Document:

Form of Employee Loan Agreement

 EXHIBIT 10.27 
 EMPLOYEE LOAN AGREEMENT 
 THIS EMPLOYEE LOAN AGREEMENT (“Agreement”) is entered into as of
the ________ day of __________, 200___, by and between PHENOMIX CORPORATION, a Delaware corporation (the “Lender”) and _____________ (“Borrower”). 
 RECITALS 
 A. Borrower is or will be employed by the Lender as its ______________. 
 B. Borrower has found it necessary to relocate his residence in order for Borrower to become an employee of the Lender. 
 C. The Lender and Borrower desire that the Lender lend to Borrower the sum of _____________________ Dollars ($_______________) to assist Borrower in
purchasing a new principal residence. 
 NOW, THEREFORE, the Lender and Borrower agree as follows: 
 AGREEMENT 
 1. PAYMENT: The Lender
will lend to Borrower the amount of ________________ Dollars ($_______________) (the “Loan”), which amount shall be used by Borrower for the sole purpose of purchasing a new residence located at __________________________, San Diego
County, California (the “Property”) pursuant to the terms and conditions set forth herein. 
 2. CONDITIONS PRECEDENT: The
Lender’s obligation to extend the Loan to Borrower pursuant to this Agreement is expressly conditioned upon the satisfaction of or waiver by the Lender of all of the following conditions precedent, each of which is exclusively for the benefit
of the Lender: 
 Borrower shall have delivered to the Lender each of the following (herein referred to as “Loan Documents”):

 One (1) original promissory note in the amount of ____________ Dollars ($____________________) in substantially the same form as
Exhibit A attached hereto (the “Note”), with all uncompleted information fully completed; and 
 One (1) fully
executed, validly acknowledged deed of trust and the rider thereto, encumbering the Property as security for the Note, in substantially the same form as Exhibit B attached hereto, with all uncompleted information fully completed (the
“Deed of Trust”); and 
  

 Two (2) fully executed Certificates of Borrower, in substantially the same form as Exhibit C
attached hereto, with all uncompleted information fully completed (the “Borrower Certificate”). 
 Lender shall have received from
_________________ (the “Title Company”) a title insurance policy insuring the Deed of Trust in the amount of the Note as a second lien on the Property, subject only to the exceptions to title described in _____________ of that certain
Preliminary Report prepared by the Title Company, dated ______________, 200__, and bearing Order No. _________________, and including the following title insurance endorsements: ______________________. 
 Lender shall have received an appraisal in form and prepared by an appraiser approved by Lender determining that the appraised value of the Property is
at least $__________. 
 3. BORROWER’S REPRESENTATIONS AND WARRANTIES: Borrower hereby makes the following representations and
warranties to the Lender, which representations and warranties shall be true and correct as of the date of the close of escrow for Borrower’s purchase of the Property, and Borrower acknowledges that the Lender is relying on such representations
in making the Loan: 
 At the closing of the Loan the Borrower will have good and marketable title to the Property free and clear of
any security interests, liens or encumbrances securing monetary obligations[, other than the first deed of trust in favor of the first priority lien holder and joint ownership of the property with Borrower’s spouse.] 

[Other than the consent of Borrower’s spouse (which is attached hereto as Exhibit D) and the holder of the first priority lien on
the Property,] [T]he consent of no other person or entity is required to grant the Lender the security interest in the Property evidenced by the Deed of Trust. 
 There are no actions, proceedings, claims or disputes pending or, to Borrower’s knowledge, threatened against or affecting Borrower, the Property, or any other properties of Borrower. 
 4. BORROWER’S ADDITIONAL OBLIGATIONS: Borrower shall take any and all further actions that may from time to time be required to ensure that the Deed
of Trust creates a valid second priority lien on the Property in favor of the Lender, which shall secure the Note. Except for a first trust deed not to exceed __________________ Dollars ($________________) [(or such lower amount which would
prevent interest income otherwise applicable under Section 7872 of the Internal Revenue Code from being imputed under this Note)], Borrower shall not further encumber the Property or permit any lien to encumber the Property [or
permit any lien to encumber the Property, other than any encumbrance or lien that is junior in priority to the Deed of Trust]. 
  

