Exhibit
4.15



Amended
and Restated

Executive
Employment Agreement



In consideration
of his employment by INNOCOLL, INC.(“Company”)
and the compensation and benefits outlined below, and intending to be legally bound, JOSE
CARMONA(“Executive”) agrees with Company as follows:



| | 1. | Definitions.
                                         As used in this Agreement, the following terms whether used in the singular or plural
                                         form shall have the meanings set forth below:
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| | 1.1 | An “Affiliate” of any Person means any Person directly
                                         or indirectly controlling, controlled by or under common control with such Person including
                                         without limitation any direct or indirect Subsidiary of such Person.
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| | 1.2 | “Board” means the Management Board of the Company’s
                                         parent company, Innocoll AG.
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| | 1.3 | “Supervisory Board” means
                                         the Supervisory Board of Innocoll AG.
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| | 1.4 | “Change in Control” means
                                         either of the following:
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| | (a) | A tender offer, stock purchase, other stock acquisition, merger,
                                         consolidation or recapitalization whereby any Person or group of Persons, as such term
                                         is defined under the United States Securities Exchange Act of 1934, other than (1) Existing
                                         Shareholders, and (2) Executive Management become the beneficial owners, directly or
                                         indirectly, of securities of Innocoll AG representing more than fifty percent (50%) of
                                         the combined voting power of all of Innocoll AG’s then outstanding securities,
                                         or
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| | (b) | Any transfer of all or substantially all of the assets of Innocoll
                                         AG, including without limitation Innocoll AG’s rights under this Agreement, to
                                         any entity where more than fifty percent (50%) of the combined voting power of all of
                                         such entity’s then outstanding securities is owned by a Person or group of Persons
                                         other than (1) Existing Shareholders, and (2) Executive Management.
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Notwithstanding
the foregoing, no transaction will constitute a Change in Control unless such transaction also constitutes a “change in
ownership” of Innocoll AG or a “change in ownership of a substantial portion of the assets” of Innocoll AG within
the meaning of United States Treasury Regulation Section 1.409A-3(i)(5)(v) or 1.409A-3(i)(5)(vii), respectively.



| | 1.5 | “Company’s Business”
                                         means:
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| | (a) | the business of development and commercialization of products
                                         based on collagen based drug delivery technologies, including without limitation, products
                                         that are administered by implantation, topically, bucally, orally or intra-ocularly;
                                         and
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| | (b) | any other material business conducted or under development
                                         during the Restrictive Period by Company, any Affiliate of Company, or any current or
                                         prospective business partner or collaborator of the Company or Innocoll AG.
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| | 1.6 | “Effective Date” means
                                         September 1, 2015.
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| | 1.7 | “Executive Management”
                                         means collectively, all Persons who have been, are or hereafter shall be officers of
                                         the Company or Innocoll AG otherwise in an executive or management position with Company
                                         or Innocoll AG.
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| | 1.8 | “Existing Shareholders”
                                         means collectively, all shareholders of record of Innocoll AG as of the date of this
                                         Agreement, all shareholders or general and limited partners of any shareholder of record
                                         of Innocoll AG as of the date of this Agreement (each such partner or shareholder being
                                         hereinafter referred to as “Partner”), all members of the immediate family
                                         of each such Partner, including without limitation, all parents, children, grandchildren,
                                         spouses and siblings thereof, and all spouses of each of the foregoing, all other Persons,
                                         directly or indirectly, owned or controlled by any Existing Shareholder or Partner or
                                         in which any Existing Shareholder or Partner has any material interest.
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| | 1.9 | “Exit Date” means the date on which Executive ceases
                                         to be employed by Company or any of its Affiliates.
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| | 1.10 | “Person” means any association, company, corporation,
                                         estate, individual, limited liability company, limited liability partnership, limited
                                         partnership, family limited partnership, general partnership, individual, trust or other
                                         entity or organization of any nature.
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| | 1.11 | “Restrictive Period” means
                                         the period of time that commences on the date of this Agreement and ends three hundred
                                         sixty-five (365) days following the Exit Date.
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| | 1.12 | “Subsidiary” means any corporation of which Company
                                         and/or Innocoll AG owns or controls, directly or indirectly, through one (1) or more
                                         Affiliates or other Subsidiaries, more than fifty percent (50%) of the combined voting
                                         power of all of the outstanding securities of capital stock of such corporation and includes,
                                         without limitation, Innocoll Pharmaceuticals, Ltd., an Irish private limited company,
                                         its subsidiary Syntacoll GmbH, a German limited liability company, Innocoll Technologies
                                         Ltd., an Irish private limited company, and Innocoll, Inc., a Virginia corporation.
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| | 2. | No
                                         Conflicting Agreements. Executive (a) represents to Company that he is not
                                         currently subject to, and shall not hereafter become subject to, any employment agreement,
                                         confidentiality agreement, non-competition agreement, non-disclosure agreement or any
                                         other agreement, covenant, understanding or restriction which would prohibit Executive
                                         from fully observing and performing his duties and responsibilities to Company or would
                                         otherwise in any manner, directly or indirectly, limit or affect the duties and responsibilities
                                         which may now or in the
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2







