Document:

EX 10.40

		

			

		

		
			Exhibit 10.40
		

		
			February 23, 2016 
		

		
			 
		

		
			<Participant Name>
		

		
			<Participant Title>
		

		
			 
		

		
			RE:  Leadership Transition Severance Arrangement
		

		
			 
		

		
			Dear <Participant First Name>:
		

		
			 
		

		
			In order to ensure your continued focus, undivided attention and service to The Hanover during our transition to a new Chief Executive Officer, the Company is pleased to provide you the following severance benefit:
		

		
			If (i) your employment with The Hanover is involuntarily terminated, other than in connection with your death, disability, a “Change in Control” or for “Cause” (as such terms are defined in The Hanover Insurance Group, Inc. Amended and Restated Employment Continuity Plan), or (ii) you voluntarily terminate your employment for “Good Reason” (as defined below), in either case prior to September 1, 2017 (the “Severance Period”), you will be eligible to receive a  cash severance payment (the “Severance Payment”) equal to 1.XX1 times your then current annual base salary.
		

		
			The Severance Payment will be payable in a single lump sum payment to be paid on a date that is sixty days after your termination of employment; provided that you execute and return to the Company a separation agreement that is acceptable to the Company (the “Separation Agreement”) and is irrevocable by the payment date.  The Separation Agreement will contain a full release and non-disparagement provision, along with such other terms acceptable to the Company.  
		

		
			For purposes of this letter, the term “Good Reason” shall mean the occurrence during the Severance Period, without your express written consent, of any of the following (i) any material and adverse change in your current duties or responsibilities that result in you no longer reporting directly to the Chief Executive Officer of the Company; (ii) a reduction in your current rate of annual base salary; (iii) a reduction in your current annual short-term incentive compensation plan target award opportunity (but excluding the conversion of any cash incentive arrangement, in whole or in part, into an equity incentive arrangement of commensurate target value or vice versa); (iv) a reduction in your current annual long-term incentive compensation plan target award opportunity (but excluding any alteration in the form or mix of your award; provided such award is of a commensurate target value); or (v) any requirement that you relocate to an office more than 35 miles from the facility where you are currently located.  Notwithstanding the foregoing with respect to subsections (iii) and (iv) above, reductions to your target annual short-term incentive compensation and/or target long-term incentive compensation opportunity of less than 10% shall not be deemed “Good Reason” if such reductions are applied to all management personnel in comparable positions at the Company. 
		

		
			 
		

		
			___________________________
		

		
			1 The letter was executed by all domestic executive officers other than Messrs. Eppinger and Bullis.  Severance multipliers ranged from 1.60x base salary to 1.75x base salary.
		

		

		

		 

		

			

		

 

		In the event you believe that a “Good Reason” event has been triggered, you must give the Company written notice within 30 days of the occurrence of such triggering event and a proposed termination date which shall be not sooner than 60 days nor later than 90 days after the date of such notice. Such notice shall specify your basis for determining that “Good Reason” has been triggered.  The Company shall have the right to cure a purported “Good Reason” within 30 days of receipt of said notice.
		

		
			Your acknowledgment and agreement are a condition to the effectiveness of this severance benefit.    The Board of Directors and I thank you for your continued commitment to The Hanover.
		

		
			 
		

		
			THE HANOVER INSURANCE COMPANY
		

		
			 
		

		
			 
		

		
			 
		

			
					
						 

				
	
					
						Frederick H. Eppinger

				
	
					
						President and Chief Executive Officer

				
	
					
						

				
	
					
						Agreed to and AcceptedEX-10.1

 Exhibit 10.1 

SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT 

THIS SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into as of February 23, 2016, by and
among OXFORD FINANCE LLC (“Oxford”) as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 of the Loan Agreement (as defined below) or otherwise a party thereto from
time to time, including without limitation, Oxford in its capacity as a Lender, and SILICON VALLEY BANK, a California corporation (“SVB”) (in such capacity, each a “Lender” and collectively, the
“Lenders”), and MINERVA NEUROSCIENCES, INC., a Delaware corporation (“Borrower”). 

RECITALS 

A. Collateral Agent, Lenders and Borrower have entered into that certain Loan and Security Agreement dated as of January 16, 2015,
as amended by that certain First Amendment to Loan and Security Agreement by and among Borrower, Collateral Agent and Lenders dated as of August 27, 2015 (as the same may from time to time be further amended, modified, supplemented or restated,
the “Loan Agreement”). Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 B.
Borrower has requested that Collateral Agent and Lenders amend the Loan Agreement to (i) modify the draw period for the Term B Loans and (ii) allow for certain transfers of Intellectual Property to Mitsubishi Tanabe Pharma Corporation,
a Japanese corporation, pursuant to certain licensing arrangements in connection with Borrower’s MIN-101 and MIN-117 programs, as more fully set forth herein. 

