Document:

Amended and Restated Director Compensation Policy, dated as of April 13, 2007

 Exhibit 10.1 
 PANACOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED DIRECTOR COMPENSATION POLICY 

The Board of Directors of Panacos Pharmaceuticals, Inc. (the “Company”) has approved the following policy which establishes compensation to
be paid to non-employee directors of the Company, effective April 13, 2007, which policy amends and restates in its entirety the policy previously amended and restated on July 27, 2006, to provide an inducement to obtain and retain the
services of qualified persons to serve as members of the Company’s Board of Directors. Each such director will receive as compensation for his or her services stock option grants and cash compensation, all as further set forth herein.

 Applicable Persons 
 This Policy shall
apply to each director of the Company who (a) is not an employee of the Company or any Affiliate and (b) does not receive compensation as a consultant to the Company or any Affiliate (each, an “Outside Director”). Affiliate shall
mean a corporation 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. 
 Stock Option Grants 
 Option Grant Upon Initial Appointment or Election as a Director

 Commencing April 13, 2007, each new Outside Director, other than the Lead Director, on the date of his or her initial appointment or
election to the Board of Directors, shall be granted a non-qualified stock option to purchase 25,000 shares of the Company’s common stock and the Lead Director shall be granted a non-qualified stock option to purchase 30,000 shares of the
Company’s common stock under the Company’s 2005 Supplemental Equity Compensation Plan (the “Stock Plan”), subject to automatic adjustment in the event of any stock split or other recapitalization affecting the Company’s
common stock. Such option shall vest monthly at 1/48 per month, commencing one month following the date of grant, over four years, provided such Outside Director continues to serve as a member of the Board of Directors. 
 Annual Option Grant 
 Commencing on
July 1, 2007, each Outside Director shall be granted annually at the first meeting of the Board of Directors following the annual meeting of stockholders, a non-qualified stock option to purchase 15,000 shares of the Company’s common stock
under the Stock Plan subject to automatic adjustment in the event of any stock split or other recapitalization affecting the Company’s common stock. Newly appointed Outside Directors joining the Board of Directors subsequent to the annual
meeting of stockholders shall be granted on the date on which they join the Board of Directors, as their annual grant, a non-qualified stock option to purchase 15,000 shares if they join the Board of Directors during the same calendar quarter as the
annual 

 
meeting, 11,250 shares if they join the Board of Directors in the first calendar quarter following the quarter in which the annual meeting is held, 7,500
shares if they join the Board of Directors in the second calendar quarter following the quarter in which the annual meeting is held and 3,750 shares if they join the Board of Directors in the third calendar quarter following the quarter in which the
annual meeting is held. 
 For 2007 only, each Outside Director who previously received an annual option grant on January 24, 2007 shall
be granted, at the first meeting of the Board of Directors following the 2007 annual meeting of stockholders, a non-qualified stock option to purchase 7,500 shares of the Company’s common stock under the Stock Plan subject to automatic
adjustment in the event of any stock split or other recapitalization affecting the Company’s common stock. For 2007 only, each Outside Director who did not receive an annual option grant on January 24, 2007 shall be granted at the 2007
annual meeting of stockholders, a non-qualified stock option to purchase 15,000 shares of the Company’s common stock under the Stock Plan subject to automatic adjustment in the event of any stock split or other recapitalization affecting the
Company’s common stock. 
 Commencing on June 1, 2007, as soon as practicable following the appointment of a non-executive Chairman
of the Board of Directors, and annually thereafter, as long as that individual remains as Chairman, at the first meeting of the Board of Directors following the annual meeting of stockholders, the Chairman shall be granted a non-qualified stock
option to purchase an additional 10,000 shares of the Company’s common stock under the Stock Plan subject to automatic adjustment in the event of any stock split or other recapitalization affecting the Company’s common stock. 

Both the Outside Director options and Chairman’s additional options will vest monthly at 1/12 per month, commencing one month after the
grant date, over one year, provided such Outside Director continues to serve as a member of the Board of Directors. 
 Exercise Price and
Term of Options 
 Each option granted shall have an exercise price per share equal to the Fair Market Value (as defined in the Stock
Plan) of the common stock of the Company on the date of grant of the option, have a term of ten years and shall be subject to the terms and conditions of the Stock Plan. Each such option grant shall be evidenced by the issuance of a non-qualified
stock option agreement. 
 Early Termination of Options Upon Termination of Service 
 If an Outside Director: 
  

	 	a.	ceases to be a member of the Board of Directors for any reason other than death or disability, any then vested and unexercised options granted to such Outside Director may be
exercised by the director within a period of three months after the date the director ceases to be a member of the Board of Directors and in no event later than the expiration date of the option; or 

  

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	 	b.	ceases to be a member of the Board of Directors by reason of his or her death or disability, any then vested and unexercised options granted to such director may be exercised by the
director (or by the director’s personal representative, or the director’s survivors) within a period of one year after the date the director ceases to be a member of the Board of Directors and in no event later than the expiration date of
the option. 