future
be assigned to Executive by Company; and (b) represents to Company that to the best of his knowledge no current employee of Company
is currently subject to any employment agreement, confidentiality agreement, non-competition agreement, non-disclosure agreement
or any other agreement, covenant, understanding or restriction which prohibits such employee from fully observing and performing
his or her duties and responsibilities to Company or would otherwise in any manner, directly or indirectly, limit or effect the
duties and responsibilities which may now or in the future be assigned to such employee by Company.



| | 3. | Employment.Company employs Executive and Executive accepts such employment in accordance
                                         with the terms of this Agreement including without limitation:
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| | 3.1 | Commencing on the Effective Date and subject to satisfactory
                                         reference and background checks and required documentary proof of Executive’s authorization
                                         to work in the United States, Executive shall serve on a full-time basis as Chief Financial
                                         Officer of the Company and its Affiliates, including Innocoll AG, and shall perform all
                                         duties and accept all responsibilities incident to such position as may be reasonably
                                         assigned to Executive by the Company’s Chief Executive Officer or the Supervisory
                                         Board. Executive shall report to the Company’s Chief Executive Officer and shall
                                         devote substantially all of his business time, attention, and skills to the business
                                         and affairs of the Company. Except for domestic and international travel as reasonably
                                         required to perform Executive’s duties, Executive’s primary work location
                                         will be the Company’s headquarters, which is currently located at 3813 West Chester
                                         Pike, Newtown Square, Pennsylvania 19073.
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| | 3.2 | Simultaneous with the Effective Date, the Supervisory Board (after
                                         consultation with its Compensation Committee), will approve a grant to the Executive
                                         of options to purchase 20,980 ordinary shares under the Innocoll AG 2014 Stock Option
                                         Plan (the “Stock Option Plan”), which (assuming exercise) will represent
                                         approximately 1.25% of the ordinary shares of Innocoll AG outstanding as of the date
                                         of this Agreement. As provided in the Stock Option Plan, the options will be issued pursuant
                                         to a Grant Letter Agreement between Innocoll AG and the Executive (the “Grant Letter”)
                                         and have an exercise price equal to fair market value of the ordinary shares of which,
                                         at the Company’s discretion (as set forth in the Grant Letter), will be either
                                         (i) 13.25 times the average closing price of the Company’s ADS on NASDAQ Global
                                         Market on the last 10 trading days immediately preceding the Grant Date, or (ii) 13.25
                                         times the price of Innocoll’s ADS on NASDAQ Global Market on the Grant Date. The
                                         Grant Letter will also provide that the options will vest over three (3) years, with
                                         1/3rd of the options vesting after the first year following the Effective Date, and thereafter
                                         in equal quarterly installments. Options will be issued out of Innocoll AG’s existing
                                         conditional capital and are subject
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3







to
all other terms and conditions of the Stock Option Plan, including, but not limited to, a 4-year mandatory waiting period before
any option can be exercised and certain additional performance thresholds.



