Document:

Form of Option Agreement

 Exhibit 10.25 
 Corcept Therapeutics Incorporated 
 2004 Equity Incentive Plan

 Stock Option Grant Notice and Agreement 
 [DATE] 
  

	 	Re:	Grant of [Incentive or]* Nonqualified Stock Option 

  

					
	 Option Shares:
	 	Grant Date:	 	
	 Price per share:
	 	Vesting Base Date:	 	
		 	Fully-Vested Date:	 	
		 	Expiration Date:	 	

 Dear
                                : 

I am pleased to confirm that the Company has granted you an option to purchase shares of our common stock under the Corcept Therapeutics
2004 Equity Incentive Plan. To accept your stock option, please sign the original and return it to me. Keep the copy for your files. 
 General terms 
 Your option is intended to be an incentive option to the
extent allowed by law. The remainder will be a nonqualified option. The basic terms of your option grant are identified in the information block at the top of this offer letter, but other important terms and conditions are described in the plan. We
encourage you to carefully review the plan, a copy of which is attached. 
 Vesting Schedule 

[Varies by grant] 

Change of Control** 
 The Options shall be subject to the terms and conditions of the option agreement and the Plan, provided that in the event of a Change of Control, 100% of the total shares subject to the option shall
become immediately vested upon termination without cause, or resignation for “good reason” within 18 months following such Change in Control. “Good reason” will permit acceleration only on a resignation following a material
reduction in base salary or relocation of the Company’s headquarters by 35 or more miles. 
 Exercise Period

 In general, subject to the Plan and to insider trading considerations, your option will be exercisable to the extent the
shares are vested at any time during your service to the company and until the 3rd monthly anniversary of your termination date, but in no event after the Expiration Date. Shares unvested at your termination date will be cancelled. 

 [For employees and directors, the period of time to exercise vested options after
termination may be extended to the earlier of the 3rd anniversary of the termination of service or the original expiration date of the option if either: 
  

	 	1.	the employee or director is 55 years old or older and has 5 years or more of service with the Company upon voluntary termination of service (e.g., retirement); or

  

	 	2.	the employee or director is involuntarily terminated (e.g., the director is not re-elected to the Board or the employee is terminated without cause) and has 5 years or
more of service with the Company upon termination of service, regardless of age.]** 

 The grant will
automatically terminate if not exercised within the time specified. 
 Change of employment status 

In the event of a change in your employment status wherein there is a reduction in the number of your hours per week, there will be a
cancellation of unvested Option Shares in proportion to the percentage drop of your hours. For example, if your status changes from full time to half time, 50% of your unvested Option shares will be cancelled. 

Purchase and payment 
 If you decide to purchase shares under this option, you will be required to submit a completed exercise agreement on a form approved by the Company, together with payment for the shares. You may pay for
the shares (plus any associated withholding taxes) using cash, a check, a wire transfer or any other form of payment listed in section 6.4(c) of the plan and permitted by the Administrator at the time you wish to exercise. Shares available under
this option must be purchased, if at all, no later than the Expiration Date. 
 We value your efforts and look forward to your continued
contribution. 
 Sincerely, 
  

	
	
	  

	[Title of Officer]

 I accept this option and agree to the
terms of this offer letter and the plan. 
  

							
				
	  
	  		  	
                    
                         
	  	
	Optionee signature	  		  	 Date
	  	

  

	*	- Consultants and non-employee directors are not eligible for Incentive Stock Options. 

	**	- These clauses are not applicable to option grants to consultantsDevelopment Agreement

 Exhibit 10.28 

 
 DEVELOPMENT AGREEMENT 

BY AND BETWEEN 
 CORCEPT THERAPEUTICS 
 AND 

FORMULATION TECHNOLOGIES L.L.C. 
 DATED AS OF 
 December 14, 2006 

 
  
  

  

					
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 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as [ *** ]. A
complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 

 DEVELOPMENT AGREEMENT 

This DEVELOPMENT AGREEMENT (this “Agreement”) is made and entered into effective this 14th day of
December, 2006 by and between Corcept Therapeutics Incorporated, a Delaware corporation (“Corcept”), and Formulation Technologies L.L.C., a Texas limited liability company d/b/a PharmaForm (“PharmaForm”).

 RECITALS 

A.        Corcept is commercializing an oral immediate release
solid dosage form, Corlux®
 C-1073 (Mifepristone). Corcept has proprietary rights for the therapeutic use of mifepristone and other GR-II antagonists for the treatment of psychiatric and neurological disorders. 

B.        PharmaForm is engaged in the business of, and has
facilities for, developing, testing and producing drug dosage forms. 

