Document:

EXHIBIT 10.1

 

EMPLOYMENT AGREEMENT

 

AGREEMENT, dated as of the 1st
day of May, 2019, among First Defiance Financial Corp. (“First Defiance”), an Ohio-chartered corporation and savings
and loan holding company, First Federal Bank of the Midwest (“First Federal”), a federally-chartered stock savings
bank, both of which are located in Defiance, Ohio, and Paul D. Nungester, Jr. (the “Executive”). First Defiance and
First Federal are referred to jointly herein as the “Companies.”

 

WITNESSETH:

 

WHEREAS, First Defiance, First Federal and
Executive previously entered into a Change of Control and Non-Solicitation Agreement dated July 16, 2018 (the “Prior Agreement”);

 

WHEREAS, in connection with Executive’s
promotion to serve as Chief Financial Officer of First Defiance and of First Federal, First Defiance, First Federal and Executive
agree to terminate the Prior Agreement and enter into this Agreement in its place;

 

NOW THEREFORE, in consideration of the premises
and the mutual agreements herein contained, the parties hereby agree as follows:

 

1.          Definitions.
The following words and terms shall have the meanings set forth below for the purposes of this Agreement:

 

(a)          Annual
Compensation. The Executive’s “Annual Compensation” for purposes of this Agreement shall be deemed to mean the
average annual Compensation paid to the Executive by the Companies during the five most recent taxable years ending prior to the
date of termination.

 

(b)          Base
Salary. “Base Salary” shall have the meaning set forth in Section 3(a) hereof.

 

(c)          Bonus.
“Bonus” shall have the meaning set forth in Section 3(a) hereof.

 

(d)          Cause.
“Cause” shall mean personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations
or similar offenses) or final cease-and-desist order or material breach of any provision of this Agreement. For purposes of this
paragraph, no act or failure to act on the Executive’s part shall be considered “willful” unless done, or omitted
to be done, by the Executive not in good faith and without reasonable belief that the Executive’s action or omission was
in the best interest of the Companies.

 

(e)          Change
in Control of First Defiance. “Change in Control” of First Defiance shall have the meaning set forth in Section 409A(a)(2)(A)(v)
of the Code.

 

    	 	 	 

     

    

 

(f)          Code.
“Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(g)          Compensation.
“Compensation” shall have the meaning set forth in Section 3(a) hereof.

 

(h)          Date
of Termination. “Date of Termination” shall mean the date of the Executive’s Separation from Service, as that
term is defined under Section 409A(a)(2)(A)(i) of the Code.

 

(i)          Disability.
“Disability” shall mean any physical or mental impairment that qualifies the Executive for disability benefits under
the applicable long-term disability plan maintained by the Companies or any subsidiary or, if no such plan applies, which would
qualify the Executive for disability benefits under the Federal Social Security System.

 

(j)          Good
Reason. “Good Reason” shall mean:

 

(i)          Without
the Executive’s express written consent:

 

(a)          the
assignment by the Companies to the Executive of any duties that are materially inconsistent with the Executive’s positions,
duties, responsibilities and status with the Companies immediately prior to such assignment, or in the event of a Change in Control,
immediately prior to such a Change in Control of First Defiance;

 

(b)          a
material change in the Executive’s reporting responsibilities, titles or offices as an employee and as in effect immediately
prior to such change or, in the event of a Change in Control, immediately prior to such a Change in Control of First Defiance;
or

 

(c)          any
removal of the Executive from or any failure to re-elect the Executive to the office of Chief Financial Officer of First Defiance
and of First Federal, except in connection with Cause, Disability, Retirement, or the Executive’s death;

 

(ii)         Without
the Executive’s express written consent, a reduction by the Companies in the Executive’s Base Salary, as the same may
be increased from time to time;

 

(iii)        The
principal executive office of the Companies is relocated outside of the Defiance, Ohio area or, without the Executive’s express
written consent, the Companies require the Executive to be based anywhere other than an area in which the Companies’ principal
executive office is located, except for required travel on business of the Companies to an extent substantially consistent with
the Executive’s present business travel obligations;

 

(iv)        Without
the Executive’s express written consent, the Companies fail to provide the Executive with the same fringe benefits that were
provided to the Executive immediately prior to a Change in Control of First Defiance, or with a package of fringe benefits (including
paid vacations) that, though one or more of such benefits may vary from those in effect immediately prior to such Change in Control,
is substantially comparable in all material respects to such fringe benefits taken as a whole;

 

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(v)         The
failure by First Defiance to obtain the assumption of an agreement to perform this Agreement by any successor as contemplated in
Section 10 hereof; or

 

(vi)        Without
the Executive’s express written consent, the Companies fail to comply with any material provision of this Agreement.

 

(k)          IRS.
“IRS” shall mean the Internal Revenue Service.

 

(1)         Notice
of Termination. “Notice of Termination” shall mean a dated notice that (i) indicates the specific termination provision
in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated, and (iii) is given in the manner specified in
Section 11 hereof.

 

(m)          Retirement.
“Retirement” shall mean voluntary termination by the Executive in accordance with the Companies’ retirement policies,
including early retirement, generally applicable to their salaried employees.

 

2.          Term
of Employment.

 

(a)          The
Companies hereby employ the Executive in the positions described above. The Executive hereby accepts said employment and agrees
to render such services to the Companies on the terms and conditions set forth in this Agreement. The term of employment under
this Agreement shall commence on the date first listed above and continue for a period of 12 months (together with any renewal
period described in Section 2(b), the “Term”).

 

(b)          The
Term of this Agreement shall be extended for one day each day so that the Term is always 12 months. The Term shall continue until
the Companies’ Boards of Directors or the Executive provide written notice of non-renewal to the other, in which case renewals
will cease and the Term will become fixed, ending 12 months after the date of receipt of any such written notice.

 

(c)          During
the Term of this Agreement, the Executive shall perform such executive services for the Companies as may be consistent with his
titles and written job description and from time to time assigned to him by the Companies’ Boards of Directors; provided,
however, that the Executive shall not be precluded from (i) vacations and other leave time in accordance with Section 3(c) below;
(ii) reasonable participation in community, civic, charitable, or similar organizations; (iii) reasonable participation in industry-related
activities; or (iv) pursuing personal investments that do not interfere or conflict with the performance of the Executive’s
duties to the Companies.

 

3.          Compensation
and Benefits.

 

(a)          The
Companies shall compensate and pay the Executive for his services during the Term of this Agreement at a minimum base annual salary
of $270,000.00 (“Base Salary”), which may be increased from time to time in such amounts as may be determined by the
Companies’ Boards of Directors and may not be decreased without the Executive’s express written consent. In addition
to his Base Salary, the Executive shall be entitled to receive during the Term of this Agreement an annual cash bonus based on
such terms and conditions as are set forth from time to time in the Companies’ short term incentive bonus program (the “Bonus”).
The Executive’s Base Salary and Bonus, if any, are referred to herein as his “Compensation.”

 

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(b)          During
the Term of the Agreement, the Executive shall be entitled to participate in and receive the benefits of any pension or other retirement
benefit plan, deferred compensation, profit sharing, stock option, management recognition, employee stock ownership, or other plans,
benefits and privileges given to employees and executives of the Companies, to the extent commensurate with his then duties and
responsibilities, as fixed by the Boards of Directors of the Companies including, but not limited to, the following: (i) the Companies
shall pay membership dues for the Executive for membership in such organizations, including professional organizations, as are
approved by the Companies from time to time; and (ii) the Companies shall, at their discretion, provide the use of an automobile
(the terms and conditions for the Executive’s use and possession of the automobile and the quality of the automobile provided
for the Executive’s use shall be consistent with, or not less favorable than, the past practices of the Companies) or an
automobile expense reimbursement. The Companies shall not make any changes in such plans, benefits or privileges that would adversely
affect the Executive’s rights or benefits thereunder, unless such change occurs pursuant to a program applicable to all executive
officers of the Companies and does not result in a proportionately greater adverse change in the rights of or benefits to the Executive
as compared with any other executive officer of the Companies. Nothing paid to the Executive under any plan or arrangement presently
in effect or made available in the future shall be deemed to be in lieu of the salary payable to the Executive pursuant to Section
3(a) hereof.