 Quarterly Retainer 
 Each Outside Director shall be compensated on a quarterly basis for providing services to the Company. Each Outside Director shall receive a quarterly retainer (the “Quarterly Retainer”) of $3,750, provided however, that a
non-Executive Chairman shall receive an additional $5,000 per quarter, a Lead Director shall receive an additional $2,500 per quarter, the Chairman of the Audit Committee shall receive an additional $1,875 per quarter, and the Chairmen of the
Compensation and Nominating Committees shall each receive an additional $1,250 per quarter. 
 Meeting Fee 
 Each Outside Director shall receive a fee of $2,000 for each meeting of the Board of Directors attended in person or $1,500 for each such meeting attended
via teleconference. 
 Each Outside Director shall also receive a fee of $1,500 for each meeting of the Audit Committee attended in person or
$1,250 for each such meeting attended via teleconference, provided however, that the Committee meeting is on a day other than a day of a live meeting of the Board of Directors. 
 Each Outside Director shall also receive a fee of $1,000 for each meeting of the Compensation or Nominating Committee attended in person or via
teleconference, provided however, that the Committee meeting is on a day other than a day of a live meeting of the Board of Directors. 
 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, Committees thereof or in connection with other Board related business. 
 Amendments 
 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. 
  

 3Silver State Bank 1997 Stock Option Plan

 Exhibit 10.1 
 SILVER STATE BANK 
 1997 STOCK OPTION PLAN 
  

	1.	Purpose 

 The purpose of the Silver State
Bank Stock Option Plan (the “Plan”) is to provide deferred compensation to certain key employees and directors (the “Participants”) of Silver State Bank (the “Bank”). Such deferred compensation shall be based upon the
grant of stock options (the “Options”), the value of which is related to the appreciation in the value of the common stock of the Bank. The Plan is intended to benefit the Bank by motivating Participants to achieve long-term Bank goals.

  

	2.	Definitions 

 Unless the context clearly
indicates otherwise, the following terms, when used in the Plan, shall have the following meanings: 
  

	 	2.1	“Beneficiary” shall be the person or persons who shall acquire the right to exercise an Option by bequest or inheritance. 

  

	 	2.2	“Board of Directors” or “Board” means the Board of Directors of the Bank. 

  

	 	2.3	“Code” means the Internal Revenue Code of 1986 as amended from time to time. 

  

	 	2.4	“Grantee” means a person to whom an Option has been granted under the Plan. 

  

	 	2.5	“Option” means an option to purchase shares of the Bank’s common stock. 

  

	 	2.6	“Term” means the period during which a particular Option may be exercised. 

  

	3.	Administration 

 The Plan shall be
administered by the Board. Subject to the provisions of the Plan, the Board shall have the exclusive power to (1) select the Participants to be granted Options; (2) determine the number of Options to be granted; (3) establish the Term
and date of each Option granted; and (4) determine the limitations, restrictions, and conditions applicable to any Options. 
 The Board
shall have authority to interpret the Plan, to adopt and revise rules and regulations relating to the Plan, and to make any other determinations which it believes necessary or advisable for the administration of the Plan. Determinations by the Board
shall be made by majority vote and shall be final and binding on all parties with respect to all matters relating to the Plan. The Board’s determinations as to the persons to receive awards, the terms and provisions of such Options, and the
agreements evidencing the same, need not be uniform and may be made by it selectively among persons who receive or are eligible to receive awards under the Plan, whether or not such persons are similarly situated. 

	4.	Incentive and Nonqualified Stock Options 

 It
is intended that the Options granted hereunder will include (1) those that qualify as incentive stock options under Section 422(b) of the Code, and (2) those that do not qualify and therefore are nonqualified stock options.

  

	5.	Number and Source of Shares Subject To the Plan 

 The Bank may grant Options under the Plan for not more than 87,000 shares of common stock (the “Shares”) (subject to adjustment pursuant to section 13 below) which shall be provided by the issuance of Shares authorized but
unissued. In the event that an Option previously granted shall for any reason lapse or be canceled without being exercised, the unpurchased Shares subject to the Option shall be restored to the total number of Shares to be granted under the Plan.

  

	6.	Participants 

 Options may be granted to key
employees employed by the Bank, and to selected members of the Board, as determined by the Board. Options granted to participants who are members of the Board but are not employees shall be nonqualified stock options. 
  

