Document:

Exhibit 10.1

 

SECOND FORBEARANCE AGREEMENT

 

This SECOND FORBEARANCE AGREEMENT, dated
as of August 9, 2017 (this “Agreement”), is made by and among ALLIQUA BIOMEDICAL, INC., a Delaware Corporation
(the “Borrower”), AQUAMED
TECHNOLOGIES, INC., a Delaware corporation (the “Guarantor”; the Borrower and the Guarantor are
each also referred to herein individually as a “Loan Party” and collectively as the “Loan
Parties”) and PERCEPTIVE CREDIT HOLDINGS, L.P., a Delaware limited partnership (the “Lender”).
Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble and recitals,
have the meanings provided in the Credit Agreement (defined below).

 

W I T N E S S E T
H:

 

WHEREAS, the Borrower, the Guarantor and
the Lender are parties to that certain Credit Agreement and Guaranty, dated as of May 29, 2015 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, pursuant to Sections 8.4(a) and
(b) of the Credit Agreement, (a) the Loan Parties are required to maintain, on a consolidated basis, a monthly minimum balance
of $2,000,000 in unrestricted, unencumbered cash in one or more Controlled Accounts that are free and clear of all Liens, subject
to certain exceptions, (b) Consolidated Total Revenue of the Borrower for the twelve consecutive month period ended September 30,
2016 was required to be $22,250,000, (c) Consolidated Total Revenue of the Borrower for the twelve consecutive month period ended
December 31, 2016 was required to be $24,600,000, (d) Consolidated Total Revenue of the Borrower for the twelve consecutive month
period ended March 31, 2017 was required to be $27,200,000 and (e) Consolidated Total Revenue of the Borrower for the twelve consecutive
month period ended June 30, 2017 was required to be $30,300,000;

 

WHEREAS, the Loan Parties have failed to
satisfy and comply with requirements of Sections 8.4(a) and (b) set forth in the previous recital;

 

WHEREAS, the Borrower has requested that
the Lender temporarily forbear from exercising or pursuing its available remedies as further described herein; and

 

WHEREAS, the Lender is willing to agree
to such temporary forbearance subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the
mutual agreements, provisions and covenants contained herein, the parties agree as follows:

 

Article
I

definitions

 

SECTION 1.1.     
Certain Terms. The following terms (whether or not highlighted in bold and/or italics) when used in this Agreement,
including its preamble and recitals, shall have the following meanings (such definitions to be equally applicable to the singular
and plural forms thereof):

 

    1 

     

    

 

“Agreement” is
defined in the preamble.

 

“Borrower” is
defined in the preamble.

 

“Credit Agreement”
is defined in first recital.

 

“Forbearance Effective Date”
is defined in Article III.

 

“Guarantor” is
defined in the preamble.

 

“Lender” is defined
in the preamble.

 

“Loan Party” is
defined in the preamble.

 

“Specified Defaults”
is defined in Section 2.1(a).

 

“Termination Date”
is defined in Section 2.1(b).

 

Article
II

FORBEARANCE, ETC.

 

		SECTION	2.1.      Forbearance,
etc.

 

(a)              
The Borrower acknowledges and agrees that it was in Default of (i) Section 8.4(a) of the Credit Agreement as of the date
hereof and (ii) Section 8.4(b) of the Credit Agreement as of each of (w) September 30, 2016, (x) December 31, 2016, (y) March 31,
2017 and (z) June 30, 2017 (such Defaults being herein referred to as the “Specified Defaults”). The
Lender hereby agrees that, with respect to the Specified Defaults (but only the Specified Defaults), it will refrain and forebear
from exercising or pursuing any rights or remedies under the Credit Agreement or otherwise (including imposing a default rate of
interest in respect of the Specified Defaults pursuant to Section 3.6 of the Credit Agreement) or any other Loan Document until
(but only until) the Termination Date. Any term or provision hereof to the contrary notwithstanding, the Lender is not waiving
any of its rights or remedies with respect to the Specified Defaults or any other Default, but instead is simply agreeing not to
take remedial action with respect to the Specified Defaults until the Termination Date.