 

(c)          During
the Term of this Agreement, the Executive shall be entitled to paid annual vacation in accordance with the policies as established
from time to time by the Boards of Directors of the Companies, which shall in no event be less than four weeks per annum. The Executive
shall not be entitled to receive any additional compensation from the Companies for failure to take a vacation, nor shall the Executive
be able to accumulate unused vacation time from one year to the next, except to the extent authorized by the Boards of Directors
of the Companies.

 

4.          Expenses.
The Companies shall reimburse the Executive or otherwise provide for or pay for all reasonable expenses incurred by the Executive
in furtherance or in connection with the business of the Companies, including, but not by way of limitation, traveling expenses
and all reasonable entertainment expenses (whether incurred at the Executive’s residence, while traveling or otherwise),
subject to such reasonable documentation and other limitations as may be established by the Boards of Directors of the Companies.
If such expenses are paid in the first instance by the Executive, the Companies shall reimburse the Executive therefor.

 

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5.          Termination.

 

(a)          The
Companies shall have the right, at any time, to terminate the Executive’s employment hereunder for any reason, including
without limitation termination for Cause, Disability or Retirement.

 

(b)          The
Executive shall have the right to terminate his employment hereunder for any reason.

 

(c)          In
the event that (i) the Executive’s employment is terminated by the Companies for Cause, Disability or Retirement or in the
event of the Executive’s death, or (ii) the Executive terminates his employment hereunder other than for Good Reason, the
Executive shall have no right pursuant to this Agreement to compensation or other benefits for any period after the applicable
Date of Termination.

 

(d)          In
the event that the Executive’s employment is terminated by the Companies for other than Cause, Disability, Retirement or
the Executive’s death or such employment is terminated by the Executive for Good Reason, which has not been cured within
a period of thirty (30) days after a written notice of non-compliance has been given by the Executive to the Companies, and provided
that Executive has executed a Release pursuant to Section 5(f) below, then the Companies shall pay to the Executive, in a lump
sum payment on the first business day of the first month following the Date of Termination, an amount equal to his then current
Base Salary plus the average annual payment made to the Executive under the short term incentive plan over the last completed five
year period.

 

(e)          Notwithstanding
Section 5(d) above, in the event that (A) the Executive’s employment is terminated by the Companies for other than Cause,
Disability, Retirement or the Executive’s death or such employment is terminated by the Executive for Good Reason, which
has not been cured within a period of thirty (30) days after a written notice of non-compliance has been given by the Executive
to the Companies, (B) the Date of Termination is within six months prior to a Change in Control of First Defiance or within one
year after a Change in Control of First Defiance, and (C) Executive has executed a Release pursuant to Section 5(f) below, then
the Companies shall, subject to the provisions of Section 6 hereof, if applicable:

 

(i)          pay
to the Executive, in a lump sum payment on the first business day of the first month following the Date of Termination, an amount
equal to 2.99 times the sum of (1) the Executive’s current annual base salary, and (2) the average of the annual short-term
cash bonus payable to Executive for the 5 years preceding the Date of Termination; and

 

(ii)         pay
the premiums required to maintain coverage for the Executive and his eligible dependents under the medical, dental and vision insurance
coverage of the Companies in which the Executive is a participant immediately prior to the Change of Control of First Defiance
in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, until the earliest of (A) the first
anniversary of the termination of the Executive employment or (B) the date on which the Executive is eligible to participate in
another employer’s comparable health insurance plan as a full-time employee. Notwithstanding the foregoing, the Companies
may in lieu of providing for continuation of the foregoing benefits, pay to the Executive in a lump sum cash payment an amount
equal to twelve times the Companies’ cost of providing such benefits to the Executive during the month immediately prior
to the Executive’s termination of employment.

 

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(f)          As
a condition to receiving any payments under Section 5(d) or (e) of this Agreement, the Executive shall agree to release the Companies
and all of their affiliates and subsidiaries, employees and directors from any and all claims that the Executive may have against
the Companies and all of their affiliates and subsidiaries, employees and directors through the date of such release (the “Release”)
in a form similar to the attached Exhibit A, and no payments shall be made under Section 5(d) or (e) until such Release has become
irrevocable, effective and enforceable. In the event that the period of time required to obtain an enforceable release spans two
tax years, no payments shall be made under Section 5(d) or (e) until the second tax year.

 

6.          Limitation
of Benefits under Certain Circumstances. If the payments and benefits pursuant to Section 5 hereof, either alone or together with
other payments and benefits that the Executive has the right to receive from the Companies, would constitute a “parachute
payment” under Section 280G of the Code, such payments and benefits shall be reduced by the amount, if any, that is the minimum
necessary to result in no portion of the payments or benefits constituting a parachute payment under Section 280G of the Code.
The determination of any reduction in the payments and benefits made pursuant to this Section 6 shall be based upon the opinion
of tax counsel selected by the Companies’ independent public accountants, paid by the Companies and reasonably acceptable
to the Companies and the Executive. Such counsel shall promptly prepare the foregoing opinion, but in no event later than thirty
(30) days from the Date of Termination or applicable severance from employment, and may use such technical advisors as such counsel
deems necessary or advisable for this purpose. In the event a reduction in payments is necessary in order to comply with the requirements
of this Agreement relating to the limitations of Section 280G, then such reductions shall be applied based on the following principles,
in order: (i) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined
using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (ii) the
payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier
payment date; and (iii) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction
or elimination would violate Code Section 409A, then the reduction shall be made pro-rata among the payments or benefits otherwise
due or payable (on the basis of the relative present value of the parachute payments).

 

7.          Mitigation;
Exclusivity of Benefits.

 

(a)          The
Executive shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise, nor
shall the amount of any such benefits be reduced by any compensation earned by the Executive as a result of employment by another
employer after the Date of Termination or otherwise.

 

(b)          The
specific arrangements referred to herein are not intended to exclude any other benefits that may be available to the Executive
upon a termination of employment with the Companies pursuant to employee benefit plans of the Companies or otherwise.

 

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8.          Withholding.
All payments required to be made by the Companies hereunder to the Executive shall be subject to the withholding of such amounts,
if any, relating to tax and other payroll deductions as the Companies may reasonably determine should be withheld pursuant to any
applicable law or regulation.

 

9.          Covenant
Not to Compete and Confidential Information.

 

(a)          Throughout
the employment of the Executive under this Agreement and for a period of one year after termination of employment for any reason,
the Executive agrees that he will not, except on behalf of the Companies or with the written consent of the Companies:

 

(i)          engage
in any business activity, directly or indirectly, on his own behalf or as a partner, stockholder (except by ownership of less than
1% of the outstanding stock of a publicly held corporation), director, trustee, principal, agent, employee, consultant or otherwise
of any person, firm or corporation, which is engaged in any activity in which the Companies or any parent, subsidiary or affiliate
of the Companies is engaged at the time;

 

(ii)         allow
the use of his name by or in connection with any business that is competitive with any activity in which the Companies or any parent,
subsidiary or affiliate of the Companies is engaged; or

 

(iii)        offer
employment to or employ, for himself or on behalf of any competitor of the Companies or any parent, subsidiary or affiliate, any
person who at any time within the prior three years shall have been employed by the Companies or any parent, subsidiary or affiliate
of the Companies.

