Document:

EX-10.1

 Exhibit 10.1 
  

 
 VIA EMAIL ONLY 

gdion@oharaco.com 
  

Ms. Gisele Dion 
 40 Tamarack Terrace 

Stoneham MA 02180 
  

	Re:	 Director Offer Letter 

Dear Gisele, 
 This Director Offer Letter
constitutes an agreement (“Agreement”) between you and Inhibikase Therapeutics, Inc. (“Company”) and contains all of the terms and conditions relating to your service to the Company as a Class II member of our
Board of Directors (“Board”). 
 1.     Term. This Agreement will become
effective on September 1, 2022 (“Effective Date”) and continue until your resignation or removal from the Board, or until your successor is duly elected and qualified. Your position will be subject to re-election at our annual shareholders’ meeting in 2023 and each third annual meeting thereafter, and, upon re-election, the terms and conditions of this Agreement will
remain in full force and effect. 
 2.    Services. 

2.1.     Duties. You will render services as a member of the Board in accordance with high
professional and ethical standards and in accordance with applicable laws, rules and regulations pertaining to your performance under this Agreement. In addition, you agree to comply with all policies of the Company, including the Company’s
policy with respect to insider trading. You will use your reasonable best efforts to attend all meetings of the Board called from time to time, either in-person, by telephone or means of audio-visual
communication. You will serve as a member of, and Chairperson of, the Audit Committee, as a member of the Compensation Committee and such other committees as the Board may designate and you agree to serve on such committees. In addition, you will
use your reasonable best efforts to attend meetings of these committees as required by its members pursuant to its Charter as may be called from time to time. As an 

  

					
	3350 Riverwood Parkway SE, Ste 1900	  		  	1 Cranberry Hill, Suite 200
	Atlanta, GA 30339	  		  	Lexington, MA 02421
	678-392-3419	  	info@inhibikase.com	  	617-936-0184

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 independent director, you may also be required to attend meetings with the other independent
directors without the presence of the Company’s officers and non-independent directors. The services described in this Section 2.1 are hereinafter referred to as your “Duties.” 

2.2.     Reporting. While this Agreement is in effect, you will immediately advise the Company
if you know, have reason to know or believe that you are no longer independent as described in the last paragraph of Section 3. 

3.    Services for Others. You are free to perform services for others during the term of this
Agreement. You represent, however, that you do not presently perform and do not intend to perform, during the term of this Agreement, similar duties or other services for companies whose businesses are or would be in any way competitive with the
Company (except for companies previously disclosed by you to the Company in writing). Should you propose to perform similar duties or other services for any such company, you agree to notify the Company in writing in advance (specifying the name of
the organization for whom you propose to perform such services) and to provide information to the Company sufficient to allow it to determine if performing such similar duties or other services would conflict with your Duties. 

While this Agreement is in effect, you shall immediately inform the Company if: (i) you know, have reason to know or believe that you are
no longer independent with respect to your Duties as defined pursuant to applicable Nasdaq Listing Rules and applicable securities law, including the rules and regulations of the Securities and Exchange Commission, or (ii) you serve on an audit
or compensation committee of any other public company. 
 4.    Compensation. 

4.1     Cash Compensation. For calendar year 2022, your cash compensation will be $40,000 for your service as a
Director, $20,000 as Chairperson of the Audit Committee and $5,000 as a member of the Compensation Committee, each to be prorated based on the actual time served. 

4.2.    Equity Grants. Commencing on the Effective Date, you will be issued an initial stock option grant of
60,000 option shares with 50% vesting on each of the first two anniversaries of the date of grant (“Option”). The Company will issue you a Stock Option Agreement to evidence the Option in the form typically used by the Company. 

4.3.     Taxes. You are solely responsible for taxes arising out of any compensation paid by
the Company to you under this Agreement, and you understand that you will be issued a United States Treasury Form 1099 for any compensation paid to you by the Company. The Company will comply with any tax or withholding obligations as required by
applicable law related to this Agreement. 
 5.     D&O Insurance Policy; Indemnification.
During the term of this Agreement, the Company will include you as an insured under its existing director’s and officer’s insurance policy, with the appropriate levels of coverage determined annually by the Company and the Board. As a
director, you will be entitled to customary indemnification under the Company’s organizational documents. 