C. Collateral Agent and Lenders have agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance
with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

 2. Amendments to Loan Agreement. 

2.1 Section 7.1 (Dispositions). Section 7.1 is amended by deleting the “and” at the end of clause (c) and
deleting the period at the end of clause (d) and substituting in lieu thereof the following: 
 ; and
(e) consisting of the transfer of Intellectual Property to Mitsubishi Tanabe Pharma; provided that (i) such transfer is required pursuant to the terms of the Mitsubishi Licensing Agreements, (ii) such Intellectual Property relates
solely to Borrower’s MIN-101 and/or MIN-117 programs, (iii) such Intellectual Property is used solely in Mitsubishi Exclusive Territories and (iv) Borrower shall provide the Lenders with written notice of any such transfer of Intellectual
Property within ten (10) days thereof. 

 2.2 Section 13 (Definitions). The following term and its definition set forth in
Section 13.1 are amended in their entirety and replaced with the following: 
 “Second Draw
Period” is the period commencing on the date of the occurrence of the Second Tranche Milestone and ending on the earlier of (i) June 30, 2016, (ii) the date that is thirty (30) days after the occurrence of the Second
Tranche Milestone and (iii) the occurrence of an Event of Default; provided, however, that the Second Draw Period shall not commence if on the date of the occurrence of the Second Tranche Milestone an Event of Default has occurred and is
continuing. 
 2.3 Section 13 (Definitions). The following terms and their respective definitions are added to
Section 13.1, in appropriate alphabetical order, as follows: 
 “Mitsubishi Exclusive Territories”
means Bangladesh, Brunei, India, Indonesia, Japan, Malaysia, Pakistan, China, Hong Kong, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam. 

“Mitsubishi Licensing Agreements” means, collectively, (a) that certain License Agreement by and between
Borrower (as successor by merger to Sonkei Pharmaceuticals, Inc.) and Mitsubishi Tanabe Pharma dated as of September 1, 2008 and (b) that certain License Agreement by and between Borrower (as successor by merger to Cyrenaic
Pharmaceuticals, Inc.) and Mitsubishi Tanabe Pharma dated as of August 30, 2007. 
 “Mitsubishi Tanabe
Pharma” means Mitsubishi Tanabe Pharma Corporation, a Japanese corporation. 
 3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2 above is effective for the purposes set forth herein and shall be limited
precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Collateral Agent or any
Lender may now have or may have in the future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed
in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, as amended by this Amendment, are hereby ratified and confirmed and shall remain
in full force and effect. 
 4. Representations and Warranties. To induce Collateral Agent and Lenders to enter into this Amendment,
Borrower hereby represents and warrants to Collateral Agent and Lenders as follows: 
 4.1 Immediately after giving effect to this
Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date,
in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

  
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 4.2 Borrower has the power and authority to execute and deliver this Amendment and to
perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The organizational documents of Borrower most
recently delivered to Collateral Agent and Lenders are true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and delivery by Borrower of this Amendment
and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a
Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on Borrower, except as already has been obtained or made; and 
 4.7 This Amendment has been duly executed and
delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other
similar laws of general application and equitable principles relating to or affecting creditors’ rights. 
 5. Integration. This
Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about
the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 
 6. Counterparts.
This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

7. Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Collateral Agent and Lenders
of this Amendment, and (b) Borrower’s payment of all Lenders’ Expenses incurred through the date of this Amendment. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed and delivered as of the date first written above. 
  

			
	BORROWER:
	
	MINERVA NEUROSCIENCES, INC.
		
	By:	 	 /s/ Geoff Race

	Name:	 	Geoff Race
	Title:	 	CFO
	
	COLLATERAL AGENT:
	
	OXFORD FINANCE LLC
		
	By:	 	 /s/ Mark Davis

	Name:	 	Mark Davis
	Title:	 	Vice President of Finance
	
	LENDERS:
	
	OXFORD FINANCE LLC
		
	By:	 	 /s/ Mark Davis

	Name:	 	Mark Davis
	Title:	 	Vice President of Finance
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Clark Hayes

	Name:	 	Clark Hayes
	Title:	 	Director

 [SIGNATURE PAGE TO SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT]

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