| | 3.3 | For each calendar year of the Executive’s continuing employment
                                         starting in 2016, the Supervisory Board (after consultation with its Compensation Committee),
                                         shall consider an annual grant to Executive of additional options under the Stock Option
                                         Plan or a future stock option plan of the Company then in effect based upon a variety
                                         of factors deemed important to the Supervisory Board including the Company’s performance
                                         and the competitiveness of the Executive’s compensation within the relevant market,
                                         with a target for consideration of 0.2% of the number of ordinary shares issued and outstanding
                                         on the date of the grant. The annual grant shall be in the sole discretion of the Compensation
                                         Committee and the Supervisory Board (the “Annual Equity Grant”). The Compensation
                                         Committee and the Supervisory Board shall further have the discretion to issue to the
                                         Executive additional equity compensation, including but not limited to options, as it
                                         may determine from time to time and will consider changes in the capital of the Company
                                         when making such decisions.
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| | 3.4 | For all services rendered by Executive hereunder, so long as
                                         Executive is employed by Company, Company shall pay Executive an annual base compensation
                                         (“Base Salary”) of Four Hundred Thousand Dollars ($400,000) payable in installments
                                         at such time as Company customarily pays its other U.S. employees and shall provide Executive
                                         with such medical, dental, life, retirement, and disability insurance benefits as are
                                         provided to other U.S. executives of the Company. The Supervisory Board shall review
                                         Executive’s Base Salary at least annually and may from time to time adjust Executive’s
                                         Base Salary in its sole discretion. Nothing contained herein shall be deemed to establish
                                         any specific term of employment.
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| | 3.5 | Annually throughout the employment relationship, the Supervisory
                                         Board shall establish annual corporate goals and objectives (“Annual Corporate
                                         Goals”) and annual individual goals and objectives (“Annual Individual Goals”)
                                         applicable to Executive for the then current calendar year. In the event that Company
                                         shall fully achieve all of the Annual Corporate Goals and Executive shall fully achieve
                                         all of his Annual Individual Goals applicable to any calendar year, Executive shall be
                                         eligible for a targeted performance bonus (“Annual Target Performance Bonus”)
                                         of forty percent (40%) of Executive’s Base Salary; provided that the Supervisory
                                         Board shall have the discretion to pay an annual bonus to Executive even if Innocoll
                                         AG does not fully achieve all of the Annual Corporate Goals or Executive does not fully
                                         achieve all of his Annual Individual Goals applicable to any calendar year and shall
                                         have the discretion to pay Executive an annual bonus in excess of the Annual Target Performance
                                         Bonus if Innocoll AG exceeds the Annual Corporate Goals and Executive exceeds his Annual
                                         Individual Goals. Executive’s bonus in any year shall
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4







not
exceed one hundred fifty percent (150%) of the Annual Target Performance Bonus. Such Annual Targeted Performance Bonus or other
annual bonus as may be determined by the Supervisory Board in its discretion shall be payable at such time and in such manner
during the one hundred twenty (120) day period immediately following December 31 of such calendar year as the Supervisory Board
shall determine in its sole discretion.



| | 3.6 | So long as Executive is employed by
                                         Company, Executive shall be entitled to four (4) weeks annual vacation in accordance
                                         with such policies as Company shall from time to time promulgate.
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| | 4. | No
                                         Solicitation/Hire. During the Restrictive Period, Executive shall not, either
                                         directly or indirectly, employ or solicit the employment of any Person or engage, solicit
                                         the engagement as a consultant of any Person, who is employed by Innocoll AG, Company
                                         or any of its Affiliates in an executive, management, marketing, scientific or technical
                                         capacity on a full or part-time basis as of the date of termination of the employment
                                         relationship between Company and Executive or within the one (1) year period immediately
                                         preceding the Exit Date.
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| | 5. | Covenant-Not-To-Compete,During the Restrictive Period, Executive shall not, and shall not encourage
                                         or permit any of his Affiliates, or any other Person, directly or indirectly, to:
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| | 5.1 | engage in competition with, or acquire a direct or indirect interest
                                         or an option to acquire such an interest in any Person engaged in competition with Company’s
                                         Business or Innocoll AG’s business anywhere in the world (other than an interest
                                         of not more than five percent (5%) of the outstanding stock of any publicly traded company);
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| | 5.2 | serve as a director, officer, employee, consultant, agent or
                                         representative of, or furnish information to, or otherwise facilitate in any way the
                                         efforts of, any Person engaged in competition with Company’s Business or Innocoll
                                         AG’s business anywhere in the world;
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| | 5.3 | solicit, employ, interfere with or attempt to entice away from
                                         Company, Innocoll AG or any Affiliate of Company any Person who has been employed or
                                         was engaged by Company, Innocoll AG or any such Affiliate in an executive, management,
                                         marketing, scientific or technical capacity in connection with the conduct of Company’s
                                         Business or Innocoll AG’s Business within one year prior to such solicitation,
                                         employment, interference or enticement; or
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| | 5.4 | approach for any business or commercial
                                         purpose any Person who competes with or has plans of which Executive is aware to compete
                                         with Company’s Business or Innocoll AG’s Business, or solicit or deal with
                                         any Person who at any time during the one (1) year period immediately preceding the Exit
                                         Date was a customer, client, supplier, agent or distributor of Company, Innocoll AG or
                                         any Affiliate or, as of the Exit
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5







Date,
was the subject of active Company efforts to become a customer, client, supplier, agent or distributor of the Company.



