Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 
 TO
AMENDED AND RESTATED SECONDMENT AGREEMENT 
 Amendment No. 1 to the Amended and Restated Secondment Agreement, dated as of
March 24, 2014 (the “Amendment”), by and between Colony Financial, Inc., a Maryland corporation (“Colony Financial”) and Colony Capital LLC, a Delaware limited liability company (“Colony
Capital”). 
 RECITALS 

WHEREAS, Colony Financial and Colony Capital are parties to that certain Amended and Restated Secondment Agreement, dated as of March 26,
2012 (the “Existing Secondment Agreement” and, as amended by the Amendment, the “Secondment Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the
Existing Secondment Agreement. 
 WHEREAS, Colony Financial and Colony Capital have agreed, subject to the terms and conditions of this
Amendment, to amend certain provisions of the Existing Secondment Agreement. 
 NOW, THEREFORE, in consideration of the mutual premises and
mutual obligations set forth herein, Colony Financial and Colony Capital hereby agree that the Existing Secondment Agreement is hereby amended as follows: 

SECTION 1. Reimbursement of Colony Capital. Section 4(a) of the Existing Secondment Agreement is hereby amended by
deleting it in its entirety and replacing it with the following: 
 (a) In consideration for Colony Capital making the Executive available to
provide the Services during the Secondment Period, Colony Financial shall pay to Colony Capital, on a monthly basis promptly following the end of each month, an amount equal to the sum of (a) the Executive’s base salary for such month (or
portion of such month if the Secondment Period is not in effect for the entire month) and (b) Colony Capital’s cost of providing employee benefits to the Executive pursuant to the Executive Employment Arrangements for such month (or
portion of such month if the Secondment Period is not in effect for the entire month); provided, however, that, effective as of January 1, 2014, Colony Financial shall not be responsible for reimbursing Colony Capital with respect to the
amount, if any, by which the Executive’s base salary for any such month exceeds $33,333.33 (or $400,000.00 annually). 

SECTION 2. Representations and Warranties. The execution, delivery, and performance of this Amendment by each of Colony
Financial and Colony Capital have been duly authorized by all necessary action on the part of Colony Financial and Colony Capital, respectively. Each party represents that it is in compliance in all material respects with all the terms and
provisions set forth in the Existing Secondment Agreement on its part to be observed or performed. 
 SECTION 3. Limited
Effect. Except as expressly amended and modified by this Amendment, the Existing Secondment Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms. 

SECTION 4. Conflicts. The parties hereto agree that in the event there is any conflict between the terms of this
Amendment, and the terms of the Existing Secondment Agreement, the provisions of this Amendment shall control. 
 SECTION 5.
Headings. The headings used in this Amendment have been inserted for convenience of reference only and do not define or limit the provisions hereof. 

SECTION 6. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to
be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Amendment shall become binding when one or more counterparts of this Amendment, individually or taken
together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective
officers thereunto duly authorized as of the day and year first above written. 
  

			
	COLONY CAPITAL, LLC,
a Delaware limited liability company
		
	By:	 	/s/ Mark M. Hedstrom
	Name:	 	Mark M. Hedstrom
	Title:	 	Vice President
	
	COLONY FINANCIAL, INC.,
a Maryland corporation
		
	By:	 	/s/ Ronald M. Sanders
	Name:	 	Ronald M. Sanders
	Title:	 	Chief Legal OfficerEX-10.5

 Exhibit 10.5 

FLEXION THERAPEUTICS, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY 

AS REVISED FEBRUARY 25, 2014 

Each member of the Board of Directors (the “Board”) who is not also serving as an employee of Flexion Therapeutics, Inc.
(“Flexion Therapeutics”) or any of its subsidiaries (each such member, an “Eligible Director”) will receive the compensation described in this Non-Employee Director Compensation Policy for his or her
Board service following the Effective Date (as defined below), unless such compensation is disclaimed by such Eligible Director. 
 This policy will be
effective upon the date hereof (the “Effective Date”) and may be amended at any time in the sole discretion of the Board upon recommendation of the Compensation Committee of the Board. 

Annual Cash Compensation 
 The annual cash
compensation amount set forth below is payable in equal quarterly installments, payable in arrears on the last day of each fiscal quarter in which the service occurred. If an Eligible Director joins the Board or a committee of the Board at a time
other than effective as of the first day of a fiscal quarter, each annual retainer set forth below will be pro-rated based on days served in the applicable fiscal year, with the pro-rated amount paid for the first fiscal quarter in which the
Eligible Director provides the service, and regular full quarterly payments thereafter. All annual cash fees are vested upon payment. 
  

