Document:

<PAGE>

                                                                  EXHIBIT 10.5

November 15, 2001

Andrew Galligan
c/o Corcept Therapeutics Incorporated
275 Middlefield Road
Menlo Park, CA 94025

Re:      Offer of Employment at Corcept Therapeutics Incorporated

Dear Andrew:

         We are very pleased to invite you to join Corcept Therapeutics
Incorporated (the "Company") in the role of Chief Financial Officer.

         1.       Duties and Responsibilities.  Your initial assignment will be
                  ---------------------------
as Chief Financial Officer, reporting to me in my capacity as Chief Executive
Officer. This offer is for a full-time position based at the Company's principal
place of business in Menlo Park.

         2.       Salary.  Your initial base salary will be $8,333.33 for
                  ------
full-time employment, payable bi-monthly in accordance with the Company's
customary payroll practice.  This equates to base compensation of $200,000.00
on an annual basis.  Salary is subject to periodic review and adjustment by the
Company's management.

         3.       Location.  As a general rule, you will work at the Company's
                  --------
principal offices in Menlo Park. Your position also will require occasional
travel to other locations as may be necessary to fulfill your responsibilities.
The Company will reimburse your reasonable and necessary travel expenses under
its standard travel reimbursement policy.

         4.       Medical, Dental and Insurance Benefits.  You will be eligible
                  ---------------------------------------
to receive the Company's standard employee benefits package. Please contact Mark
Strem, Director of Business Operations, for details regarding Corcept's
benefits.

         5.       Vacation and Holidays. You will accrue vacation at the rate of
                  ---------------------
three weeks per year, assuming full-time employment; however, unused vacation
will not accrue in excess of twenty-five days. You also will be entitled to take
all paid holidays under the Company's then-current schedule.

         6.       Stock Option.  The executive management of the Company will
                  ------------
recommend that the Board of Directors grant you a stock option to purchase
200,000 shares of the Company Common Stock under the terms of the Company's 2000
Stock Option Plan.  Options typically are granted at the next meeting of the
Company's Board of Directors following your commencement of employment. The
exercise price for this option will be the

<PAGE>

then-current fair market value of the Company Common Stock at the date
of grant. Following your formal written acceptance of the stock option award,
the option will become vested according to the following schedule:

                  (a) 20% of the option shares will vest after one year of
continuous employment; and

                  (b) an additional 1/60th of the option shares (1.667% of the
total option grant) will vest each succeeding month during the term of the
option, so that the entire option is vested after five years of continuous
employment.

         At present the Company's shares should be considered a highly
speculative investment. Please note that there is no public market for the
Company's shares, which are not listed on any stock exchange or qualified for
sale to the public. Any issuance, offer or sale of the Company's shares
(including shares issuable under your stock option) will be subject to
compliance with the Stock Option Plan, state and federal securities laws and the
terms of any underwriting, offering or listing agreements.

         7.       Confidential Information; Employee Inventions and
                  -------------------------------------------------
Confidentiality Agreement. To enable the Company to safeguard its proprietary
-------------------------
and confidential information, it is a condition of employment that you agree to
sign the Company's standard form of "Employee Inventions and Confidentiality
Agreement." A copy of this agreement is enclosed for your review. We understand
that you are likely to have signed similar agreements with prior employers, and
wish to impress upon you that the Company does not want to receive the
confidential or proprietary information of others, and will support you in
respecting your lawful obligations to prior employers.

         8.       At-Will Employment. While we look forward to a long and
                  -------------------
mutually beneficial relationship, should you decide to accept our offer you will
be an "at-will" employee of the Company. This means that the either you or the
Company may terminate the employment relationship with or without cause at any
time. Participation in any stock option, benefit or incentive program does not
assure continuing employment for any particular period of time.

         9.       Authorization to Work.  Federal government regulations require
                  ----------------------
that all prospective employees present documentation their identity and
demonstrating that they are authorized to work in the United States. If you have
any questions about this requirement, which applies to U.S. citizens and
non-U.S. citizens alike, please contact Mark Strem, our Director of Business
Operations at (650) 688 - 8809.

        10.       Complete Offer and Agreement.  This letter contains our
                  -----------------------------
complete understanding and agreement regarding the terms of your employment by
the Company.