 

(b)          The
parties acknowledge that this Section 9 is fair and reasonable under the circumstances. It is the desire and intent of the parties
that the provisions of this Section 9 shall be enforced to the fullest extent permitted by law. Accordingly, if any particular
portion of this Section 9 shall be adjudicated to be invalid or unenforceable, this Section 9 shall be deemed amended to:

 

(i)          reform
the particular portion to provide for such maximum restrictions as will be valid and enforceable, or if that is not possible,

 

(ii)         delete
the portion found invalid or unenforceable, such reformation or deletion to apply only with respect to the operation of this Section
9 in the particular jurisdiction in which such adjudication is made.

 

(c)          During
the Term of the Executive’s employment, the covenants contained in this Section 9 shall apply without regard to geographic
location. Upon the termination of the Executive’s employment, the covenants contained in this Section 9 shall be limited
to a twenty-five (25) mile radius of any office of the Companies.

 

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(d)          Notwithstanding
any other provision of this Agreement to the contrary, in the event the Executive violates the above restrictive covenants, all
amounts otherwise owing to the Executive by the Companies shall be forfeited by the Executive and the Companies, in addition to
any other remedy, shall be under no further obligation to the Executive.

 

(e)          The
Executive shall not at any time, in any manner, while employed by the Companies or thereafter, either directly or indirectly, except
in the course of carrying out the Companies’ business or as previously authorized in writing on behalf of the Companies,
disclose or communicate to any person, firm, or corporation, any information of any kind concerning any matters affecting or relating
to the Companies’ business or any of its data, figures, projections, estimates, customer lists, tax records, personnel histories,
and accounting procedures, without regard to whether any or all of such information would otherwise be deemed confidential or material.

 

10.         Assignability.
The Companies may assign this Agreement and their rights hereunder in whole, but not in part, to any corporation, bank or other
entity with or into which either of the Companies may hereafter merge or consolidate or to which either of the Companies may transfer
all or substantially all of their respective assets, if in any such case said corporation, bank or other entity shall by operation
of law or expressly in writing assume all obligations of the Companies hereunder as fully as if it had been originally made a party
hereto, but may not otherwise assign this Agreement or its rights hereunder. The Executive may not assign or transfer this Agreement
or any rights or obligations hereunder.

 

11.         Notice.
For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage
prepaid, addressed to the respective address set forth below:

 

	To First Defiance:	First Defiance Financial Corp.
	 	601 Clinton Street
	 	Defiance, Ohio 43512
	 	 
	To First Federal:	First Federal Bank of the Midwest
	 	601 Clinton Street
	 	Defiance, Ohio 43512
	 	 
	To the Executive:	Paul D. Nungester, Jr.
	 	 	 
	 	 	 

 

12.         Amendment;
Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing signed by the Executive and such officer or officers as may be specifically designated by the Boards of Directors
of the Companies to sign on their behalf. No waiver by any party hereto at any time of any breach by any other party hereto of,
or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

 

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13.         Governing
Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the United States
where applicable and otherwise by the substantive laws of the State of Ohio.

 

14.         Nature
of Obligations. Nothing contained herein shall create or require the Companies to create a trust of any kind to fund any benefits
that may be payable hereunder, and to the extent that the Executive acquires a right to receive benefits from the Companies hereunder,
such right shall be no greater than the right of any unsecured general creditor of the Companies.

 

15.         Headings.
The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

 

16.         Validity.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provisions of this Agreement, which shall remain in full force and effect.

 

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

 

18.         Regulatory
Actions. The following provisions shall be applicable to the parties to the extent that they are required to be included in the
employment agreements between a savings association and its employees pursuant to Section 163.39(b) of the regulations applicable
to all savings associations, 12 C.F.R. 163.39(b), or any successor thereto, and shall be controlling in the event of a conflict
with any other provision of this Agreement, including without limitation Section 5 hereof.

 

(a)          If
the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Companies’
affairs pursuant to notice served under Section 8(e)(3) or Section 8(g)(1) of the Federal Deposit Insurance Act (“FDIA”)
(12 U.S.C. 1818 (e)(3) and 1818(g)(1)), the Companies’ obligations under this Agreement shall be suspended as of the date
of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Companies may, in their discretion:
(i) pay the Executive all or part of the compensation withheld while its obligations under this Agreement were suspended, and (ii)
reinstate (in whole or in part) any of its obligations which were suspended.

 

(b)          If
the Executive is removed from office and/or permanently prohibited from participating in the conduct of the Companies’ affairs
by an order issued under Section 8(e)(4) or Section 8(g)(1) of the FDIA (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the
Companies under this Agreement shall terminate as of the effective date of the order, but vested rights of the Executive and the
Companies as of the date of termination shall not be affected.

 

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(c)          If
the Companies are in default, as defined in Section 3(x)(1) of the FDIA (12 U.S.C. 1813(x)(1)), all obligations under this Agreement
shall terminate as of the date of default, but vested rights of the Executive and the Companies as of the date of termination shall
not be affected.

 

(d)          All
obligations under this Agreement shall be terminated pursuant to 12 C.F.R. 163.39(b)(5), except to the extent that it is determined
that continuation of the Agreement is necessary for the continued operation of the Companies: (i) by the Office of the Comptroller
of the Currency (the “Comptroller”), or his/her designee, at the time the Federal Deposit Insurance Corporation (“FDIC”)
enters into an agreement to provide assistance to or on behalf of First Federal under the authority contained in Section 13(c)
of the FDIA (12 U.S.C. 1823(c)); or (ii) by the Comptroller, or his/her designee, at the time the Comptroller, or his/her designee,
approves a supervisory merger to resolve problems related to operation of the Companies or when the Companies are determined by
the Comptroller to be in an unsafe or unsound condition, but vested rights of the Executive and the Companies as of the date of
termination shall not be affected.

 

19.         Regulatory
Prohibition. Notwithstanding any other provision of this Agreement to the contrary, any payments made to the Executive pursuant
to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. 1828(K) and any regulations
promulgated thereunder to the extent such laws and regulations are applicable to the Companies and the Executive.

 

20.         Additional
Restriction on Distributions to Key Executives.

 

(a)          Notwithstanding
the provisions of this Agreement providing for payment of benefits upon termination of employment, if at the time a benefit would
otherwise be payable, the Executive is a “specified employee” (as defined below), and the payment provided for would
be deferred compensation with the meaning of Section 409A of the Code, the distribution of the Executive’s benefit may not
be made until six months after the date of the Executive’s separation from service with the Company (as that term may be
defined in Section 409A(a)(2)(A)(i) of the Code and relevant regulations), or, if earlier the date of death of the Executive. This
requirement shall remain in effect only for periods in which the stock of the Company is publicly traded on an established securities
market.

 

(b)          For
purposes of this Section 20 a “specified employee” shall mean any executive of the Company who is a “key employee”
of the Company within the meaning of Section 416(i) of the Code as of the last day of the calendar year preceding the date of the
termination of employment. This shall include any executive who is (i) a 5-percent owner of the Company’s common stock, or
(ii) an officer of the Company with annual compensation from the Company of $130,000.00 or more, or (iii) a 1-percent owner of
Company’s common stock with annual compensation from the Company of $150,000.00 or more (or such higher annual limit as may
be in effect for years subsequent to 2005 pursuant to indexing Section 416(i) of the Code).

 

(c)          The
provisions of this Section 20 have been adopted only in order to comply with the requirements added by Section 409A of the Code.
These provisions shall be interpreted and administered in a manner consistent with the requirements of Section 409A of the Code,
together with any regulations or other guidance which may be published by the Treasury Department or Internal Revenue Service interpreting
such Section 409A of the Code.

