Document:

EX-10.5

 Exhibit 10.5 

ASCENDIS PHARMA A/S 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is effective as of [—]
by and between Ascendis Pharma A/S, a corporation incorporated under the laws of Denmark (the “Company”), and «Indemnitee» (“Indemnitee”). 

A. The Company recognizes the difficulty in obtaining liability insurance for its directors, officers, employees, controlling persons,
fiduciaries and other agents and affiliates, the significant cost of such insurance and the general limitations in the coverage of such insurance. 

B. The Company further recognizes the substantial increase in corporate litigation in general, subjecting directors, officers, employees,
controlling persons, fiduciaries and other agents and affiliates to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited. 

C. The current protection available to directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates of the
Company may not be adequate under the present circumstances, and directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates of the Company (or persons who may be alleged or deemed to be the same), including the
Indemnitee, may not be willing to serve or continue to serve or be associated with the Company in such capacities without additional protection. 

D. The Company (a) desires to attract and retain the involvement of highly qualified persons, such as Indemnitee, to serve and be
associated with the Company, and (b) accordingly, wishes to provide for the indemnification and advancement of expenses to the Indemnitee to the maximum extent permitted by law. 

E. In view of the considerations set forth above, the Company desires that Indemnitee shall be indemnified and advanced expenses by the
Company as set forth herein. 
 AGREEMENT: 

In consideration of the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 
 1. Certain Definitions. 

(a) “Change in Control” shall be deemed to have occurred if, on or after the date of this Agreement, (i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company acting in such
capacity or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under said
Act), directly or indirectly, of securities of the Company 

  
 1 

 
representing more than fifty percent (50%) of the total voting power represented by the Company’s then outstanding Voting Securities, (ii) during any period of two
(2) consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company and any new director whose election by the Board of Directors or nomination for election by the Company’s stockholders
was approved by a vote of at least two- thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to
constitute a majority thereof, (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation other than a merger or consolidation which would result in the Voting Securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least eighty percent (80%) of the total voting power represented by the
Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation or (iv) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of (in one transaction or a series of related transactions) all or substantially all of the Company’s assets. 

(b) “Claim” shall mean with respect to a Covered Event: any threatened, asserted, pending or completed action, suit,
proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation (formal or informal) that Indemnitee [(or in the case of a Fund Indemnitor (as defined in Section 18 below) seeking to be indemnified, a Fund
Indemnitor)] 1 in good faith believes might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative,
investigative or other, including any appeal therefrom. 
 (c) References to the “Company” shall include, in addition to
Ascendis Pharma A/S, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which Ascendis Pharma A/S (or any of its wholly owned subsidiaries) is a party, which, if its separate existence
had continued, would have had power and authority to indemnify its directors, officers, employees, agents or fiduciaries, so that if Indemnitee is or was a director, officer, employee, agent or fiduciary of such constituent corporation, or is or was
serving at the request of such constituent corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, Indemnitee shall stand in the same
position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 

(d) “Covered Event” shall mean any event or occurrence by reason of the fact that Indemnitee is or was a director, officer,
employee, agent or fiduciary of the Company, or any subsidiary of the Company, direct or indirect, whether before or after the date of this Agreement, or is or was serving at the request of the Company as a director, officer, employee, agent or
fiduciary of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity, whether before or after the date of this Agreement. 

 

	1 	Note to Form: To be included when applicable. 

  
 2. 

 (e) “Expense Advance” shall mean a payment to Indemnitee for Expenses pursuant
to Section 3 hereof, in advance of the settlement of or final judgment in any action, suit, proceeding or alternative dispute resolution mechanism, hearing, inquiry or investigation, which constitutes a Claim. 

(f) “Expenses” shall mean any and all direct and indirect costs, losses, claims, damages, fees, expenses and liabilities,
joint or several (including reasonable attorneys’ fees and all other costs, expenses and obligations reasonably incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to
defend, to be a witness in or to participate in, any action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), judgments, fines, penalties and amounts paid in settlement (if such settlement is approved
in advance by the Company, which approval shall not be unreasonably withheld) actually and reasonably incurred, of any Claim and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any
payments under this Agreement. 
 (g) “Independent Legal Counsel” shall mean an attorney or firm of attorneys, selected in
accordance with the provisions of Section 2(d) hereof, who shall not have otherwise performed services for (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the rights
of Indemnitee under this Agreement, or of other indemnitees under similar indemnity agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder, within the last three (3) years. Notwithstanding the
foregoing, the term “Independent Legal Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in
an action to determine Indemnitee’s rights under this Agreement. 
 (h) References to “other enterprises” shall
include employee benefit plans; references to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving at the request of the Company” shall
include any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants
or its beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner
“not opposed to the best interests of the Company” as referred to in this Agreement. 
 (i) “Reviewing
Party” shall mean, subject to the provisions of Section 2(d), any person or body appointed by the Board of Directors in accordance with applicable law to review the Company’s obligations hereunder and under applicable law, which
may include a member or members of the Company’s Board of Directors, Independent Legal Counsel or any other person or body not a party to the particular Claim for which Indemnitee is seeking indemnification, exoneration or hold harmless rights.
In the absence of the appointment of another Reviewing Party, but subject to the provisions of Section 2(d), the full Board of Directors shall be deemed to be the “Reviewing Party” within the meaning of this Agreement. 

  
 3. 

 (j) “Section” refers to a section of this Agreement unless otherwise indicated.

 (k) “Voting Securities” shall mean any securities of the Company that are entitled to vote generally in the election of
directors. 
 2. Indemnification. 

(a) Indemnification of Expenses. Subject to the provisions of Section 2(b) below, the Company shall indemnify, exonerate or hold
harmless Indemnitee for Expenses to the fullest extent permitted by applicable law, including for clarity the Danish Companies Act and principles derived from said Act, if Indemnitee was, is or becomes a party to or witness or other participant in,
or is threatened to be made a party to or witness or other participant in, any Claim (whether by reason of or arising in part out of a Covered Event), including all interest, assessments and other charges incurred in connection with or in respect of
such Expenses. 
 (b) Review of Indemnification Obligations. 