 5. REPAYMENT OF LOAN: Borrower shall pay to the Lender the outstanding principal balance of the Note,
together with all accrued, but unpaid interest thereon, and all other sums due hereunder, under the Note, or under any other document executed by Borrower in connection herewith in accordance with the terms and conditions of this Agreement, the Note
or such other document. 
 6. MATURITY EVENT: The Note shall immediately become due and payable, without notice or demand, upon the
occurrence of any “Maturity Event” as defined in the Note. 
 7. INTEREST PAYABLE BY BORROWER: Interest shall accrue only in the
event principal payments are not made as required in the Note. After such date interest shall accrue on the unpaid principal amounts of the Note at the rate specified in the Note. 
 8. ENTIRE AGREEMENT: This Agreement, together with the Loan Documents, constitutes the full and entire understanding and agreement between the parties
hereto with regard to the subject matter hereof. Notwithstanding the foregoing, Borrower and Lender specifically acknowledge and confirm that section ____ of Borrower’s employment offer letter (“Offer Letter”) dated ____________,
200__ provides for the payment of a bonus (“Bonus”). The terms of the Bonus shall be governed by the Offer Letter and the language herein is not intended to supercede the Offer Letter with respect to the Bonus. Neither this Agreement nor
any term hereof may be amended, waived, discharged, or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge, or termination is sought. No waiver of any provision of this
Agreement or any other Loan Document shall be effective unless in writing and the waiver of any one provision shall not be deemed a waiver of any other provision unless expressly stated in writing. All rights and remedies of the Lender described
herein and in any other documents or instruments evidencing or securing the loan (including, without limitation, the Loan Documents) shall be cumulative and not restrictive of any other rights or remedies available under any other document or
instrument, at law or in equity. 
 9. NO COVENANT FOR EMPLOYMENT OR ADVANCES: Borrower understands and acknowledges that this Agreement does
not modify Borrower’s at-will status at the Lender and does not constitute an employment agreement or a promise by the Lender to continue Borrower’s employment. Either the Lender or Borrower may terminate such employment relationship at
any time, with or without cause. 
 10. NOTICES: All notices and other communications required or permitted hereunder shall be in writing and
may be given by (a) personal delivery, (b) certified mail, postage prepaid, return-receipt requested, (c) courier service, fully prepaid for next business day delivery, or (d) facsimile. Any such notice shall be properly
addressed to the address of the parties set forth on the signature page hereof and shall be deemed to have been given (i) if personally delivered, when delivered, (ii) if by certified mail, 

 
return-receipt requested, when delivered or refused, (iii) if by courier service, on the next business day following deposit, cost prepaid, with Federal
Express or similar private carrier, or (iv) if by facsimile, instantaneously upon confirmation of receipt of facsimile. The Lender or Borrower may change their respective addresses by giving notice of the same in accordance with this paragraph.
The term “business day” shall mean a day on which national banks are open for business in San Diego, California. 
 11. ASSIGNMENT:
Borrower may not assign any of his rights and/or duties under this Agreement without the prior written consent of the Lender, which consent may be withheld in the sole discretion of Lender. All of the rights and/or duties of the Lender under the
Loan Documents, or any of them, shall be freely assignable. Subject to the foregoing, the rights and obligations of the Borrower and Lender under the Loan Documents shall be binding upon and shall inure to the benefit of the Borrower and Lender and
their respective personal representatives, successors, heirs, and permitted assigns. 
 12. INCOME TAX CONSEQUENCES: Borrower hereby
acknowledges that the Lender has made no representation or warranty to Borrower concerning the income tax consequences of the loan to Borrower and Borrower shall be solely responsible for ascertaining and bearing such tax consequences. 