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 6.    No Assignment. Because of the personal
nature of the services to be rendered by you, this Agreement may not be assigned by you. 

7.    Confidential Information; Non-Disclosure. In
consideration of your access to the premises of the Company and your access to certain confidential information of the Company, you hereby represent and agree as follows: 

7.1.    Definition. For purposes of this Agreement, the term “Confidential
Information” means: 
 a. Any information the Company possesses that has been created, discovered, or developed by or
for the Company and that has or could have commercial value or utility in the business in which the Company is engaged; 
 b. Any
information provided to the Board at or for meetings of the Board and any information relating to proceedings of the Board; or 

c. Any information that is related to the business of the Company and is generally not known by
non-Company personnel. 
 7.2.    Exclusions.
Notwithstanding the foregoing, the term Confidential Information does not include: 
 a. Any information that becomes generally
available to the public other than because of a breach of this Agreement, or any other agreement requiring confidentiality between the Company and you; 

b. Information received from a third party in rightful possession of such information who is not restricted from disclosing such
information; and 
 c. Information known by you prior to receipt of such information from the Company, which prior knowledge can
be documented. 
 7.3    Documents. You agree that, without the prior written consent of the
Company, you will not remove from the Company’s premises any notes, formulas, programs, data, records, machines, or any other documents or items that in any manner contain or constitute Confidential Information, nor will you make reproductions
or copies of the same. If you receive any such documents or items by personal delivery from any authorized personnel of the Company, you will be deemed to have received the express written consent of the Company. If you receive any such documents or
items, other than through personal delivery as described in the preceding sentence, you agree to inform the Company promptly of your possession of such documents or items. You will promptly return such documents or items, along with any
reproductions or copies, to the Company upon the Company’s demand, upon termination of this Agreement or upon your termination or Resignation (as defined in Section 10 below). 

7.4.    No Disclosure; No Use. You agree that you will hold in trust and confidence all
Confidential Information and will not disclose to others, directly or indirectly, 

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any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the ordinary course of your service as a
member of the Board or to your legal advisors. You further agree that you will not use any Confidential Information for any purpose other than in connection with your service as a member of the Board without the prior written consent of the Company.
The provisions of this Section 7.4 shall survive termination of this Agreement. 

8.    Assignment of Inventions. In consideration for the Company sharing with you the
Company’s Confidential Information, you further agree that all inventions, discoveries, data, technology, designs, innovations and improvements (whether or not patentable and whether or not copyrightable) related to the business of the Company
which are made, conceived, reduced to practice, created, written, designed or developed by you, solely or jointly with others, during any meeting, discussions or negotiations with representatives of the Company (“Inventions”), or
thereafter if resulting or directly derived from Confidential Information shall be the sole property of the Company, and you hereby assign to the Company all Inventions and any and all related patents, copyrights, trademarks, trade names, and other
industrial and intellectual property rights and applications therefor, in the United States and elsewhere. 

9.    Obligations to Third Parties. You represent that your service as a member of the
Board to the Company does not and will not breach any agreement you have with any current or former employer or any other person (including without limitation any nondisclosure or non-competition agreement),
and that you will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any current or previous employer or others. 

10.    Termination and Resignation. Your membership on the Board may be terminated as provided
in the Company’s organizational documents or pursuant to applicable law. You may also terminate your membership on the Board for any or no reason by delivering written notice of your resignation to the Chief Executive Officer of the Company
(“Resignation”). Such Resignation shall be effective on the later of the date of its delivery or the date specified in the Resignation. Upon the effective date of the termination or Resignation, your right to compensation under this
Agreement will terminate, subject to the Company’s obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with performing your Duties as of the effective
date of such termination or Resignation. 
 11.    Not an Employee. Nothing in this
Agreement shall be construed as a contract of employment between you and the Company or as a commitment on the part of the Company to retain you in any capacity, for any period of time or under any specific terms or conditions, or to continue your
service to the Company beyond any period. 
 12.    Governing Law; Consent to Jurisdiction.
All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties under this Agreement, shall be determined in accordance with the laws of State of Delaware applicable to
agreements made and to be performed entirely in Delaware. The parties to this Agreement hereby consent to the jurisdiction of the courts having jurisdiction over matters arising in Delaware for any proceeding arising out of or relating to this
Agreement. 