The
Restrictive Period shall be automatically extended for any period of time during which the Executive has breached, or threatened
to breach, any provisions hereof. The geographic scope of the covenants set forth in this Section 5 shall be worldwide and Executive
acknowledges that the business of Company and its Affiliates is worldwide and therefore the geographic scope of such covenants
is reasonable and necessary to protect the interests of Company and Innocoll AG.



| | 6. | Benefits
                                         Payable Upon Termination of Employment.
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| | 6.1 | Except as specifically provided in this Agreement or required
                                         by applicable law, upon termination of the employment relationship between Company and
                                         Executive for any reason, all duties and obligations of Company to Executive and all
                                         rights, remedies, compensation, benefits, privileges, grants and options of Executive
                                         shall cease and terminate as of the Exit Date; provided, however, that Executive shall
                                         be entitled to receive the following: (a) payment of accrued but unpaid Base Salary up
                                         to the Exit Date, if any, (b) any Annual Target Performance Bonus earned but unpaid for
                                         the year preceding the year in which the Exit Date falls, (c) unreimbursed business expenses,
                                         and (d) any vested or accrued benefits as of the Exit Date under any benefit plans maintained,
                                         or contributed to, by the Company, or any disability benefits program sponsored by the
                                         Company (excluding for such purposes any stock option or similar plans), subject to the
                                         terms and conditions of each such plan or program.
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| | 6.2 | Executive shall be entitled to the compensation and benefits specified
                                         in Section 6.3 hereof if Executive’s employment by Company is terminated (a) by
                                         Company, other than by reason of any of the events set forth in Section, 6.4 or 6.5 below,
                                         or (b) by Executive as a result of (or in connection with) any of the following: (i)
                                         a material breach by the Company of this Agreement; (ii) a change in Executive’s
                                         position with the Company that materially reduces the Executive’s level of authority,
                                         responsibilities, or duties; (iii) a material reduction in the Executive’s fixed
                                         annual salary or benefits; or (iv) a change by the Company of Executive’s primary
                                         place of work to a new location greater than fifty (50) miles from Executive’s
                                         work location. In the event that Executive seeks to terminate his employment pursuant
                                         to this Section, he must first provide the Company with thirty (30) days written notice
                                         and an opportunity to cure pursuant to Section 9 of this Agreement. For Executive to
                                         invoke this provision, Executive must provide written notice within thirty (30) days
                                         of becoming aware of the fact or circumstance allegedly giving rise to a basis to terminate
                                         hereunder and, after the Company’s thirty-day cure period has expired, Executive
                                         must terminate within thirty (30) days after said expiration.
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| | 6.3 | Upon termination of employment as set forth in Section 6.2 or
                                         Section 8 of this Agreement, and on the condition of signing a separation agreement including
                                         a plenary release in a form acceptable to the Company, Executive shall be entitled to
                                         Base Salary payable in installments and in such amounts as were in effect on the date
                                         of termination of Executive’s employment for twelve (12) months after the date
                                         the employment relationship between Company and Executive ends. Executive shall be entitled
                                         to reimbursement for a continuation of all medical, dental, and life insurance benefits
                                         in substantially the same manner and amount to which Executive was entitled on the date
                                         of termination of Executive’s employment until the earlier of (i) one (1) year
                                         after termination of Executive’s employment by Company, or (ii) Executive becomes
                                         eligible for similar benefits with any new employer or other Person.
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| | 6.4 | Executive shall not be entitled to any compensation or benefits,
                                         including without limitation those referred in Section 6.3 of this Agreement, in the
                                         event that the employment relationship between Company and Executive ends for “Cause,”
                                         which means: Executive’s admission of any dishonest or illegal act or omission;
                                         Executive’s conviction of any misdemeanor or felony pertaining to or involving
                                         dishonesty, harassment or violence; any negligent act or omission by Executive which
                                         has a material adverse effect upon Company; Executive’s willful misconduct; any
                                         representation to Company by Executive contained in this Agreement is materially false
                                         or misleading; Executive’s failure to implement or observe any lawful directive
                                         of the Board or Supervisory Board, or Executive’s breach, violation or default
                                         of any of the covenants, duties or obligations imposed upon Executive pursuant to this
                                         Agreement and the failure to cure the same (if curable as permitted by Section 9 of this
                                         Agreement) within thirty (30) days after receiving written notice from Company of the
                                         same; or Executive’s failure to fully perform such performance standards as shall
                                         be determined from time to time by the Supervisory Board and the failure to cure the
                                         same within thirty (30) days after receiving written notice from Company of the same.
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| | 6.5 | Death
                                         or Disability. In the event of the Executive’s death while employed
                                         by the Company, the Company shall pay to the Executive’s estate all compensation
                                         and benefits earned through the date of death. In the event of Executive’s inability
                                         to perform fully his duties and responsibilities to Company to the full extent required
                                         by the Board by reason of illness, injury or incapacity for ninety (90) consecutive days,
                                         or for more than one hundred twenty (120) days in the aggregate during any period of
                                         twelve (12) consecutive calendar months, the Company shall pay to the Executive all compensation
                                         and benefits earned through the date of disability. Additionally, in the event of death,
                                         Executive’s beneficiaries shall be entitled to receive the proceeds from any applicable
                                         policy of life insurance obtained by the Company for the benefit of such beneficiaries.
                                         In the event of disability, Executive shall be entitled to receive the
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7