C.        Corcept desires to engage PharmaForm and PharmaForm
desires to be engaged to develop, manufacture for clinical studies, and FDA filing purposes, an immediate release solid dosage form containing mifepristone (“MIFEPRISTONE”) suitable for oral administration pursuant to a Development
Program as hereinafter defined. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and considerations set forth herein, the
parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 The following terms shall have the
meanings set forth in this Article 1. 

1.1        “Confidential Information” shall mean and
include this Agreement and any and all information, including but not limited to, clinical, analytical and/or scientific data, reports, processes, procedures, methods, formulations, Inventions, and/or trade secrets relating to Products developed
pursuant to this Agreement and any other non-public information disclosed by a party pursuant to this Agreement of any kind, nature or description concerning any matters affecting or relating to the business of PharmaForm or Corcept. 

1.2        “Development Program” shall collectively refer
to the activities to be conducted by Corcept and PharmaForm with respect to developing one or more products containing MIFEPRISTONE, as reflected by and enumerated in the R&D Plan as set forth in Article 2. 

  

					
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 1.3        “R&D
Plan” shall collectively refer to the plan(s) and/or proposals describing the scope(s), task(s) and goal(s) of the Development Program, which shall be attached as Exhibits to and made part of this Agreement, as such plan(s) or proposal(s)
may from time to time be added, amended or modified by written agreement of the Parties. 

1.4        “Know-How” shall mean all present and future
technical information and practical experience which relates to any Product and shall include, without limitation, all biological, chemical, pharmacological, toxicological, clinical, assay, control, and manufacturing data and any other information
relating to any Product and useful for the development and commercialization of any Product. 

1.5        “Invention(s)” shall mean any and all
inventions or improvements, discoveries, know-how, trade secrets, processes, compositions, machines or manufactures or other technology (whether patentable or not) conceived or reduced to practice during the term of this Agreement relating to any
Product including any compositions or formulations or any methods or processes of making or using any Product. 

1.6        “Product(s)” shall mean any and all
pharmaceutical compositions, formulations and dosing units containing MIFEPRISTONE that are developed under this Agreement. 
 ARTICLE 2 
 DEVELOPMENT 

2.1        Development
Program.    Corcept and PharmaForm shall pursue a Development Program as described in the R&D Plan attached as Exhibits, which set forth the agreed tasks and goals of the Development Program. PharmaForm agrees
to perform the tasks assigned to it in the R&D Plan and to use its best efforts to accomplish the agreed goals, with Corcept’s support and assistance (to the extent provided in Exhibits). However, nothing therein shall bind
PharmaForm to any guarantees of success at any development stage nor shall the failure to achieve the goals of the Development Program result in liability to PharmaForm unless otherwise provided in this Agreement. 

2.2        Technology Transfer.    To
accomplish the goal of successful formulation and development of Products, Corcept shall use commercially reasonable efforts to transfer to PharmaForm reasonable amount of Product drug substance, analytical methods for drug substance and cleaning
methods for drug substance as Corcept deems to be necessary, and such information shall be deemed Corcept’s Confidential Information under Article 6. PharmaForm shall disclose to Corcept all Inventions made and all Know-How generated under the
Development Program or relating to Products, promptly and on a regular basis, or as requested by Corcept. 

2.3        Regulatory Filings and
Meetings.    PharmaForm agrees to use its best efforts to provide information for regulatory filings and meetings at the request of Corcept. Any such 

  

					
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filings shall become properties of Corcept and shall be deemed Corcept’s Confidential Information under Article 6. 

2.4        Project Management and
Schedules.    A formalized Product development timeline will be prepared and periodically updated by Corcept based on input from PharmaForm. The project timeline will serve as a project management tool that will
contribute to the effectiveness of the collaboration, and will facilitate planning and management of the Development Program. The parties agree to use commercially reasonable efforts to meet the timeline. PharmaForm agrees to make every effort to
expedite procurement and delivery of materials required to perform the development work, but if the availability of materials necessary to perform this development work is beyond the control of PharmaForm, then PharmaForm makes no guarantees
regarding availability of materials. If PharmaForm becomes aware of a delay that may impact the timeline it will immediately and fully communicate information concerning such delay to Corcept. PharmaForm shall provide Corcept with written reports of
its progress in conducting the Development Program together with any data that have been generated under the Development Program on a monthly basis, and such reports and data shall be the property of Corcept and shall be deemed Corcept’s
Confidential Information under Article 6. 

2.5        Non-Exclusive.    The parties
agree and acknowledge that PharmaForm is in the business of providing contract research and development services to the pharmaceutical industry. Accordingly, PharmaForm shall be free to undertake the provision of services to any third party and/or
conduct research and development on its own behalf so long as it does not otherwise breach the confidentiality and intellectual property provisions of this Agreement; provided, however, that during the term of this Agreement and during the two year
period following its expiration, without the consent of Corcept PharmaForm shall not provide contract research and development services relating to any product or product candidate (i) containing MIFEPRISTONE and (ii) with an intended use
or application in the field of neuropsychiatric disorders. 

