Document:

Exhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”)
is made as of March 15, 2017, by and between BioCryst Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
and the persons listed on the attached Schedule A who are signatories to this Agreement (collectively, the “Investors”).
Unless otherwise defined herein, capitalized terms used in this Agreement have the respective meanings ascribed to them in Section
1.

 

RECITALS

 

WHEREAS, the Company and the Investors wish to provide
for certain arrangements with respect to the registration of the Registrable Securities (as defined below) by the Company under
the Securities Act (as defined below).

 

NOW, THEREFORE, in consideration of the mutual promises
and covenants set forth herein, and other consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

 

Section
1.

Definitions

 

1.1.           
Certain Definitions. In addition to the terms defined elsewhere in this Agreement, as used in this Agreement,
the following terms have the respective meanings set forth below:

 

(a)               
“Board” shall mean the Board of Directors of the Company.

 

(b)              
“Commission” shall mean the Securities and Exchange Commission or any other federal agency at
the time administering the Securities Act.

 

(c)               
“Common Stock” shall mean the common stock of the Company, par value $0.01 per share.

 

(d)              
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar successor
federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time.

 

(e)               
“Other Securities” shall mean securities of the Company, other than Registrable Securities (as
defined below).

 

(f)               
“Person” shall mean any individual, partnership, corporation, company, association, trust, joint
venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department
or agency or political subdivision thereof.

 

(g)              
“Registrable Securities” shall mean the shares of Common Stock and any Common Stock issued or
issuable upon the exercise or conversion of any other securities (whether equity, debt or otherwise) of the Company now owned or
hereafter acquired by any of the Investors.

    

     

    

(h)              
The terms “register,” “registered” and “registration” shall
refer to a registration effected by preparing and filing a Registration Statement in compliance with the Securities Act, and such
Registration Statement becoming effective under the Securities Act.

 

(i)                
“Registration Expenses” shall mean all expenses incurred by the Company in effecting any registration
pursuant to this Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses,
escrow fees, fees and disbursements of counsel for the Company, up to $50,000 of reasonable legal expenses of one special counsel
for Investors (if different from the Company’s counsel and if such counsel is reasonably approved by the Company) in connection
with the preparation and filing of the Resale Registration Shelf (as defined below), and up to $50,000 of reasonable legal expenses
of one special counsel for Investors (if different from the Company’s counsel and if such counsel is reasonably approved
by the Company) per underwritten public offering, blue sky fees and expenses, and expenses of any regular or special audits incident
to or required by any such registration, but shall not include Selling Expenses.

 

(j)                
“Registration Statement” means any registration statement of the Company filed with, or to be
filed with, the SEC under the Securities Act, including the related prospectus, amendments and supplements to such registration
statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration
statement as may be necessary to comply with applicable securities laws other than a registration statement (and related prospectus)
filed on Form S-4 or Form S-8 or any successor forms thereto.

 

(k)              
“Rule 144” shall mean Rule 144 as promulgated by the Commission under the Securities Act, as such
rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission.

 

(l)                
“Securities Act” shall mean the Securities Act of 1933, as amended, or any similar successor federal
statute and the rules and regulations thereunder, all as the same shall be in effect from time to time.

 

(m)            
“Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to
the sale of Registrable Securities, the fees and expenses of any legal counsel and any other advisors any of the Investors engage
and all similar fees and commissions relating to the Investors’ disposition of the Registrable Securities.

 

Section
2.

Resale Registration Rights

 

2.1.           
Resale Registration Rights.

 

(a)               
Following demand by any Investor the Company shall file with the Commission a Registration Statement on Form S-3
(except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration
shall be on another appropriate form in accordance with the Securities Act) covering the resale of the Registrable Securities by
the Investors (the “Resale Registration Shelf”), and the Company shall file such Resale Registration Shelf as
promptly as reasonably practicable following such demand, and in any event within sixty (60) days of such demand; provided, however,
that the Company shall not be obligated to make any such filing until after May 12, 2017 (the “Demand Effective Date”).
Such Resale Registration Shelf shall include a “final” prospectus, including the information required by Item 507 of
Regulation S-K of the Securities Act, as provided by the Investors in accordance with Section 2.7. Notwithstanding the foregoing,
before filing the Resale Registration Shelf, the Company shall furnish to the Investors a copy of the Resale Registration Shelf
and afford the Investors an opportunity to review and comment on the Resale Registration Shelf. The Company’s obligation
pursuant to this Section 2.1(a) is conditioned upon the Investors providing the information contemplated in Section 2.7.

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(b)              
The Company shall use its reasonable best efforts to cause the Resale Registration Shelf and related prospectuses
to become effective as promptly as practicable after filing. The Company shall use its reasonable best efforts to cause such Registration
Statement to remain effective under the Securities Act until the earlier of the date (i) all Registrable Securities covered by
the Resale Registration Shelf have been sold or may be sold freely without limitations or restrictions as to volume or manner of
sale pursuant to Rule 144 or (ii) all Registrable Securities covered by the Resale Registration Shelf otherwise cease to be Registrable
Securities pursuant to Section 2.9 hereof. The Company shall promptly, and within two (2) business days after the Company
confirms effectiveness of the Resale Registration Shelf with the Commission, notify the Investors of the effectiveness of the Resale
Registration Shelf.

 

(c)               
Notwithstanding anything contained herein to the contrary, the Company shall not be obligated to effect, or to take
any action to effect, a registration pursuant to Section 2.1(a):

 

(i)                
if the Company has and maintains an effective Registration Statement on Form S-3ASR that provides for the resale
of an unlimited number of securities by selling stockholders (a “Company Registration Shelf”);

 

(ii)              
during the period forty-five (45) days prior to the Company’s good faith estimate of the date of filing of
a Company Registration Shelf; or

 

(iii)            
if the Company has caused a Registration Statement to become effective pursuant to this Section 2.1 during
the prior twelve (12) month period.