 

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IN WITNESS WHEREOF, this Agreement has been
executed as of the date first above written.

  

	Attest:	 	FIRST DEFIANCE FINANCIAL CORP.
	 	 	 	 
	/s/ Danielle Figley	 	By:  	/s/ Donald P. Hileman
	 	 	Name: 	Donald P. Hileman
	 	 	Title:	President and CEO
	 	 	 	 
	Attest:	 	FIRST FEDERAL BANK OF MIDWEST
	 	 	 	 
	/s/ Danielle Figley	 	By:	/s/ Donald P. Hileman
	 	 	Name:	Donald P. Hileman
	 	 	Title:	CEO
	 	 	 	 
	Witness:	 	 	 
	 	 	 	 
	/s/ Danielle Figley	 	/s/ Paul D. Nungester, Jr.
	 	 	Name:  Paul D. Nungester, Jr.

 

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EXHIBIT A

 

FINAL AND BINDING GENERAL RELEASE

 

This General Release (hereinafter referred
to as the “Release”) is executed on ___, ___ by Paul D. Nungester, Jr., _______ [address], Social Security Number ending
in ______ (hereinafter referred to as “Executive”), pursuant to Section 5(f) of the Employment Agreement (hereinafter
referred to as the “Agreement”) dated May 1, 2019, entered into among First Defiance Financial Corp. (“First
Defiance”), First Federal Bank of the Midwest (“First Federal”), both of which are located in Defiance, Ohio,
(collectively hereinafter referred to as the “Company”) and Executive.

 

1.          In
consideration for receiving the termination payments described in Section 5(d) or 5(e) of the Agreement, Executive does hereby
fully release, discharge, compromise and settle any and all charges, claims, demands, judgments, causes of action, damages, expenses,
liabilities or obligations (including all attorney’s fees and costs actually incurred), whether known or unknown, matured
or unmatured, vested or contingent, of whatever nature and whether or not presently known that exist as of the execution date of
this Release, in law, equity or otherwise, including but not limited to all claims under Title VII of the Civil Rights Act of 1964,
all claims under the Fair Labor Standards Act, all claims under the Occupational Safety and Health Act, all claims under the Worker
Adjustment and Retraining Notification Act, all claims under the Equal Pay Act, all claims under the Ohio Revised Code Sections
4112.01 through 4112.99 and any other provisions of Ohio law, all claims under the Americans with Disabilities Act, all claims
under the Family and Medical Leave Act, all claims arising under the Age Discrimination in Employment Act of 1967, all claims arising
under the Older Worker Benefit Protection Act and all claims under the Employee Retirement Income Security Act of 1974, all as
amended; all statutory or common law claims under state or federal law, whether in contract, in tort, or in equity; and any other
claim arising out of Executive’s employment with the Companies and his separation from that employment, as against the Companies
and their directors, officers, employees, owners, attorneys, consultants, agents, insurers and volunteers, and any and all related
and affiliated entities and corporations, including any and all parent, brother-sister, and subsidiary corporations and the parent,
brother-sister and subsidiary corporations of any of them, unincorporated employers, partnerships, alliances, joint ventures, and
companies, and each and every employee, agent, consultant, volunteer, insurer, officer, director, owner, and trustee of any of
them (collectively the “Released Entities”).

 

2.          Executive
acknowledges that he has been and is hereby advised in writing to consult with an attorney concerning this Agreement and that he
had the opportunity to seek the advice of legal counsel in connection with the negotiation and execution of this Agreement. Executive
further acknowledges that he has had the opportunity to ask questions about each and every provision of this Agreement and that
he fully understands the effect of the provisions contained in this Agreement upon his legal rights. Executive acknowledges that
he has been given at least 21 days to consider the terms of this Agreement before signing it, and that he may revoke his signature
at any time before the expiration of seven (7) days after he signs and returns this Agreement. This Agreement does not take effect
until eight (8) days after he signs it. If Executive intends to revoke his signature, he shall notify the Corporation pursuant
to Section 11 of the Agreement.

 

    	 	 12	 

     

    

 

3.          Executive
agrees and acknowledges that he has received all compensation, including minimum wage and overtime pay, to which he may have been
entitled under the Fair Labor Standards Act and/or Ohio law for work performed through the date of his termination from employment.
He further agrees and acknowledges that he has been accorded all time off from work and any other rights to which he has been entitled
pursuant to the Family and Medical Leave Act.

 

4.          This
Release shall be binding upon Executive and his heirs, administrators, representatives, executors, successors and assigns.

 

5.          It
is the intention of the parties hereto that this Release is and shall be a complete and absolute defense to anything released hereunder.
Executive expressly and knowingly waives his rights to assert any claims against the Released Entities that are released hereunder,
and covenants not to sue any Released Entity based upon any claims released hereunder.

 

6.          Executive
agrees that he has read this Release in its entirety and that his agreement to all of its provisions is made freely, voluntarily,
and with full knowledge and understanding of its contents.

 

7.          This
Release shall be interpreted and enforced under the laws of the State of Ohio.

 

EXECUTIVE ACKNOWLEDGES THAT HE HAS CAREFULLY
READ AND FULLY UNDERSTANDS ALL THE PROVISIONS OF THIS RELEASE AND SETTLEMENT AGREEMENT, THAT HE HAS BEEN GIVEN AT LEAST TWENTY-ONE
DAYS WITHIN WHICH TO CONSIDER SIGNING THIS AGREEMENT, THAT HE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY, THAT HE MAY REVOKE
THIS AGREEMENT WITHIN SEVEN DAYS AFTER HE SIGNS IT AND THAT HE KNOWINGLY AND VOLUNTARILY HAS ENTERED INTO THIS AGREEMENT IN EXCHANGE
FOR VALUABLE CONSIDERATION, INCLUDING THE PAYMENTS IDENTIFIED IN PARAGRAPH 1 , TO WHICH HE WOULD NOT OTHERWISE BE ENTITLED ABSENT
THIS AGREEMENT.

 

[THE REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

 

    	 	 13	 

     

    

 

IN WITNESS WHEREOF, I have set my hand this
___ day of _____, ____.

 

WITNESSES:

 

Executive

 

	STATE OF	 	)
	 	 	)SS:
	COUNTY OF	 	)

 

Subscribed to and sworn before me this ____
day of ____, ____.

 

	 	 
	 	Notary Public
	 	 
	 	My Commission Expires:

 

 

    	 	 14EX-10.17

 Exhibit 10.17 

SHARE PURCHASE AGREEMENT 

This SHARE PURCHASE AGREEMENT (this “Agreement”) is entered into as of May 6, 2019 (the “Effective
Date”), by and between New Enterprise Associates 16, L.P. (the “Investor”), and Trevi Therapeutics, Inc., a Delaware corporation (the “Company”). 

