Document:

EX-10.4

 Exhibit 10.4 

Confidential Treatment Requested by BIND Therapeutics, Inc. 

SECOND AMENDMENT TO THE RESEARCH, OPTION AND LICENSE AGREEMENT 

This SECOND AMENDMENT TO THE RESEARCH, OPTION AND LICENSE AGREEMENT (this “Amendment”) is entered into as of March 31, 2015
(the “Second Amendment Effective Date”), by and between BIND Therapeutics, Inc. (as successor in interest to BIND Biosciences, Inc.) (“BIND”) and Pfizer Inc. (“Pfizer”) and amends that certain Research, Option and
License Agreement between BIND Biosciences, Inc. and Pfizer, dated as of March 25, 2013 (the “Agreement”) and amended and restated as of June 12, 2013. Capitalized terms used herein without definition herein shall have the
meaning given such terms in the Agreement. 
 WHEREAS, BIND and Pfizer desire to adjust the
Design/Preclinical Collaboration Term to allow additional activities to be conducted with respect to [**] Agreement Compounds and [**] Agreement Compounds; 

NOW, THEREFORE, BIND and Pfizer, for good and valuable consideration, the receipt and
sufficiency of which are hereby mutually acknowledged, and intending to be legally bound hereby, agree as follows: 
 1. SECTION 2.1(a) OF THE AGREEMENT
IS HEREBY DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING: 
 “(a) The Parties will conduct the Design/Preclinical
Collaboration Project on the terms and conditions set forth in this Agreement and the Design/Preclinical Collaboration Plan to identify and Develop Agreement Compounds. The Design/Preclinical Collaboration Project will be undertaken and performed
during the period beginning on the Effective Date and ending on September 25, 2015, unless earlier terminated as provided in this Agreement (the “Design/Preclinical Collaboration Term”), except that, only with respect to
activities conducted thereunder with respect to the [**] Agreement Compounds, the Design/Preclinical Collaboration Project will be extended until March 25, 2016, unless earlier terminated as provided in this Agreement. The Design/Preclinical
Collaboration Term may be extended only by mutual written agreement of the Parties.” 
 2. SECTION 4.1 OF THE AGREEMENT IS HEREBY DELETED IN
ITS ENTIRETY AND REPLACED WITH THE FOLLOWING: 
 “4.1. Pfizer Options. For the period commencing at the Effective Date and
ending on March 25, 2016, (the “[**] Option Period”), Pfizer will be entitled, by written notice to BIND (a “[**] Option Notice”), to exercise the [**] Option. For the period commencing at the Effective Date
and ending on September 25, 2015 (the “[**] Option Period”), Pfizer will be entitled, by written notice to BIND (a “[**] Option Notice”), to exercise the [**] Option. The [**] Option Notice and the [**] Option
Notice are sometimes each referred to as an “Option Notice” and the [**] Option Period and the [**] Option Period are sometimes each referred to as an “Option Period.”” 

For clarity, sections 4.1 (a) through (g) remain unchanged. 

3. The Parties hereby consent to issue the press release attached herein in Exhibit A 

Confidential Portions of this Exhibit marked as [**] have been omitted pursuant to a request for confidential treatment and have been filed
separately with the Securities and Exchange Commission. 

 Confidential Treatment Requested by BIND Therapeutics, Inc. 

 
 4. This Amendment shall become effective as of the Second Amendment Effective
Date. Except as amended hereby, the terms and conditions of the Agreement shall remain in full force and effect in all other respects, unless further amended by written agreement. This Amendment may be executed in any number of counterparts, each of
which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be attached from multiple separate counterparts and attached to a single
counterpart so that all signature pages are physically attached to the same document. 
 IN WITNESS WHEREOF, each of the parties hereto has caused
this Amendment to be duly executed in the name of and on its behalf, to be effective as of the Second Amendment Effective Date. 
  

			
	BIND THERAPEUTICS, INC.
		
	By:		 /s/ Andrew J. Hirsch

		
	Name:		 Andrew J. Hirsch

		
	Title:		 President & CEO

		
	Date:		 April 2, 2015

	
	PFIZER INC.
		
	By:		 /s/ Steven W. Adams

		
	Name:		 Steven W. Adams

		
	Title:		 Exec Dir. R&D Portfolio Mgmt & Bus. Ops

		
	Date:		 March 31, 2015

  
 Confidential Portions of
this Exhibit marked as [**] have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission. 

2 

 Confidential Treatment Requested by BIND Therapeutics, Inc. 