 

(d)              
If the Company has a Company Registration Shelf in place at any time in which the Investors make a demand pursuant
to Section 2.1(a), the Company shall file with the Commission, as promptly as practicable, and in any event within fifteen
(15) business days after such demand, a “final” prospectus supplement to its Company Registration Shelf covering the
resale of the Registrable Securities by the Investors (the “Prospectus”); provided, however, that
(i) the Company shall not be obligated to make any such filing until after the Demand Effective Date and (ii) the Company
shall not be obligated to file more than one Prospectus pursuant to this Section 2.1(d) in any six month period to add additional
Registrable Securities to the Company Registration Shelf that were acquired by the Investors other than directly from the Company
or in an underwritten public offering by the Company. The Prospectus shall include the information required under Item 507 of Regulation
S-K of the Securities Act, which information shall be provided by the Investors in accordance with Section 2.7. Notwithstanding
the foregoing, before filing the Prospectus, the Company shall furnish to the Investors a copy of the Prospectus and afford the
Investors an opportunity to review and comment on the Prospectus.

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(e)               
Deferral and Suspension. At any time after being obligated to file a Resale Registration Shelf or Prospectus,
or after any Resale Registration Shelf has become effective or a Prospectus filed with the Commission, the Company may defer the
filing of or suspend the use of any such Resale Registration Shelf or Prospectus, upon giving written notice of such action to
the Investors with a certificate signed by the Principal Executive Officer of the Company stating that in the good faith judgment
of the Board, the filing or use of any such Resale Registration Shelf or Prospectus covering the Registrable Securities would be
seriously detrimental to the Company or its stockholders at such time and that the Board concludes, as a result, that it is in
the best interests of the Company and its stockholders to defer the filing or suspend the use of such Resale Registration Shelf
or Prospectus at such time. The Company shall have the right to defer the filing of or suspend the use of such Resale Registration
Shelf or Prospectus for a period of not more than one hundred twenty (120) days from the date the Company notifies the Investors
of such deferral or suspension; provided that the Company shall not exercise the right contained in this Section 2.1(e)
more than once in any twelve month period. In the case of the suspension of use of any effective Resale Registration Shelf or Prospectus,
the Investors, immediately upon receipt of notice thereof from the Company, shall discontinue any offers or sales of Registrable
Securities pursuant to such Resale Registration Shelf or Prospectus until advised in writing by the Company that the use of such
Resale Registration Shelf or Prospectus may be resumed. In the case of a deferred Prospectus or Resale Registration Shelf filing,
the Company shall provide prompt written notice to the Investors of (i) the Company’s decision to file or seek effectiveness
of the Prospectus or Resale Registration Shelf, as the case may be, following such deferral and (ii) in the case of a Resale Registration
Shelf, the effectiveness of such Resale Registration Shelf. In the case of either a suspension of use of, or deferred filing of,
any Resale Registration Shelf or Prospectus, the Company shall not, during the pendency of such suspension or deferral, be required
to take any action hereunder (including any action pursuant to Section 2.2 hereof) with respect to the registration or sale
of any Registrable Securities pursuant to any such Resale Registration Shelf, Company Registration Shelf or Prospectus.

 

(f)               
Other Securities. Subject to Section 2.2(e) below, any Resale Registration Shelf or Prospectus may
include Other Securities, and may include securities of the Company being sold for the account of the Company; provided
such Other Securities are excluded first from such Registration Statement in order to comply with any applicable laws or request
from any Government Entity, Nasdaq or any applicable listing agency. For the avoidance of doubt, no Other Securities may be included
in an underwritten offering pursuant to Section 2.2 without the consent of the Investors.

 

2.2.           
Sales and Underwritten Offerings of the Registrable Securities.

 

(a)               
Notwithstanding any provision contained herein to the contrary, the Investors, collectively, shall, following the
Demand Effective Date and subject to the limitations set forth in this Section 2.2, be permitted one underwritten public
offering per calendar year, but no more than three underwritten public offerings in total, to effect the sale or distribution of
Registrable Securities.

 

(b)              
If the Investors intend to effect an underwritten public offering pursuant to a Resale Registration Shelf or Company
Registration Shelf to sell or otherwise distribute Registrable Securities, they shall so advise the Company and provide as much
notice to the Company as reasonably practicable (and in any event not less than fifteen (15) business days prior to the Investors’
request that the Company file a prospectus supplement to a Resale Registration Shelf or Company Registration Shelf).

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(c)               
In connection with any offering initiated by the Investors pursuant to this Section 2.2 involving an underwriting
of shares of Registrable Securities, the Investors shall be entitled to select the underwriter or underwriters for such offering,
subject to the consent of the Company, such consent not to be unreasonably withheld, conditioned or delayed.

 

(d)              
In connection with any offering initiated by the Investors pursuant to this Section 2.2 involving an underwriting
of shares of Registrable Securities, the Company shall not be required to include any of the Registrable Securities in such underwriting
unless the Investors (i) enter into an underwriting agreement in customary form with the underwriter or underwriters, (ii) accept
customary terms in such underwriting agreement with regard to representations and warranties relating to ownership of the Registrable
Securities and authority and power to enter into such underwriting agreement and (iii) complete and execute all questionnaires,
powers of attorney, custody agreements, indemnities and other documents as may be requested by such underwriter or underwriters.
Further, the Company shall not be required to include any of the Registrable Securities in such underwriting if (Y) the underwriting
agreement proposed by the underwriter or underwriters contains representations, warranties or conditions that are not reasonable
in light of the Company’s then-current business or (Z) the underwriter, underwriters or the Investors require the Company
to participate in any marketing, road show or comparable activity that may be required to complete the orderly sale of shares by
the underwriter or underwriters.

 

(e)               
If the total amount of securities to be sold in any offering initiated by the Investors pursuant to this Section
2.2 involving an underwriting of shares of Registrable Securities exceeds the amount that the underwriters determine in their
sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only
that number of such securities, including Registrable Securities (subject in each case to the cutback provisions set forth in this
Section 2.2(e)), that the underwriters and the Company determine in their sole discretion shall not jeopardize the success
of the offering. If the underwritten public offering has been requested pursuant to Section 2.2(a) hereof, the number of
shares that are entitled to be included in the registration and underwriting shall be allocated in the following manner: (a) first,
shares of Company equity securities that the Company desires to include in such registration shall be excluded and (b) second,
Registrable Securities requested to be included in such registration by the Investors shall be excluded. To facilitate the allocation
of shares in accordance with the above provisions, the Company or the underwriters may round down the number of shares allocated
to any of the Investors to the nearest 100 shares.

 

2.3.           
Fees and Expenses. All Registration Expenses incurred in connection with registrations pursuant to this Agreement
shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Investors shall be borne
by the Investors.

