Document:

Exhibit 10.8

 

Unanimous Action Confirmation Letter

 

The undersigned (the “Signatories”) of this Unanimous
Action Confirmation Letter (the “Confirmation”), all being partners of Nanjing KangJiaFu Royal Traditional Health Preserving
Club, a Limited Partnership (the “Partnership”), hold collectively 100% equity interest in the Partnership, of which
Wuxi KangJiaFu Royal Traditional Health Management Co., Ltd. (the “Wuxi KJF”) as a partner has a 58.33% share;

 

The Signatories hereby agree and confirm that Wuxi KJF is authorized
to exercise such rights on behalf of all other partners in all matters in connection with the Partnership and adopt such resolutions
as if they had been adopted by the Partnership partner meetings, and further agree and confirm that, as of the date hereof, all
signatories shall act in concert with the Wuxi KJF.

 

This Confirmation is executed on December 28, 2012 by the following
Signatories:

 

/seal/Wuxi KangJiaFu Royal Traditional Health Management Co.

Legal Representative:/s/
Yazhong Liao

 

And other partners: /s/

Hongmei Xu, Haixian Tang, Zhihua Lu, Lifen Yuan,

Wei Feng, Qin Gao, Yuqing Shao, Xiaowei Lu,

Chunmei Ma, Yaming Hu, Minjiu Wang, Shenying
Hu,

Suqin Zhang, Juan Chen, Rong Wang, Xiaochun
Guo,

Xiaolian Wang, Shouhua Zou, Huiwen Qu, Xiping
Qian, Weijie YouExhibit 10.1

 

INTERCEPT PHARMACEUTICALS, INC.

 

NON-EMPLOYEE
DIRECTOR COMPENSATION POLICY

 

The Board of Directors of Intercept Pharmaceuticals,
Inc. (the “Company”) has approved the following Non-Employee Director Compensation Policy (this “Policy”)
which establishes compensation to be paid to non-employee directors of the Company, to provide an inducement to obtain and retain
the services of qualified persons to serve as members of the Company’s Board of Directors.

 

Applicable Persons

 

This Policy shall apply to each director
of the Company who is not an employee of, or compensated consultant to, the Company or any Affiliate (each, an “Outside
Director”). “Affiliate” shall mean an entity which is a direct or indirect parent or subsidiary of
the Company, as determined pursuant to Section 424 of the Internal Revenue Code of 1986, as amended.

 

Equity Grants

 

Annual Equity Grants

 

Each Outside Director who has served as
a member of the Board of Directors for at least nine months prior to the date of the Company’s annual meeting of stockholders
(the “Annual Meeting Date”) shall be granted, automatically and without any action on the part of the Board of Directors,
under the Company’s 2012 Equity Incentive Plan or any successor plan (the “Equity Plan”) a non-qualified
stock option and/or restricted shares of the Company’s common stock (“Restricted Stock”) each year on
such Annual Meeting Date. The following table sets forth the value of the stock options and Restricted Stock to be granted to the
Outside Directors as part of their annual equity grants:

 

	 	 	Stock Options	 	 	Restricted Stock	 
	Chairperson of the Board	 	$	60,000	 	 	$	60,000	 
	Other Outside Directors	 	$	47,500	 	 	$	47,500	 

 

The equity grants shall vest on the one-year
anniversary of the date of grant, subject to the Outside Director’s continued service on the Board of Directors; provided,
however, that if the next subsequent Annual Meeting Date is held prior to the one year anniversary date from the grant, the equity
grants shall vest as of the close of business on the day immediately preceding such Annual Meeting Date, subject to the Outside
Director’s continued service on the Board of Directors. The grants shall vest in full immediately prior to a change in control
of the Company.

 

Initial Equity Grants
for Newly Appointed or Elected Directors

 

Each new Outside Director shall be granted
(i) a non-qualified stock option under the Equity Plan to purchase shares of the Company’s common stock equivalent to $95,000
in value and (ii) shares of Restricted Stock equivalent to $95,000 in value. The grant shall be made automatically and without
any action on the part of the Board of Directors, on the first Annual Meeting Date immediately following the appointment of the
new Outside Director; provided, however, that if the new Outside Director is initially elected on such Annual Meeting Date, the
date of grant shall be the Annual Meeting Date upon which such Outside Director was initially elected to the Board of Directors.

 

    	 

    	 

    

 

The equity grants shall vest annually over
three years on the anniversary of the date the Outside Director was first elected or appointed to the Board of Directors (each,
an “Anniversary Date”), subject to the Outside Director’s continued service on the Board of Directors;
provided, however, if the next subsequent Annual Meeting Date (starting from the Annual Meeting Date in the year after the
initial equity grants are made) is held prior to the Anniversary Date in that year, the annual vesting for such year shall occur
on the day immediately preceding the date of the Annual Meeting Date in such year, subject to the Outside Director’s continued
service on the Board of Directors. The grants shall vest in full immediately prior to a change in control of the Company.

 

Calculation Methodology

 

The number of shares underlying the stock
options to be granted to Outside Directors shall be determined based on a Black-Scholes calculation (using the assumptions the
Company uses to determine the fair value of an option grant in accordance with the accounting rules) on the date of grant. The
number of shares of Restricted Stock to be granted to Outside Directors shall be based on the fair market value of the Company’s
common stock as determined in the Equity Plan on the date of grant. All stock options shall have an exercise price equal to the
fair market value of the Company’s common stock as determined in the Equity Plan on the date of grant.

 

Cash Fees

 

Annual Cash Payments

 

The following annual cash fees shall be
paid to the Outside Directors serving on the Board of Directors and the Audit Committee, Compensation Committee and Nominating
and Governance Committee, as applicable.

