Document:

Written Agreement

 EXHIBIT 10.8 
 UNITED STATES OF AMERICA 
 BEFORE 
 THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 
 WASHINGTON, D.C. 
 STATE OF FLORIDA 
 DIVISION OF FINANCIAL
INSTITUTIONS 
 OFFICE OF FINANCIAL REGULATION 
 TALLAHASSEE, FLORIDA 
  

					
	 	 	)	    	
	 Written Agreement by and among
	 	)	    	Docket No. 07-021-WA/RB-SM
		 	)	    	
	 MARCO COMMUNITY BANK
	 	)	    	
	 Marco Island, Florida
	 	)	    	
		 	)	    	
	 FEDERAL RESERVE BANK OF ATLANTA
	 	)	    	
	 Atlanta, Georgia
	 	)	    	
		 	)	    	
	 and
	 	)	    	
		 	)	    	
	 STATE OF FLORIDA
	 	)	    	
	 OFFICE OF FINANCIAL REGULATION
	 	)	    	
	 Tallahassee, Florida
	 	)	    	
	 	 	)	    	

 WHEREAS, in recognition of their common goal to restore and maintain the financial soundness of
Marco Community Bank, Marco Island, Florida (the “Bank”), a state chartered bank that is a member of the Federal Reserve System, the Federal Reserve Bank of Atlanta (the “Reserve Bank”), the State of Florida Division of Financial
Institutions, Office of Financial Regulation (the “OFR”), and the Bank have mutually agreed to enter into this Written Agreement (the “Agreement”) to address violations of law and unsafe and unsound practices related to asset
quality, credit administration, management, risk management, and affiliate transactions identified at a recent examination of the bank conducted by the OFR; and 

 WHEREAS, on August 8, 2007, the board of directors of the Bank, at a duly constituted meeting, adopted a
resolution authorizing and directing Mr. Robert A. Marks to enter into this Agreement on behalf of the Bank, and consenting to compliance by the Bank and its institution-affiliated parties, as defined in section 3(u) of the Federal Deposit
Insurance Act, as amended (the “FDI Act”)(12 U.S.C. § 1813(u)), with each and every provision of this Agreement. 
 NOW,
THEREFORE, the Bank, the Reserve Bank, and the OFR agree as follows: 
 Board Oversight 
 1. Within 30 days of this Agreement, the board of directors shall submit to the Reserve Bank and the OFR a written plan to strengthen and maintain
effective board oversight of the management and operations of the Bank. The plan shall, at a minimum, address, consider, and include: 
 (a)
The actions that the board of directors will take to improve the Bank’s condition and maintain effective control over and supervision of the Bank’s senior management and major operations and activities, including, at a minimum, the credit
risk management program, including loan underwriting and administration; 
 (b) the responsibility of the board of directors to monitor
management’s adherence to approved policies and procedures, and applicable laws and regulations; 
 (c) the identification and
establishment of board of directors’ committees that are needed to provide guidance and oversight to Bank management; 
 (d) a
requirement that the board of directors conduct monthly meetings and, for each meeting, maintain complete and accurate meeting minutes that fully document the board 

  

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of directors’ review, discussion, and votes on all agenda items and other matters discussed at the meeting; and 
 (e) a description of the detailed information to be included in the periodic reports to be reviewed by the board of directors in its oversight of the
operations and management of the Bank, including information sufficient to assess management’s compliance with written plans, policies, procedures, and programs. 
 2. Within 60 days of this Agreement, the board of directors shall complete an assessment of the Bank’s management and staffing needs and the qualifications and performance of all senior Bank management, including
all department heads and executive officers. The primary purpose of the review shall be to aid in the development of a management structure suitable to the Bank that is adequately staffed by qualified and trained personnel. The review shall, at a
minimum, address, consider, and include: 
 (a) The identification of the type and number of senior officers needed to manage and supervise
properly the affairs of the Bank; and 
 (b) an evaluation of each senior officer to determine whether the individual possesses the ability,
experience, and other qualifications required to perform competently present and anticipated duties, including the ability to adhere to applicable laws and regulations and the Bank’s established policies and procedures, restore and maintain the
Bank to a safe and sound condition, and comply with the requirements of this Agreement. 
 3. Within 90 days of this Agreement, the board of
directors shall take all actions necessary to hire any additional or replacement personnel needed to properly staff the Bank with qualified experienced officers and to return the Bank to a safe and sound condition. At a minimum, the Bank’s
staff shall include a qualified: 
  