 

2.4.           
Registration Procedures. In the case of each registration of Registrable Securities effected by the Company
pursuant to Section 2.1 hereof, the Company shall keep the Investors advised as to the initiation of each such registration
and as to the status thereof. The Company shall use its reasonable best efforts, within the limits set forth in this Section
2.4, to:

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(a)               
prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectuses
used in connection with such Registration Statement as may be necessary to keep such Registration Statement effective and current
and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration
Statement;

 

(b)              
furnish to the Investors such numbers of copies of a prospectus, including preliminary prospectuses, in conformity
with the requirements of the Securities Act, and such other documents as the Investors may reasonably request in order to facilitate
the disposition of Registrable Securities;

 

(c)               
use its reasonable best efforts to register and qualify the Registrable Securities covered by such Registration Statement
under such other securities or blue sky laws of such jurisdictions in the United States as shall be reasonably requested by the
Investors, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business
or to file a general consent to service of process in any such states or jurisdictions;

 

(d)              
in the event of any underwritten public offering, and subject to Section 2.2(d), enter into and perform its
obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering and take
such other usual and customary action as the Investors may reasonably request in order to facilitate the disposition of such Registrable
Securities;

 

(e)               
notify the Investors at any time when a prospectus relating to a Registration Statement covering any Registrable
Securities is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus
included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
then existing. The Company shall use its reasonable best efforts to amend or supplement such prospectus in order to cause such
prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances then existing;

 

(f)               
provide a transfer agent and registrar for all Registrable Securities registered pursuant to such Registration Statement
and, if required, a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

 

(g)              
if requested by an Investor, use reasonable best efforts to cause the Company’s transfer agent to remove any
restrictive legend from any Registrable Securities being transferred by an Investor pursuant to a Resale Registration Shelf or
Company Registration Shelf, within two business days following such request;

 

(h)              
cause to be furnished, at the request of the Investors, on the date that Registrable Securities are delivered to
underwriters for sale in connection with an underwritten offering pursuant to this Agreement, (i) an opinion, dated such date,
of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to
underwriters in an underwritten public offering, addressed to the underwriters, and (ii) a letter or letters from the independent
certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants
to underwriters in an underwritten public offering, addressed to the underwriters; and

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(i)                
cause all such Registrable Securities included in a Registration Statement pursuant to this Agreement to be listed
on each securities exchange or other securities trading markets on which Common Stock is then listed.

 

2.5.           
The Investors Obligations.

 

(a)               
Discontinuance of Distribution. The Investors agree that, upon receipt of any notice from the Company of the
occurrence of any event of the kind described in Section 2.4(e) hereof, the Investors shall immediately discontinue disposition
of Registrable Securities pursuant to any Registration Statement covering such Registrable Securities until the Investors’
receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.4(e) hereof or receipt of notice
that no supplement or amendment is required and that the Investors’ disposition of the Registrable Securities may be resumed.
The Company may provide appropriate stop orders to enforce the provisions of this Section 2.5(a).

 

(b)              
Compliance with Prospectus Delivery Requirements. The Investors covenant and agree that they shall comply
with the prospectus delivery requirements of the Securities Act as applicable to them or an exemption therefrom in connection with
sales of Registrable Securities pursuant to any Registration Statement filed by the Company pursuant to this Agreement.

 

(c)               
Notification of Sale of Registrable Securities. The Investors covenant and agree that they shall notify the
Company following the sale of Registrable Securities to a third party as promptly as reasonably practicable, and in any event within
thirty (30) days, following the sale of such Registrable Securities.

 

2.6.           
Indemnification.

 

(a)               
To the extent permitted by law, the Company shall indemnify the Investors, and, as applicable, their officers, directors,
and constituent partners, legal counsel for each Investor and each Person controlling the Investors, with respect to which registration,
related qualification, or related compliance of Registrable Securities has been effected pursuant to this Agreement, and each underwriter,
if any, and each Person who controls any underwriter within the meaning of the Securities Act against all claims, losses, damages,
or liabilities (or actions in respect thereof) to the extent such claims, losses, damages, or liabilities arise out of or are based
upon (i) any untrue statement (or alleged untrue statement) of a material fact contained in any prospectus or other document (including
any related Registration Statement) incident to any such registration, qualification, or compliance, or (ii) any omission (or alleged
omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law, or
any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law applicable to the Company
and relating to action or inaction required of the Company in connection with any such registration, qualification, or compliance;
and the Company shall pay as incurred to the Investors, each such underwriter, and each Person who controls the Investors or underwriter,
any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage,
liability, or action; provided, however, that the indemnity contained in this Section 2.6(a) shall not apply
to amounts paid in settlement of any such claim, loss, damage, liability, or action if settlement is effected without the consent
of the Company (which consent shall not unreasonably be withheld); and provided, further, that the Company shall not be liable
in any such case to the extent that any such claim, loss, damage, liability, or expense arises out of or is based upon any violation
by such Investor of the obligations set forth in Section 2.5 hereof or any untrue statement or omission contained in such
prospectus or other document based upon written information furnished to the Company by the Investors, such underwriter, or such
controlling Person and stated to be for use therein.

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(b)              
To the extent permitted by law, each Investor (severally and not jointly) shall, if Registrable Securities held by
such Investor are included for sale in the registration and related qualification and compliance effected pursuant to this Agreement,
indemnify the Company, each of its directors, each officer of the Company who signs the applicable Registration Statement, each
legal counsel and each underwriter of the Company’s securities covered by such a Registration Statement, each Person who
controls the Company or such underwriter within the meaning of the Securities Act against all claims, losses, damages, and liabilities
(or actions in respect thereof) arising out of or based upon (i) any untrue statement (or alleged untrue statement) of a material
fact contained in any such Registration Statement, or related document, or (ii) any omission (or alleged omission) to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation
or alleged violation by such Investor of Section 2.5 hereof, the Securities Act, the Exchange Act, any state securities
law, or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law applicable to
such Investor and relating to action or inaction required of such Investor in connection with any such registration and related
qualification and compliance, and shall pay as incurred to such persons, any legal and any other expenses reasonably incurred in
connection with investigating or defending any such claim, loss, damage, liability, or action, in each case only to the extent
that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in (and such violation pertains
to) such Registration Statement or related document in reliance upon and in conformity with written information furnished to the
Company by such Investor and stated to be specifically for use therein; provided, however, that the indemnity contained
in this Section 2.6(b) shall not apply to amounts paid in settlement of any such claim, loss, damage, liability, or action
if settlement is effected without the consent of such Investor (which consent shall not unreasonably be withheld); provided, further,
that such Investor’s liability under this Section 2.6(b) (when combined with any amounts such Investor is liable for
under Section 2.6(d)) shall not exceed such Investor’s net proceeds from the offering of securities made in connection
with such registration.