(i) Notwithstanding the foregoing, in the event any Reviewing Party shall have determined (in a written opinion, in any case in which
Independent Legal Counsel is the Reviewing Party) that Indemnitee is not entitled to be indemnified, exonerated or held harmless hereunder under applicable law, (A) the Company shall have no further obligation under Section 2(a) to make
any payments to Indemnitee not made prior to such determination by such Reviewing Party and (B) the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all Expenses theretofore paid in
indemnifying, exonerating or holding harmless Indemnitee (within thirty (30) days after such determination); provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court (including
arbitrational court) of competent jurisdiction to secure a determination that Indemnitee is entitled to be indemnified, exonerated or held harmless hereunder under applicable law, any determination made by any Reviewing Party that Indemnitee is not
entitled to be indemnified hereunder under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expenses theretofore paid in indemnifying, exonerating or holding harmless Indemnitee until a final
judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). Indemnitee’s obligation to reimburse the Company for any Expenses shall be unsecured and no interest shall be
charged thereon. 
 (ii) Subject to Section 2(b)(iii) below, if the Reviewing Party shall not have made a determination within
forty-five (45) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be
entitled to such indemnification, absent (A) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for
indemnification or (B) a prohibition of such indemnification under applicable law; provided, however, that such 45-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person,
persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto. 

  
 4. 

 (iii) Notwithstanding anything in this Agreement to the contrary, no determination as to
entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of the Claim. 

(c) Indemnitee Rights on Unfavorable Determination; Binding Effect. If any Reviewing Party determines that Indemnitee substantively is
not entitled to be indemnified, exonerated or held harmless hereunder in whole or in part under applicable law, Indemnitee shall have the right to commence litigation seeking an initial determination by the court (including arbitrational court) or
challenging any such determination by such Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and, subject to the provisions of Section 15 hereof, the Company hereby consents to service of process and to
appear in any such proceeding. Absent such litigation, any determination by any Reviewing Party shall be conclusive and binding on the Company and Indemnitee. 

(d) Selection of Reviewing Party; Change in Control. If there has not been a Change in Control, any Reviewing Party shall be selected
by the Board of Directors, which may be the full Board of Directors in the absence of the selection of another Reviewing Party, and if there has been such a Change in Control (other than a Change in Control which has been approved by a majority of
the Company’s Board of Directors who were directors immediately prior to such Change in Control), any Reviewing Party with respect to all matters thereafter arising concerning Indemnitee’s indemnification, exoneration or hold harmless
rights for Expenses under this Agreement or any other agreement or under the Company’s articles of association or bylaws as now or hereafter in effect, or under any other applicable law, if desired by Indemnitee, shall be Independent Legal
Counsel selected by the Indemnitee and approved by Company (which approval shall not be unreasonably withheld). Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent
Indemnitee would be entitled to be indemnified, exonerated or held harmless hereunder under applicable law and the Company agrees to abide by such opinion. The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred to
above and to fully indemnify, exonerate and hold harmless such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.
Notwithstanding any other provision of this Agreement, the Company shall not be required to pay Expenses of more than one Independent Legal Counsel in connection with all matters concerning a single Indemnitee, and such Independent Legal Counsel
shall be the Independent Legal Counsel for any or all other Indemnitees unless (i) the Company otherwise determines or (ii) any Indemnitee shall provide a written statement setting forth in detail a reasonable objection to such Independent
Legal Counsel representing other Indemnitees. 
 (e) Mandatory Payment of Expenses. Notwithstanding any other provision of this
Agreement other than Section 10 hereof, to the fullest extent permitted by applicable law and to the extent that Indemnitee was a party to (or participant in) and has been successful on the merits or otherwise, including, without limitation,
the dismissal of an action without prejudice, in defense of any Claim, Indemnitee shall be indemnified, exonerated and held harmless against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee

  
 5. 

 
is not wholly successful in such Claim but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Claim, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section and
without limitation, the termination of any claim, issue or matter in such a Claim by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

(f) Contribution. If the indemnification, exoneration or hold harmless rights provided for in this Agreement is for any reason held by
a court (including arbitrational court) of competent jurisdiction to be unavailable to an Indemnitee, then in lieu of indemnifying, exonerating or holding harmless Indemnitee thereunder, the Company shall contribute to the amount paid or required to
be paid by Indemnitee as a result of such Expenses (i) in such proportion as is deemed fair and reasonable in light of all of the circumstances in order to reflect the relative benefits received by the Company and Indemnitee as a result of the
event(s) and/or transaction(s) giving cause to such Claim or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to
in clause (i) above but also the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with the action or inaction which resulted in such Expenses, as well as any other relevant equitable
considerations. In connection with the registration of the Company’s securities, the relative benefits received by the Company and Indemnitee shall be deemed to be in the same respective proportions that the net proceeds from the offering
(before deducting expenses) received by the Company and Indemnitee, in each case as set forth in the table on the cover page of the applicable prospectus, bear to the aggregate public offering price of the securities so offered. The relative fault
of the Company and Indemnitee shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
the Company or Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The Company and Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 2(f) were determined
by pro rata or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. In connection with the registration of the Company’s securities, in no event shall
Indemnitee be required to contribute any amount under this Section 2(f) in excess of the net proceeds received by Indemnitee from its sale of securities under such registration statement. No person found guilty of fraudulent misrepresentation
(including within the meaning of Section 11(a) of the Securities Act of 1933, as amended) shall be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation. 

3. Expense Advances. 

(a) Obligation to Make Expense Advances. The Company shall make Expense Advances to Indemnitee upon receipt of a written undertaking,
in the form attached hereto as Exhibit A, by or on behalf of the Indemnitee to repay such amounts if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified, exonerated or held harmless

  
 6. 

 
therefor by the Company. The Company’s obligation to make Expense Advances to Indemnitee shall not be binding if it would be contrary to Danish law for the Company to agree or make such
Expense Advances, pursuant to the Danish Companies Act or otherwise under Danish law. 
 (b) Form of Undertaking. Any written
undertaking by the Indemnitee to repay any Expense Advances hereunder shall be unsecured and no interest shall be charged thereon. 
 4.
Procedures for Indemnification and Expense Advances. 
 (a) Timing of Payments. All payments of Expenses (including
without limitation Expense Advances) by the Company to the Indemnitee pursuant to this Agreement shall be made to the fullest extent permitted by law as soon as practicable after written demand by Indemnitee therefor is presented to the Company, but
in no event later than forty-five (45) days after such written demand by Indemnitee is presented to the Company, except in the case of Expense Advances, which shall be made no later than twenty (20) days after such written demand by
Indemnitee is presented to the Company. If the Company disputes a portion of the amounts for which indemnification is requested, the undisputed portion shall be paid and only the disputed portion withheld pending resolution of any such dispute. 

(b) Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right to be indemnified,
exonerated or held harmless or Indemnitee’s right to receive Expense Advances under this Agreement, give the Company notice in writing as soon as practicable of any Claim made against Indemnitee for which indemnification, exoneration or hold
harmless rights will or could be sought under this Agreement. Notice to the Company shall be directed to the Chairman of the Board of Directors of the Company at the address shown on the signature page of this Agreement (or such other address as the
Company shall designate in writing to Indemnitee) and shall include a description of the nature of the Claim and the facts underlying the Claim, in each case to the extent known to Indemnitee. To obtain indemnification under this Agreement,
Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification following the final disposition of such Claim. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably require and as shall be within Indemnitee’s power. The
failure by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a
waiver by Indemnitee of any rights under this Agreement, except to the extent (solely with respect to the indemnity hereunder) that such failure or delay materially prejudices the Company. 

