person
or by any other form of notice (including electronic notice) approved by the Board together with payment in full as specified in
Section 5(f) for the number of shares for which the Option is exercised.

 

(f)          Payment
Upon Exercise. Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid for as follows:

 

(1)         in
cash or by check, payable to the order of the Company;

 

(2)         except
as the Board may, in its sole discretion, otherwise provide in an option agreement, by (i) delivery of an irrevocable and unconditional
undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price and any required
tax withholding or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a
creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax
withholding;

 

(3)         when
the Common Stock is registered under the Exchange Act, by delivery of shares of Common Stock owned by the Participant valued at
their fair market value as determined by (or in a manner approved by) the Board in good faith (“Fair Market Value”),
provided (i) such method of payment is then permitted under applicable law and (ii) such Common Stock, if acquired directly
from the Company, was owned by the Participant at least six months prior to such delivery;

 

(4)         to
the extent permitted by applicable law and by the Board, in its sole discretion by (i) delivery of a promissory note of the Participant
to the Company on terms determined by the Board, or (ii) payment of such other lawful consideration as the Board may determine;
or

 

(5)         by
any combination of the above permitted forms of payment.

 

(g)          Substitute
Options. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company of property
or stock of an entity, the Board may grant Options in substitution for any options or other stock or stock-based awards granted
by such entity or an affiliate thereof. Substitute Options may be granted on such terms as the Board deems appropriate in the circumstances,
notwithstanding any limitations on Options contained in the other sections of this Section 5 or in Section 2.

 

    	- 3 -

    	 

    

 

(h)          Repricing
of Options. The Board shall have the authority, at any time and from time to time, with the consent of the affected Participants,
to amend any or all outstanding Options granted under the Plan to provide an Option exercise price per share which may be lower
or higher than the original Option exercise price, and/or to cancel any such Options and grant in substitution therefor other Awards,
including new Options, covering the same or different numbers of shares of Common Stock having an Option exercise price per share
which may be lower or higher than the exercise price of the canceled Options.

 

		6.	Restricted Stock

 

(a)          Grants.
The Board may grant Awards entitling recipients to acquire shares of Common Stock, subject to the right of the Company to repurchase
all or part of such shares at their issue price or other stated or formula price (or to require forfeiture of such shares if issued
at no cost) from the recipient in the event that conditions specified by the Board in the applicable Award are not satisfied prior
to the end of the applicable restriction period or periods established by the Board for such Award (each, a “Restricted Stock
Award”).

 

(b)          Terms
and Conditions. The Board shall determine the terms and conditions of any such Restricted Stock Award, including the conditions
for repurchase (or forfeiture) and the issue price, if any.

 

(c)          Stock
Certificates. Any stock certificates issued in respect of a Restricted Stock Award shall be registered in the name of the Participant
and, unless otherwise determined by the Board, deposited by the Participant, together with a stock power endorsed in blank, with
the Company (or its designee). At the expiration of the applicable restriction periods, the Company (or such designee) shall deliver
the certificates no longer subject to such restrictions to the Participant or if the Participant has died, to the beneficiary designated,
in a manner determined by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the event
of the Participant’s death (the “Designated Beneficiary”). In the absence of an effective designation by a Participant,
Designated Beneficiary shall mean the Participant’s estate.

 

		7.	Other Stock-Based Awards

 

The Board shall have the right to grant
other Awards based upon the Common Stock having such terms and conditions as the Board may determine, including the grant of shares
based upon certain conditions, the grant of securities convertible into Common Stock and the grant of stock appreciation rights.

 

		8.	Adjustments for Changes in Common Stock and Certain
Other Events

 

(a)          Changes
in Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination of shares,
reclassification of shares, spin-off or other similar change in capitalization or event, or any dividend or distribution to holders
of Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under this Plan, (ii) the
number and class of securities and exercise price per share of each outstanding Option, (iii) the number of shares subject to and
the repurchase price per share subject to each outstanding Restricted Stock Award, and (iv) the terms of each other outstanding
Award shall be equitably adjusted by the Company (or substituted Awards may be made, if applicable) in the manner determined by
the Board. Without limiting the generality of the foregoing, in the event the Company effects a split of the Common Stock by means
of a stock dividend and the exercise price of and the number of shares subject to an outstanding Option are adjusted as of the
date of the distribution of the dividend (rather than as of the record date for such dividend), then an optionee who exercises
an Option between the record date and the distribution date for such stock dividend shall be entitled to receive, on the distribution
date, the stock dividend with respect to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact
that such shares were not outstanding as of the close of business on the record date for such stock dividend.