 

(b)              
The “Termination Date” means the earlier of (i) September 30, 2017 and (ii) the date when the
Lender becomes aware that any other Default (other than any Specified Default) has occurred and is continuing. Upon the occurrence
of the Termination Date, the Lender may, with respect to any or all of the Specified Defaults, pursue any rights and remedies available
to it under the Credit Agreement or any other Loan Document, or pursuant to law or otherwise, with respect to any Defaults that
have then occurred and are outstanding (including the Specified Defaults), including, but not limited to, declaring all or any
portion of the outstanding principal amount of the Loan and other Obligations to be immediately due and payable, imposing a default
rate of interest in respect of the Obligations in accordance with Section 3.6 of the Credit Agreement, or pursuing any or all other
rights and remedies of the Lender as a secured party under the UCC, the Pledge and Security Agreement or any other Loan Document.

 

    2 

     

    

 

(c)              
Notwithstanding any provision of this Agreement or any Loan Document to the contrary, each Loan Party hereby acknowledges
and agrees that, due to the occurrence and ongoing continuance of the Specified Defaults, the re-investment option set forth in
Section 3.4 of the Credit Agreement is not available to any Loan Party, and no Loan Party may re-invest or use any Net Cash Proceeds
of any Disposition or Event of Loss as would otherwise be permitted under Section 3.4 of the Credit Agreement if no Default or
Event of Default had occurred and was continuing.

 

Article
III

conditions precedent

 

This Agreement shall become effective upon,
and shall be subject to, the prior or simultaneous satisfaction of each of the following conditions in a manner reasonably satisfactory
to the Lender (the date when all such conditions are so satisfied being the “Forbearance Effective Date”):

 

SECTION 3.1.     
Counterparts. The Lender shall have received counterparts of this Agreement executed on behalf of the Borrowers, the
Guarantor, and the Lender.

 

SECTION 3.2.     
Effective Date Certificate. The Lender shall have received a certificate, dated as of the Forbearance Effective Date
and duly executed and delivered by an Authorized Officer of the Borrower and each Guarantor certifying as to the matters set forth
in Articles IV and V hereof, in form and substance satisfactory to the Lender.

 

SECTION 3.3.     
Costs and Expenses, etc. The Lender shall have received all fees, costs and expenses due and payable pursuant to
Section 11.3 of the Credit Agreement (including without limitation the reasonable fees and expenses of Morrison & Foerster
LLP, counsel to the Lender), if then invoiced, together with any other fees separately agreed to by the Borrower and the Lender,
such fees, costs and expenses; provided, however, that the Borrower shall be not be required to reimburse Lender for fees and expenses
of Morrison & Foerster LLP in excess of $8,000 .

 

SECTION 3.4.     
Satisfactory Legal Form, etc. All legal matters incident to the effectiveness of this Agreement shall be reasonably
satisfactory to the Lender and its counsel.

 

Article
IV

Representations and Warranties

 

To induce the Lender to enter into this
Agreement, each Loan Party represents and warrants to the Lender as set forth below.

 

SECTION 4.1.     
Validity, etc. This Agreement and the Credit Agreement (after giving effect to this Agreement) each constitutes the
legal, valid and binding obligation of each Loan Party, enforceable in accordance with its respective terms, subject to the effects
of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’
rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant
of good faith and fair dealing.

 

    3 

     

    

 

SECTION 4.2.     
Representations and Warranties, etc. Immediately prior to, and immediately after giving effect to, this Agreement
the following statements shall be true and correct:

 

(a)     
the representations and warranties set forth in each Loan Document (as defined in the Credit Agreement) shall, in each case,
be, in the case of representations and warranties qualified as to knowledge, materiality, Material Adverse Effect (as defined in
the Credit Agreement) or any similar qualification, true and correct in all respects, and, in the case of those representations
and warranties that are not so qualified, in all material respects, with the same effect as if then made (unless stated to relate
solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects
as of such earlier date); and

 

(b)     
no Default (other than the Specified Defaults) shall have then occurred and be continuing.