(c) No Presumptions; Burden of Proof. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement
(whether with or without court (including arbitrational court) approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or
have any particular belief or that a court (including arbitrational court) has determined that indemnification, exoneration or hold harmless right is not permitted by this Agreement or 

  
 7. 

 
applicable law. In addition, neither the failure of any Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular
belief, nor an actual determination by any Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that
Indemnitee should be indemnified, exonerated or held harmless under this Agreement or applicable law, shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not
have any particular belief. In connection with any determination by any Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified, exonerated or held harmless hereunder, the burden of proof shall be on the Company to
establish that Indemnitee is not so entitled. 
 (d) Notice to Insurers. If, at the time of the receipt by the Company of a notice
of a Claim pursuant to Section 4(b) hereof, the Company has liability insurance in effect which may cover such Claim, the Company shall give prompt notice of the commencement of such Claim to the insurers in accordance with the procedures set
forth in the respective policies. The Company shall thereafter take all reasonably necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Claim in accordance with the terms
of such policies. 
 (e) Selection of Counsel. In the event the Company shall be obligated hereunder to provide indemnification,
exoneration or hold harmless rights for or make any Expense Advances with respect to the Expenses of any Claim, the Company, if appropriate, shall be entitled to assume the defense of such Claim with counsel approved by Indemnitee (which approval
shall not be unreasonably withheld) upon the delivery to Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company,
the Company will not be liable to Indemnitee under this Agreement for any fees or expenses of separate counsel subsequently employed by or on behalf of Indemnitee with respect to the same Claim; provided, however, that (i) Indemnitee
shall have the right to employ Indemnitee’s separate counsel in any such Claim at Indemnitee’s expense and (ii) if (A) the employment of separate counsel by Indemnitee has been previously authorized by the Company,
(B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or (C) the Company shall not continue to retain such counsel to defend such
Claim, then the fees and expenses of Indemnitee’s separate counsel shall be Expenses for which Indemnitee may receive indemnification, exoneration or hold harmless rights or Expense Advances hereunder. The Company shall have the right to
conduct such defense as it sees fit in its sole discretion, including the right to settle any claim, action or proceeding against Indemnitee without the consent of Indemnitee, provided that the terms of such settlement include either: (i) a
full release of Indemnitee by the claimant from all liabilities or potential liabilities under such claim or (ii), in the event such full release is not obtained, the terms of such settlement do not limit any indemnification, exoneration or hold
harmless rights Indemnitee may now, or hereafter, be entitled to under this Agreement, the Company’s articles of association, bylaws, any agreement, any vote of stockholders or disinterested directors, the Danish Companies Act (the
“DCL”) or otherwise. 

  
 8. 

 5. Additional Indemnification Rights; Nonexclusivity. 

(a) Scope. The Company hereby agrees to indemnify, exonerate and hold harmless the Indemnitee to the fullest extent permitted by law,
notwithstanding that such indemnification, exoneration or hold harmless right is not specifically authorized by the other provisions of this Agreement, the Company’s articles of association, bylaws or by statute, a vote of stockholders or a
resolution of directors, or otherwise. The rights of indemnification and to receive Expense Advances as provided by this Agreement shall be interpreted independently of, and without reference to, any other such rights to which Indemnitee may at any
time be entitled. In the event of any change after the date of this Agreement in any applicable law, statute or rule which expands the right of a Danish corporation to indemnify, exonerate or hold harmless a member of its board of directors or an
officer, employee, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In the event of any change in any applicable law, statute or rule which narrows
the right of a Danish corporation to indemnify, exonerate or hold harmless a member of its board of directors or an officer, employee, agent or fiduciary, such change, to the extent not otherwise required by such law, statute or rule to be applied
to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder except as set forth in Section 10(a) hereof. 

(b) Nonexclusivity. The indemnification, exoneration or hold harmless rights and the payment of Expense Advances provided by this
Agreement shall be in addition to any rights to which Indemnitee may be entitled under the Company’s articles of association, bylaws, any other agreement, any vote of stockholders or disinterested directors, the DCL, or otherwise. The
indemnification, exoneration or hold harmless rights and the payment of Expense Advances provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while serving in an indemnified, exonerated or held harmless
capacity even though subsequent thereto Indemnitee may have ceased to serve in such capacity. 
 6. No Duplication of
Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, provision
of the Company’s articles of association, bylaws or otherwise) of the amounts otherwise payable hereunder, except as provided in Section 18 below. 

7. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification, exoneration or
hold harmless rights by the Company for some or a portion of Expenses incurred in connection with any Claim, but not, however, for the total amount thereof, the Company shall nevertheless indemnify, exonerate or hold harmless Indemnitee for the
portion of such Expenses to which Indemnitee is entitled. 
 8. Mutual Acknowledgment. Both the Company and Indemnitee
acknowledge that in certain instances, federal law or applicable public policy may prohibit the Company from indemnifying, exonerating or holding harmless its directors, officers, employees, agents or fiduciaries under this Agreement or otherwise.
Indemnitee understands and acknowledges that the Company may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification, exoneration or hold harmless rights to a court in certain
circumstances for a determination of the Company’s right under public policy to indemnify, exonerate or hold harmless Indemnitee. 

  
 9. 

 9. Liability Insurance. To the extent the Company maintains liability insurance
applicable to directors, officers, employees, agents or fiduciaries, Indemnitee shall be covered by such policies in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the
Company’s directors who are not employees of the Company, if Indemnitee is a director who is not employed by the Company; or of the Company’s officers, if Indemnitee is a director of the Company and is also employed by the Company, or is
not a director of the Company but is an officer; or in the Company’s sole discretion, if Indemnitee is not an officer or director but is an employee, agent or fiduciary. 

10. Exceptions. Notwithstanding any other provision of this Agreement, the Company shall not be obligated pursuant to the terms
of this Agreement: 
 (a) Excluded Action or Omissions. To indemnify, exonerate or hold harmless Indemnitee for Expenses resulting
from acts, omissions or transactions for which Indemnitee is prohibited from receiving indemnification, exoneration or hold harmless rights under this Agreement or applicable law; provided, however, that notwithstanding any limitation set
forth in this Section 10(a) regarding the Company’s obligation to provide indemnification, exoneration or hold harmless rights to Indemnitee, Indemnitee shall be entitled under Section 3 to receive Expense Advances hereunder with
respect to any such Claim unless and until a court having jurisdiction over the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee has engaged in acts,
omissions or transactions for which Indemnitee is prohibited from receiving indemnification under this Agreement or applicable law. 
 (b)
Claims Initiated by Indemnitee. To indemnify, exonerate or hold harmless or make Expense Advances to Indemnitee with respect to Claims initiated or brought voluntarily by Indemnitee and not by way of defense, counterclaim or cross claim,
except (i) with respect to actions or proceedings brought to establish or enforce an indemnification, exoneration or hold harmless right under this Agreement or any other agreement or insurance policy or under the Company’s articles of
association, bylaws now or hereafter in effect relating to Claims for Covered Events, or (ii) in specific cases if the Board of Directors has approved the initiation or bringing of such Claim, regardless of whether Indemnitee ultimately is
determined to be entitled to such indemnification, exoneration, hold harmless right, Expense Advances or insurance recovery, as the case may be. 

