Document:

Exhibit 10.16

 

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT (this “Agreement”) dated as of                                  , 201_, is made by and between TREVENA, INC., a Delaware corporation (the “Company”), and                                    (the “Indemnitee”).

 

RECITALS

 

A.                                    The Company desires to attract and retain the services of highly qualified individuals as directors, officers, employees and agents.

 

B.                                    The Company’s Amended and Restated Bylaws (the “Bylaws”) require that the Company indemnify its directors, and empowers the Company to indemnify its officers, employees and agents, as authorized by the Delaware General Corporation Law, as amended (the “Code”), under which the Company is organized and such Bylaws expressly provide that the indemnification provided therein is not exclusive and contemplates that the Company may enter into separate agreements with its directors, officers and other persons to set forth specific indemnification provisions.

 

C.                                    Indemnitee does not regard the protection currently provided by applicable law, the Company’s governing documents and available insurance as adequate under the present circumstances, and the Company has determined that Indemnitee and other directors, officers, employees and agents of the Company may not be willing to serve or continue to serve in such capacities without additional protection.

 

D.                                    The Company desires and has requested Indemnitee to serve or continue to serve as a director, officer, employee or agent of the Company, as the case may be, and has proffered this Agreement to Indemnitee as an additional inducement to serve in such capacity.

 

E.                                    Indemnitee is willing to serve, or to continue to serve, as a director, officer, employee or agent of the Company, as the case may be, if Indemnitee is furnished the indemnity provided for herein by the Company.

 

F.                                     This Agreement supersedes and replaces in its entirety any previous Indemnity Agreement entered into between the Company and the Indemnitee.

 

AGREEMENT

 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.                                      Definitions.

 

(a)                                 Agent.  For purposes of this Agreement, the term “agent” of the Company means any person who:  (i) is or was a director, officer, employee or other fiduciary of the Company or a subsidiary of the Company; or (ii) is or was serving at the request or for the convenience of, or representing the interests of, the Company or a subsidiary of the Company, as

 

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a director, officer, employee or other fiduciary of a foreign or domestic corporation, partnership, joint venture, trust or other enterprise.

 

(b)                                 Expenses.  For purposes of this Agreement, the term “expenses” shall be broadly construed and shall include, without limitation, all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’, witness, or other professional fees and related disbursements, and other out-of-pocket costs of whatever nature), actually and reasonably incurred by Indemnitee in connection with the investigation, defense or appeal of a proceeding or establishing or enforcing a right to indemnification under this Agreement, the Code or otherwise, and amounts paid in settlement by or on behalf of Indemnitee, but shall not include any judgments, fines or penalties actually levied against Indemnitee for such individual’s violations of law. The term “expenses” shall also include reasonable compensation for time spent by Indemnitee for which he is not compensated by the Company or any subsidiary or third party (i) for any period during which Indemnitee is not an agent, in the employment of, or providing services for compensation to, the Company or any subsidiary; and (ii) if the rate of compensation and estimated time involved is approved by the directors of the Company who are not parties to any action with respect to which expenses are incurred, for Indemnitee while an agent of, employed by, or providing services for compensation to, the Company or any subsidiary.

 

(c)                                  Proceedings.  For purposes of this Agreement, the term “proceeding” shall be broadly construed and shall include, without limitation, any threatened, pending, or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, and whether formal or informal in any case, in which Indemnitee was, is or will be involved as a party or otherwise by reason of:  (i) the fact that Indemnitee is or was a director or officer of the Company; (ii) the fact that any action taken by Indemnitee or of any action on Indemnitee’s part while acting as director, officer, employee or agent of the Company; or (iii) the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, and in any such case described above, whether or not serving in any such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses may be provided under this Agreement.

 

(d)                                 Subsidiary.  For purposes of this Agreement, the term “subsidiary” means any corporation or limited liability company of which more than 50% of the outstanding voting securities or equity interests are owned, directly or indirectly, by the Company and one or more of its subsidiaries, and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary.

 

(e)                                  Independent Counsel.  For purposes of this Agreement, the term “independent counsel” means a law firm, or a partner (or, if applicable, member) of such a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the proceeding giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “independent counsel” shall

 

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not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

2.                                      Agreement to Serve.  Indemnitee will serve, or continue to serve, as a director, officer, employee or agent of the Company or any subsidiary, as the case may be, faithfully and to the best of his or her ability, at the will of such corporation (or under separate agreement, if such agreement exists), in the capacity Indemnitee currently serves as an agent of such corporation, so long as Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions of the bylaws or other applicable charter documents of such corporation, or until the effective date of Indemnitee’s written resignation; provided, however, that nothing contained in this Agreement is intended as an employment agreement between Indemnitee and the Company or any of its subsidiaries or to create any right to continued employment of Indemnitee with the Company or any of its subsidiaries in any capacity.