proceeds
from any applicable disability insurance policy obtained by the Company for the benefit of the Executive.



| | 6.6 | Upon termination of Executive’s employment for any reason,
                                         Executive agrees to resign from any and all other positions, boards, and committees of
                                         the Company and its Affiliates and all Company property shall be returned by Executive
                                         to Company within three (3) days of such termination. All other compensation and benefits
                                         of any nature provided by Company not otherwise addressed in this Agreement shall terminate
                                         as of the date of termination of Executive’s employment.
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| | 7. | Confidential
                                         Information/Developments.
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| | 7.1 | Executive recognizes and acknowledges that by reason of his employment
                                         by and service to Company, he shall have access to financial, marketing, scientific,
                                         technical, proprietary and other confidential information of Company and its Affiliates,
                                         including information and knowledge pertaining to Company’s standard operating
                                         procedures, processes and formulae, whether patentable or not, Company’s pharmaceutical
                                         procedures, products and services offered, research ideas, product testing and development,
                                         clinical test results, methods, inventions, innovations, recipes and formulae, designs,
                                         ideas, plans, trade secrets, know-how, distribution and sales methods and systems, sales
                                         and profit figures, customer and client lists, supplier lists, confidential information
                                         obtained from third parties and relationships between Company and its Affiliates, distributors,
                                         customers, clients, suppliers and others who have business dealings with Company and
                                         its Affiliates and other information not known to Company’s competitors (all of
                                         the foregoing being hereinafter referred to as “Confidential Information”).
                                         Executive acknowledges that the Confidential Information is a valuable and unique asset
                                         of Company and covenants that he shall not, either during the period of time during which
                                         Executive is employed by Company or at any time thereafter, disclose any such Confidential
                                         Information to any Person for any reason whatsoever without the prior written authorization
                                         of the Board, unless such information is in the public domain through no fault of Executive
                                         or except (a) as may be required by law with prior notice to Company, or (b) to the extent
                                         that such disclosure is provided on a “need-to-know” basis in the proper
                                         service of Company’s business interests.
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| | 7.2 | Executive further recognizes and acknowledges that, in light of
                                         his particular duties and responsibilities to Company, all inventions, discoveries, programs,
                                         programming techniques, underlying program designs and/or concepts, machinery, products,
                                         processes, computer hardware, information systems, software (including without limitation
                                         source code, object code, documentation, diagrams and flow charts) and improvements,
                                         whether patentable or not, which have been or may in the future be made by him during
                                         the course of his duties to Company which relate to any business or activity of Company,
                                         whether solely or jointly
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8







with
others, whether during or outside normal working hours and whether on or off the premises of Company (all of the foregoing being
hereinafter referred to as “Inventions and Discoveries”), are and shall be and remain the exclusive property of Company,
whether or not disclosed, assigned or transferred at the time of the termination of the employment relationship established pursuant
to this Agreement.