(c) Lack of Good Faith. To indemnify, exonerate or hold harmless Indemnitee for any Expenses incurred by Indemnitee with respect to
any action instituted (i) by Indemnitee to enforce or interpret this Agreement, if a court (including arbitrational court) having jurisdiction over such action determines as provided in Section 13 hereof that each of the material
assertions made by Indemnitee as a basis for such action was not made in good faith or was frivolous or (ii) by or in the name of the Company to enforce or interpret this Agreement, if a court (including arbitrational court) having jurisdiction
over such action determines as provided in Section 13 hereof that each of the material defenses asserted by Indemnitee in such action was made in bad faith or was frivolous. 

  
 10. 

 (d) Claims Under Sarbanes-Oxley Act. To indemnify, exonerate or hold harmless Indemnitee
for expenses and the payment of profits arising from any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the
Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); provided, however, that notwithstanding any limitation set
forth in this Section 10(d) regarding the Company’s obligation to provide indemnification or exoneration or hold harmless, Indemnitee shall be entitled under Section 3 hereof to receive Expense Advances hereunder with respect to any
such Claim unless and until a court having jurisdiction over the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee has violated said statute. 

11. Counterparts. This Agreement may be executed in counterparts and by facsimile or electronic transmission, each of which
shall constitute an original and all of which, together, shall constitute one instrument. 
 12. Binding Effect; Successors and
Assigns. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or
otherwise to all or substantially all of the business and/or assets of the Company), spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director,
officer, employee, agent or fiduciary (as applicable) of the Company or of any other enterprise at the Company’s request. [The Company and Indemnitee agree that the Fund Indemnitors (as defined in Section 18 below) are express third party
beneficiaries of this Agreement.]2 
 13. Expenses Incurred in Action Relating to
Enforcement or Interpretation. In the event that any action is instituted by Indemnitee under this Agreement or under any liability insurance policies maintained by the Company to enforce or interpret any of the terms hereof or thereof,
Indemnitee shall be entitled to be indemnified for all Expenses incurred by Indemnitee with respect to such action (including without limitation attorneys’ fees), regardless of whether Indemnitee is ultimately successful in such action, unless
as a part of such action a court (including arbitrational court) having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that each of the material
assertions made by Indemnitee as a basis for such action was not made in good faith or was frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall be entitled under Section 3 to receive
payment of Expense Advances 
  

	2 	Note to Form: To be included when applicable. 

  
 11. 

 
hereunder with respect to such action. In the event of an action instituted by or in the name of the Company under this Agreement to enforce or interpret any of the terms of this Agreement,
Indemnitee shall be entitled to be indemnified, exonerated or held harmless for all Expenses incurred by Indemnitee in defense of such action (including without limitation costs and expenses incurred with respect to Indemnitee’s counterclaims
and cross-claims made in such action), unless as a part of such action a court (including arbitrational court) having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal therefrom have been exhausted
or lapsed) that each of the material defenses asserted by Indemnitee in such action was made in bad faith or was frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall be entitled under
Section 3 to receive payment of Expense Advances hereunder with respect to such action. 
 14. Notices. All notices,
requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand and signed for by the party addressed, on the date of such delivery or (ii) if mailed by domestic
certified or registered mail with postage prepaid, on the third business day after the date postmarked. Addresses for notice to either party are as shown on the signature page of this Agreement or as subsequently modified by written notice. 

15. Consent to Jurisdiction. Any dispute arising out of or in connection with this Indemnification Agreement, including any
disputes regarding the existence, validity or termination thereof, shall be settled exclusively by arbitration administrated by The Danish Institute of Arbitration in accordance with the rules of arbitration procedure adopted by The Danish Institute
of Arbitration and in force at the time when such proceedings are commenced. 
 16. Severability. The provisions of this
Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court (including arbitrational court) of competent jurisdiction to be invalid, void or
otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including without limitation each portion of this
Agreement containing any provision held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or
unenforceable. 
 17. Choice of Law. This Agreement, and all rights, remedies, liabilities, powers and duties of the parties
to this Agreement, shall be governed by and construed in accordance with the laws of the Kingdom of Denmark without regard to principles of conflicts of laws. 

18. Primacy of Indemnification; Subrogation.  

(a) [The Company hereby acknowledges that Indemnitee has or may in the future have certain indemnification, exoneration, hold harmless or
expense advancement rights and/or insurance provided by [Fund] and certain of its affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its
obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance Expenses or to provide indemnification, exoneration or hold harmless rights for the same Expenses incurred by Indemnitee are secondary), (ii) that it
shall be required to advance the full 

  
 12. 

 
amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, to the extent legally permitted and as required by the articles of association or bylaws of the
Company (or any agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all
claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof and (iv) if any Fund Indemnitor is a party to or a participant in a legal proceeding, which participation or involvement
arises solely as a result of Indemnitee’s service to the Company as a director of the Company, then such Fund Indemnitor shall be entitled to all of the indemnification rights and remedies under this Agreement to the same extent as Indemnitee.
The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any Claim for which Indemnitee has sought indemnification, exoneration or hold harmless rights from the Company shall affect
the foregoing and the Fund Indemnitors shall have a right to receive from the Company, contribution and/or be subrogated, to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.]3 
 (b) [Except as provided in Section 18(a) above, ][I]n the event of payment under
this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee from any insurance policy purchased by the Company, who shall execute all documents required and shall do all acts that may
be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights. In no event, however, shall the Company or any other person have any right of recovery, through subrogation or otherwise, against
(i) Indemnitee, [or] (ii) [any Fund Indemnitor or (iii)]4 any insurance policy purchased or maintained by Indemnitee [or any Fund Indemnitor]. 

19. Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective
unless it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver. 
 20. Integration and Entire Agreement. This Agreement sets forth the entire understanding
between the parties hereto and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto, including any existing director or officer
indemnification agreement; provided, however, that this Agreement is a supplement to and in furtherance of the articles of association, the bylaws, any directors and officers insurance maintained by the Company and applicable law, and
shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
 21. No Construction as
Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any right to employment by the Company or any of its subsidiaries or affiliated entities. 