WHEREAS, the Company is proposing to issue and sell to the Investor (the “Offering”) $15,000,000 of the Company’s common
stock, $0.001 par value per share (the “Common Stock”), in connection with the Company’s initial public offering of Common Stock (“IPO”), pursuant to the terms and subject to the conditions set forth in this
Agreement; 
 WHEREAS, the closing of the Offering shall take place concurrently with the closing of the IPO and at a price per share equal
to the initial public offering price per share that the Common Stock is sold to the public in the IPO, provided, however, that such initial public offering price per share shall not exceed $10.00 per share (the “IPO Price”
and such time, the “IPO Closing Time”), as set forth on the cover of the final prospectus filed with the Securities and Exchange Commission (the “SEC”); 

WHEREAS, the Shares are being offered to the Investor pursuant to a private placement exemption from registration under the Securities Act of
1933, as amended (the “Securities Act”); and 
 WHEREAS, in order to effect the IPO, the Company shall enter into an
Underwriting Agreement (the “Underwriting Agreement”) with SVB Leerink LLC, Stifel, Nicolaus & Company, Incorporated and BMO Capital Markets Corp., as representative of the several underwriters named therein (acting in such
capacity, collectively, the “Underwriters”), substantially in the form attached hereto as Exhibit A; 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual promises and covenants set forth below, the parties hereto hereby agree as follows: 

1. Sale of Shares. 
 (a)
    Purchase and Sale. Subject to the terms and conditions set forth in this Agreement, the Company hereby agrees to sell to the Investor, and the Investor hereby agrees to purchase from the Company, $15,000,000 of the
Company’s Common Stock (the “Investment Amount”) at the IPO Price. The number of shares of Common Stock to be sold by the Company and purchased by the Investor hereunder (the “Shares”) shall equal the number of
shares determined by dividing the Investment Amount by the IPO Price (rounded down to the nearest whole share). The total purchase price to be paid by the Investor for the Shares is equal to (i) the number of Shares multiplied by (ii) the
IPO Price (the “Purchase Price”). 
 (b)     Closing. The closing of the purchase and sale of
the Shares (the “Closing”) shall take place at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, or at such other place as shall be agreed upon by the parties hereto, after the satisfaction or waiver of each of the
conditions set forth in Section 4 (other than those conditions that by their nature are to be 

 
satisfied at the Closing, but subject to the fulfillment or waiver of those conditions) concurrently with the IPO Closing Time. At the Closing, (i) the Company shall cause the Company’s
transfer agent to deliver the Shares to the Investor registered in the name of the Investor, and (ii) the Purchase Price for the Shares shall be delivered by or on behalf of the Investor to the Company. 

(c)     Payment of Purchase Price. Payment by the Investor of the Purchase Price to the Company shall be made at
the Closing by wire transfer of immediately available funds equal to the aggregate purchase price for the Shares to an account specified in writing by the Company. 

Payment of the Purchase Price for the Shares shall be made against delivery to the Investor of the Shares, which Shares shall be
uncertificated and shall be registered in the name of the Investor on the books of the Company by the Company’s transfer agent. 
 2.
Representations and Warranties. 
 2.1 Representations and Warranties of the Company. The Company represents and warrants to
the Investor as follows: 
 (a)     The representations and warranties of the Company set forth in the Underwriting
Agreement are true and correct on and as of the date hereof, with the same effect as if made herein on the date hereof (except to the extent any such representations and warranties expressly relate to a particular date, in which case such
representations and warranties are true and correct as of such particular date) (after giving effect to any materiality or other qualifiers contained therein); 

(b)     The Company has the full right, power, authority and capacity to enter into this Agreement and to consummate the
transactions contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement; 

(c)     This Agreement constitutes the valid and legally binding obligation of the Company, enforceable in accordance with
its terms, subject to bankruptcy, reorganization, insolvency and other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity. Upon issuance in accordance with, and payment pursuant to, the
terms of this Agreement, the Shares will be duly authorized, validly issued and fully-paid and nonassessable; 
 (d)
    The execution and delivery by the Company of, and the performance by the Company of its obligations under this Agreement, the issuance, sale and delivery of the Shares, the consummation of the transactions contemplated herein
and compliance by the Company with its obligations hereunder does not and will not contravene any provision of applicable law, or the certificate of incorporation or by laws or other organizational documents of the Company, or any agreement or other
instrument binding upon the Company or the Shares or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company, and no consent, approval, authorization or order of, or qualification with, any
governmental body or agency is required for the performance by the Company of its obligations under this Agreement, except, in each case, where any such contravention or where the failure to obtain any such consent, approval, authorization or order
would not reasonably be expected to have a material adverse effect on the consummation of the transactions contemplated hereby; 

 (e)     To the knowledge of the Company, the Company has not taken any
action which could reasonably be expected to cause the sale of the Shares to be sold by the Company to the Investor to fail to qualify as exempt from the registration requirements of the Securities Act; and 

(f)     The Company is not disqualified from relying Rule 506 under the Securities Act with respect to the Offering by
reason of the Company, any predecessor of the Company, any affiliated issuer, any director, executive officer, other officer of the Company participating in the Offering, general partner or managing member of the Company, any beneficial owner of 20%
or more of the Company’s outstanding voting equity securities, any promoter connected with the Company at the time of any sale of the Shares or any investment manager of the Company (if the Company is a pooled investment fund), as applicable,
being subject to the disqualifications set forth in Rule 506(d) and (e) of the Securities Act in connection with the Offering, and the Company has exercised reasonable care, including, without limitation, conducting a factual inquiry that is
appropriate in light of the circumstances, into whether any such disqualification under Rule 506(d) or (e) of the Securities Act exists as of the date hereof with respect to the Offering. 

2.2 Representations and Warranties of the Investor. The Investor represents and warrants to the Company as follows: 

(a)     (i) It is an institutional “accredited investor” as defined in Rule 501(a) promulgated under the
Securities Act; (ii) it has sufficient knowledge and experience in investing in companies similar to the Company so as to be able to evaluate the risks and merits of its investment in the Company and it is able financially to bear the risks
thereof; (iii) it has had an opportunity to discuss the Company’s business, management and financial affairs with the Company’s management; (iv) all documents, records, and information pertaining to its investment in the Common
Stock and the Company that have been requested by it, if any, have been made available or delivered to it prior to the date hereof; (v) its financial condition is such that it is able to bear the risk of holding the Shares for an indefinite
period of time and can bear the loss of the entire investment in such Shares; (vi) it is not purchasing the Shares as the result of any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities
Act or as a result of the Investor’s review of public filings by the Company; (vii) it has independently evaluated the merits of its decision to purchase securities of the Company; (viii) it has not relied on the advice of, or any
representations by, any of SVB Leerink LLC, Stifel, Nicolaus & Company, Incorporated, BMO Capital Markets Corp. or Needham & Company, LLC (acting in their capacity as placement agents for the Offering, collectively, the
“Placement Agents”), or any of their affiliates or any representative of the Placement Agents or their affiliates in making such decision, and (ix) none of the Placement Agents nor any of their representatives has any
responsibility with respect to the completeness or accuracy of any information or materials furnished to the Investor in connection with the transactions contemplated hereby; 

 (b)     The Investor understands that this Agreement is made in reliance
upon the Investor’s express representations, which it hereby represents and warrants to the Company, that (i) the Shares being purchased by the Investor are being acquired for the Investor’s own account (and not on behalf of any other
person or entity) for the purpose of investment and not with a view to, or for sale in connection with, the distribution thereof, nor with any present intention of distributing or selling the Shares or any portion thereof, (ii) the Investor was
not organized for the specific purpose of acquiring the Shares and (iii) the Shares will not be sold by the Investor without registration under the Securities Act or applicable state securities laws, or an exemption therefrom; 

(c)     The Investor further understands that the Shares being purchased by the Investor hereunder have not been
registered under the Securities Act or any state securities laws and are instead being offered and sold in reliance on an exemption from such registration requirements. The Investor represents and warrants to the Company that, to the Investor’s
knowledge, the Investor has not taken any action which could reasonably be expected to cause the sale of the Shares to be sold by the Company to the Investor to fail to qualify as exempt from the registration requirements of the Securities Act. The
Investor further understands that until such time as the Shares shall have been registered under the Securities Act and applicable state securities laws or shall have been transferred in accordance with an opinion of counsel reasonably satisfactory
to the Company that such registration is not required, stop transfer instructions shall be issued to the Company’s transfer agent and any certificate or certificates representing such securities shall bear a restrictive legend stating that such
securities have not been registered under the Securities Act and applicable state securities laws and referring to restrictions on the transferability and sale thereof. 