 

    	- 4 -

    	 

    

 

(b)          Reorganization
Events

 

(1)         Definition.
A “Reorganization Event” shall mean: (a) any merger or consolidation of the Company with or into another entity as
a result of which all of the Common Stock of the Company is converted into or exchanged for the right to receive cash, securities
or other property or is cancelled or (b) any exchange of all of the Common Stock of the Company for cash, securities or other property
pursuant to a share exchange transaction.

 

(2)         Consequences
of a Reorganization Event on Awards Other than Restricted Stock Awards. In connection with a Reorganization Event, the Board
may take any one or more of the following actions as to all or any (or any portion of) outstanding Awards other than Restricted
Stock Awards on such terms as the Board determines: (i) provide that Awards shall be assumed, or substantially equivalent Awards
shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to a Participant,
provide that the Participant’s unexercised Awards will terminate immediately prior to the consummation of such Reorganization
Event unless exercised by the Participant within a specified period following the date of such notice, (iii) provide that outstanding
Awards shall become exercisable, realizable, or deliverable, or restrictions applicable to an Award shall lapse, in whole or in
part prior to or upon such Reorganization Event, (iv) in the event of a Reorganization Event under the terms of which holders of
Common Stock will receive upon consummation thereof a cash payment for each share surrendered in the Reorganization Event (the
“Acquisition Price”), make or provide for a cash payment to a Participant equal to the excess, if any, of (A) the Acquisition
Price times the number of shares of Common Stock subject to the Participant’s Awards (to the extent the exercise price does
not exceed the Acquisition Price) over (B) the aggregate exercise price of all such outstanding Awards and any applicable tax withholdings,
in exchange for the termination of such Awards and (v) any combination of the foregoing. In taking any of the actions permitted
under this Section 8(b), the Board shall not be obligated by the Plan to treat all Awards, all Awards held by a Participant, or
all Awards of the same type, identically.

 

For purposes of clause (i) above,
an Option shall be considered assumed if, following consummation of the Reorganization Event, the Option confers the right to purchase,
for each share of Common Stock subject to the Option immediately prior to the consummation of the Reorganization Event, the consideration
(whether cash, securities or other property) received as a result of the Reorganization Event by holders of Common Stock for each
share of Common Stock held immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided,
however, that if the consideration received as a result of the Reorganization Event is not solely common stock of the acquiring
or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation,
provide for the consideration to be received upon the exercise of Options to consist solely of common stock of the acquiring or
succeeding corporation (or an affiliate thereof) equivalent in value (as determined by the Board) to the per share consideration
received by holders of outstanding shares of Common Stock as a result of the Reorganization Event.

 

    	- 5 -

    	 

    

 

(3)         Consequences
of a Reorganization Event on Restricted Stock Awards. Upon the occurrence of a Reorganization Event, the repurchase and other
rights of the Company under each outstanding Restricted Stock Award shall inure to the benefit of the Company’s successor
and shall, unless the Board determines otherwise, apply to the cash, securities or other property which the Common Stock was converted
into or exchanged for pursuant to such Reorganization Event in the same manner and to the same extent as they applied to the Common
Stock subject to such Restricted Stock Award.

 

(c)          Change
in Control Events.

 

(1)         Definitions.

 

		(A)	A “Change in Control Event” shall mean:

 

		(i)	the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act)
(a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially
owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 50% or more of either (x) the then-outstanding shares
of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then-outstanding
securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”);
provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change
in Control Event: (1) any acquisition directly from the Company, (2) any acquisition by any corporation pursuant to a Business
Combination (as defined below) which complies with clauses (x) and (y) of subsection (iii) of this definition or (3) any acquisition
by Genextra S.p.A. (“Genextra”) or an affiliate of Genextra (each such party is referred to herein as an “Exempt
Person”); or

 

    	- 6 -

    	 

    

 