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 (a) President with demonstrated experience in lending and bank operations; 
 (b) senior lending officer who is directly accountable for loan production; and 
 (c) credit administration officer with demonstrated experience in financial analysis and the establishment and implementation of workout plans for
problem credits. 
 4. (a) The Bank shall comply with the notice provisions of section 32 of the FDI Act (12 U.S.C. § 1831i), Subpart H
of Regulation Y of the Board of Governors of the Federal Reserve System (the “Board of Governors”) (12 C.F.R. §§ 225.71 et seq.), Section 655.0385, Fla. Stat., and Rule 69U-100.03852, Fla. Admin. Code, in the
appointment of new directors and the hiring or promotion of senior executive officers. Such notification must be received by the OFR at least 60 days before any addition or employment is intended to be effective, notwithstanding any other
application or prior approval requirements established by Sections 655.0385 and 655.948, Fla. Stat. 
 (b) The Bank shall comply with the
restrictions on indemnification and severance payments of section 18(k) of the FDI Act (12 U.S.C. § 1828(k)) and Part 359 of the Federal Deposit Insurance Corporation’s regulations (12 C.F.R. Part 359). 
 Lending and Credit Administration 
 Loan Committee 

5. (a) Within 15 days of this Agreement, the board of directors shall establish a Loan Committee, the majority of which shall be comprised of outside
directors, to oversee, at a minimum, the Bank’s policies, procedures, and compliance with state and federal laws and regulations regarding lending activities. 
 (b) The Loan Committee shall propose, for the board of directors’ approval, appropriate lending authority, scope, and limits for all loan officers. All loans which when 

  

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aggregated with other extensions of credit to any one person and his or her related interests exceed 15 percent of the capital accounts of the Bank must be
presented to the full board of directors or the Loan Committee for approval as required by Section 658.48(3), Fla. Stat. Complete written minutes of the discussion, vote, and approval of such loans shall be maintained. 
 (c) For the purposes of this Agreement, the term: (i) “outside director” is defined as an individual who is not otherwise an employee,
officer, or agent of the Bank or any affiliate of the Bank, or a direct or indirect owner of 10 percent or more of any class of the outstanding shares of the Bank or its holding company; and (ii) “related interest” is defined as set
forth in section 215.2(n) of Regulation O of the Board of Governors (12 C.F.R. § 215.2(n)). 
 Loan Policies and Procedures 
 6. Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the OFR acceptable written loan policies and procedures that shall, at
a minimum, address, consider, and include: 
 (a) Underwriting standards that are appropriate for each type of loan product offered by the
Bank, comply with the Real Estate Lending and Appraisal Standards set forth in Subpart E and Appendix C of Regulation H of the Board of Governors (12 C.F.R. Part 208 Subpart E and Appendix C), and include and provide for, at a minimum: 

(i) analysis of the financial capacity of the borrower and, as applicable, any guarantor; 
 (ii) documented sources of repayment; 
 (iii) cash flow analysis; 
 (iv) cash equity requirements; 
  

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 (v) loan to value ratio parameters; and 
 (vi) current valuation of underlying collateral; 
 (b) a complete description of loan documentation and collateral required for each specific type of loan; 
 (c) the review of
each loan before closing to ensure that all appropriate documentation to support the Bank’s underwriting requirements is present; 
 (d)
maintenance of all necessary documentation in the loan files; 
 (e) procedures for controlling and monitoring concentrations of credit,
including: 
 (i) establishment of concentration of credit limits for industries, types of loans, and geographic locations; 
 (ii) managing the risk associated with asset concentrations; and 
 (iii) consistency with the interagency guidance on Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices, issued on December 6, 2006 (SR 07-1); 
 (f) procedures for renewing, extending, or modifying existing loans, including procedures for documenting the basis for each renewal, extension, or
modification; 
 (g) controls to ensure uniform adherence to all loan policies and procedures; and 
 (h) measures to address the deficiencies in loan policies and procedures noted in the report of the examination of the Bank conducted by the OFR that
commenced on May 7, 2007 (the “Report of Examination”). 
  