 

 

	Board of Directors or Committee of Board of Directors	 	Annual Retainer Amount for Chair	 	 	Annual Retainer Amount for Other Members	 
	Board of Directors	 	$	65,000	 	 	$	40,000	 
	Audit Committee	 	$	15,000	 	 	$	7,500	 
	Compensation Committee	 	$	10,000	 	 	$	5,000	 
	Nominating and Governance Committee	 	$	7,000	 	 	$	3,000	 

 

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Payment Terms
for All Cash Fees

 

Cash payments payable to Outside Directors
shall be paid quarterly in arrears as of the last day of each fiscal quarter. Committee cash fees shall commence effective as of
January 1, 2014.

 

Following an Outside Director’s first
election or appointment to the Board of Directors, such Outside Director shall receive his or her cash compensation pro-rated during
the first fiscal quarter in which he or she was initially appointed or elected for the number of days during which he or she provides
service. If an Outside Director dies, resigns or is removed during any quarter, he or she shall be entitled to a cash payment on
a pro-rated basis through his or her last day of service.

 

Expenses

 

Upon presentation of documentation of such
expenses reasonably satisfactory to the Company, each Outside Director shall be reimbursed for his or her reasonable out-of-pocket
business expenses incurred in connection with attending meetings of the Board of Directors and Committees thereof or in connection
with other business related to the Board of Directors, and each Outside Director shall also be reimbursed for his or her reasonable
out-of-pocket business expenses authorized by the Board of Directors or a Committee of the Board of Directors that are incurred
in connection with attendance at various conferences or meetings with management of the Company. Each Outside Director shall abide
by the Company’s travel and other policies applicable to Company personnel.

 

Amendments

 

The Compensation Committee
or the Board of Directors shall review this Policy from time to time to assess whether any amendments in the type and amount of
compensation provided herein should be adjusted in order to fulfill the objectives of this Policy.

 

    	3Exhibit 10.2

Executive Version

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”), made effective as of April 30, 2014, is entered into by Intercept Pharmaceuticals, Inc. (the “Company”)
and Rachel McMinn (“Executive”).

 

WHEREAS, the Company
desires to employ Executive, and Executive desires to be employed by the Company on the terms hereinafter set forth.

 

NOW THEREFORE, in consideration
of the mutual covenants and promises contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by the parties to this Agreement, the parties agree as follows:

 

1.     
Term of Employment. The Company hereby agrees to employ Executive, and Executive hereby accepts employment with the
Company, upon the terms set forth in this Agreement, for the period commencing on the date hereof (the “Commencement Date”)
and ending on April 30, 2015, unless sooner terminated in accordance with the provisions of Section 4 (such period, the “Initial
Term”); provided, however, that on each anniversary of the Commencement Date, the term of employment under
this Agreement shall be automatically extended for an additional one-year period (each such period, a “Subsequent Period”)
unless terminated sooner pursuant to Section 4 or if, at least thirty (30) days prior to the applicable anniversary date, either
Executive or the Company provides written notice to the other party electing not to extend. The Initial Term together with each
Subsequent Term, if any, are referred to hereinafter as the “Agreement Term.”

 

2.     
Title; Capacity. During the Agreement Term, the Company will employ Executive as its Chief Strategy Officer to perform
the duties and responsibilities inherent in such position and such other duties and responsibilities as the Chief Executive Officer
of the Company (the “CEO”) shall from time to time reasonably assign to her. On an annual basis, the Company’s
Board of Directors (the “Board”) in consultation with Executive and the CEO, will set reasonably attainable, specific
goals pursuant to the objectives of the Company as in effect from time to time. Executive shall report directly to the CEO and
shall be subject to the supervision of, and shall have such authority as is delegated to her by, the CEO, which authority shall
be sufficient to perform her duties hereunder. Executive will be based at the Company’s headquarters in New York, New York.
Subject to Section 4.3 below, the location of Executive’s employment is subject to change during the course of the Agreement
Term as determined by the Board in consultation with the Executive. Executive hereby accepts such employment and agrees to undertake
the duties and responsibilities inherent in such position and such other duties as may be reasonably assigned to her. Executive
shall devote her full business time, energies and attention in the performance of the foregoing services. Notwithstanding the foregoing,
nothing herein shall preclude Executive from (i) performing services for such other companies as the Company may designate or permit,
(ii) serving, with the prior written consent of the Board, which consent shall not be unreasonably withheld, as an officer or member
of the boards of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses,
(iii) serving as an officer or a member of charitable, educational or civic organizations, (iv) engaging in charitable activities
and community affairs, and (v) managing Executive's personal investments and affairs; provided, however, that the activities set
out in clauses (i) – (v) shall be limited by Executive so as not to materially interfere, individually or in the aggregate,
with the performance of Executive's duties and responsibilities hereunder.

 

    	 

    	 

    

 

3.     
Compensation and Benefits.

 

3.1             
 Salary. The Company shall pay Executive an initial annualized base salary of $355,000.00, payable in accordance
with the Company’s regular payroll practices. Such base salary shall be subject to annual review and increase (but not decrease)
as may be determined and approved by the Board or the Company’s Compensation Committee in its sole discretion.

