Document:

Exhibit 10.2

 

INTERCEPT PHARMACEUTICALS, INC.

 

2022 CASH INCENTIVE PLAN

 

PERFORMANCE-BASED AWARD AGREEMENT

Participant: [NAME]                        

 

This Performance-Based Award
Agreement (the “Performance-Based Award Agreement”), dated as of ________ ___, 2022 (the “Date of Grant”),
is made by and between Intercept Pharmaceuticals, Inc. (the “Company”) and the participant named above (the “Participant”)
under the Intercept Pharmaceuticals, Inc. 2022 Cash Incentive Plan, as it may be amended from time to time (the “Plan”).
The Participant has been granted a Performance-Based Award, as described below (the “Performance-Based Award”), subject
to the Participant’s acceptance of the attached Performance-Based Award Terms and Conditions (the “Performance-Based LTIP
Terms and Conditions”) and the Plan, both of which are made a part hereof and are incorporated herein by reference.

 

	Participant’s	 	Performance-Based Award Information
	Target Award

 Opportunity	 	Performance 

Goal[s]	 	Performance Period	 	Payment of Award
	[Target Award Opportunity in Dollars]	 	Actual Performance-Based Award payout is based on achievement of the results against the Performance Goal[s] set forth below.	 	 	 	 The Company will generally pay out the applicable portion of the Performance-Based Award following the end of the Performance Period.  Provided that the Performance Goal[s] is/are met, payment shall be [TBD percentages] of the Target Amount.

  

Unless otherwise set forth in the Performance-Based
LTIP Terms and Conditions or in the Plan, the Participant must be providing Continuous Service on the applicable Vesting Date in order
to receive payment.

 

	Performance Goal[s]	 	Threshold 

[TBD]%	 	Target

 [100]%	 	Maximum 

[TBD]%
	Please see Exhibit A attached hereto	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Total Payout	 	[TBD]% of Target Amount	 	[100]% of Target Amount	 	[TBD]% of Target Amount

 

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BY ACCEPTING THIS PERFORMANCE-BASED AWARD,
PARTICIPANT AGREES TO BE BOUND BY THE PROVISIONS OF THE PLAN AND THIS PERFORMANCE-BASED AWARD AGREEMENT, INCLUDING THE PERFORMANCE-BASED
LTIP TERMS AND CONDITIONS. THE PARTICIPANT HAS REVIEWED THE PLAN AND THE PERFORMANCE-BASED AWARD AGREEMENT INCLUDING THE PERFORMANCE-BASED
LTIP TERMS AND CONDITIONS IN THEIR ENTIRETY, HAS HAD AN OPPORTUNITY TO OBTAIN THE ADVICE OF COUNSEL PRIOR TO ACCEPTING THE PERFORMANCE-BASED
AWARD AND FULLY UNDERSTANDS ALL OF THE PROVISIONS OF THE PLAN AND THIS PERFORMANCE-BASED AWARD AGREEMENT, INCLUDING THE PERFORMANCE-BASED
LTIP TERMS AND CONDITIONS. PARTICIPANT HEREBY AGREES TO ACCEPT AS BINDING, CONCLUSIVE AND FINAL ALL DECISIONS OR INTERPRETATIONS OF THE
BOARD ARISING UNDER THE PLAN AND THE TERMS OF THIS PERFORMANCE-BASED AWARD. 

 

IN WITNESS WHEREOF, the parties
hereto have executed this Performance-Based Award Agreement as of the day and year first above written.

 

 

	 	INTERCEPT PHARMACEUTICALS, INC.
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	 
	 	PARTICIPANT:
	 	 
	 	 
	 	 
	 	Name:	                                 
	 	Title:	 

 

    2 

     

    

 

INTERCEPT PHARMACEUTICALS, INC.

 

2022 CASH INCENTIVE PLAN 

PERFORMANCE-BASED AWARD AGREEMENT TERMS AND
CONDITIONS 

 

These Terms and Conditions (the “Performance-Based
LTIP Terms and Conditions”) are a part of the Performance-Based Award Agreement (the “Performance-Based Award Agreement”),
made under the Plan, which Plan is hereby incorporated by reference.