 

(c)               
Promptly after receipt by an indemnified party under this Section 2.6 of notice of the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section
2.6, notify the indemnifying party in writing of the commencement thereof and generally summarize such action. The indemnifying
party shall have the right to participate in and to assume the defense of such claim; provided, however, that the
indemnifying party shall be entitled to select counsel for the defense of such claim with the approval of any parties entitled
to indemnification, which approval shall not be unreasonably withheld; provided further, however, that if either party reasonably
determines that there may be a conflict between the position of the Company and the Investors in conducting the defense of such
action, suit, or proceeding by reason of recognized claims for indemnity under this Section 2.6, then counsel for such party
shall be entitled to conduct the defense to the extent reasonably determined by such counsel to be necessary to protect the interest
of such party. The failure to notify an indemnifying party promptly of the commencement of any such action, if prejudicial to the
ability of the indemnifying party to defend such action, shall relieve such indemnifying party, to the extent so prejudiced, of
any liability to the indemnified party under this Section 2.6, but the omission so to notify the indemnifying party shall
not relieve such party of any liability that such party may have to any indemnified party otherwise than under this Section 2.6.

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(d)              
If the indemnification provided for in this Section 2.6 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any loss, liability, claim, damage, or expense referred to therein, then the
indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect
the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements
or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information,
and opportunity to correct or prevent such statement or omission. In no event, however, shall (i) any amount due for contribution
hereunder be in excess of the amount that would otherwise be due under Section 2.6(a) or Section 2.6(b), as applicable,
based on the limitations of such provisions and (ii) a Person guilty of fraudulent misrepresentation (within the meaning of the
Securities Act) be entitled to contribution from a Person who was not guilty of such fraudulent misrepresentation.

 

(e)               
Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in
the underwriting agreement entered into in connection with an underwritten public offering are in conflict with the foregoing provisions,
the provisions in the underwriting agreement shall control; provided, however, that the failure of the underwriting
agreement to provide for or address a matter provided for or addressed by the foregoing provisions shall not be a conflict between
the underwriting agreement and the foregoing provisions.

 

(f)               
The obligations of the Company and the Investors under this Section 2.6 shall survive the completion of any
offering of Registrable Securities in a Registration Statement under this Agreement or otherwise.

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2.7.           
Information. The Investors shall furnish to the Company such information regarding the Investors and the distribution
proposed by the Investors as the Company may reasonably request and as shall be reasonably required in connection with any registration
referred to in this Agreement. The Investors agree to, as promptly as practicable (and in any event prior to any sales made pursuant
to a prospectus), furnish to the Company all information required to be disclosed in order to make the information previously furnished
to the Company by the Investors correct and not misleading. The Investors agree to keep confidential the receipt of any notice
received pursuant to Section 2.4(e) and the contents thereof, except as required pursuant to applicable law. Notwithstanding
anything to the contrary herein, the Company shall be under no obligation to name the Investors in any Registration Statement if
the Investors have not provided the information required by this Section 2.7 with respect to the Investors as a selling
securityholder in such Registration Statement or any related prospectus.

 

2.8.           
Rule 144 Requirements. With a view to making available to the Investors the benefits of Rule 144 promulgated
under the Securities Act and any other rule or regulation of the Commission that may at any time permit the Investors to sell Registrable
Securities to the public without registration, the Company agrees to use its reasonable best efforts to:

 

(a)               
make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities
Act at all times after the date hereof;

 

(b)              
file with the Commission in a timely manner all reports and other documents required of the Company under the Securities
Act and the Exchange Act;

 

(c)               
prior to the filing of the Registration Statement or any amendment thereto (whether pre-effective or post-effective),
and prior to the filing of any prospectus or prospectus supplement related thereto, to provide the Investors with copies of all
of the pages thereof (if any) that reference the Investors; and

 

(d)              
furnish to any Investor, so long as the Investor owns any Registrable Securities, forthwith upon request (i) a written
statement by the Company that it has complied with the reporting requirements of Rule 144, (ii) a copy of the most recent annual
or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information
as may be reasonably requested by an Investor in availing itself of any rule or regulation of the Commission which permits an Investor
to sell any such securities without registration.

 

2.9.           
Termination of Status as Registrable Securities. The Registrable Securities shall cease to be Registrable
Securities upon the earliest to occur of the following events: (i) such Registrable Securities have been sold pursuant to an effective
Registration Statement; (ii) such Registrable Securities have been sold by the Investors pursuant to Rule 144 (or other similar
rule), (iii) such Registrable Securities may be resold by the Investor holding such Registrable Securities without limitations
as to volume or manner of sale pursuant to Rule 144; or (iv) ten (10) years after the date of this Agreement.

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Section
3.

Miscellaneous

 

3.1.           
Amendment. No amendment, alteration or modification of any of the provisions of this Agreement shall be binding
unless made in writing and signed by each of the Company and the Investors.

 

3.2.           
Injunctive Relief. It is hereby agreed and acknowledged that it shall be impossible to measure in money the
damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that in the
event of any such failure, an aggrieved Person shall be irreparably damaged and shall not have an adequate remedy at law. Any such
Person shall, therefore, be entitled (in addition to any other remedy to which it may be entitled in law or in equity) to injunctive
relief, including, without limitation, specific performance, to enforce such obligations, and if any action should be brought in
equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an
adequate remedy at law.

 

3.3.           
Notices. All notices required or permitted under this Agreement must be in writing and sent to the address
or facsimile number identified below. Notices must be given: (a) by personal delivery, with receipt acknowledged; (b) by facsimile
followed by hard copy delivered by the methods under clause (c) or (d); (c) by prepaid certified or registered mail,
return receipt requested; or (d) by prepaid reputable overnight delivery service. Notices shall be effective upon receipt. Either
party may change its notice address by providing the other party written notice of such change. Notices shall be delivered as follows:

 

	If to the Investors:	At such Investor’s address as set forth on Schedule A hereto
	 	 
	If to the Company:	BioCryst Pharmaceuticals, Inc.