 

3.2             
Bonuses. At the end of a given fiscal year, Executive will be eligible to receive a bonus equal to up to 40% of her
base salary in effect at the end of such fiscal year. The amount of any such bonus shall be based on factors including, but not
limited to, Executive’s achievement, as determined by the Board or the Compensation Committee in its sole discretion, of
reasonable goals and milestones established in advance by the Board or the Compensation Committee in consultation with the CEO
and Executive. The period for calculation of the bonus shall be consistent with the Company’s fiscal year. Such bonus, if
any, will be paid to Executive on or after January 1 and in any case no later than March 15 of the immediately succeeding fiscal
year. The bonus shall be paid in cash; provided that, if requested by Executive and approved by the Board, some or
all of the bonus may be paid in equity under the Company’s stockholder approved stock plan then in effect (valued at the
fair market value thereof), or any combination of the foregoing. To the extent that the Company is required pursuant to Section
954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to develop and implement a policy (the “Policy”)
providing for the recovery from the Executive of any payment of incentive-based compensation paid to the Executive that was based
upon erroneous data contained in an accounting statement, this Agreement shall be deemed amended and the Policy incorporated herein
by reference as of the date that the Company takes all necessary corporate action to adopt the Policy, without requiring any further
action of the Company or the Executive, provided that any such Policy shall only be binding on the Executive if the same Policy
applies to the Company's other executive officers.

 

3.3             
Signing Bonus. The Company shall pay to Executive a starting bonus of $50,000, which shall be payable in accordance
with the following schedule: (i) $25,000 shall be payable together with the first regularly scheduled paycheck for salary to be
received by Executive (the “First Signing Bonus”) and (ii) an additional $25,000 (the “Second Signing Bonus”),
shall be payable on May 1, 2015 (the “Second Signing Bonus Payment Date”), if Executive remains employed at the Company
on the Second Signing Bonus Payment Date. If Executive voluntarily leaves the employment of the Company or if Executive’s
employment is terminated by the Company for Cause (as defined below) on or before the Second Signing Bonus Payment Date, Executive
shall repay to the Company the First Signing Bonus in full on the last day of employment and the Second Signing Bonus shall be
forfeited. If Executive voluntarily leaves the employment of the Company or if Executive’s employment is terminated by the
Company for Cause after the Second Signing Bonus Payment Date but on or before the first anniversary of the Second Signing Bonus
Payment Date, Executive shall repay to the Company the Second Signing Bonus in full on the last day of employment.

 

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3.4             
Equity Awards.

 

(a)               
On the Commencement Date, the Company shall award Executive (i) a stock option under its 2012 Equity Incentive Plan (the
“2012 Plan”) to purchase shares of the Company’s common stock at a per share exercise price equal to the closing
price of the common stock on the Commencement Date (the “Time-Based Option”), such price being the fair market value
of one share of the Company’s common stock on the date thereof, with the aggregate fair value of the Time-Based Option equal
to $1,300,000 as of the date of grant based on the Black-Scholes methodology as approved by the Company’s Compensation Committee
and/or the Board and (ii) shares of restricted stock (the “Restricted Stock”) with an aggregate fair value equal to
$1,300,000 as of the date of grant.

 

(b)              
On the Commencement Date, the Company shall award Executive a stock option under its 2012 Plan to purchase shares of the
Company’s common stock at a per share exercise price equal to the closing price of the common stock on the Commencement Date
(the “Performance Option”), such price being the fair market value of one share of the Company’s common stock
on the date thereof, with the aggregate fair value of the Performance Option equal to $1,400,000 as of the date of grant based
on the Black-Scholes methodology as approved by the Company’s Compensation Committee and/or the Board.

 

(c)               
Each of the Time-Based Option, the Restricted Stock and the Performance Option will be evidenced in writing by an agreement
provided by the Company. The Time-Based Option shall vest as follows: (i) one-quarter of the Time-Based Option will vest on the
first anniversary of the Commencement Date; and (ii) the remaining balance will vest in equal monthly installments in arrears over
the three (3) year period commencing on the first anniversary of the Commencement Date and ending on the fourth anniversary of
the Commencement Date, all subject to Executive’s continued employment by the Company and the 2012 Plan, except as otherwise
set forth herein. The Time-Based Option agreement will specify that vested options shall be exercisable for up to ten (10) years,
subject to the terms of this Agreement and the 2012 Plan. The shares underlying the Restricted Stock shall vest as follows: (x)
one-quarter of the shares underlying the Restricted Stock will vest on the first anniversary of the Commencement Date; and (y)
the remaining balance will vest in equal quarterly installments in arrears over the three (3) year period commencing on the first
anniversary of the Commencement Date and ending on the fourth anniversary of the Commencement Date, all subject to Executive’s
continued employment by the Company and the 2012 Plan, except as otherwise set forth herein. The Performance Option shall vest
based on the satisfaction of certain regulatory milestones as may be determined by the Compensation Committee or the Board at the
time of grant (and as to be set forth in the Performance Option agreement), all subject to Executive’s continued employment
by the Company and the 2012 Plan, except as otherwise set forth herein. The Performance Option agreement will specify that vested
options shall be exercisable for up to ten (10) years, subject to the terms of this Agreement and the 2012 Plan.

 

(d)              
At the sole discretion of the Board or the Company’s Compensation Committee, additional stock options or other equity-based
awards may be granted to Executive from time to time.

 

3.5             
Fringe Benefits. Executive shall be entitled to participate in all bonus and benefit programs that the Company establishes
and makes available to its executives and/or employees from time to time, including, but not limited to, health care plans, dental
care plans, supplemental retirement plans, life insurance plans, disability insurance plans and incentive compensation plans, to
the extent that Executive is eligible under, and subject to the terms and conditions of, the applicable plan documents governing
such programs. The Company shall pay 100% of the premium cost for health insurance coverage for Executive, her spouse and children,
provided that her spouse and dependents are not covered by an equivalent health insurance plan provided by her spouse’s
employer. Executive shall be eligible to accrue up to four (4) weeks of paid vacation each calendar year (to be taken at such times
and in such number of days as Executive shall determine in consultation with the CEO and in a manner so as not to impair or otherwise
interfere with Executive’s ability to perform her duties and responsibilities hereunder). The vacation days for which Executive
is eligible shall accrue at the rate of 1.67 days per month that Executive is employed during such calendar year. Vacation accrual
will be capped at 1.75 times Executive’s annual vacation accrual. When Executive’s accrued vacation reaches the cap,
she will not accrue additional vacation time until some of the previously accrued vacation is used and the accrued amount falls
below the cap, unless the Company is acquired by another business venture, in which case none of the previous year’s accrued
vacation will be subject to a cap. Executive shall also be eligible for paid holidays and up to five (5) paid sick days annually,
in accordance with the Company’s policies for its senior executives as in effect from time to time. At the end of each calendar
year, all unused sick days shall be forfeited.