13. GOVERNING LAW: This Agreement shall be governed in all respects by the laws of the State of California. 
 14. HEADINGS: The titles and headings of the various paragraphs hereof are intended for means of reference and are not intended to place any construction
on the provisions hereof. 
 15. INVALIDITY: If any provision of this Agreement shall be invalid or unenforceable the remaining provisions
shall not be affected thereby and every provision hereof shall be valid and enforceable to the fullest extent permitted by law. 
 16.
COUNTERPARTS: This Agreement may be executed in one (1) or more separate counterparts, each of which, when so executed, shall be deemed to be an original. Such counterparts, together, shall constitute one and the same instrument. 
 17. MISCELLANEOUS: Time is of the essence of this Agreement, the Loan Documents, and any other document executed by Borrower in connection
therewith. If any action shall be commenced between the parties with respect to the Loan, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and expenses from the non-prevailing party or parties. Liability
hereunder shall be joint and several among Borrower and all other persons and entities now or hereafter liable for all or any part of the Loan. Notwithstanding any provision above to the contrary, the Lender may waive in writing or by notation
initialed hereon any obligation of Borrower provided for herein. 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above.

  

			
	 BORROWER:
  
  
  
  
                                       
                                        
            
	    	 THE LENDER:
  
 PHENOMIX CORPORATION,
 a Delaware corporation

		    	 By:                                      
           
 Name:                                     
       
 Title:                                     
         

	 Address:
  
                                       
                                        
            
	    	  
                                       
                                        
  

	  
                                       
                                        
            
	    	  
                                       
                                        
  

		
	Telephone:                                   
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	Facsimile:                                   
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 EXHIBIT A 
 FORM OF PROMISSORY NOTE 
 PROMISSORY NOTE SECURED BY DEED OF TRUST 

 EXHIBIT B 
 FORM OF DEED OF TRUST 

 EXHIBIT C 
 FORM OF BORROWER CERTIFICATE 
 CERTIFICATE OF BORROWER 
 The undersigned ________________ (“Borrower”) hereby certifies to Phenomix Corporation, a Delaware corporation (“Lender”) as follows
and understands that Lender is relying upon the truthfulness of the following in advancing the Loan (hereinafter defined): 
  

	 	1.	Borrower understands that the loan in the principal amount of $____________ evidenced by that certain Promissory Note Secured by Deed of Trust between ______________
(“Borrower”) and the Lender (the “Loan”) is not transferable by Borrower and is conditioned on the future performance of substantial services by Borrower. 

  

	 	2.	The proceeds of the Loan will be used only to purchase a principal residence of Borrower being acquired in connection with the commencement of employment at a “new principal
place of work” within the meaning of Section 217 of the Internal Revenue Code of 1986. 

  

	 	3.	Borrower reasonably expects to be entitled to and will itemize deductions for each year the loan is outstanding. 

                                       
                                        
                                        
                          
 Date:                                     
                                        
                                        
                 

 EXHIBIT D 
 CONSENT OF SPOUSE 
 I, _____________, am the spouse of ________________, the party who executed the
Employee Loan Agreement, the Note, the Deed of Trust and each other document in connection with the Loan between the Company and my spouse, each dated _______, 200__. I have read the foregoing Loan Documents and I know their contents. I am aware
that my spouse has granted the Company a second priority lien on the Property as security for the Note as set forth in the Deed of Trust. I hereby consent to (a) the execution and delivery of the Loan Documents by my spouse, including the
execution and delivery of the Deed of Trust; and (b) the recordation of the Deed of Trust and the resulting encumbrance of the Property. I hereby agree to take any and all actions that may be necessary to ensure that the Deed of Trust creates a
valid second priority lien on the Property in favor of the Company as security for the Note. I will take no action at any time to hinder the operation of the Loan Documents and/or the repayment of the Note. 
  

	 Dated: _____________, 200_Form of promissory note issued to employees

 EXHIBIT 10.28 
 FORM OF PROMISSORY NOTE 
 PROMISSORY NOTE SECURED BY DEED OF TRUST 
 (HOUSING RELOCATION LOAN—I.R.C. Section 1.7872-5-(T)) 

			
	                         ,
200    	  	$                

                                       
                          , California 
 1. FOR VALUE RECEIVED, the undersigned, ________________ (“Borrower”), promises to pay to the order of PHENOMIX CORPORATION, a Delaware
corporation (“Lender”), at 5871 Oberlin Drive, San Diego, California 92121 (or at such other place as Lender may from time to time designate by written notice to Borrower), in lawful money of the United States, the principal sum of
_____________ Dollars ($________), without interest until a Maturity Event and thereafter together with interest thereon at the rate of __________________ percent (_____%) per annum. 
 2. PAYMENT: The principal and interest, if any, due pursuant to this Note shall be paid as follows: 
 A. Upon the occurrence of a Maturity Event (as defined herein), Borrower shall pay to Lender all amounts due under this Note. 