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 Loan Review 
 7. Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the OFR an acceptable written program for the on-going review and grading of the Bank’s loan portfolio by a qualified independent third party or by
qualified staff that is independent of the Bank’s credit granting function. The program shall, at a minimum, address, consider, and include: 
 (a) The scope and frequency of the loan review; 
 (b) loan grading standards and criteria for assessing the credit quality of the
loans; 
 (c) loan grading descriptions and a scale that adequately differentiate the degrees of risks among loans; 
 (d) application of loan grading standards and criteria to the loan portfolio; 
 (e) identification and monitoring of all loans that have a loan-to-value ratio in excess of regulatory guidelines; 
 (f) identification of any loan that is not in conformance with the Bank’s loan policy; 
 (g) monthly written reports to the board of directors that identify the status of those loans that are adversely graded and the prospects for full
collection or strengthening of the quality of any such loans; and 
 (h) measures to address the deficiencies in the loan review program
noted in the Report of Examination. 
  

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 Asset Improvement 
 8. (a) The Bank shall not, directly or indirectly, extend or renew any credit to or for the benefit of any borrower, including any related interest of the borrower, who is obligated to the Bank in any manner on
any extension of credit or portion thereof that has been charged-off by the Bank or classified, in whole or in part, “loss” or “doubtful” in the Report of Examination or in any subsequent report of examination, as long as such
credit remains uncollected. 
 (b) The Bank shall not, directly or indirectly, extend or renew any credit to or for the benefit of any
borrower, including any related interest of the borrower, whose extension of credit has been classified “substandard” in the Report of Examination or in any subsequent report of examination, without the prior approval of the board of
directors, who shall document in writing the reasons for the extension of credit or renewal, specifically certifying that: (i) the extension of credit is necessary to protect the Bank’s interest in the ultimate collection of the credit
already granted or (ii) the extension of credit is in full compliance with the Bank’s written loan policy, is adequately secured, and a thorough credit analysis has been performed indicating that the extension or renewal is reasonable and
justified, all necessary loan documentation has been properly and accurately prepared and filed, the extension of credit will not impair the Bank’s interest in obtaining repayment of the already outstanding credit, and the board of directors
reasonably believes that the extension of credit or renewal will be repaid according to its terms. The written certification shall be made a part of the minutes of the board of directors meetings, and a copy of the signed certification, together
with the credit analysis and related information that was used in the determination, shall be retained by the Bank in the borrower’s credit file for subsequent supervisory review. 
  

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 9. Within 45 days of this Agreement, the Bank shall submit to the Reserve Bank and the OFR an acceptable
plan to reduce the volume of adversely classified loans identified in the Report of Examination. 
 Staffing 
 10. Within 60 days of this Agreement, the board of directors shall complete an analysis of the staffing needs of the Bank necessary to provide an adequate
number of qualified staff in the credit underwriting, credit administration, and loan review functions with the ability, experience, training, and other necessary qualifications required to perform present and anticipated duties, including adherence
to federal and state requirements in laws and regulations, the Bank’s credit policies and procedures, and the provisions of this Agreement. 
 Allowance for Loan and Lease Losses 
 11. (a) Within 10 days of this Agreement, the Bank shall eliminate from its books,
by charge-off or collection, all assets or portions of assets classified “loss” in the Report of Examination that have not been previously collected in full or charged off. Thereafter, the Bank shall, within 30 days from the receipt of any
federal or state report of examination, charge off all assets classified “loss” unless otherwise approved in writing by the Reserve Bank and the OFR. 
 (b) The Bank shall maintain, in accordance with generally accepted accounting principles (“GAAP”), an adequate valuation reserve for loan and lease losses (the “ALLL”). The adequacy of the ALLL
shall be determined in accordance with relevant supervisory guidance, including the Interagency Policy Statements on the Allowance for Loan and Lease Losses, dated July 2, 2001 and December 13, 2006. The elements of supervisory guidance to
be considered shall include, but are not limited to, the reliability of the Bank’s loan 

  

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grading system, the volume of criticized loans, the current level of past due and nonperforming loans, past loan loss experience, evaluation of the probable
losses in the Bank’s loan portfolio, including the potential for the existence of unidentified losses in loans adversely classified, the imprecision of loss estimates, and examiners’ criticisms noted in the Report of Examination.

