Document:

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                                                                    EXHIBIT 10.4

                        Corcept Therapeutics Incorporated

                      PROMISSORY NOTE AND PLEDGE AGREEMENT

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

                                                        Date:   October 22, 2001

                                                          Menlo Park, California

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

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

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

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

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

         1.       Promise to pay.

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

         2.       Interest.

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

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         3.       Term and payment

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

         4.       Prepayment; acceleration.

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

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

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

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

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

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

         5.       Pledge and Escrow of Shares.

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

                                       -2-

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

         6.       Additional Security

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

         7.       Rights in Pledged Shares.

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

         8.       Termination of Pledge and Escrow.

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

         9.       Successor and Assigns.

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

         10.      Attorneys' Fees.

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

         11.      Governing Law.

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

                                       -3-

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         12.      Amendment.

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

         13.      Waivers.

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

         14.      Signatures.

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

                                                    /s/ Robert L. Roe

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

                                                    /s/ Sara Jane Roe

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

ACCEPTED AND ACKNOWLEDGED:

Corcept Therapeutics Incorporated

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

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

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

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

                                       -4-

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                                    EXHIBIT A
                                    ---------

                                       to

                      Promissory Note and Pledge Agreement

                      ASSIGNMENT SEPARATE FROM CERTIFICATE

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

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________

Dated:  ____________________.

                                           /s/ Robert L. Roe
                                      ------------------------------------------
                                      Robert L. Roe<PAGE>

                                                                   EXHIBIT 10.5

                            INDEMNIFICATION AGREEMENT

                  AGREEMENT, made this ____ day of ___________, 200__, between
Corcept Therapeutics Incorporated, a Delaware corporation (the "Company"), and
____________ (the "Indemnitee").

                              W I T N E S S E T H:
                              - - - - - - - - - -

                  WHEREAS, the Indemnitee is a director and/or officer of the
Company.

                  WHEREAS, highly competent persons have become more reluctant
to serve publicly-held corporations as directors or in other capacities unless
they are provided with adequate protection through insurance or adequate
indemnification against inordinate risks of claims and actions against them
arising out of their service to and activities on behalf of the corporation.

                  WHEREAS, in recognition of Indemnitee's need for substantial
protection against personal liability in order to enhance Indemnitee's continued
service to the Company in an effective manner and Indemnitee's reliance on the
provisions of the Company's Certificate of Incorporation ("Certificate of
Incorporation") and the Company's Bylaws (the "Bylaws") requiring
indemnification of the Indemnitee to the fullest extent permitted by law, and in
part to provide Indemnitee with specific contractual assurance that the
protection promised by such Certificate of Incorporation and Bylaws will be
available to Indemnitee (regardless of, among other things, any amendment to or
revocation of such Certificate of Incorporation or Bylaws or any change in the
composition of the Company's Board of Directors or acquisition transaction
relating to the Company), the Company wishes to provide in this Agreement for
the indemnification of and the advancing of expenses to Indemnitee to the
fullest extent (whether partial or complete) permitted by law and as set forth
in this Agreement.

                  WHEREAS, the Certificate of Incorporation, the Bylaws and the
General Corporation Law of the State of Delaware ("DGCL") expressly provide that
the indemnification provisions set forth therein are not exclusive and thereby
contemplate that contracts may be entered into between the Company and members
of the board of directors, officers and other persons with respect to
indemnification.

                  WHEREAS, it is reasonable, prudent and necessary for the
Company contractually to obligate itself to indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so
that they will serve or continue to serve the Company free from undue concern
that they will not be so indemnified.

                  WHEREAS, this Agreement is a supplement to and in furtherance
of the Certificate of Incorporation and Bylaws and any resolutions adopted
pursuant thereto and shall

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not be deemed a substitute therefor, nor to diminish or abrogate any rights of
Indemnitee thereunder.