| | 7.3 | Without request, Executive shall promptly and fully disclose to
                                         the Board and/or Supervisory Board and to no other Person the Inventions and Discoveries
                                         referred to in Section 7.2 above and shall assign to Company all of his rights throughout
                                         the world to such Inventions and Discoveries. Upon the request of Company, either during
                                         the period of time during which Executive is employed by Company or thereafter, Executive
                                         or his personal representatives, at the sole expense and subject to the exclusive control
                                         of Company, shall apply or join with Company in applying for a patent, trademark, trade
                                         name or registered mark or design in all such countries of the world as Company may in
                                         its sole discretion determine, and further shall execute all papers necessary therefore
                                         including without limitation assignments to Company, or its nominee, without further
                                         consideration.
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| | 8. | Termination
                                         of Employment in Connection with a Change in Control.IfExecutive’s
                                         employment is terminated within one hundred eighty (180) days before or after a Change
                                         in Control for any reason other than (a) Cause, or (b) Executive’s resignation
                                         that does not qualify under Section 6.2, then any and all of the shares and/or options
                                         of Innocoll AG owned by Executive that remain subject to forfeiture shall automatically
                                         become no longer subject to forfeiture upon the latter to occur of: (i) the occurrence
                                         of the Change in Control, or (ii) the termination of Executive’s employment as
                                         provided above; provided, however, that if Executive’s resignation qualifies under
                                         Section 6.2, Executive must comply with the thirty (30) days written notice and opportunity
                                         to cure requirements of Section 6.2, and in such event, Executive shall be entitled to
                                         the compensation and benefits specified in Section 6.3 hereof, as well as, the acceleration
                                         of vesting of his equity compensation, subject to limitations imposed under German law.
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| | 9. | Remedies.
                                         Except as otherwise provided in this Agreement, upon any breach, violation or default
                                         by either party to this Agreement (“Defaulting Party”) of any of the representations,
                                         covenants, duties or obligations imposed upon such Defaulting Party pursuant to this
                                         Agreement, and, if curable, the failure of such Defaulting Party to cure such breach,
                                         violation or default within ten (10) days of the date of the giving of notice by the
                                         other party to this Agreement (“Non-Defaulting Party”), the Non-Defaulting
                                         Party shall have all rights and remedies which are contained in this Agreement and all
                                         other rights and remedies which are at law, in equity or by statute permitted or provided,
                                         all such rights and remedies to be cumulative and concurrent. Notwithstanding anything
                                         to the contrary, Executive shall have no right to cure any breach, violation or default
                                         of any representation, covenant, duty or obligation imposed upon Executive pursuant to
                                         this Agreement which arises out of, pertains to or constitutes any dishonest or
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9







illegal
act or omission, any conviction of any misdemeanor or felony pertaining to or involving dishonesty, harassment or violence, commission
of any willful misconduct or any breach, violation or default upon the provisions of Sections 5 or 7 of this Agreement.



| | 10. | Disability
                                         Payments. In the event that Company shall obtain or procure any disability
                                         or similar insurance which makes payments to Executive (“Disability Payments”)
                                         on account of Executive being unable to perform his duties and obligations to Company
                                         by reason of illness, injury or incapacity, the aggregate amount of such Disability Payments
                                         shall constitute a credit on a dollar for dollar basis against all amounts, including
                                         without limitation Base Salary, owing by Company to Executive and shall decrease on a
                                         dollar for dollar basis such amounts owing by Company, and Company shall be released
                                         to such extent. Nothing contained in this Section shall impose any duty or obligation
                                         upon Company to obtain any such insurance.
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| | 11. | Papers.All correspondence, memoranda, notes, records, reports, drawings, lists, photographs,
                                         plans and other papers and items received or made by Executive in connection with his
                                         employment by Company shall be the property of Company. Executive shall deliver all such
                                         materials, and all copies thereof in whatever form stored, to Company upon request of
                                         Company and, even if it does not request, when his employment by Company ends.
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| | 12. | Compliance
                                         with 409A and 280G of the United States Internal Revenue Code.
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| | 12.1 | The intent of the parties is that all payments of compensation
                                         and benefits under this Agreement will comply with Section 409A of the United States
                                         Internal Revenue Service Code (the “Code”) and regulations and guidance promulgated
                                         thereunder to the extent such compensation and benefits are not exempt from Section 409A
                                         of the Code as short-term deferrals or otherwise. Accordingly, to the maximum extent
                                         permitted, this Agreement shall be interpreted to be in compliance with Section 409A
                                         of the Code.
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| | 12.2 | If and to the extent required to comply with Section 409A of
                                         the Code, with respect to any payments or benefits required to be paid on account of
                                         Executive’s termination of employment, “termination of employment”
                                         or words to similar effect shall mean “separation from service” as defined
                                         in Section 409A of the Code and regulations issued thereunder.
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| | 12.3 | Notwithstanding any provision of this Agreement to the contrary,
                                         if Executive is considered a specified employee (as defined below) at the time of his
                                         separation from service, under such procedures as established by Company in accordance
                                         with Section 409A of the Code, all payments hereunder that are both treated as deferred
                                         compensation as defined in applicable regulations issued under to Section 409A of the
                                         Code (after taking into account any applicable exemptions, including without limitation
                                         the exemption for short-term deferrals as described in United
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10