 

	3 	Note to Form: To be included when applicable. 

	4 	Note to Form: To be included when applicable. 

  
 13. 

 22. Additional Acts. If for the validation of any of the provisions in this Agreement any
act, resolution, approval or other procedure is required, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this
Agreement. 
 (The remainder of this page is intentionally left blank.) 

  
 14. 

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

			
	ASCENDIS PHARMA A/S
		
	By:	 	 
		 	AUTHORIZED OFFICER
	
	Address:
	[ADDRESS]

 AGREED TO AND ACCEPTED BY: 

 

			
	INDEMNITEE:
		
	By:	 	 
		 	«INDEMNITEE»
	
	Date:  [—]
	
	Address:
	«Address»

  
 15. 

 EXHIBIT A 

Form of Undertaking 

AFFIRMATION AND UNDERTAKING FOR ADVANCE OF EXPENSES 

Pursuant to Section 3(a) of my Indemnification Agreement with Ascendis Pharma A/S (“Company”) (the “Indemnification
Agreement”), I understand that I must provide a written undertaking in order for the Company to make Expense Advances to me in connection with [NAME OF PROCEEDING], as well as in any related action, suit or proceeding that is
threatened, pending or may be filed in the future in which I am a party, a witness or other participant. 
 The capitalized terms used
herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. 
 I hereby affirm that in connection
with the matters for which I seek Expense Advances, I have acted in good faith and in a manner I reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal action or proceeding, had no
reasonable cause to believe that such conduct was unlawful. 
 I hereby undertake to repay the Expense Advances if it is ultimately
determined that I am not entitled to be indemnified, exonerated or held harmless therefor by the Company under the Indemnification Agreement. 

This undertaking is a general, unsecured obligation, and no interest shall be charged hereon. 

I have executed this Affirmation and Undertaking on this          day of
                , 20    .Exhibit
10.1

 

Registration
Rights Agreement

 

This Registration Rights Agreement (this
“Agreement”) is made and entered into as of January 15, 2015, by and among Sucampo Pharmaceuticals, Inc., a
Delaware corporation (the “Company”), and each of the undersigned (the “Holders”, each a
“Holder”, and together with the Company, the “Parties”).

 

Recitals

 

WHEREAS, the Holders
beneficially own shares of Class A common stock, $0.01 par value per share (the “Class A Shares”), of the Company
and in order to ensure orderly sales of those shares, the Company has agreed to register shares owned by the Holders under the
Securities Act of 1933, as amended (the “Securities Act”) on the terms and subject to the conditions set forth
in this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual promises and covenants of the parties set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

Section 1.          Definitions.
In this Agreement the following terms shall have the following respective meanings:

 

“Agreement”
has the meaning set forth in the preface.

 

“Blackout Period”
has the meaning provided in Section 9.

 

“Commission”
means the U.S. Securities and Exchange Commission or any other federal agency at the time administering the Securities Act.

 

“Class A Shares”
has the meaning set forth in the recitals.

 

“Company”
has the meaning set forth in the preface.

 

“Company Indemnified
Parties” has the meaning provided in Section 7(b).

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder, all as the same
shall be in effect at the relevant time.

 

“Holder”
and “Holders” has the meaning set forth in the preface.

 

“Indemnified
Party” has the meaning provided in Section 7(c).

 

“Indemnifying
Party” has the meaning provided in Section 7(c).

 

“Inspectors”
has the meaning in Section 3(f).

 

“Parties”
has the meaning provided in the preface.

 

    	1

    	 

    

 

“Permitted Postponement”
has the meaning provided in Section 5.

 

“Person”
means an individual, corporation, partnership, limited liability company, estate, trust, association, private foundation, joint
stock company or other entity.

 

“Prospectus”
means the prospectus or prospectuses included in the Registration Statement, as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Registrable Shares covered by the Registration Statement and by
all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference
in such prospectus or prospectuses.

 

The terms “Register,”
“Registered” and “Registration” refer to a registration effected by preparing and filing
the Registration Statement in compliance with the Securities Act providing for the sale by the Holders of Registrable Shares in
accordance with the method or methods of distribution described in the Registration Statement, and the declaration or ordering
of the effectiveness of the Registration Statement by the Commission.

 

“Records”
has the meaning in Section 3(f).

 

“Registration
Expenses” means all out-of-pocket expenses (excluding Selling Expenses) incurred by the Company in connection with any
attempted or completed registration pursuant to this Agreement, including the following: (a) registration, filing and listing fees;
(b) fees and expenses of compliance with federal and state securities laws; (c) printing, shipping and delivery expenses; (d) fees
and disbursements of counsel for the Company; (e) fees and disbursements of all independent public accountants of the Company;
(f) fees and expenses of listing of the Registrable Shares on each securities exchange on which securities of the same class or
series are then listed; (g) fees and expenses associated with any filing with the Financial Industry Regulatory Authority required
to be made in connection with the Registration Statement; and (h) reasonable expenses relating to all marketing and promotional
efforts requested by the managing underwriters.

 

“Registered
Offering” has the meaning provided in Section 9.

 

“Registrable
Shares” means the Class A Shares owned by each respective Holder as set forth on the signature page of this Agreement
and including any other securities with respect to or in exchange for Registrable Shares, whether by merger, charter amendment
or otherwise; provided, that, securities shall cease to be Registrable Shares upon (x) a registration statement covering
such Class A Shares has been declared effective by the Commission and such securities have been disposed of pursuant to such effective
registration statement, or (y), solely with respect to a Holder who is subject to volume limitations pursuant to Rule 144 as of
the date hereof, all such securities may be sold pursuant to Rule 144 within a three (3) month period. For purposes of this Agreement,
a Person will be deemed to be a holder of Registrable Shares whenever such Person has the right to acquire directly or indirectly
such Registrable Shares (upon conversion or otherwise, but disregarding any restrictions or limitations upon the exercise of such
right), whether or not such acquisition has actually been effected.

 

    	2

    	 

    

 

“Registration
Statement” means the registration statement of the Company which covers the Registrable Shares pursuant to the provisions
of this Agreement, including the Prospectus, amendments and supplements to the Registration Statement, including post-effective
amendments, all exhibits and all materials incorporated by reference in the Registration Statement.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act (or any similar rule then in force).

 

“Securities
Act” has the meaning set forth in the recitals and also includes the rules and regulations of the Commission thereunder,
all as the same shall be in effect at the relevant time.

 

“Selling Expenses”
means all discounts, commissions and fees of underwriters, selling brokers, dealer managers or similar securities industry professionals,
fees, expenses of counsel to any Holder and stock transfer taxes applicable to any sale of Registrable Shares.

 

“Shelf Registration”
has the meaning set forth in the Section 2(a).