 

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3.6             
Reimbursement of Expenses. The Company shall reimburse Executive for reasonable travel, entertainment and other expenses
incurred or paid by her in connection with, or related to the performance of her duties, responsibilities or services under this
Agreement, upon presentation by Executive of documentation, expense statements, vouchers and/or such other supporting information
as the Company may request. Executive must submit proper documentation for each such expense within sixty (60) days after the later
of (i) her incurrence of such expense or (ii) her receipt of the invoice for such expense. The Company will reimburse Executive
for that expense within thirty (30) days after receipt of the documentation. Executive shall abide by the Company’s travel
and other policies applicable to Company personnel.

 

3.7             
Withholdings. Payments made under this Section 3 shall be subject to applicable federal, state and local taxes and
withholdings, if any.

 

4.     
Termination of Employment Period. The Agreement Term shall terminate upon the occurrence of any of the following:

 

4.1             
Expiration of the Agreement Term. This Agreement shall expire at the end of the Agreement Term; provided,
that notice is given in accordance with Section 1 of this Agreement.

 

4.2             
Termination by the Company for Cause. At the election of the Company, for Cause, immediately following written notice
by the Company to Executive, which notice shall identify in reasonable detail the Cause upon which termination is based. For the
purposes of this Agreement, “Cause” for termination shall be deemed to exist upon:

 

(a)               
a good faith finding by the Company that (i) Executive has engaged in material dishonesty, willful misconduct or gross negligence;
(ii) Executive has breached or has threatened to breach her Invention, Non-Disclosure, and Non-Solicitation Agreement; or (iii)
Executive has materially breached this Agreement, and Executive has failed to cure such conduct or breach within thirty (30) days
after her receipt of written notice from the Company of such breach; or

 

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(b)              
Executive’s conviction, guilty plea, or entry of nolo contendere to any crime involving moral turpitude, fraud or
embezzlement, or any felony.

 

4.3             
Termination By Executive for Good Reason. Executive may terminate the Agreement Term for Good Reason. For purposes
of this Agreement, “Good Reason” means the occurrence, without Executive’s written consent, any of the events
or circumstances set forth in clauses (a) through (c) below. In addition, notwithstanding the occurrence of any of the events enumerated
in clauses (a) through (c), such occurrence shall not be deemed to constitute Good Reason if, within thirty (30) days after the
Company’s receipt of written notice from Executive of the occurrence or existence of an event or circumstance enumerated
in clauses (a) through (c), such event or circumstance has been remedied by the Company.  Executive shall not be deemed
to have terminated her employment for Good Reason unless she first delivers a written notice of termination to the Company identifying
in reasonable detail the acts or omissions constituting Good Reason within ninety (90) days after their occurrence and the provision
of this Agreement relied upon, such acts or omissions are not cured by the Company within thirty (30) days of the receipt of such
notice, and Executive actually ends her employment within one-hundred and twenty (120) days after the Company’s failure to
cure. 

 

(a)               
any other action or omission by the Company which results in a material diminution in Executive’s position, status,
offices, titles, authority, responsibilities, or reporting requirements;

 

(b)              
a change by the Company in the location at which Executive performs her principal duties for the Company to a different
location that is more than fifty (50) miles from the location at which Executive performed her principal duties for the Company
immediately prior to the date on which such change occurs; or

 

(c)               
any material breach by the Company of this Agreement.

 

4.4             
Death or Disability. This Agreement shall terminate upon Executive’s death or disability. As used in this Agreement,
the determination of “disability” shall occur when Executive, due to a physical or mental disability, for a period
of 60 consecutive days, or 120 days in the aggregate whether or not consecutive, during any 360-day period, is unable to perform
the services contemplated under this Agreement. A determination of disability shall be made by a physician satisfactory to both
Executive and the Company; provided, that, if Executive and the Company do not agree on a physician, Executive and
the Company shall each select a physician and these two together shall select a third physician, whose determination as to disability
shall be binding on all parties.

 

4.5             
Termination by Executive Without Good Reason or Termination by the Company Without Cause. At the election of Executive
without Good Reason or by the Company without Cause, upon not less than thirty (30) days’ prior written notice to the other
party.

 

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5.     
Effect of Termination.

 

5.1             
Payments Upon Termination for Any Reason. In the event Executive’s employment is terminated pursuant to Section
4, the Company shall pay to Executive (or her estate or legal representative, if applicable), on the date of her termination of
employment with the Company, the compensation and benefits under Sections 3.1, 3.3, 3.4 and 3.5 that are accrued and unpaid through
such termination date (including, without limitation, an amount equal to all accrued but unused vacation pay and unreimbursed expenses).
In the event of termination of Executive’s employment by Executive by reason of non-renewal of the Agreement Term pursuant
to Sections 1 and 4.1, the Company for Cause pursuant to Section 4.2, by reason of Executive’s death or disability pursuant
to Section 4.4, or by Executive without Good Reason pursuant to Section 4.5, Executive shall not receive any compensation or benefits
other than as expressly stated in this Section 5.1 and as otherwise required by law.