		(ii)	such time as the Continuing Directors (as defined below) do not constitute a majority of the Board (or, if applicable, the
Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date
a member of the Board (x) who was a member of the Board on May 9, 2008, or (y) who was nominated or elected subsequent to such
date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose
election to the Board was recommended, endorsed, approved or ratified by at least a majority of the directors who were Continuing
Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause
(y) any individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect
to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a
person other than the Board; or

 

		(iii)	the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the Company or a
sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless,
immediately following such Business Combination, each of the following two conditions is satisfied: (x) all or substantially all
of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company
Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the
then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally
in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall
include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s
assets either directly or through one or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the
“Acquiring Corporation”) in substantially the same proportions as their ownership of the Outstanding Company Common
Stock and Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination and (y) no Person
(excluding any Exempt Person and any employee benefit plan (or related trust) maintained or sponsored by the Company or by the
Acquiring Corporation) beneficially owns, directly or indirectly, 50% or more of the then-outstanding shares of common stock of
the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation entitled to vote
generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination); or

 

    	- 7 -

    	 

    

 

		(iv)	the liquidation or dissolution of the Company.

 

		(B)	“Good Reason” shall mean any significant diminution in the Participant’s title, authority, or responsibilities
from and after such Reorganization Event or Change in Control Event, as the case may be, or any reduction in the annual base salary
payable to the Participant from and after such Reorganization Event or Change in Control Event, as the case may be, or the relocation
of the place of business at which the Participant is principally located to a location that is greater than 50 miles from its location
immediately prior to such Reorganization Event or Change in Control Event.

 

		(C)	“Cause” shall mean (i) engaging in (A) willful or gross misconduct or (B) willful or gross neglect; (ii) repeatedly
failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company, or any affiliate
or subsidiary thereof; (iii) the commission of a felony or a crime of moral turpitude, dishonesty, breach of trust or unethical
business conduct, or any crime involving the Company, or any affiliate or subsidiary thereof; (iv) fraud, misappropriation or embezzlement;
(v) a material breach of the Participant’s employment, non-competition, non-solicitation, invention, non-disclosure or similar
material agreement with the Company or any affiliate or subsidiary thereof; (vi) acts or omissions constituting a material failure
to perform substantially the duties assigned to the Participant after demand for substantial performance is delivered by the Company
specifically identifying the manner in which the Company believes the Participant has not substantially performed such duties;
(vii) any illegal act detrimental to the Company or its affiliates or subsidiaries; or (viii) repeated failure to devote substantially
all of Participant’s business time and efforts to the Company if required by Participant’s employment agreement; provided,
however, that, if at any particular time the Participant is subject to an effective employment agreement with the Company,
then, in lieu of the foregoing definition, “Cause” shall at that time have such meaning as may be specified in such
employment agreement.

 

(2)         Effect
on Options. Notwithstanding the provisions of Section 10(b), effective immediately prior to a Change in Control Event, except
to the extent specifically provided to the contrary in the instrument evidencing any Option or any other agreement between a Participant
and the Company, the vesting schedule of such Option shall be accelerated in part so that one-half of the number of shares that
would otherwise have first become vested on any date after the date of the Change in Control Event shall immediately become exercisable.
The remaining one-half of such number of shares shall continue to become vested in accordance with the original vesting schedule
set forth in such Option, with one-half of the number of shares that would otherwise have become vested on each subsequent vesting
date in accordance with the original schedule becoming vested on each such subsequent vesting date; provided, however,
that each such Option shall be immediately exercisable in full if, on or prior to the first anniversary of the date of the consummation
of the Change in Control Event, the Participant’s employment with the Company or the acquiring or succeeding corporation
is terminated for Good Reason by the Participant or is terminated without Cause by the Company or the acquiring or succeeding corporation.