 

Capitalized terms not defined herein shall have
the meaning ascribed to them in the Plan. In the event of a conflict between the provisions of these Performance-Based LTIP Terms and
Conditions and the Plan, the provisions of the Plan shall govern.

 

		1.	Amount of Award. The Performance-Based Award Agreement specifies the Participant’s Performance-Based
Award at a target amount (the “Target Amount”) set forth on the first page of the Performance-Based Award Agreement.
The Target Amount represents the Participant’s opportunity to receive a cash payment in an amount less than, equal to, or more than
the Target Amount based on the achievement of the performance goal(s) set forth in the Performance-Based Award Agreement including the
Performance-Based LTIP Terms and Conditions.

 

		2.	Payment of the Award. The Performance-Based Award provides the Participant with an opportunity
to receive a single Performance-Based Award cash payout (the “Performance-Based Award Payment Amount”) if the Company
achieves at least the Threshold level of performance on the performance goal(s) (the “Performance Goal(s)”), as set
forth in the Performance-Based Award Agreement, over the Performance Period as set forth on the first page of the Performance-Based Award
Agreement. Except as provided in Sections 4, 5 or 6 below, the Participant must provide Continuous Service from the Date of Grant of the
Performance-Based Award through the Payment Date (the “Vesting Date”) to receive the Performance-Based Award Payment
Amount.

 

		3.	Achievement of Performance Goal[s] and Timing of Payment. Subject to the terms of the Plan, after
the applicable Performance Period has ended, the Board shall determine in its sole discretion the extent to which the Performance Goal[s]
ha[s][ve] been achieved.  In no event shall the Performance-Based Award Payment Amount in the aggregate be more than the Maximum
Amount. Except as otherwise set forth herein or in the Plan, the Payment Date shall be within ten (10) days after the Performance-Based
Award Payment Amount shall have been determined by the Board and shall be no later than the fifteenth (15th) day of the third (3rd) month
following the end of the Performance Period.

 

		4.	Payment of Award if Participant Dies or Becomes Disabled. If a Participant dies or becomes Disabled
before the Vesting Date, the Participant or the Participant’s estate, which shall be the Participant’s beneficiary, shall
receive a Performance-Based Award Payment Amount from the Company based on the Target level of achievement of the Performance Goal[s],
pro-rated for the number of days of Continuous Service during the portion of the Performance Period prior to the Participant’s death
or Disability. The Performance-Based Award Payment Amount shall be paid as promptly as practicable and in no event later than the same
time as payments are made to the Participants who did not terminate employment during the Performance Period.

 

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		5.	Payment of Award in Connection with a Change in Control. Immediately prior to a Change in Control,
all the vesting conditions shall be deemed to have been satisfied and the Performance Goal[s] shall be deemed to have been satisfied at
the Target level (or, if greater and if so determined by the Board, the actual level of performance) (the “Deemed CIC Achievement”).
The Company shall make payment to the Participant in cash, in full satisfaction of its obligations, of a value based on the Deemed CIC
Achievement, no later than ten (10) days following the Change in Control.

 

		6.	Payment of Award if Participant is Terminated by the Company Without Cause. If a Participant’s
Continuous Service is terminated by the Company without Cause, the Participant shall receive a prorated Payment Amount from the Company
assuming achievement of the applicable performance goal(s) at the Target level. Such amount shall be equal to a portion of the Performance-Based
Award prorated for the number of days of Continuous Service during the portion of the Performance Period prior to the date of termination
of the Participant’s Continuous Service without Cause. The Payment Amount that is earned in accordance with this Section 6 shall
be paid to the Participant no later than ten (10) days following the Participant’s termination of Continuous Service.

 

		7.	Payment of Award on Other Terminations of a Participant. If a Participant terminates Continuous
Service for any reason before the Vesting Date, other than a termination due to death or Disability as described in Section 4 or a termination
without Cause as described in Section 6, or a Change in Control as described in Section 5, the Participant will not be eligible for any
Performance-Based Award Payment Amount under this Performance-Based Award.

 

		8.	Limits on Transfers of Awards. This Performance-Based Award shall not be assignable, alienable,
saleable, or transferable by a Participant other than by will or by the laws of descent and distribution.