States
Treasury Regulation 1.409A-1(b)(4) and the exemption for separation pay plans described in Unites States Treasury Regulation Section
1.409A-1(b)(9)(iii)) and are payable on account of Executive’s separation from service (for any reason other than his death)
may not commence earlier than the earlier of (i) six (6) months after the date of Executive’s separation from service or
(ii) the date of Executive’s death. Therefore, in the event this provision is applicable to Executive, any such payment
to which the preceding sentence applies that would otherwise be paid to Executive within the first six (6) months following his
separation from service shall be accumulated and paid to Executive or his estate in a lump sum on the first regularly scheduled
pay date following the first day of the seventh calendar month that begins following Executive’s separation from service
(or, if earlier, upon Executive’s death). All subsequent distributions shall be paid in the manner otherwise specified in
this Agreement. The term “specified employee” shall have the meaning set forth in Section 409A of the Code and regulations
thereunder.



| | 12.4 | Each payment of remuneration or benefits paid to Executive or
                                         his estate following his separation from service pursuant to Section 6.3 of this Agreement
                                         shall be treated as a separate payment for purposes of Section 409A of the Code and the
                                         regulations thereunder. To the extent that the payment of any remuneration or benefits
                                         to Executive pursuant to Section 6.3 of this Agreement is conditioned on Executive’s
                                         execution of a plenary release of all claims, such release must be executed and the applicable
                                         revocation period provided for thereunder must expire (without any revocation of such
                                         release) no later than sixty days after Executive’s separation from service. As
                                         soon as practicable after the expiration of the applicable revocation period under the
                                         release expires without any revocation of such release (but no later than March 15 of
                                         the calendar year following the calendar year in which Executive’s separation from
                                         service occurred), the Company will promptly pay Executive (or his estate if his has
                                         died) any amounts that were conditioned upon his execution of a complete and general
                                         release and which were otherwise due and payable at the time such revocation period expires.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.5 | To the extent that any expense reimbursement, fringe benefit,
                                         in-kind benefit (including any reimbursement described in Section 6.3 of this Agreement)
                                         or any similar benefit to which Executive is entitled pursuant to this Agreement or pursuant
                                         to any other plan or arrangement in which Executive participates during his period of
                                         employment or thereafter provides for a “deferral of compensation” within
                                         the meaning of Section 409A of the Code, (i) the amount of expenses eligible for reimbursement
                                         provided to Executive during any calendar year shall not affect the amount of expenses
                                         eligible for reimbursement or in-kind benefits provided to Executive in any other calendar
                                         year, (ii) the reimbursements for expenses for which Executive is entitled to be reimbursed
                                         shall be made on or before the last day of the calendar year following the calendar year
                                         in which the applicable expense is incurred, and (iii) the right to payment or
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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reimbursement
or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.