<PAGE>

There are no other, different or prior agreements or understandings on
this or related subjects. Changes to the terms of your employment can be made
only in a writing signed by you and an authorized executive of the Company.

         11.      Start Date; Acceptance of Offer. We hope that you will accept
                  -------------------------------
this offer promptly, and begin your full-time employment at Corcept Therapeutics
by November 21. If our offer is acceptable to you, please sign the enclosed copy
of this letter in the space indicated and return it to me in the envelope
provided.

         As we have discussed, Andrew, our team was impressed by your
accomplishments and potential, and we are enthusiastic at the prospect of your
joining us. I look forward to your early acceptance of this offer, and to your
contributions to the growth and success of Corcept Therapeutics Incorporated.

                                                     Very truly yours,

                                                    /s/ Joseph K. Belanoff, M.D.

                                                    Joseph K. Belanoff, M.D.
                                                    Chief Executive Officer

ACCEPTANCE OF EMPLOYMENT OFFER:

I accept the offer of employment by Corcept Therapeutics Incorporated on the
terms described in this letter.

Signature: /s/ Andrew Galligan
           ----------------------

Date: 11/20/01
      ---------------------------

My start date will be: November 21, 2001<PAGE>

                                                                    EXHIBIT 10.6

                        Corcept Therapeutics Incorporated

                      PROMISSORY NOTE AND PLEDGE AGREEMENT

                    This Note contains an acceleration clause
                    -----------------------------------------

                                                        Date:   October 22, 2001

                                                          Menlo Park, California

Principal Amount:                   $187,250.00
                 ----------------------------------------------------------

Borrower:                           Robert L. Roe
         ------------------------------------------------------------------

Borrower's Spouse:                  Sara Jane Roe
                  ---------------------------------------------------------

Borrower's Residence:         c/o Corcept Therapeutics
                                      Incorporated
                                275 Middlefield Road
                     ------------------------------------------------------

                               Menlo Park, CA  94025
                     ------------------------------------------------------

         1.       Promise to pay.

         FOR VALUE RECEIVED, Borrower (jointly and severally with Borrower's
Spouse, if applicable) promises to pay to Corcept Therapeutics Incorporated, a
Delaware corporation (the "Company"), or the holder hereof, at the offices of
the Company at 275 Middlefield Road, Suite A, Menlo Park, California 94025, or
at such other place as the Company or such holder may designate in writing, the
Principal Amount shown above, together with unpaid and accrued interest,
pursuant to the terms and provisions of this Promissory Note and Pledge
Agreement made and entered into as of the Date shown above (the "Promissory
Note").

         2.       Interest.

         Interest shall accrue during the term of this Promissory Note at the
rate of 6.50% per annum, compounded monthly and payable in arrears.

<PAGE>

         3.       Term and payment

         The outstanding principal together with all accrued interest shall be
due and payable in full upon the earlier of (i) October 1, 2011, (ii) the date
of termination of Borrower's status as an employee, director or consultant of
the Company, or (iii) the date on which the Shares described in paragraph 5 are
sold.

         4.       Prepayment; acceleration.

         4.1 Prepayment of principal, or any portion thereof, together with all
unpaid and accrued interest thereon, may be made at any time without penalty.
Payments shall be applied first to accrued interest and then to principal.

         4.2 If Borrower desires to sell some but not all of the Shares
described in paragraph 5, below, then as a condition to the Company's consent to
such sale Borrower shall pay to Company an amount of principal in the same
proportion to the Principal Amount as the shares sold are to the total Shares,
plus all interest accrued to the date of the sale.

         4.3 Notwithstanding any provision set forth above, the entire unpaid
principal sum of this Promissory Note, together with all unpaid and accrued
interest thereon, shall become immediately due and payable upon the occurrence
of the following:

                  (a) termination of Borrower's status as an employee, director
         or consultant of the Company;

                  (b) the commission of any act of bankruptcy by Borrower, the
         execution by Borrower of a general assignment for the benefit of
         creditors, the filing by or against Borrower of any petition in
         bankruptcy or any petition for relief under the provisions of the
         Federal Bankruptcy Act or any other state or federal law for the relief
         of debtors and the continuation of such petition without dismissal for
         a period of twenty (20) days or more, the appointment of a receiver or
         trustee to take possession of any property or assets of Borrower, or
         the attachment of or execution against any property or assets of
         Borrower; or

                  (c) any default of Borrower's obligations under this
         Promissory Note, including the failure to pay when due the amounts
         payable hereunder.