 

The Company acknowledges that it has entered into this Agreement and assumes the obligations imposed on it hereby, in addition to and separate from its obligations to Indemnitee under the Bylaws, to induce Indemnitee to serve, or continue to serve, as a director, officer, employee or agent of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer, employee or agent of the Company.

 

3.                                      Indemnification.

 

(a)                                 Indemnification in Third Party Proceedings.  Subject to Section 10 below, the Company shall indemnify Indemnitee to the fullest extent permitted by the Code, as the same may be amended from time to time (but only to the extent that such amendment permits Indemnitee to broader indemnification rights than the Code permitted prior to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved in any proceeding, for any and all expenses, actually and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of such proceeding.

 

(b)                                 Indemnification in Derivative Actions and Direct Actions by the Company.  Subject to Section 10 below, the Company shall indemnify Indemnitee to the fullest extent permitted by the Code, as the same may be amended from time to time (but only to the extent that such amendment permits Indemnitee to broader indemnification rights than the Code permitted prior to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved in any proceeding by or in the right of the Company to procure a judgment in its favor, against any and all expenses actually and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement, or appeal of such proceedings.

 

(c)                                  Fund Indemnitors.  The Company hereby acknowledges that Indemnitee has or may have in the future certain rights to indemnification, advancement of expenses and/or insurance provided by other entities and/or organizations (collectively, the “Fund Indemnitors”).  The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by

 

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Indemnitee are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Company’s Amended and Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”) or Bylaws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and, (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.  The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.  The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 3(c).

 

4.                                      Indemnification of Expenses of Successful Party.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any proceeding or in defense of any claim, issue or matter therein, including the dismissal of any action without prejudice, the Company shall indemnify Indemnitee against all expenses actually and reasonably incurred in connection with the investigation, defense or appeal of such proceeding.

 

5.                                      Partial Indemnification.  If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any expenses actually and reasonably incurred by Indemnitee in the investigation, defense, settlement or appeal of a proceeding, but is precluded by applicable law or the specific terms of this Agreement to indemnification for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

6.                                      Advancement of Expenses.  To the extent not prohibited by law, the Company shall advance  the expenses incurred by Indemnitee in connection with any proceeding, and such advancement shall be made within twenty (20) days after the receipt by the Company of a statement or statements requesting such advances (which shall include invoices received by Indemnitee in connection with such expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice) and upon request of the Company, an undertaking to repay the advancement of expenses if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company.  Advances shall be unsecured, interest free and without regard to Indemnitee’s ability to repay the expenses. Advances shall include any and all expenses actually and reasonably incurred by Indemnitee pursuing an action to enforce Indemnitee’s right to indemnification under this Agreement, or otherwise and this right of advancement, including expenses incurred preparing and forwarding statements to the Company to support the advances claimed.  Indemnitee acknowledges that the execution and delivery of this Agreement shall constitute an undertaking providing that Indemnitee shall, to the fullest extent required by law, repay the

 

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advance if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company.  The right to advances under this Section shall continue until final disposition of any proceeding, including any appeal therein.  This Section 6 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 10(b).

 

7.                                      Notice and Other Indemnification Procedures.

 

(a)                                 Notification of Proceeding.  Indemnitee will notify the Company in writing promptly upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any proceeding or matter which may be subject to indemnification or advancement of expenses covered hereunder.  The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise.

 

(b)                                 Request for Indemnification and Indemnification Payments.  Indemnitee shall notify the Company promptly in writing upon receiving notice of any demand, judgment or other requirement for payment that Indemnitee reasonably believes to be subject to indemnification under the terms of this Agreement, and shall request payment thereof by the Company.  Indemnification payments requested by Indemnitee under Section 3 hereof shall be made by the Company no later than sixty (60) days after receipt of the written request of Indemnitee.  Claims for advancement of expenses shall be made under the provisions of Section 6 herein.

 

(c)                                  Application for Enforcement.  In the event the Company fails to make timely payments as set forth in Sections 6 or 7(b) above, Indemnitee shall have the right to apply to any court of competent jurisdiction for the purpose of enforcing Indemnitee’s right to indemnification or advancement of expenses pursuant to this Agreement.  In such an enforcement hearing or proceeding, the burden of proof shall be on the Company to prove that indemnification or advancement of expenses to Indemnitee is not required under this Agreement or permitted by applicable law.  Any determination by the Company (including its Board of Directors, stockholders or independent counsel) that Indemnitee is not entitled to indemnification hereunder, shall not be a defense by the Company to the action nor create any presumption that Indemnitee is not entitled to indemnification or advancement of expenses hereunder.

 

(d)                                 Indemnification of Certain Expenses.  The Company shall indemnify Indemnitee against all expenses incurred in connection with any hearing or proceeding under this Section 7 unless the Company prevails in such hearing or proceeding on the merits in all material respects.