 (c) Within 90 days of this Agreement, the Bank shall submit to the Reserve Bank and the OFR a description of the methodology used to
determine the Bank’s ALLL. Thereafter, the Bank shall conduct, at least on a quarterly calendar basis, an assessment of its ALLL and, within 30 days of the end of each calendar quarter, shall submit to the Reserve Bank and the OFR the quarterly
assessment, including the methodology used in determining the amount of ALLL for that quarter. The Bank shall maintain for subsequent supervisory review documentation to support the methodology used for each quarterly assessment. 
 Capital Adequacy 
 12. Within 60 days of this
Agreement, the Bank shall submit to the Reserve Bank and the OFR an acceptable written capital plan (the “Capital Plan”) to maintain sufficient capital at the Bank. The plan shall, at a minimum, address, consider, and include: 

(a) The Bank’s current and future capital requirements, including compliance with the Capital Adequacy Guidelines for State Member Banks:
Risk-Based Measures and Tier 1 Leverage Measures, Appendices A and B of Regulation H of the Board of Governors (12 C.F.R. Part 208, App. A and B); 
 (b) the volume of the Bank’s adversely classified assets; 
 (c) anticipated growth in the Bank’s assets; 
 (d) the risk profile of the Bank’s asset and liability structure; and 
  

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 (e) the source and timing of additional funds to fulfill the future capital and ALLL needs of the
consolidated organization and the Bank. 
 Affiliate Transactions 
 13. (a) The Bank shall take all necessary actions to ensure that the Bank complies fully with the provisions of sections 23A and 23B of the Federal Reserve Act (12 U.S.C. §§ 371c and 371c-1) and
Regulation W of the Board of Governors (12 C.F.R. Part 223) in all transactions between the Bank and any of its affiliates. 
 (b) The Bank
shall not enter into any new contracts or other transactions with any of its affiliates unless the contracts comply with sections 23A and 23B of the Federal Reserve Act and Regulation W. 
 (c) The Bank shall maintain records and documentation adequate to demonstrate that all contracts, agreements, and other transactions between the Bank and
its affiliates comply with the requirements of sections 23A and 23B of the Federal Reserve Act and Regulation W. 
 (d) For the purposes of
this Agreement: (i) “transaction” shall include, but not be limited to, the transfer or payment of cash, the transfer, contribution, sale or purchase of any other asset, the direct or indirect payment of any expense or obligation, the
direct or indirect assumption of any liability, the provision of any service, the payment of a management or service fee of any nature, any extension of credit, any overdraft, or any advance; and (ii) “extension of credit” shall be
defined as set forth in section 215.3 of Regulation O of the Board of Governors (12 C.F.R. § 215.3). 
  

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 Compliance with Laws and Regulations 
 14. (a) The board of directors shall immediately take all necessary steps to correct the violations of law cited in the Report of Examination, including, but not limited to correcting (i) the violations of
section 23B of the Federal Reserve Act; (ii) the lending limit violation of Section 658.48, Fla. Stat.; and (iii) the accounting practices violation of Section 655.044, Fla. Stat. 
 (b) The board of directors shall take steps designed to ensure that the Bank complies with all applicable laws and regulations in the future. 

Brokered Deposits 
 15. The Bank shall not accept
brokered deposits except in compliance with the provisions of section 29 of the FDI Act (12 U. S. C. § 1831f). The Bank shall notify the Reserve Bank and the OFR if the Bank requests any waiver of the restrictions imposed by section 29 of the
FDI Act from the Federal Deposit Insurance Corporation (the “FDIC”), and shall notify the Reserve Bank and the OFR of the FDIC’s disposition of any request for such a waiver. 
 Dividends 
 16. The Bank shall not declare or pay any
dividends without the prior written approval of the Reserve Bank, the OFR, and the Director of the Division of Banking Supervision and Regulation of the Board of Governors (the “Director”). All requests for prior approval shall be received
by the Reserve Bank and the OFR at least 30 days prior to the proposed dividend declaration date and shall contain, but not be limited to, current and projected information on consolidated earnings, and cash flow, capital, asset quality, and ALLL
needs of the Bank. 
  