 

Article
V

Confirmation

 

SECTION 5.1.     
Reaffirmation. Each Loan Party hereby consents to this Agreement and hereby agrees that, after giving effect to this
Agreement, each Loan Document to which it is a party, and all Obligations thereunder (including the guarantees made pursuant to
Article X of the Credit Agreement), are and shall continue to be in full force and effect and the same are hereby ratified in all
respects.

 

SECTION 5.2.     
Validity, etc. Each Loan Party hereby represents and warrants, as of the Forbearance Effective Date, that immediately
after giving effect to this Agreement, each Loan Document, in each case as modified by this Agreement (where applicable and whether
directly or indirectly), to which it is a party continues to be a legal, valid and binding obligation of such Loan Party, enforceable
against such Person in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether
considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing.

 

Article
VI

Miscellaneous

 

SECTION 6.1.     
No Waiver. The Lender’s agreement not to pursue its rights and remedies until the occurrence of the Termination
Date as described in Section 2.1 herein is temporary and limited in nature. Except as expressly provided herein, (i) nothing contained
herein shall be deemed to constitute a waiver of the Specified Defaults or any other Default or Event of Default or compliance
with any term or condition contained in the Credit Agreement or any of the other Loan Documents or constitute a course of conduct
or dealing among the parties and (ii) the Lender reserves all rights, privileges and remedies under the Credit Agreement and the
other Loan Documents.

 

    4 

     

    

 

SECTION 6.2.     
Severability. In case any provision of or obligation under this Agreement shall be invalid, illegal or unenforceable
in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision
or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

SECTION 6.3.     
Integration. This Agreement, together with the other Loan Documents, incorporates all negotiations of the parties
hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to
the subject matter hereof.

 

SECTION 6.4.     
Cross-References; Headings. References in this Agreement to any Article or Section are, unless otherwise specified,
to such Article or Section of this Agreement. Headings and captions used in this Agreement are included for convenience of reference
only and shall not be given any substantive effect.

 

SECTION 6.5.     
Loan Document Pursuant to Credit Agreement. This Agreement is a Loan Document executed pursuant to the Credit Agreement
and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with all of the terms
and provisions of the Credit Agreement, including Article XI thereof and all rules of interpretation set forth in Article I thereof.

 

SECTION 6.6.     
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns.

 

SECTION 6.7.     
Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute
one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.  Delivery
of an executed counterpart of a signature page to this Agreement by facsimile (or other electronic transmission) shall be effective
as delivery of a manually executed counterpart of this Agreement.

 

SECTION 6.8.     
Governing Law. This AGREEMENT shall be governed by, and construed in accordance
with, the internal laws of the State of New York without regard to principles of conflicts of laws that would result in the application
of the laws of any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply.

 

SECTION 6.9.     
Full Force and Effect. The Loan Parties each jointly and severally agree that all of the representations, warranties,
terms, covenants, conditions and other provisions of the Credit Agreement and the other Loan Documents shall remain unmodified
and shall continue to be, and shall remain, in full force and effect in all respects. 

 

[Signature pages to follow]

 

    5 

     

    

 

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

 

 

	 	BORROWER:
	 	 	 
	 	ALLIQUA BIOMEDICAL, INC.,
	 	 	 
	 	By 	 /s/ Brian Posner
	 	Name: Brian Posner
	 	Title: CFO
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	GUARANTOR:
	 	 	 
	 	AQUAMED TECHNOLOGIES, INC.,
	 	 	 
	 	By 	/s/ Brian Posner
	 	Name: Brian Posner
	 	Title: CFO

  

    6 

     

    

 

LENDER:

 

PERCEPTIVE CREDIT HOLDINGS, LP

 

By Perceptive Credit Opportunities GP, LLC,

its general partner

 

	By 	/s/ Sandeep Dixit	 
	 	Sandeep Dixit	 
	 	Chief Credit Officer	 
	 	 	 
	By 	/s/ Sam Chawla	 
	Name:  	Sam Chawla	 
	Title:	Portfolio Manager	 

 

    7EX-10.1

 Exhibit 10.1 

March 23, 2017 
 Re:    Separation
Agreement 
 Dear Hal: 
 This letter sets forth the terms
of the separation agreement (the “Agreement”) between you and CymaBay Therapeutics (the “Company”) regarding your employment transition. 