	7.	Grants 

 Options shall be granted to
Participants as the Board shall determine. Options shall be granted at such time or times, and in such quantities, and shall be subject to such terms and conditions in addition to those set forth in this Plan, as determined by the Board. 

With respect to the number of Shares subject to incentive stock options granted to any one Participant in any one year, the aggregate fair market value
(determined as of the time the Option is granted) of the Shares which become exercisable shall not exceed $100,000 during any one calendar year. 
  

	8.	Exercise Price 

 The exercise price for
nonqualified stock options shall be equal to at least the fair market value of a Share on the date the Option is granted. 
 With respect to
any incentive stock option granted to a Grantee who, on the date the Option is granted, owns ten percent or less of the total combined voting power of all classes of stock of the Bank, the exercise price to be paid by the Grantee to the Bank for
each Share purchased upon the exercise of the Option shall be equal to the fair market value of a Share on the date Option is granted. 
 With
respect to any incentive stock option granted to a Grantee who, on the date the Option is granted, owns more than ten percent of the total combined voting power of all classes of stock of the Bank, the exercise price for each Share purchased shall
not be less than 110 percent of the fair market value of a Share on the date the Option is granted. The fair market value of a Share shall be determined by the Board. Notwithstanding any 

  

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provision of the Plan to the contrary, no determination made with respect to the fair market value of Common Stock subject to an Option shall be inconsistent
with the Code or regulations thereunder. 
 Notwithstanding anything herein to the contrary, in no event may an option be granted under the
Plan if the exercise price is less than the par value of a Share. 
  

	9.	Term of Options 

 The Board will determine
the Term for all Options granted under the Plan. In no event shall the Term of an Option extend beyond ten years from the date of Grant. 
  

	10.	Vesting 

 Options to the Participants shall
vest in accordance with the following schedule of years of employment or service as a director following the date of grant of such Options: 
  

			
	 Vesting of Options
	  	 Years Following Date of Grant

	 25%
	  	 1 year

	 50%
	  	 2 years

	 75%
	  	 3 years

	 100%
	  	 4 years

 Notwithstanding the provisions of the above schedule, all vested Options granted to a Participant
shall become fully exercisable upon (i) the Participant’s termination of employment with the Bank due to death, disability or retirement; or (ii) the Participant’s employment is terminated “without cause” as determined
by the Board. Notwithstanding the provisions of the above schedule, all Options granted to a Participant shall become fully exercisable upon (i) the owners of a majority of shares of capital stock of the Bank terminate the business of, or
liquidate or dissolve the Bank; (ii) substantially all of the assets of the Bank are sold; or (iii) the Bank merges or consolidates with any other corporation and the Bank is not the surviving corporation of such merger or consolidation.

 For purposes of this Section, a Participant will be considered disabled if such Participant’s disability meets the definition of
“disabled” in Section 22(e)(3) of the Code; and a participant will be considered retired if the Participant’s employment with the Bank terminates at or after the date the Participant attains the age of 65. 
  

	11.	Exercise of Options By Grantee 

  

	 	a.	Options shall be exercised by delivering or mailing to the Board: 

  

	 	(1)	a notice, in the form and in the manner substantially as shown in Exhibit A hereto, specifying the number of Shares to be purchased, and 

  

	 	(2)	payment in full in cash of the exercise price for the Shares purchased. 

  

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	 	b.	Upon receipt of the notice of exercise and upon payment of the exercise price, the Bank shall promptly deliver to the Grantee a certificate or certificates for the Shares purchased,
without charge to him for issue or transfer tax. 

  

	 	c.	An Option may be exercised during the lifetime of the Grantee only by the Grantee. 

  

	12.	Exercise of Options After Death, Disability, Retirement or Other Termination of Employment 

 In the event of the Grantee’s retirement or disability, such Options may by exercised by the Grantee any time prior to the thirty-first day
immediately following the date of his retirement or the date the Board determined the Grantee is disabled pursuant to Section 10 above. 
 In the event of a Participant’s death, the exercise of any Options under the Plan shall be made by his Beneficiary within the 30 days immediately following the transfer of such Options from the Participant’s estate to the
Beneficiary. 
 In the event of termination of employment of the Grantee for any other reason, all exercisable Options may be exercised within
30 days of such termination, unless such termination is “for cause,” in which case Options granted to the Grantee are automatically forfeited as of the date of such termination and are nonexercisable. For the purposes of this Plan, a
termination of Participant by the Bank “for cause” means a termination due to any of the following events: 
  

	 	(i)	conviction of a Participant for any acts that constitute embezzlement, theft, misappropriation of funds, or a continuing violation of governmental regulations;

  

	 	(ii)	conviction of a Participant for the commission of a felony, as defined under Nevada law, or a crime of moral turpitude, in which event the Participant’s employment shall
terminate upon the initial conviction. 