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 13.    Entire Agreement; Amendment; Waiver;
Counterparts. This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this
Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any
subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect
the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will
constitute the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature. 

This Agreement has been executed and delivered by the undersigned and is made effective as of the Effective Date. 

 

			
	Sincerely,
	
	Inhibikase Therapeutics, Inc.
		
	By:	 	  

	Name:	 	Milton H. Werner, PhD
	Title:	 	President and Chief Executive Officer

  

			
	Agreed and Accepted:
	
	  

	Printed Name:EX-4.6

  Exhibit 4.6

  DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE SECURITIES

  EXCHANGE ACT OF 1934

  The following is a summary of the rights of the common units of fractional undivided beneficial interest (the “Shares”) of Grayscale Litecoin Trust (LTC) (the “Trust”), which is the only class of securities of the Trust that is registered under Section 12 of the Securities Exchange Act of 1934 (the “Exchange Act”). The description is intended as a summary, and is qualified in its entirety by reference the Second Amended and Restated Declaration of Trust and Trust Agreement, as amended by Amendments No. 1 and No. 2 thereto, copies of which have been filed as exhibits to this annual report on Form 10-K. Terms used but not defined herein have the meaning set forth in the Glossary of Terms in the Trust’s Annual Report on Form 10-K for the year ended June 30, 2022, of which this exhibit is a part.

  General

  The Trust operates pursuant to the Second Amended and Restated Declaration of Trust and Trust Agreement between Delaware Trust Company (formerly known as CSC Trust Company of Delaware), a Delaware trust company and Delaware trustee of the Trust (the “Trustee”) and Grayscale Investments, LLC (the “Sponsor”), as amended by Amendments No. 1 and No. 2 thereto and as the same may be amended from time to time (as so amended, the “Trust Agreement”). Under the Trust Agreement, the Trust is authorized to create and issue an unlimited number of Shares. Shares will be issued only in Baskets (a Basket equals a block of 100 Shares) in connection with creations. The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. The Shares are quoted on OTCQX under the ticker symbol “LTCN.”

  Description of Limited Rights

  The Shares do not represent a traditional investment and should not be viewed as similar to “shares” of a corporation operating a business enterprise with management and a board of directors. A shareholder will not have the statutory rights normally associated with the ownership of shares of a corporation. Each Share is transferable, is fully paid and non-assessable and entitles the holder to vote on the limited matters upon which shareholders may vote under the Trust Agreement. For example, shareholders do not have the right to elect directors and will not receive dividends. The Shares do not entitle their holders to any conversion or pre-emptive rights or, except as discussed below, any redemption rights or rights to distributions.

  Voting and Approvals

  The shareholders take no part in the management or control of the Trust. Under the Trust Agreement, shareholders have limited voting rights. For example, in the event that the Sponsor withdraws, a majority of the shareholders may elect and appoint a successor sponsor to carry out the affairs of the Trust. In addition, no amendments to the Trust Agreement that materially adversely affect the interests of shareholders may be made without the vote of at least a majority (over 50%) of the Shares (not including any Shares held by the Sponsor or its affiliates). However, the Sponsor may make any other amendments to the Trust Agreement in its sole discretion without shareholder consent provided that the Sponsor provides 20 days’ notice of any such amendment.

  Derivative Actions

  Under Delaware law, a shareholder may bring a derivative action if the shareholder is a shareholder at the time the action is brought and either (i) was a shareholder at the time of the transaction at issue or (ii) acquired the status of shareholder by operation of law or the Trust’s governing instrument from a person who was a shareholder at the time of the transaction at issue. Additionally, Section 3816(e) of the Delaware Statutory Trust Act specifically provides that “a beneficial owner’s right to bring a derivative action may be subject to such additional standards and restrictions, if any, as are set forth in the governing instrument of the statutory trust, including, without limitation, the requirement that beneficial owners owning a specified beneficial interest in the statutory trust join in the bringing of the derivative action.” In addition to the requirements of applicable law, Section 7.4 of the Trust Agreement provides that no Shareholder will have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two or more Shareholders who (i) are not affiliates of one another and (ii) collectively hold at least 10.0% of the outstanding Shares join in the bringing or maintaining of such action, suit or other proceeding. The Trust selected the 10.0% ownership threshold because the Trust believed that this was a threshold that investors would be comfortable with based on market precedent. 