1.    SEPARATION DATE; FINAL PAY. Your last date of employment with the Company will be April 15, 2017
(the “Separation Date”). On the Separation Date, the Company will pay you all accrued salary and all accrued but unused vacation, subject to standard payroll deductions and withholdings. You are entitled to these payments regardless
of whether you sign this Agreement. After the Separation Date, you will no longer be employed as Chief Executive Officer and President of the Company, or hold any other employment or officer position with the Company or any of its subsidiaries or
affiliated entities. In addition, you agree, no later than the date that you sign this Agreement, to sign and return to the Company a Board resignation letter, which provides for your resignation as a director on the Company’s Board of
Directors (the “Board”), and your resignations from the boards of directors (and from any other positions or offices held by you) of any subsidiary entities of the Company, domestic and foreign, on which you serve, such resignations
to be effective on the Separation Date. 
 2.    SEVERANCE BENEFITS. In full satisfaction of any
obligations to provide you severance benefits for a “Termination Without Cause” under the terms of your employment agreement entered into between you and the Company dated November 21, 2013 (the “Employment Agreement”),
if: (i) you return this fully signed Agreement to the Company on or within twenty-one (21) days of your receipt of it; (ii) allow the releases contained herein to become effective; and
(iii) agree to notify the Company promptly of any amount earned by you from other employment or consulting engagement while you are receiving the Severance Benefits; then the Company will pay you the following as your sole severance benefits:

 (a)    Severance Payment. The Company will pay you, as severance, the equivalent of twelve
(12) months of your base salary in effect as of the Separation Date, subject to standard payroll deductions and withholdings (the “Severance Payment”). The Severance Payment will be paid in equal installments on the
Company’s regular payroll schedule over a twelve (12)-month period following the Separation Date; provided, however, that no payments will be made prior to the 60th day following the Separation Date (the “Payment Date”). On the

 
first payroll date after the Payment Date, the Company will pay you in a lump sum the Severance Payment that you would have received on or prior to such date under the original schedule but for
the delay while waiting for the Payment Date, with the balance of the Severance Payment being paid as originally scheduled. The Severance Payment shall be reduced by any amounts you receive from any future employment obtained by you during the 12-month period following the Separation Date, except for (i) any fees paid to you for your service as a member of any entity’s technical or advisory board, or board of directors, or (ii) any civic
and not-for-profit activities. 

(b)    Discretionary 2017 Bonus Payment. You will be eligible to receive a bonus for 2017 of fifty percent
(50%) of your annual base salary in effect as of the Separation Date. The Bonus Payment shall be subject to standard deductions and withholdings and shall be paid at the same time as other bonuses for 2017 are paid to Company employees, but in no
event later than March 15, 2018. Except as expressly provided herein, you will not be eligible to receive any bonus payments after the Separation Date. 