 

8.                                      Assumption of Defense.  In the event the Company shall be requested by Indemnitee to pay the expenses of any proceeding, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, or to participate to the extent permissible in such proceeding, with counsel reasonably acceptable to Indemnitee.  Upon assumption of the defense by the Company and the retention of such counsel by the Company, the Company shall not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same proceeding, provided that Indemnitee shall have the right to

 

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employ separate counsel in such proceeding at Indemnitee’s sole cost and expense.  Notwithstanding the foregoing, if Indemnitee’s counsel delivers a written notice to the Company stating that such counsel has reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or the Company shall not, in fact, have employed counsel or otherwise actively pursued the defense of such proceeding within a reasonable time, then in any such event the fees and expenses of Indemnitee’s counsel to defend such proceeding shall be subject to the indemnification and advancement of expenses provisions of this Agreement.

 

9.                                      Insurance. To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of the Company or of any subsidiary (“D&O Insurance”), Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies.  If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has D&O Insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

 

10.                               Exceptions.

 

(a)                                 Certain Matters.  Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee on account of any proceeding with respect to (i) remuneration paid to Indemnitee if it is determined by final judgment or other final adjudication that such remuneration was in violation of law (and, in this respect, both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication, as indicated in Section 10(d) below); (ii) a final judgment rendered against Indemnitee for an accounting, disgorgement or repayment of profits made from the purchase or sale by Indemnitee of securities of the Company against Indemnitee pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, or other provisions of any federal, state or local statute or rules and regulations thereunder; (iii) a final judgment or other final adjudication that Indemnitee’s conduct was in bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct (but only to the extent of such specific determination); or (iv) on account of conduct that is established by a final judgment as constituting a breach of Indemnitee’s duty of loyalty to the Company or resulting in any personal profit or advantage to which Indemnitee is not legally entitled.  For purposes of the foregoing sentence, a final judgment or other adjudication may be reached in either the underlying proceeding or action in connection with which indemnification is sought or a separate proceeding or action to establish rights and liabilities under this Agreement.

 

(b)                                 Claims Initiated by Indemnitee.  Any provision herein to the contrary notwithstanding, the Company shall not be obligated to indemnify or advance expenses to

 

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Indemnitee with respect to proceedings or claims initiated or brought by Indemnitee against the Company or its directors, officers, employees or other agents and not by way of defense, except (i) with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or under any other agreement, provision in the Bylaws or Certificate of Incorporation or applicable law, or (ii) with respect to any other proceeding initiated by Indemnitee that is either approved by the Board of Directors or Indemnitee’s participation is required by applicable law.  However, indemnification or advancement of expenses may be provided by the Company in specific cases if the Board of Directors determines it to be appropriate.

 

(c)                                  Unauthorized Settlements.  Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee under this Agreement for any amounts paid in settlement of a proceeding effected without the Company’s written consent.  Neither the Company nor Indemnitee shall unreasonably withhold consent to any proposed settlement; provided, however, that the Company may in any event decline to consent to (or to otherwise admit or agree to any liability for indemnification hereunder in respect of) any proposed settlement if the Company is also a party in such proceeding and determines in good faith that such settlement is not in the best interests of the Company and its stockholders.

 

(d)                                 Securities Act Liabilities.  Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee or otherwise act in violation of any undertaking appearing in and required by the rules and regulations promulgated under the Securities Act of 1933, as amended (the “Act”), or in any registration statement filed with the SEC under the Act.  Indemnitee acknowledges that paragraph (h) of Item 512 of Regulation S-K currently generally requires the Company to undertake in connection with any registration statement filed under the Act to submit the issue of the enforceability of Indemnitee’s rights under this Agreement in connection with any liability under the Act on public policy grounds to a court of appropriate jurisdiction and to be governed by any final adjudication of such issue.  Indemnitee specifically agrees that any such undertaking shall supersede the provisions of this Agreement and to be bound by any such undertaking.

 

11.                               Nonexclusivity and Survival of Rights.  The provisions for indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of any other rights which Indemnitee may at any time be entitled under any provision of applicable law, the Certificate of Incorporation, Bylaws or other agreements, both as to action in Indemnitee’s official capacity and Indemnitee’s action as an agent of the Company, in any court in which a proceeding is brought, and Indemnitee’s rights hereunder shall continue after Indemnitee has ceased acting as an agent of the Company and shall inure to the benefit of the heirs, executors, administrators and assigns of Indemnitee.  The obligations and duties of the Company to Indemnitee under this Agreement shall be binding on the Company and its successors and assigns until terminated in accordance with its terms.  The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

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No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her corporate status prior to such amendment, alteration or repeal.  To the extent that a change in the Code, whether by statute or judicial decision, permits greater indemnification or advancement of expenses than would be afforded currently under the Certificate of Incorporation, Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, by Indemnitee shall not prevent the concurrent assertion or employment of any other right or remedy by Indemnitee.