 
 Exhibit A 

 
  
 

 
 BIND Therapeutics Announces Extension of Global Collaboration with Pfizer Inc. to Develop and
Commercialize Multiple Accurins 
 –Progress made on preclinical research; Collaboration goals on track – 

CAMBRIDGE, Mass., March XX, 2015 — BIND Therapeutics, Inc. (NASDAQ: BIND), a clinical-stage nanomedicine platform company developing targeted and
programmable therapeutics called AccurinsTM, today announced an extension of the terms of its global collaboration with Pfizer Inc. to create Accurins that optimize the therapeutic potential of two molecularly targeted oncology drugs in
Pfizer’s pipeline. The collaboration was originally established in April 2013 and the timeline for Pfizer to exercise its option to acquire the exclusive license for the first program continues to be September 2015. Both companies agreed to an
extension of the timeline for the second program through March 2016. 
 “We have made a great deal of progress in this collaboration and have shown
promising preclinical results with Accurins containing each of the two compounds,” said Andrew Hirsch, president and chief executive officer, BIND Therapeutics. “Pfizer has been a terrific partner and the results to date have provided
evidence that we are on track with the collaboration goals. We mutually agreed to extend the research terms for the second of the two selected compounds in order to ensure it is fully evaluated and well-positioned to enter IND-enabling
studies.” 
 A development milestone was achieved for the first program in December 2014. The 2015 option target date on the first compound remains
unchanged and this extension allows BIND and Pfizer an additional year to complete preclinical research evaluating the second program. 
 “Our Accurin
development programs are active and of high interest to both companies,” said Robert Abraham, Ph.D., Senior Vice President and Chief Scientific Officer, Oncology Research Unit, Pfizer. “We are pleased to continue working with BIND under
terms of the amended agreement.” 
 Under terms of the original agreement, Pfizer has the exclusive option to pursue development and commercialization
of the Accurins selected. Both companies will work together on preclinical research, and if Pfizer exercises its option, Pfizer will have responsibility for development and commercialization of the selected Accurins. 

BIND received an upfront payment of $4.0 million in 2013, a $1.0 million preclinical development milestone in December 2014, and has the potential to receive
payments up to $88.5 million upon the 

  
 DRAFT 

 

 Confidential Portions of this Exhibit marked as [**] have been omitted pursuant to a request
for confidential treatment and have been filed separately with the Securities and Exchange Commission. 

  
 3 

 Confidential Treatment Requested by BIND Therapeutics, Inc. 

 
 
achievement of additional specified development and regulatory events. BIND may also receive additional payments up to $110 million for specified commercial events as well as royalties in the low
single to high single digit percentages on potential future sales of each Accurin commercialized, if any. 
 About BIND Therapeutics 

BIND Therapeutics is a clinical-stage nanomedicine platform company developing a pipeline of Accurins, its novel targeted therapeutics designed to increase the
concentration and duration of therapeutic payloads at disease sites while reducing exposure to healthy tissue. BIND is leveraging its Medicinal Nanoengineering platform to develop a pipeline of Accurins targeting hematological and solid tumors and
has a number of strategic collaborations with biopharmaceutical companies to develop Accurins in areas of high unmet need. BIND’s lead drug candidate, BIND-014, is a prostate-specific membrane antigen (PSMA) -targeted Accurin that contains
docetaxel, a clinically-validated and widely-used cancer chemotherapy drug. BIND-014 is currently in development for the treatment of non-small cell lung cancer, or NSCLC, in patients with KRAS mutations or squamous histology. In addition, BIND
plans to initiate clinical trials with BIND-014 in cervical, bladder, head and neck and cholangio cancers in 2015. BIND is also advancing BIND-510, its second PSMA-targeted Accurin drug candidate containing vincristine, a potent microtubule
inhibitor with dose limiting peripheral neuropathy in its conventional form, through important preclinical studies to position it for an Investigational New Drug (IND) application filing with the U.S. Food and Drug Administration (FDA) in 2016.
Lastly, BIND is developing Accurins designed to inhibit PLK1 and KSP, both of which BIND believes are promising anti-mitotic targets that have been limited in the clinic due to myelotoxicity prior to reaching therapeutic doses. 

BIND has announced ongoing collaborations with Pfizer Inc., AstraZeneca AB, F. Hoffmann-La Roche Ltd. and Merck & Co., or Merck (known as Merck
Sharp & Dohme outside the United States and Canada), to develop Accurins based on their proprietary therapeutic payloads and targeting ligands. 