(c)    Health Insurance. To the extent provided by the federal COBRA law or, if applicable, state insurance
laws (collectively, “COBRA”), and by the Company’s current group health insurance policies, you will be eligible to continue your group health insurance benefits at your own expense. Later, you may be able to convert to an
individual policy through the provider of the Company’s health insurance, if you wish; You will be provided with a separate notice more specifically describing your rights and obligations to continuing health insurance coverage under COBRA on
or after the Separation Date. As an additional benefit under this Agreement, provided that you timely elect continued coverage under COBRA, then the Company shall pay the COBRA premiums to continue your health insurance coverage (including coverage
for eligible dependents, if applicable) through the period starting on the Separation Date and ending on the earliest to occur of: (i) twelve (12) months following the Separation Date; (ii) the date you become eligible for group health
insurance coverage through a new employer; or (iii) the date you cease to be eligible for COBRA coverage for any reason (the “COBRA Premium Period”). You must promptly notify the Company in writing if you become eligible for
group health insurance coverage through a new employer during the COBRA Premium Period. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without a substantial risk of violating
applicable law, then the Company instead shall pay you on the Payment Date a fully taxable cash payment equal to the COBRA premiums due under this Section 2(c), subject to applicable tax withholdings, which you may, but are not obligated to,
use toward the cost of COBRA premiums. 
 (d)    Accelerated Vesting and Extension of Exercise Period. You were
granted a number of options to purchase shares of the Company’s common stock (collectively, the “Options”), pursuant to the Company’s Equity Incentive Plan (the “Plan”). Effective as of the Separation
Date, all of your unvested Options shall be immediately accelerated and become vested in full. Your Options shall continue to be governed by the terms of the applicable stock option agreements and the Plan. Notwithstanding the previous sentence, and
any contrary terms of such agreements and the Plan, you may exercise your right to purchase any of the shares that are subject to the Options at any time on or before April 15, 2018. 

 3. No OTHER COMPENSATION OR BENEFITS. You acknowledge and agree that the Severance
Benefits, and other benefits provided herein are in full and complete satisfaction of the Company’s obligations, if any, to pay you severance benefits pursuant to your Employment Agreement, or any other agreements. You further acknowledge that,
except as expressly provided in this Agreement, you have not earned and will not receive from the Company any additional compensation, severance, or benefits on or after the Separation Date, with the exception of any vested right you may have under
the express terms of a written ERISA - qualified benefit plan (e.g., 401(k) account). By way of example, you acknowledge that you have not earned and are not owed any bonus, vacation, incentive compensation, commissions, or equity. 

4.    EXPENSE REIMBURSEMENT. You agree that, within thirty (30) days of the Separation Date, you will
submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement. The Company will reimburse you for such expenses pursuant to its
regular business practice and policies. 
 5.    RETURN OF COMPANY PROPERTY. By no later than ten
(10) days after the date you signed this Agreement, you agree to return to the Company all Company documents (and all copies thereof) and other Company property that you have had in your possession at any time, including, but not limited to,
Company files, notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards, identification
badges and keys; and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof). You agree that you will make a diligent search to locate any such documents, property
and information within the timeframe referenced above. In addition, if you have used any personally-owned computer, server, e-mail system, mobile phone, or portable electronic device (e.g., iPhone),
(collectively, “Personal Systems”) to receive, store, prepare or transmit any Company confidential or proprietary data, materials or information, then by no later than ten (10) days after the close of business on the date you
signed this Agreement, you will make reasonable efforts to permanently delete and expunge all such Company confidential or proprietary information from such Personal Systems without retaining any copy or reproduction in any form and, if the Company
requests, will provide a written certification to that effect. Your timely compliance with the provisions of this Section 5 is a precondition to your receipt of the benefits provided hereunder. Provided, however, that you may retain the
Company iPhone (and telephone number) that was provided to you in connection with your employment, and the Company will work with you to transfer your iPhone telephone number to a personal cellular telephone service account of your choosing.

 6.    PROPRIETARY INFORMATION OBLIGATIONS. You acknowledge your continuing obligations under your
Employee Agreement on Confidential Information and Inventions 