                  NOW, THEREFORE, in consideration of the premises and of
Indemnitee agreeing to serve or continuing to serve the Company directly or, at
its request, with another enterprise, and intending to be legally bound hereby,
the parties hereto agree as follows:

                  Section 1.      Basis Indemnification Agreement.
                 -----------      --------------------------------
                  (a) In the eventIndemnitee was, is or becomes a party to or
witness or other participant in, or is threatened to be made a party to or
witness or other participant in, a Claim (as defined in Section 9(b) herein)by
reason of (or arising in part out of) an Indemnifiable Event (as defined in
Section 9(d) herein), the Company shall indemnify Indemnitee to the fullest
extent permitted by law as soon as practicable but in any event no later than 30
days after written demand is presented to the Company, against any and all
Expenses (as defined in Section 9(c) herein), judgments, fines, penalties and
amounts paid in settlement (including all interest, assessments and other
charges paid or payable in connection therewith) of such Claim actually and
reasonably incurred by or on behalf of Indemnitee in connection with such Claim
and any federal, state, local or foreign taxes imposed on Indemnitee as a result
of the actual or deemed receipt of any payments under this Agreement. If
requested by Indemnitee in writing, the Company shall advance (within ten
business days of such written request) any and all Expenses to Indemnitee (an
"Expense Advance"). Notwithstanding anything in this Agreement to the contrary,
and except as provided in Section 3, prior to a Change of Control (as defined in
Section 9 herein), Indemnitee shall not be entitled to indemnification pursuant
to this Agreement in connection with any Claim (i) initiated by Indemnitee
against the Company or any director or officer of the Company unless the Company
has joined in or consented to the initiation of such Claim; or (ii) made on
account of Indemnitee's conduct which constitutes a breach of Indemnitee's duty
of loyalty to the Company or its stockholders or is an act or omission not in
good faith or which involves intentional misconduct or a knowing violation of
the law.

                  (b) Notwithstanding the foregoing, (i) the indemnification
obligations of the Company under Section 1(a) shall be subject to the condition
that the Reviewing Party shall not have determined (in a written opinion, in any
case in which the special independent counsel referred to in Section 2 hereof is
involved) that Indemnitee would not be permitted to be indemnified under
applicable law, and (ii) the obligation of the Company to make an Expense
Advance pursuant to Section 1(a) shall be subject to the condition that the
Company receives an undertaking that, if, when and to the extent that the
Reviewing Party determines that Indemnitee would not be permitted to be so
indemnified under applicable law, the Company shall be entitled to be reimbursed
by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts
theretofore paid; provided, however, that if Indemnitee has commenced legal
proceedings in the Court of Chancery of the State of Delaware (the "Delaware
Court") to secure a determination that Indemnitee should be indemnified under
applicable law, any determination made by the Reviewing Party that Indemnitee
would not be permitted to be indemnified under applicable law shall not be
binding and Indemnitee shall not be required to reimburse the Company for any
Expense Advance until a final judicial determination is made with respect
thereto (as to which all rights of appeal therefrom have been exhausted or
lapsed). Indemnitee's

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obligation to reimburse the Company for Expense Advances shall be unsecured and
no interest shall be charged thereon. If there has not been a Change in Control,
the Reviewing Party shall be selected by the Board of Directors, and if there
has been such a Change in Control, the Reviewing Party shall be the special
independent counsel referred to in Section 2 hereof. If there has been no
determination by the Reviewing Party or if the Reviewing Party determines that
Indemnitee substantively would not be permitted to be indemnified in whole or in
part under applicable law, Indemnitee shall have the right to commence
litigation in the Delaware Court seeking an initial determination by the court
or challenging any such determination by the Reviewing Party or any aspect
thereof and the Company hereby consents to service of process and to appear in
any such proceeding. Any determination by the Reviewing Party otherwise shall be
conclusive and binding on the Company and Indemnitee.

                  Section 2.      Change in Control. The Company agrees that if
                  ----------      -----------------