  

	13.	Changes in Capital and Corporate Structure 

 In the event of any change in the outstanding shares of common stock of the Bank by reason of an issuance of additional shares, recapitalization, reclassification, reorganization, stock split, reverse stock split, combination of shares,
stock dividend or similar transaction, the Board shall proportionately adjust, in an equitable manner, the aggregate number of shares available for Options, the number of Shares subject to outstanding Options, and the number of Options held by
Participants under the Plan. 
  

	14.	Effect of Merger of Other Reorganization 

 If
the Bank shall be the surviving corporation in a merger or other reorganization, Option rights shall extend to stock and securities of the Company to the same extent that a holder of that number of Options immediately before the merger or
consolidation would be 

  

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entitled to have. If the Bank (i) dissolves, sells substantially all of its assets, sells more than fifty-one percent of the Bank’s outstanding
Shares of common stock, or is a party to a merger or other reorganization in which it is not the surviving corporation or (ii) more than fifty-one percent of the Bank’s outstanding shares or common stock or voting rights thereto are
purchased or acquired by any person, entity or group of persons and/or entities acting in concert (“Corporate Event”) then each Option shall be exercisable in full within the period of 30 days before the date of such dissolution, sale,
merger, or Corporate Event without regard to the vesting provisions described in paragraph 10 above. 
  

	15.	Stockholder Rights 

 No person shall have any
rights of a stockholder by virtue of an Option except with respect to Shares actually issued to him. 
  

	16.	Nontransferability 

 Options granted under
the Plan, and any rights and privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in any manner, by operation of law or otherwise, other than by will or by the laws of descent and distribution, and shall not be
subject to executive, attachment or similar process. 
 Any attempted assignment, transfer, pledge, hypothecation, or other disposition of an
Option, or levy attachment or similar process upon the Option not specifically permitted herein shall be null and void and without effect. 
  

	17.	Withholding 

 The Bank shall have the right
to deduct from all Option gains pursuant to the Plan any taxes required by law to be withheld with respect to such gains. 
  

	18.	Miscellaneous Provisions 

  

	 	a.	No employee or other person shall have any claim or right to be granted an Option under the Plan. Neither the Plan nor any action taken hereunder shall be construed as giving any
employee any right to be retained in the employ of the Bank. 

  

	 	b.	Except when otherwise required by the context, any masculine terminology in this document shall include the feminine, and any singular terminology shall include the plural.

  

	 	c.	The obligation of the Bank to sell and deliver Common Stock under the Plan shall be subject to all applicable laws, regulations, rules, and approvals, including, but not by way of
limitation, the effectiveness of a registration statement under the Securities Act of 1933 if deemed necessary or appropriate by the Bank. 

  

	 	d.	 Nothing in the Plan or any agreement entered into pursuant to the Plan shall confer upon any employee or other optionee the right to continue employment of 

  

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the Bank or any subsidiary or affect any right which the Bank or any subsidiary may have to terminate the employment of such key employee or other optionee.

  

	 	e.	No optionee shall have any right as a shareholder unless and until certificates for shares of Common Stock are issued to him. 

  

	 	f.	The Board shall be entitled to make such rules, regulations, and determinations as it deems appropriate under the Plan with respect to any leave of absence taken by any employee;
without limiting the generality of the foregoing, the Board shall be entitled to determine (i) whether or not any such leave of absence shall constitute a termination of employment within the meaning of the Plan, and (ii) the impact, if
any, of any such leave of absence on awards under the Plan theretofore made to any employee who takes such leave of absence. 

  

	 	g.	If under any provision of the Plan which requires a computation of the number of shares of common stock subject to an Option, the number so computed is not a whole number of shares
of common stock, such number of shares of common stock shall be rounded down to the next whole number. 

  

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 EXHIBIT A 
 NOTICE OF STOCK OPTION EXERCISE 
 Mr. Tod W. Little 
 Silver State Bank 
 President/Chief Executive Officer 
 691 N. Valle Verde Drive 
 Henderson, NV 89014 
 Dear Mr. Little: 
 Pursuant to my Stock Option Agreement dated
                     (the “Agreement”), I am exercising
(#)                      options. Enclosed is payment in full for such options. I understand that my stock certificates will be issued
within thirty days of receipt of this letter. 
 I further acknowledge that Silver State Bank makes no representations as to federal or state tax matters,
and that I am to consult my own tax attorney or tax accountant for advice with respect to the exercise of my stock options. 
  

	
	Sincerely,
	
	   
	Name of Grantee

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