 
(“Confidential Information Agreement”), which includes, but is not limited to your obligation to use or disclose confidential or proprietary information of the Company. A copy of
your Confidential Information Agreement is attached hereto as Exhibit A. 
 7. NONDISPARAGEMENT. You agree not to disparage
the Company, or the Company’s officers, directors, employees, shareholders, parents, subsidiaries, affiliates, and agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that
you may respond accurately and fully to any request for information if required by legal process or in connection with a government investigation. In addition, nothing in this provision or this Agreement is intended to prohibit or restrain you in
any manner from making disclosures that are protected under the whistleblower provisions of federal law or regulation or under other applicable law or regulation. The Company agrees that none of its officers or directors will disparage you in any
manner likely to be harmful to you, your business reputation, or your personal reputation; provided that the Company’s officers and directors may respond accurately and fully to any request for information if required by legal process or in
connection with a government investigation. 
 To the extent that the Company makes any internal or external announcement concerning the
reason for your separation from employment with the Company, it shall state only that you elected to retire from your employment. In addition, if the Company makes any public filing or issues any press release in connection with your separation from
employment with the Company, the Company shall provide you with a draft of such filing/press release at least 48 hours prior to its filing/release, and shall give good faith consideration to any modifications that you request be made to such
filing/press release. 
 8.    No VOLUNTARY ADVERSE ACTION; COOPERATION. You agree that you will not
voluntarily provide assistance, information or advice, directly or indirectly (including through agents or attorneys), to any person or entity in connection with any claim or cause of action of any kind brought against the Company, nor shall you
induce or encourage any person or entity to bring such claims. However, it will not violate this Agreement if you testify truthfully when required to do so by a valid subpoena or under similar compulsion of law. In addition, nothing in this
provision or this Agreement is intended to prohibit or restrain you in any manner from making disclosures that are protected under the whistleblower provisions of federal law or regulation or under other applicable law or regulation. Further, you
agree to voluntarily cooperate with the Company, if you have knowledge of facts relevant to any threatened or pending claim, investigation, audit or litigation against or by the Company, by making yourself reasonably available without further
compensation for interviews with the Company or its legal counsel, for preparing for and providing deposition testimony, and for preparing for and providing trial testimony. The Company shall promptly reimburse you for any reasonable, documented, out-of-pocket expenses that you incur in the course of providing the cooperation described in the previous sentence. 

9.    No ADMISSIONS. Nothing contained in this Agreement shall be construed as an admission by you or the
Company of any liability, obligation, wrongdoing or violation of law. 

 10.    RELEASE OF CLAIMS. 

(a)    General Release. In exchange for the Severance Benefits and other consideration offered to you under this
Agreement that you are not otherwise entitled to receive, you hereby generally and completely release the Company, its parent and subsidiary entities, and its and their current and former directors, officers, employees, shareholders, partners,
agents, attorneys, predecessors, successors, insurers, affiliates, and assigns (collectively, the “Released Parties”) of and from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in
any way related to events, acts, conduct, or omissions occurring prior to or on the date you sign this Agreement (collectively, the “Released Claims”). 

(b)    Scope of Release. The Released Claims include, but is not limited to: (i) all claims arising out
of or in any way related to your employment with the Company or the termination of that employment; (ii) all claims related to your compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense
reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (iii) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair
dealing; (iv) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all federal, state, and local statutory claims, including claims for discrimination,
harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as
amended) (“ADEA”), and the California Fair Employment and Housing Act (as amended). 
 (c)    ADEA
Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you have under the ADEA, and that the consideration given for the waiver and release you have given in this Agreement is in addition to anything of
value to which you were already entitled. You further acknowledge that you have been advised, as required by the ADEA, that: (i) your waiver and release does not apply to any rights or claims that arise after the date you sign this Agreement;
(ii) you should consult with an attorney prior to signing this Agreement (although you may choose voluntarily not to do so); (iii) you have twenty-one (21) days to consider this Agreement (although
you may choose voluntarily to sign it sooner); (iv) you have seven (7) days following the date you sign this Agreement to revoke this Agreement (in a written revocation delivered to me); and (v) this Agreement will not be effective until
the date upon which the revocation period has expired, which will be the eighth day after you sign this Agreement provided that you do not revoke it (the “Effective Date”). 

(d)    Section 1542 Waiver. In giving the releases set forth in this Agreement, which include claims which
may be unknown to you at present, you acknowledge that you have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” You hereby expressly waive and relinquish all rights and benefits
under that section and any law or legal principle of similar effect in any jurisdiction with respect to the releases granted herein, including but not limited to the release of unknown and unsuspected claims granted in this Agreement. 