 

		9.	Amendment; Termination of the Award. Subject to Article 7 of the Plan, the Board has the right
to modify any Performance-Based Award in accordance with the Plan.

 

		10.	Tax Liability and Withholding. The Participant shall be responsible for all tax liability that
shall arise as a result of the Performance-Based Award Payment Amount. The Participant acknowledges the Company is authorized to withhold
taxes due or potentially payable in connection with the Performance-Based Award in accordance with the Plan. Further, the Participant
agrees to any deduction or offset by the Company as provided under the Plan.

 

		11.	Severability; Survival of Terms. Should any provision of this Performance-Based Award including
these Performance-Based LTIP Terms and Conditions be held by a court of competent jurisdiction to be unenforceable, such holding shall
not affect the validity of the remainder of the Performance-Based Award including these Performance-Based LTIP Terms and Conditions. The
Plan and this Performance-Based Award shall apply to and bind the Participant and the Company and their respective permitted assignees
and transferees, heirs, legatees, executors, administrators and legal successors.

 

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		12.	Entire Agreement. The Performance-Based Award Agreement including these Performance-Based LTIP
Terms and Conditions and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof.

 

		13.	Electronic Delivery. The Company may, in its sole discretion, deliver any documents related to
a Performance-Based Award by electronic means. The Participant hereby consents to receive such documents by electronic delivery and, if
requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another
third party designated by the Company.

 

		14.	Governing Law. This Performance-Based Award Agreement shall be governed by and construed according
to the laws of the State of Delaware without regard to principles of conflict of law.

 

		15.	Consent for Data Transfer. By accepting this Performance-Based Award Agreement, the Participant
voluntarily acknowledges and consents to the collection, use, processing and transfer of personal data as described herein, including
for the purpose of managing and administering the Plan, certain personal information, including name, home address and telephone number,
date of birth, Social Security number or other employee identification number, salary, nationality, job title, or directorships held in
the Company (“Data”). The Company and/or its Affiliates will transfer Data among themselves as necessary for the purpose
of implementation, administration and management of the Plan and may further transfer Data to any third parties assisting the Company
in the implementation, administration and management of the Plan. These recipients may be located in the European Economic Area, or elsewhere
throughout the world, such as the United States. The Participant authorizes them to receive, possess, use, retain and transfer the Data,
in electronic or other form, for the purposes of implementing, administering and managing Participant's participation in the Plan, including
any requisite transfer of such Data as may be required for the administration of the Plan. A Participant may, at any time, review Data,
require any necessary amendments to it or withdraw the consents herein in writing by contacting the Company; however, withdrawing consent
may affect Participant’s ability to participate in the Plan.

 

    5Exhibit 10.1

 

THIRD AMENDMENT TO THE LOAN AND

SECURITY AGREEMENT

 

THIS THIRD AMENDMENT to the Loan and
Security Agreement (this “Amendment”) is made effective as of January 27, 2022 (the “Amendment Date”)
and made by and among WESTERN ALLIANCE BANK, an Arizona corporation (“Bank”) and FENNEC PHARMACEUTICALS, INC.,
a Delaware corporation (“Borrower”).

 

WHEREAS, Bank and Borrower have entered
into that certain Loan and Security Agreement, dated as of February 1, 2019 (as amended, supplemented, restated or otherwise modified
from time to time, the “Loan Agreement”) pursuant to which Bank has provided to Borrower certain loans in accordance
with the terms and conditions thereof; and

 

WHEREAS, Bank and Borrower desire to
amend certain provisions of the Loan Agreement as provided herein and subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of
the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, Bank and Borrower hereby agree as follows:

 

1.    Capitalized
terms used herein but not otherwise defined shall have the respective meanings given to them in the Loan Agreement.

 

2.     Section 1.1
of the Loan Agreement is hereby amended by adding the following definitions therein in alphabetical order:

 

“Resubmission Event” is the resubmission by Borrower
for final NDA approval from the U.S. Food and Drug Administration for Borrower’s drug candidate currently named PEDMARK on or before
March 31, 2022.