 

Section 2.          Registration.

 

(a)        Shelf
Registration. Within thirty (30) days from the date first written above, the Company shall file a Registration Statement on
Form S-3 or another appropriate form (the “Shelf Registration”) pursuant to Rule 415 under the Securities Act
relating to the resale of the Registrable Shares in the amounts for each Holder set forth on Appendix A in an offering to
be made on a continuous basis. The “Plan of Distribution” section of such Shelf Registration shall permit all lawful
means of disposition of Registrable Shares, including firm-commitment underwritten public offerings, block trades, agented transactions,
sales directly into the market, purchases or sales by brokers and sales not involving a public offering. The Company agrees to
use commercially reasonable efforts to cause such Shelf Registration to be declared effective by the Commission. The Company agrees
to use commercially reasonable efforts to keep such Shelf Registration effective until the date that is the earlier of (such period,
the “Initial Term”) (i) the date on which the Registrable Shares have been disposed of by the Holders, (ii)
two (2) years following the date on which the Registration Statement first becomes effective (but one year if the Company is not
continuously able to use Form S-3 during such period unless the Company is not permitted by applicable law to maintain the effectiveness
for one year, and then for such shorter period as is permitted) and (iii) the date on which it is no longer necessary to keep the
Shelf Registration effective because all of the Registrable Shares may be sold without restriction pursuant to Rule 144.

 

(b)        Types
of Offerings. At such time as the Holders of Registrable Shares notify the Company in writing of their desire to sell securities
under the Shelf Registration, a representative of the Holders and the Company will confer as to the plan of distribution to be
utilized. Following such conference the Company shall have the right to select (i) the plan of distribution based on a good faith
reasonable determination considering the best interests of both the Company and such Holders and (ii), if applicable, the underwriter(s)
and manager(s), placement agent or brokers for any offering under the Shelf Registration, subject, in the case of the selection
of the managing underwriter(s), to the approval of the Holders, which approval shall not be unreasonably withheld.

 

    	3

    	 

    

 

Section 3.          Registration
Procedures. The Company shall, subject to the provisions hereof, use its reasonable best efforts to effect the registration
of the Registrable Shares, and pursuant thereto the Company shall as soon as reasonably practicable:

 

(a)        Prepare
and file with the Commission such amendments, post-effective amendments and supplements to the Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep the Registration Statement effective pursuant to the terms of Section
2(a), and to comply with the provisions of the Securities Act with respect to the disposition of the Registrable Shares in
accordance with the intended methods of disposition set forth in the Registration Statement.

 

(b)        Notify
each Holder, promptly after the Company receives notice thereof, of the time when the Registration Statement has been declared
effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed.

 

(c)        Furnish
to each Holder such number of copies of the Prospectus included in the Registration Statement (including each preliminary Prospectus)
and any supplement thereto (in each case including all exhibits and documents incorporated by reference therein) and such other
documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Shares owned by such
Holder.

 

(d)        Use
its reasonable best efforts to register or qualify the Registrable Shares under such other securities or “blue sky”
laws of such jurisdictions as any selling holder reasonably requests and do any and all other acts and things which may be reasonably
necessary or advisable to enable such holders to consummate the disposition in such jurisdictions of the Registrable Shares owned
by such holders; provided, that the Company shall not be required to qualify generally to do business, subject itself to
general taxation or consent to general service of process in any jurisdiction where it would not otherwise be required to do so
but for this Section 3(d).

 

(e)        Notify
each Holder, at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of the happening
of any event as a result of which the Prospectus included in the Registration Statement contains an untrue statement of a material
fact or omits any fact necessary to make the statements therein not misleading, and, at the request of any such holder, the Company
shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable
Shares, such Prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the
statements therein not misleading.

 

(f)        Subject
to Section 5, make available, during normal business hours and upon prior written notice, for inspection by any Holder,
and any attorney, accountant or other agent retained by any such Holder (collectively, the “Inspectors”), all
financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”),
and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Inspector
for the sole purpose of enabling the Holders and Inspectors to conduct due diligence with respect to the Company and the accuracy
of the Registration Statement.

 

    	4

    	 

    

 

(g)        Provide
a transfer agent and registrar (which may be the same entity) for all the Registrable Shares not later than the effective date
of such registration.

 

(h)        Use
its reasonable best efforts to cause the Registrable Shares to be listed on each securities exchange on which the Class A Shares
are then listed or, if the Class A Shares are not then listed, on the quotation service on which the Class A Shares are then quoted
for trading.

 

(i)         In
connection with an underwritten offering, enter into such customary agreements (including underwriting and lock-up agreements in
customary form) and take all such other customary actions as the managing underwriter of such offering reasonably requests in order
to expedite or facilitate the disposition of such Registrable Shares (including, without limitation, making appropriate officers
of the Company reasonably available to participate in “road show” and other customary marketing activities (including
one-on-one meetings with prospective purchasers of such Registrable Shares).

 

(j)         Otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Commission and make available to its
stockholders an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder) no later than thirty (30) days after the end of the 12-month period beginning with the first day of the Company’s
first full fiscal quarter after the effective date of the Registration Statement, which earnings statement shall cover said 12-month
period, and which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms
10-Q, 10-K and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act.

 

(k)        In
the case of an underwritten offering, obtain a “cold comfort” letter from the Company’s independent public accountants
in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the underwriters
may reasonably request.

 

(l)         Without
limiting Section 3(d) above, use its reasonable best efforts to cause the Registrable Shares to be registered with or approved
by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company
to enable the Holders to consummate the disposition of the Registrable Shares in accordance with their intended method of distribution
thereof.

 

(m)       Notify
the Holders promptly of any request by the Commission for the amending or supplementing of the Registration Statement or Prospectus
or for additional information.

 

(n)        Advise
the Holders, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission
suspending the effectiveness of the Registration Statement or the initiation or threatening in writing of any proceeding for such
purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal at the
earliest possible moment if such stop order should be issued.

 

Section 4.          Expenses
of Registration. The Company shall pay the Registration Expenses incurred in connection with Registration, qualification or
compliance as provided for in this Agreement. Selling Expenses incurred in connection with the sale of Registrable Shares by each
Holder shall be borne by such Holder and each Holder shall pay the expenses of its own counsel.