 

    	- 8 -

    	 

    

 

(3)         Effect
on Restricted Stock Awards. Notwithstanding the provisions of Section 10(b), effective immediately prior to a Change in Control
Event, except to the extent specifically provided to the contrary in the instrument evidencing any Restricted Stock Award or any
other agreement between a Participant and the Company, the vesting schedule of all Restricted Stock Awards shall be accelerated
in part so that one-half of the number of shares that would otherwise have first become free from conditions or restrictions on
any date after the date of the Change in Control Event shall immediately become free from conditions or restrictions. Subject to
the following sentence, the remaining one-half of such number of shares shall continue to become free from conditions or restrictions
in accordance with the original schedule set forth in such Restricted Stock Award, with one-half of the number of shares that would
otherwise have become free from conditions or restrictions on each subsequent vesting date in accordance with the original schedule
becoming free from conditions or restrictions on each subsequent vesting date. In addition, each such Restricted Stock Award shall
immediately become free from all conditions or restrictions if, on or prior to the first anniversary of the date of the consummation
of the Change in Control Event, the Participant’s employment with the Company or the acquiring or succeeding corporation
is terminated for Good Reason by the Participant or is terminated without Cause by the Company or the acquiring or succeeding corporation.

 

		9.	General Provisions Applicable to Awards

 

(a)          Transferability
of Awards. Except as the Board may otherwise determine or provide in an Award, Awards shall not be sold, assigned, transferred,
pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will
or the laws of descent and distribution, and, during the life of the Participant, shall be exercisable only by the Participant.
References to a Participant, to the extent relevant in the context, shall include references to authorized transferees.

 

(b)          Documentation.
Each Award shall be evidenced in such form (written, electronic or otherwise) as the Board shall determine. Each Award may contain
terms and conditions in addition to those set forth in the Plan.

 

(c)          Board
Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any other
Award. The terms of each Award need not be identical, and the Board need not treat Participants uniformly.

 

    	- 9 -

    	 

    

 

(d)          Termination
of Status. The Board shall determine the effect on an Award of the disability, death, termination or other cessation of employment,
authorized leave of absence or other change in the employment or other status of a Participant and the extent to which, and the
period during which, the Participant, or the Participant’s legal representative, conservator, guardian or Designated Beneficiary,
may exercise rights under the Award.

 

(e)          Withholding.
The Participant must satisfy all applicable federal, state, and local or other income and employment tax withholding obligations
before the Company will deliver stock certificates or otherwise recognize ownership of Common Stock under an Award. The Company
may decide to satisfy the withholding obligations through additional withholding on salary or wages. If the Company elects not
to or cannot withhold from other compensation, the Participant must pay the Company the full amount, if any, required for withholding
or have a broker tender to the Company cash equal to the withholding obligations. Payment of withholding obligations is due before
the Company will issue any shares on exercise or release from forfeiture of an Award or, if the Company so requires, at the same
time as is payment of the exercise price unless the Company determines otherwise. If provided for in an Award or approved by the
Board in its sole discretion, a Participant may satisfy such tax obligations in whole or in part by delivery of shares of Common
Stock, including shares retained from the Award creating the tax obligation, valued at their Fair Market Value; provided,
however, except as otherwise provided by the Board, that the total tax withholding where stock is being used to satisfy
such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding
rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income). Shares
surrendered to satisfy tax withholding requirements cannot be subject to any repurchase, forfeiture, unfulfilled vesting or other
similar requirements.

 

(f)          Amendment
of Award. The Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor
another Award of the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock
Option to a Nonstatutory Stock Option, provided that the Participant’s consent to such action shall be required unless the
Board determines that the action, taking into account any related action, would not materially and adversely affect the Participant.

 

(g)          Conditions
on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan or to remove
restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to
the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection
with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable
stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such
representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules
or regulations.

 

(h)          Acceleration.
The Board may at any time provide that any Award shall become immediately exercisable in full or in part, free of some or all restrictions
or conditions, or otherwise realizable in full or in part, as the case may be.

 

    	- 10 -

    	 

    

 

(i)          Deferred
Delivery of Shares Issuable Pursuant to an Award. The Board may, at the time any Award is granted, provide that, at the time
Common Stock would otherwise be delivered pursuant to the Award, the Participant shall instead receive an instrument evidencing
the right to future delivery of Common Stock at such time or times, and on such conditions, as the Board shall specify. The Board
may at any time accelerate the time at which delivery of all or any part of the Common Stock shall take place.

 

		10.	Miscellaneous

 

(a)          No
Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award
shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The
Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from
any liability or claim under the Plan, except as expressly provided in the applicable Award.