2.6        Commercial Supply Agreement.    The
parties agree to negotiate in good faith a commercial supply agreement for the manufacturing, packaging and testing of Product for commercial sale and distribution, and shall use their reasonable efforts to enter into such a contract on or before
the submission of an NDA for CORLUX by Corcept. 
 ARTICLE 3 

INTELLECTUAL PROPERTY 
 3.1        Objective.    The two-fold intellectual property objective is to establish a strong patent position for the
Products that maximize the commercial opportunity for the Product(s) while respecting valid third party patents. PharmaForm and Corcept agree to use commercially reasonable efforts to develop patentable Product(s). However, nothing herein is, or
shall be construed to be, a guarantee by PharmaForm that any Inventions will result from this Agreement. To the extent any Inventions (whether or not patentable) result from the Development Program under this Agreement, Corcept shall be the sole
owner and controller of all Inventions and any 

  

					
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intellectual property rights arising out of this Agreement. PharmaForm agrees to provide technical assistance as reasonably requested by Corcept’s patent counsel regarding the determination
of the freedom to operate in the field of drug compositions, dosage forms, formulations, and delivery systems as they relate to the subject matter of the Development Program. However, it is Corcept’s sole responsibility to make the
determinations in regard to both the freedom to operate and decisions to pursue patent protection of Inventions developed pursuant to the Development Program. Corcept is thus solely responsible for decisions associated with preparing and filing
patent applications and prosecuting such applications. Corcept shall have sole responsibility for maintaining any patent protection acquired and maintaining any actions against infringing third parties of such intellectual property. PharmaForm shall
use its reasonable efforts to avoid potential infringement of third party intellectual property in its performance under this Agreement, and to avoid the unauthorized incorporation of any technology or matter that is claimed or covered by or under
any third party patents or other intellectual property rights. Subject to the foregoing, PharmaForm neither guarantees nor assumes any legal liability in the event that: (a) a court of law finds that Corcept’s drug compositions, dosage
forms, formulations, and delivery systems infringe the patents of others; or (b) patents issued as a result of work performed in this Agreement are legally challenged by a third party. 

3.2        Additional Services.    As
requested by Corcept, PharmaForm agrees to provide the following services: 

    (a)        Collaborating in setting and
executing a patent strategy directed to obtaining claims relating to MIFEPRISTONE and its forms or formulations, including but not limited to claims to compositions of matter, pharmaceutical compositions, formulations, process methodology,
dosage forms performance, and methods of treatment. 

    (b)        Participating in
interpretation of published patents and patent applications to facilitate formulation development, assisting Corcept’s patent counsel in setting a legal strategy by providing technical assistance, aiding in the preparation of patent
application(s), disclosing inventions developed pursuant to the Development Program, assisting in inventorship determinations, assisting in obtaining inventor signatures required for patent filing and patent prosecution, and seeking reasonable
assistance from the inventors for patent filing and patent prosecution. 

    (c)        Upon reasonable notice,
participating in meetings with Governmental Patent office(s) as may be necessary in the U.S. and abroad to facilitate the issuance or defense of patents disclosing inventions resulting from the Development Program. 

3.3        Know-How.    All Know-How and
intellectual property of Corcept received by PharmaForm is Confidential Information of Corcept and is the sole and exclusive property of Corcept. All Inventions and Know-How and other data identified, discovered, developed, learned or applied in
developing Product(s) or otherwise in performance of services in accordance with this Agreement, shall be and is deemed assigned to Corcept and is the 

  

					
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Confidential Information of Corcept, and is the sole and exclusive property of Corcept. All Know-How and intellectual property of PharmaForm received by Corcept related to PharmaForm’s
business and not arising from PharmaForm’s services with regard to Product(s) hereunder is Confidential Information of PharmaForm and is the sole and exclusive property of PharmaForm. 

3.4        Intellectual Property
Ownership.    The parties agree that Corcept is and shall be the sole owner and controller of any intellectual property rights, including all rights to Inventions, arising out of this Agreement. PharmaForm shall and
hereby does assign all rights, title and interest in any Inventions arising out of this Agreement to Corcept. Notwithstanding the foregoing, Corcept acknowledges and agrees that PharmaForm retains all right, title and license in PharmaForm’s
technology, knowledge, formulas, software, models, development tools and routines, as well as derivatives and modifications thereof that exist on or prior to the Effective Date (the “Developer Stock”), and that Corcept shall have no
rights in and to the Developer Stock incorporated into the Product. Without the prior written consent of Corcept, PharmaForm shall not incorporate any Developer Stock into the Products. The parties agree that: 

    (a)        Corcept shall pay to
PharmaForm the amounts for applications and patents specified in Section 4.2; 