 

    	5

    	 

    

 

Section 5.          Permitted
Postponement. Notwithstanding anything to the contrary, the Company may suspend the use of the Prospectus included in the Registration
Statement for up to ninety (90) days if the Company’s Board determines in its good faith judgment that the use thereof would
(i) materially and adversely affect any material corporate event; (ii) materially interfere with a significant acquisition, corporate
organization or other similar transaction involving the Company; (iii) otherwise require disclosure of nonpublic information that
the Company determines, in its reasonable judgment, is not in the best interests of the Company at such time; or (iv) render the
Company unable to comply with requirements under the Securities Act or Exchange Act (a “Permitted Postponement”).
The Company may not utilize its right under this Section 5 to effect a Permitted Postponement pursuant to clauses (i) or (ii) in
the immediately preceding sentence more than once in any 12-month period. The Company shall promptly (i) notify the Holders in
writing of the existence of (but in no event shall the Company disclose to the Holders any of the facts or circumstances regarding)
the event giving rise to a Permitted Postponement; (ii) advise the Holders in writing to cease all sales under the Registration
Statement until the end of the Permitted Postponement; and (iii) use commercially reasonable efforts to terminate a Permitted Postponement
as promptly as practicable.

 

Section 6.         SEC
Reductions. In the event the Company is required by the Commission to reduce the number of Registrable Shares being registered
for resale on the Registration Statement filed with the Commission pursuant to this Agreement, then unless otherwise required by
the Commission or agreed to among the Holders, the number of Registrable Shares included in the Registration Statement shall be
allocated among the Holders on a pro rata basis based on the number of Registrable Shares included in the Registration Statement
by each Holder unless the Holders agree to a different method of allocation.  The Company shall notify the Holders in
the event of any such reduction.

 

Section 7.          Indemnification.

 

(a)        The
Company will (i) indemnify each Holder, and its officers, directors, members, partners and managers, and any Person controlling
such Holder within the meaning of Section 15 of the Securities Act, against all expenses, claims, losses, damages and liabilities
(including reasonable legal fees and expenses), arising out of or based on any untrue statement (or alleged untrue statement) of
a material fact contained in the Registration Statement, or based on any omission (or alleged omission) to state therein a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading, and (ii) reimburse such Holder for all reasonable legal or other expenses incurred in connection with
investigating or defending any such action or claim as such expenses are incurred; provided, however, that the Company
will not be liable in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based
on (A) an offer or sale of Registrable Shares occurring during a Permitted Postponement or Blackout Period, or (B) any untrue statement
or omission (or alleged untrue statement or omission) made in reliance upon and in conformity with information furnished in writing
to the Company by the Holder for inclusion therein; and, provided further, that the Company shall not be liable with
respect to any preliminary prospectus or preliminary prospectus supplement to the extent that any such expenses, claims, losses,
damages and liabilities result from the fact that Registrable Shares were sold to a Person as to whom it shall be established that
there was not sent or given at or prior to the written confirmation of such sale a copy of the prospectus as then amended or supplemented
under circumstances where such delivery is required under the Securities Act, if the Company shall have previously furnished copies
thereof to such Indemnified Party, and the expense, claim, loss, damage or liability of such Indemnified Party results from an
untrue statement or omission of a material fact contained in the preliminary prospectus or the preliminary prospectus supplement,
which was corrected in the prospectus.

 

    	6

    	 

    

 

(b)       Each
Holder agrees, severally and not jointly to, (i) indemnify the Company, each of its directors, officers, employees, agents and
representatives, and each Person who controls the Company within the meaning of Section 15 of the Securities Act (the “Company
Indemnified Parties”), against all expenses, claims, losses, damages and liabilities (including reasonable legal fees
and expenses) arising out of or based on (A) any untrue statement (or alleged untrue statement) of a material fact contained in
the Registration Statement, or based on any omission (or alleged omission) to state therein a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading,
in each case to the extent, and only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in the Registration Statement in reliance upon and in conformity with information furnished in writing to the
Company by such Holder and/or any agent of the Holder for inclusion therein, or (B) any failure by such Holder and/or any agent
of the Holder to deliver a prospectus where such delivery is required under the Securities Act, the Company shall have furnished
copies of such prospectus to such Holder in sufficient quantities to permit such Holder to satisfy such obligations, and such prospectus
corrected an untrue statement or omission of a material fact contained in a preliminary prospectus, and (ii) reimburse the Company
Indemnified Parties for all reasonable legal or other expenses incurred in connection with investigating or defending any such
action or claim as such expenses are incurred. In no event shall any Holder be liable under this Section 7 (b) for any amount in
excess of the total amount received by such Holder with respect to its sale of Registrable Shares pursuant to the Registration
Statement.

 

(c)       Each
party entitled to indemnification under this Section 7 (the “Indemnified Party”) shall give notice to
the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, but the omission to so notify the Indemnifying Party shall
not relieve it from any liability which it may have to the Indemnified Party pursuant to the provisions of this Section 7
except to the extent of the actual damages suffered by such delay in notification. The Indemnifying Party shall assume the defense
of such action, including the employment of counsel to be chosen by the Indemnifying Party, which counsel shall be reasonably satisfactory
to the Indemnified Party, and payment of expenses. The Indemnified Party shall have the right to employ its own counsel in any
such case, but the legal fees and expenses of such counsel shall be at the expense of the Indemnified Party, unless the employment
of such counsel shall have been authorized in writing by the Indemnifying Party in connection with the defense of such action,
or the Indemnifying Party shall not have employed counsel to take charge of the defense of such action within a reasonable period
of time upon becoming aware of such action, or the Indemnified Party shall have reasonably concluded that there exists an actual
and material conflict of interest between the Indemnified Party and the Indemnifying Party (in which case the Indemnifying Party
shall not have the right to direct the defense of such action on behalf of the Indemnified Party), in any of which events such
fees and expenses shall be borne by the Indemnifying Party. No Indemnifying Party, in the defense of any such claim or litigation,
shall, except with the consent of the Indemnified Party, consent to entry of any judgment or enter into any settlement unless such
judgment or settlement (i) includes an unconditional release of the Indemnified Party from all liability in respect to such claim
or litigation, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on
behalf of the Indemnified Party.

 

    	7

    	 

    

 

(d)       If
the indemnification provided for in this Section 7 is unavailable to a party that would have been an Indemnified Party under
this Section 7 in respect of any expenses, claims, losses, damages and liabilities referred to herein, then the party that
would have been an Indemnifying Party hereunder shall, in lieu of indemnifying such Indemnified Party, contribute to the amount
paid or payable by such Indemnified Party as a result of such expenses, claims, losses, damages and liabilities in such proportion
as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and the Indemnified Party on the other
in connection with the statement or omission (or alleged statement or omission), which resulted in such expenses, claims, losses,
damages and liabilities, as well as any other relevant equitable considerations. The relative fault shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Indemnifying Party or the Indemnified Party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company
and the Holder agree that it would not be just and equitable if contribution pursuant to this Section 7(d) were determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred
to above in this Section 7(d).

 

(e)       No
person guilty of fraudulent misrepresentation (as provided for in Section 11 of the Securities Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.

 

Section 8.         Obligations
of the Holders.