	1.	 Annual Board Service Retainer: 

  

	 	a.	 All Eligible Directors (other than Chairman of the Board): $35,000 

	 	b.	 Chairman of the Board: $62,500 

  

	2.	 Annual Committee Chair Service Retainer: 

  

	 	a.	 Chairman of the Audit Committee: $15,000 

	 	b.	 Chairman of the Compensation Committee: $10,000 

	 	c.	 Chairman of the Nominating & Corporate Governance Committee: $7,500 

 

	3.	 Annual Committee Member (other than Committee Chair) Service Retainer: 

 

	 	a.	 Member of the Audit Committee: $7,500 

	 	b.	 Member of the Compensation Committee: $5,000 

	 	c.	 Member of the Nominating & Corporate Governance Committee: $3,750 

Equity Compensation 
 The equity
compensation set forth below will be granted under the Flexion Therapeutics, Inc. 2013 Equity Incentive Plan (the “Plan”). All stock options granted under this policy will be nonstatutory stock options, with an exercise price
per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying shares of the Company’s Common Stock (the “Common Stock”) on the date of grant, and a term of ten years from the date of grant
(subject to earlier termination in connection with a termination of service as provided in the Plan). 

  
 1. 

 1. Initial Grant: On the date of the Eligible Director’s initial election to the Board (or, if such
date is not a market trading day, the first market trading day thereafter), the Eligible Director will be automatically, and without further action by the Board or Compensation Committee of the Board, granted a stock option for 18,000 shares.
One-third of the shares subject to each stock option will vest on the one year anniversary of the date of grant and the balance of the shares will vest in a series of 24 equal monthly installments thereafter, such that the option is fully vested on
the third anniversary of the date of grant, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through each such vesting date and will vest in full upon a Change in Control (as defined in the Plan). 

2. Annual Grant: On the date of each Flexion Therapeutics annual stockholder meeting held after January 1, 2015, each Eligible Director who
continues to serve as a non-employee member of the Board will be automatically, and without further action by the Board or Compensation Committee of the Board, granted a stock option for (a) 9,000 shares (with respect to all Eligible Directors
other than the Chairman of the Board) or (b) 18,000 shares (with respect to the Chairman of the Board). The shares subject to the stock option will vest monthly over the one year following the date of grant such that all of the shares subject
to the option will be fully vested on the one year anniversary of the date of grant, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through each such vesting date and will vest in full upon a Change in Control
(as defined in the Plan). 

  
 2.EX-10.7

 Exhibit 10.7 

March 21, 2014 
 Michael D. Clayman, M.D. 

RE: Amendment to Amended and Restated Employment Offer Letter 

Dear Mike: 
 Reference is made to that certain
letter agreement (the “Agreement”), dated August 28, 2013, by and between you and Flexion Therapeutics, Inc. (the “Company”), which sets forth the terms of your employment with Flexion. This
letter agreement (this “Amendment”) shall serve as an amendment to the Agreement. Capitalized terms used but not defined in this Amendment shall have the meanings set forth in the Agreement. 

Upon your execution of this Amendment in the space provided below, the Agreement shall be amended as follows: 

 

	 	1.	The penultimate sentence of Section 3 of the Agreement shall be replaced with the following two sentences: 

“Your target bonus shall be fifty percent (50%) of your Base Salary for the applicable year. Your target bonus will be reviewed
periodically by the Board or the Compensation Committee of the Board and may be adjusted upwards, but may not be reduced while you are employed pursuant to this Agreement without your consent.” 

 

	 	2.	Section 7(b)(i) of the Agreement shall be amended to read in its entirety as follows: 

“(i) You shall continue to receive your then-current Base Salary (ignoring any decrease that forms the basis for your termination for
Good Reason, if applicable), less standard deductions and withholdings, for eighteen (18) months following the date of termination (the “Severance Period”).” 

 

	 	3.	Section 7(b)(iii) of the Agreement shall be amended to read in its entirety as follows: 

“(iii) The vesting of your outstanding unvested equity awards that were granted prior to February 25, 2014 shall accelerate to the
extent such awards are subject to time-based vesting requirements and as if you had completed an additional twelve (12) months of service with the Company as of the date of termination.” 

Except for the matters set forth in this Amendment, all other terms of the Agreement shall remain unchanged and in full force and effect. 

If the foregoing correctly conforms to your understanding of the agreement between you and the Company, please sign and date the enclosed copy
of this letter agreement and return it to us. 

	
	Very truly yours,
	
	Flexion Therapeutics, Inc.
	
	 /s/ Frederick W. Driscoll

	Frederick W. Driscoll
	Chief Financial Officer
	
	Accepted and agreed:
	
	 /s/ Michael D. Clayman, M.D.

	Michael D. Clayman, M.D.

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