 

5.2             
Termination by the Company Without Cause, by the Company by Reason of Non-Renewal of Agreement Term, or by Executive
for Good Reason. Subject to Section 5.3 below, in addition to the payments and provisions under Section 5.1, in the event of
termination of Executive’s employment by the Company by reason of non-renewal of the Agreement Term pursuant to Sections
1 and 4.1, by Executive for Good Reason pursuant to Section 4.3, or by the Company without Cause pursuant to Section 4.5, provided
that Executive executes a release of claims substantially in the form attached hereto as Exhibit A (the “Release”),
which Release must be effective and irrevocable prior to the sixty (60th) day following the termination of the Executive's
employment (the “Review Period”), the Company shall provide Executive with the following:

 

(a)               
 twelve (12) months of Executive’s base salary in effect at the time of termination of employment, payable according
to the Company’s payroll commencing on the first payroll date following the date the Release is effective and irrevocable
(the “Payment Date”); and

 

(b)              
the Company will, for a period of twelve (12) months following Executive’s termination from employment, continue
Executive’s participation in the Company’s group health plan and dental plan and shall pay that portion of the premiums
that the Company paid on behalf of Executive and her dependents during Executive’s employment, provided, however,
that if the Company’s health insurance plan and/or dental plan does not permit such continued participation in such plan
after Executive’s termination of employment, then the Company shall pay that portion of the premiums associated with COBRA
continuation coverage that the Company paid on behalf of Executive and her dependents during Executive’s employment, including
any administrative fee, on Executive’s behalf for such twelve-month period; and provided, further, that if
Executive becomes employed with another employer during the period in which continued health insurance and/or dental insurance
is being provided pursuant to this Section, the Company shall not be required to continue such health and dental benefits, or
if applicable, to pay the costs of COBRA, if Executive becomes covered under a health insurance plan of the new employer. (For
purposes of this Section 5.2(b), the term “Executive” shall include, to the extent applicable, Executive’s spouse
and any of her dependents covered under the Company’s group health plan and/or dental plan prior to her termination of employment.)

 

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5.3             
Termination in the Event of a Change in Control.

 

(a)               
In addition to the payments and provisions under Section 5.1 but in lieu of, and not in addition to, the payments required
pursuant to Section 5.2 above and 5.5 below, in the event Executive’s employment with the Company is terminated by the Company
by reason of non-renewal of the Agreement Term pursuant to Sections 1 and 4.1, by Executive for Good Reason pursuant to Section
4.3, or by the Company without Cause pursuant to Section 4.5, in any such case, in anticipation of and/or within twelve (12) months
following a Change in Control (as defined below), provided that Executive (or her legal representative, if applicable) executes
a Release and the Release becomes effective and irrevocable prior to the end of the Review Period, Executive shall be entitled
to the following:

 

(i)                
a lump sum cash amount equal to twelve (12) months of Executive’s base salary in effect at the time of Executive’s
termination, such payment to be made on the Payment Date;

 

(ii)              
for up to twelve (12) months after Executive’s date of termination, the Company shall continue Executive’s
participation in the Company’s group health and dental plan and shall pay that portion of the premiums that the Company
paid on behalf of Executive and her dependents during Executive’s employment; provided, however, that if the
Company’s health insurance plan and/or dental insurance plan does not permit Executive’s continued participation in
such plan after her termination of employment, then the Company shall pay that portion of the premiums associated with COBRA continuation
coverage that the Company paid on behalf of Executive and her dependents during Executive’s employment, including administrative
fees, on Executive’s behalf for so long as COBRA continuation coverage is available, up to twelve (12) months; and provided,
further, that if Executive becomes employed with another employer during the period in which continued health insurance
and/or dental insurance is being provided pursuant to this Section, the Company shall not be required to continue the relevant
benefits, or if applicable, to pay the relevant costs of COBRA, if Executive becomes covered under a health insurance plan and/or
dental plan of the new employer. (For purposes of this Section 5.3(a)(ii), the term “Executive” shall include, to
the extent applicable, Executive’s spouse and any of her dependents covered under the Company’s group health plan
and/or dental plan prior to her termination of employment.)

 

(b)              
As used herein, “Change in Control” shall occur or be deemed to occur if any of the following events occur:

 

(i)                
any sale, lease, exchange or other transfer (in one transaction or a series of transactions) of all or substantially all
of the assets of the Company; or

 

(ii)              
any consolidation or merger of the Company (including, without limitation, a triangular merger) where the shareholders of
the Company immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially
own, directly or indirectly, shares representing in the aggregate more than fifty percent (50%) of the combined voting power of
all the outstanding securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate
parent corporation, if any); or

 

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(iii)            
a third person, including a “person” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) (but other than (x) the Company, (y) any employee benefit plan of the Company, or (z)
investors purchasing equity securities of the Company pursuant to a financing or a series of financings approved by the Board of
Directors of the Company) becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly,
of Controlling Securities (as defined below). “Controlling Securities” shall mean securities representing 25% or more
of the total number of votes that may be cast for the election of the directors of the Company.

 

5.4             
Effect of Termination on Stock Options and Other Equity Compensation.

 

(a)               
In the event of Executive’s termination by Executive by reason of non-renewal of the Agreement Term pursuant to Sections
1 and 4.1, by the Company for Cause pursuant to Section 4.2, or by Executive without Good Reason pursuant to Section 4.5, all unvested
stock options and other equity-based awards granted to Executive before and after the date of this Agreement shall be immediately
forfeited upon the effective date of such termination of employment or as otherwise provided in the award agreement; provided,
that, Executive shall have until the earlier of expiration date of the option or ninety (90) days from the date of termination
of Executive to exercise all vested options unless the stock plan pursuant to which the option is granted requires earlier termination
in connection with a liquidation or sale of the Company.