         5.       Pledge and Escrow of Shares.

As security for Borrower's obligations under the Promissory Note, Borrower
hereby pledges to the Company and delivers in escrow to the Secretary of the
Company (the "Escrow Holder"), in a form transferable for delivery, 250,000

                                       -2-

<PAGE>

shares of Common Stock of the Company (the "Shares"), and such additional
property received or distributed in respect of the Shares (the Shares and such
additional property are collectively referred to as the "Pledged Collateral").
The certificate representing the Shares shall be accompanied by a duly executed
Assignment Separate From Certificate in the from attached hereto as Exhibit A.

         6.       Additional Security

As additional security for the obligations of Borrower (and Borrower's Spouse,
if applicable) to repay the Principal Amount and accrued interest, Borrower
shall deliver to Company a deed of trust, in form reasonably acceptable to the
Company, to real property owned by Borrower having an assessed value in excess
of the Principal Amount (the "Additional Security"). Borrower shall assist
Company in every reasonable way to record and perfect the security interest
transferred.

         7.       Rights in Pledged Shares.

So long as there shall exist no condition, event or act which, with notice and
lapse of time, would constitute a breach, default or an event of default of or
under, the Promissory Note, Borrower shall be entitled to exercise the voting
power with respect to the Shares.

         8.       Termination of Pledge and Escrow.

Upon payment in full of the Promissory Note, the Borrower shall be entitled to
the return of the Pledged Collateral and cancellation of the deed of trust on
the Additional Security.

         9.       Successor and Assigns.

This Promissory Note shall be binding upon and inure to the benefit of the
Company and its successors and assigns.

         10.      Attorneys' Fees.

In the event of any action to enforce payment of this Promissory Note, in
addition to all other relief, the prevailing party in such action shall be
entitled to its reasonable attorneys' fees and expenses.

         11.      Governing Law.

This Promissory Note shall be construed in accordance with the laws of the State
of California as applied to agreements among California residents entered into
and to be performed entirely within California.

                                       -3-

<PAGE>

         12.      Amendment.

This Promissory Note shall be amended only with the written consent of both the
Company and Borrower.

         13.      Waivers.

Borrower hereby waives presentment, protest, demand, notice of dishonor, and all
other notices, and all defenses and pleas on the grounds of any extension or
extensions of the time of payments or the due dates of this Promissory Note, in
whole or in part, before or after maturity, with or without notice. No renewal
or extension of this Promissory Note, no release or surrender of any collateral
given as security for this Promissory Note, and no delay in enforcement of this
Promissory Note or in exercising any right or power hereunder, shall affect the
liability of Borrower.

         14.      Signatures.

         The Borrower (and Borrower's Spouse, if applicable) have executed this
Promissory Note as of the date first above written, intending to be legally
bound.

                                                    /s/ Robert L. Roe

                                                    ----------------------------
                                                     Robert L. Roe  ("Borrower")

                                                    /s/ Sara Jane Roe

                                                    ----------------------------
                                                     Borrower's Spouse

ACCEPTED AND ACKNOWLEDGED:

Corcept Therapeutics Incorporated

By:  /s/ Joseph K. Belanoff
    ----------------------------------------------------------

Printed name:   Joseph K. Belanoff
             -------------------------------------------------

Title:          Chief Executive Officer
      --------------------------------------------------------

Date:           October 22, 2001
     ---------------------------------------------------------

                                       -4-

<PAGE>

                                    EXHIBIT A
                                    ---------

                                       to

                      Promissory Note and Pledge Agreement

                      ASSIGNMENT SEPARATE FROM CERTIFICATE

     FOR VALUE RECEIVED, Robert L. Roe. hereby sells, assigns and transfers
                         --------------
250,000 shares of Common Stock of Corcept Therapeutics Incorporated. (the
-------
"Company"), standing in the name of Robert L. Roe. on the books of said
                                    --------------
corporation represented by Certificate No. _____ and does hereby irrevocably
constitute and appoint the Corporate Secretary of the Company to transfer the
said stock on the books of the within named Company with full power of
substitution in the premises to the following:

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________

Dated:  ____________________.

                                           /s/ Robert L. Roe
                                      ------------------------------------------
                                      Robert L. Roe

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]