  This provision applies to any derivative action brought in the name of the Trust other than claims brought under the federal securities laws or the rules and regulations thereunder, to which Section 7.4 does not apply. Due to this additional requirement, a Shareholder attempting to bring a derivative action in the name of the Trust will be required to locate other Shareholders with which it is not affiliated and that have sufficient Shares to meet the 10.0% threshold based on the number of Shares outstanding on the date the claim is brought and thereafter throughout the duration of the action, suit or proceeding.

  Distributions

  Pursuant to the terms of the Trust Agreement, the Trust may make distributions on the Shares in-cash or in-kind, including in such form as is necessary or permissible for the Trust to facilitate shareholders’ access to any Incidental Rights or to IR Virtual Currency.

  

  In addition, if the Trust is terminated and liquidated, the Sponsor will distribute to the shareholders any amounts of the cash proceeds of the liquidation remaining after the satisfaction of all outstanding liabilities of the Trust and the establishment of reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Sponsor will determine. See “Item 1. Business—Description of the Trust Agreement—The Trustee—Termination of the Trust” in the Trust’s Annual Report on Form 10-K, of which this exhibit is a part. Shareholders of record on the record date fixed by the Transfer Agent for a distribution will be entitled to receive their pro rata portions of any distribution.

  Appointment of Agent

  Pursuant to the terms of the Trust Agreement, by holding the Shares, shareholders will be deemed to agree that the Sponsor may cause the Trust to appoint an agent (any person appointed in such capacity, an “Agent”) to act on their behalf in connection with any distribution of Incidental Rights and/or IR Virtual Currency if the Sponsor has determined in good faith that such appointment is reasonably necessary or in the best interests of the Trust and the shareholders in order to facilitate the distribution of any Incidental Rights and/or IR Virtual Currency. The Sponsor may cause the Trust to appoint Grayscale Investments, LLC (acting other than in its capacity as Sponsor) or any of its affiliates to act in such capacity.

  Any Agent appointed to facilitate a distribution of Incidental Rights and/or IR Virtual Currency will receive an in-kind distribution of Incidental Rights and/or IR Virtual Currency on behalf of the shareholders of record with respect to such distribution, and following receipt of such distribution, will determine, in its sole discretion and without any direction from the Trust, or the Sponsor, in its capacity as Sponsor of the Trust, whether and when to sell the distributed Incidental Rights and/or IR Virtual Currency on behalf of the record date shareholders. If the Agent is able to do so, it will remit the cash proceeds to the record date shareholders. There can be no assurance as to the price or prices for any Incidental Rights and/or IR Virtual Currency that the Agent may realize, and the value of the Incidental Rights and/or IR Virtual Currency may increase or decrease after any sale by the Agent.

  Any Agent appointed pursuant to the Trust Agreement will not receive any compensation in connection with its role as agent. However, any Agent will be entitled to receive from the record-date shareholders, out of the distributed Incidental Rights and/or IR Virtual Currency, an amount of Incidental Rights and/or IR Virtual Currency with an aggregate fair market value equal to the amount of administrative and other reasonable expenses incurred by the Agent in connection with its activities as agent of the record-date shareholders, including expenses incurred by the Agent in connection with any post-distribution sale of such Incidental Rights and/or IR Virtual Currency.

  The Sponsor currently expects to cause the Trust to appoint Grayscale Investments, LLC, acting other than in its capacity as Sponsor, as Agent to facilitate any distribution of Incidental Rights and/or IR Virtual Currency to shareholders. The Trust has no right to receive any information about any distributed Incidental Rights and/or IR Virtual Currency or the disposition thereof from the record date shareholders, their Agent or any other person.