Attention: General Counsel

4505 Emperor Blvd. Suite 200

Durham, North Carolina 27703 

Fax: 919-856-1314
	 	 
	with a copy to:	Gibson, Dunn & Crutcher LLP

Attention: Robyn E. Zolman 

1801 California Street, Suite 4200 

Denver, Colorado 80202

Fax: 303-313-2830  

 

3.4.           
Governing Law; Jurisdiction; Venue; Jury Trial.

 

(a)               
This Agreement shall be governed by, and construed in accordance with, the law of the State of New York without giving
effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of New York.

 

(b)              
Each of the Company and the Investors irrevocably and unconditionally submits, for itself and its property, to the
nonexclusive jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan, New York and of the United
States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Agreement and the transactions contemplated herein, or for recognition or enforcement of any
judgment, and each of the Company and the Investors irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York state court or, to the fullest extent permitted by applicable
law, in such federal court. Each of the Company and the Investors hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

    11 

     

    

(c)               
Each of the Company and the Investors irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out
of or relating to this Agreement and the transactions contemplated herein in any court referred to in Section 3.4(b) hereof.
Each of the Company and the Investors hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)              
EACH OF THE COMPANY AND THE INVESTORS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH OF THE COMPANY AND THE INVESTORS
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT EACH OF THE
COMPANY AND THE INVESTORS HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

 

3.5.           
Successors, Assigns and Transferees. Any and all rights, duties and obligations hereunder shall not be assigned,
transferred, delegated or sublicensed by any party hereto without the prior written consent of the other party; provided,
however, that the Investors shall be entitled to transfer Registrable Securities to one or more of their affiliates and,
solely in connection therewith, may assign their rights hereunder in respect of such transferred Registrable Securities, in each
case, so long as such Investor is not relieved of any liability or obligations hereunder, without the prior consent of the Company.
Any transfer or assignment made other than as provided in the first sentence of this Section 3.5 shall be null and void.
Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of,
and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto.

 

3.6.           
Entire Agreement. This Agreement, together with any exhibits hereto, constitute the entire agreement between
the parties relating to the subject matter hereof and all previous agreements or arrangements between the parties, written or oral,
relating to the subject matter hereof are superseded.

    12 

     

    

3.7.           
Waiver. No failure on the part of either party hereto to exercise any power, right, privilege or remedy under
this Agreement, and no delay on the part of either party hereto in exercising any power, right, privilege or remedy under this
Agreement, shall operate as a waiver thereof; and no single or partial exercise of any such power, right, privilege or remedy shall
preclude any other or further exercise thereof or of any other power, right, privilege or remedy.

 

3.8.           
Severability. If any part of this Agreement is declared invalid or unenforceable by any court of competent
jurisdiction, such declaration shall not affect the remainder of the Agreement and the invalidated provision shall be revised in
a manner that shall render such provision valid while preserving the parties’ original intent to the maximum extent possible.

 

3.9.           
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are
not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and
exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto.

 

3.10.       
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable
against the parties that execute such counterparts (including by facsimile or other electronic means), and all of which together
shall constitute one instrument.

 

3.11.       
Term and Termination. The Investors’ rights to demand the registration of the Registrable Securities
under this Agreement, as well as the Company’s obligations under Section 2.2 hereof, shall terminate automatically
once all Registrable Securities cease to be Registrable Securities pursuant to the terms of Section 2.9 of this Agreement.

 

[Remainder of Page Intentionally Left
Blank; Signature Page Follows]

 

    13 

     

    

IN WITNESS WHEREOF, the parties hereto have executed this Registration
Rights Agreement effective as of the day, month and year first above written.

 

 

	 	BioCryst Pharmaceuticals, Inc. 

a Delaware Corporation
	 	 	 
	 	 	 
	 	By:	/s/ Alane Barnes
	 	Name:	Alane Barnes
		Title:	Vice President, General Counsel & Corporate Secretary

 

    
[Signature Page to Registration Rights Agreement]

     

    

IN WITNESS WHEREOF, the parties hereto have executed this Registration
Rights Agreement effective as of the day, month and year first above written.

 

 

	 	667, L.P.
		By:	BAKER BROS. ADVISORS LP, management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker
Biotech Capital, L.P., general partner to 667, L.P., and not as the general partner
	 	 	 
	 	 	 
	 	By:	/s/ Scott L. Lessing
	 	 	Scott L. Lessing
	 	 	President
	 	 	 
	 	 	 
	 	BAKER BROTHERS LIFE SCIENCES, L.P.
	 	By:	BAKER BROS. ADVISORS LP, management company and investment adviser to BAKER BROTHERS LIFE SCIENCES, L.P., pursuant to authority
granted to it by Baker Brothers Life Sciences Capital, L.P., general partner to BAKER BROTHERS LIFE SCIENCES, L.P., and not as
the general partner
	 	 	 
	 	 	 
	 	By:	/s/ Scott L. Lessing
	 	 	Scott L. Lessing
	 	 	President

 

 

 

 

    
[Signature Page to Registration Rights Agreement]

     

    

Schedule A

The Investors

 

667, L.P.

BAKER BROTHERS LIFE SCIENCES, L.P.

 

To the above Investors:

 

Baker Brothers Investments

667 Madison Avenue 21st Floor

New York, NY 10065

 

With a copy to:

 

Akin Gump Strauss Hauer & Feld LLP

Attn: Jeffrey Kochian

One Bryant Park

New York, NY 10036-6745ex10-13.htm

Exhibit 10.13

 

PLUMAS BANK

DIRECTOR RETIREMENT AGREEMENT

 

 

THIS DIRECTOR RETIREMENT AGREEMENT (the “Agreement”) is adopted this 21st day of December, 2016, by and between PLUMAS BANK, a California corporation located in Quincy, California (the “Company”) and Steven M. Coldani (the “Director”). 

 

The purpose of this Agreement is to provide specified benefits to the Director who contributes to the continued growth, development, and future business success of the Company. 