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 Business Plan and Budget 
 17. (a) Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the OFR a written business plan for 2007 to improve the earnings and overall condition of the Bank. The plan, at a minimum,
shall provide for or describe: 
 (i) the responsibilities of the board of directors for the development, approval, implementation, and
monitoring of the business plan; 
 (ii) the major areas in and means by which the board of directors will seek to improve the Bank’s
operating performance; and 
 (iii) a realistic and comprehensive budget; 
 (b) A business plan and budget for each calendar year subsequent to 2007 shall be submitted to the Reserve Bank and the OFR at least one month prior to
the beginning of that calendar year. 
 Approval, Implementation, and Progress Reports 
 18. (a) The Bank shall submit written policies, procedures, plans, and program that are acceptable to the Reserve Bank and the OFR within the
applicable time periods set forth in paragraphs 6, 7, 9, and 12 of this Agreement. 
 (b) Within 10 days of approval by the Reserve Bank and
the OFR, the Bank shall adopt the policies, procedures, plans, and program. Upon adoption, the Bank shall implement the approved policies, procedures, plans, and program and thereafter fully comply with them. 
 (c) During the term of this Agreement, the approved policies, procedures, plans, and program shall not be amended or rescinded without the prior written
approval of the Reserve Bank and the OFR. 
  

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 19. (a) Within 10 days of this Agreement, the board of directors shall appoint a compliance
committee (the “Compliance Committee”) to monitor and coordinate the Bank’s compliance with the provisions of this Agreement. The Compliance Committee shall be comprised of at least two outside directors. At a minimum, the Compliance
Committee shall meet at least monthly, keep detailed minutes of each meeting, and report its findings to the boards of directors monthly. Copies of the Compliance Committee’s minutes shall be provided monthly to the Reserve Bank and the OFR.

 (b) Within 15 days after the end of each calendar quarter following the date of this Agreement, the Bank shall submit to the Reserve Bank
and the OFR written progress reports detailing the form and manner of all actions taken to secure compliance with the provisions of this Agreement and the results thereof. The Reserve Bank and the OFR may, in writing, discontinue the requirement for
progress reports or modify the reporting schedule. 
 Communications 
 20. All communications regarding this Agreement shall be sent to: 
  

	 	(a)	Mr. Steve Wise 

	 	  	Assistant Vice President 

	 	  	Federal Reserve Bank of Atlanta 

	 	  	1000 Peachtree Street, N.E. 

	 	  	Atlanta, Georgia 30309-4470 

  

	 	(b)	Ms. Linda B. Charity 

	 	  	Director 

	 	  	State of Florida 

	 	  	Office of Financial Regulation 

	 	  	200 E. Gaines Street 

	 	  	Tallahassee, Florida 32399-0371 

  

	 	(c)	Mr. Robert A. Marks 

	 	  	Chairman of the Board of Directors 

	 	  	Marco Community Bank 

	 	  	1770 San Marco Road 

	 	  	Marco Island, Florida 34146 

  

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 Miscellaneous 
 21. Notwithstanding any provision of this Agreement to the contrary, the Reserve Bank and the OFR may, in their sole discretion, grant written extensions of time to the Bank to comply with any provision of this Agreement. 
 22. The provisions of this Agreement shall be binding upon the Bank and each of its institution-affiliated parties, in their capacities as such, and
their successors and assigns. 
 23. Each provision of this Agreement shall remain effective and enforceable until stayed, modified,
terminated or suspended by the Reserve Bank and the OFR. 
 24. The provisions of this Agreement shall not bar, estop, or otherwise prevent
the Board of Governors, the Reserve Bank, the OFR or any other federal or state agency from taking any other action affecting the Bank or any of its current or former institution-affiliated parties and their successors and assigns. 
 25. This Agreement is a “written agreement” for the purposes of, and is enforceable by the Board of Governors as an order issued under, section
8 of the FDI Act (12 U.S.C. § 1818) and by the OFR, pursuant to Sections 655.033 and 655.041, Fla. Stat. 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the 14th day of August, 2007.