  Creation of Shares

  The Trust creates Shares such times and for such periods as determined by the Sponsor, but only in one or more whole Baskets. A Basket equals 100 Shares. See “Item 1. Business—Description of Creation of Shares” in the Trust’s Annual Report on Form 10-K, of which this exhibit is a part. The creation of a Basket requires the delivery to the Trust of the number of LTC represented by one Share immediately prior to such creation multiplied by 100. The Trust may from time to time halt creations for extended periods of time, for a variety of reasons, including in connection forks, airdrops and other similar occurrences.

  Redemption of Shares

  The Trust Agreement also provides for the redemption procedures. However, redemption of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.

  Even if such relief is sought in the future, no assurance can be given as to the timing of such relief or that such relief will be granted. If such relief is granted and the Sponsor approves a redemption program, the Shares will be redeemable only in accordance with the provisions of the Trust Agreement and the relevant Participant Agreement. See “Item 1A. Risk Factors—Risk Factors Related to the Trust and the Shares—Because of the holding period under Rule 144, the lack of an ongoing redemption program and the Trust’s ability to halt creations from time to time, there is no arbitrage mechanism to keep the price of the Shares closely linked to the Index Price and the Shares have historically traded at a substantial premium over, and a substantial discount to, the Digital Asset Holdings per Share” in the Trust’s Annual Report on Form 10-K, of which this exhibit is a part.

  Transfer Restrictions

  Shares purchased in the private placement are restricted securities that may not be resold except in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”) and state securities laws and any such transaction must be approved 

  

  by the Sponsor. In determining whether to grant approval, the Sponsor will specifically look at whether the conditions of Rule 144 under the Securities Act and any other applicable laws have been met. Any attempt to sell Shares without the approval of the Sponsor in its sole discretion will be void ab initio.

  Pursuant to Rule 144 under the Securities Act (“Rule 144”), a minimum six-month holding period applies to all Shares purchased from the Trust.

  On a bi-weekly basis, the Trust aggregates the Shares that have been held for the requisite holding period under Rule 144 by non-affiliates of the Trust to assess whether the Rule 144 transfer restriction legends may be removed. Any Shares that qualify for the removal of the Rule 144 transfer restriction legends are presented to outside counsel, who may instruct the Transfer Agent to remove the transfer restriction legends from the Shares, allowing the Shares to then be resold without restriction, including on OTCQX U.S. Premier marketplace. The outside counsel requires that certain representations be made, providing that:

    

  			
	  
	•
	the Shares subject to each sale have been held for the requisite holding period under Rule 144 by the selling Shareholder;

    

  			
	  
	•
	the Shareholder is the sole beneficial owner of the Shares;

    

  			
	  
	•
	the Sponsor is aware of no circumstances in which the Shareholder would be considered an underwriter or engaged in the distribution of securities for the Trust;

    

  			
	  
	•
	none of the Shares are subject to any agreement granting any pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance;

   

  			
	  
	•
	none of the identified selling Shareholders is an affiliate of the Sponsor;

    

  			
	  
	•
	the Sponsor consents to the transfer of the Shares; and

    

  			
	  
	•
	outside counsel and the Transfer Agent can rely on the representations.

  In addition, because the Trust Agreement prohibits the transfer or sale of Shares without the prior written consent of the Sponsor, the Sponsor must provide a written consent that explicitly states that it irrevocably consents to the transfer and resale of the Shares. Once the transfer restriction legends have been removed from a Share and the Sponsor has provided its written consent to the transfer of that Share, no consent of the Sponsor is required for future transfers of that particular Share.

  Book-Entry Form

  Shares are held primarily in book-entry form by the Transfer Agent. The Sponsor or its delegate will direct the Transfer Agent to credit the number of Creation Baskets to the applicable Authorized Participant. The Transfer Agent will issue Creation Baskets. Transfers will be made in accordance with standard securities industry practice. The Sponsor may cause the Trust to issue Shares in certificated form in limited circumstances in its sole discretion.

  Share Splits

  In its discretion, the Sponsor may direct the Transfer Agent to declare a split or reverse split in the number of Shares outstanding and to make a corresponding change in the number of Shares constituting a Basket. For example, if the Sponsor believes that the per Share price in the secondary market for Shares has risen or fallen outside a desirable trading price range, it may declare such a split or reverse split.

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