    (b)        Corcept shall be responsible
for payment of all fees and costs, including without limitation attorneys’ fees, relating to the filing and prosecution of each patent application hereunder; 

    (c)        Each patent application and
patent is assigned to Corcept; 

    (d)        Corcept shall pay no royalty
to PharmaForm or other inventors; 

    (e)        Corcept shall pay no amount to
PharmaForm for filing of foreign patent applications or issuance of foreign patents; 

    (f)        Fees as specified in
Section 4.2 are due for each application or patent with at least one PharmaForm inventor, even if Corcept co-inventors are listed on the application or patent; and 

    (g)        Neither party guarantees that
a patent or patent application will be filed, issued or maintained. 
 ARTICLE 4 

PAYMENTS 
 4.1        Development Payment Schedule and Related Costs.    The parties hereby agree to the following development payment
schedule: 

  

					
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    (a)        Development
Payments.    Corcept agrees to pay PharmaForm according to the payment schedule set forth in individual proposals for specific development tasks outlined in Exhibits and additional tasks, as defined in such proposals. Corcept
agrees that any amount not paid within 30 days of notice is overdue and will accrue interest at the lesser of [ *** ] per month or the maximum rate allowed by law. In addition, without waiving all other rights or remedies under law, PharmaForm may
refuse to continue work under this Agreement, terminate this Agreement under Section 8 of this Agreement and/or seek collection from Corcept, including reasonable attorneys’ fees and costs of court. Changes to this payment schedule
are to be submitted in writing (i.e., change order) for prior written approval by Corcept. 

    (b)        Clinical
Supplies.    If requested by Corcept, production and testing of clinical supplies will be provided under separate proposals and attached as Exhibits. The acquisition of specific items required for the manufacture of
the clinical supplies, such as analytical columns, analytical reference standards, drug substance, specialty excipients tablet tooling, and packaging supplies, will be addressed in a separate proposals and attached as Exhibits. 

    (c)        Travel.    The
cost of travel by PharmaForm representatives as requested by Corcept under this Agreement is not included in this budget and will require preapproval by Corcept and will be invoiced to Corcept in accordance with PharmaForm’s standard travel
billing policies. 
 4.2        Intellectual Property Payment
Schedule.    In consideration of the assignment of all intellectual property as described in Article 3 and in addition to the amounts paid pursuant to Section 4.1, Corcept agrees to pay PharmaForm the
following amounts, but subject to the maximum set forth below: 

    U.S. Patent Applications or U.S. Patents. Corcept agrees to pay PharmaForm
for each U.S. patent application filed, and each U.S. patent issued that claims any Invention developed pursuant to the Development Program where a PharmaForm employee is listed as an inventor or co-inventor according to the following fee schedule:

  

			
	 Provisional U.S. Patent Application Filed
	  	 [ *** ]

	 U.S. Patent Issued
	  	 [ *** ]

 Corcept
agrees to pay PharmaForm an hourly rate of [ *** ]for work related to preparation and prosecution of any patent applications or patents described in Section 3.2. 

  

					
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	 [ *** ]
	 Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

 ARTICLE 5 
 PUBLICATION; PROHIBITION ON PUBLIC DISCLOSURE OF AGREEMENT 
 Corcept acknowledges that PharmaForm may have an interest in publishing certain results of the Development Program, but PharmaForm recognizes that Corcept’s interest in obtaining valid patent
protection and protecting Corcept’s business interests takes precedence over any such publication interest. Consequently, PharmaForm agrees that it shall not publish or disclose any Inventions or Know-how or data resulting from the Development
Program or any other Confidential Information of Corcept without the prior written consent of Corcept. 

Corcept acknowledges and agrees that due to the nature of mifepristone and certain applications for which it was
designed, PharmaForm has an interest in prohibiting and limiting public disclosure of the terms and existence of this Agreement and the relationship between Corcept and PharmaForm evidenced by this Agreement. Accordingly, unless agreed upon in
writing between PharmaForm and Corcept, neither party shall discuss with third parties or originate any publicity, news release or other public or private announcement, written or oral, whether to the public press, stockholders or otherwise,
regarding any matters relating to the existence, content or terms of this Agreement, or any amendment hereto, or the performance by either of the parties hereunder, except for such announcement as in the opinion of legal counsel to the party making
such announcement is required under applicable law or stock exchange regulations, in which event such party shall give the other party an opportunity, reasonable under the circumstances, to review the form and content of the announcement before such
legally required disclosure is made. Subject to confidentiality obligations set forth in this Agreement, either party may discuss the terms of the Agreement with directors, officers, shareholders, legal advisors, consultants, and financial
investors. 
 ARTICLE 6 
 CONFIDENTIALITY 