 

(b)              
In the event of Executive’s termination by the Company by reason of non-renewal of the Agreement Term pursuant to
Sections 1 and 4.1, by Executive for Good Reason pursuant to Section 4.3, or by the Company without Cause pursuant to Section 4.5,
and provided that Executive (or her legal representative, if applicable) executes a Release and the Release becomes effective and
irrevocable prior to the end of the Review Period, that number of Executive’s unvested stock options and other equity-based
awards that would otherwise have vested from the effective date of Executive’s termination to the first anniversary of such
date shall vest as of the date the Release is effective and irrevocable and Executive (or her estate or legal representative, if
applicable) shall have until the earlier of the expiration date of the option or one (1) year from the date of termination of Executive’s
employment to exercise all vested options unless the stock plan pursuant to which the option is granted requires earlier termination
in connection with a liquidation or sale of the Company.

 

(c)               
In the event Executive’s employment with the Company is terminated by the Company by reason of non-renewal of the
Agreement Term pursuant to Sections 1 and 4.1, by Executive for Good Reason pursuant to Section 4.3, or by the Company without
Cause pursuant to Section 4.5, in any such case, in anticipation of and/or within twelve (12) months following a Change in Control,
in lieu of the acceleration provided for pursuant to Section 5.4(b) above, provided that Executive (or her legal representative,
if applicable) executes a Release and the Release becomes effective and irrevocable prior to the end of the Review Period, all
of Executive’s unvested stock options and other equity-based awards then in effect shall vest as of the date the Release
is effective and irrevocable and Executive (or her estate or legal representative, if applicable) shall have until the earlier
of the expiration date of the option or one (1) year from the date of termination of Executive’s employment to exercise all
vested options unless the stock plan pursuant to which the option is granted requires earlier termination in connection with a
liquidation or sale of the Company.

 

    	8

    	 

    

 

(d)              
In the event Executive’s employment with the Company is terminated by reason of disability pursuant to Section 4.4,
all unvested stock and stock options granted to Executive before and after the date of this Agreement shall be immediately forfeited
upon the effective date of such termination of employment or as otherwise provided in the option agreement; provided, that,
Executive shall have until the earlier of the expiration date of the option or one (1) year from the date of termination of Executive’s
employment to exercise all vested options unless the stock plan pursuant to which the option is granted requires earlier termination
in connection with a liquidation or sale of the Company.

 

5.5             
Review Period. In the event that the Review Period begins in one taxable year of the Executive and ends in a later
taxable year, any payments contingent upon Executive’s execution without revocation of the Release prior to the end of the
Review Period will be made or commence to be paid on the first payroll date in the later taxable year. In no event will any payments
be made or commence to be paid later than the ninetieth (90th) day following the Executive’s date of termination.

 

5.6             
Limitation on Benefits. The Company will make the payments under this Agreement without regard to whether the deductibility
of such payments (or any other payments or benefits) would be limited or precluded by Section 280G of the Internal Revenue Code
of 1986, as amended (the “Code”) and without regard to whether such payments would subject Executive to the federal
excise tax levied on certain “excess parachute payments” under Code Section 4999 of the Code; provided, however, that
if the Total After-Tax Payments (as defined below) would be increased by the reduction or elimination of any payment and/or other
benefit (including the vesting of the options) under this Agreement, then the amounts payable under this Agreement will be reduced
or eliminated as follows, if possible: (i) first, by reducing or eliminating any cash payments or other benefits (other than the
vesting of the options) and (ii) second, by reducing or eliminating the vesting of that options that occurs as a result of such
Change in Control (as provided above), to the extent necessary to maximize the Total After-Tax Payments. The Company’s independent,
certified public accounting firm will determine whether and to what extent payments or vesting under this agreement are required
to be reduced in accordance with the preceding sentence. For purposes of this Agreement, “Total After-Tax Payments”
means the total of all “parachute payments” (as that term is defined in Section 280G(b)(2) of the Code) made to or
for the benefit of Executive (whether made under the Agreement or otherwise), after reduction for all applicable federal taxes
(including, without limitation, the tax described in Section 4999 of the Code). The Company agrees to pay for all costs associated
with the determination of the payments or vesting required to be reduced and for the avoidance of doubt, shall not be required
to pay any taxes, penalties, interest or other expenses to which Executive may be subject.

 

5.7             
Withholdings. Payments made under this Section 5 shall be subject to applicable federal, state and local taxes and
withholdings.  If the payment of any COBRA or health insurance premiums would otherwise violate the nondiscrimination rules
or cause the reimbursement of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with
the Health Care and Education Reconciliation Act of 2010 (collectively, the “Act”) or Section 105(h) of the Code, the
Company paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the extent necessary
to eliminate any discriminatory treatment or taxation under the Act or Section 105(h) of the Code.

 

    	9

    	 

    

 

6.     
Notices. All notices, requests, consents and other communications hereunder will be in writing, will be addressed,
if to the Company, at its principal corporate offices to the attention of the Legal Department, and if to Executive, at her address
set forth on the signature page hereto, or in either case, such other address as a party may designate by notice hereunder, and
will be either (i) delivered by hand, (ii) sent by overnight courier, or (iii) sent by registered or certified mail,
return receipt requested, postage prepaid. All notices, requests, consents and other communications hereunder will be deemed to
have been given either (i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party
set forth above, (ii) if sent by overnight courier, on the next business day following the day such notice is delivered to
the courier service, or (iii) if sent by registered or certified mail, on the fifth business day following the day such mailing
is made.