B. Subject to Section 4 below, the principal shall be repayable in installments of __________. 
 C. Principal and interest shall be payable in lawful money of the United States. Interest shall be calculated on the basis of a 360-day
year consisting of twelve (12) months, each of thirty (30) days, and shall compound annually. Each payment shall be applied first to accrued interest, then to any other amounts (other than principal) payable hereunder as designated by
Lender, and then to reduce principal. 
 D. All payments made hereunder shall be made by Borrower free and clear of, and
without deduction for, any and all present and future taxes, levies, charges, deductions and withholdings. Borrower shall pay upon demand any stamp or other taxes, levies or charges of any jurisdiction with respect to the execution, delivery,
performance and enforcement of this Note. 
 E. [If Borrower is unable to make a scheduled payment as set forth in
Section 2(B) above solely due to the Lender’s failure to perform pursuant to section 9 of that certain employment offer letter dated ___________, 200___ between Borrower and 

 
Lender (the “Offer Letter”), Borrower shall not be considered to be in default of this Note nor shall such event constitute a Maturity Event (as
defined below).] 
 3. SECURITY: This Note is secured by that certain Second Deed of Trust (the “Deed of Trust”) of even
date herewith made by Borrower, as trustor, to Phenomix Corporation, as trustee, for the benefit of Lender, as beneficiary, which shall be recorded in the Official Records of the County of San Diego, State of California, encumbering certain real
property commonly known as _____________________, State of California (the “Property”), described with particularity in the Deed of Trust, which Borrower intends to occupy as his principal place of residence. The Deed of Trust provides,
among other things, as follows: 
 “In the event the Property or any part thereof, or any interest therein is sold, conveyed or alienated
by the Trustor, whether voluntarily or involuntarily, except as prohibited by law, all obligation secured by this instrument, irrespective of the maturity dates express therein, at the option of the holder hereof and without demand or notice, shall
immediately become due and payable.” 
 4. MATURITY EVENT: Upon the occurrence of a Maturity Event (as hereinafter defined), the entire
unpaid principal balance shall become immediately due and payable without further demand or notice to Borrower. To the extent permitted by law, any of the following events shall be a “Maturity Event” under this Note and the Deed of Trust:

 A. Borrower shall fail to pay any amount of the principal on this Note when due and shall fail to cure such non-payment
within ten (10) days following written notice of such delinquency. 
 B. There shall occur a breach or default in the
performance of any obligation of Borrower contained in this Note, the Deed of Trust, the Employee Loan Agreement executed concurrently herewith (the “Loan Documents”), or any other agreement now or hereafter entered into by Borrower, on
the one hand, and the Lender, on the other hand, with respect to the Property. 
 C. There shall occur a breach or default in
the performance of any obligation of Borrower in any other deed of trust or other security instrument (whether superior or subordinate in rights to the Deed of Trust) now or hereafter encumbering the Property. 
 D. Borrower shall sell, convey, encumber, grant any lien upon, or otherwise alienate the Property, or any part thereof, or any interest
therein, or shall be divested of his title or any interest therein in any manner or way, whether voluntarily or involuntarily, without the written consent of the Lender being first had and obtained. 
  