6.1        Nondisclosure Obligations and
Exceptions.    All Confidential Information received by one party from the other party or developed pursuant to this Agreement is to be considered highly confidential. The receiving party shall not use, except as provided
for under this Agreement, or disclose to others (except to those of its directors, officers, employees, consultants or agents who require the information for purposes of carrying out the Agreement and who are bound by a nondisclosure agreement not
less restrictive than the provisions in this Agreement) any such Confidential Information received from or developed by the other without the express prior written consent of the other party; provided, however, that the forgoing restrictions on
disclosure and use shall not apply to any specific Confidential Information of a party that the receiving party can demonstrate with competent evidence: 

  

					
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    (a)        was already known to the
receiving party at the time of disclosure without obligation to keep it confidential, as demonstrated by written documentation; 
     (b)        is generally available at the time of disclosure to the public, or subsequently becomes generally available to the public other
than by an act or omission on the part of the receiving party charged with the obligations; 

    (c)        subsequent to the disclosure
is acquired from or made available by a third party having the lawful right to disclose such information; or 
     (d)        is developed by the receiving party without use of or reference to the disclosing party’s confidential information.

 For purposes of this Article 6, PharmaForm shall be deemed to be the “receiving party” for any and all Confidential
Information of Corcept that is initially developed by PharmaForm pursuant to this Agreement and assigned to Corcept as provided in Sections 3.1, 3.3 and/or 3.4. 

6.2        Permitted
Disclosures.    Notwithstanding the foregoing limits on disclosure of Confidential Information, a receiving party shall be permitted to disclose Confidential Information of the other party solely to the extent such
disclosure: 
     (a)        is
legally compelled to be disclosed pursuant to government regulation, a subpoena, court order or administrative order or other legal process; provided, however, that such party shall have first provided prompt written notice to the other party of
such subpoena, court order or administrative order or other legal process so that such party may raise any objections on its behalf and on behalf of the other party, which rights are expressly reserved, seek a protective order or other appropriate
remedy, and/or otherwise agree to disclose for purposes of complying with such subpoena, court order or administrative order or other legal process; and further provided that should disclosure be required, such party shall exercise its commercially
reasonable efforts, at the expense of the disclosing party, to ensure that confidential treatment be accorded such information; 
     (b)        is required by law or regulation in connection with seeking approvals, registrations, licenses, authorizations, visas, or permits
required by any governmental authority or agency in any country in order to import, offer for sale, sell, market, manufacture, have made or use the Product(s) developed pursuant to this; 

    (c)        to a treating physician or
health professional in the event that a medical emergency associated with the handling or exposure to a Product developed pursuant to this Development Agreement by a PharmaForm employee or authorized representative solely to the extent that the
physician or health professional determines that a medical need exists for Confidential Information in order to administer appropriate emergency or first-aid treatment; provided, that Corcept shall promptly be notified of any disclosure required
under this Section 6.2(c) and the requesting physician or health professional 

  

					
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shall immediately be referred to the appropriate contact person or representative of Corcept; or 

    (d)        if the disclosing party waives
the right to restrict disclosure under this Article 6. 

6.3        Term of Confidentiality.    The
restrictions on disclosure and use of Confidential Information shall remain in force until [ *** ], the date of the expiration confidentiality obligations set forth in the Mutual Confidentiality and Non-Disclosure Agreement dated [ *** ] by and
between PharmaForm and Corcept. In the event of breach or threatened breach of the provisions of this Section, either party shall be entitled to an injunction restraining the other party from disclosing, in whole or in part, such Confidential
Information. Nothing herein shall be construed as prohibiting a party from pursuing any other remedies available to it for such breach or threatened breach, including recovery of damages from the other party. 

ARTICLE 7 

INDEMNIFICATION 
 7.1        Warranties. 
     (a)        PharmaForm represents and warrants that: (i) PharmaForm has the legal authority and right to enter into this Agreement;
(ii) it has no obligation to any other party which is in conflict with its obligations under this Agreement; (iii) all activities hereunder will be completed in a timely fashion, will conform to consistently high standards of workmanship
and the specifications reasonably requested by Corcept, and will be conducted in compliance with all applicable laws, rules, regulations, guidelines and standards and; (iv) all employees of PharmaForm have and will continue to have the
knowledge, experience, and skill to provide, and will provide, the services hereunder and have executed an invention assignment agreement assigning all Inventions related to this Agreement to PharmaForm, (v) all Product shall have been
manufactured and shipped in conformance with the specifications provided by Corcept and will have been manufactured in accordance with current Good Manufacturing Practices, (vi) Product will not be adulterated or misbranded under the Federal
Food, Drug, and Cosmetic Act, 21 U.S.C. §§ 321 et seq., as amended (“FFDCA”), or under any other applicable laws, rules, regulations or requirements, and (vii) it will have obtained and maintained such approvals as
may be required under applicable laws, rules, regulations and requirements to operate its manufacturing facility for the purposes contemplated by this Agreement. 