 

12.                               Term.  This Agreement shall continue until and terminate upon the later of: (a) five (5) years after the date that Indemnitee shall have ceased to serve as a director or and/or officer, employee or agent of the Company; or (b) one (1) year after the final termination of any proceeding, including any appeal then pending, in respect to which Indemnitee was granted rights of indemnification or advancement of expenses hereunder.

 

No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against an Indemnitee or an Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration of five (5) years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such five-year period; provided, however, that if any shorter period of limitations is otherwise applicable to such cause of action, such shorter period shall govern.

 

13.                               Subrogation.  In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who, at the request and expense of the Company, shall execute all papers required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

 

14.                               Interpretation of Agreement.  It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law.

 

15.                               Severability.  If any provision of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of the Agreement (including without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to Section 14 hereof.

 

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16.                               Amendment and Waiver.  No supplement, modification, amendment, or cancellation of this Agreement shall be binding unless executed in writing by the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

17.                               Notice.  Except as otherwise provided herein, any notice or demand which, by the provisions hereof, is required or which may be given to or served upon the parties hereto shall be in writing and, if by telegram, telecopy or telex, shall be deemed to have been validly served, given or delivered when sent, if by overnight delivery, courier or personal delivery, shall be deemed to have been validly served, given or delivered upon actual delivery and, if mailed, shall be deemed to have been validly served, given or delivered three (3) business days after deposit in the United States mail, as registered or certified mail, with proper postage prepaid and addressed to the party or parties to be notified at the addresses set forth on the signature page of this Agreement (or such other address(es) as a party may designate for itself by like notice).  If to the Company, notices and demands shall be delivered to the attention of the Secretary of the Company.

 

18.                               Governing Law.  This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware.

 

19.                               Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute but one and the same Agreement.  Only one such counterpart need be produced to evidence the existence of this Agreement.

 

20.                               Headings.  The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction hereof.

 

21.                               Entire Agreement.  This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, written and oral, between the parties with respect to the subject matter of this Agreement; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, Bylaws, the Code and any other applicable law, and shall not be deemed a substitute therefor, and does not diminish or abrogate any rights of Indemnitee thereunder.

 

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IN WITNESS WHEREOF, the parties hereto have entered into this Agreement effective as of the date first above written.

 

	
 
    	
TREVENA, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
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INDEMNITEE  
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Signature   of Indemnitee  
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Print   or Type Name of IndemniteeQuickLinks
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  Exhibit 10.3    
    

 
    HUNTSMAN EXECUTIVE SEVERANCE PLAN
  (As Amended and Restated Effective September 11, 2013)    
    

 
    ARTICLE I
  The Plan    
    

        1.1    Name.    The HUNTSMAN EXECUTIVE SEVERANCE PLAN ("Plan") is hereby amended and restated effective as of
September 11, 2013 (the "Effective Date"). The Plan originally became effective as of January 1, 2005, was amended and restated effective
as of October 30, 2007 and was further amended and restated effective as of May 1, 2010. 

        1.2    Purpose.    Huntsman Corporation and certain Affiliates identified below have adopted the Plan to provide
certain of their executives and other employees with severance benefits to recognize their service to the Employer, and to encourage them to continue employment with the Employer. 

 
 

  ARTICLE II
  Definitions    
    

        Whenever used in the Plan, the following words and phrases shall have the meanings set forth below unless the context plainly requires
a different meaning. When the defined meaning is intended, the term is capitalized. 

        2.1    "Affiliate"    means any entity (whether a corporation, partnership, joint venture, limited liability company
or other entity) in which the Employer beneficially owns 50% or more of the voting power of the entity, and any other entity in which the Employer has an economic interest and which is designated as
an Affiliate by the Committee for purposes of the Plan. 

        2.2    "Base Compensation"    means the annualized base salary of the Participant in effect at Termination of
Employment. 

        2.3    "Board"    means the Board of Directors of Huntsman Corporation or its successor. 

        2.4    "Change of Control"    means the occurrence of any of the events set forth in clause (b) of the
definition of "Change of Control" in the Huntsman Corporation Stock Incentive Plan, as amended, restated or otherwise modified from time to time. 

        2.5    "COBRA"    means the Consolidated Omnibus Reconciliation Act of 1985, as amended. 

        2.6    "Committee"    means the Compensation Committee of the Board or, if there is not a Compensation Committee, then
the Board. 

        2.7    "Employer"    means Huntsman Corporation, or any successor thereof. 

        In
addition, unless the context indicates otherwise, as used in the Plan, the term "Employer" shall also mean and include any Affiliate of Huntsman Corporation that has adopted the Plan
with the permission of Huntsman Corporation and any Affiliate that has been designated by Huntsman Corporation as an Employer in the Plan. Such adoptions and designations shall be subject to such
conditions as the Committee deems appropriate. The obligations of an Employer hereunder shall be limited to the employees of that Employer participating in the Plan. The following Affiliates of
Huntsman Corporation are participating in the Plan as of the Effective Date: 

Huntsman
International LLC

Huntsman Petrochemical LLC

Huntsman Purchasing Ltd

Huntsman Advanced Materials Americas LLC

Rubicon LLC

Tioxide Americas Inc.