Forward-Looking Statements Disclaimer - UPDATE 
 This
press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered
forward-looking statements, including statements regarding our intentions regarding a permanent chief executive officer; beliefs that Accurins have the potential to become a major new therapeutic modality; goals to gain approval of the first Accurin
nanomedicine, advance and build BIND’s proprietary oncology pipeline and apply BIND’s technology in new therapeutic approaches; expectations regarding BIND’s nanomedicine platform; expectations regarding our leadership team and
opportunities; and financial position. 
 These forward-looking statements are based on management’s current expectations. These statements are neither
promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements, including, but not limited to, the following: the fact that the Company has incurred significant losses since its inception and expects to incur losses for the foreseeable future; the
Company’s need for additional 

  
 DRAFT 

 

 Confidential Portions of this Exhibit marked as [**] have been omitted pursuant to a request
for confidential treatment and have been filed separately with the Securities and Exchange Commission. 

  
 4 

 Confidential Treatment Requested by BIND Therapeutics, Inc. 

 
 
funding, which may not be available; raising additional capital may cause dilution to its stockholders or require it to relinquish rights to its technologies or drug candidates; the
Company’s limited operating history; failure to use and expand its medicinal nanoengineering platform to build a pipeline of drug candidates and develop marketable drugs; the early stage of the Company’s development efforts with only one
drug candidate in clinical development; failure of the Company or its collaborators to successfully develop and commercialize drug candidates; clinical drug development involves a lengthy and expensive process, with an uncertain outcome; delays or
difficulties in the enrollment of patients in clinical trials; serious adverse or unacceptable side effects or limited efficacy observed during the development of the Company’s drug candidates; inability to maintain any of the Company’s
collaborations, or the failure of these collaborations; the Company’s reliance on third parties to conduct its clinical trials and manufacture its drug candidates; the Company’s inability to obtain required regulatory approvals; any
conclusion by the FDA that BIND-014 does not satisfy the requirements for approval under the Section 505(b)(2) regulatory approval pathway; the inability to obtain orphan drug exclusivity for drug candidates; failure to obtain marketing
approval in international jurisdictions; any post-marketing restrictions or withdrawals from the market; effects of recently enacted and future legislation; failure to comply with environmental, health and safety laws and regulations; failure to
achieve market acceptance by physicians, patients, or third-party payors; failure to establish effective sales, marketing and distribution capabilities or enter into agreements with third parties with such capabilities; effects of substantial
competition; unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives; product liability lawsuits; failure to retain key executives and attract, retain and motivate qualified personnel; difficulties in
managing our growth; risks associated with operating internationally, including the possibility of sanctions with respect to our operations in Russia; failure to obtain and maintain patent protection for or otherwise protect our technology and
products; effects of patent or other intellectual property lawsuits; the eligibility of a significant portion of the Company’s total outstanding shares to be sold into the market, which could cause the market price of its common stock to drop
significantly; increased costs as a result of operating as a public company; and any securities class action litigation. These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission, or SEC, on November 6, 2014, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press
release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so,
even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. 

Media:  
 Jeff Boyle 

347-247-5089  
 Media@bindtherapeutics.com 

Investors:  
 Tom Baker 

617-532-0624  
 Investors@bindtherapeutics.com 

  
 DRAFT 

 

 Confidential Portions of this Exhibit marked as [**] have been omitted pursuant to a request
for confidential treatment and have been filed separately with the Securities and Exchange Commission. 

  
 5ex10_01 Q1-15

2015 CEO Compensation Plan

The Board of Directors has approved the following 2015 compensation plan for Jeff Housenbold, President and CEO.
Plan Summary
	
				
	Element
	Threshold
	Target
	Maximum

	Base Salary
	n/a
	$700,000 (+7.7%)
	n/a

	Cash Bonus Target
	75%
	100%
	200%

	Total Cash Target
	$1,225,000
	$1,400,000
	$2,100,000

	Time-Based RSU (45% of total)(1)
	$6,805,620
	$6,805,620
	$6,805,620

	Performance-Based RSU (55% of total)(2)
	$3,245,468
	$8,564,580
	$18,931,894

	Total RSU
	$10,051,088
	$15,460,200
	$25,737,514

	Total RSU shares
	236,250
	360,000
	595,125

	Total Compensation
	$11,276,088
	$16,860,200
	$27,837,514

(1)Grant date face value of $42.01, which is the closing price of SFLY on the date of grant – November 20, 2014.
(2) Grant date fair value of $43.71; which is the fair value determined using outside valuation services in the first quarter of 2015.
Plan Components
		
	•
	Base salary of $700,000, effective December 1, 2014

		
	•
	Cash bonus target of 100% of base salary, earned quarterly in accordance with the 2015 Quarterly Bonus Plan (CEO & eStaff);  maximum bonus is 200% of target