 (e)    Excluded Claims. Notwithstanding the foregoing, the
following are not included in the Released Claims (the “Excluded Claims”): (i) any rights or claims for indemnification you may have pursuant to any written indemnification agreement with the Company to which you are a party, the
charter, bylaws, or operating agreements of the Company, or under applicable statutory or common law (including, without limitation, California Labor Code Section 2802); (ii) any vested rights or benefits under any Company 401(k) or other
retirement plan; (iii) any rights which are not waivable as a matter of law; and (iv) any claims for breach of this Agreement. You hereby represent and warrant that, other than the Excluded Claims, you are not aware of any claims you have or
might have against any of the Released Parties that are not included in the Released Claims. 

(f)    Protected Rights. You understand that nothing in this Agreement limits your ability to file a charge
or complaint with the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or
local governmental agency or commission (“Government Agencies”). You further understand this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or
proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While this Agreement does not limit your right to receive an award for information provided to the
Securities and Exchange Commission, you understand and agree that, to maximum extent permitted by law, you are otherwise waiving any and all rights you may have to individual relief based on any claims that you have released and any rights you have
waived by signing this Agreement. 
 11.    REPRESENTATIONS. You hereby represent and warrant that:
(i) you have been paid all compensation owed and for all time worked (excluding your final pay); (ii) you have received all the leave and leave benefits and protections for which you are eligible pursuant to FMLA, any applicable law or Company
policy; and (iii) you have not suffered any on-the-job injury or illness for which you have not already filed a workers’ compensation claim. 

12.    COMPLIANCE WITH SECTION 409A. It is the intent of the parties to this Agreement that all payments
made hereunder will either comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and other guidance issued thereunder (“Section 409A”) or comply with an exemption from
Section 409A such that no payments made under this Agreement are includible in income pursuant to Section 409A, and the terms and conditions of this Agreement shall be construed and interpreted consistent with such intent. All payments
made under this Agreement shall be treated as separate payments and shall not be aggregated with any other payment for purposes of Section 409A. 

13.    MISCELLANEOUS. This Agreement, including Exhibit A, constitutes the complete, final and exclusive
embodiment of the entire agreement between you and the Company with regard to its subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes
any 

 
other such promises, agreements, or representations. This Agreement may not be modified or amended except in a written agreement signed by both you and a duly authorized officer of the Company.
This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, and their heirs, successors and assigns. If any provision of this Agreement is
determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question shall be deemed modified so as to be rendered enforceable in a manner consistent
with the intent of the parties, insofar as possible under applicable law. Any ambiguity in this Agreement shall not be construed against either party as the drafter. Any waiver of a breach of this Agreement, or rights hereunder, shall be in writing
and shall not be deemed to be a waiver of any successive breach or rights hereunder. This Agreement shall be deemed to have been entered into, and shall be construed and enforced, in accordance with the laws of the State of California without regard
to conflicts of law principles. This Agreement may be executed in counterparts, each of which shall be deemed to be part of one original, and facsimile signatures shall be equivalent to original signatures. 

If this Agreement is acceptable to you, please sign and date it below, and return the fully signed Agreement no later than within twenty-one (21) days. If you do not sign and return it to the Company by this date, the Company’s offer to enter into this Agreement will expire. 

We wish you the best in your future endeavors. 
 Sincerely, 

 

			
	CYMABAY THERAPEUTICS
		
	By:	 	 /s/ Robert J. Wills

		 	Robert J. Wills, Ph.D.
		 	Chairman of the Board

 Exhibit A – Employee Confidential Information and Inventions Assignments Agreement 

UNDERSTOOD AND AGREED: 
  

					
	 /s/ Harold Van Wart
	 		 	 April 14, 2017

	Harold Van Wart	 		 	Date

 EXHIBIT A 

Employee Confidential Information and Inventions Assignments Agreement

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