 

Article 1

Definitions

 

Whenever used in this Agreement, the following words and phrases shall have the meanings specified:

 

	
			1.1

				
			“Accrual Balance” means the liability that should be accrued by the Company, under Generally Accepted Accounting Principles (“GAAP”), for the Company’s obligation to the Director under this Agreement, by applying ASC 715 Compensation—Retirement Benefits and the Discount Rate. Any one of a variety of amortization methods may be used to determine the Accrual Balance. However, once chosen, the method must be consistently applied. The Accrual Balance shall be reported annually by the Company to the Director. 

			

 

	
			1.2

				
			“Beneficiary” means each designated person, or the estate of the deceased Director, entitled to benefits, if any, upon the death of the Director determined pursuant to Article 4.

			

 

	
			1.3

				
			“Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Director completes, signs, and returns to the Plan Administrator to designate one or more Beneficiaries.

			

 

	
			1.4

				
			“Board” means the Board of Directors of the Company as from time to time constituted.

			

 

	
			1.5

				
			“Change in Control” means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, as such change is defined in Section 409A of the Code and regulations thereunder. 

			

 

	
			1.6

				
			“Code” means the Internal Revenue Code of 1986, as amended.

			

 

 

 

 

	
			1.7

				
			“Disability” means Director: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering directors of the Company. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering directors of the Company. Upon the request of the Plan Administrator, the Director must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination.

			

 

	
			1.8

				
			“Discount Rate” means the rate used by the Plan Administrator for determining the Accrual Balance. The initial Discount Rate is five percent (5%). However, the Plan Administrator, in its discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP and/or applicable bank regulatory guidance.

			

 

	
			1.9

				
			“Effective Date” means November 1, 2016.

			

 

	
			1.10

				
			“Normal Retirement Age” means the earlier of (i) Director attaining age sixty-five (65) and completing one-hundred eighty (180) months of Service; or (ii) the date the Director is required to retire pursuant to the Company’s mandatory retirement policy for Directors.

			

 

	
			1.11

				
			“Normal Retirement Date” means the later of Normal Retirement Age or Separation from Service. 

			

 

	
			1.12

				
			“Plan Administrator” means the plan administrator described in Article 6.

			

 

	
			1.13

				
			“Plan Year” means each twelve-month period commencing on November 1st and ending on October 31st of each year. The initial Plan Year shall commence on the Effective Date of this Agreement and end on the following October 31, 2017.

			

 

	
			1.14

				
			“Separation from Service” means the termination of the Director’s service as a director of the Company for reasons other than death. 

			

 

	
			1.15

				
			“Termination for Cause” means Separation from Service for:

			

 

	 	
			(a)

				
			Gross negligence or gross neglect of duties to the Company; or

			

 

	 	
			(b)

				
			Conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Director’s service with the Company; or 

			

 

	 	
			(c)

				
			Fraud, disloyalty, dishonesty or willful violation of any law or significant Company policy committed in connection with the Director's service and resulting in a material adverse effect on the Company.

			

 

	
			1.16

				
			“Years of Service” means the twelve consecutive month period beginning on the date the Director’s service on the Board commences and any twelve (12) month anniversary thereof, during the entirety of which time the Director is a director of the Company. Service with a subsidiary or other entity controlled by the Company before the time such entity became a subsidiary or under such control shall not be considered “credited service” unless the Plan Administrator specifically agrees to credit such service. In addition and solely for the purpose of determining the amount of benefits to be distributed hereunder the Plan Administrator in its discretion may also grant additional Years of Service in such circumstances where it deems such additional service appropriate. 

			

 

Article 2

Distributions During Lifetime

	
			2.1

				
			Vested Benefit. The Company shall distribute to the Director the benefit described in this Section 2.1. 

			

	 	
			2.1.1

				
			Amount of Benefit. The monthly vested benefit under this Section 2.1 is as follows: 

			

	
			Year ending

				
			Monthly Benefit

			
	
			10/31/17

				
			 $96.84

			
	
			10/31/18

				
			$181.71

			
	
			10/31/19

				
			$262.44

			
	
			10/31/20

				
			$339.25

			
	
			10/31/21

				
			$412.31

			
	
			10/31/22

				
			$481.82

			
	
			10/31/23

				
			$547.95

			
	
			10/31/24

				
			$610.86

			
	
			10/31/25

				
			$670.71

			
	
			10/31/26

				
			$727.64

			
	
			10/31/27

				
			$781.80

			
	
			15 years of Service 11/30/28

				
			$833.33

			

 

 

	 	
			2.1.2

				
			Distribution of Benefit. The Company shall distribute the vested benefit to the Director commencing on the first day of the month following the Normal Retirement Date. The monthly benefit shall be distributed to the Director for one-hundred eighty (180) months. 

			

 

 

 

 

2.2      Distribution of Benefit – Disability. If the Director experiences a Disability which results in a Separation from Service prior to the Normal Retirement Age, the Company shall distribute to the Director the benefit described in this Section 2.1.1      commencing on the first day of the month following Separation from Service. The monthly benefit shall be distributed to the Director for one-hundred eighty (180) months.

 

	
			2.3

				
			Change in Control Benefit. Upon a Change in Control, followed by a Separation from Service, the Company shall distribute to the Director the benefit described in this Section 2.3 in lieu of any other benefit under this Article. 

			

 

	 	
			2.3.1

				
			Amount of Benefit. The monthly benefit under this Section 2.3 is $833.33 per month. 

			

 

	 	
			2.3.2

				
			Distribution of Benefit.  The Company shall distribute the monthly benefit to the Director commencing on the first day of the month following Separation from Service. The monthly benefit shall be distributed to the Director for one-hundred eighty (180) months. 

			

 

	 	
			2.3.3

				
			Excess Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any distribution(s) made under this Section 2.3 would be treated as an “excess parachute payment” under Code Section 280G, the Company shall reduce such distribution(s) to the extent necessary to avoid treating the distribution(s) as an excess parachute payment.

			

 

	
			2.4

				
			Distributions Upon Income Inclusion Under Section 409A of the Code. Upon the inclusion of any amount into the Director’s income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Director’s vested Accrual Balance without further to comply with the requirements of Section 409a of the Code, a distribution shall be made as soon as is administratively practicable following the discovery of the plan failure.