(d)     The Investor further understands that its representations and warranties hereunder will not preclude disposition
of the Shares without registration thereof, in compliance with Rule 144 promulgated under the Securities Act (“Rule 144”). The Investor understands and acknowledges, however, that there may not be available when the Investor wishes
to sell the Shares, or any portion thereof, the adequate current public information with respect to the Company which would permit offers or sales of such securities pursuant to Rule 144, and, therefore, compliance with the Securities Act or some
other exemption from the registration and prospectus delivery requirements of the Securities Act may be required for any such offer or sale; and 

(e)    (i) The Investor is validly existing as a limited partnership in good standing under the laws of the State of
Delaware; (ii) the Investor has all requisite power and authority to execute and deliver this Agreement; and (iii) this Agreement constitutes the valid and legally binding obligation of the Investor, enforceable against the Investor in
accordance with its terms, subject to bankruptcy, reorganization, insolvency and other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity. 

4. Conditions to the Closing.    The obligations of the Company and the Investor hereunder are subject to the
satisfaction of the conditions set forth below on or before the Closing. If for any reason any of the conditions set forth in this Section 4 are not satisfied or waived by each party entitled to the benefit of such conditions at or prior to the
Closing, then each party by 

 
written notice given to the other parties hereto shall have the right to elect to terminate this Agreement and each party shall be released from their obligations hereunder and shall have no
further liability hereunder, provided, however, that nothing contained in this Section 4 shall relieve any party from liabilities or damages arising out of any fraud or willful breach by such party of this Agreement prior to such termination.

 (a)    Conditions to the Investor’s Obligations. The Investor’s obligations to purchase the Shares
at the Closing are subject to the satisfaction of the following conditions: 
 (i) delivery of an opinion of counsel to the
Company, dated the date of the Closing, substantially in the form attached hereto as Exhibit B; 
 (ii) the
representations and warranties of the Company contained in Section 2.1 shall be true and accurate on and as of the Closing with the same force and effect as if they had been made at the Closing (except to the extent any such representations and
warranties expressly relate to a particular date, in which case such representations and warranties are true and correct as of such particular date) (after giving effect to any materiality or other qualifiers contained therein); and 

(iii) the Underwriters shall have purchased, concurrently with the purchase of the Shares by the Investor hereunder, the
Initial Securities (as defined in the Underwriting Agreement) at the IPO Price (less any applicable underwriting discounts or commissions). 

(b)    Conditions to the Company’s Obligations. The Company’s obligations to sell the Shares at the
Closing are subject to the satisfaction of the following conditions: 
 (i) the Investor shall have paid the Purchase Price
to the Company by wire transfer of immediately available funds as specified in Section 1(c) of this Agreement; 
 (ii)
the representations and warranties of the Investor contained in Section 2.2 shall be true and accurate on and as of the Closing with the same force and effect as if they had been made at the Closing; and 

(iii) the Underwriters shall have purchased, concurrently with the purchase of the Shares by the Investor hereunder, the
Initial Securities (as defined in the Underwriting Agreement) at the IPO Price (less any underwriting discounts or commissions). 
 5.
Registration Rights. 
 (a)    Defined Terms. As used in this Section 5, the following terms shall
have the following meanings: 
 (i) “Prospectus” means (x) the prospectus included in any Registration
Statement contemplated by this Section 5, as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other
amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus, and (y) any “free writing prospectus” as defined in Rule 405 promulgated under the
Securities Act. 

 (ii) “Registrable Securities” means (x) the Shares,
and (y) any shares of Common Stock issued or issuable with respect to the Shares by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any
particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a Registration Statement covering such securities has been declared effective by the SEC and such securities have been disposed of pursuant to
such effective Registration Statement, (ii) such securities are sold under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) are met, (iii) such securities are otherwise
transferred and such securities may be resold without subsequent registration under the Securities Act, or (iv) such securities shall have ceased to be outstanding. 

(iii) “Registration Statement” means any registration statement of the Company which covers any of the
Registrable Securities pursuant to the provisions of this Section 5, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all materials incorporated by
reference in such Registration Statement. 
 (b)     Demand Registration. 

(i) At any time after the date that is 180 days after the Closing, the Investor may request registration under the Securities
Act of all of its Registrable Securities then held on a Form S-1 or Form S-3 registration statement (or any successor to each such form) (or, if Form S-1 or Form S-3 is not then available, on such form of registration statement as is then available to effect a registration of the Registrable Securities pursuant to this
subsection (b)(i)) (each a “Demand Registration”). Each request for a Demand Registration shall specify the approximate number of Registrable Securities required to be registered. Upon receipt of a Demand Registration request, the
Company shall cause a Registration Statement to be filed within forty-five (45) days after the date on which such request was received by the Company. The Company shall not be required to effect a Demand Registration (A) more than two
(2) times for the Investor; provided, however, that a Registration Statement shall not count as a Demand Registration requested under this subsection (b)(i)(A) unless and until it has become effective, or (B) if the Company furnishes to
the Investor a certificate signed by an authorized officer of the Company stating that (a) within sixty (60) days of receipt of the Demand Registration request under this subsection (b)(i), the Company expects to file a registration
statement for the public offering of securities for the account of the Company (other than a registration of securities (x) issuable pursuant to an employee stock option, stock purchase or similar plan, (y) issuable pursuant to a merger,
exchange offer or a transaction of the type specified in Rule 145(a) under the Securities Act or (z) in which the only securities being registered are securities issuable upon conversion of debt securities which are also being registered),
provided, that the Company is actively employing good faith efforts to cause such registration statement to become effective, or (b) the Company is engaged in a material transaction or has an undisclosed material corporate development, in
either case, 

 
which would be required to be disclosed in the Registration Statement, and in the good faith judgment of the Company’s Board of Directors, such disclosure would be materially detrimental to
the Company and its stockholders at such time (in which case, the Company shall disclose the matter as promptly as reasonably practicable and thereafter file the Registration Statement, and the Investor agrees not to disclose any information about
such material transaction to third parties until such disclosure has occurred or such information has entered the public domain other than through breach of this provision by the Investor), provided, however, that the Company shall have the right to
defer the filing of the Registration Statement pursuant to this subsection twice in any twelve (12) month period and any such deferral may not exceed a period of more than sixty (60) days in the aggregate during such twelve-month period.

 (ii) If the Investor requests a Demand Registration and elects to distribute the Registrable Securities covered by its
request in an underwritten offering, the Investor shall so advise the Company as a part of its request made pursuant to subsection (b)(i). The Company shall select the investment banking firm or firms to act as the managing underwriter or
underwriters in connection with such offering; provided, however, that such selection shall be subject to the consent of the Investor, which consent shall not be unreasonably withheld, delayed or conditioned. 

(c)     Requirements of the Company. 

(i)    In connection with the filing by the Company of any Registration Statement, the Company shall
furnish to the Investor (x) a copy of the Prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and (y) such other documents as the Investor may reasonably request, in order to
facilitate the public sale or other disposition of the Registrable Securities. 
 (ii)    The Company
shall use its reasonable best efforts to cause each Registration Statement contemplated by this Section 5 to be declared effective or become effective as soon as practicable following the filing thereof with the SEC. The Company shall notify
the Investor in writing after any Registration Statement is declared effective. 
 (iii)    In the event
of any stock split, stock dividend or transaction with respect to the Registrable Securities that increases the number of Registrable Securities, if a then-effective Registration Statement does not cover the resale of such additional number of
Registrable Securities, the Company shall amend or supplement any Registration Statement to cover such additional number of Registrable Securities. 

(iv)    The Company shall use its best efforts to register or qualify the Registrable Securities covered by
any Registration Statement under the securities laws of each state of the United States; provided, however, that the Company shall not be required in connection with this subsection (c)(iv) to qualify as a foreign corporation or execute a general
consent to service of process in any jurisdiction. 