    (b)        Corcept represents and warrants that:
(i) it has the legal authority and right to enter into this Agreement; (ii) it has no obligation to any other party which is in conflict with its obligations under this Agreement; and (iii) it will conduct all activities under this
Agreement in compliance in all material respects with all applicable local, state and federal laws. 

    (c)        EXCEPT AS SET FORTH IN THIS AGREEMENT,
NEITHER PARTY MAKES ANY EXPRESS OR IMPLIED WARRANTIES HEREUNDER AND DISCLAIMS 

  

					
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	 [ *** ]
	 Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

 
ALL WARRANTIES EXCEPT THOSE SET FORTH HEREIN, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 

7.2        Indemnification by
Corcept.    Corcept agrees to indemnify and hold PharmaForm and each of its affiliates and representatives harmless from any and all liability, loss, or damage PharmaForm might suffer as a result of claims, demands, costs
or judgments (including reasonable attorneys’ fees and costs of court) against it arising out of this Agreement, including, without limitation, any and all claims to the extent arising out of (a) any use of Product by Corcept or third
parties or the formulation of Product by PharmaForm in accordance with the terms of this Agreement (and any amendments, addendums or exhibits to this Agreement), (b) the manufacture, design, handling, use, sale, offer for sale, distribution or
other exploitation by Corcept or its licensees of any Product or (c) patent infringement that may be brought against PharmaForm related to such formulation, use or exploitation of the Product as a result of intellectual property not provided by
PharmaForm; provided, however, that this indemnity will not cover any claims, demands, costs or judgments brought against PharmaForm that are or are alleged to arise solely from the negligence, bad faith, or misconduct of PharmaForm; a material
breach of any applicable federal, state or local law by PharmaForm; a material breach of this Agreement by PharmaForm; or an act of alleged infringement of third party intellectual property based on PharmaForm’s activities under this Agreement
or unauthorized incorporation of any technology, matter or intellectual property that is covered under any third party intellectual property. 
 7.3        Indemnification by PharmaForm.    PharmaForm agrees to indemnify and hold Corcept and each of its affiliates and
representatives harmless from any and all liability, loss or damage Corcept might suffer as a result of claims, demands, costs or judgments (including reasonable attorneys’ fees and costs of court) to the extent arising out of the (a) the
negligence, bad faith or misconduct on the part of PharmaForm, (b) a material breach of any applicable federal, state or local law by PharmaForm, (c) a material breach of this Agreement by PharmaForm, or (d) an act of alleged
infringement of third party intellectual property based on PharmaForm’s activities under this Agreement or unauthorized incorporation of any technology, matter or intellectual property that is covered under any third party intellectual
property, other than infringement based on intellectual property provided by Corcept. 

7.4        Duty to Indemnify.    Each
party’s agreement to indemnify and hold the other harmless is conditioned on the indemnified party: (a) providing written notice to the indemnifying party of any claim, demand or action arising out of the Indemnified activities as soon as
practicable but at least within 15 days after the indemnified party receives written notice of such claim, demand or action, (b) permitting the indemnifying party to assume full responsibility to investigate, prepare for and defend against any
such claim, demand, or action, (c) assisting the indemnifying party at the indemnifying party’s reasonable expense, in the investigation of, preparation for and defense of any such claim, demand or action, and (d) not compromising or
settling such claim or demand without the indemnifying party’s prior written consent. 

  

					
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 11 

 7.5        General
Regulatory Compliance.    Each party, at its own expense, will comply in all material respects with all applicable laws, orders and regulations of any governmental authority with jurisdiction over its activities in
connection with this Agreement. Each party will furnish to the other party any information required to enable the other party to comply in all material respects with applicable laws and regulations related to the Products. 

7.6        Limitation of
Liability.    EXCEPT WITH RESPECT TO LOSSES PAYABLE IN RESPECT OF INDEMNIFICATION OBLIGATIONS HEREUNDER, OR CAUSED BY A BREACH OF CONFIDENTIALITY OR INTELLECTUAL PROPERTY OBLIGATIONS HEREUNDER OR BY THE GROSS NEGLIGENCE,
WILLFUL MISCONDUCT, FRAUD OR INTENTIONAL OR NEGLIGENT MISREPRESENTATION OF A PARTY, A PARTY HEREUNDER SHALL NOT BE LIABLE TO THE OTHER PARTY FOR (I) ANY INCIDENTAL, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES WHATSOEVER, INCLUDING, BUT NOT
LIMITED TO, LOST PROFITS, EVEN IF SUCH PARTY HAS BEEN ADVISED, KNEW OF OR SHOULD HAVE KNOWN OF THE POSSIBILITY THEREOF OR (II) ANY AMOUNT GREATER THAN [ *** ] THE AGGREGATE OF ALL PAYMENTS PAYABLE TO PHARMAFORM BY CORCEPT UNDER THIS AGREEMENT.