 E. Borrower (i) admits in writing his inability to pay debts, (ii) makes an
assignment for the benefit of creditors, (iii) files a voluntary petition in bankruptcy, effect a plan or other arrangement with creditors, liquidate his assets under arrangement with creditors, or liquidate his assets under court supervision,
(iv) has an involuntary petition in bankruptcy filed against him that is not discharged within sixty (60) days after such petition is filed, or (v) applies for or permit the appointment of a receiver or trustee or custodian for any of
his property or assets which shall not have been discharged within sixty (60) days after the date of appointment. 
 F.
The occurrence of the thirtieth (30th) day following the termination by Borrower of his employment with Lender for any reason other than Lender’s termination of such employment without cause or in connection with a change of control. In
the event of Lender’s termination of Borrower’s employment without “Cause” or in connection with a “Change of Control,” the Maturity Event will be extended, and any scheduled payments set forth in Section 2(B)
shall be delayed, until the first anniversary of the Borrower’s termination date, upon which date the entire amount of the principal and interest, if any, shall become due and payable. Cause and Change of Control are defined in the Offer
Letter. 
 G. Any representation or warranty of Borrower contained herein or in any certificate or agreement entered into
between Borrower for the benefit of Lender in connection herewith shall prove to be false or misleading in any material respect. 
 H. The Deed of Trust is not recorded against the Property at the closing of the purchase by Borrower of the Property or at any time ceases to be a valid second priority lien on the Property. 
 I. [Any lien or other monetary encumbrance is imposed against the Property; provided, however, that in the event that a lien or
monetary encumbrance is imposed against the Property without the consent of Borrower, a Maturity Event shall not occur until the lien or other monetary encumbrance is imposed against the Property for a period of at least thirty (30) days.]

 J. One (1) year following the death of the Borrower. 
 K. Borrower defaults in his obligation to pay any sum or to perform any obligation, which is secured by a deed of trust, mortgage, lien,
or other encumbrance on the Property (other than the Deed of Trust). 
 L. [The occurrence of any event which causes
the Loan and transactions contemplated under the Loan Documents to be prohibited under applicable law, including any prohibition of loans to officers of public companies under federal or state law.] 
  

 5. LATE CHARGE: There shall be no late charge apart from the acceleration of principal and the accrual of
interest. 
 6. BORROWER’S REPRESENTATIONS: Borrower hereby makes the following representations and warranties to the Lender and
acknowledges that Lender is relying on such representations in making the loan: 
 A. Borrower shall have good and marketable
title to the Property free and clear of any security interests, liens or encumbrances other than the Deed of Trust in favor of Lender securing this Note, [the first deed of trust in favor of the first priority lien holder and joint ownership
of the property with Borrower’s spouse]; 
 B. [Other than the consent of Borrower’s spouse and the
holder of the first priority lien on the Property, the consent of no other person or entity is required to grant to Lender the security interest in the Property evidenced by the Deed of Trust;] 
 C. There are no actions, proceedings, claims, or disputes pending or, to the Borrower’s knowledge, threatened against or affecting
Borrower or the Property. 
 7. BORROWERS’ ADDITIONAL OBLIGATIONS: Borrower shall take any and all further actions that may from time to
time be required to ensure that the Deed of Trust creates a valid second priority lien on the Property in favor of the Lender as security for the Note. Borrower shall not further encumber the Property or permit any lien to encumber the Property.
Upon request by Lender, but not more frequently than once during any calendar year, Borrower shall furnish evidence reasonably satisfactory to the Lender that: (i) Borrower have good and marketable title to the Property; (ii) the consent
of no other person or entity is required to grant a second priority security interest in the Property to the Lender; (iii) the Deed of Trust is a second priority security interest in the Property, and (iv) there are no other deeds of
trust, mortgages or encumbrances against the Property. If it should be hereafter determined that there are defects against title or matters which could result in defects against title to the Property, or that the consent of another person or entity
is required to grant to and perfect in the Lender a valid second-priority lien on the Property, Borrower shall promptly take all action necessary to remove such defects and to obtain such consent and grant (or cause to be granted) and perfect such
lien on the Property. Failure of the Deed of Trust to be a valid second lien against the Property shall be deemed a Maturity Event as aforesaid. 
 8. NOTICE: This Note is subject to Section 2924(i) and 2966 of the California Civil Code which provides that the holder of this Note shall give written notice to Borrower or his successors-in-interest, of prescribed information (as set
forth in said Civil Code Sections) at least ninety (90) days and not more than one hundred and fifty (150) days before any Balloon Payment is due. 
  