Huntsman Ethyleneamines LLC

Huntsman Propylene Oxide LLC 

 

        2.8    "Family Member"    of an employee means: (a) a brother or sister (whether by whole or half blood) of the
employee, (b) the spouse of the employee, (c) an ancestor or lineal descendant of the employee, or (d) the spouse of anyone included in (a) or (c). 

        2.9    "Participant"    means an employee of the Employer who is designated to participate in the Plan by the
Committee; provided however, unless the Committee provides otherwise with respect to a particular employee, an employee with the title of Vice President or higher of an Employer shall be eligible to
participate in the Plan. Notwithstanding the foregoing, the Committee shall have the authority to adjust the status of any employee (including the removal of an employee from participation under the
Plan or to change the class to which the employee belongs for purposes of the Plan). The employees participating on the Effective Date and the class to which each belongs are set forth on Exhibit "A." 

        The
Committee may, subject to any applicable law, regulatory, securities exchange or other similar restrictions, delegate to one or more officers of the Employer, the authority to adjust
the status of any employee as described above, other than an employee who is subject to Section 16(b) of the Exchange Act or who is a Family Member of an employee who is subject to
Section 16(b) of the Exchange Act. The Committee may impose such limitations and restrictions on its delegation of authority, in addition to any required restrictions or limitations set forth
in the Plan, as it may determine in its sole
discretion. Any adjustment of status made pursuant to such a delegation shall be subject to all of the provisions of the Plan. 

        2.10    "Plan Year"    means the calendar year. 

        2.11    "Reasonable Cause"    means any of the following, with respect to a Participant: 

        (a)   Gross
negligence, fraud, dishonesty or willful violation of any law or material violation of any significant Employer policy committed in connection with the position of
the Participant with the Employer or an Affiliate; or 

        (b)   Failure
to substantially perform (whether as a result of a medically determinable disability or otherwise) the duties reasonably assigned or appropriate to his or her
position, in a manner reasonably consistent with prior practice; 

provided,
however, that the term "Reasonable Cause" shall not include ordinary negligence or failure to act, whether due to an error in judgment or otherwise, if the Participant has exercised
substantial efforts in good faith to perform the duties reasonably assigned or appropriate to his or her position. 

        2.12    "Severance Benefits"    means the benefits described in Article III. 

        2.13    "Termination of Employment"    means the Participant's "separation from service", within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), for any reason whatsoever, voluntary or involuntary, including by reason of death or disability. 

        2.14    "Termination for Good Reason"    means a voluntary Termination of Employment by the Participant as a result of
the Employer or an Affiliate (a) making a materially detrimental reduction or change to the job responsibilities or in the current base compensation of the Participant, or (b) within a
period of 12 months following a Change of Control, changing the Participant's principal place of work by more than 50 miles from his or her principal place of work in effect immediately prior
to such Change of Control, in each case, which action has not been remedied by the Employer or Affiliate within 30 days following its receipt of written notice from the Participant of such
reduction or change. Such notice from the Participant must be given to the Employer or an Affiliate within 90 days following the occurrence of such reduction or change and the Participant's
Termination of Employment must occur within the 30-day period following the Employer's or an Affiliate's failure to timely remedy the change or reduction constituting a "good reason." 

2

 
 
 

  ARTICLE III
  Severance Benefits    
    

        3.1    Entitlement to Severance Benefits.    If the Employer or an Affiliate terminates the Participant's employment
without Reasonable Cause or the Participant terminates his or her employment in a Termination for Good Reason, then the Participant's Employer shall provide to the Participant the Severance Benefits
described in this Article III. No Severance Benefits shall be payable under the Plan upon the Participant's Termination of Employment for any other reason, including a Termination of Employment
on account of death or disability. 

        (a)   Severance
Benefits otherwise payable under this Article III to a Participant shall be reduced in the discretion of Huntsman Corporation for any payments an
Employer or an Affiliate is required to pay to the Participant under any applicable statute, law, ordinance, code, rule or regulation arising from the Termination of Employment, including any payments
required under the Worker Adjustment and Retraining Notification Act. 