there is a Change in Control of the Company (other than a Change in Control
which has been approved by two- thirds or more of the Company's Board of
Directors who were directors immediately prior to such Change in Control) then
with respect to all matters thereafter arising concerning the rights of
Indemnitee to indemnity payments and Expense Advances under this Agreement or
any other agreement, the Bylaws or Certificate of Incorporation now or hereafter
in effect relating to Claims for Indemnifiable Events, the Company shall seek
legal advice only from special independent counsel selected by Indemnitee and
approved by the Company (which approval shall not be unreasonably withheld or
delayed) and who has not otherwise performed services for the Company within the
last five years (other than in connection with such matters) or for Indemnitee.
In the event that Indemnitee and the Company are unable to agree on the
selection of the special independent counsel, such special independent counsel
shall be selected by lot from among at least five law firms with offices in the
State of Delaware having more than fifty attorneys, having a rating of "av" or
better in the then current Martindale Hubbell Law Directory and having attorneys
which specialize in corporate law. Such selection shall be made in the presence
of Indemnitee (and his legal counsel or either of them, as Indemnitee may
elect.) Such counsel, among other things, shall, within 90 days of its
retention, render its written opinion to the Company and Indemnitee as to
whether and to what extent Indemnitee would be permitted to be indemnified under
applicable law. The Company agrees to pay the reasonable fees of the special
independent counsel referred to above and to fully indemnify such counsel
against any and all expenses (including attorneys' fees), claims, liabilities,
and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

                  Section 3.      Indemnification for Additional Expenses.
                  ---------       ---------------------------------------
The Company shall indemnify Indemnitee against any and all expenses (including
attorneys' fees) and, if requested by Indemnitee in writing, shall (within ten
business days of such written request) advance such expenses to Indemnitee,
which are incurred by Indemnitee in connection with any Claim asserted against
or action brought by Indemnitee for (i) indemnification or advance payment of
Expenses by the Company under this Agreement or any other agreement, the Bylaws
or Certificate of Incorporation now or hereafter in effect relating to Claims
for Indemnifiable Events and/or (ii) recovery under any directors' and officers'
liability insurance policies maintained by the Company, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification,
advance expense payment or insurance recovery, as the case may be. The

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Indemnitee shall qualify for advances solely upon the execution and delivery to
the Company of an undertaking providing that the Indemnitee undertakes to repay
the advance to the extent that it is ultimately determined that the Indemnitee
is not entitled to be indemnified by the Company.

                  Section 4.     Partial Indemnity, Etc. If Indemnitee is
                  ----------     -----------------------
entitled under any provisions of this Agreement to indemnification by the
Company of some or a portion of the Expenses, liabilities, judgments, fines,
penalties and amounts paid in settlement of a Claim but not, however, for all of
the total amount thereof, the Company shall nevertheless indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled. Moreover,
notwithstanding any other provision of this Agreement, to the extent that
Indemnitee has been successful on the merits or otherwise in defense of any or
all Claims relating in whole or in part to an Indemnifiable Event or in defense
of any issue or matter therein, including dismissal without prejudice,
Indemnitee shall be indemnified against all Expenses incurred in connection
therewith. In connection with any determination by the Reviewing Party or
otherwise as to whether Indemnitee is entitled to be indemnified hereunder the
burden of proof shall be on the Company to establish that Indemnitee is not so
entitled.

                  Section 5.      No Presumption. For purposes of this
                  ---------       ---------------
Agreement, the termination of any action, suit or proceeding by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a
plea of nolo contendere, or its equivalent, shall not create a presumption that
Indemnitee did not meet any particular standard of conduct or have any
particular belief.

                  Section 6.      Notification and Defense of Claim. Within 30
                  ----------      ----------------------------------
days after receipt by Indemnitee of notice of the commencement of a Claim which
may involve an Indemnifiable Event, Indemnitee will, if a claim in respect
thereof is to be made against the Company under this Agreement, submit to the
Company a written notice identifying the proceeding, but the omission so to
notify the Company will not relieve it from any liability which it may have to
Indemnitee under this Agreement unless the Company is materially prejudiced by
such lack of notice. With respect to any such Claim as to which Indemnitee
notifies the Company of the commencement thereof:

                  (a) the Company will be entitled to participate therein at its
own expense;

                  (b) except as otherwise provided below, to the extent that it
may wish, the Company jointly with any other indemnifying party similarly
notified will be entitled to assume the defense thereof, with counsel
satisfactory to Indemnitee. After notice from the Company to Indemnitee of its
election to assume the defense thereof, the Company will not be liable to
Indemnitee under this Agreement for any legal or other expenses subsequently
incurred by Indemnitee in connection with the defense thereof other than
reasonable costs of investigation or as otherwise provided below. Indemnitee
shall have the right to employ its own counsel in such action, suit or
proceeding, but the fees and expenses of such counsel incurred after notice from
the Company of its assumption of the defense thereof shall be at the expense of
Indemnitee unless (i) the employment of counsel by Indemnitee has been
authorized by the Company, (ii) Indemnitee shall have reasonably concluded that
there may be a conflict of interest between