			

 

 

 

 

	
			2.5

				
			Change in Form or Timing of Distributions.  For distribution of benefits under this Article 2, the Director and the Company may, subject to the terms of Section 8.1, amend the Agreement to delay the timing or change the form of distributions.  Any such amendment:

			

 

	 	
			(a)

				
			may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations there under;

			

 

	 	
			(b)

				
			must, for benefits distributable under Sections 2.1, 2.2 and 2.3, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and

			

 

	 	
			(c)

				
			must take effect not less than twelve (12) months after the amendment is made.

			

 

 

 

Article 3

Distribution at Death

 

	
			3.1

				
			Death During Active Service. If the Director dies while in the active service of the Company, the Company shall distribute to the Beneficiary the death benefit in a lump sum of $30,000 within 30 days of the Director’s death. 

			

 

	
			3.2

				
			Death During Distribution of a Benefit. If the Director dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Company shall distribute to the Beneficiary a death benefit in a lump sum equal to the amount of $30,000 less the aggregate amount of benefits previously paid pursuant to this Agreement within 30 days of the Director’s death.

			

 

	
			3.3

				
			Death After Separation from Service But Before Benefit Distributions Commence. If the Director is entitled to benefit distributions under this Agreement, but dies prior to the commencement of said benefit distributions, the Company shall distribute to the Beneficiary the death benefit in a lump sum of $30,000 within 30 days of the Director’s death.

			

 

Article 4

Beneficiaries

 

	
			4.1

				
			Beneficiary. The Director shall have the right, at any time, to designate a Beneficiary to receive any benefit distributions under this Agreement upon the death of the Director. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designated under any other plan of the Company in which the Director participates. 

			

 

	
			4.2

				
			Beneficiary Designation: Change; Spousal Consent. The Director shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering it to the Plan Administrator or its designated agent. If the Director names someone other than his or her spouse as a Beneficiary, a spousal consent, in the form designated by the Plan Administrator, must be signed by the Director’s spouse and returned to the Plan Administrator. The Director's beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Director or if the Director names a spouse as Beneficiary and the marriage is subsequently dissolved. The Director shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Director and accepted by the Plan Administrator prior to the Director’s death.

			

 

	
			4.3

				
			Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Plan Administrator or its designated agent.

			

 

	
			4.4

				
			No Beneficiary Designation. If the Director dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Director, then the Director’s spouse shall be the designated Beneficiary. If the Director has no surviving spouse, the benefits shall be made to the personal representative of the Director's estate.

			

 

	
			4.5

				
			Facility of Distribution. If the Plan Administrator determines in its discretion that a benefit is to be distributed to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any distribution of a benefit shall be a distribution for the account of the Director and the Director’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such distribution amount.

			

 

Article 5

General Limitations

 

	
			5.1

				
			Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this Agreement if the Director’s service with the Company is terminated due to a Termination for Cause.

			

 

 

 

 

 

	
			5.2

				
			Suicide or Misstatement. No benefits shall be distributed if the Director commits suicide within two years after the Effective Date of this Agreement, or if an insurance company which issued a life insurance policy covering the Director and owned by the Company denies coverage (i) for material misstatements of fact made by the Director on an application for such life insurance, or (ii) for any other reason.

			

 

	
			5.3

				
			Removal. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this Agreement if the Director is subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act.

			

 

Article 6

Administration of Agreement

 

	
			6.1

				
			Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator which shall consist of the Board, or such committee or person(s) as the Board shall appoint. The Plan Administrator shall administer this Agreement according to its express terms and shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in connection with the Agreement to the extent the exercise of such discretion and authority does not conflict with Section 409A of the Code and regulations thereunder.

			

 

	
			6.2

				
			Agents. In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Company.

			

 

	
			6.3

				
			Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement. 

			

 

	
			6.4

				
			Indemnity of Plan Administrator. The Company shall indemnify and hold harmless the members of the Plan Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members.

			

 

	
			6.5

				
			Company Information. To enable the Plan Administrator to perform its functions, the Company shall supply full and timely information to the Plan Administrator on all matters relating to the date and circumstances of the retirement, Disability, death, or Separation from Service of the Director, and such other pertinent information as the Plan Administrator may reasonably require.

			

 

	
			6.6

				
			Annual Statement. The Plan Administrator shall provide to the Director, within one hundred twenty (120) days after the end of each Plan Year, a statement setting forth the benefits to be distributed under this Agreement.

			

 

Article 7

Claims And Review Procedures

 

	
			7.1

				
			Claims Procedure. A Director or Beneficiary (“claimant”) who has not received benefits under the Agreement that he or she believes should be distributed shall make a claim for such benefits as follows:

			

 

	 	
			7.1.1

				
			Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits. If such a claim relates to the contents of a notice received by the claimant, the claim must be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the claimant.

			

 

 

	 	
			7.1.2

				
			Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within 90 days after receiving the claim. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

			

 

	 	
			7.1.3

				
			Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

			

 

	 	
			(a)

				
			The specific reasons for the denial;

			

 

	 	
			(b)

				
			A reference to the specific provisions of the Agreement on which the denial is based;

			

 

	 	
			(c)

				
			A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed; and

			

 

	 	
			(d)

				
			An explanation of the Agreement’s review procedures and the time limits applicable to such procedures.

			

 

	
			7.2

				
			Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows:

			

 

	 	
			7.2.1

				
			Initiation – Written Request. To initiate the review, the claimant, within 60 days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review.

			

 

	 	
			7.2.2

				
			Additional Submissions – Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits.

			

 

	 	
			7.2.3

				
			Considerations on Review. In considering the review, the Plan Administrator shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

			

 

	 	
			7.2.4

				
			Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within 60 days after receiving the request for review. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

			

 

	 	
			7.2.5

				
			Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

			

 

	 	
			(a)

				
			The specific reasons for the denial;

			

 

	 	
			(b)

				
			A reference to the specific provisions of the Agreement on which the denial is based;

			

 

	 	
			(c)

				
			A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits; and

			

 

	 	
			(d)

				
			A statement of the claimant’s right to bring a civil action. 

			

 

Article 8

Amendments and Termination

 

	
			8.1

				
			Amendments. This Agreement may be amended only by a written agreement signed by the Company and the Director. However, the Company may unilaterally amend this Agreement to conform with written directives to the Company from its auditors or banking regulators or to comply with legislative or tax law, including without limitation Section 409A of the Code and any and all regulations and guidance promulgated thereunder.