 (v)    If the Company has delivered preliminary or final
Prospectuses to the Investor and, after having done so, the Prospectus is amended or supplemented to comply with the requirements of the Securities Act, the Company shall promptly notify the Investor and, if requested by the Company, the Investor
shall immediately cease making offers or sales of shares under the applicable Registration Statement and return all Prospectuses to the Company. The Company shall promptly provide the Investor with revised or supplemented Prospectuses and, following
receipt of the revised or supplemented Prospectuses, the Investor shall be free to resume making offers and sales under the applicable Registration Statement. 

(vi)    The Company shall advise the Investor promptly after it shall receive notice or obtain knowledge of
the issuance of any stop order by the SEC delaying or suspending the effectiveness of any Registration Statement or of the initiation or threat of any proceeding for that purpose, and it will promptly use commercially reasonable efforts to prevent
the issuance of any stop order or to obtain its withdrawal at the earliest possible moment if such stop order should be issued. 

(d)    Requirements of the Investor. The Company shall not be required to include any Registrable Securities in any
Registration Statement contemplated by this Section 5 unless the Investor furnishes to the Company, in writing, such information regarding the Investor and the proposed sale of the Registrable Securities by the Investor as the Company may
reasonably request in writing in connection with such Registration Statement or as shall be required in connection therewith by the SEC or any state securities law authorities. 

(e)    Suspension. The Company may suspend the use of any Registration Statement or Prospectus (a
“Suspension”) by the Investor if the Company determines in good faith that such Suspension is necessary to (x) delay the disclosure of material non-public information concerning the
Company, the disclosure of which at the time, in the good faith opinion of the Company’s Board of Directors, would be materially detrimental to the Company or its stockholders for a registration to be effected at such time; (y) amend or
supplement the affected Registration Statement or the related Prospectus so that such Registration Statement or Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein; or
(z) amend or supplement the affected Registration Statement or Prospectus in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, in each case of clauses
(x) through (z), that the Company shall (a) promptly notify the Investor in writing of such Suspension and the reasons therefor, but shall not disclose to the Investor any material non-public
information giving rise to a Suspension under clause (x); (b) advise the Investor in writing to cease all sales under the Registration Statement or Prospectus until the end of the Suspension; and (c) use its reasonable best efforts to
terminate such Suspension as promptly as practicable. The Company may not exercise its rights pursuant to this subsection (e) for more than ninety (90) days in the aggregate in any twelve (12) month period. 

(f)     Expenses. Except as set forth below, the Company will pay all of the expenses incurred by the Company in
connection with complying with this Section 5 (whether or not any Registration Statement or Prospectus becomes final or effective), including, without limitation: all registration, filing and printing fees, the Company’s counsel and
accounting fees and expenses, costs and expenses associated with clearing the Registrable Securities for sale under applicable state securities laws (including, without limitation, fees, charges and disbursements of

 
counsel in connection with such clearance), all listing fees and all expenses incurred by the Company (but not the Investor) in connection with any “road show”. The Company shall not be
required to pay or reimburse the Investor for any fees or expenses of the Investor incurred in connection with the registration of any Registrable Securities in accordance with this Section 5 or underwriting discounts or commissions and fees of
underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to the Registrable Securities being sold. 

(g)    Indemnification. 

(i) The Company agrees to indemnify and hold harmless the Investor, each underwriter, and each other person, if any, who
controls the Investor or any such underwriter within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), from and against any losses, claims, damages or liabilities to which the
Investor, such underwriter or controlling person may become subject (under the Securities Act, the Exchange Act, state securities or blue sky laws or otherwise) insofar as such losses, claims, damages or liabilities (or actions or proceedings in
respect thereof) arise out of, or are based upon, any untrue statement of a material fact contained in any registration statement covering the Shares or in any preliminary prospectus or final prospectus contained in such registration statement, or
any amendment or supplement to such registration statement, or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will reimburse the
Investor for any reasonable legal or other expenses reasonably incurred in investigating, defending or preparing to defend any such action, proceeding or claim, or preparing to defend any such action, proceeding or claim; provided, however, that the
Company shall not be liable in any such case to the extent that such loss, claim, damage or liability arises out of, or is based upon, an untrue statement made in such registration statement, preliminary prospectus or prospectus, or any amendment or
supplement in reliance upon and in conformity with written information relating to the Investor furnished to the Company by or on behalf of the Investor specifically for use in the preparation thereof or any statement or omission in any prospectus
that is corrected in any subsequent prospectus that was delivered to the Investor prior to the pertinent sale or sales by the Investor. 

(ii) The Investor agrees to indemnify and hold harmless the Company, each underwriter and each person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act, each officer of the Company who signs the registration statement and each director of the Company, from and against any losses, claims, damages or liabilities to which the Company
or any such underwriter, officer, director or controlling person may become subject under the Securities Act, the Exchange Act, state securities or blue sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions or
proceedings in respect thereof) arise out of, or are based upon, any untrue statement of a material fact contained in any registration statement covering the Shares or in any preliminary prospectus, final prospectus contained in such registration
statement, or any amendment or supplement to such registration statement or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, if such untrue statement
or 

 
omission was made in reliance upon and in conformity with written information relating to the Investor furnished by or on behalf of the Investor specifically for use in preparation of the
registration statement, prospectus, amendment or supplement and the Investor will reimburse the Company, or such underwriter, officer, director or controlling person, as the case may be, for any legal or other expenses reasonably incurred in
investigating, defending or preparing to defend any such action, proceeding or claim; provided, however, that the Investor’s obligation to indemnify the Company shall be limited to the net amount actually received by the Investor from the sale
of the Shares. 
 (iii) Promptly after receipt by any indemnified person of a notice of a claim or the beginning of any
action in respect of which indemnity is to be sought against an indemnifying person pursuant to this Section 5(g), such indemnified person shall notify the indemnifying person in writing of such claim or of the commencement of such action, but
the omission to so notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party under this Section 5(g) (except to the extent that such omission materially and adversely affects the
indemnifying party’s ability to defend such action). Subject to the provisions hereinafter stated, in case any such action shall be brought against an indemnified person, the indemnifying person shall be entitled to participate therein, and, to
the extent that it shall elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, shall be entitled to assume the defense thereof, with counsel reasonably satisfactory to
such indemnified person. After notice from the indemnifying person to such indemnified person of its election to assume the defense thereof, such indemnifying person shall not be liable to such indemnified person for any legal expenses subsequently
incurred by such indemnified person in connection with the defense thereof; provided, however, that if there exists or shall exist a conflict of interest that would make it inappropriate, in the opinion of counsel to the indemnified person, for the
same counsel to represent both the indemnified person and such indemnifying person or any affiliate or associate thereof, the indemnified person shall be entitled to retain its own counsel at the expense of such indemnifying person; provided,
however, that no indemnifying person shall be responsible for the fees and expenses of more than one separate counsel (together with appropriate local counsel) for all indemnified parties. In no event shall any indemnifying person be liable in
respect of any amounts paid in settlement of any action unless the indemnifying person shall have approved the terms of such settlement; provided, however, that such consent shall not be unreasonably withheld. No indemnifying person shall, without
the prior written consent of the indemnified person, effect any settlement of any pending or threatened proceeding in respect of which any indemnified person is or could have been a party and indemnification could have been sought hereunder by such
indemnified person, unless such settlement includes an unconditional release of such indemnified person from all liability on claims that are the subject matter of such proceeding. 