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the Company and the Indemnitee in the conduct of the defense of such action, or
(iii) the Company shall not in fact have employed counsel to assume the defense
of such action, in each of which cases the fees and expenses of counsel shall be
at the expense of the Company. The Company shall not be entitled to assume the
defense of any claim brought by or on behalf of the Company or as to which
Indemnitee shall have made the conclusion provided for in clause (ii) above; and

                  (c) the Company shall not be liable to indemnify Indemnitee
under this Agreement for any amounts paid in settlement of any action or claim
effected without its written consent. The Company shall not settle any action or
claim in any manner which would impose any penalty or limitation on Indemnitee
without Indemnitee's written consent. Neither the Company nor Indemnitee will
unreasonably withhold or delay their consent to any proposed settlement.

                  Section 7.      Non-exclusivity, Etc. The rights of Indemnitee
                  ----------      ---------------------
hereunder shall be in addition to any other rights Indemnitee may have under the
Certificate of Incorporation, the Bylaws, the DGCL, any agreement, a vote of the
stockholders, a resolution of directors or otherwise. 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 acting on behalf of the Company and at the request of
the Company prior to such amendment, alteration or repeal. To the extent that a
change in the DGCL (whether by statute or judicial decision), the Certificate of
Incorporation or the Bylaws permits greater indemnification by agreement than
would be afforded currently under the Certificate of Incorporation, the 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, shall not prevent the concurrent assertion or
employment of any other right or remedy.

                  Section 8.      Liability Insurance. To the extent the Company
                  ----------      --------------------
maintains an insurance policy or policies providing directors' and officers'
liability 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 Company director or officer. If, at the time the Company
receives notice from any source of a Claim as to which Indemnitee is a party or
a participant (as a witness or otherwise), the Company has director and officer
liability insurance in effect, the Company shall give prompt notice 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 the Indemnitee, all
amounts payable as a result of such Claim in accordance with the terms of such
policies.

                  Section 9.        Certain Definitions.
                  ---------         -------------------

                  (a)    Change in Control: shall be deemed to have occurred if:

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                           (i) before the Company has a class of securities
registered under Section 12 of the Securities Exchange Act of 1934
(the"Exchange Act"):

                                    (A) the Company, or any material subsidiary
                           of the Company, is merged, consolidated or
                           reorganized into or with another corporation or other
                           legal person (an "Acquiring Person") or securities of
                           the Company are exchanged for securities of an
                           Acquiring Person, and as a result of such merger,
                           consolidation, reorganization or exchange less than a
                           majority of the combined voting power of the then
                           outstanding securities of the Acquiring Person
                           immediately after such transaction are held, directly
                           or indirectly, in the aggregate by the holders of
                           Voting Securities immediately prior to such
                           transaction;

                                    (B) the Company, or any material subsidiary
                           of the Company, in any transaction or series of
                           related transactions, sells or otherwise transfers
                           all or substantially all of its assets to an
                           Acquiring Person, and less than a majority of the
                           combined voting power of the then outstanding
                           securities of the Acquiring Person immediately after
                           such sale or transfer are held, directly or
                           indirectly, in the aggregate by the holders of Voting
                           Securities immediately prior to such sale or
                           transfer;

                                    (C) during any period of two consecutive
                           years, individuals who at the beginning of any such
                           period constitute the directors of the Company cease
                           for any reason to constitute at least a majority
                           thereof, unless the election, or the nomination for
                           election by the Company's stockholders, of each
                           director of the Company first elected during such
                           period was approved by a unanimous vote of the
                           directors of the Company then still in office who
                           were directors of the Company at the beginning of any
                           such period;

                                    (D) the Company and its subsidiaries, in any
                           transaction or series of related transactions, sells
                           or otherwise transfers business operations that
                           generated two thirds or more of the consolidated
                           revenues (determined on the basis of the Company's
                           four most recently completed fiscal quarters) of the
                           Company and its subsidiaries immediately prior
                           thereto; or

                                    (E) any other transaction or series of
                           related transactions occur that have substantially
                           the effect of the transactions specified in any of
                           the preceding clauses in this paragraph (i); or