  

							
	 Marco Community Bank
	    	Federal Reserve Bank of Atlanta
				
	 By:
	 	 /s/ Robert A. Marks
  
	    	 By:
	 	 /s/ Stephen A. Wise
  

			
		 		    	State of Florida
		 		    	Division of Financial Institutions
		 		    	Office of Financial Regulation
				
		 		    	 By:
	 	 /s/ Linda B. Charity
  

  

 15Severance and Change in Control Agreement -- Joseph K. Belanoff, M. D.

 Exhibit 10.2 
 SEVERANCE AND CHANGE IN CONTROL AGREEMENT 
 THIS CHANGE IN CONTROL AGREEMENT
(“Agreement”) dated as of July 24, 2007 (the “Effective Date”) is entered into by and between Joseph K. Belanoff, M.D., Chief Executive Officer, (“Executive”) and Corcept Therapeutics
Incorporated, a Delaware corporation (the “Company”). 
 WITNESSETH: 
 WHEREAS, Executive is a senior executive of the Company and has made and is expected to continue to make major contributions to the short and long term
profitability, growth and financial strength of the Company; 
 WHEREAS, the Company recognizes that, as is the case for most publicly held
companies, the possibility of a Change in Control (as defined below) exists; 
 WHEREAS, the Company desires to assure itself of both present
and future continuity of management; 
 WHEREAS, the Company wishes to ensure that Executive is not practically disabled from discharging his
duties in respect of a proposed or actual transaction involving a Change in Control; and 
 WHEREAS, the Company desires to provide
additional inducement for Executive to continue to remain in the employ of the Company. 
 NOW, THEREFORE, in exchange for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Executive agree as follows: 
 1. Certain
Defined Terms. In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement with initial capital letters: 
 (a) “Board” shall mean the Board of Directors of the Company. 
 (b) “Cause” shall mean (i) Executive’s gross negligence or willful misconduct in the performance of his duties
to the Company where such gross negligence or willful misconduct has resulted or is likely to result in material damage to the Company or its subsidiaries; (ii) Executive’s willful and habitual neglect of his or her duties of consulting or
employment; (iii) Executive’s commission of any act of fraud with respect to the Company; (iv) Executive’s conviction of or plea of guilty or nolo contendere to felony criminal conduct or any crime involving moral
turpitude; or (v) Executive’s violation of any noncompetition or confidentiality agreement that Executive has entered into with the Company. 
 (c) The term “Change of Control” shall mean: (i) the liquidation, dissolution or winding up of the Company; (ii) any consolidation or merger of the Company with or into any other corporation
or other entity or person, or any other corporate reorganization in which the 

 
Company’s stockholders immediately prior to such transaction do not hold more than fifty percent (50%) of the voting power of the surviving or
acquiring entity (or its parent) immediately following such transaction (taking into account only voting power resulting from stock held by such stockholders prior to such transaction); (iii) any transaction or series of related transactions to
which the Company is a party in which in excess of fifty percent (50%) of the Company’s voting power outstanding before such transaction is transferred or (iv) a sale, conveyance or other disposition of all or substantially all of the
assets of the Company (including without limitation a license of all or substantially all of the Company’s intellectual property that is either exclusive or otherwise structured in a manner that constitutes a license of all or substantially all
of the assets of the Company); provided that a Change in Control shall not include (A) a merger or consolidation with a wholly-owned subsidiary of the Company, (B) a merger effected exclusively for the purpose of changing the
domicile of the Company or (C) any transaction or series of related transactions principally for bona fide equity financing purposes. 
 (d) “Good Reason” shall mean any of the following events which Executive provides written notice to the Company of within 90 days of such event having occurred and which is not cured by the Company
within 30 days after such written notice thereof is provided to the Company by Executive: (i) any reduction of Executive’s base salary or target annual bonus; (ii) any involuntary relocation of Executive’s principal workplace to
a location more than 35 miles in any direction from Executive’s current principal workplace, (iii) a substantial and material adverse change, without Executives written consent, in Executive’s title, authority, responsibility or
duties; or (iv) any material breach by the Company of any provision of this Agreement or any other employment agreement, after written notice delivered to the Company of such breach and the Company’s failure to cure such breach;
provided, however, in the context of a Change in Control, Executive shall not have Good Reason to resign in connection with a reorganization of the Company in which the executive would retain substantially similar title, authority, duties,
base pay and bonus but might have greater or lesser reporting responsibilities. In order to constitute a termination of employment for Good Reason, Executive’s employment must terminated no later than 180 days following the initial occurrence
of any events set forth above. 
 2. Terminations Without Cause or for Good Reason. If Executive’s employment shall terminate
involuntarily without Cause or for Good Reason, the Company shall provide Executive with severance payments and benefits pursuant to this Section 2. 
 (a) Terminations Not in Connection with a Change In Control. If Executive’s employment shall terminate involuntarily without Cause or for Good Reason, prior to a Change in Control or more than eighteen
(18) months following a Change in Control, the Company shall provide Executive with the following severance payments and benefits in lieu of any severance benefits to which the Executive may otherwise be entitled to under any severance plan or
program maintained by the Company: 
 (i) Severance Payments: Pay to Executive an amount equal to twelve
(12) months then current base salary, payable in substantially equal installments in accordance with the Company’s customary payroll practices and procedures. 
 (ii) Continued Benefits. If Executive elects to continue his health insurance coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”) following such termination, then the Company shall pay 