 ARTICLE 8 
 TERM AND TERMINATION 

8.1        Term.    The term of this Agreement
(“Term”) shall commence upon the Effective Date and expire upon the completion of the Development Program, unless terminated earlier as provided in Section 8.2 or 8.3 below. 

8.2        Termination for
Cause.    Either party may terminate this Agreement, at its option, upon the occurrence of any of the following: 
     (a)        Voluntary Liquidation Events.    The other party shall (i) seek the liquidation, reorganization,
dissolution or winding up of itself or the composition or readjustment of all or substantially all of its debts, (ii) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of
itself or of all or any substantial portion of its assets, (iii) make a general assignment for the benefit of its creditors, (iv) commence a voluntary case under applicable bankruptcy, insolvency, reorganization, winding-up or composition
or readjustment of debts or (v) adopt any resolution of its board of directors or shareholders for the purpose of effecting any of the foregoing. 

    (b)        Involuntary Liquidation
Events.    A proceeding or case shall be commenced without the application or consent of the other party and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the
following shall be entered and continue unstayed in effect, for a period of 90 days from and after the date service of process is effected upon the other party, seeking (a) its liquidation, reorganization, dissolution or winding up, or the
composition or 

  

					
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 Building 4, Suite 4010
 Austin, Texas 78758
	  		  	 Ph (512) 834-0449

Fax (512) 834-2105
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 12 

  

	 [ *** ]
	 Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

 
readjustment of all or substantially all of its debts, (b) the appointment of a trustee, receiver, custodian, liquidator or the like of itself or of all or substantially all of its assets or
(c) similar relief under any law relating to bankruptcy, insolvency, reorganization, winding up or readjustment of debts. 
     (c)        Material Breach.    Upon or after the breach of any material provision of this Agreement, if the
breaching party has not cured such breach within 45 days after written notice thereof from the other party. 

8.3        Termination.    Corcept shall
have the right to terminate this Agreement upon 180 days written notice to PharmaForm. PharmaForm shall have the right to terminate this Agreement upon 180 days written notice to Corcept; provided, however, if PharmaForm reasonably determines that
continuing to perform its obligations under this Agreement will result in a material adverse effect on PharmaForm’s ongoing business, operations or personnel as a result of negative or adverse publicity or responses from other clients or
potential clients of PharmaForm, PharmaForm and Corcept shall use commercially reasonable efforts to expedite the transfer of all manufacturing operations and obligations away from PharmaFrom, after which point PharmaForm shall have the right to
terminate this Agreement. 
 8.4        Effect of
Termination.    Termination of this Agreement shall not relieve the parties of any obligation, including the payment of money, accruing prior to such expiration or termination. Sections 2.4 and 3.3 and the provisions of
Articles 4, 6, 7 and 9 shall survive the expiration or termination of this Agreement. 
 ARTICLE 9 

MISCELLANEOUS 
 9.1        Notice.    Any notice given under this Agreement must be in writing and will be effective when delivered to the
other party at the address set forth for that party below. Notice addresses may only be changed in writing by the parties by following the notice provisions of this Section 9.1. 

Formulation Technologies, LLC 
 d/b/a/ PharmaForm 
 11400 Burnet Road 

Suite 4010 
 Austin, Texas 78758 
 Attn: John Koleng, Ph.D. 

Corcept Therapeutics Incorporated 

149 Commonwealth Drive 
 Menlo Park, California 94025 
 Attn: Robert L. Roe, M.D.

  

					
	 11400 Burnet Road
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 Austin, Texas 78758
	  		  	 Ph (512) 834-0449

Fax (512) 834-2105
 www.pharmaform.com

	  	  
	  	  

 13 

 9.2        Entire
Agreement.    This Agreement contains the entire understanding of the parties with respect to the subject matter hereof. All express or implied agreements and understandings, either oral or written, heretofore made are
expressly superseded by this Agreement. This Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by both parties hereto. No prior drafts of this Agreement may be used in the construction or
interpretation of this Agreement. 

9.3        Waiver.    The waiver by
either party hereto of any right hereunder or the failure to perform or of a breach by the other party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by said other party whether of a similar nature or
otherwise. 

9.4        Headings.    The captions to
the several Articles and Sections hereof are not a part of this Agreement, but are merely guides or labels to assist in locating and reading the several Articles and Sections hereof. 