 

(a)       Generally.
Each Holder shall furnish to the Company such information and execute such documents as the Company may reasonably request and
as shall be required in connection with the Registration Statement, any Prospectus and any related proceedings referred to in this
Agreement. If a Holder fails to provide the Company with such information within five (5) business days of receipt of the Company’s
request, the Company’s obligations under this Agreement with respect to such Holder or the Registrable Shares owned by such
Holder shall be suspended and/or excluded until or unless the Holder provides such information.

 

(b)       Participation
in Underwritten Registrations. No Holder may participate in any registration hereunder which is underwritten unless such Holder
(i) agrees to sell such Holder’s securities on the basis provided in any underwriting arrangements, and (ii) completes and
executes all customary questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements.

 

(c)       Cooperation.
The Holders agree to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing
of the Registration Statement hereunder, unless any such Holder has notified the Company in writing of its election to exclude
all of its Registrable Shares from the Registration Statement.

 

    	8

    	 

    

 

(d)       Permitted
Postponement.  Each Holder agrees that, upon receipt of any notice from the Company of the commencement of a Permitted
Postponement pursuant to Section 5, the Holder will immediately discontinue disposition of Registrable Shares pursuant to
the Registration Statement covering the Registrable Shares, until otherwise notified in writing by the Company or until the Holder’s
receipt of the copies of the supplemented or amended Prospectus filed with the Commission and until any related post-effective
amendment is declared effective and, if so directed by the Company and the Holder shall deliver to the Company or destroy (and
deliver to the Company a certificate of destruction) all copies in the Holder’s possession of the Prospectus covering the
Registrable Shares current at the time of receipt of such notice.

 

(e)       Prospectus
Delivery Requirements. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the
Securities Act as applicable to it in connection with sales of Registrable Shares pursuant to the Registration Statement.

 

Section 9.         Black-Out
Period. Each Holder of Registrable Shares hereby agrees, if requested by the Company, or the Company’s underwriters or
financial advisors, in one or more offerings of the Company’s securities pursuant to a registration statement filed with
the Commission (a “Registered Offering), not to effect any sale or distribution (including sales pursuant to Rule
144) of equity securities of the Company, or any securities convertible into or exchangeable or exercisable for such securities
during the period (such period, a “Blackout Period”) prior to, and during the one hundred and eighty (180) day
period beginning on, the date of pricing of each such Registered Offering, or such other reasonable and customary period of time
as requested by the underwriters or financial advisors. Notwithstanding the foregoing, the Company may not utilize its right under
this Section 9 to effect a Blackout Period on more than one occasion during the Initial Term without the prior written consent
of the Holders representing at least a majority of the then Registrable Shares.

 

Section 10.       Miscellaneous.

 

(a)       Governing
Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York, without
reference to principles of conflicts of laws. Any action or proceeding brought for the purpose of enforcement of any term or provision
of this Agreement shall be brought only in the federal or state courts sitting in New York and the parties hereby waive any and
all rights to trial by jury.

 

(b)       Entire
Agreement. This Agreement (i) constitutes the entire agreement, and supersede all prior agreements and understandings, both
written and oral, among the Parties with respect to the subject matter hereof and (ii) is not intended to confer upon any person
other than the Parties any rights or remedies.

 

(c)       Amendment.
No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and the Holders representing
at least a majority of the then Registrable Shares. No waiver of any default with respect to any provision, condition or requirement
of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of
any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder
in any manner impair the exercise of any such right.

 

    	9

    	 

    

 

(d)       Notices.
All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be deemed given
upon receipt by the Parties at the addresses set forth on the signature pages hereto (or at such other address for a Party as shall
be specified by like notice).

 

(e)       Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties. Facsimile
execution and facsimile or electronic delivery of this Agreement is legal, valid and binding for all purposes.

 

(f)        Interpretation.
When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise
indicated. Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation.”

 

(g)        Severability.
If any provision of this Agreement is judicially determined to be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions will not be affected or impaired.

 

(h)   
    Remedies. In addition to being entitled to exercise all rights provided herein or granted by
law, including recovery of damages, the Parties will be entitled to specific performance under this Agreement. The Parties
agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
described in the foregoing sentence and hereby agree to waive in any action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

(i)    
    Anti-Assignment. Neither this Agreement nor any of the rights, interests or obligations under
this Agreement shall be assigned, in whole or in part, by operation of law or otherwise by any of the Parties without the
prior written consent of the other Party. Any purported assignment without such consent shall be void. Subject to the
preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and
their respective successors and assigns.

 

(j)        Attorneys’
Fees. If the Company or a Holder brings an action to enforce its rights under this Agreement, the prevailing party in the action
shall be entitled to recover its costs and expenses, including reasonable attorneys’ fees, incurred in connection with such
action, including any appeal of such action.

 

(k)       Changes
in Securities Laws. In the event that any amendment, repeal or other change in the securities laws shall render the provisions
of this Agreement inapplicable, the Company will provide the Holders with substantially similar rights to those granted under this
Agreement and use its good faith efforts to cause such rights to be as comparable as possible to the rights granted to the Holder
hereunder.

 

    	10

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Registration Rights Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	SUCAMPO PHARMACEUTICALS INC., 
	 	a Delaware corporation
	 	Address:	4520 East-West Highway, 3rd Floor
	 	 	Bethesda, MD 20814

 

	 	By:	/s/ PETER S. GREENLEAF
	 	Name:  Peter S. Greenleaf
	 	Title:    Chief Executive Officer

 

	 	HOLDERS:
	 	 
	 	S&R TECHNOLOGY HOLDINGS, LLC
	 	Address:	
	 	 	 

 

	 	By:	/s/ SACHIKO KUNO
	 	Name:	Sachiko Kuno
	 	Title:	Managing Member

 

	 	S&R FOUNDATION
	 	Address:	
	 	 	 

 

	 	By:	/s/ SACHIKO KUNO
	 	Name:	Sachiko Kuno
	 	Title:	President and Chief Executive Officer

  

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Registration Rights Agreement as of the date first written above.

 

	 	/s/ RYUJI UENO
	 	RYUJI UENO, M.D., PH.D., PH.D.
	 	 
	 	Address:    
	 	
	 	 
	 	/s/ SACHIKO KUNO
	 	Sachiko Kuno, PH.D.
	 	 
	 	Address:    
	 	 

 

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

 

    	 

    	 

    

 

APPENDIX A

 

REGISTRABLE SHARES

 

 

	Holder	 	Registrable Shares
	 	 	 
	S&R Technology Holdings, LLC	 	21,460,802
	 	 	 
	S&R Foundation	 	3,800,566
	 	 	 
	Ryuji Ueno, M.D., Ph.D., Ph.D.	 	353,530
	 	 	 
	Sachiko Kuno, Ph.D.	 	60,357

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]