                                       6

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                           (ii) after the Company has a class of securities
registered under Section 12 of the Exchange Act:

                                    (A) any person, as that term is used in
                           Section 13(d) and Section 14(d)(2) of the Exchange
                           Act, becomes, is discovered to be, or files a report
                           on Schedule 13D or 14D-1 (or any successor schedule,
                           form or report) disclosing that such person is a
                           beneficial owner (as defined in Rule 13d-3 under the
                           Exchange Act or any successor rule or regulation),
                           directly or indirectly, of securities of the Company
                           representing 20% or more of the total voting power of
                           the Company's then outstanding Voting Securities
                           (unless such person becomes such a beneficial owner
                           in connection with the initial public offering of the
                           Company);

                                    (B) individuals who, as of the consummation
                           date of the Company's initial public offering,
                           constitute the Board of Directors of the Company
                           cease for any reason to constitute at least a
                           majority of the Board of Directors of the Company,
                           unless any such change is approved by a unanimous
                           vote of the members of the Board of Directors of the
                           Company in office immediately prior to such
                           cessation;

                                    (C) the Company, or any material subsidiary
                           of the Company, is merged, consolidated or
                           reorganized into or with an Acquiring Person or
                           securities of the Company are exchanged for
                           securities of an Acquiring Person, and immediately
                           after such merger, consolidation, reorganization or
                           exchange less than a majority of the combined voting
                           power of the then outstanding securities of the
                           Acquiring Person immediately after such transaction
                           are held, directly or indirectly, in the aggregate by
                           the holders of Voting Securities immediately prior to
                           such transaction;

                                    (D) the Company, or any material subsidiary
                           of the Company, in any transaction or series of
                           related transactions, sells or otherwise transfers
                           all or substantially all of its assets to an
                           Acquiring Person, and less than a majority of the
                           combined voting power of the then outstanding
                           securities of the Acquiring Person immediately after
                           such sale or transfer is held, directly or
                           indirectly, in the aggregate by the holders of Voting
                           Securities immediately prior to such sale or
                           transfer;

                                    (E) the Company and its subsidiaries, in any
                           transaction or series of related transactions, sells
                           or otherwise transfers business operations that
                           generated two thirds or more of the

                                       7

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                           consolidated revenues (determined on the basis of the
                           Company's four most recently completed fiscal
                           quarters) of the Company and its subsidiaries
                           immediately prior thereto;

                                    (F) the Company files a report or proxy
                           statement with the Securities and Exchange Commission
                           pursuant to the Exchange Act disclosing that a change
                           in control of the Company has or may have occurred or
                           will or may occur in the future pursuant to any then
                           existing contract or transaction; or

                                    (G) any other transaction or series of
                           related transactions occur that have substantially
                           the effect of the transactions specified in any of
                           the preceding clauses in this paragraph (ii).

                  Notwithstanding the provisions of Section 9(a)(ii)(A) or
9(a)(ii)(D), unless otherwise determined in a specific case by majority vote of
the Board of Directors of the Company, a Change of Control shall not be deemed
to have occurred for purposes of this Agreement solely because (i) the Company,
(ii) an entity in which the Company directly or indirectly beneficially owns 50%
or more of the voting securities or (iii) any Company sponsored employee stock
ownership plan, or any other employee benefit plan of the Company, either files
or becomes obligated to file a report or a proxy statement under or in response
to Schedule 13D, Schedule 14D-1, Form 8-K or Schedule 14A (or any successor
schedule, form or report or item therein) under the Exchange Act, disclosing
beneficial ownership by it of shares of stock of the Company, or because the
Company reports that a Change in Control of the Company has or may have occurred
or will or may occur in the future by reason of such beneficial ownership.

                  (b) Claim: any threatened, pending or completed action, suit,
proceeding or alternative dispute resolution mechanism, or any inquiry, hearing
or investigation whether conducted by the Company or any other party, whether
civil, criminal, administrative, investigative or other.

                  (c) Expenses: include attorneys' fees and all other costs,
fees, expenses and obligations of any nature whatsoever paid or incurred in
connection with investigating, defending, being a witness in or participating in
(including appeal), or preparing to defend, be a witness in or participate in
any Claim relating to any Indemnifiable Event.