 9. ATTORNEYS’ FEES: In the event of Borrower’s default hereunder, Borrower shall pay all costs
of collection, including reasonable attorneys’ fees incurred by the holder hereof on account of such collection, whether or not suit is filed hereon. [Notwithstanding the foregoing, if any other action shall be commenced between the
parties with respect to the Note, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and expenses from the non-prevailing party or parties.] 
 10. WAIVER: The waiver by Lender of any breach of or default under any term, covenant or condition contained herein or in any other agreement referred to
above shall not be deemed to be a waiver of any subsequent breach of or default under the same or any other such term, covenant or condition. 
 11. NO USURY: Borrower hereby represents and warrants that at no time shall the proceeds of the indebtedness evidenced hereby be used “primarily for personal, family, or household purposes” as that term is defined and used in
Article XV of the California Constitution (as amended from time to time). Anything in this Note to the contrary notwithstanding, it is expressly stipulated and agreed that the intent of Borrower and Lender are to comply at all times with all usury
and other laws relating to this Note. If the laws of the State of California would now or hereafter render usurious, or are revised, repealed or judicially interpreted so as to render usurious, any amount called for under this Note, or contracted
for, charged or received with respect to the loan evidenced by this Note, or if any prepayment by Borrower results in Borrower having paid any interest in excess of that permitted by law, then it is Borrower’s and Lender’s express intent
that all excess amounts theretofore collected by Lender be credited to the principal balance of this Note (or, if this Note has been paid in full, refunded to Borrower), and the provisions of this Note immediately be deemed reformed and the amounts
therefor collectible hereunder reduced, without the necessity of execution of any new document, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder. 
 12. PREPAYMENT: Borrower may prepay all or any portion of this Note at any time prior to the Maturity Date, with no premium or penalty, and interest
shall thereupon cease on the portion of the principal amount prepaid. 
 13. GENERAL PROVISIONS: This Note shall be governed by and construed
in accordance with the laws of the State of California. The makers of this Note hereby waive presentment for payment, protest and demand, notice of protest, demand and dishonor and nonpayment of this Note, and consent that Lender may extend the time
for payment or otherwise modify the terms of payment or any part of the whole of the debt evidenced by this Note, at the request of any person liable hereon, and such consent shall not alter nor diminish the liability of any person. Borrower hereby
waives the defense of the statute of limitations in any action on this Note to the extent permitted by law. Time is of the essence of this Note, the Deed of Trust and any other document executed by Borrower in connection therewith. Liability
hereunder shall be joint and several among 

 
Borrower and all other persons and entities now or hereafter liable for all or any part of the Loan. 
 14. ACKNOWLEDGEMENT BY BORROWER: THIS NOTE, THE LOAN AGREEMENT, THE DEED OF TRUST, AND ALL RELATED DOCUMENTATION ARE EXECUTED VOLUNTARILY AND WITHOUT ANY
DURESS OR UNDUE INFLUENCE ON THE PART OF OR ON BEHALF OF THE PARTIES HERETO, WITH THE FULL INTENT OF CREATING THE OBLIGATIONS AND SECURITY INTERESTS DESCRIBED HEREIN AND THEREIN. THE PARTIES ACKNOWLEDGE THAT: (a) THEY HAVE READ SUCH
DOCUMENTATION; (b) THEY HAVE BEEN REPRESENTED IN THE PREPARATION, NEGOTIATION AND EXECUTION OF SUCH DOCUMENTATION BY LEGAL COUNSEL OF HIS OWN CHOICE; (c) THEY UNDERSTAND THE TERMS AND CONSEQUENCES OF THIS NOTE, THE LOAN AGREEMENT, THE DEED
OF TRUST, AND ALL RELATED AGREEMENTS AND DOCUMENTATION AND THE OBLIGATIONS THEY CREATE; AND (d) THEY ARE FULLY AWARE OF THE LEGAL AND BINDING EFFECT OF THIS NOTE, THE DEED OF TRUST AND THE OTHER DOCUMENTS CONTEMPLATED BY OR ENTERED INTO IN
CONNECTION WITH THIS NOTE. 
 IN WITNESS WHEREOF, Borrower has executed this Note as of the day and year first above written.

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