(iv) If the indemnification provided for in this Section 5(g) is unavailable to or insufficient to hold harmless an
indemnified party under subsections (g)(i) or (ii) above in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims, damages or 

 
liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Investor, as well as any other selling
stockholders under such registration statement on the other in connection with the statements or omissions or other matters which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault shall be determined by reference to, among other things, in the case of an untrue statement, whether the untrue statement relates to information supplied by the Company on the one hand or the Investor or
other selling stockholder on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement. The Company and the Investor agree that it would not be just and equitable if
contribution pursuant to this subsection (g)(iv) were determined by pro rata allocation (even if the Investor and other selling stockholders were treated as one entity for such purpose) or by any other method of allocation which does not take into
account the equitable considerations referred to above in this subsection (g)(iv). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this
subsection (g)(iv) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection
(g)(iv), the Investor shall not be required to contribute any amount in excess of the amount by which the net amount received by the Investor from the sale of the Shares to which such loss relates exceeds the amount of any damages which the Investor
has otherwise been required to pay by reason of such untrue statement. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. 
 (h)    Survival. The rights and obligation of the Company and the
Investor under this Section 5 shall survive the termination of this Agreement 
 (i)    Termination. All of
the Company’s obligations to register the Shares under this Agreement shall terminate on the earlier of (a) the three-year anniversary of the date of this Agreement or (b) the date on which all of the Shares have been sold by the
Investor. 
 6. Required Disclosure. The Company (a) shall include the description contained on Exhibit C (the
“Required Waiver Disclosure”) in any transaction documents or offering materials provided to the Investor in connection with the Offering, and (b) shall cause such Required Waiver Disclosure to be provided to the Investor a
reasonable time prior to the date any securities are sold to the Investor, and all otherwise in compliance with Rule 506(d) of the Securities Act. 

7. Reliance by the Placement Agents. The parties agree and acknowledge that the Placement Agents may rely on (a) the
representations, warranties, agreements and covenants of the Company contained in this Agreement and (b) the representations and warranties of the Investor contained in this Agreement, in each case as if such representations, warranties,
agreements and covenants, as applicable, were made directly to the Placement Agents. The parties further agree and acknowledge that the Company will, if requested by the Placement 

 
Agents, cause counsel to the Company to deliver to the Placement Agents a letter, in form and substance reasonably satisfactory to the Placement Agents, stating that the Placement Agents may rely
on the legal opinion to be delivered pursuant to Section 4(a)(i) of this Agreement. 
 8. Exculpation of Placement
Agents. Each party agrees, for the express benefit of the Placement Agents, their affiliates and their respective representatives, that: 

(a)     None of the Placement Agents, any of their affiliates or any of their respective representatives (i) has any
duties or obligations other than those specifically set forth herein or in the Engagement Letter by and among the Company and the Placement Agents, to be entered into on or about May 6, 2019 (as amended from time to time, the
“Engagement Letter”); (ii) makes any representation or warranty pursuant to this Agreement or in connection with any of the transactions contemplated hereby; or (iii) shall be liable for (x) any action taken, suffered
or omitted by any of them in good faith and reasonably believed to be authorized or within the discretion, rights or powers conferred upon it by this Agreement or (y) anything which any of them may do or refrain from doing in connection with
this Agreement, except for such party’s own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. 

(b)     None of the Placement Agents, any of their affiliates or any of their respective representatives shall be
responsible for, or have any duty to ascertain or inquire into, (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents, validity, accuracy, value or genuineness of any certificate,
report or other document delivered by or on behalf of the Company, the Investor or any other party pursuant to this Agreement or in connection with any of the transactions contemplated hereby, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth in this Agreement, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, or (v) the satisfaction of any condition set forth in
Section 4 of this Agreement. 
 (c)     The Placement Agents, their affiliates and their
respective representatives shall be entitled to (i) rely on, and shall not incur any liability for acting reasonably upon, any certificate, instrument, opinion, notice, letter or any other document or security delivered to any of them by or on
behalf of the Company, (ii) consult with legal counsel and other experts, and shall not be liable for any lawful action taken or not taken in accordance with the advice of any such counsel or experts, and (iii) be indemnified by the
Company for acting as Placement Agents hereunder pursuant to the indemnification provisions set forth in the Engagement Letter. 
 (d)
    Nothing contained in this Section 8 or elsewhere in this Agreement shall affect the obligations and liability of any of the Placement Agents, any of their affiliates or any of their respective representatives pursuant to
the Underwriting Agreement or otherwise under applicable law or regulation in connection therewith. 
 9. Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

 10. Notices. Notices given hereunder shall be deemed to have been duly given, only if
given in writing, and on (i) the date of personal delivery, (ii) on the date one day after being delivered to a reputable overnight courier with proper delivery instructions, or (iii) if delivered by email, upon electronic
confirmation of receipt to the party being notified as addressed as follows: (a) if to the Investor, to: New Enterprise Associates, 1954 Greenspring Drive, Suite 600, Timonium, Maryland 21093, Attention: Louis Citron (lcitron@nea.com), with a
copy (which shall not constitute notice) to: Morrison & Foerster LLP, 200 Clarendon Street, Boston, Massachusetts 02116, Attention: Ori Solomon (ori@mofo.com), (b) if to the Company, to: Trevi Therapeutics, Inc. 195 Church Street, 14th
Floor, New Haven, Connecticut 06510, attention of Jennifer L. Good (Jennifer.Good@trevitherapeutics.com), with a copy (which shall not constitute notice) to: Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, Boston, Massachusetts 02109,
Attention: Stuart M. Falber (stuart.falber@wilmerhale.com). 
 11. Entire Agreement and Amendments. This Agreement constitutes the
entire agreement of the parties with respect to the subject matter hereof. This Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by each of the parties hereto or, in
the case of a waiver, by the party waiving compliance. No waiver shall be deemed a waiver of any subsequent breach or default. 
 12.
Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to conflict of laws principles which would result in the application of the law of any other jurisdiction.

 13. Severability. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other
provisions hereof. 
 14. Assignment. This Agreement may not be assigned by the Company or the Investor without the prior written
consent of the other parties hereto. 
 15. Captions. Captions are for convenience only and are not deemed to be part of this
Agreement. All references herein to numbered Sections are to Sections of this Agreement unless otherwise indicated. 
 16. Survival.
The representations and warranties contained herein shall survive the Closing. 
 17. Counterparts. This Agreement may be executed by
pdf and in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

18. Further Assurances. The parties agree to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement. 
 19. Termination. This Agreement shall automatically terminate upon the
earliest to occur, if any, of: (a) either the Company, on the one hand, or the Underwriters, on the other hand, advising the other in writing, prior to the execution of the Underwriting Agreement, that they

 
have determined not to proceed with the IPO, (b) termination of the Underwriting Agreement (other than the provisions thereof which survive termination) prior to the sale of any of the
Common Stock to the Underwriters, (c) the initial public offering price per share that the Common Stock is sold to the public in the IPO exceeds $10.00 per share, (d) the registration statement filed with the SEC with respect to the IPO is
withdrawn, (e) the Underwriting Agreement has not become effective by 6:00 p.m. New York time on May 20, 2019, or (f) the written consent of each of the Company and the Investor. 

[Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of
the date first set forth above. 
  

			
	TREVI THERAPEUTICS, INC.
		
	By:	 	 /s/ Jennifer L. Good

	Name:	 	Jennifer L. Good
	Title:	 	President and Chief Executive Officer

  

			
	 NEW ENTERPRISE ASSOCIATES 16, L.P.
  

By: NEA Partners 16, L.P., its general partner
  

By: NEA 16 GP, LLC, it general partner

		
	By:	 	 /s/ Louis S. Citron

	Name:	 	Louis S. Citron
	Title:	 	Chief Legal Officer

 EXHIBIT A 

Form of Underwriting Agreement 

 EXHIBIT B 

Form of WilmerHale Opinion 

 EXHIBIT C 

Required Waiver Disclosure

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