 

7.     
Absence of Restrictions. Executive represents and warrants that she is not bound by any employment contracts,
restrictive covenants or other restrictions that prevent her from entering into employment with, or carrying out her responsibilities
for, the Company, or which are in any way inconsistent with any of the terms of this Agreement.

 

8.     
Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements
and understandings, whether written or oral relating to the subject matter of this Agreement, with the exception of the Invention,
Non-Disclosure, and Non-Solicitation Agreement, dated as of April 30, 2014, by and between the Company and Executive. Notwithstanding
the foregoing, the parties to this Agreement acknowledge that stock options and other equity awards may be granted by the Company
to Executive under and pursuant to the 2012 Plan and any amendments thereto, as well as any additional plans, and the award agreements
related to such plans.

 

9.     
Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and
Executive.

 

10. 
Governing Law; Consent to Jurisdiction. This Agreement shall be construed, interpreted and enforced in accordance
with the laws of the State of New York without regard to conflict of law principles. Any action, suit or other legal proceeding
arising under or relating to any provision of this Agreement shall be commenced only in a court of the State of New York (or, if
appropriate, a federal court located within the State of New York), and the Company and Executive each consents to the jurisdiction
of such a court. The Company and Executive each hereby irrevocably waive any right to a trial by jury in any action, suit or other
legal proceeding arising under or relating to any provision of this Agreement.

 

11. 
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their respective
successors and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to
the Company’s assets or business, provided, however, that the obligations of Executive are personal and shall
not be assigned by her. Notwithstanding the foregoing, if Executive dies the compensation and benefits stated in this Agreement
will be paid to her beneficiary or her estate if no beneficiary.

 

    	10

    	 

    

 

12. 
Miscellaneous.

 

12.1         
No Waiver. No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver
of that or any other right. A waiver or consent given on any one occasion shall be effective only in that instance and shall not
be construed as a bar or waiver of any right on any other occasion.

 

12.2         
Captions. The captions of the sections of this Agreement are for convenience of reference only and in no way define,
limit or affect the scope or substance of any section of this Agreement.

 

12.3         
Severability. In case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity,
legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

 

12.4         
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same instrument. This Agreement may be delivered by facsimile, and facsimile
signatures shall be treated as original signatures for all applicable purposes.

 

12.5         
Blue Penciling. To the extent that any provision herein or in any plan of nonqualified deferred compensation that
this document is a part of contravenes the requirements of Code Section 409A or the regulations thereunder), such provision shall
be appropriately modified in accordance with available IRS guidance (including without limitation IRS Notice 2010-6 and related
guidance) so that Executive is not subject to the adverse effects of Code Section 409A but will nevertheless retain, to the extent
possible, the economic benefit of the provision.

 

12.6         
Section 409A. 

 

(a)               
The payments under this Agreement are intended either to be exempt from Section 409A of the Code under the short-term deferral,
separation pay, or other applicable exception, or to otherwise comply with Section 409A. The parties agree that this Agreement
shall be administered in a manner consistent with such intent. For purposes of Section 409A, all payments under this Agreement
shall be considered separate payments. If any amount or benefit payable to the Executive under this Agreement upon a “termination
of employment” is determined by the Company to constitute a “deferral of compensation” for purposes of Section
409A (after taking into account any applicable exceptions), such amount or benefit shall not be paid or provided until the Executive
has also experienced a “separation from service” from the Company within the meaning of Section 409A. Notwithstanding
any provision to the contrary, to the extent Executive is considered a specified employee under Section 409A and would be entitled
during the six-month period beginning on Executive’s separation from service to a payment that is not otherwise excluded
under Section 409A, such payment will not be made until the earlier of the six-month anniversary of Employee’s separation
from service or death; provided that the first payment made after the delay shall include all
amounts that would have been paid earlier but for such six (6) month delay. At the request of the Executive, the Company shall
set aside those payments that would otherwise be made in such six-month period in a trust that is in compliance with Rev. Proc.
92-64.

 

    	11

    	 

    

 

(b)              
If an expense reimbursement or provision of in-kind benefit provided to the Executive under
this Agreement is not exempt from Section 409A of the Code, the following rules apply: (i) in no event shall any reimbursement
be paid after the last day of the taxable year following the taxable year in which the expense was incurred; (ii) the amount of
reimbursable expenses incurred or provision of in-kind benefits in one tax year shall not affect the expenses eligible for reimbursement
or the provision of in-kind benefits in any other tax year; and (iii) the right to reimbursement for expenses or provision of in-kind
benefits is not subject to liquidation or exchange for any other benefit.

 

(c)               
The parties agree to negotiate in good-faith the amendment of this Agreement, as necessary, to avoid any violations of Section 409A
in a manner that preserves the original intent of the parties to the extent reasonably possible. Notwithstanding the foregoing,
the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and
in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be
incurred by Executive on account of non-compliance with Section 409A.

 

[signature page follows]

 

 

 

    	12

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the day and year set forth above.

 

THE COMPANY:

 

INTERCEPT PHARMACEUTICALS, INC.