| | 12.6 | To the extent that
                                         the payments and benefits provided under this Agreement and benefits provided to, or
                                         for the benefit of, Executive under any other plan or agreement of the Company or any
                                         of its Affiliates (such payments or benefits are collectively referred to as the “Payments”)
                                         would be subject to the excise tax (the “Excise
                                         Tax”) imposed under Section 4999 of the Code or any successor provision
                                         thereto, or any similar tax imposed by state or local law, the Payments shall be reduced
                                         (but not below zero) to the extent necessary so that no Payment to be made or benefit
                                         to be provided to Executive shall be subject to the Excise Tax (such reduced amount is
                                         hereinafter referred to as the “Limited
                                         PaymentAmount”),
                                         but only if such reduction results in a higher after-tax payment to Executive after taking
                                         into account the Excise Tax and any additional taxes Executive would pay if such Payments
                                         and benefits were not reduced. The determination of whether the Payments shall be reduced
                                         to the Limited Payment Amount pursuant to this Agreement and the amount of such Limited
                                         Payment Amount shall be made by the Company’s regular accounting firm (the “Accounting
                                         Firm”). The Accounting Firm shall provide its determination (the “Determination”),
                                         together with detailed supporting calculations and documentation to the Company and Executive
                                         within thirty (30) days of the Exit Date or such other time as specified by mutual agreement
                                         of the Company and Executive. The Determination shall be binding, final and conclusive
                                         upon the Company and Executive.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13. | Enforcement.Executive acknowledges that any breach, violation or default by Executive
                                         of any of the representations, duties or obligations imposed upon Executive pursuant
                                         to this Agreement may cause Company immediate and irreparable harm for which Company’s
                                         remedies at law (such as money damages) will be inadequate. Company shall have the right,
                                         in addition to any other rights it may have, to obtain an injunction to restrain any
                                         breach or threatened breach of this Agreement. Should any provision of this Agreement
                                         be adjudged to any extent invalid by any competent tribunal, that provision shall be
                                         deemed modified to the extent necessary to make it enforceable. Company may contact any
                                         Person with or for whom Executive works after his employment by Company ends and may
                                         send that Person a copy of this Agreement.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14. | Binding
                                         Effect. Executive’s undertakings hereunder shall bind him and his heirs
                                         and legal representatives regardless of (a) the duration of his employment by Company,
                                         (b) any change in his title, duties or the nature of his employment, (c) the reasons
                                         for or manner of termination of his employment, (d) the amount of his compensation, or
                                         (e) Change in Control. The duties and responsibilities of Executive to Company are of
                                         a personal nature and shall not be assignable or delegatable in whole or in part by Executive.
                                         Company shall have the absolute right to assign all or any part of this Agreement without
                                         the consent of Executive. In the event of any assignment by Company of this Agreement,
                                         Company’s
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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assignee
shall have the right to enforce each of the provisions of this Agreement, including without limitation, Sections 4, 5, 7, 9, 11,
12 and 13 of this Agreement and in such event, as used in this Agreement, “Company” shall include without limitation
any assignee or other successor to its business or assets.



| | 15. | Miscellaneous.This Agreement (a) supersedes all prior understandings, discussions, negotiations,
                                         correspondence and other writings and constitutes the entire understanding between Company
                                         and Executive about the subject matter covered by this Agreement, (b) may be modified
                                         or varied only in writing signed by Company and Executive, (c) shall survive the termination
                                         of the employment relationship between Company and Executive, (d) is subject to and contingent
                                         and conditioned upon approval by the Supervisory Board and shall not be binding upon
                                         Company unless and until such approval by the Supervisory Board is given, and (e) shall
                                         be governed by Pennsylvania law without giving effect to any conflict of laws provisions,
                                         except to the extent that mandatory rules of German corporate law are controlling.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16. | Legal
                                         Fees. The Company shall pay Executive’s reasonable legal fees and expenses
                                         incurred by him in connection with the negotiation and documentation of this Agreement
                                         up to a maximum of $15,000, upon presentation of appropriate documentation, but not later
                                         than sixty (60) days after such presentation.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 17. | Jurisdiction.The parties hereto agree that any legal suit, action, or proceeding between
                                         them arising out of or relating to this Agreement shall be brought in the appropriate
                                         state or federal court in or for the Pennsylvania county in which the Company’s
                                         principal U.S. office is located or, if none, then Chester County, Pennsylvania and the
                                         parties each waive any defense as to personal jurisdiction therein.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



IN
WITNESS WHEREOF,andINTENDING TO BE LEGALLY BOUND HEREBY, the parties to this Agreement have executed this Agreement
as of the___day of July, 2015.



|Innocoll,
    Inc. |              
|------------------ | -------------
|                   |              
|                   |              
|Name:              |              
|Title:             |              
|                   |              
|Jose
    Carmona   |              
|                   |              
|/s/ Jose Carmona   | 29 July, 2015
|Jose Carmona       |              



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