        (b)   Unless
otherwise agreed to in writing by Huntsman Corporation, a Participant shall not be entitled to any Severance Benefits under this Article III if any of the
following situations apply: 

        (1)   Within
30 days of the Termination of Employment, the Participant obtains employment with an Employer or any Affiliate of an Employer; 

        (2)   If
requested upon his or her Termination of Employment, the Participant fails to sign, within 45 days following his or her Termination of Employment, a waiver and
release of claims against the Employer and its Affiliates and other persons, in the form provided by the Plan's Administrator (as defined in Section 5.1), or, if applicable, the Participant
signs and later revokes the waiver and release of claims within the revocation time period; or 

        (3)   The
Participant is entitled to severance or other separation benefits, whether under an individual written agreement with the Participant's Employer or an Affiliate, any
voluntary early retirement program maintained by the Employer or an Affiliate, any severance plan maintained by the Employer or an Affiliate, or any provision of law to which the Employer or an
Affiliate is subject, other than the Plan, unless such Participant, in connection with receipt of benefits under the Plan, irrevocably waives all such benefits under all other contracts, plans,
programs and provisions of law applicable to the Participant. 

        3.2    Amount of Benefits.    If a Participant is entitled to Severance Benefits pursuant to Section 3.1: 

        (a)    Cash Payment.    The Participant's Employer shall pay to the Participant a lump sum cash payment in an amount
as follows: 

        (1)   For
a Senior Executive (i.e., a Participant at the level of Senior Vice President or above), an amount equal to two times the Base Compensation of the
Participant; and 

        (2)   For
a Participant not a Senior Executive (i.e. a Participant at the level of Vice President or below), an amount equal to one and one-half times the Base
Compensation of the Participant; 

Subject
to Section 3.1(b)(2) and Section 7.6, payment shall be made within 60 days of the Participant's Termination of Employment. 

        (b)    Healthcare Benefits for U.S. Participants.    For the period of time (expressed as a number of months equal to
the product of (i) 12 and (ii) the quotient obtained by dividing the cash payment payable to the Participant under Section 3.2 (a) by his or her Base Compensation) (the
"Continuation Period"), the Participant's Employer or an Affiliate shall continue to cover the Participant and his or her dependents under the group healthcare plan covering other employees 

3

 

in
positions similar to that of the Participant, at a monthly cost to the Participant equal to the applicable COBRA premium for such coverage. 

        (1)   Healthcare Coverage Payment.    The Employer shall pay to the Participant a lump sum cash amount equal to the
product of (i) the Participant's Continuation Period, (ii) the COBRA premium applicable to the Participant on his or her Termination of Employment, and (iii) 150%. Subject to
Section 3.1(b)(2) and Section 7.6, payment shall be made within 60 days of the Participant's Termination of Employment. 

        (2)   COBRA Continuation.    To receive the coverage and payment provided under this Section 3.2(b) of the
Plan following the Participant's Termination of Employment, the Participant must timely elect continuation coverage under COBRA, as a result of the Termination of Employment. 

        (c)    Outplacement Services.    The Participant's Employer shall provide the Participant with the following
outplacement counseling service opportunity: 

        (1)   For
a Senior Executive, executive outplacement services, as chosen by the Plan's Administrator, for a period of 12 months following the Termination of Employment
or until the Participant obtains substantially comparable employment, if earlier. 

        (2)   For
a Participant not a Senior Executive, executive outplacement services, as chosen by the Plan's Administrator, for a period of 6 months following the
Termination of Employment or until the Participant obtains substantially comparable employment, if earlier. 

        (d)    Time of Payment.    It is intended that the Severance Benefits not be subject to Section 409A of the
Code. If, however, a payment or benefit is determined to be subject to Section 409A of the Code and is conditioned on a Participant's execution (and non-revocation within the time provided to
do so) of a waiver and release of claims as provided in Section 3.1(b)(2), then such payment will be made on the 60th day following the Termination of Employment. 

        3.3    Terminated Status.    Commencing upon the Participant's Termination of Employment, the Participant shall cease
to be an employee of the Employer and all Affiliates for all purposes. The payment of the Severance Benefits under the Plan shall be payments to a former employee. 

 
 

  ARTICLE IV
  Claims and Review Procedures    
    

        4.1    Claims Procedure.    A Participant who believes he or she has not received the Severance Benefits to which the
Participant is entitled under the Plan may make a claim for benefits by making a written request for benefits to the Administrator on the form provided by the Administrator. The Administrator shall
notify the Participant or beneficiary ("claimant") in writing, within a reasonable period of time (but not later than 90 days) after receipt of his or her written request for benefits, of his
or her eligibility or non-eligibility for benefits under the Plan. If the Administrator determines that a claimant is not eligible for benefits or full benefits, the notice shall set forth
(1) the specific reasons for such denial, (2) a specific reference to the provisions of the Plan on which the denial is based, (3) a description of any additional information or
material necessary for the claimant to perfect his or her claim, and a description of why it is needed, and (4) an explanation of the Plan's claims review procedure and other appropriate
information as to the steps to be taken if the claimant wishes to have the claim reviewed, including a statement of the Participant's right to bring a civil action under section 502(a) of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), following a benefit claim denial on review. If the Administrator determines that there are special circumstances requiring
additional time to make a decision, the Administrator may extend the time for up to an additional 90 day period, provided the Administrator notifies the claimant prior to the end of 

4

 

the
initial 90 day period of the special circumstances and the date by which a decision is expected to be made. 