		
	•
	162,000 Time-vested Restricted Stock Units (RSU) with a target grant value of $6,805,620

		
	◦
	Value of shares determined by multiplying the share count by the closing price on the date of grant – November 20, 2014

		
	◦
	Vesting will occur over 4 years, 25% each on the 1st, 2nd, 3rd and 4th anniversary of the grant date

		
	•
	198,000 Performance-based Restricted Stock Units (PBRSU) with a target grant value of $8,654,580, modified for absolute company performance by Trigger and Funding Goals, and relative company performance in a Relative Shareholder Return Modifier Goal, as follows:

		
	o
	Trigger Goal:  EBITDA one year target for 2015, must be achieved at the “target” level set for this plan of $181M in 2015; achievement below target results in no earned PBRSU

		
	o
	Funding Goal:  Revenue 1 year goal in 2015 will earn PBRSU as follows:

	
			
	Funding Table
	Revenue Attained
	Percent of PBRSU Earned

	Threshold
	$1.015B
	50%

	Target
	$1.029B
	100%

	Maximum
	$1.10B
	175%

		
	▪
	Achievement between Threshold and Target, or Target and Maximum will be interpolated on a straight-line basis

Nothing in this program summary alters the “at will” employment relationship with the Company, as described in the employee handbook.  Neither the program nor th transactions authorized under the program constitute an express or implied promise of continued employment for any period.  Nothing in the program shall interfere with or limit in any way the right of the employee or the Company to terminate employment at any time, with or without cause or notice.

2015 CEO Compensation Plan

		
	o
	Relative Shareholder Return Modifier Goal:  Comparison SFLY 2-year cumulative share value growth compared to Russell 2000 Index (RUT) share value growth over the same period*, will modify the PBRSU Funding as follows:

		
	§
	Minimum:  If SFLY is 25 percentage points or lower than RUT = 75% of Funded Goal result

		
	§
	Target:  If SFLY is Equal to RUT = 100% of Funded Goal result

		
	§
	Maximum:  If SFLY is 25 percentage points or higher than RUT = 125% of Funded Goal result

		
	§
	Achievement between Minimum and Target, or Target and Maximum will be interpolated on a straight-line basis; every whole percentage point of SFLY 2-year cumulative share value growth that is above or below the RUT Index, will add or subtract, respectively, 1% from the 100% of Funded Goal result

		
	§
	Example:    SFLY 2 year cumulative share value growth = 30%

RUT 2 year cumulative share value growth = 20%
SFLY result is +10 percentage points higher than RUT 
Modifier is 110%, applied to the Funded Goal Result
		
	o
	Vesting of earned PBRSU under the funding goal will occur over 3 years; one third on the 1st anniversary of the grant based on achievement of performance goals, and one third on both the 2nd and 3rd anniversaries of the grant assuming continued service until that date. 

		
	o
	Vesting of earned PBRSUs under the RUT modifier will occur over 3 years, with two thirds on the 2nd anniversary of the grant based on achievement of market goals; and the remaining one third on the 3rd anniversary of the grant assuming continued service until that date.

		
	o
	In order to ensure sufficient pool shares in the 2006 Equity Incentive Plan to accommodate the full range of PBRSU shares earned under this plan, the PBRSU grant will be made at the Maximum grant date face value shown in the Plan Summary above, with achievement of the PBRSU goals determining the portion of the grant that vests 

		
	o
	PBRSU Calculation to determine number of shares to vest:

		
	§
	Target Shares x Trigger Goal Result x Funding Goal Result x Modifier Goal Result

		
	§
	Example assuming Trigger achieved (100%), Funding @ 150%, Modifier @ 110%:

		
	•
	198,000 x 100% Trigger x 150% Funding x 110% Modifier = 326,700 to vest

		
	•
	The RSU and PBRSU grants will be governed by Shutterfly’s 2006 Equity Incentive Plan.

Nothing in this program summary alters the “at will” employment relationship with the Company, as described in the employee handbook.  Neither the program nor th transactions authorized under the program constitute an express or implied promise of continued employment for any period.  Nothing in the program shall interfere with or limit in any way the right of the employee or the Company to terminate employment at any time, with or without cause or notice.

2015 CEO Compensation Plan

Page 3 of 3
Appendix:  Baseline for Relative Shareholder Return

Nothing in this program summary alters the “at will” employment relationship with the Company, as described in the employee handbook.  Neither the program nor th transactions authorized under the program constitute an express or implied promise of continued employment for any period.  Nothing in the program shall interfere with or limit in any way the right of the employee or the Company to terminate employment at any time, with or without cause or notice.

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