  

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Executive’s monthly COBRA premium for continued health insurance coverage for Executive and Executive’s eligible dependents until the earlier of
(i) twelve (12) months following the termination date, or (ii) the date upon which Executive and his eligible dependents become eligible for comparable coverage under a group health insurance plan maintained by subsequent employer.

 (b) Terminations in Connection with a Change In Control. If Executive’s employment shall terminate
involuntarily without Cause or for Good Reason, within eighteen (18) months following a Change in Control, the Company shall provide Executive with the following severance payments and benefits in lieu of any severance benefits to which the
Executive may otherwise be entitled to under any severance plan or program maintained by the Company: 
 (i) Severance Payments: Pay to Executive an amount equal to twelve
(12) months then current base salary, payable in a lump sum as soon as reasonably practicable, but in any event no later than two and one-half (2 1/2) months following the date of termination of employment. 
 (ii)
Continued Benefits. If Executive elects to continue his health insurance coverage under COBRA following such termination, then the Company shall pay Executive’s monthly COBRA premium for continued health insurance coverage for Executive
and Executive’s eligible dependents until the earlier of (i) twelve (12) months following the termination date, or (ii) the date upon which Executive and his eligible dependents become eligible for comparable coverage under a
group health insurance plan maintained by subsequent employer. 
 (iii) Equity Awards. Notwithstanding any provision to
the contrary in any equity award agreement or equity compensation plan, the Company shall cause all outstanding equity awards then held by Executive (including, without limitation, stock options, stock appreciation rights, phantom shares, restricted
stock or similar awards) to become fully vested and, if applicable, exercisable with respect to all the shares subject thereto effective immediately prior to the date of termination. In all other respects, such awards will continue to be subject to
the terms and conditions of the plans, if any, under which they were granted and any applicable agreements between the Company and Executive. 
 (c) Notwithstanding anything to the contrary in this Section 2, in the event that the Company, or its successor, requests Executive to continue to serve in the same position following a Change in Control for a
six (6)-month (or shorter) transition period (“Transition Period”), Executive shall not have Good Reason to resign pursuant to Section 1(d)(iii) during such Transition Period regardless if Executive’s title, authority,
responsibility or duties have been materially reduced; provided that during such Transition Period Executive continues to be paid the same salary and be provided with the same bonus opportunity, if any, as in effect immediately prior to such Change
in Control and Executive’s principal workplace is not relocated more than 35 miles from its location immediately prior to such Change in Control. Following the Transition Period, Executive may resign for Good Reason pursuant to
Section 1(d)(iii) and be entitled to the benefits set forth in Section 2(b). 
  