        4.2    Review Procedure.    If a claimant is determined by the Administrator not to be eligible for benefits, or if
the claimant believes that he or she is entitled to greater or different benefits, the claimant shall have the opportunity to have such claim reviewed by the Employer by filing a petition for review
with the Committee within 60 days after receipt of the notice issued by the Administrator. A claimant shall, on request and free of charge, be given reasonable access to and copies of, any
documents, records and other information in the possession of the Employer relevant to the claimant's claim for benefits. The petition shall state the specific reasons which the claimant believes
entitle him or her to benefits or to greater or different benefits. Within 60 days after receipt by the Employer of the petition, the Employer shall notify the claimant of its decision in
writing, stating specifically (1) the basis of its decision, written in a manner calculated to be understood by the claimant (2) the specific provisions of the Plan on which the decision
is based, (3) that the Participant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, the Plan and all documents, records, and other information
relevant to the Participant's claim for benefits, and (4) that the Participant has a right to bring an action under section 502(a) of ERISA. If the Employer determines that the
60 day period is not sufficient, the decision may be deferred for up to another 60 day period, but notice of this deferral shall be given to the claimant. In the event of the death of a
claimant, the same procedures shall apply to the claimant's beneficiaries. 

 
 

  ARTICLE V
  Administration and Finances    
    

        5.1    Administration.    The Plan shall be administered by the Committee or the person or entity designated by the
Committee to administer the Plan (the "Administrator"). 

        5.2    Powers of the Administrator.    The Administrator shall have all powers necessary to administer the Plan,
including, without limitation, powers: 

        (a)   to
interpret the provisions of the Plan; 

        (b)   to
establish and revise the method of accounting for the Plan; and 

        (c)   to
establish and enforce rules for the administration of the Plan and to prescribe any forms required to administer the Plan. 

        It
is intended that the Plan will be administered and interpreted in a manner that benefits provided by the Plan do not become taxable to a Participant until such benefits are paid to
the Participant. To the extent of a change in the law (whether by a change in the applicable statutes or by a ruling, regulation or other interpretation of the law by regulatory authorities) that
requires a change in the terms of the Plan to avoid taxation prior to receipt of benefits, the Plan shall be treated by the Administrator to include such change without further action by the Employer
as the Administrator in its sole discretion shall determine, provided, however, any such change that would materially increase either the cost of the Plan or the benefits provided by the Plan shall
require the written consent of the Employer. 

        5.3    Actions of the Administrator or the Employer.    All determinations, interpretations, rules, and decisions of
the Administrator and the Employer shall be conclusive and binding upon all persons having or claiming to have any interest or right under the Plan. 

        5.4    Delegation.    The Administrator shall have the power to delegate specific duties and responsibilities to
officers or other employees of the Employer or other individuals or entities. Any delegation by the
Administrator may allow further delegations by the individual or entity to whom the delegation is made. Any delegation may be rescinded by the Administrator at any time. Each person or 

5

 

entity
to whom a duty or responsibility has been delegated shall be responsible for the exercise of such duty or responsibility and shall not be responsible for any act or failure to act of any other
person or entity. 

        5.5    Reports and Records.    The Administrator and those to whom the Administrator has delegated duties under the
Plan shall keep records of all their proceedings and actions and shall maintain books of account, records, and other data as shall be necessary for the proper administration of the Plan and for
compliance with applicable law. 

        5.6    Finances.    The benefits under the Plan are unfunded. The costs of the Plan shall be borne by the Employer
from its general assets; provided, however, an Affiliate that adopts the Plan and becomes an Employer shall be responsible only for the Severance Benefits that are payable to those Participants who
are employees of such Affiliate and, with respect to an Affiliate that is designated as an Employer, Huntsman Corporation shall be responsible for the Severance Benefits that are payable to
Participants who are employees of such designated Affiliate, unless the Severance Benefits are paid by that Affiliate. 

        5.7    Notices.    All notices and communications made by the Employer or the Administrator under the Plan shall be
deemed delivered and received when delivered by hand, the next business day after deposit with a courier or overnight delivery service post paid for next-day delivery and addressed in accordance with
the last address in the records of the Employer, or five days after being mailed by certified or registered mail, return receipt requested, with appropriate postage prepaid to the last address in the
records of the Employer, or immediately upon delivery by facsimile if confirmation is received and retained. 

 
 

  ARTICLE VI
  Amendments and Termination    
    

        Huntsman Corporation, by action of the Committee, may amend or terminate the Plan at any time. In the event the Plan is terminated or
changed, no benefits shall be payable to any Participant thereafter (except for Severance Benefits payable to a Participant whose
Termination of Employment occurred prior to such termination or change of the Plan) or except as provided by the Plan as changed. Notwithstanding the foregoing, the Plan may not be amended or
terminated within six months prior to, or on or within one year following, a Change of to adversely affect the rights (contingent or otherwise) of any then-current Participant to Severance Benefits
under the Plan, including, without limitation, any amendment that would terminate an employee's designation as a Participant in the Plan. 