			

 

	
			8.2

				
			Plan Termination Generally. This Agreement may be terminated only by a written agreement signed by the Company and Director. However, the Company may unilaterally terminate this Agreement to conform with written directives to the Company from its auditors or banking regulators or to comply with legislative or tax law, including without limitation Section 409A of the Code and any and all regulations and guidance promulgated there under. In the event the Company unilaterally terminates this Agreement, the Director shall be entitled to receive from the Company an amount equal to the Accrual Balance as of the date the Agreement is terminated. Except as provided in Section 8.3, the termination of this Agreement shall not cause any early distribution of benefits under this Agreement. Rather, upon such termination, benefit distributions will be made in accordance with the distribution schedules set forth under Article 2 or Article 3, as applicable.

			

 

	
			8.3

				
			Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 8.2, if the Company terminates this Agreement in the following circumstances:

			

 

(a)     Within thirty (30) days before, or twelve (12) months after a Change in Control, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Company’s arrangements which are substantially similar to the Agreement are terminated so the Director and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; 

 

	 	
			(b)

				
			Upon the Company’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Director's gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or

			

 

 

 

 

	 	
			(c)

				
			Upon the Company’s termination of this and all other non-account balance plans (as referenced in Section 409A of the Code or the regulations thereunder), provided that all distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and the Company does not adopt any new non-account balance plans for a minimum of five (5) years following the date of such termination; 

			

 

The Company shall distribute the Accrual Balance, determined as of the date of the termination of the Agreement, to the Director in a lump sum subject to the above terms.

 

Article 9

Miscellaneous

 

	
			9.1

				
			Binding Effect. This Agreement shall bind the Director and the Company, and their beneficiaries, survivors, executors, administrators and transferees.

			

 

	
			9.2

				
			No Guarantee of Service. This Agreement is not a contract for service. It does not give the Director the right to remain as a director of the Company, nor does it interfere with the Company’s right to discharge the Director. It also does not require the Director to remain a director nor interfere with the Director's right to terminate service at any time.

			

 

	
			9.3

				
			Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

			

 

	
			9.4

				
			Tax Withholding and Reporting. The Company shall withhold any taxes that are required to be withheld, including but not limited to taxes owed under Section 409A of the Code and regulations thereunder, from the benefits provided under this Agreement. The Director acknowledges that the Company’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies). Further, the Company shall satisfy all applicable reporting requirements, including those under Section 409A of the Code and regulations thereunder.

			

 

	
			9.5

				
			Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of California, except to the extent preempted by the laws of the United States of America.

			

 

	
			9.6

				
			Unfunded Arrangement. The Director and the Beneficiary are general unsecured creditors of the Company for the distribution of benefits under this Agreement. The benefits represent the mere promise by the Company to distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Director's life or other informal funding asset is a general asset of the Company to which the Director and Beneficiary have no preferred or secured claim.

			

 

	
			9.7

				
			Reorganization. The Company shall not merge or consolidate into or with another bank, or reorganize, or sell substantially all of its assets to another bank, firm, or person unless such succeeding or continuing bank, firm, or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term “Company” as used in this Agreement shall be deemed to refer to the successor or survivor bank.

			

 

	
			9.8

				
			Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Director as to the subject matter hereof. No rights are granted to the Director by virtue of this Agreement other than those specifically set forth herein.

			

 

	
			9.9

				
			Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires, and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

			

 

	
			9.10

				
			Alternative Action. In the event it shall become impossible for the Company or the Plan Administrator to perform any act required by this Agreement, the Company or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Company, provided that such alternative acts do not violate Section 409A of the Code.

			

 

	
			9.11

				
			Headings. Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any of its provisions.

			

 

	
			9.12

				
			Validity. In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal and invalid provision has never been inserted herein.

			

 

	
			9.13

				
			Notice. Any notice or filing required or permitted to be given to the Company or Plan Administrator under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below: 

			

 

	
			Plumas Bank

			
	
			35 South Lindan Avenue

			
	
			Quincy, CA 95971

			

 

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

 

Any notice or filing required or permitted to be given to the Director under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Director.

 

 

 

 

	
			9.14

				
			Compliance with Section 409A. This Agreement shall at all times be administered and the provisions of this Agreement shall be interpreted consistent with the requirements of Section 409A of the Code and any and all regulations thereunder, including such regulations as may be promulgated after the Effective Date of this Agreement.

			

 

IN WITNESS WHEREOF, the Director and a duly authorized representative of the Company have signed this Agreement.

 

DIRECTOR:          COMPANY:

PLUMAS BANK

 

/s/ Steven M. Coldani

By _/s/ Andrew J. Ryback

Steven M. Coldani          

Title CEO

{ }     New Designation     

{ }     Change in Designation

 

I, Steven M. Coldani, designate the following as Beneficiary under the Agreement:

 

	
			Primary:

			___________________________________________________________

			 

			___________________________________________________________

				
			 

			_____%

			 

			_____%

			
	
			Contingent:

			___________________________________________________________

			 

			___________________________________________________________

				
			 

			_____%

			 

			_____%

			

Notes: 

	 	
			●

				
			Please PRINT CLEARLY or TYPE the names of the beneficiaries.

			

	 	
			●

				
			To name a trust as Beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.

			

	 	
			●

				
			To name your estate as Beneficiary, please write “Estate of [your name]”.

			

	 	
			●

				
			Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.

			

 

I understand that I may change these beneficiary designations by delivering a new written designation to the Plan Administrator, which shall be effective only upon receipt and acknowledgment by the Plan Administrator prior to my death. I further understand that the designations will be automatically revoked if the Beneficiary predeceases me, or, if I have named my spouse as Beneficiary and our marriage is subsequently dissolved.

 

Name:          _______________________________

 

Signature:     _______________________________     Date:     _______

 

SPOUSAL CONSENT (Required if someone other than Spouse named beneficiary):

 

I consent to the beneficiary designation above, and acknowledge that if I am named Beneficiary and our marriage is subsequently dissolved, the designation will be automatically revoked.

 

Spouse Name:     _______________________________

 

Signature:     _______________________________     Date:     _______

 

 

Received by the Plan Administrator this ________ day of ___________________, 2___

 

By:     _________________________________

Title:     _________________________________

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