9.5        Drafting.    This Agreement
was, and shall be deemed for all purposes to have been, drafted by both parties. 

9.6        Governing Law.    This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of laws principles thereof. 
 9.7        Assignment.    This Agreement may not be assigned or otherwise transferred, nor, except as expressly provided
hereunder, may any right or obligations hereunder be assigned or transferred by either party without the prior written consent of the other party. Notwithstanding the foregoing, this Agreement may be assigned or transferred by a party without such
prior consent to any successor entity by merger, sale, transfer, or consolidation or the transferee of all or substantially all of the assets of the business unit to which this Agreement relates. Any permitted assignee shall assume all obligations
of its assignor under this Agreement. 
 9.8        Force
Majeure.    Neither party shall be held liable or responsible to the other party nor be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement
(except for the failure to pay money) when such failure or delay is caused by or results from causes beyond the reasonable control of the affected party, including, but not limited to, fire, floods, embargoes, war, acts of war (whether war be
declared or not), insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in acting by any governmental authority or the other party. The delayed party’s time for
performance will be excused for the duration of the force majeure, but if the force majeure events lasts longer than 60 days, the other party may immediately terminate this Agreement by giving written notice to the delayed party. 

9.9        Dispute Resolution.    Except
as otherwise specifically provided herein, any disputes or disagreements arising under the Agreement will be referred to the chief executive officers of PharmaForm and Corcept for good faith discussions, for a period not to exceed 60

  

					
	 11400 Burnet Road
 Building 4, Suite 4010
 Austin, Texas 78758
	  		  	 Ph (512) 834-0449

Fax (512) 834-2105
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 14 

 
days. During such 60 days, both parties may in good faith explore resolution of the dispute using alternative dispute resolution techniques before pursuing other remedies. If such dispute is not
resolved by the end of such 60-day period, the parties shall be free to pursue any legal or equitable remedy available to them. 
 9.10        Independent Contractors.    Corcept and PharmaForm each acknowledge that they shall be independent contractors
and that the relationship between the two parties shall not constitute a partnership, joint venture or agency. Neither Corcept nor PharmaForm shall have the authority to make any statements, representations or commitments of any kind, or to take any
action, which shall be binding on the other party, without the prior consent of the other party to do so. 

9.11        Severability.    Should one
or more provisions of this Agreement be or become invalid, the parties hereto shall substitute, by mutual consent, valid provisions for such invalid provisions which valid provisions in their economic effect are sufficiently similar to the invalid
provisions that it can be reasonably assumed that the parties would have entered into this Agreement with such provisions. In case such provisions cannot be agreed upon, the invalidity of one or several provisions of this Agreement shall not affect
the validity of this Agreement as a whole, unless the invalid provisions are of such essential importance to this Agreement that it is to be reasonably assumed that the parties would not have entered into this Agreement without the invalid
provisions. 
 9.12        Product
Labeling.    Corcept covenants and agrees to use its commercially reasonable efforts to ensure that the product labeling and packaging on any NDA Product batches or commercial Product batches does not include any
information relating to or identifying PharmaForm or associating PharmaForm with the Product, including, without limitation, petitioning the FDA to prevent the inclusion of any information identifying PharmaFrom on the product labeling. 

[Signature Page Follows] 

  

					
	 11400 Burnet Road
 Building 4, Suite 4010
 Austin, Texas 78758
	  		  	 Ph (512) 834-0449

Fax (512) 834-2105
 www.pharmaform.com

	  	  
	  	  

 15 

							
		 	 FORMULATION TECHNOLOGIES L.L.C.

		 	 d/b/a PHARMAFORM

				
		 	 By:
	 	         /s/ John Koleng,
Ph.D.
	  	
		 		 	         John Koleng, Ph.D.
	  	
		 		 	         Chief Operating Officer
	  	
		
		 	 CORCEPT THERAPEUTICS

				
		 	 By:
	 	
        /s/        
Robert L. Roe, M.D.
	  	
		 		 	         Robert L. Roe, M.D.
	  	
		 		 	         President
	  	

 Exhibit A – Development Program Tasks 

 

	 	 •
	 	 Transfer tablet manufacturing process to PharmaForm; conduct process improvement trials as required to achieve a reliable tablet production and
coating process. 

  

	 	 •
	 	 Develop and validate analytical methods required for testing the drug product and drug substance. Specific methods required for testing will be
based on published regulatory guidance, specific regulatory feedback from the FDA and other regulatory agencies and experience with the product. 

  

	 	 •
	 	 Produce registration stability batches that will be used to establish the stability of the product in the NDA or other regulatory submission.
Conduct stability studies (thermal and photostability) according to regulatory guidance to generate stability data for regulatory submissions. 

  

	 	 •
	 	 Perform product scale-up trials to scale the product from the registration stability batch size to commercial size and establish criteria for
process and product validation. 

  

	 	 •
	 	 Prepare a process and product validation protocol and produce validation batches according to the protocol. Perform stability testing on the
validation batches. 

  

	 	 •
	 	 Conduct additional product development activities as needed to address specific development issues as they arise.

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