 

By: /s/ Mark Pruzanski

	 	Name:	Mark E. Pruzanski, MD

	 	Title:	President and Chief Executive Officer

 

 

EXECUTIVE:

 

 

By: /s/ Rachel McMinn

Name: Rachel
McMinn

 

Address for Notice Purposes:

________________________

________________________

    	13

    	 

    

 

Exhibit A

 

RELEASE
OF CLAIMS

 

FOR AND IN CONSIDERATION
OF the payments and benefits (the “Separation Benefits”) to be provided to me in connection with the separation
of my employment, in accordance with the Employment Agreement between Intercept Pharmaceuticals, Inc. (the “Company”)
and me dated as April 30, 2014 (the “Agreement”), which Separation Benefits are conditioned on my signing this
Release of Claims (“Release”) and which I will forfeit unless I execute and do not revoke this Release of Claims, I,
on my own behalf and on behalf of my heirs and estate, voluntarily, knowingly and willingly release and forever discharge the Company,
its subsidiaries, affiliates, parents, and stockholders, together with each of those entities’ respective officers, directors,
stockholders, employees, agents, fiduciaries and administrators (collectively, the “Releasees”) from any and
all claims and rights of any nature whatsoever which I now have or in the future may have against them up to the date I execute
this Release, whether known or unknown, suspected or unsuspected. This Release includes, but is not limited to, any rights or claims
relating in any way to my employment relationship with the Company or any of the other Releasees or the termination thereof, any
contract claims (express or implied, written or oral), including, but not limited to, the Agreement, or any rights or claims under
any statute, including, without limitation, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the
Older Workers’ Benefit Protection Act, the Rehabilitation Act of 1973 (including Section 504 thereof), Title VII of the 1964
Civil Rights Act, the Civil Rights Act of 1866 (42 U.S.C. § 1981), the Civil Rights Act of 1991, the Equal Pay Act, the National
Labor Relations Act, the Worker Adjustment and Retraining Notification Act, the Family Medical Leave Act, the Lilly Ledbetter Fair
Pay Act, the Genetic Information Non-Discrimination Act, the New York State Human Rights Law, the New York City Human Rights Law,
and the Employee Retirement Income Security Act of 1974, all as amended, and any other federal, state or local law. This Release
specifically includes, but is not limited to, any claims based upon the right to the payment of wages, incentive and performance
compensation, bonuses, equity grants, vacation, pension benefits, 401(k) Plan benefits, stock benefits or any other employee benefits,
or any other rights arising under federal, state or local laws prohibiting discrimination and/or harassment on the basis of race,
color, age, religion, sexual orientation, religious creed, sex, national origin, ancestry, alienage, citizenship, nationality,
mental or physical disability, denial of family and medical care leave, medical condition (including cancer and genetic characteristics),
marital status, military status, gender identity, harassment or any other basis prohibited by law.

 

As a condition of the
Company entering into this Release, I further represent that I have not filed against the Company or any of the other Releasees,
any complaints, claims or lawsuits with any arbitral tribunal, administrative agency, or court prior to the date hereof, and that
I have not transferred to any other person any such complaints, claims or lawsuits. I understand that by signing this Release ,
I waive my right to any monetary recovery in connection with a local, state or federal governmental agency proceeding and I waive
my right to file a claim seeking monetary damages in any arbitral tribunal, administrative agency, or court. This Release does
not: (i) prohibit or restrict me from communicating, providing relevant information to or otherwise cooperating with the U.S. Equal
Employment Opportunity Commission or any other governmental authority with responsibility for the administration of fair employment
practices laws regarding a possible violation of such laws or responding to any inquiry from such authority, including an inquiry
about the existence of this Release or its underlying facts, or (ii) require me to notify the Company of such communications or
inquiry. Furthermore, notwithstanding the foregoing, this Release does not include and will not preclude: (a) rights or claims
to vested benefits under any applicable retirement and/or pension plans; (b) rights under the Consolidated Omnibus Budget Reconciliation
Act of 1985 (“COBRA”); (c) claims for unemployment compensation; (d) rights to defense and indemnification, if any,
from the Company for actions or inactions taken by me in the course and scope of my employment with the Company and its parents,
subsidiaries and/or affiliates; (e) any rights I may have to obtain contribution as permitted by law in the event of entry of judgment
against the Company as a result of any act or failure to act for which I and the Company are held jointly liable; (f) any rights
to vested equity that vested prior to or because of the termination of my employment; and/or (g) any actions to enforce the Agreement.

 

    	 

    	 

    

 

I acknowledge that,
in signing this Release, I have not relied on any promises or representations, express or implied, other than those that are set
forth expressly herein or in the Agreement and that are intended to survive separation from employment, in accordance with the
terms of the Agreement.

 

I further acknowledge
that:

 

		(1)	I first received this Release on the date of the Agreement to which it is attached as Exhibit A;

 

		(2)	I understand that, in order for this Release to be effective, I may not sign it prior to the date
of my separation of employment with the Company but that if I wish to receive the Separation Benefits, I must sign and return this
Release prior to the sixtieth (60th) day following my separation of employment;

 

		(3)	I have carefully read and understand this Release;

 

		(4)	The Company advised me to consult with an attorney and/or any other advisors of my choice before
signing this Release;

 

		(5)	I understand that this Release is legally binding and
by signing it I give up certain rights;

 

		(6)	I have voluntarily chosen to enter into this Release and have not been forced or pressured in any
way to sign it;

 

		(7)	I acknowledge and agree that the Separation Benefits are contingent on execution of this Release,
which releases all of my claims against the Company and the Releasees, and I knowingly
and voluntarily agree to release the Company and the Releasees from any and all claims I may have, known or unknown,
in exchange for the benefits I have obtained by signing, and that these benefits are in addition to any benefit I would have otherwise
received if I did not sign this Release;

 

		(8)	I have seven (7) days after I sign this Release to revoke it by notifying the Company in writing.
The Release will not become effective or enforceable until the seven (7) day revocation period has expired;

 

		(9)	This Release includes a waiver of all rights and claims
I may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §621 et seq.); and

 

		(10)	This Release does not waive any rights or claims that may arise after this Release becomes effective,
which is seven (7) days after I sign it, provided that I do not exercise my right to revoke this Agreement.

 

Intending to be legally
bound, I have signed this Release as of the date written below.

 

 

	Signature:_____________________	______________________________
	  Rachel McMinn	   Date signed

 

    	2

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