 
 

  ARTICLE VII
  Miscellaneous    
    

        7.1    No Guarantee of Employment.    The adoption and maintenance of the Plan shall not be deemed to be a contract of
employment between the Employer and any Participant. Nothing contained herein shall give any Participant the right to continue to be retained by the Employer or to interfere with the right of the
Employer to terminate the employment of a Participant at any time, nor shall it give the Employer the right to require the Participant to continue to provide services to the Employer or to interfere
with the Participant's right to terminate services at any time. 

        7.2    Tax Withholding.    The Employer shall withhold all taxes that are required to be withheld by applicable law
from the benefits provided under the Plan. 

        7.3    Non-Alienation.    The Plan shall inure to and be binding on the successors and assigns of the Employer. No
benefit payable at any time under the Plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment, or encumbrance of any kind. 

6

 

        7.4    ERISA.    The Plan is intended to be and shall be administered and maintained as a welfare benefit plan under
section 3(1) of ERISA, providing certain benefits to participants on severance from employment. The Plan is not intended to be a pension plan under section 3(2)(A) of ERISA and shall be
maintained and administered so as not to be such a plan. The Plan is intended to come within, and shall be administered and maintained to come within, the severance pay plan exception thereto in DOL
Regulation Section 2510.3-2(b). 

        7.5    Applicable Law.    The Plan and all rights hereunder shall be governed by and construed according to the laws
of Utah, except to the extent such laws are preempted by the laws of the United States of America. 

        7.6    Section 409A.    If any Participant is a "specified employee", as defined in Section 409A of the
Code and the regulations thereunder, at the time of his or her Termination of Employment and a payment due hereunder does not qualify as a "short-term deferral" payment under Section 409A or as
a separation payment upon an involuntary separation that is exempt from the Section 409A six-month delay in payment provisions, then such payment (or part thereof that does not so qualify)
shall not be paid to the Participant until the first business day that is more than six months after his or her Termination of Employment date (or, if earlier, his or her date of death). Such delayed
payment shall be made in a lump sum without interest. 

[Remainder
of Page Intentionally Blank] 

7

 
 

			
	 SPONSOR:
	 	HUNTSMAN CORPORATION
	 
	 	 /s/ R. WADE ROGERS

  R. Wade Rogers

Senior Vice President, Global Human Resources
	 Adopted By:
	 	 HUNTSMAN INTERNATIONAL LLC

	 
	 	 /s/ R. WADE ROGERS

  R. Wade Rogers

Senior Vice President, Global Human Resources
	 
	 	 HUNTSMAN PETROCHEMICAL LLC

	 
	 	 /s/ R. WADE ROGERS

  R. Wade Rogers

Senior Vice President, Global Human Resources
	 
	 	 HUNTSMAN PURCHASING LTD

	 
	 	 /s/ R. WADE ROGERS

  R. Wade Rogers

Senior Vice President, Global Human Resources
	 
	 	 TIOXIDE AMERICAS INC.

	 
	 	 /s/ R. WADE ROGERS

  R. Wade Rogers

Senior Vice President, Global Human Resources
	 
	 	 RUBICON LLC

	 
	 	 /s/ PHILIP M. LISTER

  Philip M. Lister

Treasurer, Rubicon LLC

 

   

   

  SIGNATURE PAGE TO

HUNTSMAN EXECUTIVE SEVERANCE PLAN

8

 
 

			
	 
	 	HUNTSMAN ADVANCED MATERIALS AMERICAS LLC
	 
	 	 /s/ R. WADE ROGERS

  R. Wade Rogers

Senior Vice President, Global Human Resources
	 
	 	 HUNTSMAN ETHYLENEAMINES LLC

	 
	 	 /s/ R. WADE ROGERS

  R. Wade Rogers

Senior Vice President, Global Human Resources
	 
	 	 HUNTSMAN PROPYLENE OXIDE LLC

	 
	 	 /s/ R. WADE ROGERS

  R. Wade Rogers

Senior Vice President, Global Human Resources

 

   

   

  SIGNATURE PAGE TO

HUNTSMAN EXECUTIVE SEVERANCE PLAN

9

QuickLinks

Exhibit 10.3

HUNTSMAN EXECUTIVE SEVERANCE PLAN (As Amended and Restated Effective September 11, 2013)

ARTICLE I The Plan

ARTICLE II Definitions

ARTICLE III Severance Benefits

ARTICLE IV Claims and Review Procedures

ARTICLE V Administration and Finances

ARTICLE VI Amendments and Termination

ARTICLE VII Miscellaneous

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