                  (d) Indemnifiable Event: any event or occurrence (whether
before or after the date hereof) related to the fact that Indemnitee is or was a
director, officer, employee, consultant, agent or fiduciary of or to the
Company, or is or was serving at the request of the Board of Directors as a
director, officer, employee, trustee, agent or fiduciary of another corporation,
partnership, joint venture, employee benefit plan, trust or other enterprise, or
by reason of anything done or not done by Indemnitee in any such capacity.

                  (e) Reviewing Party: (i) the Company's Board of Directors
(provided that a majority of directors are not parties to the particular Claim
for which Indemnitee is seeking

                                       8

<PAGE>

indemnification) or (ii) any other person or body appointed by the Company's
Board of Directors, who is not a party to the particular Claim for which
Indemnitee is seeking indemnification, or (iii) if there has been a Change in
Control, the special independent counsel referred to in Section 2 hereof.

                  (f) Voting Securities: any securities of the Company which
vote generally in the election of directors.

                  Section 10.      Amendments, Termination and Waiver. No
                  -----------      -----------------------------------
supplement,modification, amendment or termination of this Agreement shall be
binding unless executed in writing by both of the parties hereto. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver.

                  Section 11.      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 shall execute all papers
required and shall do everything that may be necessary to secure such rights,
including the execution of such documents necessary to enable the Company
effectively to bring suit to enforce such rights.

                  Section 12.      No Duplication of Payments. The Company shall
                  -----------      ---------------------------
not be liable under this Agreement to make any payment in connection with any
Claim made against Indemnitee to the extent Indemnitee has otherwise actually
received payment (under insurance policy, Certificate of Incorporation or
otherwise) of the amounts otherwise indemnifiable hereunder.

                  Section 13.      Binding Effect, Etc. This Agreement shall be
                  -----------      --------------------
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouse, heirs,
and personal and legal representatives. This Agreement shall continue in effect
regardless of whether Indemnitee continues to serve as a director or officer (or
in one of the capacities enumerated in Section 9(d) hereof) of the Company or of
any other enterprise at the Board of Director's request.

                  Section 14.      Severability. The provisions of this
                  -----------      -------------
Agreement shall be severable in the event that any of the provisions hereof
(including any provision within a single section, paragraph or sentence) are
held by a court of competent jurisdiction to be invalid, void or otherwise
unenforceable, and the remaining provisions shall remain enforceable to the
fullest extent permitted by law.

                  Section 15.      Applicable Law and Consent to Jurisdiction.
                  -----------      -------------------------------------------
This Agreement and the legal relations among the parties shall be governed by,
and construed and enforced in accordance with, the laws of the State of
Delaware, without regard to its conflict of laws rules. The Company and
Indemnitee hereby irrevocably and unconditionally (i) agree that any action or

                                       9

<PAGE>

proceeding arising out of or in connection with this Agreement shall be brought
only in the Delaware Court and not in any other state or federal court in the
United States of America or any court in any other country, (ii) consent to
submit to the exclusive jurisdiction of the Delaware Court for purposes of any
action or proceeding arising out of or in connection with this Agreement, (iii)
appoint, irrevocably, to the extent such party is not a resident of the State of
Delaware, National Corporate Research, Ltd., 615 South DuPont Highway, City of
Dover, County of Kent, Delaware 19901 as its agent in the State of Delaware as
such party's agent for acceptance of legal process in connection with any such
action or proceeding against such party with the same legal force and validity
as if served upon such party personally within the State of Delaware, (iv) waive
any objection to the laying of venue of any such action or proceeding in the
Delaware Court, and (v) waive, and agree not to plead or to make, any claim that
any such action or proceeding brought in the Delaware Court has been brought in
an improper or inconvenient forum.

                  Section 16.      Identical 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 one and the
same Agreement. Only one such counterpart signed by the party against whom
enforceability is sought needs to be produced to evidence the existence of this
Agreement.

                  Executed this ______ day of _____________, 200__.

                                               Corcept Therapeutics Incorporated

                                               By:
                                                 -------------------------------
                                                 Joseph K. Belanoff, M.D.
                                                 Chief Executive Officer

                                               By:
                                                 -------------------------------
                                                 Indemnitee

                                       10

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