 

3.     Section 1.1
of the Loan Agreement is hereby amended by amending and restating the following definitions therein as follows:

 

“Approval Event” is the receipt of the final NDA
approval by Borrower from the U.S. Food and Drug Administration for Borrower’s drug candidate currently named PEDMARK on or before
September 30, 2022.

 

“Second Draw Period” is the period commencing of
the date of the occurrence of the Approval Event and ending on the earlier of (i) September 30, 2022 and (ii) 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 Approval
Event an Event of Default has occurred and is continuing.

 

     

     

    

 

		4.	Section 6.16 of the Loan Agreement is hereby amended and restated as follows:

 

		6.16	Approval Event. The Approval Event must occur
on or before September 30, 2022.

 

		5.	The following Section 6.17 is hereby added to the Loan Agreement:

 

		6.17	Resubmission Event. The Resubmission Event must occur on or before March 31, 2022.

 

		6.	Exhibit C to the Loan Agreement is hereby amended and restated as set forth on Exhibit A hereto.

 

		7.	Limitation of Amendment.

 

a.            The
amendments set forth above are 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, remedy or obligation which the Bank or Borrower may now have or may have in the future under
or in connection with any Loan Document, as amended hereby.

 

b.            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, except as herein amended, are hereby ratified and confirmed and shall remain
in full force and effect.

 

8.     To
induce the Bank to enter into this Amendment, Borrower hereby represents and warrants to the Bank as follows:

 

a.            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 in all material respects as of such date), and (b) no Event of Default has occurred
and is continuing;

 

b.            Borrower
has the power and due authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended
by this Amendment;

 

c.            The
organizational documents of Borrower delivered to the Bank on the Effective Date, and updated pursuant to subsequent deliveries by the
Borrower to the Bank, if any, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue
to be in full force and effect;

 

d.            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, will not constitute an event of default under any material agreement with a Person binding on Borrower, or a breach
of any provision contained in the Articles of Incorporation or Bylaws of Borrower; and

 

e.            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 by general equitable principles.

 

     

     

    

 

9.     Borrower
hereby remises, releases, acquits, satisfies and forever discharges the Bank, its agents, employees, officers, directors, predecessors,
attorneys and all others acting or purporting to act on behalf of or at the direction of the Bank (“Releasees”), of
and from any and all manner of actions, causes of action, suit, debts, accounts, covenants, contracts, controversies, agreements, variances,
damages, judgments, claims and demands whatsoever, in law or in equity, which any of such parties ever had, now has or, to the extent
arising from or in connection with any act, omission or state of facts taken or existing on or prior to the date hereof, may have after
the date hereof against the Releasees, for, upon or by reason of any matter, cause or thing whatsoever relating to or arising out of the
Loan Agreement or the other Loan Documents on or prior to the date hereof and through the date hereof. Without limiting the generality
of the foregoing, the Borrower waives and affirmatively agrees not to allege or otherwise pursue any defenses, affirmative defenses, counterclaims,
claims, causes of action, setoffs or other rights they do, shall or may have as of the date hereof, including the rights to contest: (a) the
right of Bank to exercise its rights and remedies described in the Loan Documents; (b) any provision of this Amendment or the Loan
Documents; or (c) any conduct of the Bank or other Releasees relating to or arising out of the Loan Agreement or the other Loan Documents
on or prior to the date hereof.

 

10.   Except
as expressly set forth herein, the Loan Agreement shall continue in full force and effect without alteration or amendment. This Amendment
and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.

 

11.   This
Amendment shall be deemed effective as of the Amendment Date upon the due execution and delivery to the Bank of this Amendment by each
party hereto.

 

12.   This
Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, taken together,
shall constitute one and the same instrument.

 

13.   This
Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State
of California.

 

[Balance of Page Intentionally Left
Blank]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Third Amendment to the Loan and Security Agreement to be executed as of
the date first set forth above.

 

	 	Fennec pharmaceuticals, inc., A delaware corporation

 

	 	By:	/s/ Robert Andrade
	 	Name:	Robert Andrade
	 	Title:	CFO

 

	 	Western alliance bank, an arizona corporation

 

	 	By:	/s/ Lan Zhu
	 	Name:	Lan Zhu
	 	Title:	VP, Life Sciences

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