 

(b)          No
Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have
any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming
the record holder of such shares. Notwithstanding the foregoing, in the event the Company effects a split of the Common Stock by
means of a stock dividend and the exercise price of and the number of shares subject to such Option are adjusted as of the date
of the distribution of the dividend (rather than as of the record date for such dividend), then an optionee who exercises an Option
between the record date and the distribution date for such stock dividend shall be entitled to receive, on the distribution date,
the stock dividend with respect to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that
such shares were not outstanding as of the close of business on the record date for such stock dividend.

 

(c)          Effective
Date and Term of Plan. The Plan shall become effective on the date on which it is adopted by the Board. No Awards shall be
granted under the Plan after the completion of ten years from the earlier of (i) the date on which the Plan was adopted by the
Board or (ii) the date the Plan was approved by the Company’s stockholders, but Awards previously granted may extend beyond
that date.

 

(d)          Amendment
of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time.

 

(e)          Authorization
of Sub-Plans. The Board may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable
blue sky, securities or tax laws of various jurisdictions. The Board shall establish such sub-plans by adopting supplements to
this Plan containing (i) such limitations on the Board’s discretion under the Plan as the Board deems necessary or desirable
or (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable.
All supplements adopted by the Board shall be deemed to be part of the Plan, but each supplement shall apply only to Participants
within the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Participants in any
jurisdiction that is not the subject of such supplement.

 

    	- 11 -

    	 

    

 

(f)          Compliance
with Code Section 409A. No Award shall provide for deferral of compensation that does not comply with Section 409A of the Code,
unless the Board, at the time of grant, specifically provides that the Award is not intended to comply with Section 409A of the
Code. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from,
or compliant with, Section 409A is not so exempt or compliant or for any action taken by the Board.

 

(g)          Governing
Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with the laws
of the State of Delaware, without regard to any applicable conflicts of law.

 

    	- 12 -

    	 

    

 

INTERCEPT
PHARMACEUTICALS, INC.

 

CALIFORNIA
SUPPLEMENT TO 2003 STOCK INCENTIVE PLAN

 

Pursuant to Section 10(e) of the Plan, the
Board has adopted this supplement for purposes of satisfying the requirements of Section 25102(o) of the California Law:

 

Any Awards granted under the Plan to a Participant
who is a resident of the State of California on the date of grant (a “California Participant”) shall be subject to
the following additional limitations, terms and conditions:

 

		1.	Additional Limitations on Options.

 

(a)          Maximum
Duration of Options. No Options granted to California Participants will be granted for a term in excess of 10 years.

 

(b)          Minimum
Exercise Period Following Termination. Unless a California Participant’s employment is terminated for cause (as defined
by applicable law, the terms of any contract of employment between the Company and such Participant, or if none, in the instrument
evidencing the grant of such Participant’s Option), in the event of termination of employment of such Participant, he or
she shall have the right to exercise an Option, to the extent that he or she was otherwise entitled to exercise such Option on
the date employment terminated, until the earlier of: (i) at least six months from the date of termination, if termination was
caused by such Participant’s death or “permanent and total disability” (within the meaning of Section 22(e)(3)
of the Code), (ii) at least 30 days from the date of termination, if termination was caused other than by such Participant’s
death or “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code) and (iii) the Option
expiration date.

 

2.            Additional
Limitations for Other Stock-Based Awards. The terms of all Awards granted to a California Participant under Section 7 of the
Plan shall comply, to the extent applicable, with Sections 260.140.41, 260.140.42, 260.140.45 and 260.140.46 of the California
Code of Regulations (the “California Regulations”).

 

3.            Additional
Limitations on Timing of Awards. No Award granted to a California Participant shall become exercisable, vested or realizable,
as applicable to such Award, unless the Plan has been approved by the holders of a majority of the Company’s outstanding
voting securities by the later of (i) within 12 months before or after the date the Plan was adopted by the Board and (ii) prior
to or within 12 months of the granting of any Award to a California Participant.

 

4.            Additional
Restriction Regarding Recapitalizations, Stock Splits, Etc. For purposes of Section 8 of the Plan, in the event of a stock
split, reverse stock split, stock dividend, recapitalization, combination, reclassification or other distribution of the Company's
securities, the number of securities allocated to each California Participant, and in the case of Options, the exercise price of
such Options, must be adjusted proportionately and without the receipt by the Company of any consideration from any California
participant.

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