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 3. Conditions to Receipt of Severance. 
 (a) Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 2 will be subject to
Executive signing and not revoking a separation agreement and release of claims in a form reasonably acceptable to the Company. No severance pursuant to Section 2 will be paid or provided until the separation agreement and release of claims
becomes effective. 
 (b) Section 409A. Notwithstanding the forgoing, however, to the extent required to avoid
adverse tax consequences to Executive under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), if Executive is deemed to be a “specified employee” for purposes of Section 409A(a)(2)(B) of
the Code, Executive agrees that the payments due to him or her under Section 2 of this Agreement in connection with a termination of employment that would otherwise have been payable at any time during the six-month period immediately following
such termination of employment shall not be paid prior to, and shall instead be payable in a lump sum as soon as practicable following, the expiration of such six-month period. In the event of Executive’s death during such six-month period,
upon provision to the Company of and failure to revoke a signed general release of all claims against the Company and its affiliates in a form acceptable to the Company, Executive (or Executive’s estate) will receive the severance benefits
described in this Agreement. 
 4. Successors and Binding Agreement. 
 (a) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise,
including, without limitation, any successor due to a Change in Control) to the business or assets of the Company, by agreement in form and substance reasonably satisfactory to Executive, expressly to assume and agree to perform this Agreement in
the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including, without
limitation, any persons directly or indirectly acquiring the business or assets of the Company in a transaction constituting a Change in Control (and such successor shall thereafter be deemed the “Company” for the purpose of this
Agreement), but will not otherwise be assignable, transferable or delegable by the Company. 
 (b) This Agreement will inure
to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees and legatees. 
 (c) This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign, transfer or
delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 4(a) and 4(b). Without limiting the generality or effect of the foregoing, Executive’s right to receive payments hereunder will not be
assignable, transferable or delegable, whether by pledge, creation of a security interest, or otherwise, other than by a transfer by Executive’s will or by the laws of descent and distribution and, in the event of any attempted assignment or
transfer contrary to this Section 4(c), the Company shall have no liability to pay any amount so attempted to be assigned, transferred or delegated. 
 5. Amendment or Termination of Agreement. This Agreement may be changed or terminated only upon the mutual written consent of the Company and Executive. The written 

  

 4 

 
consent of the Company to a change or termination of this Agreement must be signed by an executive officer of the Company after such change or termination
has been approved by the Board. 
 6. Notices. For all purposes of this Agreement, all communications, including without limitation
notices, consents, requests or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally
confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three business days after having been sent by a nationally recognized overnight courier service
such as FedEx, UPS, or DHL, addressed to the Company (to the attention of the Secretary of the Company) at its principal executive office and to Executive at his principal residence, or to such other address as any party may have furnished to the
other in writing and in accordance herewith, except that notices of changes of address shall be effective only upon receipt. 
 7.
Validity. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision
to any other person or circumstances will not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal will be reformed to the extent (and only to the extent) necessary to make it enforceable, valid or legal.

 8. Governing Law; Jurisdiction. The laws of the state of California shall govern the interpretation, validity and performance of
the terms of this Agreement, regardless of the law that might be applied under principles of conflicts of law. Any suit, action or proceeding against Executive, with respect to this Agreement, or any judgment entered by any court in respect of any
of such, may be brought in any court of competent jurisdiction in the State of California, and Executive hereby submits to the jurisdiction of such courts for the purpose of any such suit, action, proceeding or judgment. 
 9. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to
in writing signed by Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party will be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes any and all prior
agreements of the parties with respect to such subject matter. No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party which are not set forth expressly in
this Agreement. References to Sections are to references to Sections of this Agreement. 
 10. Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same agreement. 
 11. Section 409A. The parties acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance with, and the parties agree to use their best 

  

 5 

 
efforts to achieve timely compliance with, Section 409A of the Code, and the Department of Treasury Regulations and other interpretive guidance issued
thereunder, including, without limitation, any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that any amounts
payable hereunder would otherwise be taxable to Executive under Section 409A, the Company may adopt such limited amendments to this Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect,
that the Company reasonably determines are necessary or appropriate to comply with the requirements of Section 409A and thereby avoid the application of taxes under such Section. 
 [signature page follows] 
  

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

	
	CORCEPT THERAPEUTICS INCORPORATED
	
	/s/ James N. Wilson
	Chairman of the Board of Directors
	
	/s/ Joseph K. Belanoff, M.D.
	Joseph K. Belanoff, M.D.

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